What $110m for a Basquiat painting tells us about the art market

Feb 8, 2011
24,121
1,126
435
Vancouver Island, B.C. Canada
#1
High prices for famous 20th-century artworks driven by wealthy collectors from the US, Russia and the Middle East





I was looking for the ART forum section (Paintings, Sculptures, etc.); there is none, so I posted this in the Collectibles Forum section. I think that's fair/close enough.
Still an ART section is important, very, as it expands our horizons on the world's culture of the arts. It's actually my forte/passion, and what I studied @ school and in life. Cinema too, but paintings and sculptures from all over the world...architecture as well. ...Graphic designs. ...The Arts in general. ...Including creative sounds/music.

https://en.wikipedia.org/wiki/Jean-Michel_Basquiat

Watch this ↓ in particular the 1st one
______

♣ Bonus: http://www.msn.com/en-au/money/fina...nt-id=BBBi74M&fullscreen=true#image=BBBfHJu|1

If you're an art collector (paintings, guitars, swords, audio gear, music recordings, 70mm films, etc.) the value is in what people are willing to pay...sky's the limit.
 

Steve Williams

Site Founder, Site Owner, Administrator
#2
$110M!!!!

Ouch

I was watching a Sunday morning news documentary today on CBS which included a segment on the 72 yo artist who paints the BMW racing cars. I thought the art on the cars was a bit much. When asked about art the artist smiled at him and said "art is what you can get away with"

So at $110M I'd say he got away with one there and hit a walk off home run.
 
Jul 25, 2012
2,542
13
150
NY
#3
WHAT A PIECE OF CRAP.

The purchaser gets the prize for having a big bank account and no taste.
 
Feb 8, 2011
24,121
1,126
435
Vancouver Island, B.C. Canada
#4
$110M!!!!

Ouch

I was watching a Sunday morning news documentary today on CBS which included a segment on the 72 yo artist who paints the BMW racing cars. I thought the art on the cars was a bit much. When asked about art the artist smiled at him and said "art is what you can get away with"

So at $110M I'd say he got away with one there and hit a walk off home run.
$110.5 million US ($149 million Cdn). The artist, Jean-Michel Basquiat, died of a heroin overdose in 1988 @ age 27 - same age as ...
• Kurt Cobain. ...
• Amy Winehouse. ...
• Jimi Hendrix. ...
• Janis Joplin. ...
• Jim Morrison. ...
• Robert Johnson. ...
• Alan Wilson. ...
• Brian Jones.

http://www.ranker.com/list/members-of-the-27-club/famous-celebrity-deaths-list

"By 1986, Basquiat had left the Annina Nosei gallery, and was showing at the Mary Boone gallery in SoHo. On February 10, 1985, he appeared on the cover of The New York Times Magazine in a feature titled "New Art, New Money: The Marketing of an American Artist". He was a successful artist in this period, but his growing heroin addiction began to interfere with his personal relationships.

[Basquiat lived from 1983 to 1988 at 57 Great Jones in downtown Manhattan, where he died. A plaque dedicating his life was placed on July 13, 2016, by the Greenwich Village Society for Historic Preservation.]

When Andy Warhol died on February 22, 1987, Basquiat became increasingly isolated, and his heroin addiction and depression grew more severe. Despite an attempt at sobriety during a trip to Maui, Hawaii, he died on August 12, 1988, of a heroin overdose at his art studio on Great Jones Street in Manhattan's NoHo neighborhood. He was 27 years old.
Basquiat was interred in Brooklyn's Green-Wood Cemetery, where Jeffrey Deitch made a speech at the graveside. Among those speaking at Basquiat's memorial held at Saint Peter's Church on November 3, 1988, were Ingrid Sischy who, as the editor of Artforum in the 1980s, got to know the artist well and commissioned a number of articles that introduced his work to the wider world.; Suzanne Mallouk recited sections of A. R. Penck's Poem for Basquiat and Fab 5 Freddy read a poem by Langston Hughes. The 300 guests included the musicians John Lurie and Arto Lindsay; the artist Keith Haring; the poet David Shapiro; Glenn O'Brien, a writer; Fab 5 Freddy; and members of the band Gray, which Basquiat led in the late 1970s. In memory of the late artist, Keith Haring created Pile of Crowns for Jean-Michel Basquiat (1988)."


WHAT A PIECE OF CRAP.

The purchaser gets the prize for having a big bank account and no taste.
Gary. :D ...You know how it goes...and the same with many other things in life.

