Jho Low's Painting Resembling The Perlis Flag To Be Auctioned Off At RM125 Million
The news has sparked a viral meme on social media.
By Yap Wan Xiang — 24 Sep 2024, 03:56 PM
A painting once owned by fugitive businessman Low Taek Jho will be auctioned off at Sotheby's Maison in Hong Kong on 8 November
The oil painting, titled Untitled (Yellow and Blue), is the work of famed abstract artist Mark Rothko.
The artwork was once owned by American philanthropists Paul and Bunny Mellon, who bought it shortly after the artist's suicide in 1970, reported art market website Artnet.
It was later sold to French luxury mogul François Pinault and Azerbaijani-Russian billionaire Farkhad Akhmedov, the latter of whom purchased it at USD46.45 million (about RM193 million) in 2015.
The exact timing of Low's ownership of the painting is unclear, but reports indicate he acquired many artworks in 2013. He eventually lost ownership of the piece to Akhmedov after using it as collateral for a loan.
The artwork, originally set to be auctioned this week, is expected to fetch a price between USD30 million and USD45 million (RM125 million to RM187 million).
Sources claimed the postponement was due to Sotheby's facing challenges in securing consignments for the sale.
'Untitled (Yellow and Blue)', the artwork by famed abstract artist Mark Rothko.
Image via Tim Ireland/AP via The Wall Street JournalAfter news broke that Untitled (Yellow and Blue) would be auctioned off, netizens compared the artwork to the Perlis flag
Entertainment media outlet MGAG published a meme yesterday, 23 September, highlighting the similarity between the painting and the Perlis flag, both of which feature stripes of yellow and blue.
"Justice for Perlis," wrote MGAG in the caption.
The post received over 9,500 likes and 600 shares. Many netizens reacted humorously to the meme.
"He (Jho Low) must have loved Perlis so much to spend USD30 million on it," an Instagram user joked, while another added, "The painting of the Perlis flag is so expensive!"
"All Perlis residents, 13 in total, are upset after seeing this meme," a netizen said in jest.
Earlier this year, the United States Department of Justice (DOJ) ordered Low to forfeit over USD100 million (RM417 million) worth of assets
The DOJ has seized assets linked to Low's embezzled proceeds from the sovereign fund 1MDB, including a luxury apartment in Paris and artworks by Claude Monet and Andy Warhol, reported the New Straits Times.
This is an addition to the nearly USD1 billion (RM4.1 billion) worth of assets, including a USD120 million (RM500 million) superyacht, that Low and his family previously forfeited.
Low is still facing criminal money laundering and bribery conspiracy charges in Brooklyn, New York, over the 1MDB scandal.
