Good Morning!
- One hundred twenty-five works from the Okada Museum sold at Sotheby’s Hong Kong on Saturday, bringing in $88 million.
- Canada’s government has passed a landmark bill granting artists resale rights.
- The Economist examines “grab lists” compiled by museums to determine what to save in the event of a disaster..
The Headlines
THE GREAT WAVE… OF CASH. A total of 125 major works from Japan’s Okada Museum of Art hit the auction block at Sotheby’s Hong Kong on Saturday, achieving white-glove status (meaning all works sold). The sale brought in the equivalent of $88 million (plus fees) and set two auction records for Japanese artists Kitagawa Utamaro and Hokusai. Sotheby’s told ARTnews that the collection was “estimated in excess of $50 million.” The result should satisfy Kazuo Okada, the museum’s founder, who sold the artworks to settle a $50 million legal bill stemming from his long-running feud with casino magnate Steve Wynn, 83. Okada, also 83, is the former chairman of Tokyo-based Universal Entertainment Corp. Nicolas Chow, Sotheby’s Asia chairman and worldwide head of Asian art, told ARTnews before the sale that “it is the most significant collection of East Asian art to come to auction in recent memory.” Utamaro’s Fukagawa in Snow , painted in the early 19th century, was the night’s top lot, selling to a Japanese private collector for $7.1 million, with more than 30 bids placed. Hokusai’s iconic The Great Wave Off the Coast of Kanagawa (1830–32) nearly tripled its high estimate to sell for $2.8 million, also to a Japanese private collector. Of the 125 works, 19 sold for more than $1.2 million.
ROYALTIES, EH? Canada’s minority Liberal government passed its November 17 budget, avoiding an unwanted Christmas election and delivering a significant win for the country’s visual artists: a commitment to introduce artist resale rights. The Art Newspaper reports that the measure—welcomed by April Britski, executive director of arts nonprofit Carfac—would grant artists a royalty when their work is resold through auction houses or galleries. Britski says the policy offers long-overdue financial recognition for artists, many of whom earn very low incomes despite major cultural contributions. A similar proposal in 2022 failed, but the new commitment brings Canada closer to more than 90 countries—including France, the UK, Australia, and New Zealand—that already mandate resale royalties, typically set at 5 percent. Advocates note that the change is especially important for Indigenous artists, who have frequently been exploited in the secondary market. The push follows two decades of lobbying by Carfac, RAAV, and cultural leaders such as former senator Patricia Bovey. RAAV’s Camille Cazin says the measure acknowledges the value of artists’ work and will improve their living conditions. Cory Dingle, who oversees the Norval Morrisseau estate, adds that resale royalties will help preserve artists’ legacies, fund cultural education, and support institutions that rely on artworks for teaching and inspiration.
The Digest
An 18-karat, engraved Jules Jurgensen pocket watch owned by a passenger who died on the Titanic has set a new auction record, selling for £1.78 million. It’s the highest price ever achieved for an item linked to the ill-fated ship. [Guardian]
The Economist delves into “grab lists,” compiled by museums so they know which artworks and objects to save in case of disaster. [The Economist]
A sample of prehistoric birch tar found in Estonia contained traces of saliva that were analysed by genetics experts, who believe it is a piece of stone age “gum” chewed by a teenage girl 10,500 years ago. [Guardian]
German actor and arthouse legend, Udo Kier, who starred in Andy Warhol‘s Frankenstein, has died at the age of 81. [Monopol]
The Kicker
A SUPER DISCOVERY. While clearing their late mother’s California loft last Christmas, three brothers found something that changed their lives: an original June 1939 copy of Superman #1, one of the earliest comics featuring the Man of Steel. Hidden beneath old newspapers in a cardboard box and preserved by the cool northern California climate, the comic remained in remarkably pristine condition, the BBC reported. In 2024, the brothers found six vintage comics in total, but this issue proved extraordinary. Graded 9.0 out of 10 by CGC, a large third-party comics grading service, surpassing the previous record of 8.5, it went on to sell for $9.12 million, setting a new world record for the most expensive comic book ever auctioned. Heritage Auctions, which handled the sale, called the discovery the “pinnacle of comic collecting.” According to vice-president Lon Allen, the brothers, now in their 50s and 60s, had heard their mother claim she owned valuable comics, though she never showed them. She had kept the books since buying them with her brother between the Great Depression and the start of World War II.
See you same time tomorrow.
