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Japan fashion magnate raises over US$8m at Sotheby's auction

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Japanese fashion tycoon Yusaku Maezawa sold art for more than US$8 million at a Sotheby's auction in New York on Thursday night, providing funds to the entrepreneur who previously said he has no money.

[TOKYO] Japanese fashion tycoon Yusaku Maezawa sold art for more than US$8 million at a Sotheby's auction in New York on Thursday night, providing funds to the entrepreneur who previously said he has no money.

Mr Maezawa, the founder and CEO of online fashion retailer Zozo , sold an Andy Warhol painting - "Flowers" - for US$5.6 million, well above an estimate of US$1.5 million-US$2 million.

Another painting, Ed Ruscha's "Bones In Motion", went for US$2.4 million, in line with an estimate of $2 million-$3 million.

Mr Maezawa said on Twitter earlier this month he was selling art because he has no money due to his high spending.

sentifi.com

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The entrepreneur has grabbed attention through his flashy lifestyle, including paying US$110 million for a Jean-Michel Basquiat painting and signing up as the first private passenger to be taken around the moon by Elon Musk's SpaceX.

His wealth took a hit with Zozo's share price having plunged 60 per cent from its peak last July after a series of corporate missteps.

REUTERS