Basquiat painting fetches record $110.5M at New York auction

A work of art by Haitian-American painter Jean-Michel Basquiat has just sold for $110.5 million at Sotheby's NY, according to the auction house. In India rupees, applying an exchange rate of ₹64.80, it translates to a staggering ₹716 crores.

"It could be either extremely naive or it could be that he truly believes that Basquiat is an extraordinary artist who is original, in the same way you could relate (Edo Period Japanese painter Ito) Jakuchu", he said.

He said he plans to display the painting in his museum in Chiba, Japan, after loaning it to institutions and exhibitions around the world.

"I've never seen so much emotions in such a painting", he said.

"I am happy to announce that I just won this masterpiece", Maezawa wrote on Instagram alongside a picture of himself with the picture.

Basquiat died four years later years later of a heroin overdose, aged 27, but today's price puts him into a pantheon of greats including Andy Warhol and Pablo Picasso. In spite of his brief life, he was acclaimed for his politically motivated art.

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"We are living in extraordinary times", said Oliver Barker, Sotheby's senior worldwide specialist of contemporary art who also served as auctioneer, as jubilant Sotheby's officials toasted the sale.

"Untitled" was virtually unknown before it was unveiled at Sotheby's just weeks ago.

An artwork by Jean-Michel Basquiat has sold for a record $110.5m at auction in NY, reported the Guardian. "He's bringing something never seen before".

"It's a great masterpiece at $98m dollars", the auctioneer said at one point, provoking to laughter in the room. In the last decade his work has increased 10-fold in value.

The auction followed Phillips evening sale of 20th Century & Contemporary Art which concluded shortly before the Sotheby's event kicked off. Phillips' auction raised $110.3m (£85.5m) with all 37 lots finding buyers.

"Untitled" is now officially the sixth most expensive painting ever sold at auction.

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