114 Basquiat Case Basquiat data hypothetical portfolio of Basquiat works at the close of 1993 would have yielded a return of $9.2 million after 20 years. years. 20 after million $9.2 of areturn yielded have would 1993 of close at the works Basquiat of portfolio a in hypothetical $100,000 of investment An trajectory. upward impressive an on is Basquiat by paintings for index the records, auction 668 of analysis From an Jean-michel basquiat priceindex, 1993–2013 10,000 4,000 8,000 9,000 6,000 5,000 3,000 2,000 7,000 1,000 0 N umber of Sales 1993 Bank 1997 metallic paint oncanvas Jean-Michel Basquiat ’s sold for $48, spray enamel,and Y Dustheads , 1982, at Christie’sNew ork inMay 2013. acrylic, oilstick, 843,750 843,750 2001

data, Basquiat’s upward trend is sure to continue. to continue. sure is trend upward Basquiat’s data, by the Judging million. $359 with Picasso, and $375 million, in brought works whose year—Warhol, last at auction volume of dollar terms in more sold artists two Only sales. in million $266 far, some thus with year best artist’s itthe making mark, million $10 the crossed works six 2013, when in amassed was figure of that athird Nearly of $888,329,805. a total accrued together 2013, which and 1993 between at auction sold paintings Melding street-art sensibility I Untitled Alarge rise. the on of are 10, editions in issued generally were which York. E New Christie’s at $48,843,750 astounding an for to sell estimate high million $35 its at S 2007, May in Untitled I Profit spurred by a booming desire for Neo- for desire by abooming spurred canvases his for demand the to $50,000, $25,000 for 1988—sold in overdose an at 27 from died artist—who Brooklyn-born prolific the by paintings lifetime, his During artists. blue-chip other all nearly outperformed year, Basquiat fact, Last in skyrocketing. prices sending audience, ardent an have found Basquiat by Jean-Michel works strokes, n May 2005, that same print sold for $260,000 at Christie’s New York. New at Christie’s $260,000 for sold print same that 2005, n May T otheby’s New York; in May 2013, his Dustheads 2013, May York; his in New otheby’s o chart Basquiat’s ascendancy, we analyzed the records of 668 of 668 records the weanalyzed ascendancy, Basquiat’s o chart , 1982, sold at Christie’s New York for a record $5,509,500; $5,509,500; York New arecord for at Christie’s , 1982, sold , 1983, fetched $1.4 million in March 2013 at S March in million $1.4 fetched , 1983, 2005 , 1981, set a new record when it sold for $13 million $13 million for itsold when record anew , 1981, set ven the artist’s large screenprints on canvas, canvas, on screenprints large artist’s the ven 2009 Art+Auc E xpressionist works. I works. xpressionist tion with urgent, virtuosic virtuosic urgent, with June 2014 June By roman Kraeussl , 1982, topped topped 1982, , otheby’s New York. New otheby’s |

2013 blouinARTINFO.COM n May 2002,n May Index 0 10 20 30 40 50 60

Christie’s Basquiat’s Untitled Sales growth since market emergence (Pecho/ Oreja), The annual number of Basquiat paintings sold has remained fairly consistent: 1982–83, 22 in 1993, 35 in 1998, 25 in 2003, 32 in 2008, and 43 in 2013.The dollar volume, sold for $10.1 million however, has gone up exponentially, from $1.1 million in 1993, to $11.3 million at Sotheby’s in 2003, to $85.5 million in 2008, to $266.4 million in 2013. London in 2008. The $350 same work $266 changed hands again $300 at the house for

millions $250 $10.7 million five years $200 later.

$150 $85 $100

$50 $8 $11 $1 $0 1991 1995 1999 2003 2007 2011 2015

Top 20 prices achieved at auction

Record prices for Basquiat paintings have increased fivefold since the artist’s Untitled (Black Figure), 1982, sold for $9.9 million in November 2007.

Position artwork USD Date Auction House

1 Dustheads, 1982 $48,843,750 May 15, 2013 Christie's New York

2 Untitled, 1982 $29,285,000 November 12, 2013 Christie's New York

3 Untitled, 1982 $28,938,855 June 25, 2013 Christie's London

4 Untitled, 1981 $26,402,500 November 14, 2012 Christie's New York

5 Untitled (Yellow Tar and Feathers), 1982 $25,925,000 November 13, 2013 Sotheby's New York

6 Untitled, 1981 $20,137,769 June 27, 2012 Christie's London

7 Untitled, 1981 $16,322,500 May 10, 2012 Phillips de Pury & Company, New York

8 Untitled, 1981 $14,600,000 May 15, 2007 Sotheby's New York

9 Museum Security (Broadway Meltdown), 1983 $14,509,153 February 13, 2013 Christie’s London

10 Untitled (Boxer), 1982 $13,522,500 November 12, 2008 Christie’s New York

11 Palm Springs Jump, 1982 $12,772,992 February 6, 2008 Christie's London

12 Irony of Negro Policeman, 1981 $12,678,502 June 28, 2012 Phillips de Pury & Company, London

13 Untitled (Head of Madman), 1982 $12,037,000 November 12, 2013 Christie's New York

14 Untitled (Electric Chair), 1981–82 $11,801,000 November 14, 2007 Sotheby's New York

15 Untitled (Fallen Angel), 1981 $11,241,000 May 15, 2008 Phillips de Pury & Company, New York

16 Blue Heads, 1983 $10,805,000 November 12, 2013 Christie's New York

17 Untitled (Pecho/Oreja), 1982-83 $10,685,358 February 12, 2013 Sotheby's London

18 Humidity, 1982 $10,162,500 November 15, 2012 Phillips de Pury & Company, New York

19 Untitled (Pecho/Oreja), 1982-83 $10,114,736 July 1, 2008 Sotheby's London

20 Untitled (Black Figure), 1982 $9,897,000 November 13, 2007 Christie's New York ’s the by So

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