File photo of a Sotheby's employee admires the painting named Splash By David Hockney on May 18, 2006 in London, England. (DANIEL BEREHULAK / GETTY IMAGES VIA BLOOMBERG)

Hong Kong billionaire Joseph Lau will be the seller of one of the most expensive artworks at the year’s first major auction, according to a person familiar with the matter.

David Hockney’s “The Splash” will be offered anonymously at Sotheby’s contemporary art sale in London on Feb 11

David Hockney’s “The Splash” will be offered anonymously at Sotheby’s contemporary art sale in London on Feb 11. The 1966 canvas is estimated at 20 million pounds (US$26.1 million) to 30 million pounds. The work last came to the market in 2006, when it fetched 2.9 million pounds at Sotheby’s. The current owner acquired the work at that sale, according to the provenance listed by Sotheby’s.

A spokeswoman for the auction house declined to comment, while Lau didn’t respond to requests for comment.

Lau, 68, is the controlling shareholder of Chinese Estates Holdings, a Hong Kong property developer that builds offices, shopping malls and housing projects. He has a US$8.4 billion fortune, according to the Bloomberg Billionaires Index, a ranking of the world’s 500 richest people.

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In 2014, he was convicted of bribery and money-laundering in Macao. He avoided a five-year jail term by not traveling there. 

Known for his investments in art, wine and jewelry, Lau spent US$17.4 million on Andy Warhol’s “Mao” in 2006 and US$39.2 million on Paul Gauguin’s “Te Poipoi” in 2007. He bought five diamonds for US$128 million from 2009 through 2015.

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