A painting by Jean-Michel Basquiat has sold for a record breaking $110.5 million (£85.3 million) - 29 years after he died. This week, his painting "Untitled" sold in NY for $110.5 million.
Basquiat unfortunately died of a drug overdose in 1988 at the age of 27.
Cheers and applause greeted the winning telephone bid following an intense 10-minute auction at Sotheby's.
The canvas was bought by entrepreneur Yusaku Maezawa, founder of e-commerce giant Start Today, after a protracted, old-school bidding war that included four participants beyond the $60 million pre-sale estimate.
"I am happy to announce that I just won this masterpiece", Maezawa said.
The good news for art fiends is that despite shelling out a pretty penny for this Jean-Claude Basquiat painting, Maezawa doesn't intend to keep it locked away in a mansion. But the sale also sets the record, "for a work by any American artist, for a work by an African-American artist, and as the first work created since 1980 to make over $100 million", according to the New York Times.
Basquiat was a street artist who became famous in the early 1980s.
By AFP's Jennie Matthew in NY. The Japan Times reported that he spent $98 million on art within just two days in 2016.
Man City boss Guardiola demands victory over Watford
The most handsome football is in Europe in the Champions League and that is a target for the team and our club for next season. Asked if he thought it was necessary to tackle diving, Guardiola replied: "No, because everybody makes mistakes".
The untitled work has also become the most expensive by any USA artist.
His death, in his Manhattan art studio, bequeathed him cult status. That tops the $105 million paid in 2013 for an Andy Warhol painting.
Remember Yusaku Maezawa? If you're don't, let me refresh your memory: Last spring, the Japanese billionaire single-handedly carried the NY auction season by spending $98 million over a span of two days on art Sotheby's and Christie's.
"We are thrilled that it was purchased by Yusaku Maezawa for his planned museum so others will have a chance to experience its magic firsthand", said Billault.
$142m. Francis Bacon Triptych "Three Studies of Lucian Freud".
Jean-Michel Basquiat's mix of NY street art aesthetics with social commentary cemented his creative reputation from his 1980s peak onwards.
$106.5m. Pablo Picasso "Nude, Green Leaves and Bust".