A Jean-Michel Basquiat Painting Just Sold For $140 Million
The nine-figure sale is the first the art world has seen in some time.
The coronavirus pandemic may have halted what would normally be a bustling art auction season, but one recent sale proves that––no matter the circumstances––Jean-Michel Basquiat’s work is among the hottest on the market.
The late American artist’s 1982 painting entitled Boy and Dog in a Johnnypump was sold to billionaire Ken Griffin, a hedge fund manager and CEO of the investment firm Citadel, for the staggering price of approx. $143 million. The work was formerly one of the most prized in the collection of newsprint magnate Peter Brant, one of Basquiat’s major collectors. News of the purchase was first reported by art industry newsletter Baer Faxt.
“The vast majority of Ken’s art collection is on display at museums for the public to enjoy” Zia Ahmed, a Citadel spokesman, told Bloomberg. “He intends to share this piece as well.”
Generally speaking, the art market, along with most of the world, has been in lockdown since March with private transactions largely at or under the $9 million mark. This nine-figure sale represents a stark contrast with recent norms. But then again, it’s a purchase well within Griffin’s budget.
Valuations for Basquiat’s work have skyrocketed since the artist’s death in 1988 at the age of 27. Just three years ago, one of his paintings sold at Sotheby’s for around $158 million, setting a new auction record for a work by an American artist.