S'pore-born tycoon buys auctioned painting by former Indonesia President SBY for US$386,261
Proceeds from the sale will be donated to underprivileged communities and those affected by disasters, said Agus Harimurti Yudhoyono, the former president’s son. The buyer, Low Tuck Kwong, is one of Indonesia's richest people.
Indonesia's sixth president, Susilo Bambang Yudhoyono, explains his painting of a fire horse that sold for 6.5 billion rupiah (US$386,261) at an auction. (Image: YouTube/Democratic Party)
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JAKARTA: Singapore-born Indonesian tycoon Low Tuck Kwong has bought an auctioned painting by former Indonesia President Susilo Bambang Yudhoyono for 6.5 billion rupiah (US$386,261).
Proceeds from the sale of the painting of a fire horse – the Chinese zodiac for this year – will be donated to underprivileged communities and those affected by disasters, said Agus Harimurti Yudhoyono, the former president’s son.
Low, one of Indonesia’s richest people, is the president director of coal mining company PT Bayan Resources. He has a net worth of US$20.2 billion, according to Forbes.
The 77-year-old also controls Singapore's renewable energy company Metis Energy and has interests in healthcare firm The Farrer Park Company and investment holding company Samindo Resources.
Low is also a philanthropist. In 2023, the Low Tuck Kwong Foundation reportedly gave S$127.6 million (US$100.9 million) to educational and healthcare causes in Singapore, including S$101 million to the Lee Kuan Yew School of Public Policy at the National University of Singapore.
Former Indonesia President Susilo, popularly known as SBY, has been painting since junior high school and took up the hobby again amid the COVID-19 pandemic, according to a 2021 article by media outlet Kompas. The 76-year-old was president from 2004 to 2014.
Painting is a way in which he remembers his late wife Ani, whose hobby was photography, reported Detiknews in 2024.
SBY's fire horse painting was auctioned during his Democratic Party’s Chinese New Year celebration last Wednesday (Feb 18).
Low outbid fellow tycoon Hermanto Tanoko, who offered 6 billion rupiah, and YouTuber and digital media entrepreneur Deddy Corbuzier, who offered 1 billion rupiah.
SBY’s son Agus, who is chairman of the Democratic Party, said his father painted the fire horse in the spirit of transformation.
"He painted a fire horse whose spirit represents energy, strength, hard work, and the transformation we want to bring so that Indonesia can progress further, wrapped in peace and beauty," Agus said during the event at the Djakarta Theatre, which was broadcast "live" on the party’s YouTube channel.
Agus is also the country’s Coordinating Minister for Infrastructure and Regional Development Affairs.
SBY said he hoped his painting would symbolise strength and determination.
"I certainly painted while praying – praying for the Indonesian nation so that with the spirit of the fire horse, there will arise enthusiasm, determination, strength, and togetherness to advance our country," he said.
