Seized 1MDB paintings put up for auction, but art world sniffs at sketchy-looking website
A Texas-based auction house called Gaston and Sheehan, located in Pflugerville, has received the government contract to handle the sale of these pieces: two Basquiat works titled Self Portrait (1982) and Red Man One (1982), Picasso's Tête de taureau et broc (1939), and Arbus's Child with a Toy Hand Grenade.
The digital auction commenced on July 16 and will conclude on September 4, with buyers notably exempt from paying any additional premium fees, ARTnews reported
Industry professionals and art consultants interviewed by ARTnews described the pieces as exceptional quality works whose opening bid amounts appear remarkably low when compared to historical market values and comparable sales data.
However, the basic design of the auction website and the controversial origins tied to a wanted international criminal could discourage serious collectors in what is already a challenging art market environment.
Consultant Dane Jensen said that while the venue may lack prestige, it represents a potentially lucrative opportunity for astute collectors willing to overlook the unconventional circumstances.
Art consultant Arushi Kapoor expressed scepticism about the platform's credibility, explaining to ARTnews that her clientele would likely avoid the poorly designed website, and that she herself might suspect fraudulent activity if someone had recommended the site to her.
Justice Department records from July 2020 reveal that Christopher Joey McFarland voluntarily turned over the Basquiat Self Portrait to federal authorities, with McFarland being the co-founder of Red Granite Pictures alongside Riza Shahriz Abdul Aziz, the stepson of ex-prime minister Datuk Seri Najib Razak.
The same partnership between McFarland and Aziz was responsible for financing the 2013 film The Wolf of Wall Street.
Malaysian financier Low Taek Jho, commonly referred to as Jho Low and currently a fugitive from justice, acquired the remaining three artworks during 2012-2014 and subsequently presented them as gifts to Hollywood actor and art enthusiast Leonardo DiCaprio, who had both starring and producing roles in The Wolf of Wall Street.
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