Three early Basquiats will sell at Phillips auction during its spring sales in New York and Hong Kong, created between 1981 and 1982. These Jean-Michel Basquiat pieces originate from the anthropologist Francesco Pellizzi’s possession. Also, Basquiat‘s first dealer, Annina Nosei acquired it in the early ’80s.
Three Early Basquiats, Led by Untitled (ELMAR)
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The iconic 1982 image Untitled (ELMAR) is the top seller at the New York auction on May 14. It is a contemporary Icarus poised to plummet from the sky, depicted on a roughly eight-foot-wide canvas, as an archer aims two arrows at him. The estimated selling price of Untitled (ELMAR) is $40–60 million.
In 1989, the Hofstra Museum in New York hosted a retrospective honoring Pellizzi’s collection, which featured Untitled (ELMAR). It was also on display and highlighted on the front page of the corresponding publication for a display held at Gagosian Los Angeles in 1998 to mark the tenth anniversary of Basquiat’s death.
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Additionally, in 2018, the work of art was on display at the artist’s retrospective at the Fondation Louis Vuitton in Paris. Philips will also offer the 1981 painting Untitled (Portrait of a Famous Ballplayer) for sale in New York. The estimated cost of the painting is between $6.5 million and $8.5 million.
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Pieces Growing Each Year
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Two weeks later, on May 31, in Hong Kong, the house will offer Native Carrying Some Guns, Bibles, and Amorites on Safari (1982) for a price range of $12 million to $18 million. Asia served as a great market for Basquiat’s paintings. An unidentified 1982 painting from the possession of Japanese multimillionaire Yusaku Maezawa sold for $85 million in May 2022. Maezawa paid $57.3 million for it at Christie’s just six years prior.
The artist’s creations are a mainstay at nighttime sales in New York. A 12-foot-wide 1983 triptych from Italian fashion designer Valentino Garavani’s portfolio sold at Christie’s last May for just over $67 million, making it one of the most pricey Basquiat paintings ever put up for auction.
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“Basquiat’s relevance and fame have only continued to grow each year and he is one of the most sought-after artists of any century”, Robert Manley, deputy chairman and worldwide co-head of 20th century and contemporary art at Philips, said in a statement. He referred to Gagosian’s current exhibition of Basquiat’s work in Los Angeles, and said, “From where I stand, the momentum seems to be picking up”.