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$110.5M Record For Basquiat Painting At New York Auction

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News video: $110.5M Record For Basquiat Painting At New York Auction

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..

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