The Most Expensive Jean-Michel Basquiat Artwork Ever Sold
by Nyah Chapman
The years spanning from 1981 to 1984 marked a condensed era of prolific artistic output that solidified Jean-Michel Basquiat's enduring place in the annals of art history. Initially recognized as SAMO, Basquiat, a close associate of artist Keith Haring and actress Patti Astor, found himself deeply embedded in the social circle centered around the Mudd Club, a distinctive fusion of nightclub and art gallery that defined the downtown scene of that decade. In 1981, Diego Cortez, co-founder of the Mudd Club, included the 21-year-old Basquiat—then primarily known as a street artist—in a group exhibition titled "New York/New Wave," effectively propelling him toward fame.
By 1983, Basquiat had gained entry into the inner circle of former Metropolitan Museum of Art curator Henry Geldzahler. During an interview published in Interview magazine that year, Geldzahler and Basquiat engaged in a dialogue that elucidated the now-iconic themes prevalent in Basquiat's work: concepts of nobility, heroism, and the urban environment. Despite his youth, the artist's remarkable adaptability and his keen understanding of political dynamics allowed him to emerge as a prominent figure who bridged the gap between street art and traditional painting, effectively merging art forms that had historically been categorized as high or low. By the time Basquiat tragically passed away at the tender age of 27 in 1988, he had solidified his position as one of New York's foremost artists.
In the following decades, Basquiat's status as an artist underwent reevaluation within the very institutions where his representation had been lacking. Today, Basquiat is recognized as one of the most highly esteemed artists in the art market, with his works from the brief period between 1981 and 1984 consistently fetching astronomical prices at auctions, often reaching tens of millions of dollars. Below, we delve into the top 10 public sales of Basquiat's artworks, further highlighting his enduring impact and enduring legacy.
Untitled, 1982
Jean-Michel Basquiat, Untitled, 1982.
Photo: Christie's
Sold for: $29.3 million
In November 2013, a captivating untitled artwork from 1982 found its way into a Christie's postwar and contemporary art evening sale, achieving a remarkable sale price within its anticipated range of $25 million to $35 million. This particular piece marked a significant turning point in Basquiat's artistic journey, as it was during this period that he began incorporating recurring crown motifs into his work. The year 1982 witnessed remarkable growth for Basquiat, as he became the youngest artist to exhibit at the esteemed Documenta in Germany, a renowned art exhibition held every five years. Additionally, he had the privilege of sitting for a portrait by the esteemed photographer James Van Der Zee, which would later accompany Henry Geldzahler's profile of the artist for Interview magazine.
Since its auction in 2013, the untitled artwork has continued to captivate art enthusiasts worldwide. It was prominently featured in the highly acclaimed 2018 Basquiat retrospective at the Fondation Louis Vuitton in Paris, garnering significant attention and making it the second-most-visited contemporary art exhibition of that year, as per the Art Newspaper's annual museum attendance report.
Flesh and Spirit, 1982–83
Jean-Michel Basquiat, Flesh and Spirit,, 1982-83.
Photo: Sotheby's
Sold for: $30.7 million
Flesh and Spirit made its debut in 1983 under the esteemed dealer Tony Shafrazi and is widely regarded as an exemplary piece by Basquiat, distinguished by its rare utilization of a predominantly neutral color palette. Spanning an impressive 12 feet in both width and height, the artwork features scratched skeletal imagery and written allusions to human anatomy. Its title, "Flesh and Spirit," draws inspiration from historian Robert Thompson's influential book "Flash of the Spirit" published in the same year, which explores the enduring impact of African art on contemporary aesthetics worldwide.
The sale of this painting at Sotheby's in May 2018 was accompanied by a notable controversy that captured public attention. Originally acquired from Shafrazi's New York gallery by Dolores Ormandy Neumann, the wife of collector Hubert Neumann, ownership of the artwork became disputed following Dolores' passing. She had explicitly bequeathed the painting to her daughter, prompting her husband, who had inherited a substantial collection of renowned artworks, to challenge the ownership and publicly intervene in the sale process. However, a court ruling mere days before the auction ultimately permitted the sale to proceed. When the painting finally went up for auction, it fetched an astounding $30.7 million, solidifying its status as one of Basquiat's most valuable and sought-after works.
Untitled, 1981
Jean-Michel Basquiat, Untitled, 1981.
Photo: Christie's
Sold for: $34.9 million
Among Basquiat's works featuring a crowned figure, none has surpassed the record-breaking sale of Untitled from 1981. This extraordinary piece was presented for auction at Christie's in May 2014. Originating from the estate of esteemed Maryland collector Anita Reiner, who had acquired it directly from the artist's New York dealer Annina Nosei in 1982, the artwork carried an estimated value of $20 million to $30 million. However, it exceeded expectations by achieving a remarkable final sale price of $34.9 million, inclusive of the premium. This significant sale further solidified the enduring allure and immense value of Basquiat's artistry.
