Japan’s Okada Museum of Art is selling works from its collection because its founder, Kazuo Okada, needs to settle a $50 million legal bill that stems from his long-running feud with casino magnate Steve Wynn. Okada, an 83-year-old billionaire, is the former chairman of Tokyo-based Universal Entertainment Corp.

Sotheby’s Hong Kong has landed the 125 works, which are set to hit the auction block on November 22. The collection includes Katsushika Hokusai’s iconic The Great Wave Off the Coast of Kanagawa (1830–32), a rare Qianlong “Eight Treasures” vase, and a pair of 16th-century six-panel screens by Kano Motonobu from the Muromachi period. Several works are expected to fetch several million dollars.

Decades ago, Wynn and Okada became friends and founded the Las Vegas-based hotel-casino operator Wynn Resorts together in 2002. However, relations soured a few years later when they accused one another of questionable payments to public officials in Asia. In 2012, Okada was ousted as Wynn Resorts’ vice-chairman, and the company redeemed Universal Entertainment Corp’s 20 percent stake in the business at a discount. The latter disputed the redemption amount in court, and Okada eventually prevailed in 2018, reaching an out-of-court settlement in which Wynn and Wynn Resorts agreed to pay $2.6 billion.

When Okada’s law firm, Bartlit Beck, sent him its $50 million bill, though, he claimed it was too hefty. The firm successfully pursued it in a binding court arbitrat...