Jean-Michel Basquiat: ‘Mind-blowing’ art? Well certainly a mind-blowing commercial transaction.

Jean-Michel Basquiat (1960-1988)

 

Untitled” (1982), acrylic, spray paint and oilstick on canvas, 183.2 by 173 cm, just sold for $110.5 million at Sotheby’s auction on Thursday 18th May in New York, bought by a Japanese fan, Yusaku Maezawa , a fashion entrepeneur.

It’s mind-blowing,” said “collector” Mr. Larry Warsh.

Yes clearly a “mind-blowing” commercial transaction.

But “mind-blowing”art?

Well certainly it’s art, but it’s also fashion.

And as they say, money – and fashion – do funny things to people, and the more the money the funnier.

Like the sustained hyberbolic, hagiographical overdrive in Sotheby’s on-line write up of the art work, which dare one say does not come with an obvious disclaimer, ie their vested financial interest in this auction outcome, and in any relevant auctions in the future.

This self-serving commercial market phenomenon – involving dealers, auction houses, museums and collectors – applies to many other artists, usually dead but sometimes still alive. The late Cy Twombly is another prime example.

Yes Mr Basquiat’s work is eye-catching, distinctive.

And this seeds initial interest. But once he is “discovered”, and prices start to move up, the self-perpetuating promotion process takes hold and prices rise ever higher, a virtuous-circle, the process fuelled by its own exhaust.

Thus compare the painting of the moment with five broadly similar works for sale now though Sotheby’s in Paris in June 2017, all in a colourful animated neo-expressionist style, but estimated to sell for between only 10,000 and 200,000 Euros (US$11.2-224k), or 0.01-0.2% of Untitled (1982).

But Untitled (1982) is bigger – and scarier! – so say its art is “worth” 400,000 Euros, then that’s 0.4% art and 96.4% fashion.

On the other hand if Untitled (1982) is worth that much maybe Mr Appel et al are cheap?

Interestingly much the same commercial outcome has happened with the New York Abstract Expressionist (AE) school. Works of the main protagonists were executed soon after WW2 and some have sold for US$50-100m or more. A Pollock sold for US$140m in 2006.

But abstraction was alive and well in Europe at the same time, but these works sell for a tiny fraction of the priciest AE works.

The role of fashion in the matter is highlighted or emphasized by the AE school comprising markedly different abstraction styles, eg compare a Pollock gestural “drip” classic with Barnet Newman’s main works, in a stark simple geometric style. Thus what matters now is not so much the style and content of the painting as the now collectively celebrated specific historic early postwar artistic and commercial experience it was part of.

Compare …………

Jean-Michel Basquiat (1960-1988) 1982, Untitled,  acrylic, spray paint and oilstick on canvas, 183.2 by 173 cm,  SOLD FOR US$110.5 million, 18 May 2017, Sotheby’s New York.

 And five similar works for sale in Europe …………..

     2

Karel Appel (1921 – 2006). 1958, UNTITLED, oil on canvas, 81 x 65 cm;                 ESTIMATE 40,000 — 60,000 E

3

Karel Appel (1921 – 2006). 1958. BATAILLE D’ANIMAUX , oil on canvas, 114 x 146 cm;  ESTIMATE 150,000 — 200,000 E

    4

Robert Combas (born 1957), 1989. UNTITLED. acrylic on canvas, 122 x 136,5 cm;  ESTIMATE 15,000 — 20,000 E

5

Toshimitsu Imaï (1928 – 2002), 1963, SOLEIL oil on canvas, 73 x 92 cm. ESTIMATE 30,000 — 50,000 E

6

Carl-Henning Pedersen (1913 – 2007), 1975, THE BLUE EYE AND RED FACE. oil on canvas, 101,2 x 83,5 cm;  ESTIMATE 10,000 — 15,000 E

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