American artist Jean-Michel Basquiat's painting sells for $110.5 mn at auction

NEW YORK: A powerful 1982 painting of a skull, created by American artist Jean-Michel Basquiat's, was auctioned in the US for a whopping $110.5 million - making it the sixth most expensive work ever sold at auction.

Only 10 other works have broken the USD 100 million mark. The painting had been expected to sell for $60 million.

"He's now in the same league as Francis Bacon and Pablo Picasso," said Jeffrey Deitch, an expert on Basquiat.

The painting, 'Untitled', forged from oil stick and spray paint, was sold by the auction house Sotheby's in New York.


A Sotheby's official speaks about an untitled painting by Jean-Michel Basquiat. (Image: AFP)

Japanese billionaire Yusaku Maezawa revealed himself to be the buyer through a post on his Instagram account.

"I am happy to announce that I just won this masterpiece," Maezawa said in the post.

"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.

Basquiat's painting set several new records. It is the first by African-American and the first work created since 1980 to make over USD 100 million.

It is also the first work by any American artist to have joined the $100 million-plus club, 'The New York Times' reported.

Brooklyn-born Basquiat started as graffiti artist and became an 'art collector darling' in the span of mere seven years. He died at the age of 27 due to drug overdose in 1988.

Last year, Basquiat became the highest-grossing American artist at auction, generating $171.5 million from 80 works.