1MDB-Seized Paintings Put Up For Auction; Netizens Question Validity Of Online Auction Website
The auction runs from the 16th July (Wednesday) to the 4th September (Thursday). Furthermore, buyers won't have to pay any premium fees. However, concerns have already emerged about the entire process. From a questionable website to the drastic drop in starting prices, all eyes are now on these 4 artworks.
According to documents filed by the US Justice Department, one of the pieces, 'Child with a Toy Hand Grenade' (1962), photographed by Diane Arbus, initially sold for $750,000 (RM3,189,375). Yet, the current starting bid is only $4,400 (RM18,711). Another piece, 'Red Man One' (1982), illustrated by Jean-Michel Basquiat, sold for $9.4 million (RM39.97 million) back in 2012 but now lists at just $2.975 million (RM12.65 million).
Meanwhile, Picasso's 'Tête de taureau et broc' (1939) was acquired for $3.28 million (RM13.9 million) back in 2013. Alongside it, Basquiat's 'Self Portrait' (1982) is currently being auctioned at $850,000 (RM3.6 million). Some advisors speculate that the drastic price drops result from the artworks' ties to Low Taek Jho, also known as Jho Low (刘特佐), an affiliate of the 1MDB case.
Due to the artworks' connection to multiple international fugitives and such a high-profile scandal, attracting serious buyers has proven challenging. On top of that, the auction website chosen by the U.S. Marshals lacks the sophistication expected for pieces of this value, which further reduces its appeal. Its overly simple design is so basic that some potential buyers might even mistake it for a scam.
'Most of my clients would not be interested in sitting on this website and bidding on it just because the website is so terrible,' said Arushi Kapoor, an art advisor, in an interview. 'If someone sent me this website that wasn't you, I would probably be like, 'someone's trying to scam me.' However, another art advisor pointed out that the rough website might serve as a filter, attracting only well-versed bidders who can look beyond the site's shortcomings. Ultimately, the combination of scandal and presentation casts a shadow over what could otherwise be a highly sought-after auction.
Source: ARTNews
Zaima Humaira contributed to this article
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Sun
17 hours ago
- The Sun
Ex-MMM executive loses bid to review insider trading conviction
PUTRAJAYA: Former Malaysian Merchant Marine Bhd (MMM) executive deputy chairman Datuk Ramesh Rajaratnam has failed in his attempt to review a Court of Appeal decision reinstating his insider trading conviction. A three-judge panel dismissed his application, clearing the way for his appeal to proceed at the Kuala Lumpur High Court on Aug 20. Ramesh, 61, was convicted in 2019 for trading 5 million MMM shares in 2010 while possessing inside information about a credit rating downgrade. The Sessions Court sentenced him to five years in jail and a RM3 million fine, with an additional three years if unpaid. Justice Datuk Che Mohd Ruzima Ghazali stated Ramesh did not meet the threshold for a review, noting no breach of natural justice in the earlier ruling. 'The applicant was not without an alternative remedy,' he said, adding Ramesh could still challenge the conviction in the High Court. Initially, Ramesh was acquitted by the High Court in 2021, which found the Sessions Court's judgment merely echoed prosecution arguments. However, the Securities Commission (SC) appealed, leading the Court of Appeal in May 2024 to order a fresh High Court hearing. The SC had withdrawn appeals on two related charges involving 5.2 million shares traded in February 2010, linked to MMM's PN17 status. Ramesh remains on bail under previous terms, including a RM200,000 bond and passport surrender. - Bernama
New Straits Times
19 hours ago
- New Straits Times
International drug trafficking syndicate busted with the arrest of 10 suspects
MUAR: Police busted an international drug trafficking syndicate operating from Malaysia following the arrest of 10 individuals, including a married couple. A total of 61.3kg of methamphetamine and 51.3gm of ecstasy pills, with an estimated street value of RM2 million, were seized. Bukit Aman Narcotics Crime Investigation Department director Datuk Hussein Omar Khan said the arrests were made on July 2, in four separate raids in Muar and Batu Pahat in Johor, and Cheras, Kuala Lumpur. Nine of those detained, including a woman, were Malaysian citizens, while one was a foreign man. They were between the ages of 29 and 70. Hussein said the syndicate had been active since October last year and had used a terrace house in Muar as a storage facility before smuggling the drugs, meant for the international market, using sea routes to a neighbouring country. "In the first raid, we arrested a local male suspect in Parit Pulai, Parit Jawa, Muar. A search of his car uncovered 51 plastic packages containing 51kg of methamphetamine. "In follow-up operations, at a house in the Parit Pulai area, we arrested a married couple. Another five suspects, including one foreigner, were detained in Parit Bakar, Muar. "One more suspect was arrested in Batu Pahat and was believed to be the leader of the syndicate, while the final suspect was apprehended at a house in Cheras. "A search at the premises uncovered 17 plastic packets containing 10kg of methamphetamine and 105 ecstasy pills weighing about 51gm," he told a press conference held at Muar district police headquarters. He said the suspects admitted to receiving monthly payments of between RM3,000 and RM15,000 for their involvement in the syndicate, adding that three of the suspects had prior criminal records related to firearms and drug offences. Hussein said the seized drugs were potentially enough to fuel the habit of 306,000 individuals. "Police also seized several assets, including vehicles, cash and luxury watches, bringing the total value of the confiscated items to RM2.7 million. "The syndicate comprised several groups that sourced drugs and stored them in the Klang Valley before distributing part of the supply to Johor," he said.
The Sun
19 hours ago
- The Sun
RM2 million drug haul: Syndicate smuggling to Indonesia busted
MUAR: Police have dismantled an international drug trafficking syndicate after conducting four simultaneous raids in Johor and the Klang Valley, seizing drugs worth over RM2 million. The operation, carried out on July 21, led to the arrest of 10 suspects, including eight local men, one local woman, and a foreign national aged between 29 and 70. Bukit Aman Narcotics Criminal Investigation Department (NCID) director Datuk Hussein Omar Khan stated that the raids were based on intelligence gathered since October 2024. The first raid in Parit Pulai, Parit Jawa, Muar, resulted in the arrest of a local man driving a Lexus. Authorities found 51 packets of suspected methamphetamine weighing 51.1 kilogrammes in the vehicle. Two more suspects, a local man and woman, were detained in follow-up inspections in the same area. A second raid in Tanjung Labuh, Batu Pahat, led to the capture of the alleged syndicate leader. Five additional suspects were arrested at a premises along Jalan Parit Bakar, Muar. In the final raid at a house in Cheras, Kuala Lumpur, police seized 10.2 kilogrammes of methamphetamine and 105 ecstasy pills weighing 51.3 grams. The total haul amounted to 61.3 kilogrammes of methamphetamine and 105 ecstasy pills, with an estimated street value of RM2 million—enough to affect 306,756 users. Investigations revealed that five suspects were key players in a network supplying drugs to Indonesia. Their roles included land coordination, boat operations, and smuggling via waterways. Hussein noted that the suspects worked full-time in drug trafficking, earning between RM3,000 and RM15,000 monthly. Six suspects tested positive for drugs such as ketamine, methamphetamine, THC, and benzodiazepines, while three had prior narcotics and firearms-related records. Police also confiscated assets worth RM725,655, including vehicles, motorcycles, luxury watches, and cash, under the Dangerous Drugs (Forfeiture of Property) Act 1988. The case is being investigated under Section 39B of the Dangerous Drugs Act 1952, which carries the mandatory death penalty upon conviction. - Bernama