But it is fascinating nonetheless, and the more you learn the more you realize how overpriced material objects are in real life as compared to human life.
Did you check this link → http://www.msn.com/en-au/money/fina...nt-id=BBBi74M&fullscreen=true#image=BBBfHJu|1
Check the 15 slides showing the most expensive paintings ever paid @ an auction, just the first one for example (#15)...look @ how complex the black painting with the blue bar is! And it has been sold for over $32 million (32.6)!
And @ number one: Nafea Faa Ipoipo - By Paul Gauguin ($300 million)
_____

How Basquiat became the ultimate American artist: http://www.huffingtonpost.com/entry...e-american-artist_us_591eff27e4b034684b0bcedd
 
Last edited:
Jul 25, 2012
2,542
13
150
NY
#5
. . . . Gary. :D ...You know how it goes...and the same with many other things in life. . . . . did you check this link → http://www.msn.com/en-au/money/fina...nt-id=BBBi74M&fullscreen=true#image=BBBfHJu|1
Check the 15 slides showing the most expensive paintings ever paid @ an auction, just the first one for example (#15)...look @ how complex the black painting with the blue bar is! And it has been sold for over $32 million (32.6)!
And @ number one: Nafea Faa Ipoipo - By Paul Gauguin ($300 million). . . .
OK, I can see the Renoir and the Cezanne. The others, either have no merit or are just over-rated.

These paintings are not worth these amounts, they are simply what they were worth to ONE person in a battle of egos.
 

DaveyF

Well-Known Member
Aug 1, 2010
6,135
141
63
La Jolla, Calif USA
#6
$110.5 million US ($149 million Cdn). The artist, Jean-Michel Basquiat, died of a heroin overdose in 1988 @ age 27 - same age as ...
• Kurt Cobain. ...
• Amy Winehouse. ...
• Jimi Hendrix. ...
• Janis Joplin. ...
• Jim Morrison. ...
• Robert Johnson. ...
• Alan Wilson. ...
• Brian Jones.

http://www.ranker.com/list/members-of-the-27-club/famous-celebrity-deaths-list

"By 1986, Basquiat had left the Annina Nosei gallery, and was showing at the Mary Boone gallery in SoHo. On February 10, 1985, he appeared on the cover of The New York Times Magazine in a feature titled "New Art, New Money: The Marketing of an American Artist". He was a successful artist in this period, but his growing heroin addiction began to interfere with his personal relationships.

[Basquiat lived from 1983 to 1988 at 57 Great Jones in downtown Manhattan, where he died. A plaque dedicating his life was placed on July 13, 2016, by the Greenwich Village Society for Historic Preservation.]

When Andy Warhol died on February 22, 1987, Basquiat became increasingly isolated, and his heroin addiction and depression grew more severe. Despite an attempt at sobriety during a trip to Maui, Hawaii, he died on August 12, 1988, of a heroin overdose at his art studio on Great Jones Street in Manhattan's NoHo neighborhood. He was 27 years old.
Basquiat was interred in Brooklyn's Green-Wood Cemetery, where Jeffrey Deitch made a speech at the graveside. Among those speaking at Basquiat's memorial held at Saint Peter's Church on November 3, 1988, were Ingrid Sischy who, as the editor of Artforum in the 1980s, got to know the artist well and commissioned a number of articles that introduced his work to the wider world.; Suzanne Mallouk recited sections of A. R. Penck's Poem for Basquiat and Fab 5 Freddy read a poem by Langston Hughes. The 300 guests included the musicians John Lurie and Arto Lindsay; the artist Keith Haring; the poet David Shapiro; Glenn O'Brien, a writer; Fab 5 Freddy; and members of the band Gray, which Basquiat led in the late 1970s. In memory of the late artist, Keith Haring created Pile of Crowns for Jean-Michel Basquiat (1988)."




Gary. :D ...You know how it goes...and the same with many other things in life.

But it is fascinating nonetheless, and the more you learn the more you realize how overpriced material objects are in real life as compared to human life.
Did you check this link → http://www.msn.com/en-au/money/fina...nt-id=BBBi74M&fullscreen=true#image=BBBfHJu|1
Check the 15 slides showing the most expensive paintings ever paid @ an auction, just the first one for example (#15)...look @ how complex the black painting with the blue bar is! And it has been sold for over $32 million (32.6)!
And @ number one: Nafea Faa Ipoipo - By Paul Gauguin ($300 million)
_____

How Basquiat became the ultimate American artist: http://www.huffingtonpost.com/entry...e-american-artist_us_591eff27e4b034684b0bcedd
Apparently the Japanese buyer made his money selling vinyl!
Now he has some sort of on line store...and is supposedly worth $3.6billion.

