Money Jean-Michel Basquiat painting 'Untitled' fetches record $149 million at New York auction

12:51  19 may  2017
12:51  19 may  2017 Source:   ABC News

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An artwork by Jean - Michel Basquiat sets an auction record , snapped up by a Japanese collector following a 10-minute bidding war in a New York auction house.

NEW YORK , N . Y . – A 1982 artwork by Jean - Michel Basquiat sold for a record 0.5 million at Sotheby’s auction of contemporary art Thursday night. Sotheby’s said the sale of “ Untitled ” was an auction record for the artist.

The painting — Untitled by Jean-Michel Basquiat — was acquired by Japanese collector Yusaku Maezawa. © Supplied: Sotheby's The painting — Untitled by Jean-Michel Basquiat — was acquired by Japanese collector Yusaku Maezawa.

An artwork by Jean-Michel Basquiat has sold for a record $US110.5 million ($149 million) at auction in New York.

Sotheby's said the sale of Untitled on Thursday night (local time) in Manhattan was an auction record for the artist.

It also set a record price for an American artist at auction.

The 1982 painting depicts a face in the shape of a skull.

The piece was purchased by noted Japanese collector and entrepreneur Yusaku Maezawa after a 10-minute bidding war.

He says he plans to eventually display the painting in his museum in Chiba, Japan.

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Jean - Michel Basquiat 's 1982 painting ' Untitled ' sold for 0.5 million at Sotheby's flagship post-war and contemporary art sale in New York on May 18, 2017, setting a new auction record for the US artist.

Jean - Michel Basquiat 's 1982 painting ' Untitled ' sold for 0.5 million at Sotheby's flagship post-war and contemporary art sale in New York on May 18, 2017, setting a new auction record for the US artist.

The previous auction record for the artist was set last May when Untitled, 1982 sold for $US57.3 million, also to Maezawa.

Basquiat died of a drug overdose in 1988 at age 27.

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