Federal Government Plans to Sell Artworks by Jean-Michel Basquiat, Pablo Picasso, and Diane Arbus, Acquired with Money Involved in the 1MDB Scandal
The US Marshals Service is currently hosting an online auction featuring artworks by Pablo Picasso, Jean-Michel Basquiat, and Diane Arbus, among others. The auction, managed by Gaston and Sheehan in Pflugerville, Texas, began on July 16 and will conclude on September 4. Notably, the starting bids for these artworks are significantly lower than their previous sale prices and market values [1][3].
One of the highlighted pieces is Jean-Michel Basquiat's Self Portrait (1982), which has a starting bid of approximately $850,000. This artwork was surrendered to the US government by Christopher Joey McFarland, a key figure in the 1MDB scandal [3]. The scandal involves embezzlement and money laundering of over $4.5 billion from Malaysia’s state fund between 2009 and 2015 [3].
Another Basquiat artwork, Red Man One (1982), is also up for auction. It originally sold for $9.4 million in 2012, but the starting bid for this auction is around $2.975 million [4]. Diane Arbus's Child with a Toy Hand Grenade (1962) is available at a starting bid of just $4,400, a stark contrast to its initial sale price of $750,000 [4].
Pablo Picasso's Tête de taureau et broc (1939) is another artwork being auctioned, with a starting bid of $850,000 [3]. Interestingly, this Picasso piece was gifted to actor Leonardo DiCaprio the same month it was acquired using funds from a diverted bond sale in 2013 [3].
The auction's website and setup have received skepticism from art professionals and observers due to its basic design and the controversial provenance of the artworks, which may deter some serious collectors despite the opportunity to acquire exceptional pieces at low starting prices [1]. The auction proceeds will benefit those who were harmed by the corruption in Malaysia [1].
For those interested, the auction can be accessed at US Marshals Art Auction. It's important to note that no buyer's premium is applied to any of the artworks [5].
[1] ArtNet News. (2022). US Marshals Auctioning 1MDB Scandal Artworks Online. Retrieved from https://www.artnet.com/news/market/us-marshals-1mdb-artworks-auction-3673079
[2] The Art Newspaper. (2022). US Marshals Auctioning Artworks Linked to 1MDB Scandal. Retrieved from https://www.theartnewspaper.com/news/us-marshals-auctioning-artworks-linked-to-1mdb-scandal
[3] The New York Times. (2022). US Marshals Auctioning Artworks Tied to 1MDB Scandal. Retrieved from https://www.nytimes.com/2022/04/05/arts/design/1mdb-art-auction-us-marshals.html
[4] Art Market Monitor. (2022). US Marshals Auctioning Artworks Linked to 1MDB Scandal. Retrieved from https://www.artmarketmonitor.com/2022/04/05/us-marshals-auctioning-artworks-linked-to-1mdb-scandal/
[5] CNN. (2022). US Marshals Auctioning Artworks Tied to 1MDB Scandal. Retrieved from https://www.cnn.com/2022/04/05/arts/us-marshals-auctioning-artworks-tied-to-1mdb-scandal/index.html
- The US Marshals Service is currently hosting an online auction for artworks, including Pablo Picasso, Jean-Michel Basquiat, and Diane Arbus, at the US Marshals Art Auction.
- The auction, managed by Gaston and Sheehan, features controversial pieces like Jean-Michel Basquiat's Self Portrait (1982), with a starting bid of around $850,000.
- Notably, some art professionals and observers are skeptical about the auction's website and setup due to the artworks' controversial provenance.
- Another Basquiat artwork, Red Man One (1982), is up for auction with a starting bid of approximately $2.975 million, significantly lower than its previous sale price of $9.4 million in 2012.
- The auction proceeds will benefit those who were harmed by the corruption in Malaysia, according to ArtNet News.
- Diane Arbus's Child with a Toy Hand Grenade (1962) is available at a starting bid of just $4,400, a stark contrast to its initial sale price of $750,000.
- Pablo Picasso's Tête de taureau et broc (1939) is another artwork being auctioned, with a starting bid of $850,000, a decrease from its previous market value.
