A Japanese billionaire has just bought a Jean-
Michel Basquiat painting at the Sotheby’s
auction of contemporary art for $110.5 million
(₦34.7billion), the highest price ever paid at
auction for a work by an American artist.
The painting, titled "Untitled" was unknown
before it was unveiled at Sotheby’s weeks
ago. The auction house said it remained in
the same private collection since it was
bought at auction in 1984 for $19,000.
Sotheby’s said the sale of “Untitled” was an
auction record for the artist. It also set a
record price for an American artist at auction.
The painting’s graffiti-like typography depicts
a face in the shape of a skull.
The Japanese buyer, e-commerce tycoon
Yusaku Maezawa , said he plans to loan the
painting out around the world before making
it the centrepiece of his museum in his
hometown of Chiba.
"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," he said in a statement.
The sale of the picture at Sotheby's in New
York puts it in an elite club: only 10 other
works have sold for more than $100 million.
Painted by Basquiat in 1982, "Untitled" has
now fetched the sixth highest price ever for a
work of fine art. The Sotheby's catalogue
describes it as a "raw, uncensored, and
fiercely magnificent."
Raised in Brooklyn, Basquiat was a maverick
of the New York art scene in the 1980s. Of
Puerto Rican and Haitian descent, he initially
gained attention for his graffiti before
eventually becoming one of the most
celebrated artists of the time.
Basquiat died of a drug overdose in 1988 at
age 27.
Michel Basquiat painting at the Sotheby’s
auction of contemporary art for $110.5 million
(₦34.7billion), the highest price ever paid at
auction for a work by an American artist.
The painting, titled "Untitled" was unknown
before it was unveiled at Sotheby’s weeks
ago. The auction house said it remained in
the same private collection since it was
bought at auction in 1984 for $19,000.
Sotheby’s said the sale of “Untitled” was an
auction record for the artist. It also set a
record price for an American artist at auction.
The painting’s graffiti-like typography depicts
a face in the shape of a skull.
The Japanese buyer, e-commerce tycoon
Yusaku Maezawa , said he plans to loan the
painting out around the world before making
it the centrepiece of his museum in his
hometown of Chiba.
"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," he said in a statement.
The sale of the picture at Sotheby's in New
York puts it in an elite club: only 10 other
works have sold for more than $100 million.
Painted by Basquiat in 1982, "Untitled" has
now fetched the sixth highest price ever for a
work of fine art. The Sotheby's catalogue
describes it as a "raw, uncensored, and
fiercely magnificent."
Raised in Brooklyn, Basquiat was a maverick
of the New York art scene in the 1980s. Of
Puerto Rican and Haitian descent, he initially
gained attention for his graffiti before
eventually becoming one of the most
celebrated artists of the time.
Basquiat died of a drug overdose in 1988 at
age 27.
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