A woman looks at a Basquiat painting titled “In This Case,” which is auctioned at Christie’s, valued at over $ 50 million.
Source: Christie’s
As a sign that the art market is cashless, Christie’s is auctioning a rare skull painting by Jean-Michel Basquiat valued at more than $ 50 million.
The painting will be the centerpiece of Christie’s 21st Century Art sale in New York in May. Christie’s 20th and 21st century auctions also feature a more than $ 50 million Pablo Picasso and other trophy works by Claude Monet, Mark Rothko and Vincent Van Gogh – a sign that high prices are tempting sellers to buy to separate from significant works.
Christie’s does not have an official estimate for the Basquiat work called “In This Case,” but the auction house will inform collectors upon request that the estimate is over $ 50 million. Traders said it could go twice as much.
The piece is part of a trio of “skull” paintings that Basquiat made. In 2017, another was sold for $ 110 million at a Christie’s auction. Traders said “In this case” – with its even more dramatic red and yellow color palette – could get more.
“As the final expression in the series, it is the roughest, most visceral and emotionally charged of the three paintings, with Basquiat holding nothing back,” said Ana Maria Celis, senior specialist and director of 21st century art at Christie’s.
Basquiat, a retired New York City graffiti artist who died in 1988 at the age of 27, has quickly become a favorite among wealthy global collectors and museums, especially given the growing awareness of issues of racial justice and diversity. His “Warrior” painting sold for $ 42 million in Hong Kong last year. This makes it the most expensive Western work of art that has ever been auctioned in Asia.
While Christie’s doesn’t comment on the seller’s identity, dealers say this is a European collector and they expect bids from around the world.
“The appetite for Basquiat’s work is global and has increased dramatically in recent years,” said Celis.
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