Japanese fashion oligarch sold paintings for USD 8 mn to raise money

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 has plunged 60% from its peak last July after a series of corporate missteps.

(With inputs from agencies.)