The case

Jean-Michel Basquiat, a prominent American artist, played a pivotal role in the Neo-Expressionism movement of the 1980s. His first solo exhibition is dedicated to the paintings he created in Switzerland, inspired by his visits to this country. The art works are on show at the Hauser & Wirth gallery in St. Moritz.

Source: Guy Hepner and Hauser&Wirth

The commentary

His work, known for its vibrant colours, expressive markings and text, remains influential to this day. Although Basquiat passed away at the young age of only 27 in 1988, he left behind a legacy of over 800 paintings and 1,500 drawings. His impact has continued to grow posthumously, with one of his artworks becoming the first contemporary art piece to reach a seven-figure sum at auction in 1998. Basquiat’s enduring significance is evident in his top auction prices.

On 8 May 1984, collectors Jerry and Emily Spiegel purchased Basquiat’s Untitled (1982) at Christie’s for USD 19,000. Fast forward to 18 May 2017, the same artwork reappeared at Sotheby’s New York and sparked an intense bidding war lasting over 10 minutes. With an opening bid of USD 57 million, the painting eventually sold for a staggering USD 110.5 million (UK £ 85.6 million) including fees, securing its position as Basquiat’s most expensive artwork sold at an auction to date. The painting was purchased by Basquiat collector and billionaire, Yusaku Maezawa.

Demand for the work of Jean Michel Basquiat is continuing; in May 2024 alone nearly USD 125 million of his art sold at auctions, putting the sale of this artist’s masterpieces at more than USD 200 million at auctions this year alone.

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