An untitled Jean-Michel Basquiat painting of a skull sold for $110.5 million at a contemporary art sale at Sotheby's Thursday night in New York, the highest price ever paid at auction for a piece by an American artist.
In 1984, the painting was purchased by the late art collectors Jerry and Emily Spiegel for $19,000. The 1982 work had a pre-sale estimate of more than $60 million, and bidding began at $57 million. A 10-minute bidding war between three parties ensued, and the artwork was ultimately purchased by Japanese art collector and entrepreneur Yusaku Maezawa.
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