All told, the 51 Basquiat lots offered last year generated $220 million, led by a 1982 untitled canvas of a devil thatin May. It was sold by Japanese billionaire Yusaku Maezawa, who purchased it for $57 million in 2016, the highest price at the time. Its resale didn’t generate similar fireworks and, in purely financial terms, Maezawa’s return on investment fell short of what it would have been had he put his money in the S&P 500 index during the same period.
In the meantime, a new theatrical production based on the Neo-Expressionist artist’s collaboration with Warhol is drawing crowds on Broadway.His trophies remain in high demand as well in connoisseur-courting museum shows. Next June, the Beyeler Foundation in Basel, will host a show of Basquiat’s large-scale paintings created in Modena, Italy, in 1982, the most coveted year of art production during the artist’s meteoric career.
“The market for Basquiat is very solid,” said Alberto Mugrabi, whose family collects and trades works by the artist. “Everyone thinks they have a $200 million painting. People don’t want to sell.”Asia accounted for a significant amount of buying in recent years and demand there remains healthy, according to Hong Kong-based art adviserShe agreed that the number of available paintings was to blame for the lowered performance.
“The market is very volatile and uncertain,” said Terase. “Those who can hang onto the works, would want to wait and see, unless attractive guarantees and packages are offered that they cannot resist.”Basquiat’s market is more nuanced beneath the headline-grabbing lots.not the most attractive Basquiat painting, fetched $14.9 million at Christie’s in Shanghai in spring, roughly half the estimate it had in 2017 .
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Because the Emperor was finally discovered to be naked .
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