Later this month, at a Sotheby’s modern and contemporary sale in London, Jean-Michel Basquiat’s 1982 triptych Portrait of the Artist as a Young Derelict will head to auction for the second time in three years.
The seven-foot-wide work seems to have significantly declined in value. When Christie’s brought the work to auction in 2022, that house gave it a $30 million estimate; just before the sale, the work was quietly withdrawn. This time, Sotheby’s has awarded the work a $15 million–$20 million estimate.
Any Basquiat coming to auction is deemed an event, largely due to the phenomenally high prices his work typically commands. Although the recent secondary market prices are still high, Basquiats used to more regularly outpace their high estimates by large sums at auction. The dip in prices could be explained by collectors being more thoughtful about how many millions they are willing to spend at auction, and by auction houses adjusting estimates to better fit those new, high interest rate–driven buying habits.
In May, Basquiat’s Untitled (ELMAR), also from 1982, led a modern and contemporary art sale at Philips, selling for $46.5 million. That painting had been estimated to sell for $60 million. The other two Basquiats sold by the house in evening sales that month—Untitled (Portrait of a Famous Ballplayer), from 1981, and Native Carrying Some Guns, Bibles, Amorites on Safari (1982)—headed to auction at lower values, selling for $7.8 million and $12.6 million, respectively. Those figures, which all include buyer’s premium, were squarely within the works’ estimates.
Christie’s and Sotheby’s, too, had Basquiats for sale in May. An untitled 1984 collaboration between Basquiat and Andy Warhol went to Sotheby’s with an estimate of $15 million to $20 million. It sold for $19.3 million. Meanwhile, yet another 1982 work, The Italian Version of Popeye Has no Pork in His Diet, sold at Christie’s for $32 million on an estimate of around $30 million.
Earlier this year, Phillips’s Americas president Jean-Paul Engelen told Puck’s Marion Maneker that Basquiat was “the new Picasso,” a euphemism for the fact that the artist has now achieved legendary status on the market. According to Maneker, roughly $125 million worth of Basquiat’s work sold in May. Look back to the last four years, and that figure crosses the billion-dollar mark.
There’s no question that Basquiat’s market has juice at the moment, a trend that it likely to continue. The only question is whether Sotheby’s priced the work low enough to get collectors interested. Either way, it doesn’t matter much. The work, according to Sotheby’s website, has a guarantee and an irrevocable bid, which means it has effectively already sold. The question, now, is who’s taking it home.