The infamous Malaysian 1MDB corruption scandal saw the then-Prime Minister Najib Razak accused of conspiring with businessman Jho Low to misappropriate billions of U.S. dollars. The case implicated officials from Malaysia, Saudi Arabia, and the UAE, and even investment banking giant Goldman Sachs.
Investigations revealed that part of the embezzled funds was used to acquire luxury properties, jewellery and artworks – and even to finance the Hollywood film The Wolf of Wall Street. Recently, the U.S. Marshals Service has commissioned Texas auction house, Gaston and Sheehan, to conduct an online auction of four artworks tied to the case.
Among the four lots, three were purchased by Jho Low and gifted to Leonardo DiCaprio, the lead actor in The Wolf of Wall Street, including Jean-Michel Basquiat’s 1982 work Red Man One. Opening at just US$3 million, which is lower than its auction price in 2009, and with no buyer’s premium, the work may offer collectors a good opportunity for rare bargain.
Bidding is conducted online and will close on 4 September. Interested readers may click here to visit Gaston and Sheehan’s official website for more details.
Jho Low and Leonardo DiCaprio
One of the lots is Basquiat’s Red Man One (1982)
Jho Low was born in Penang, Malaysia, in 1981. His father and grandfather engaged in real estate and import-export trade. In his teenage years, Jho Low was sent to Harrow School in the United Kingdom, where he met Najib’s stepson, Riza Aziz.
He later studied at the Wharton School of the University of Pennsylvania in the United States. Known for his flamboyant style, Low cultivated the image of a wealthy heir, hosting lavish parties and forging close ties with rich heirs from diverse backgrounds—particularly those from Jordan, Kuwait, and other Middle Eastern countries.
After graduation, Low capitalised on the network he had built over the years, for example by establishing an investment company to channel capital from the Middle East to Malaysia.
In 2009, Najib became the Malaysian Prime Minister and set up the 1 Malaysia Development Berhad (1MDB) fund. Low leveraged his relationship with Najib's stepson Aziz to gain influence in the fund. Aimed at raising capital to alleviate poverty in Malaysia, the sovereign wealth fund ultimately became a hotbed of corruption.
Jho Low
In 2023, Netflix released the documentary Man on the Run, detailing the intricate relationships between Jho Low and the 1MDB scandal
The 1MDB corruption scandal broke in 2015, with Najib and Jho Low being accused of funneling funds through offshore companies. US$4 billion of the funds were used to purchase artworks, jewellery, luxury properties and superyachts.
Najib was convicted and imprisoned in 2020, while Low has fled and continued to deny the charges since the scandal surfaced. The extensive connections between Low and the 1MDB case were filmed in the 2023 Netflix documentary Man on the Run.
Foreign investigative journalists recently claimed that Low is now in Shanghai, and even posted a photograph of a forged Australian passport allegedly used by him.
The forged Australian passport allegedly used by Jho Low
Before being exposed as involved in the corruption case, Low maintained a high-profile lifestyle and was even described as a real-life “Wolf of Wall Street”. This is because he is the principal backer of the Hollywood film, and hosted extravagant parties attended by DiCaprio, Paris Hilton and other celebrities.
Within just two months in 2013, Low spent US$137 million on seven artworks, including Basquiat’s Dustheads and Mark Rothko’s Untitled (Yellow and Blue).
Purchasing art may have been part of Jho Low’s financial strategy. The following year, he took 17 works from his collection to Sotheby's Financial Services as collateral, securing a US$107 million loan.
By 2015, the year before the corruption scandal broke, he had sold off these artworks for cash. Among them, Untitled (Yellow and Blue) was auctioned at Sotheby’s New York for US$46.45 million.
In 2024, the work appeared again at Sotheby’s Hong Kong, where it fetched US32.2 million and became the most expensive lot in Asia that year. The piece was acquired on behalf of a client by Patti Wong, the founder of the art advisory firm PW&A and former Sotheby’s International Chairman.
Jho Low hosting extravagant parties with Paris Hilton and other celebrities
Lot 9003｜Jean-Michel Basquiat (1960 - 1988) | Red Man One, Acrylic, oil stick, and paper collage on canvas, mounted on wooden support
Executed in 1982
193 x 121 cm
Starting Bid: US$2,975,000
Highest bid as of press time: US$5,152,500
For the upcoming auction, three of the four lots were acquired by Low between 2012 and 2014 and gifted to DiCaprio, including Basquiat's 1982 work Red Man One, opening at US$2.97 million.
Auction records show that in 2009, the work was sold at Sotheby’s New York for US$3.55 million. According to documents from the U.S. Department of Justice, Low embezzled bond proceeds from the 1MDB fund in 2012 to acquire the piece from New York’s Helly Nahmad Gallery for US$9.4 million, and then gifted it to DiCaprio.
It is said that as early as 2017, when the U.S. Department of Justice proposed to seize assets and artworks linked to the 1MDB scandal, DiCaprio voluntarily returned the relevant works to the authorities.
Lot 9001｜Pablo Picasso (1881 - 1973) | Head of a Bull and Jug (tentative title), oil on canvas
Executed on 28th January, 1939
128 x 50 cm
Starting Bid: US$850,000
Highest bid as of press time: US$2,002,500
Another artwork returned by DiCaprio is Picasso’s Head of a Bull and Jug. According to the documents, Low used 1MDB bond proceeds to purchase the work for US$3.28 million in January 2014.
In the same month, he gifted it to DiCaprio with a note reading: “Happy belated Birthday! This gift is for you,” accompanied by his initials, “TKL”.
Lot 9000 | Diane Arbus (1923 - 1971) | Child with a Toy Hand Grenade (tentative title), gelatin silver print
Executed in 1962
36.2 x 34.9 cm (image); 38.1 x 36.8 cm (framed)
Starting Bid: US$4,250
Highest bid as of press time: US$90,050
The last artwork associated with DiCaprio is the late American photographer Diane Arbus’s work in 1962, Child with a Toy Hand Grenade.
The documents reveal that Low used 1MDB bond proceeds to purchase the photograph from Cinema Archives, an art and film memorabilia dealer, for US$750,000 in November 2013.
Lot 9002｜Jean-Michel Basquiat (1960 - 1988), Self-Portrait, crayon and black felt tip pen on paper
Executed in 1982
76.2 x 55.8 cm
Starting Bid: US$850,000
Highest bid as of press time: US$1,002,500
The remaining lot is a Basquiat’s work on paper, Self-Portrait. Documents from the U.S. Department of Justice disclose that the work was returned by Christopher Joey McFarland.
McFarland co-founded film production company Red Granite Pictures with Riza Aziz and was involved in the production of The Wolf of Wall Street.
For reference, Untitled (Head) (75.6 × 55.9 cm), which is of similar size to Self-Portrait (76.2 × 55.8 cm), was sold for US$15.2 million at Sotheby's in New York in 2020, setting a record for Basquiat's works on paper at the time.
Basquiat’s Untitled (Head) was sold for US$15.2 million at Sotheby’s New York in 2020
Auction proceeds of assets seized by the U.S. Department of Justice usually go to the Treasury. However, the proceeds from the auction of items related to the 1MDB case will reportedly be returned to Malaysia to assist victims of the corruption case.
In fact, this auction has sparked divided opinions in the art market. On one hand, some believe that the opening prices are far below than market expectations, creating a golden opportunity for collectors to snap up bargains.
On the other hand, others note that the relevant lots are tainted by their association with the corruption case, which not all collectors are willing to overlook.
Auction details:
Auction house: Gaston and Sheehan
Sale: U.S. Marshals Service Art Auction
Auction closing date: 4 September 2025