Three early Basquiats will sell at Phillips auction during its spring sales in New York and Hong Kong, created between 1981 and 1982. These Jean-Michel Basquiat pieces originate from the anthropologist Francesco Pellizzi’s possession. Also, Basquiat‘s first dealer, Annina Nosei acquired it in the early ’80s.
Three Early Basquiats, Led by Untitled (ELMAR)
The iconic 1982 image Untitled (ELMAR) is the top seller at the New York auction on May 14. It is a contemporary Icarus poised to plummet from the sky, depicted on a roughly eight-foot-wide canvas, as an archer aims two arrows at him. The estimated selling price of Untitled (ELMAR) is $40–60 million.
In 1989, the Hofstra Museum in New York hosted a retrospective honoring Pellizzi’s collection, which featured Untitled (ELMAR). It was also on display and highlighted on the front page of the corresponding publication for a display held at Gagosian Los Angeles in 1998 to mark the tenth anniversary of Basquiat’s death.
Additionally, in 2018, the work of art was on display at the artist’s retrospective at the Fondation Louis Vuitton in Paris. Philips will also offer the 1981 painting Untitled (Portrait of a Famous Ballplayer) for sale in New York. The estimated cost of the painting is between $6.5 million and $8.5 million.
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Pieces Growing Each Year
Two weeks later, on May 31, in Hong Kong, the house will offer Native Carrying Some Guns, Bibles, and Amorites on Safari (1982) for a price range of $12 million to $18 million. Asia served as a great market for Basquiat’s paintings. An unidentified 1982 painting from the possession of Japanese multimillionaire Yusaku Maezawa sold for $85 million in May 2022. Maezawa paid $57.3 million for it at Christie’s just six years prior.
The artist’s creations are a mainstay at nighttime sales in New York. A 12-foot-wide 1983 triptych from Italian fashion designer Valentino Garavani’s portfolio sold at Christie’s last May for just over $67 million, making it one of the most pricey Basquiat paintings ever put up for auction.
“Basquiat’s relevance and fame have only continued to grow each year and he is one of the most sought-after artists of any century”, Robert Manley, deputy chairman and worldwide co-head of 20th century and contemporary art at Philips, said in a statement. He referred to Gagosian’s current exhibition of Basquiat’s work in Los Angeles, and said, “From where I stand, the momentum seems to be picking up”.
