‘Untitled’ artwork by Basquiat fetches $110.5-M at auction

An artwork by American artist Jean-Michel Basquiat was sold for a record $110.5-M at a recent auction in Manhattan in New York.

The Basquiat masterpiece ‘Untitled’, according to Sotheby, was sold to Japanese collector and entrepreneur Yusaku Maezawa in a bidding war that lasted for nearly 10 minutes.

It was an auction record for Basquiat whose previous work, ‘Untitled, 1982’, sold last year for $57.3 million, also to Maezawa. It was also a record for an American artist at the auction.

The painting depicted a face in the shape of a skull.

“I am happy to announce that I just won this masterpiece,” Maezawa shared a photo of said painting on Instagram.

“When I first encountered this painting, I was struck with so much excitement and gratitude for my love of art. I want to share that experience with as many people as possible,” he added.

The New York Times said in its article that Basquiat now joins the “rarefied $100 million-plus club” in the field of artwork. The painting also becomes the sixth most expensive work ever sold at the auction.

“He’s now in the same league as Francis Bacon and Pablo Picasso,” Jeffrey Deitch, an expert on Basquiat, told NYT.

Basquiat died of drug overdose in 1988.