This month’s issue of The Art Newspaper has highlighted graffiti artist Basquiat as the one to watch in the art market, claiming that “Commercially and critically Michel Basquiat is now considered the heir to Warhol.”
Jean Michel Basquiat was one of the first African-American artists to reach international stature and wealth in the art world. His fusion of multicultural symbols, biting social commentary and distinctive graphic style set his urban art apart. Dying from a drug overdose in 1988, at the age of 27, Basquiat's career was brief but brilliant.
Basquiat's market reached a record in June when ‘Untitled’ (1981) sold at auction in London and broke the auction record selling for £12.9m ($20.1m). This topped the previous record of $16.3m set a month earlier at Philips de Pury in New York. “Basquiat is now in a different category: super blue-ship. There’s no holding back,” claims the New York collector Adam Lindemann.
Basquiat's work is proving that art continues to be a great investment and that graffiti art is entering a new league.