Basquiat painting sets multiple records, sells for USD 110.5mn

American artist Jean-Michel Basquiat joined artists Pablo Picasso and Andy Warhol in the USD 100 million club, with his 1982 Untitled artwork fetching a whopping USD 110.5 million (Rs 713 crores approx) at Sotheby's New York sale here.
Painted by Basquiat at the age of 21, the art work was purchased by noted Japanese collector and entrepreneur Yusaku Maezawa, who plans to exhibit it in a museum based in his hometown Chiba in Japan.
Maezawa took to social media platforms Twitter and Instagram to announce his purchase.
"When I saw 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 around the world - regardless of age or background or whether they are a collector or not.

"One day the painting will be a centerpiece of my museum in my hometown Chiba, but before then I wish to loan this piece - which has been unseen by the public for more than 30 years - to institutions and exhibitions around the world. I hope it brings as much joy to others as it does to me, and that this masterpiece by the 21-year-old Basquiat inspires our future generations," he wrote.
With the sale, the work broke several benchmarks, including a record for any American artist at auction and for a work of art created post-1980.

"Jean-Michel Basquiat entered the pantheon of artists whose works have commanded prices over $100 million. To think that it was created by a virtually-unknown 21-year old is humbling.

"We are thrilled that it was purchased by Yusaku Maezawa for his planned museum so others will have a chance to experience its magic firsthand," Gregoire Billault, Head of Sotheby's Contemporary Art Department, New York, said.
A series of other great results were also achieved for paintings making their auction debut with three artworks realizing over $10 million.
Roy Lichtenstein's larger-than-life 'Nude Sunbathing' from the last major series completed before the artist's death sold for $24,000,000 (Rs 155 crores approx); Gerhard Richter's Abstraktes Bild made $15,425,000 (Rs 99 crores approx); and Robert Rauschenberg's Rigger brought an above-estimate $12,275,000 (Rs 79.26 crores approx)

Other works never offered at auction before included a Rudolf Stingel's electroplated copper reliefs, Andy Warhol's 'Hammer and Sickle', Mark Grotjahn's Untitled work and Yayoi Kusama's 'Lake Michigan' that sold for impressive prices.
With participation from 39 countries and a sell-through rate of over 90 per cent, the sale also saw artist records by seven individuals who were introduced to the evening auction for the first time.
Jonas Wood's 'Black Still Life' which opened the sale, was driven by seven bidders to sell for USD 1,152,500 (Rs 7.5 crores approx); Wolfgang Tillmans' abstract photograph 'Freischwimmer 123' fetched $660,500 and Rs 4.26 crores approx).

Brazilian artist Mira Schendel's Untitled also set an artist record after selling for $1,512,500 (Rs 9.76 crores), along with Takeo Yamaguchi whose 'Yellow Eyes' fetched $948,500 (Rs 6.12 crores approx).