La Hara, 1981
Jean-Michel Basquiat, La Hara, 1981.
Photo:Christie's
Sold for: $35 million
In a momentous sale at Christie's New York, esteemed collector and hedge fund manager Steven A. Cohen sold La Hara in May 2017 for an impressive $35 million, surpassing its high estimate of $28 million. This artwork holds unparalleled historical significance. La Hara delves into an essential aspect of Basquiat's artistic expression, addressing the enduring threat of violence faced by marginalized urban communities. The painting vividly portrays a police officer in uniform confined behind bars, surrounded by symbols of authority. Its title, derived from Nuyorican slang, serves as a dual tribute to Basquiat's heritage and a reflection of street culture. Renowned for its profound sociopolitical commentary, La Hara was prominently featured in the Guggenheim Museum's 2019 exhibition titled "Basquiat's Defacement," curated by Chaédria LaBouvier. The exhibition centered around the East Village arts community's response to the tragic police killing of Michael Stewart, further highlighting the work's significance and resonance.
The Field Next to the Other Road, 1981
Jean-Michel Basquiat, The Field Next to the Other Road, 1981.
Photo: Christie's
Sold for: $37.1 million
Emerging from its debut exhibition at Galleria d'Arte Emilio Mazzoli in 1981, The Field Next to the Other Road bears witness to Basquiat's artistic evolution, marked by an increased reliance on skeletons, halos, and allegorical imagery. Notably, this painting stands out as one of the rare instances where Basquiat depicts fully recognizable figures. In 2015, Tony Shafrazi, Basquiat's former dealer, presented The Field Next to the Other Road at Christie's auction, resulting in a remarkable sale of $37.1 million, including the premium. However, the story took an unexpected turn as Christie's later filed legal claims against the prominent Mugrabi family, demanding full payment for the artwork nearly a year after its sale. The legal dispute revealed that the Mugrabis, known for their active involvement in the Basquiat market, were the purchasers of this significant piece.
Warrior, 1982
Jean-Michel Basquiat,Warrior,1982
Photo: Christie's
Sold for: $41.9 M.
Offered in a dedicated auction at Christie's in Hong Kong in March 2021, this artwork portraying a crowned figure brandishing a weapon originated from the esteemed collection of Aby Rosen, a German-American real estate magnate. Rosen acquired the piece in 2012 at Sotheby's for $8.7 million, and its subsequent sale at Christie's witnessed a remarkable value appreciation of approximately 380 percent over the course of nine years. Ultimately, the artwork found a new owner through a phone bidder, with Christie's Hong Kong contemporary art specialist, Jacky Ho, facilitating the transaction, outbidding a client represented by Alex Rotter, Christie's New York chairman.
Flexible, 1984
Jean-Michel-Basquiat,Flexible, 1984.
Photo:Phillips
Sold for: $45.3 million
Phillips, a boutique auction house, experienced a significant moment with the sale of "Flexible," as they had secured an agreement with Basquiat's estate to auction artworks still held by his sisters, the artist's heirs. In May 2018, Phillips presented "Flexible" with a conservative estimate of $20 million, considering the stature of Basquiat in the art market. What set this piece apart from many others by Basquiat is that it was not painted on canvas but rather on fence slats, making it a distinctive work. With a height of eight-and-a-half feet, it stands as one of the largest Basquiat paintings ever offered for auction. The depiction of a mythical king, reminiscent of the enigmatic central figures in Basquiat's most prized works, undoubtedly attracted intense bidding, resulting in a remarkable sale price of $45.3 million.
Dustheads, 1982
Jean-Michel Basquiat, Dustheads, 1982.
Photo:Christie's
The sale of "Dustheads" will always be accompanied by an asterisk due to its complex history. In 2013, Basquiat's prices began to soar, and in May of that year, "Dustheads" was sold at Christie's New York for a staggering $49 million, surpassing the price of another of the artist's works sold the previous November by $20 million. The seller was reportedly London collector Tiqui Atencio, who had acquired the artwork from Tony Shafrazi Gallery in 1996. Critic Elizabeth Hayt, in her 1996 review published in ARTnews, described the painting as an "emblem of rage and terror."
Two years later, a New York Times investigation revealed that Malaysian financier Jho Low had been the buyer of "Dustheads." The investigation also uncovered Low's alleged misappropriation of funds from a government-run company to finance an extravagant lifestyle, including high-value art purchases. As part of his financial dealings, Low used "Dustheads" as collateral for a loan from Sotheby's financial services arm, which he utilized to construct a large yacht. However, Low eventually defaulted on the loan, resulting in Sotheby's gaining ownership of the artwork. Subsequently, a private sale to D1 Capital hedge-fund manager Daniel Sundheim reset the price of "Dustheads" to $35 million.
