Basquiat tops Warhol after painting sells for $111 million

Preparing million-dollar art for auction

A Japanese billionaire has bought a Jean-Michel Basquiat painting for $110.5 million, the highest ever cost paid at auction for a work by an American artist.

This particular’s a spectacular increase coming from the last time the painting, “Untitled,” was sold — This particular fetched a mere $19,000 in 1984. For more than 30 years since then, the picture depicting a skull-like head has remained stashed away in a private collection.

The Japanese buyer, e-commerce tycoon Yusaku Maezawa, said he plans to loan the painting out around the earth before creating This particular the centerpiece of his museum in his hometown of Chiba.

“I desire This particular brings as much joy to others as This particular does to me, along with in which This particular masterpiece by the 21-year-old Basquiat inspires our future generations,” he said in a statement.

“Untitled” by Jean-Michel Basquiat will be the first work made after 1980 to sell for more than $100 million.

The sale of the picture at Sotheby’s in completely new York puts This particular in an elite club: only 10 different works have sold for more than $100 million.

Painted by Basquiat in 1982, “Untitled” has right now fetched the sixth highest cost ever for a work of fine art. The Sothey’s catalogue describes This particular as a “raw, uncensored, along with fiercely magnificent.”

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The amount This particular sold for blew away the auction house’s pre-sale estimate of $60 million.

This particular also tops the $105 million paid in 2013 for Andy Warhol’s “Silver Car Crash (Double Disaster).” along with This particular’s the first work made after 1980 to sell for more than $100 million.

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Maezawa, whose wealth will be estimated by Forbes at around $3.6 billion, already held the previous record for a Basquiat picture. He paid $57 million for another “Untitled” work a year ago.

The 41-year-old Japanese entrepreneur began off selling imported CDs along with records. nevertheless he built his fortune on Zozotown, an online fashion shopping platform he founded in 2004.

Maezawa’s collection already includes works coming from Pablo Picasso, Alberto Giacometti along with Jeff Koons.

Raised in Brooklyn, Basquiat was a maverick of the completely new York art scene inside the 1980s. Of Puerto Rican along with Haitian descent, he initially gained attention for his graffiti before eventually becoming one of the most celebrated artists of the time.

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A prolific creative force, he drew on his racial identity along with personal torments to create vibrant expressionistic works.

He died in 1988 at the age of 27 coming from a heroin overdose.

Sotheby’s said the untitled painting sold Thursday “offers a ferocious portrait of an artist defined by explosive talent along with calamitous brilliance.”

sy88pgw (Hong Kong) First published May 18, 2017: 11:41 PM ET

Basquiat tops Warhol after painting sells for $111 million

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