Basquiat Painting Sold For $110.5 Million At Sotheby’s Auction

A Jean-Michel Basquiat painting just sold for the most price ever paid at auction for an American artist’s work: $110.5 million.

The 72-by-68-inch acrylic and oil stick “Untitled” painting of a skull by the late graffiti artist was the subject of 10 minutes of serious bidding Thursday night at a Sotheby’s auction in New York City.

The opening bid of $57 million drew gasps from the audience, Bloomberg reported. Sotheby’s had estimated it would sell for at least $60 million.

It was the sixth-highest amount ever paid at auction for any work of art, putting Basquiat in the rarefied company of the celebrated Spanish artist Pablo Picasso. Only 10 works have sold for more than $100 million.

“When I first encountered this painting, I was struck with so much excitement and gratitude for my love of art,” he added. “I want to share that experience with as many people as possible.”

Maezawa said he plans to loan the work to institutions around the world before making it one of the centerpieces of a museum he has created in his hometown of Chiba, Japan.

The businessman last year bought another 1982 Basquiat painting of a devil at a Christie’s auction for $57.3 million.

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