Here's what interests me, say the other bidder had kept on going...say $200 million or to $500 million... and so forth, would this guy have kept on going too.....after all, it was easy come, and it's just as easy go, lol!
You have to love these guys:rolleyes:
 
Feb 8, 2011
24,121
1,126
435
Vancouver Island, B.C. Canada
#7
OK, I can see the Renoir and the Cezanne. The others, either have no merit or are just over-rated.
Yes, you have a similar vision than mine; your eyes are seeing what I'm also seeing.
But! And it's a big butt; it has more to do than where the eyes meet...it goes beyond...the history, the art critics, the state-of-the "obscured affairs".
You know, the art world is not so different than the audio world on some aspects. But why am I saying that to you; you already know. :b
You and I should visit Abu Dhabi and Dubai and the Arab world (Saudi Arabia Kingdom) with their Kings, Sultans, Princesses, ... and check their shopping "carts" (luxury goods like palaces, jewelry, cars, horses, malls, vending machines, cash/gold coins machines, penthouses, skyscrapers, oil refineries, etc.) plus their "deals" in the world worth trillions and trillions of US dollars. We would be both blown away to smithereens! The power of money could not be underestimated from the richest of the riches.

And the passion of the arts is not much different. Just that $110.5 million painting alone can feed a large population of dying children for the next thousand years. Add to that all the other extravaganzas and our planet with all its humanity could become immortal for the next eternity!

Often we talked about "balance" with the utmost respect of all people, above and below. We as a human species follow the natural course of the laws of human nature...the pursuit of the ultimate control, power and ruling. Some master that art better than others. The true masters are the ones who serve best their people. The ones who love them and protect them with all their soul energy. ...And who spread it all around with other world masters...Kings, Queens, Monarchs, Presidents, Generals, World Peace Fighters...

Maybe that $110 million painting is just a number to coincide with the latest $110 billion weapons sale's deal? ...Just a coincidence about the number 110.
https://www.nytimes.com/2017/05/18/...-kushner-saudi-arabia-arms-deal-lockheed.html

...From the world business affairs.
 
Feb 8, 2011
24,121
1,126
435
Vancouver Island, B.C. Canada
#8
Apparently the Japanese buyer made his money selling vinyl!
Now he has some sort of on line store...and is supposedly worth $3.6billion.

Here's what interests me, say the other bidder had kept on going...say $200 million or to $500 million... and so forth, would this guy have kept on going too.....after all, it was easy come, and it's just as easy go, lol!
You have to love these guys:rolleyes:
Selling vinyl? Really? Yes, he was a record and CD collector → https://en.wikipedia.org/wiki/Yusaku_Maezawa
______

* Bonus (for guitar players/collectors): http://proguitarshop.com/andyscorner/10-most-expensive-guitars-ever-so-far

 
Last edited:

jazdoc

Member Sponsor
Aug 7, 2010
2,841
136
240
Bellevue
#9
Basquiat was a very talented artist. Great movie about the artist directed by Julian Schnabel starring Jeffrey Wright in his best role. Really captures the NY art scene at the time with great cameo by David Bowie as Andy Warhol


 
May 30, 2010
16,299
1,252
420
Portugal
#10
Basquiat was a very talented artist. (...)
This is the most important aspect and I fully agree with you. In art you can not separate a single isolated painting from the whole work of an artist.

Prices of art follow market rules - if offer is scarce, as it happens with someone who died very young, and people who wants it have lots of easy money prices the can grow insanely. The good part is that these high value deals pay taxes - and taxes are needed to keep countries running!
 

asindc

Well-Known Member
Sep 27, 2012
155
7
93
#13
Basquiat was a very talented artist. Great movie about the artist directed by Julian Schnabel starring Jeffrey Wright in his best role. Really captures the NY art scene at the time with great cameo by David Bowie as Andy Warhol


Yes he was. I saw a Basquiat exhibit in Paris years ago. The art was hung and presented in chronological order. It was quite interesting to notice how his work became more abstract and disorganized as he became more manic later in life. And you are right about the movie, it is very entertaining.
 

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