12-11-2024 (HONG KONG) A significant Mark Rothko painting, previously owned by Malaysian fugitive financier Jho Low, has sold at auction for US$32.5 million, marking a substantial decrease from its previous sale price nearly a decade ago.
The abstract expressionist work, titled “Untitled (Yellow and Blue)” and measuring 242.9cm by 186.7cm, achieved considerably less than its 2015 auction price of US$46.45 million, representing a 30% decline in value.
According to The Value, a Hong Kong-based art media outlet, the painting was part of Low’s ambitious art acquisition spree in 2013, during which he purchased seven masterpieces within just two months. The Rothko was reportedly one half of a US$79.5 million pair of paintings acquired by Low during this period.
The 1954 artwork gained additional attention in 2022 when observers noted its striking resemblance to the Ukrainian flag’s colours. The sale was conducted with an irrevocable bid arrangement, essentially guaranteeing its sale through a pre-arranged financial agreement with a third party.
