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sothebys hong kong sells 125 works from japans okada museum for 88 m so founder can settle 50 m legal bill 1234763159

Sotheby's Hong Kong sold 125 works from Japan's Okada Museum of Art in a white-glove auction on Saturday, netting $88 million (plus fees). The sale set auction records for Japanese artists Kitagawa Utamaro and Hokusai, with Utamaro's *Fukagawa in Snow* fetching $7.1 million and Hokusai's *The Great Wave Off the Coast of Kanagawa* selling for $2.8 million. The collection was sold by museum founder Kazuo Okada, an 83-year-old billionaire, to settle a $50 million legal bill stemming from a long-running feud with casino magnate Steve Wynn. Okada's law firm, Bartlit Beck, successfully pursued the fee in binding arbitration after Okada contested the amount.

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okada museum sells art founder legal bill sothebys 1234758869

Japan’s Okada Museum of Art is selling 125 works from its collection at Sotheby’s Hong Kong on November 22 to help its founder, Kazuo Okada, pay a $50 million legal bill. The bill stems from a long-running feud with casino magnate Steve Wynn, which began when the two co-founded Wynn Resorts in 2002 and later accused each other of improper payments. The collection includes Katsushika Hokusai’s iconic *The Great Wave Off the Coast of Kanagawa* (1830–32), a rare Qianlong “Eight Treasures” vase, and 16th-century screens by Kano Motonobu. Okada, an 83-year-old billionaire, lost a binding arbitration over the legal fees and must now sell the art.