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Editor’s Note: This post was originally published in May 2018 and has been updated for comprehensiveness.
In 1984, Jean-Michel Basquiat sold his painting “Untitled” for $19,000.
That same painting sold for an astonishing $110 million dollars at Sotheby’s auction of contemporary art in May 2018. That is a record price for an American artist at auction and the sixth most expensive work ever sold at auction.
Until it’s 2018 purchase, the work had not been displayed in public since it’s 1984 purchase by private art collectors. The piece has now made the rounds, being featured in exhibitions at the Brooklyn Museum, Seattle Art Museum and a Basquiat exhibition at the Brant Foundation in New York.
It’s also one of 10 pieces of artwork to surpass the $100 million mark. It beat out Andy Warhol’s previous record of $105 million at audction for “Silver Car Crash (Double Disaster).” Warhol has since taken that record back. His work, “Shot by Marilyns” sold for $195 million in May 2022.
Yusaku Maezawa, a billionaire entrepreneur, purchased the painting after a 10-minute bidding war. Unbelievably, Maesawa paid $57.3 million for Basquiat’s “Untitled, 1982” only last year.
Maezawa says he has plans to exhibit the piece at a contemporary art museum in Chiba, Japan with the rest of his collection.
After the purchase, Maesawa, who literally owns a museum in Chiba, Japan, did what we all would do if we just spent millions on a one-of-a-kind painting; he went to Instagram to stunt.
Written by: jarvis
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