NEW YORK – Last night in New York, Sotheby’s set an auction record for Jean-Michel Basquiat when Untitled, a masterpiece from 1982, sold for $110,487,500 million in the company’s Contemporary Art Evening Auction. The price comfortably exceeded the previous record for the artist, as well as the presale estimate of $60 million and was achieved after a 10-minute contest between multiple bidders.  The work was purchased by noted collector and entrepreneur, Yusaku Maezawa, the founder of e-commerce giant, Start Today, and ZOZOTOWN, the virtual mall on Japan’s largest fashion e-commerce site. The painting will eventually be housed in a museum based in Maezawa’s hometown of Chiba, Japan.

Maezawa, who announced his purchase via Instagram (@yusaku2020) and Twitter (@yousuck2020), commented later to Sotheby’s:  “When I saw this painting, I was struck with so much excitement and gratitude for my love of art.  I want to share that experience with as many people as possible around the world – regardless of age or background or whether they are a collector or not. One day the painting will be a centerpiece of my museum in my hometown Chiba, but before then I wish to loan this piece – which has been unseen by the public for more than 30 years – to institutions and exhibitions around the world.  I hope it brings as much joy to others as it does to me, and that this masterpiece by the 21-year-old Basquiat inspires our future generations.”

Untitled by Jean-Michel Basquiat is a landmark canvas created by the artist in 1982.  While his career was still at an early stage, Untitled is rich with imagery now synonymous with the artist such as the crown and graffiti-like typography sprawling across the canvas.  Before being unveiled at Sotheby’s just weeks ago, Untitled was virtually unknown, having remained in the same private collection since it was purchased at auction in 1984 for $19,000.

The price achieved at Sotheby’s last night eclipsed the previous auction record for the artist established in May 2016 when another Untitled work from 1982 was also purchased by Mr. Maezawa, for $57.3 million.

About Yusaku Maezawa

Yusaku Maezawa was born in 1975 in Chiba, Japan. After graduating from Waseda Jitsugyo, he left for the United States to play in a music band. After returning to Japan, he established Start Today Co., Ltd. in 1998, which engaged in catalog sales of imported CDs and records. In 2004 he founded “ZOZOTOWN,” an online fashion shopping site. The company was listed on the first section of the Tokyo Stock Exchange (3092) in February 2012.

As a passionate collector and patron of the arts, Maezawa is a great champion of both established and young artists around the world. His interest in Japanese antiquity extends to a great collection of rare, historical objects. Modern and contemporary works in his collection include those by Jean-Michel Basquiat, Alexander Calder, Alberto Giacometti, Mark Grotjahn, Donald Judd, On Kawara, Jeff Koons, Bruce Nauman, Pablo Picasso, Richard Prince and Christopher Wool.

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