NEW YORK – A Japanese billionaire bought a Basquiat masterpiece for $110.5 million in New York on Thursday, setting a new auction record for the 20th century great nearly 30 years after his death, Sotheby’s said.
The billionaire purchased “Untitled” which is a skull like head in oil stick, acrylic, and spray paint.
Prior to this purchase, the most money anyone ever spent at an auction was $57.3 million on a self portrait. The $110.5 million was the most ever spent on a piece of art that was created after 1980. This price includes a buyer’s premium.
The process of winning this wasn’t easy to say the very least. The race for “Untitled” lasted for more than 10 minutes, with buyers on the phone with auctioneers, as well as live buyers. For more click HERE