Singapore-born billionaire Low Tuck Kwong buys $386K painting by former Indonesian president

Low, 77, secured the piece at an auction last Wednesday after outbidding another billionaire, Hermanto Tanoko, who offered 6 billion rupiah, and Deddy Corbuzier, a YouTuber and digital media entrepreneur whose bid stood at 1 billion rupiah.

The artwork had opened at 200 million rupiah (S$15,030), Mothership reported. Proceeds from the sale will go toward supporting underprivileged communities and victims of natural disasters.

Titled “Kuda Api,” or fire horse, the 130cm by 80cm piece was painted earlier this year by Susilo, who served as Indonesia’s president from 2004 to 2014. He has pursued painting as a hobby since his junior high school days.

Susilo expressed hope that the artwork would represent resilience and resolve.

“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, as quoted by Channel News Asia.

Low, nicknamed the “coal king,” amassed his wealth through Bayan Resources, the coal mining and port operating firm he established in 2004.

Indonesian billionaire Low Tuck Kwong. Photo courtesy of SEAX Global

Born in Singapore, he relocated to Indonesia in 1972 at the age of 24 and initially founded a construction company before expanding into the coal industry. He obtained Indonesian citizenship in 1992 and purchased his first coal concession in Kalimantan five years later.

Forbes listed him as Indonesia’s fourth-richest individual last December with an estimated net worth of US$24.9 billion. He also ranks among Southeast Asia’s wealthiest figures on the Bloomberg Billionaires Index.

Although he has renounced his Singapore citizenship, Low maintains close ties to the city-state and has made large donations to education and healthcare initiatives there.