Basquiat breaks records in the art world

Entertainment

19 May 2017

Basquiat painting fetches record $110.5mn

A painting by Jean-Michel Basquiat has broken several records by selling for a whopping $110.5mn.

This is till date the most expensive work of art by an American artist. It is also the costliest by a black artist, and the first since 1980 to cross the $100mn mark.

His second most expensive work was bought last year by the same collector.

Auction

Japanese buyer also bought Basquiat's second most expensive painting

Japanese buyer also bought Basquiat's second most expensive painting

It was a tense 10 minutes as at least four bidders on phone and in the room crossed the $60mn mark: the price guaranteed previously by a third party.

Yuki Terase, who oversees Sotheby's Japanese business development, took the winning bid on phone from Yusaku Maezawa of Japan.

Maezawa, who paid $57.3mn last year for another Basquiat piece, plans to open a museum someday.

Basquiat

Basquiat, dead at 27, painted for just seven years

Basquiat's painting is now one in 11 which went beyond $100mn, including works by Pablo Picasso and Francis Bacon.

The native New Yorker, who died in 1988 at 27 due to a heroin overdose, had been an artist for just seven years.

His 80 works have till now generated $171.5mn; his auction high has also increased by ten times in the last 15 years.

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Basquiat was a member of 27 Club

Basquiat is also a member of the 27 Club: popular artists, actors and musicians who mostly died violent deaths at 27. Jimi Hendrix, Jim Morrison and Brian Jones, all died at 27 during 1969-71, but the club was conceptualized after Kurt Cobain's death in 1994.

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