On Thursday night a 1982 artwork by Jean-Michel Basquiat sold for a record $110.5 million at Sotheby's auction of contemporary art.
Sotheby's said the sale of "Untitled" was an auction record for the artist. in addition it set a record price for an American artist at auction. The painting's graffiti-like typography depicts a face in the shape of a skull.
After a 10-minute bidding war, the piece was purchased by noted Japanese collector and e-commerce entrepreneur Yusaku Maezawa.
Maezawa plans to display it in his museum in Chiba, Japan after loaning it to institutions and exhibitions around the world.