S'pore-born billionaire buys S$488,254 horse painting by former Indonesian president

A Singapore-born Indonesian billionaire has purchased an auctioned painting by former Indonesian President Susilo Bambang Yudhoyono for 6.5 billion rupiah (S$488,254) on Feb. 18. 

The 77-year-old tycoon, Low Tuck Kwong, is the president director of coal mining firm PT Bayan Resources and one of Indonesia's richest people.

Known as the "Coal King", he controls Metis Energy and has interests in The Farrer Park Company, both headquartered in Singapore. His net worth is estimated at US$20.3 billion (S$25.7 billion).

Low is also a philanthropist who has donated substantially to educational and healthcare causes in Singapore, according to Forbes,

Horse painting

The 130cm x 80cm painting is named "Kuda Api", or fire horse, reported Kompas.

It was painted earlier this year by Susilo, who was president of Indonesia between 2004 and 2014 and has been painting as a hobby since junior high school.

The piece was put up for auction at the Chinese New Year celebration for the Democratic Party of Indonesia.

Susilo's son, Agus Harimurti Yudhoyono, said that the art piece depicts this year's zodiac animal.

Agus is the current chairman of the Democratic Party and is also Indonesia's Coordinating Minister for Infrastructure and Regional Development Affairs.

He said that his father painted the fire horse as it embodies the spirit of hard work and "the transformation we want to bring so that Indonesia can progress further, wrapped in peace and beauty".

Susilo added that he painted it while "praying for the Indonesian nation" to advance with strength and enthusiasm, in the spirit of the fire horse.

For charity

The painting's opening bid was 200 million rupiah (S$15,030).

It was ultimately sold to Low for 6.5 billion rupiah (S$488,254) in less than six minutes.

The proceeds will be channelled towards charity to benefit the impoverished and disaster victims, reported CNA.

Top photo from Partai Demokrat/YouTube and PT Bayan Resources/Website.