A 1982 painting by iconic artist Jean Michel Basquiat sold for a record $110.5 million at a Sotheby’s auction in NYC on Thursday.
The untitled painting of a skull is the most expensive artwork ever sold at auction by a U.S. artist.
Basquiat’s Untitled skull also holds the distinction of being the priciest artwork ever sold by a black artist. The previous record was held by Basquiat’s friend Andy Warhol.
Untitled is the sixth most expensive painting sold in the world.
The winning bid was placed by Japanese billionaire Yusaku Maezawa, who posted an Instagram photo of his prized painting on Thursday.
“I am happy to announce that I just won this masterpiece,” he wrote in the caption. “When I first encountered 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.”
The bidding war lasted for 10 minutes. Yusaku’s art collection includes another Basquiat painting which he purchased for $57 million.
Basquiat died of a heroin overdose in 1988 at age 27.
