Skull Painting by Jean-Michel Basquiat Sells for Nearly $111 Million

Jean-Michel Basquiat began his career as a humble New York street artist in the late 1970s—but a recent record-breaking sale at Sotheby’s auction house ensured that the painter’s name will be mentioned in the same breath as Pablo Picasso, Francis Bacon, Andy Warhol, and other modernist greats.

As The New York Times reports, a 1982 work by Basquiat—a scrawling, large-scale painting of a skull—fetched nearly $111 million at a contemporary art auction last night, cementing its creator as one of America’s highest-grossing artists. The untitled painting’s new owner is Yusaku Maezawa, a Japanese e-commerce billionaire who collects art.

As CNN reports, Maezawa is constructing an art museum in the city of Chiba, near Tokyo. In the past year, he’s shelled out $230 million for works of contemporary art to place on display. One of them was another untitled Basquiat painting, which the entrepreneur purchased from Christie’s in May 2016 for more than $57 million. (That deal marked a previous auction high for Basquiat, which Maezawa has now broken on his own.)

Both Basquiat works will go in Maezawa’s new museum—but before placing his newest purchase in its permanent home, he plans to loan it to institutions and exhibitions around the world. "I hope it brings as much joy to others as it does to me, and that this masterpiece by the 21-year-old Basquiat inspires our future generations,” the collector said in a statement [PDF].

That said, the skull painting’s price—not its new owner—is what’s making headlines. The work was last sold in May 1984 for $19,000, and has been “virtually unseen” since then, according to Sotheby’s. But on May 18, the painting became the most expensive work produced by any American artist, and the sixth most expensive work ever sold at auction. It set other records, too, including highest price fetched for any artwork by an African-American artist.

Basquiat—who died from a drug overdose when he was 27 years old—achieved fame during his short lifetime. But several decades after his death, his vision is more poignant than ever: In 2016, the artist became the highest-grossing American artist at auction, after 80 of his works sold for nearly $172 million. And now, he’s entered a new league of fame.

“Here he is, blazing a trail not only in terms of the market but also in terms of how his work is perceived more widely,” African-American artist Adam Pendleton told The New York Times. “It speaks to the broader elements of American culture. And what a powerful moment to have that happen.”

[h/t The New York Times]