Business Maverick

Business Maverick

A Basquiat Painting Just Sold for $93.1 Million at Christie’s

'In This Case' by Jean-Michel Basquiat is on display during a preview of the upcoming 21st Century Evening Sale at Christie's on May 07, 2021 in New York City. Photographer: Cindy Ord/Getty Images
By Bloomberg
12 May 2021 0

A painting of a skull by Jean-Michel Basquiat sold for $93.1 million at Christie’s in New York on Tuesday night, becoming the artist’s second-most expensive work to sell at auction and setting a new benchmark for this week’s blockbuster evening sales.

The 1983 painting, titled “In This Case”, was estimated to sell for more than $50 million. As the lot opened up to a salesroom populated exclusively by cameras and auction house specialists, Gemma Sudlow, a senior vice president at Christie’s who was leading the auction, opened bidding at $40 million, and quickly brought its price to $52 million.

Soon, six bidders began to vie for the work, slowly pushing its price in increments ranging from $1 million to $3 million. After about six minutes of bidding, the nearly 6.5 foot-high (2 meters) painting hammered at $81 million. Auction house fees payable by the buyer added on another $12 million.

The lot hammered with little fanfare—there was no audience to applaud, after all—and Sudlow moved on with the sale.

The painting was last purchased publicly in 2002, when it sold at Sotheby’s for just under $1 million. It then sold privately in 2007 for an undisclosed sum. The seller on Tuesday night, according to reports, was former Valentino chairman Giancarlo Giammetti; the buyer was not immediately known.

Basquiat was always an art market star. In the mid 1980s, the artist was making $1.4 million a year, even as his dependence on narcotics spiraled out of control. (Basquiat died of a heroin overdose in 1988.)

Despite decades of market success, prices for Basquiat’s work have only truly taken off in recent years, driven by demand from a small group of billionaires.

The record price paid for a Basquiat at auction was set in 2017 when another painting of a skull, this one from 1982, sold to the Japanese internet billionaire Yusaku Maezawa for $110.5 million at Sotheby’s in New York. Since then, art fairs and auction houses have had a steady stream of Basquiats large and small. Last year, the publishing magnate Peter Brant sold Basquiat’s 1982 painting “Boy and Dog in a Johnnypump” for more than $100 million to Citadel Founder Ken Griffin.

Tuesday night marked the first of this week’s major auctions. On Wednesday, Sotheby’s will auction its own Basquiat, “Versus Medici.” It carries a high estimate of $50 million.

Gallery

Comments - share your knowledge and experience

Please note you must be a Maverick Insider to comment. Sign up here or sign in if you are already an Insider.

Everybody has an opinion but not everyone has the knowledge and the experience to contribute meaningfully to a discussion. That’s what we want from our members. Help us learn with your expertise and insights on articles that we publish. We encourage different, respectful viewpoints to further our understanding of the world. View our comments policy here.

No Comments, yet