Global, Luxury, News

Japanese Billionaire Pays US$110 Million for Painting

Japanese Billionaire Pays US$110 Million for Painting

A Japanese billionaire has paid US$110.5 million for a painting by Jean-Michael Basquiat and has set the record for a US artist. The painting was virtually unseen in public since being bought in 1984 for only US$19,000. The painting was bought by Yusaku Maezawa, one of the richest men in Japan. He is an avid art collector and previously spent US$57.3 million on a self portrait by Jean-Michael Basquiat.

“The painting was virtually unseen in public since being bought in 1984 for only US$19,000. “

~ Time

The painting’s final price made it the sixth most expensive work ever sold at an auction and only the 11th work to break the $100 million barrier.  Sotheby’s announced that the painting would be housed eventually in a museum based in Maezawa’s hometown of Chiba, Japan.

Related Reports: South China Morning Post, Time


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