Japanese Fashion Tycoon to Put Artworks up for Auction

  • Fashion
Japanese Fashion Tycoon to Put Artworks up for Auction

Founder and CEO of online fashion retailer Zozo, Yusaku Maezawa, revealed that he is in a bad financial condition, announcing that he plans to put several of his artworks up for auction.

The Japanese fashion tycoon said in a Twitter post that the items will be sold at a Sotheby's auction in New York on May 16; they include an Ed Ruscha painting, estimated to be sold at between $2 million and $3 million, and an Andy Warhol flowers painting with an estimate of $1.5 million-$2 million.

"I never have any money because I always spend it," he wrote.

Maezawa's financial hardships exacerbated after Zozo's stock price had plunged by more than half and its cash position had weakened.

Source: Kataeb.org