Billionaire Yusaku Maezawa Sells Basquiat Painting For $85 Million as Market for Artist’s Work Heats Up

Published: May 20, 2022
Updated: May 20, 2022
Yusaku Maezawa Sells Basquiat Painting

Yusaku Maezawa sells $85M Basquiat painting

On Tuesday, Japanese e-commerce entrepreneur Yusaku Maezawa sold one of his Jean-Michel Basquiat paintings at Phillips auction house in New York for $85 million, including fees, as the market for the late New York artist’s paintings continues to soar decades after his untimely death at the age of 27.

Yusaku Maezawa, a Japanese e-commerce tycoon, sold one of Jean-Michel Basquiat’s paintings for $ 85 million, including fees, at the Phillips Auction House in New York on Tuesday. This is due to the fact that the market for paintings by the late New York artist has soared for decades following his untimely death at the age of 27.

Standing at roughly 8 feet tall and 16 feet wide or more, Untitled artwork In 1982, Basquiat finished one of his most enormous works. This is a pivotal year in the artist’s career, as well as the year in which he completed some of his most well-known pieces.

In 2016, Maezawa paid $ 57 million for this painting. This was the most expensive piece of art that Basquiat has ever sold at auction.

Yusaku Maezawa Sells Basquiat Painting

Basquiat died in 1988, yet his art, Popular Explosion, continues to inspire. Almost the previous year: He was one of the top-selling painters at last year’s auction, and his work has a market value of over $400 million. Basquiat’s paintings frequently highlighted his identity as a black man in America and the topics that impacted him. 

One of his works of art Stewart, Michael A black artist was allegedly attacked and killed in 1983 while spray-painting graffiti at a subway station by a New York traffic cop. The art industry and affluent collectors have been challenged by the Black Lives Matter movement to reconsider the work of color artists, like Basquiat. 

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Basquiat and his work are also being introduced to a new age, owing to the partnerships that his sisters’ real estate has formed with famous brands like Coach and Dr. Martens. A Tiffany jewelry ad starring Beyonce and Jay-Z featured one of his artworks. Basquiat’s many years of work were collected. 

The Basquiat Mansion hosts a major exhibition. Nearly 200 works were on display in New York last month, the majority of which had never been viewed by the general public.

Contrary to popular belief, Basquiat’s work is not usually sold at auction. Rare triptych and sculpture from last week Surprisingly, Basquiat has withdrawn from sales. Christie’s said at the final minute that both the seller and the auction company believed in the market. I wasn’t prepared.

$1.7 billion is a big number.

Billionaire Yusaku Maezawa

Maezawa, how much does that cost? It’s worth it, according to the Real-time well tracker from Forbes.

Yusaku Maezawa became wealthy after founding Zozotown, Japan’s largest online fashion market, in 1998. He sold his parent firm, Zozo, to Yahoo Japan in 2019. $ 3.7 billion He said he stepped down as CEO to devote more time to space exploration. Maezawa stated that he was the previous year. 

He’d paid his dues. Increase in millionaires by participating in the International Space Station Consider ventures into private space. Maezawa purchased his first ticket to fly around the moon in 2018. SpaceX, founded by fellow billionaire Elon Musk, is set to launch in 2023.

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