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Basquiat Sells Painting Worth $110.5 Million!

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Jean-Michel Basquiat sold his 1982 painting of a skull at auction. “Untitled” brought $110.5 million at Sotheby’s, to become the sixth most expensive work ever sold at auction.

During the sale, at least four bidders sailed past the $60 million level. It was definitely a thrilling moment at Sotheby’s postwar and contemporary auction.

Highest bidder turned out to be a Japanese billionaire in the name of Yusaku Maezawa. He revealed himself to be the buyer of the masterpiece through a post on Instagram.

Mr. Maezawa set the previous auction high for Basquiat just last year paying $57.3 million for the artist’s large 1982 painting of a horned devil at Christie’s.

He then confided to Sotheby’s the reason why he spent such a huge amount for the artwork. He has planned to open a museum in his hometown, Chiba, Japan.

“But before then I wish to loan this piece — which has been unseen by the public for more than 30 years — to institutions and exhibitions around the world,”

He said in a statement.

“I hope it brings as much joy to others as it does to me, and that this masterpiece by the 21-year-old Basquiat inspires our future generations.”

This will go down in history!

Meanwhile, Basquiat’s million-dollar painting set several records: for a work by an American artist, for a work by an African-American artist and as the first work created since 1980 to make over $100 million.

“It’s a really historical moment. It does cement this artist once again,”

Said Larry Warsh, a longtime Basquiat collector.

 

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