Jean-Michel Basquiat artwork sets new auction record

An artwork by Jean-Michel Basquiat has sold for a record $110.5 million (about €99 million) at an auction in New York.

Sotheby's said the sale of Untitled in Manhattan was an auction record for the artist. It also set a record price for an American artist at auction.

The 1982 painting depicts a face in the shape of a skull.

The piece was purchased by noted Japanese collector and entrepreneur Yusaku Maezawa, after a 10-minute bidding war.

"When I saw this painting, I was struck with so much excitement and gratitude for my love of art," said Maezawa, who plans to display it in his museum in Chiba, Japan, after loaning it to institutions and exhibitions across the world.

Untitled was virtually unknown before it was unveiled at Sotheby’s weeks ago.

The auction house said it had remained in the same private collection since it was bought at auction in 1984 for $19,000.

The previous auction record for a Basquiat work was set last May when Untitled, 1982 sold for $57.3 million, also to Maezawa.

Basquiat died of a drug overdose in 1988 at age 27.

AP