Art Market
Since Basquiat’s death in 1988, his market has developed steadily — in line with overall art market trends — with a dramatic peak in 2007 when, at the height of the art market boom, the global auction volume for his work was over $115m. Brett Gorvy, deputy chairman of Christie’s, is quoted describing Basquiat’s market as "two-tiered. The most coveted material is rare, generally dating from the best period, 1981-83." Until 2002, the highest money paid for an original work of Basquiat's was US$3,302,500, set on November 12, 1998 at Christie's. In 2002, Basquiat's Profit I (1982), a large piece measuring 86.5"/220 cm by 157.5"/400 cm, was set for auction again at Christie's by drummer Lars Ulrich of the heavy metal band Metallica. It sold for US$5,509,500. The proceedings of the auction are documented in the film Some Kind of Monster.
In 2008, at another auction at Christie's, Ulrich sold a 1982 Basquiat piece, Untitled (Boxer), for US$13,522,500 to an anonymous telephone bidder. Another record price for a Basquiat painting was made on in 2007, when an untitled Basquiat work from 1981 sold at Sotheby's in New York for US$14.6 million. In 2012, for the second year running, Basquiat was the most coveted contemporary (i.e. born after 1945) artist at auction, with €80m in overall sales. That year, his Untitled (1981), a painting of a haloed, black-headed man with a bright red skeletal body, depicted amid the artist’s signature scrawls, was sold by Robert Lehrman for $16.3 million, well above its $12 million high estimate. A similar untitled piece, also undertaken in 1981 and formerly owned by the Israel Museum, sold for £12.92 million at Christie's London, setting a world auction record for Basquiat’s work.
Read more about this topic: Jean-Michel Basquiat
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