Asian collector acquires magnate Yusaku Maezawa’s prized Basquiat masterpiece for US$85m
On 18 May, Phillips garnered nearly US$225 million dollars in the 20th Century and Contemporary Art Evening Sale – ranking as the highest achieving sale in the international auction house’s history. The figure is a 61 per cent increase from the New York autumn auction in November 2021, where the sale total was US$139 million dollars.
All 36 lots offered were sold, and attained a white-glove sale. The total hammer price, excluding buyer’s premium, exceeded US$191 million dollars – close to the high estimate of US$208 million dollars. Overall, the result was better than expected.
Basquiat’s 1982 Untitled masterpiece led the sale with US$85 million dollars, and was acquired by an Asian collector. It also became the most expensive artwork ever sold by Phillips.
Yusaku Maezawa posing with Basquiat's Untitled masterwork
Lot 12 | Jean-Michel Basquiat | Untitled, Acrylic and spray paint on canvas
Created in 1982
239.4 x 501 cm
Provenance (Amended by The Value):
- Annina Nosei Gallery, New York
- Akira Ikeda Gallery, Nagoya (acquired from the above in 1985)
- Tsurukame Corporation, Japan
- Akira Ikeda Gallery, Nagoya
- Enrico Navarra Gallery, New York (acquired from the above)
- Hanart TZ Gallery, Hong Kong (acquired from the above)
- Private Collection, New York (acquired from the above)
- Sotheby's, London, June 23, 2004, Lot 32 (Sold: £2,500,000)
- Amalia Dayan and Adam Lindemann, New York (acquired at the above sale)
- Christie’s, New York, May 10, 2016, Lot 36B (Sold: US$57,285,000)
- Acquired at the above sale by the present owner
Estimate upon request (Expected to fetch in the region of US$70,000,000)
Hammer Price: US$75,000,000
Sold: US$85,000,000
Meiling Lee with the winning bid
The auctioneer, Henry Highley, started the bidding at US$62 million dollars. After more than 5 bids, the hammer was dropped at US$75 million dollars. The winning bid was by Meiling Lee, Senior International Specialist, 20th Century and Contemporary Art Department, Taipei; for her client with paddle number 579. In the end, it fetched US$85 million dollars with buyer’s premium.
As Basquiat’s orange-red Untitled masterpiece realised for US$85 million dollars, it ranks as the third most expensive Basquiat work on the global auction list. In 2017, this work garnered US$57.2 million dollars and was purchased by Japanese billionaire, Yusaku Maezawa. After five years, this work was auctioned, and its value increased by 48 per cent.
Basquiat’s Top 3 Global Auction Records:
- Untitled (1982) | 183.2 x 173 cm | Sotheby’s New York, May 2017 | US$110,487,500
- In This Case (1983) | 197.8 x 187.3 cm | Christie’s New York, May 2021 | US$93,105,000
- Untitled (1982) | 239.4 x 501 cm | Phillips New York, May 2022 | US$85,000,000
Basquiat’s Top 3 Asian Auction Records:
- Warrior (1982)｜183 x 122 cm｜Christie's Hong Kong, March 2021 | HK$323,600,000 (around US$41.5 million)
- Untitled (Wooden Board Triptych, 1985)｜217.2 x 275.6 x 30.5cm｜Sotheby's Hong Kong, June 2021 | HK$289,316,000 (around US$37.1 million)
- Untitled (1982)｜182.9 x 121.9 cm｜Christie's Hong Kong, May 2021 | HK$234,290,000 (around US$30.1 million)
Maezawa bought Untitled (blue background) for US$110 million dollars – propelling Basquiat as the most valuable American artist in history at the time
Basquiat's In This Case (1983) was his second most expensive painting sold at auction
The most expensive Basquiat painting sold in an Asian auction was Warrior (1982)
Measuring 239.4 by 501 centimetres, the orange-red background Untitled is one of Basquiat's largest works. The provenance traces back to Annina Nosei, Basquiat's first manager; who then sold the painting to Akira Ikeda Gallery in Japan. It was later acquired by a prominent collector of Basquiat's works, Enrico Navarra, in New York.
Since then, the painting went to Asia for the second time – to the Hanart TZ Gallery in Hong Kong. Founded in 1983 by Johnson Chang Tsong-zung, central to putting Chinese Contemporary Art on the map, it later became part of a private collection in New York. In 2004, it garnered £2.5 million pounds (around US$4.5 million dollars) at Sotheby's London. The buyer was reportedly a distinguished New York art dealer, Adam Lindemann.
In 2016, the painting was auctioned at Christie's New York. Estimated between US$41 and 50 million dollars, it fetched US$57.2 million dollars, which exceeded expectations – setting a new auction record for Basquiat. The buyer was Yusaku Maezawa.
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