After a 10-minute bidding war, Jean-Michel Basquiat’s 1984 ‘Untitled’ painting has sold at Sotheby’s in New York for a whopping $110.5 million.
The painting was sold to Yusaku Maezawa, a 41-year-old Japanese art collector and fashion entrepreneur. He is one of the richest men in Japan and plans to set up a museum in his hometown of Chiba.
Last month, the painting was predicted to sell for $60 million. This officially marks the highest price for a piece of artwork by an American artist.
Breaking #news: Jean-Michel Basquiat’s ‘Untitled’ masterpiece just sold for $110.5m in our #nyc salesroom! Acquired by noted collector and entrepreneur, @yusaku2020, the work set a new auction record for the artist and also for a work by an American artist at auction. Before the work becomes a centerpiece of his future museum in Chiba, Mr. Maezawa’s hometown in #Japan, this exceptional painting will be loaned to institutions and exhibitions around the world. #SothebysContemporary continues in #NYC. Head over to Sothebys.com to view the auction, or check out our Facebook and Twitter pages for more information.