Purchased In 1984 For $19,000, Basquiat Painting Sells For “Mind-Blowing” $111 Million

zerohedge.com / by Tyler Durden / May 19, 2017 7:48 AM

It could be a singular best unlevered investment in new history.

A mural by New York artist Jean-Michel Basquiat sole for a conspicuous $110.5 million – scarcely double a $60 million approaching take – during a Sotheby’s auction Thursday night in New York, according to Bloomberg. The sale set a new record for an American artist, and has turn one of now 10 paintings in a “$100 Million Club,” according to a New York Times.

The sale of a painting, “Untitled,” done for a stirring impulse during Sotheby’s postwar and contemporary auction as during slightest 4 bidders on a phones and in a room sailed past a $60 million turn during that a work — fake from oil hang and mist paint — had been guaranteed to sell by a third party.

The Basquat is now among a most-expensive pieces of contemporary art ever auctioned. It set a new record for any U.S. artist during auction, besting a $105.4 million paid 4 years ago for Andy Warhol’s “Silver Car Crash (Double Disaster).”

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