Shane Ferro
Art market news and commentary by the staff of Art+Auction

MARKET WATCH: Art market news and commentary by the staff of Art+Auction

$30 Million Basquiat Headed to Christie’s?

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The 1982 Jean-Michel Basquiat painting “Dustheads,” which was shown at the Paris Museum of Modern Art in 2010, is rumored to be headed to Christie’s this May with a $30 million guarantee, according to the Baer Faxt. Venezuelan collector and Guggenheim trustee Tiqui Atencio currently owns the work.

Baer adds that another Basquiat painting, “Museum Security (Broadway Meltdown),” which was withdrawn from Christie’s last year after a lawsuit broke out between the sellers, the Mugrabi family, and its previous owner, Edward Spencer-Churchill, was recently sold for $15 million as part of a settlement.

Basquiat’s market has skyrocketed in recent years, with auction houses setting new artist records twice in 2012. Christie’s ultimately set the bar at $26.4 million (with premium) for Basquiat’s “Untitled,” 1981, in November.

— Rachel Corbett

(Photo: Jean-Michel Basquiat, “Dustheads,” 1982)

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