Besquietty sells for $ 41.9 million in Christie, Hong Kong

“Warrior”, a 1982 painting by Jean-Michel Basquiat, symbolized by the struggle of black men in a white-dominated world, sold for $ 41.9 million with fees at Christie’s auction house in Hong Kong on Tuesday .

However Christie said that this was the highest price paid at auction for a Western artwork in Asia, which may have been a technical one: At Sotheby’s New York sale in 2017, the Japanese billionaire collector Yusaku Mezwa Paid $ 110 million for Basquit’s “Untitled”. It remains the artist’s auction record.

Estimated at $ 31 million to $ 41 million, “Warrior” was introduced as an unusual single lot. This leads to a week of 20th and 21st-century livestreamed auctions at Christie and Sotheby’s in London and Paris, including an old master and a discovered van Gogh. Christie had bet on Basquette’s global appeal to help strengthen the art market as it tried to emerge from the epidemic-year recession.

Annual art sales declined 22 percent to $ 50 billion in 2010 compared to 2010, revenue from public auctions dropped 30 percent to $ 1 billion. Recent reports from UBS and Art Basel. The supply of top artifacts remains tight, with some crisis sales or large estates on the horizon in the near term. Asking prices is astronomical, making it difficult to close deals, dealers and auction officials.

The “Warrior” result, with three bidders for the work, demonstrates why Basequest is a key figure in the blue-chip art market alongside Picasso and Warhol. It also implies that these stalwarts are unlikely to be easily separated from the headline-grabbing NFT attack, due to which Sales of $ 69.3 million Earlier this month there was a work by Christie’s digital artist Biplab.

Credit …Estate of Jean-Michel Basquia, via Sotheby’s

Both Biplab and Basquity “have a place”, said collector and dealer Alberto Mugrebi, whose father paid $ 250,000 for “Warrior” in the mid-1990s. “They are in the category of very few artists. Beeple will bring a new audience to the world of art and it is an encouraging thing to see. “

While the outcome of Biplub’s work was unexpected – bidding began at $ 100 – Baskit was a relatively safe bet for Christie, hoping to bring new people to market from Asia. (The winning bid came from Christie’s Hong Kong representative.) The company guaranteed the seller a minimum price and received an irrevocable bid from a third-party backer, which would ensure the work would be sold out.

“Basquiat is one of the strongest markets to come out of the epidemic,” Christophe van de Weghe, a dealer specializing in Basquiats. “This is India. You can sell Basakiyat like Picasso to anyone in India or Kazakhstan or Mexico. You can have millions of people 28 years old and you can have an 85-year-old person. He appeals to all types of people, from rappers to hedge-fund people. ‘

Born in Brooklyn of Haitian and Puerto Rican descent, Baseless Traced to issues of race and inequality with a mural-inspired style, from modest beginnings in street art to the pinnacle of the contemporary art world. He dated Madonna, collaborated with Warhol and then became a legend Died in 1988 at the age of 27.

“Warrior” shows a portrait with raised eyes and a raised sword against a blue and yellow patch. It was painted on a six-foot-high wooden panel in 1982 with oilsticks, acrylic and spray paint. It has come up for auction four times, including Tuesday sales. It last appeared in Sotheby’s in 2012, fetching $ 8.7 million. At that time it was bought by real estate Mogul Abi Rosen.

Christie refused to confirm that Rosen was the seller of “Warrior”, but evidence of this indicates that the current owner bought the work in 2012. Rosen offered the work for sale last year, according to a dealer with firsthand knowledge of the sale. Rosen did not return emails seeking comment.

Basquiet sales followed two back-to-back auctions of 20- and 21st-century art as well as surrealist art, which was a low estimate of more than $ 273.5 million; Buyers were found in 93 percent of works.

A painting by the elusive artist Banky, “Game Changer,” is estimated at more than four times, rising from £ 16.7 million (about $ 23.2 million). Most of the proceeds, including Christie’s buyer’s share of the premium, will be donated to various health and charity organizations in the UK.

Hand-painted (as opposed to using a stencil), the work depicts a boy playing with a doll dressed up as a superhero nurse, while Batman and Spiderman toys are left in a nearby bin. The image appeared at Southampton General Hospital one day last May, with a note: “Thank you to all of you. I hope this brightens up the place a bit more, even if it is only black and white. “

According to Christies, Asian collectors actively participated during the sale, bidding on everything from emerging Western artists to classical surrealist photographs.

In 2020, while the epidemic hit the market, Basquette’s 1982 painting “Boy and Dog in a JohnPump” was among the most commonly known transactions. Bought by billionaire hedge fund Manager ken griffin For more than $ 100 million, it hangs at the Art Institute of Chicago.

Although BaseQT was very prolific, there is a limited supply of work: around 900 paintings and 3,400 works on paper. In contrast, Biplab’s record-setting “Everyday – First 5000 days5,000 works built in 13 and one and a half years were included.

Alex Roter, chairman of 20th and 21st century art, recently had a chance to feel the scope of Beskiat’s appeal to participate in the Brooklyn Nets’ winning game on the team’s ground. 25. Basquette’s signature crown was on the court floor. .

“I thought, ‘Wow! How cool!'” Said Rotor this week. “Basequest is everywhere.”

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