A little-seen painting by Jean-Michel Basquiat which sold for $19,000 USD in 1984 soared to an astounding $110.5 million at Sotheby/'s, the second-highest price ever for a work of contemporary art, and bearing testament to the eagerness of deep-pocketed collectors to spend freely on trophy pieces.
Basquiat/'s vibrant, untitled 1982 portrait achieved the sixth-highest price for any work of art atauction, and also set records for an American artist, as well as for the artist, who died in 1987.
The canvas was bought by entrepreneur Yusaku Maezawa, founder of e-commerce giant Start Today, after a protracted, old-school bidding war that included four participants beyond the $60 million pre-sale estimate.
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