Basquiat painting sets $16 million world record

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Last night’s art auction at Phillips de Pury in New York set a new art world record by Jean-Michel Basquiat. His painting “Untitled” from 1981 sold for $16,322,500, a feat that surpassed the previous record painting of $14.6 million set in 2007. The painting went to a private bidder. Forbes has the story:

The contemporary art auction at Phillips de Pury tonight in New York set a new world record for a work by Jean-Michel Basquiat.

Untitled from 1981 sold for $16,322,500 including premiums to beat the previous record of $14.6 million set in 2007. The work went to a private bidder.

“We are very happy,” said Simon de Pury, the chairman of the auction house who led the auction tonight. He said he was not surprised about the sale. “I thought it was a very solid sale. We are pleased.”

All told, Phillips evening sale culled $86,897,500 to hit between the $75 million – $110 million estimated totals for the night. That total was down from $94,823,000 last year but up considerably from $17,130,000 in 2010.

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