Jean-Michel Basquiat’s Rise as a Blue-Chip Artist
Jean-Michel Basquiat, the neo-expressionist artist who passed away in 1988, has been transformed from a New York cultural icon into a highly valuable investment asset.
Record Auction Sale
In September, Gaston & Sheehan, a small auction house in Pflugerville, Texas, sold Basquiat’s 1982 painting Red Man One for $22,002,790 (approximately $34.1 million).
- The sale involved 456 bidding rounds among 13 bidders, all offering multimillion-dollar bids.
- This price represents a 519% rise since the painting sold at Sotheby’s in May 2009 for $3,554,500.
- It also marks a 139% increase from its March 2013 sale at Manhattan’s Helly Nahmad gallery for $9,191,040.
Notable Collectors
The 2013 sale was made to Jho Low, who reportedly bought the piece as a gift for his friend Leonardo DiCaprio.
“Red Man One... was sold after 456 rounds of bidding from 13 different bidders, all of which were in multimillion-dollar territory.”
Impact in the Art Market
Basquiat’s works have gained significant attention from wealthy collectors and investors, making him one of the world’s most valuable artists decades after his death.
Basquiat’s journey from underground artist to a sought-after investment underscores the art market’s evolving fascination with his legacy and cultural significance.
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