Basquiat Painting From 1982 Sells for $85 Million at Phillips

Small boutique auction house Phillips sold a 16-foot red and peach painting by Jean-Michel Basquiat for $85 million in New York on Wednesday. Japanese billionaire Yusaku Maezawa put the untitled 1982 painting up for sale, and an Asian telephone auctioneer represented by a Taipei-based Phillips representative won it after a four-minute contest.

The sale doesn’t break the record $110.5 million for a Basquiat, held by an untitled blue piece from 1982 that Mr. Maezawa won in 2017. , the red example sold by Phillips made a small profit for Maezawa, the tycoon behind the e-commerce site Zozotown, who had purchased the red Basquiat six years earlier for $57.3 million. That represents a 48% return for the collector. Basquiat Painting From 1982 Sells for $85 Million at Phillips

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