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Jean-Michel Basquiat (1960-1988), Untitled (detail), acrylic on canvas, Painted in 1982. Photo: Christie's Images Ltd 2016. 

NEW YORK, NY.- The May 10 evening sale of Post-War and Contemporary Art realized US$318,388,000 / £220,796,117 /€279,086,291 with sell-through rates of 87% by lot and 91% by value. The sale established 6 new world auction records for artists including Jean-Michel Basquiat, Agnes Martin, Mike Kelley, Richard Prince, Kerry James Marshall and Barry X Ball. The results of tonight’s sale brings the week’s running total to $396.5million, which includes the price achieved by the May 8 evening auction of Bound to Fail. 

The sale attracted registered bidders from 39 countries, with strong bidding from Asia, Europe and the United States. 

Sara Friedlander, Vice President, Head of Evening Sale, Post-War and Contemporary Art, stated: “We built our sales this season to reflect the macro environment, providing an ideal balance that suits an array of collecting tastes. Tonight’s success is the result of a tightly edited sale with top quality works, which were extremely fresh to the marketplace. 84% of the lots had never been sold at auction, and of the 10 works that had been sold, only 4 had been offered over the past 10 years. We are very pleased to see collectors gravitate to a broad spectrum of art, spanning from masterpiece quality works, including Rothko’s No. 17, to artists who are quickly rising within the auction market. One such example is Kerry James Marshall, whose Plunge, captivated the imagination of so many collectors and set a world auction record for the artist.” 

Brett Gorvy, Chairman and International Head of Post-War and Contemporary Art, remarked: “We are very proud of the record price achieved for Basquiat’s monumental portrait of the artist as devil at a time when top collectors are pursuing works of the very highest quality. This painting drew intense competition that dispelled questions of a market contraction. We are particularly happy that the work was acquired by a collector in Asia, demonstrating the global scope of the masterpiece market".

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Lot 36. Jean-Michel Basquiat (1960-1988), Untitled, signed and dated 'Jean-Michel Basquiat Modena 82' (on the reverse), acrylic on canvas, 94 x 197 in. (238.7 x 500.4 cm). Painted in 1982. Estimate on Request. Price Realized $57,285,000. World auction record. Photo: Christie's Images Ltd 2016.

Provenance: Annina Nosei Gallery, New York
Akira Ikeda Gallery, Nagoya
Enrico Navarra Gallery, New York
Hanart TZ Gallery, Hong Kong
Private collection, New York
Anon. sale; Sotheby's, London, 23 June 2004, lot 32
Acquired at the above sale by the present owner.

Literature: R. Marshall and J. L. Prat, Jean-Michel Basquiat, Paris, Galerie Enrico Navarra, 1996, v. I, pp. 56-57 and cover (illustrated in color); v. II, pp. 76-77 (illustrated in color). 
T. Shafrazi, J. Deitch and R. Marshall, Jean-Michel Basquiat, New York, Tony Shafrazi Gallery, 1999, pp. 110-111 (illustrated in color).
E. Navarra, Jean-Michel Basquiat, Paris and New York, 2000, v. I, pp. 72-73 (illustrated in color); v. II, p. 98, no. 2 (illustrated in color).
E. Navarra, Jean-Michel Basquiat, Paris and New York, 2010, v. I, pp. 72-73 (illustrated in color); v. II, p. 98, no. 2 (illustrated in color).
A. Lindemann, Collecting Contemporary Art, Cologne, 2013, p. 129 (illustrated in color).

Exhibited: R. Marshall and J. L. Prat, Jean-Michel Basquiat, Paris, Galerie Enrico Navarra, 1996, v. I, pp. 56-57 and cover (illustrated in color); v. II, pp. 76-77 (illustrated in color). 
T. Shafrazi, J. Deitch and R. Marshall, Jean-Michel Basquiat, New York, Tony Shafrazi Gallery, 1999, pp. 110-111 (illustrated in color).
E. Navarra, Jean-Michel Basquiat, Paris and New York, 2000, v. I, pp. 72-73 (illustrated in color); v. II, p. 98, no. 2 (illustrated in color).
E. Navarra, Jean-Michel Basquiat, Paris and New York, 2010, v. I, pp. 72-73 (illustrated in color); v. II, p. 98, no. 2 (illustrated in color).
A. Lindemann, Collecting Contemporary Art, Cologne, 2013, p. 129 (illustrated in color).

NotesPainted in 1982, Jean-Michel Basquiat’s Untitled is an epic painting, its monumental size and visceral painterly energy marking it out as one of the artist’s most accomplished works. Measuring more than sixteen feet wide and nearly eight feet tall, it is also one of the artist’s largest canvases, yet it is the dynamism with which Basquiat constructs his painterly surface that distinguishes this work, especially considering it was painted when the artist was only 22 years old. The full force of his painterly energy can be witnessed across every inch of this vast canvas; from the lavishly fashioned demonic figure that occupies the central portion of the canvas, to his extensive repertoire of painterly drips, splashes and impulsive brushwork, the surface of Untitled acts as a totem to Basquiat’s capricious talent. Painted during his trip to Modena in Italy, Untitled belongs to a significant group of paintings that helped to forge his reputation as one of the most exciting and radical artists of his generation.