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Sotheby's Hong Kong achieved a white-glove sale of 125 works from Japan's Okada Museum of Art, totaling $88 million and setting auction records for Japanese artists Kitagawa Utamaro and Hokusai. The sale was driven by museum founder Kazuo Okada's need to settle a $50 million legal dispute with casino magnate Steve Wynn. Meanwhile, Canada's minority Liberal government passed a budget that includes a commitment to introduce artist resale rights, granting artists royalties when their work is resold through auction houses or galleries, a policy long advocated by arts nonprofits and cultural leaders.

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.