The sale is poised to raise millions for the citizens of Malaysia, who were defrauded of $4.5 billion (c. £3.35bn) in the scheme.

The pieces were originally purchased by fugitive financier Jho Low, the alleged mastermind of the fraud, who used stolen funds to lavish celebrities with gifts. DiCaprio, who received three of the works from Low, voluntarily surrendered them to the US government and is not accused of any wrongdoing. A famous Diane Arbus photograph linked to Graham Nash’s song ‘Teach Your Children’ is also among the lots.

Unconventionally, the auction is not being held at a prestigious house like Sotheby’s but online via a Texas-based firm that specialises in seized assets for the US Marshals Service. This “off the radar” venue has resulted in bids running significantly below the artworks’ previous sale prices, creating a potential boon for bargain hunters. As of Wednesday, one Basquiat was tracking over $3 million (c. £2.23m) below its last sale price, Bloomberg reports.

While an art adviser noted the sale’s presentation was far from the “elegant” standard expected for such culturally significant works, their chequered past provides one key advantage: legitimacy. With the US government acting as the seller, buyers can be assured of a clean title, free from the money laundering concerns that tainted the art’s original acquisition.

The auction collection includes:

• Jean-Michel Basquiat’s Red Man One, bought by Low for $9.4m (c. £7m) and gifted to DiCaprio.
• Pablo Picasso’s Tete de Taureau et Broc, bought for $3.28m (c. £2.44m) and given to DiCaprio with a handwritten birthday note from Low.
• Diane Arbus’s photograph Child With a Toy Hand Grenade in Central Park, NYC, which Low bought for $750,000 (c. £560,000) before giving it to the actor.
• A second Basquiat, a crayon and felt-pen drawing titled Self Portrait (1982), which was surrendered by ‘The Wolf of Wall Street’ producer Joey McFarland.