by Brian Boucher Artnet News
Thirty-three-year-old Malaysian financier Jho Low, one of the art collectors who own property in the Time Warner Center—he owns a penthouse on the 76th floor, once owned by Jay Z and Beyonce, that he bought for $30.55— has been identified in an article in the New York Times as the buyer of Jean-Michel Basquiat’s 1982 painting Dustheads.The painting fetched $48.8 million in May 2013 at Christie’s New York.
That purchase was part of a $495 million sale of postwar and contemporary art, which was, at the time, the highest total in auction history. Christie’s has gone on to break that record three times with subsequent contemporary art auctions. (For reports on the last two, seeChristie’s $745 Million Evening Sale Astonishes and Epic Christie’s $852.9 Million Blockbuster Contemporary Art Sale is the Highest Ever.)
The information about Low’s purchase came from two sources “familiar with Mr. Low’s activities in the art world” one of whom said, “Inserting a Jho Low at the top of the market—who buys pictures over $20 million, $30 million, $40 million—it swings the market.”