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 February 11. The 1966 canvas is estimated at £20 million ($38.5 million) to £30 million. The work last came to the market in 2006, when it fetched £2.9 million at Sotheby's. The current owner acquired the work at that sale, according to the provenance listed by Sotheby's.

Bloomberg