Japanese e-commerce billionaire Yusaku Maezawa sold one of his Jean-Michel Basquiat paintings for $85 million including fees at Phillips auction house in New York on Tuesday, as the market for the late New York artist’s paintings continues to surge decades after his sudden death at age 27.

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Standing at nearly eight feet tall and more than 16 feet wide, the untitled painting is among Basquiat’s most monumental works and was completed in 1982, a turning point in the artist’s career and a year during which he completed some of his best-known works.

Maezawa purchased the painting in 2016 for $57 million, which was the most expensive artwork by Basquiat to ever sell at auction at the time.

Maezawa broke his own record just a year later when bought another 1982 Basquiat painting for $110.5 million (it was also the most expensive work by an American artist to sell at auction until last week, when Andy Warhol’s portrait of Marilyn Monroe was snapped up by art dealer Larry Gagosian for $195 million).


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