Basquiat Painting Sells for $110.5 Million

Jean-Michel Basquiat painting 'Untitled' fetches record $149 million at New York auction

The auction house said the price was the "highest paid at auction for a work by an American artist and for any artwork created after 1980".

"I hope it brings as much joy to others as it does to me, and that this masterpiece by the 21-year-old Basquiat inspires our future generations", said Maezawa, whose collection includes art from Pablo Picasso and Jeff Koons.

Only two of the 50 works on offer went unsold on Thursday, the last night of key spring sales for powerhouses Sotheby's and rival Christie's.

As his reputation grew and his works appeared in New York's most sought-after galleries, he appeared on the cover of the New York Times Magazine alongside the headline "New Art, New Money: The Marketing of an American Artist". I want to share that experience with as many people as possible around the world-regardless of age or background or whether they are a collector or not.

It only took 10 minutes for a 1982 painting, featuring a black skull on top of a colorful background, to soar to a record-breaking price at Sotheby's NY auction house on Thursday. The company had valued the painting at more than $60 million.

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Basquiat-who died from a drug overdose when he was 27 years old-achieved fame during his short lifetime.

The good news for art fiends is that despite shelling out a pretty penny for this Jean-Claude Basquiat painting, Maezawa doesn't intend to keep it locked away in a mansion.

"I am happy to announce that I just won this masterpiece". The work was last sold in May 1984 for $19,000, and has been "virtually unseen" since then, according to Sotheby's. He plans to display it in his museum in Chiba, Japan after loaning it to institutions and exhibitions around the world.

Cheers and applause greeted the sale, which nearly doubled the previous Basquiat auction record of $57 million. He said he has never seen so much emotion in a painting.

The painting was bought by Japanese businessman Yusaku Maezawa.

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