Auctioneer Phillips on Wednesday sold a 16-foot-wide red and peach painting by Jean-Michel Basquiat for $85 million in New York. japanese billionaire Yusaku Maezawa put the untitled 1982 painting up for sale, and an Asian telephone bidder represented by a Taipei-based Phillips representative won it after a four-minute contest.
The sale did not break the $110.5 million record for a Basquiat, held by an untitled 1982 blue work that Mr Maezawa won in 2017. Still, the red example sold by Phillips raked in a nice profit for Mr. Maezawa, the mogul behind e-commerce site Zozotown, who bought the red Basquiat six years earlier for $57.3 million. This represents a return of 48% for the collector.