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Basquiat Painting Sold For Record Price For A Work By American Artist

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A Basquiat painting from 1982 was sold at the highest price for a work by an American artist at auction.

Jean-Michel Basquiat's "Untitled," which was expected to sell for $60 million at Sotheby's auction on Thursday night, achieved a record-shattering $110.5 million at the Contemporary Art Evening sale.

It is also the highest paid at auction for any artwork created after 1980, and the highest for any art by a black artist.

Only 10 other works have reportedly broken the $100 million mark.

The powerful painting that depicts a face in the shape of a skull was forged in oil stick, acrylic and spray paint.

41-year-old Japanese billionaire Yusaku Maezawa bought the masterpiece.

"When I first encountered 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," he said on Twitter.

Maezawa already owns another Basquiat portrait, of a horned devil, which he bought for $57.3 million a year ago.

It was Basquiat's night at Sotheby's, with five of the artist's works realizing a combined $129.3 million.

by RTT Staff Writer

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