Basquiat $110.5m sale proof of art's growing attraction to super-rich

By Rob Davies

High prices for famous 20th-century artworks driven by wealthy collectors from the US, Russia and the Middle East

A painting by Jean-Michel Basquiat has sold for a record $110.5m (£85m) at an auction in New York, in the latest display of the art market’s attraction to super-rich speculators and art lovers.

The sale of Untitled sets a new high for a work by a US artist and is the first work of art created since 1980 to sell for more than $100m. It lags behind the most expensive painting of all time, Nafea Faa Ipoipo? or When Will You Marry? by Paul Gauguin, which sold for a reported near-$300m in 2015. But nonetheless the purchase by a Japanese entrepreneur underlines the irrepressible lure of art to the wealthy.

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Source: Basquiat $110.5m sale proof of art’s growing attraction to super-rich

    

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