Boom: A Basquait Skull Sells for $110.4 Million

Bloomberg reports that a Basquiat skull portrait sold Thursday evening at Sotheby's for $110.5 million to a Japanese collector.

Bloomberg reports
Untitled work auctioned for most ever among American artists

Painting, bought for $19,000 in 1984, goes to Japan’s Maezawa

An untitled portrait by Jean Michel-Basquiat sold for $110.5 million at Sotheby’s in New York, setting a record for any American artist. The buyer was Japanese online retail magnate Yusaku Maezawa.

The colorful work was part of the auction house’s contemporary art sale Thursday evening. The bidding started at $57 million, sparking gasps in the packed salesroom, and lasted for more than 10 minutes as three parties chased after the work.

“I remember astounding the art world back in 1980s when I set an auction record for Basquiat at $99,000,” said Jeffrey Deitch, an art dealer who was the artist’s friend and champion. “All of us, Jean-Michel’s friends, we totally believed in his genius. I always thought he would be one day in the legion of Picasso, Bacon and Van Gogh. The work has that iconic quality. His appeal is real.”

The painting, which had a presale estimate of more than $60 million, was bought at auction in 1984 for $19,000 by the late collectors Jerry and Emily Spiegel.
Source: Bloomberg 

No comments: