Tuesday, April 13, 2021

BaseQT brings in $ 41.9 million, even Digital Gold Rush

“Warrior”, a 1982 painting by Jean-Michel Basquiat, symbolized by the struggle of black men in a white-dominated world, sold for $ 41.9 million with fees at Christie’s auction house in Hong Kong on Tuesday .

However Christie said that this was the highest price paid at auction for a Western artwork in Asia, which may have been a technical one: At Sotheby’s New York sale in 2017, the Japanese billionaire collector Yusaku Mezawa Paid $ 110 million for Basquit’s “Untitled”. It remains the artist’s auction record.

Estimated at $ 31 million to $ 41 million, “Warrior” was introduced as an unusual single lot. It leads a week of the 20th and 21st centuries at Christie and Sotheby’s auctions in London and Paris, including an old master and a discovered van Gogh. Christie was betting on Basquiet’s global appeal to activate the art market as it tried to emerge from the epidemic-year recession.

Annual art sales declined 22 percent to $ 50 billion in 2010 compared to 2010, revenue from public auctions dropped 30 percent to $ 1 billion. Recent reports from UBS and Art Basel. The supply of top art works remains tight, with some distress sales or large estates in the near term. Asking prices is astronomical, making it difficult to close deals, dealers and auction officials.

The “Warrior” result, with three bidders for the work, demonstrates why the artist is a major figure in the blue-chip art market alongside Picasso and Warhol. It also implies that these stalwarts are unlikely to be easily separated from the headline-grabbing NFT attack, due to which Sales of $ 69.3 million A work was done earlier this month by Christie’s digital artist Biplab.

Credit …Estate of Jean-Michel Basquia, via Sotheby’s

Both Beeple and Basquiat “have a place,” Alberto Mugrabi, collector and dealer, whose father paid $ 250,000 for “Warrior” in the mid-1990s. “They are in the category of very few artists. Beeple will bring a new audience to the world of art and it is an encouraging thing to see. “

While the outcome of Biplub’s work was unexpected – bidding began at $ 100 – Baskit was a relatively safe bet for Christie, hoping to bring new people to market from Asia. (The winning bid came from Christie’s Hong Kong representative.) The company guaranteed the seller a minimum price and received an irrevocable bid from a third-party backer, which would ensure the work would be sold out.

“Basquiat is one of the strongest markets to come out of the epidemic,” Christophe van de Weghe, a dealer specializing in Basquiats. “This is India. You can sell Basakiyat like Picasso to anyone in India or Kazakhstan or Mexico. You can have millions of people 28 years old and you can have an 85-year-old person. He appeals to all types of people, from rappers to hedge-fund people. ‘

Born in Brooklyn of Haitian and Puerto Rican descent, Baseless Exploring issues of race and inequality with a mural-inspired style, from modest beginnings in street art to the pinnacle of the contemporary art world. He dated Madonna, collaborated with Warhol and then became a legend Died in 1988 at the age of 27.

“Warrior” depicts a portrait with a raised eye and a bulging sword against a patch of blue and yellow. It was painted on a six-foot-high wooden panel in 1982 with oilsticks, acrylic and spray paint. It has come up for auction four times, including Tuesday sales. It last appeared in Sotheby’s in 2012, fetching $ 8.7 million. At that time it was bought by real estate Mogul Abi Rosen.

Christie refused to confirm that Rosen was the seller of “Warrior”, but evidence of this indicates that the current owner bought the work in 2012. Rosen offered the work for sale last year, according to a dealer with firsthand knowledge of the sale. Rosen did not return emails seeking comment.

Beskiat’s 1982 painting “Boy and Dog in a JohnPump” was one of the highest known transactions of 2020. Bought by billionaire hedge fund Manager ken griffin For more than $ 100 million, it hangs at the Art Institute of Chicago.

Although BaseQT was very prolific, there is a limited supply of work: around 900 paintings and 3,400 works on paper. In contrast, Biplab’s record-setting “Everyday – First 5000 days,5,000 works built in 13 and one and a half years were included.

Christie chairman of 20th and 21st century art Alex Rotor recently got a chance to feel the scope of Basquiat’s appeal while participating in the Brooklyn Nets’ winning game at the team arena on February 25. Basquette’s signature crown was on the court floor.

“I thought, ‘Wow! That’s so cool!'” Rotor said this week, remembering the game when the Nets beat the Orlando Magic. “Basecuts are everywhere.”

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