Over the years, flamboyant businessman Low Taek Jho has been painting the town red with reports of his lavish lifestyle, political connections, and links with 1MDB.

And now according to a Bloomberg report, the young tycoon popularly known as Jho Low has created a stir in the art circle for selling the works of Claude Monet, Pablo Picasso, and Jean-Michel Basquiat which he bought earlier.

The works sold for about US$54 million, which the report claimed saw “unusually steep losses on at least two pieces.”

Quoting those familiar with the matter, Bloomberg said: “The artworks consigned by Low were among the top lots at Sotheby’s evening auction of Impressionist, modern and contemporary art in London this month.”

“All three had been pledged as part of the collateral for a loan of about US$100 million from Sotheby’s Financial Services, two of the people said, asking not to be named because the information is private.”

The report added that the 34-year-old businessman and his representatives at Hong Kong-based Jynwel Capital did not return calls and e-mails seeking comment on the art sales while Sotheby’s declined to comment.

Low had apparently captured the attention of the art world in 2013 and 2014 after a “shopping spree for trophy pieces".

While he personally examined the works and negotiated prices, Bloomberg stated that it could not be ascertained if the businessman used his own funds, family money, or made investments for clients.

“More recently, Low has been a seller. This month, his 1935 painting ( above ) by Picasso - a portrait of the artist’s lover, Marie-Therese Walter - fetched 18.9 million pounds (US$27.6 million).

“Sotheby’s catalogue shows the unidentified seller bought the piece at Christie’s in November 2013, and auction-tracker Artnet lists the price then at 45 percent higher.”

The report stated that Basquiat’s 1982 oilstick drawing “Untitled (Head of Madman)” ( photo ) garnered 6.2 million pounds and had last sold for about 33 percent more in November 2013.

“The third work offered by Low, Monet’s painting of the Palazzo Ducale in Venice, sold for 11.6 million pounds, falling below the bottom end of the presale estimate. Sotheby’s catalogue shows the consignor acquired the piece from a Swiss collection.

“Because that transaction was private, it’s hard to determine whether Low made or lost money,” it added.

Last February, Bloomberg said Low sold his 10-foot-tall Gerhard Richter abstract painting for a record 30.4 million pounds to billionaire Ken Griffin.

“In May, Low’s 8-foot-tall yellow and blue Mark Rothko painting sold for US$46.5 million, the top lot of Sotheby’s contemporary art sales in New York. The 1954 painting, which was once owned by American socialite Rachel ‘Bunny’ Mellon, was estimated to attract US$40 million to US$60 million.

“In October, Low’s black, punctured, egg-shaped canvas by Lucio Fontana fetched 15.9 million pounds in London, leading Sotheby’s mid-season contemporary art sales and setting what was then an auction record for the post-war Italian artist.

“Low still owns Basquiat’s 6-foot-tall and 7-foot-wide painting, ‘Dustheads’” according to a person familiar with the situation. He bought the 1982 canvas at Christie’s in May 2013 for US$48.8 million. That was almost double the pre-sale’s minimum target of US$25 million.

“The price remains a record for the artist at auction.”