A rare early Jean-Michel Basquiat painting, unseen by the public for over three decades, is poised to electrify the art market this May as the centerpiece of Sotheby’s Contemporary Evening Auction in New York, per artnews.com. With estimates ranging from $10 million to $15 million, the 1981 untitled work represents a pivotal moment in the legendary artist’s career when he was transitioning from street art to international acclaim.
The five-foot-wide masterpiece, created when Basquiat was just 20 years old, features his characteristic frenetic energy—a mythic figure rendered in oilstick on paper that art dealer Jeffrey Deitch described as hovering “between the street and the studio.”
Acquired in 1989, the painting has remained in the same private collection for 36 years, making its emergence a significant event for collectors and art enthusiasts alike.
This rediscovery comes at a challenging time for the high-end art market, which saw global sales decline by 12 per cent in 2023. However, Sotheby’s is banking on the rarity and pristine provenance of its May offerings to overcome market hesitation.
“Because there’s less volume, you need to be more astute and bring things that are really exciting,” explained Grégoire Billault, Sotheby’s chairman of contemporary art. The auction house has curated an impressive lineup including works from Barbara Gladstone’s personal collection, the Roy Lichtenstein Foundation, and the “Im Spazio” collection assembled by Daniella Luxembourg.
Other highlights in the Modern Evening Auction include Lucio Fontana’s glitter-dusted “Concetto spaziale, La Fine di Dio” (estimated $12-18 million), Robert Rauschenberg’s “Rigger” ($8-12 million), and Pablo Picasso’s flamboyant “Homme assis” ($12-18 million).
The exhibitions open May 2 at Sotheby’s York Avenue galleries, with evening sales beginning May 13.
•Featured image: Untitled early Basquiat is expected to bring in up to $15 million at Sotheby’s Contemporary Evening sale in May/Sotheby’s
