Believing in Basquiat
Jean-Michel Basquiat,Untitled,1982.
Record-Breaking Auction
"Untitled," created in 1982 by Jean-Michel Basquiat, set a new record in the art world when it became the highest-priced Basquiat artwork ever sold at auction. This remarkable piece fetched an astonishing $110.5 million at Sotheby’s New York contemporary art evening auction in May 2017, far surpassing its pre-auction estimate of $60 million. The sale was a significant moment, marking Basquiat's continued influence and prominence in contemporary art.
Artistic Significance
The painting, which features a striking skull-like figure set against a partially blue backdrop, exemplifies Basquiat's signature style. The raw, expressive quality of the work captures the intensity and complexity of Basquiat's vision. Created during the peak of Basquiat's rising fame, "Untitled" is a testament to the artist's ability to convey powerful emotions through his distinct approach to art. The piece's vivid imagery and bold execution make it a standout example of Basquiat's oeuvre.
Historical Context
The excitement surrounding this artwork was palpable, as it had not been publicly displayed since 1984, when it was acquired by Jerry and Emily Spiegel for just $19,000 at Christie’s. This dramatic increase in value underscores the growing appreciation for Basquiat's work over the years. The groundbreaking sale solidified Basquiat's status among the elite names in the auction world and highlighted the significant cultural impact of his work.
Acquisition by Yusaku Maezawa
The painting was purchased by Japanese billionaire Yusaku Maezawa, a prominent art collector and entrepreneur. Maezawa had previously acquired the second-most-expensive Basquiat piece just a year earlier, further demonstrating his admiration for the artist's work. This purchase positioned "Untitled" among the top ten most expensive pieces ever sold at auction, emphasizing Basquiat's enduring legacy and influence in the art market.
Public Exhibitions
Recognizing the cultural and artistic value of "Untitled", Maezawa later exhibited the painting at the Brooklyn Museum and the Seattle Art Museum, allowing a broader audience to experience its brilliance. Additionally, "Untitled" was featured in a Basquiat retrospective at the Brant Foundation in 2019, further cementing its status as a cornerstone of Basquiat's legacy. These public exhibitions helped to share Basquiat's vision with a wider audience and solidified his place in art history.
The journey of "Untitled" from a $19,000 acquisition to a $110.5 million masterpiece illustrates the profound impact of Basquiat's work on the art world. The painting not only stands as a symbol of Basquiat's extraordinary talent but also as a testament to his enduring influence and significance in contemporary art.
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