Here is an interview with Japanese billionaire Yusaku Maezawa, the buyer of the $110M Basquiat painting, who watched the sale on his laptop and bid by telephone from his apartment in Japan. What I glean from this article by Motoko Rich and Robin Pogrebin is this was another case of two extremely wealthy individuals (the under-bidder was Frank J. Fertitta, III) ‘wanting it’ and then fighting it out — almost like a UFC match!
Even though the article states that the likelihood of another major work appearing on the market is slim, only time will tell. What would you do if a painting you purchased 30 plus years ago for less than $20,000 might now be worth $100M? My bet is that most of you would walk by it every day and just see dollar signs. In turn, this would cause some of you to cash out while the market is on fire! Here is the real question that needs an answer: Is this the new level for a major work by Basquiat or just an aberration? I am sure we will find out very soon.