Jean-Michel Basquiat Value: Top Prices Paid at Auction

On 8 May 1984, collectors Jerry and Emily Spiegel purchased Basquiat's Untitled (1982) at Christie's for $19,000 (USD). Fast forward to 18 May 2017, the same artwork reappeared at Sotheby's New York. This artwork sparked an intense bidding war lasting over 10 minutes. With an opening bid of $57 million (USD), the painting eventually sold for a staggering $110.5 million (USD) (£85.6 million GBP) including fees, securing its position as Basquiat's most expensive artwork sold at auction to date. The painting was purchased by Basquiat collector and billionaire, Yusaku Maezawa.

In 2022, the art market witnessed the return of Basquiat's monumental masterpiece, Untitled (1982), a 16 foot wide painting created when the artist was just 22. This dynamic artwork features a commanding satanic figure at its core, surrounded by expressive dripping brushstrokes. One of eight of Basquiat's artworks painted in Modena, Italy, it initially sold for £39.7 million in 2016. In 2022, it reappeared at Phillips New York, achieving a remarkable final price of £68.6 million, highlighting its enduring significance in Basquiat's oeuvre.

Curator Fred Hoffman noted Basquiat's interest in the human form, describing his focus on the face as a gateway to exploring the psychological and mental realms. This concept is powerfully embodied in Basquiat's monumental portrait In This Case (1983). Painted at the age of 22, the work is marked by its immediacy, spontaneous energy, deep palette, and jagged lines, which are hallmarks of Basquiat's style. In This Case fetched an impressive £65.7 million at Christie’s New York in May 2021, highlighting its significance.

In the highly anticipated May 2023 marquee evening sale at Christie's, Basquiat's masterpiece, El Gran Espectaculo (The Nile) (1983), previously owned by Valentino Garavini, exceeded expectations. Estimated conservatively at around $45 million, a dramatic five-minute bidding battle unfolded between Larry Gagosian and an anonymous telephone bidder. In the end, the telephone bidder triumphed, securing the artwork for a staggering $67.1 million (£53.5 million GBP), making it not only one of Basquiat's most expensive pieces but also the artist's priciest artwork of 2023.

In 2023 and continuing into 2024, there has been a noticeable trend of major marquee auction sales featuring several Basquiat paintings, some making their first auction appearance, and others emerging from private collections. Following this trend, Phillips featured Basquiat's Untitled (ELMAR) (1982) in their May 2024 New York auction. Vibrant and showcasing Basquiat's iconic symbols, the work debuted at auction after four decades in private collections. Exceeding its £30 million low estimate, it achieved £36.9 million, making it the star lot of the sale and a highlight of the May 2024 auctions. Read more about Christie's and Sotheby's results in the 2024 New York sales.

Versus Medici (1982) is a powerful work by Basquiat, created when he was just 22 years old. It symbolises his bold defiance of the traditional Western art canon, particularly the Italian Renaissance masters. In this piece, Basquiat positions himself as a modern heir to the artistic throne, challenging the established hierarchy. The artwork achieved a remarkable £36.1 million at Sotheby's in May 2021, underscoring its significance and Basquiat's enduring influence on contemporary art.

In 2023, Basquiat's market presence was notably strong, achieving significant sales despite global economic challenges. His work Self-Portrait as a Heel (Part Two) (1982) was a standout at Sotheby's New York November sales, fetching £33.8 million. This was a dramatic increase from its last auction price of £477,251 in 1999 at Christie’s, marking a 54-fold rise in value over 24 years. The piece, which debuted in Basquiat's first West Coast exhibition at Gagosian Gallery, became the second-highest-selling Basquiat in 2023.

Flexible (1984) which Basquiat painted on a picket fence found outside his New York studio, was expected to sell for $20 to 30 million (USD) at Phillips in New York on 17 May 2018. This artwork achieved $45.3 million (USD) (£33.5 million GBP), becoming the star lot of the night and contributing 34% of the auction’s total. Proceeds from its sale will be used by Basquiat’s estate to foster his artistic and cultural legacy.

With a high estimate of £23 million, Dustheads (1982) far surpassed expectations, selling for £31.9 million at Christie’s New York in May 2013. This sale was significant, not only setting a then-record for Basquiat but also becoming the third most expensive lot in the Post-War & Contemporary Evening Sale, marking the highest price paid for an artwork at auction at the time. Head auctioneer Jussi Pylkkanen remarked on the momentous sale, stating, “We are in a new era of the art market,” a trend that continues today.

Basquiat declared 1982 as the year he created his “best paintings ever,” and Warrior exemplifies this claim. In March 2021, Christie's Hong Kong sold Warrior for £30.2 million, setting a record as the most expensive Western artwork ever sold in Asia. The piece depicts a male figure wielding a sword, often seen as a reflection of Basquiat himself. The artwork's raw energy and symbolism resonate with Basquiat's vocal stance on racial issues and his challenge to traditional Western art conventions.