Art Market Monitor

Christie’s Announces a Top-Shelf Basquiat

Lindsay Pollock on Bloomberg focuses on Lars Ullrich’s Basquiat, just announced for Christie’s Post-War and Contemporary Sale on November 12th. Coming right in the teeth of a market storm, dealers and advisers see this work as still having the potential to set a record price.

Here’s what Pollock says:

Despite the global financial meltdown, dealers remain bullish on marquee artworks. “The very sliver at the top of the market will probably remain attractive to people as a better place to put their money than the stock market,” said Miami-based art adviser Lisa Austin. “Basquiat is solid gold. I expect the piece will get snapped up.”

Carol Vogel carries the same story in the New York Times. Vogel points out that Ullrich is taking the risk with his eyes wide open:

“Of course it’s an awkward time to sell, but I’ve always been about taking chances,” Mr. Ulrich said. “I have a lot of faith in the art market,” he added. “It’s perhaps the last frontier where the best of the best will not go the way of the rest of the economy.”

If Ullrich is right, the picture, Pollock points out, has the potential to set a new record for Basquiat:

Dealers said the painting may set a new record for the artist. “It has the potential to sell for $15 million to $20 million,” said dealer Christophe Van de Weghe, who specializes in Warhol and Basquiat. “This is a broad market. You have people who have been collecting art for 30 years and also the 20-year- old rich guy.”

Metallica Drummer Puts $12 Million `Boxer’ Basquiat Up for Sale (Bloomberg)

Inside Art: Metallica Drummer to Sell Basquiat ‘Boxer’ (New York Times)

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