Basquiat painting sells for $93.1 million!

washing money

Basquiat is beyond overrated.

Not to Billionaires and Oligarchs

Ridiculous. That could buy a facility to house the mentally ill, or build a manufacturing plant in a depressed part of the US, or toilets in India, or buy acres for conservation, or donated to struggling zoos and animal shelters, or help finding a cure for Parkinson’s, tinnitus or cancer. Brush strokes on canvas...93 million.

But that money's not going to launder itself, r4!

Really- build housing for the mentally ill. Donate money! Who do you think we are?

Glad to see one of my owns Art selling at that price.

The black picasso!

I love his work but wow.

It is a gorgeous piece but honestly that price is a bit obscene.

I used to work with the woman who sold the one in 2017 for a record $110.5 million. She and her sister inherited their parents art collection, had a falling out, divided it up and she got the Basquiat in her collection. In 2017 they both decided to sell their collections. The estranged sister went with Christie’s, the Basquiat went with Sotheby’s and a record was set.

These ladies came from an upper middle class/new money from real estate development and landed one of the most impressive art collections in the country.

... and in the day they were going for $20,000 a piece

That painting is a hot mess.

If you put red on the canvas it goes for more!

That'll buy a lot of heroin!

Oh, wait...

Madonna owns a number of Basquiats, as well as a few Frida Kahlo's...all bought decades ago.

Frida Kahlo's. what?

But come on though, it’s exquisitely beautiful!

Just garbage.

Basquiat was really prolific, but all of his best stuff was produced over a relatively short period: '81-'83. A lot of the rest is shit.

I just read that Basquiat sold his first painting, Cadillac Moon, to Debbie Harry for $200. I hope Debbie still has it.

Art is a joke industry used for laundering criminal proceeds. Anyone can make art. I make my own art for my home and get rave reviews. Sorry, not for sale.

This exact same painting sold in 2002 for under $1 million. I agree this is probably money laundering.

I wish he were alive to get that coin.

Can someone explain in small words how overpaying for a picture lets you launder cash? How would you get the money back out of it later if it's so overvalued at purchase?

this is an ugly painting. i disagree with every one of you that comes at me. it evokes NOTHING in me besides stupid pokes and strokes on a canvas with lots of red.

That’s a lot of money to spend on something that would give children nightmares.

Buy at 93.1 million with criminal drug gang proceeds. Sell at 75 million to receive legit funds.

Basquiat's is one of the few big names that is not overvalued and that I will stand well over time. Not all of his work is of the same tier as this one, but his best stuff is excellent and this one stands out above those. It's a choice work of his and a really beautiful one.

R29 = that crack dealer on 9th & Ace. C.

How the rich evade oversight.

My brother used to get high with him.

It’s better than the Hirst or “Banksy” shit, that’s about all I can say for it.

Though I do like Hirst’s For the Love of God.