A rarely seen work by Jean-Michel Basquiat will be auctioned in May by Sotheby’s, where it might fetch between $10 million and $15 million.
The untitled painting was made in 1981 and acquired in 1989 for a private collection, where it has been since. The 5-foot work is oil on paper. It features a complex figure scrawled over a chaotic background. Apart from the fact that the work hasn’t been seen in nearly 36 years, there is also the timing of the work. If the date is correct, the work was created when Basquiat was only 20 years old. The period of 1981-83 is considered the prime of the modern maestro; almost all of his highest-selling works came from this period. These two factors have placed an estimated value of $10 million – $15 million on the work.
The Contemporary Art sales by Sotheby’s in May would be the destination of this work. Held in New York, the sale comes at a time when market uncertainty is palpable. A rather dull 2024 ended on a whimpering note, but there were hopes that the spring season would bring optimistic news to the market. It didn’t. As such, as the summer season arrives, speculations are rampant about whether the market will finally pick up or not.
Sotheby’s believes that a prime Basquiat work might do the trick. Grégoire Billault (Sotheby’s chairman of contemporary art) said: “Because there’s less volume, you need to be more astute and bring things that are really exciting for everyone in order to get people’s attention—because people’s attention right now is very much in the news.” Other works featured in this anticipated auction include works from the Roy Liechtenstein Estate and the personal collection of Barbara Gladstone.
