Credit... 2017 The Estate of Jean-Michel Basquiat / ADAGP, Paris / ARS, via Sotheby's It will take another major Basquiat to test the sustainability of this $100 million level.In the meantime, however, Basquiat’s vibrant painting set several records Thursday night: for a work by any American artist, for a work by an African-American artist and as the first work created since 1980 to make over $100 million.“It’s a really historical moment,” said Larry Warsh, a longtime Basquiat collector. Tony Dokoupil reports.Get the latest news and best in original reporting from CBS News delivered to your inbox. These cookies do not store any personal information.Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. Download CBS News mobile apps HERE: Get new episodes of shows you love across devices the next day, stream local news live, and watch full seasons of CBS fan favorites anytime, anywhere with CBS All Access. We also use third-party cookies that help us analyze and understand how you use this website. You also have the option to opt-out of these cookies. “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.”The winning bid was taken on the phone by Yuki Terase, who oversees Japanese business development for Sotheby’s in Hong Kong, against the dealer Nicholas Maclean, who was hunched over in the room on the phone with a bidder.Whether one active collector makes a market remains to be seen. Download CBS News mobile apps HERE: Get new episodes of shows you love across devices the next day, stream local news live, and watch full seasons of CBS fan favorites anytime, anywhere with CBS All Access. The piece from 1982 is the work of a then 21-year-old Jean-Michel Basquiat whose paintings just two years earlier had been selling for less than $100. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. Joining the rarefied $100 million-plus club in a salesroom punctuated by periodic gasps from the crowd, “He’s now in the same league as Francis Bacon and Pablo Picasso,” said the dealer Jeffrey Deitch, an expert on Basquiat.The sale of the painting, “Untitled,” made for a thrilling moment at Sotheby’s postwar and contemporary auction as at least four bidders on the phones and in the room sailed past the $60 million level at which the work — forged from oil stick and spray paint — had been guaranteed to sell by a third party.Soon after the sustained applause had subsided, the Japanese billionaire It was Mr. Maezawa, the 41-year-old founder of Contemporary Art Foundation, who last year set the previous auction high for Basquiat, paying $57.3 million for the artist’s large 1982 painting of a horned devil at Christie’s. An untitled painting sold for $110.5 million at auction Thursday marking the first painting by an American to sell at auction for more than $100 million. Last year, Basquiat became the highest-grossing American artist at auction, generating $171.5 million from 80 works, according to Artprice, and his auction high has increased at least tenfold in the last 15 years.“Here he is, blazing a trail not only in terms of the market but also in terms of how his work is perceived more widely,” said the artist Adam Pendleton, who is African-American. It was Basquiat's night, with five of the artist's works realising a combined $129.3 million. […] Artwork Ever Sold : The Two-Way With the sale Thursday night in New York City, the … Yusaku Maezawa, a 41-year-old billionaire and former rock musician from Japan, paid $110.5 million for Jean-Michel Basquiat's 1982 painting "Untitled." The piece from 1982 is the work of a then 21-year-old Jean-Michel Basquiat whose paintings just two years earlier had been selling for less than $100. We will select and publish the best contents on PaintingTube’s Blog. A Japanese billionaire has bought a Jean-Michel Basquiat painting for $110.5 million, the highest ever price paid at auction for a work by an American artist. It deserved the record price,” Mr. McNerney added.But the night belonged to Basquiat, and his ascendancy to the summit of the art market.“It’s mind-blowing,” Mr. Warsh said. You do? It is mandatory to procure user consent prior to running these cookies on your website.This website uses cookies to improve your experience while you navigate through the website.
A Jean-Michel Basquiat painting just sold for the highest price ever paid at auction for an American artist’s work: a whopping $110.5 million.
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