Versus Medici, 1982
Jean-Michel Basquiat,Versus Medici, 1982.
Photo:Sotheby's
Sold for: $50.8 million
During Sotheby's marathon evening sale event in May 2021, "Versus Medici" (1982) made its auction debut. Coincidentally, this occurred in the same week when another Basquiat skull painting, owned by Valentino cofounder Giancarlo Giammetti, sold at Christie's for a staggering $93 million. "Versus Medici" had an estimated value of $35 million and was previously owned by the late Israeli Belgian collector Yaron Bruckner, founder of Belgian retailer Eastbridge Group, who acquired the artwork in 1990. The piece was guaranteed for sale and ultimately went to a phone bidder represented by Sotheby's Americas chairman Lisa Dennison. The hammer price reached $44 million, and with buyer's fees included, the final amount came to $50.8 million. The buyer was later revealed to be renowned collector and casino mogul Steve Wynn.
Untitled (Devil), 1982
Jean-Michel Basquiat, Untitled,1982
Photo:Christie's
Sold for: $57.3 million
In May 2016, Basquiat's "Untitled (Devil)" was sold at Christie's. The artwork, known for its iconic devil imagery seen throughout Basquiat's body of work, was part of Adam Lindemann's collection. During the creation of "Untitled (Devil)" in 1982, Basquiat spent time in Los Angeles, where he connected with influential art industry figures like Eli and Edythe Broad.
Lindemann's decision to sell "Untitled (Devil)" was strategically astute. At the time, the Basquiat market was experiencing a significant downturn. Many collectors would have deemed it unfavorable to offer such a renowned Basquiat piece for auction. However, with the backing of Christie's guarantee, Lindemann correctly anticipated that the relatively subdued atmosphere of the spring 2016 auctions would attract focused attention to his artwork. His intuition proved accurate when collector Yusaku Maezawa acquired the piece for $57.3 million, surpassing its initial high estimate of $40 million.
In This Case, 1983
Jean-Michel Basquiat, In This Case From, 1983.
Photo: Christie's
Sold for: $93.1 million
The standout highlight of Christie's reimagined 20th-century art evening sale in May 2021 was Basquiat's monumental skull painting, "In This Case" (1983), standing at an impressive 6½ feet tall. This remarkable artwork originated from the esteemed collection of Giancarlo Giammetti, the cofounder of Valentino. During the auction, a heated competition ensued, with eight bidders, including one from Hong Kong, vying for the piece, which had the security of a third-party guarantee. Ultimately, the painting fetched a staggering $93.1 million, with a bidder on the phone clinching the winning bid, guided by Christie's contemporary art specialist, Ana Maria Celis.
This artwork belongs to a trio of extraordinary Basquiat skull paintings, with one of them famously acquired by Japanese billionaire businessman Yusaku Maezawa for a staggering $110.5 million at Sotheby's in 2017. The third piece from this group now resides in the renowned Broad Museum collection. "In This Case" had last appeared at auction in 2002 when it was sold below the low estimate to Gagosian for $999,500. Subsequently, Giammetti acquired the painting from the prominent art dealer in 2007. Since its previous auction appearance, the estimated value of the artwork has skyrocketed 50-fold, from $1 million to an impressive $50 million.
Untitled, 1982
Jean-Michel Basquiat,Untitled,1982.
Photo:Estate of Jean-Michel Basquiat / ADAGP, Paris / ARS)
Sold for: $110.5 million
In a groundbreaking moment for Basquiat's legacy, his untitled artwork from 1982 shattered records and became the most expensive piece by the artist ever to be sold at auction. The momentous sale took place at Sotheby's New York contemporary art evening auction in May 2017, surpassing all expectations by far exceeding its presale high estimate of $60 million. Created during a time when Basquiat's fame was rapidly ascending, the artwork showcases a colossal skull-like figure set against a backdrop partially adorned in blue.
The excitement surrounding this work was fueled by its absence from public view since 1984 when it was acquired by Jerry and Emily Spiegel for a mere $19,000 at Christie's. The sale of this landmark piece propelled Basquiat into the highest echelons of auction blockbusters, as it fetched a staggering $110.5 million. The painting found its new home with Japanese billionaire Yusaku Maezawa, who had already acquired the second-most-expensive Basquiat artwork (refer to entry #2) just one year earlier. This remarkable transaction positioned the painting among the ten most expensive artworks ever sold.
Maezawa subsequently showcased the artwork at prestigious institutions such as the Brooklyn Museum and the Seattle Art Museum. Additionally, it received notable recognition as part of a Basquiat survey at the esteemed Brant Foundation in 2019, solidifying its significance in the artist's body of work.
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