May 17, 2019 / 6:57 AM / 9 days ago

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

FILE PHOTO: Japanese billionaire Yusaku Maezawa, founder and chief executive of online fashion retailer Zozo, who has been chosen as the first private passenger by SpaceX, attends a news conference at the Foreign Correspondents' Club of Japan in Tokyo, Japan, October 9, 2018. REUTERS/Toru Hanai

TOKYO (Reuters) - Japanese fashion tycoon Yusaku Maezawa sold art for more than $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.

Maezawa, the founder and CEO of online fashion retailer Zozo, sold an Andy Warhol painting - “Flowers” - for $5.6 million, well above an estimate of $1.5 million-$2 million.

Another painting, Ed Ruscha’s “Bones In Motion”, went for $2.4 million, in line with an estimate of $2 million-$3 million.

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 $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% from its peak last July after a series of corporate missteps.

Reporting by Sam Nussey, Editing by Sherry Jacob-Phillips

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