From inspiring fashion collections and shoes to makeup and tattoos, Jean-Michel Basquiat’s artwork has become more than iconic, it has permeated American culture on nearly all artistic levels. Now, the late artist’s work is commanding record-setting prices
His 1982 “Untitled” piece sold at a Sothesby auction Thursday night for $110.5 million making it the first painting created after 1980 to bring in over $100M and only one of 10 to have ever broken the $100M mark. It is also the most expensive piece by a Black artist and the sixth most expensive to ever be sold at auction.
“It’s a really historical moment,” said Larry Warsh, a longtime Basquiat collector. “It does cement this artist once again.”
The oil stick and spray skull painting was expected to bring in $60 million, but a bidding war ultimately drove up the price with Japanese billionaire Yusaku Maezawa winning out on the final bid.
Basquiat’s works are now the most expensive of any Black artist and last year, he became the highest grossing American artist. How the value of artists’ works is commercially driven like the stock market by collectors and museums is still unsettling, but the impact of the Brooklyn-born graffiti artist’s story and talent is undeniable.
“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 artist Adam Pendleton. “It speaks to the broader elements of American culture. And what a powerful moment to have that happen.”
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