American artist Jean-Michel Basquiat entered the exclusive $100 million-plus USD Club on Thursday, May 18th by way of a Sotheby’s auction. From the streets to the gallery, Basquiat’s raw energy and limited demand have propelled him forward to become the most valuable American artist of all-time. Many are fixated on the cost of the painting, the 1982 “Untitled” piece, which features a vibrant multicolored face against a disorderly background. The piece was purchased by Yusaku Maezawa, the founder of Japanese online fashion retailer ZOZOTOWN. Following the purchase, he announced his goal of putting the piece on display at museums across the world before allowing it to settle down in a museum he is building in his hometown of Chiba.
THE DETAILS OF THE “UNTITLED” PIECE
BUYING A BASQUIAT
“He’s now in the same league as Francis Bacon and Pablo Picasso.”
– Jeffrey Deitch, Collector & Co-Founder of the Deitch Projects
Source: The New York Times