Basquait Painting sells for $110.5 Million at Auction 

(TIML ART) It is rare for artwork to be sold for over $100 million, and now one of Jean-Michel Basquiat’s works can be added to that list of art sold for the mentioned amount. The deceased artist’s 1982 interpretation of a skull has sold for $110.5 million at Sotheby’s. At first, the buyer of the painting named “Untitled” was not revealed after the auction. However, a Japanese billionaire named Yusaku Maezawa came forward via his Instagram page and announced that he had acquired the piece. His caption said “I am happy to announce that I just won this masterpiece. When I first encountered the 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.”

Maezawa said to Sotheby’s that he copped the painting so that it could be placed in a museum in Chiba, Japan. He noted that there were plans before the painting reaches the museum though, saying “but before then I wish to loan this piece–which has been unseen by the public for more than 30 years–to institutions and exhibitions around the world.” According to Basquiat expert Jeffrey Deitch, the sale of this painting now puts the artist in the same league as Pablo Picasso.