Japanese Billionaire is Selling His Basquiat Painting for $70 Million

This iconic Basquiat painting featuring a sinister devil has appreciated greatly since its sale in 2016.

Japanese Billionaire is Selling His Basquiat Painting for $70 Million
Basquiat painting, ‘Untitled’.

Phillips, a popular auction house, has recently announced that a Basquiat painting called Untitled (1982) will be up for auction soon. A Japanese billionaire Yusaku Maezawa is selling the work of the legendary graffitist and fine artist. The painting is valued at $70 million and will be the most lucrative auction for the auction house.



The Basquiat painting will go on sale from May 18 at Phillip’s Evening Sale of 20th Century & Contemporary Art. It will also take a tour through Taipei, Los Angeles, and London. For those unaware, Jean-Michel Basquiat was a true bohemian who died at the age of 27 in 1988. You might know him from rap lyrics, Tiffany’s 2021 “About Love” campaign that featured Beyonce and Jay Z.

 

The auction of a Basquiat painting is important as the artist’s work has received a lot of love in the last few years. In 2021, his artworks gained $439.6 million in total sales, thanks to different auctions. Even Maezawa’s interest in the artist has increased the allure and price of the Basquiat paintings.

 

Maezawa first acquired Untitled for $57.3 million in May 2016 from Christie’s auction house. It was the third-most-expensive price for a publicly sold Basquiat painting to date. The Japanese billionaire is also the owner of the most expensive Basquiat painting ever sold. It’s another untitled artwork from 1982 that features a skull. It was sold for $110.5 million in May 2017.

 

Interestingly, the more Maezawa pays for Basquiat paintings, the more valuable the ones he owns become.

 

This is the right time for Phillips to hold the auction of the Basquiat painting, as 2021 was an amazing year for the auction house. It became the fastest-growing auction house in the industry and realized $1.2 billion in sales. It was an increase of 58% over 2021.

 

In a statement from Phillips, Maezawa said, “The past six years of having Basquiat’s Untitled was nothing but a great pleasure, and it has become a memorable piece in my collection. I believe that art collections are something that should always continue to grow and evolve as the owner does. I also believe that it should be shared so that it can be a part of everyone’s lives. I hope that Untitled will continue its great journey in good hands and that it will bring smiles to many people all around the world.”

 

In addition to paying cash for the Basquiat painting at the auction, a person can also buy it via cryptocurrencies like Ethereum, Bitcoin, and others.



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