Two specific canvases purchased in mid-May 1990 for a combined total of over $160 million defined the legacy of Ryoei Saito. During consecutive auctions held by Christie's and Sotheby's in New York, the Japanese entrepreneur secured Vincent van Gogh's Portrait of Dr. Gachet for $82.5 million and a Renoir titled Bal du moulin de la Galette for $78.1 million.
Early Life and Education
Born in 1916 within the Shizuoka Prefecture, Saito navigated the complex industrial landscape of the Japanese Empire and its post-war transition. His academic foundation included studies at Nihon University and Waseda University. These institutions provided the framework for his eventual tenure as the honorary chairman of Daishowa Paper Manufacturing, a firm deeply embedded in the nation's industrial output.
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Saito's 1990 purchases established a benchmark for global art valuations. At the time of the transaction, these two pieces represented the highest prices ever paid for artworks, whether via public auction or private treaty. The figures stood as industry records for 25 years until the sale of Picasso's Les Femmes d'Alger in 2015. His influence on the market was profound, attracting intense scrutiny from institutions and investors alike.
Controversy and Later Years
Following the acquisition of these works, Saito faced significant financial obligations, including a $24 million tax bill. He remarked in the early 1990s that the paintings might be better off destroyed upon his death to relieve his heirs of excessive estate duties. This statement triggered international anxiety, specifically at the Metropolitan Museum of Art, which feared the works had been cremated alongside the owner after his 1996 death from a stroke.
Provenance and Legacy
The whereabouts of the high-profile art remained a point of speculation for over a decade. The Metropolitan Museum of Art failed to locate the Van Gogh for a planned exhibition, fueling theories about its physical status. It was not until 2007 that the public learned the work had been sold privately between 1997 and 1998 to Wolfgang Flöttl, an investment fund manager born in Austria.
Fast facts
- Born: 1916, Shizuoka Prefecture
- Died: 30 March 1996
- Education: Waseda University, Nihon University
- Primary Role: Honorary Chairman, Daishowa Paper Manufacturing
- Portrait of Dr. Gachet purchase price: $82.5 million
- Bal du moulin de la Galette purchase price: $78.1 million
Questions readers ask
Were the paintings actually cremated with Ryoei Saito?
No. While Saito suggested this to avoid death duties, it was revealed in 2007 that the paintings were sold to Wolfgang Flöttl in the late 1990s.
How long did Saito's auction price records stand?
The price records stood for 25 years until the sale of a Picasso painting at Christie's in May 2015.
Achievements
- Educated at Nihon University and Waseda University
