In a stunning year for Jean-Michel Basquiat at auction, an untitled 1981 piece has set a new record for the artist's work at auction.
The piece soared past its $22m high estimate by 19.9% at Christie's Post-War & Contemporary Art Evening Sale in New York last night (November 14), to bring an impressive $26.4m, as the market for Basquiat continues to gain momentum.
This is the third time in 2012 that the record for Basquiat's work at auction has been broken, with another 1981 work selling at Christie's London showroom in June for $20.1m, making a 23.3% increase on the previous record of $16.3m, which was set in May. The present sale respresents a 31.3% increase on June's record.
Basquiat works from 1981 are especially coveted in the art world, as this was considered to be his productive year. The example at auction, which had been held in a private collection for more than two decades and featured in almost every major exhibition of his work, is one of the finest examples of his early work.
Paul Fraser Collectibles will be bringing you more from Christie's Post-War & Contemporary Art Evening Sale shortly, so be sure to check back with us.
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