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.