What's Happening?
Sotheby’s is set to auction an early painting by Jean-Michel Basquiat, titled 'Crowns (Peso Neto)', from his first solo show. This piece, created in 1981, is notable for its inclusion of Basquiat’s iconic crown motif. The painting will be a highlight of Sotheby’s Contemporary Evening Sale on November 18, marking one of the first events at the auction house’s new headquarters in the Breuer Building. The artwork, which has never been auctioned before, is expected to fetch between $35 million and $40 million. It will be displayed in London from October 9 to 16, its first public appearance since 2018.
Why It's Important?
The auction of 'Crowns (Peso Neto)' is significant as it represents a pivotal moment in Basquiat’s career, marking his transition from a street artist to a celebrated figure in the international art market. The high estimated value of the painting underscores Basquiat’s enduring influence and the strong demand for his work. This sale is likely to attract significant attention from collectors and art enthusiasts, further cementing Basquiat’s legacy as a leading figure in contemporary art. The event also highlights the continued interest in and valuation of works from the early 1980s, a transformative period in the art world.
What's Next?
Following its display in London, the painting will be auctioned in New York, where it is expected to draw competitive bidding. The outcome of the auction could set a new benchmark for Basquiat’s works from this period, influencing future sales and valuations. Art collectors and investors will be closely watching the sale, as it may impact the market for contemporary art and Basquiat’s oeuvre. Additionally, the auction could spark renewed interest in Basquiat’s early works, potentially leading to further exhibitions and scholarly attention.
