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

[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.

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