Why Basquiat's Art Is Priced Higher Than Monet and Picasso
Why Basquiat's Art Is Priced Higher Than Monet and Picasso
“This season, Basquiat is … the top artist by presale estimated value, with $96.7 million dollars. Monet is a close second, at $95.5 million. Picasso is a distant third, at $69 million.” - Marion Maneker, Wall Power
The demand for Basquiat's art shows no signs of slowing down. His works consistently achieve staggering prices and attract the attention of the world's most selective collectors.
In 2017, his 1982 painting sold for a record $110.5 million at Sotheby's. According to investment platform Yieldstreet, the value of Basquiat's works has appreciated by an average of 21% annually in the past 15 years.
Basquiat has a very distinct style. When you see his work, you know it is him. Or when you see someone whose work was inspired by Basquiat, you can quickly spot that influence as well.
Several years ago, I attended an exhibition organized by his family called Jean-Michel Basquiat: King Pleasure. It was one of the most impressive exhibitions I had ever seen in the way it was designed, organized, and presented.
As I explored the exhibit, I couldn't help but wonder: What makes Basquiat so popular today, 36 years after his untimely death? What is the secret to his enduring appeal?
From Brooklyn Streets to Global Stages
Born in Brooklyn in 1960 to a Haitian father and Puerto Rican mother, Jean-Michel Basquiat's diverse cultural heritage deeply influenced his art from an early age. As a child, he displayed an intense passion for art, constantly drawing and visiting New York City museums with his mother.
Despite this early creative spark, Basquiat's childhood was marked by turbulence. He grew up in a tumultuous family environment with an abusive father and a mother struggling with mental health issues.
His journey from spray-painting street walls to exhibiting in prestigious galleries is a remarkable testament to his extraordinary talent and determination to overcome adversity.
Pushing Artistic Boundaries
Jean-Michel Basquiat's meteoric rise in the art world during the early 1980s was as unconventional as it was groundbreaking. Rejecting traditional paths, his art blended street graffiti with sophisticated gallery aesthetics, blurring the lines between 'high' and 'low' art. In doing so, Basquiat elevated the status of graffiti as a legitimate art form.
Revolutionary in its approach, Basquiat's work combined elements of drawing, painting, poetry, and social commentary. This bold integration challenged artistic norms while inviting a broader audience to engage with his work. By transcending cultural and social boundaries, his innovative style forever changed the landscape of contemporary art.
Navigating Challenges
The early 1980s were both tumultuous and transformative for Basquiat. Struggling with personal demons and the pressures of navigating a predominantly white art world, he found comfort and self-expression through his art. His breakthrough moment arrived in 1982 when he became the youngest artist featured at Documenta, a prestigious contemporary art exhibition in Germany.
Basquiat's work, characterized by frenetic scribbles, fragmented figures, and raw emotion, captured the essence of his inner struggles, making his personal battles universally relatable. This pivotal achievement marked his ascent as a critical voice in contemporary art at just 22 years old.
Giving Voice Through Art
During this time, Basquiat developed his iconic crowned black oracle figures, drawing inspiration from Black heroes like jazz musician Dizzy Gillespie and boxer Muhammad Ali. He also found inspiration in Black art, music, poetry, and cultural traditions, celebrating the rich history of his heritage.
Works like "Untitled" (1982) and "Irony of Negro Policeman" (1981) featured crowned figures that critiqued power structures while celebrating Black identity.
"Hollywood Africans" (1983) was a commentary on the commercialization of African-American identities in entertainment.
"Riding with Death" (1988) was a poignant reflection on mortality and the enduring legacy one leaves behind.
These were not merely paintings. These were powerful images that symbolized triumph and resistance against racial injustice, giving voice to the voiceless and marginalized.
A Profound Legacy
Despite his premature death at the age of 27 from a heroin overdose, Jean-Michel Basquiat left behind an enduring legacy as one of the preeminent artists of his generation. His art continues to be a powerful commentary on the African-American experience and a definitive narrative of the 1980s.
In his short but prolific career, Basquiat produced an astonishing body of work - around 1,000 paintings and 2,000 drawings. His unapologetic, raw, and deeply expressive approach to art has made him a role model for artists grappling with issues of identity, race, and social justice.
Today, Basquiat's works command astronomical prices not merely for their aesthetic value but for their historical significance and powerful cultural commentary.
Since his passing, Basquiat's estate, managed by his sisters, has carefully controlled the licensing and reproduction of his work. This management has ensured that his legacy remains strong and lucrative, turning Basquiat's art into a significant family asset that supports various charitable causes.