Records shattered on York Avenue last night when Untitled (1982) by Jean-Michel Basquiat, the original art-world ingenue, sold for $110 million and change after a rousing bidding war at Sotheby's auction house in Manhattan. Among those records? Highest price for an American artist at auction ever, second-highest price ever for a contemporary artwork at auction, and highest price ever for an artwork made after 1980. The only other American artist to have commanded a nine-figure sum in a public sale is Andy Warhol.
The winner in this bidding war was Yusaku Maezawa, a Japanese entrepreneur who owns e-commerce sites. He announced that he was the buyer via Instagram. Eventually, Maezawa will house the work—which was almost never seen between its initial purchase in 1984 and now—in a museum he is building in Chiba, Japan, according to Sotheby's.
Before it comes to rest in Chiba, Maezawa will lend it to institutions around the world.
“When I saw this painting, I was struck with so much excitement and gratitude for my love of art,” the collector said in a statement sent by the auction house. “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.”
