Jean-Michel Basquiat's 'Warrior': Living up to expectations

The First Art Newspaper on the Net    Established in 1996 Tuesday, April 16, 2024

Jean-Michel Basquiat's 'Warrior': Living up to expectations
Jean-Michel Basquiat, Warrior, 1982, Acrylic and Oil Stick on Wood Panel, 72 x 48 inches.

NEW YORK, NY.- The sale of Jean-Michel Basquiat’s proclaimed masterpiece Warrior is promised to be a milestone for the Western art market in Asia. The sales history of Warrior allows us to gain insight into the growth and performance of the Basquiat marketplace as well as assess the value of trophy works in the aftermath of the Covid-19 pandemic.

There are a couple of pronouncements by Christie’s that need to be put into context.

First, the designation of Warrior as a milestone sale from a western artist in the Asian market, though factually accurate is not without precedent, as the 2017 sale of Basquiat’s Untitled, 1982 for $110,487,500 was purchased by an Asian buyer (Yusaku Maezawa) and it is widely known that Asian collectors are active in the Basquiat market. The fact that buyers may purchase significant works by Basquiat in Hong Kong doesn’t seem like a milestone event, but more of an acknowledgment by Christie’s and their consignor that the Asian art market is a strong and vibrant marketplace for Basquait.

Second, we have Christie’s proclamation that Warrior is a masterpiece and it’s sale is expected to rank in the top 10 of all time results. While there has been no formal announcement, it is expected that there will be a guarantee on this sale which would assure that Warrior will indeed be in the top 10 prices ever achieved at auction for the artist. If we look back at Warrior’s sale in 2012 it was the 14th highest price achieved for Basquiat at the time and if we adjust all past sales by Basquiat’s Compound Annual Return (CAR), currently ARTBnk is using the median of the bottom 80% of Basquiat’s return distribution to generate his CAR, 22 works are valued at more than $40 million in today's market. A $30 million dollar sale, although an extraordinary achievement, does not place Warrior in the top 20 works based on current market value of Basquait’s works previously sold at auction.

Warrior’s performance on March 23rd will reveal a lot about the Basquiat market and the trophy market as a whole when related to past performance. In this analysis we have taken the past 10 years of Basquiat's repeat sales data to create a distribution of returns. From these returns we generated 3 CAR’s from the median of the bottom 80% (14.4%), the middle 60% (16.7%), and the top 80% (18.5%). The results are illustrated in the graph below.

It’s interesting that the 10 year CAR range ($29m - $40m) lines up very closely with Warrior’s estimate ($31m - $41m) indicating that the consignor, auction house specialist, and the 10 year data are in alignment. If the result exceeds $40m then we will know that the Trophy market for Basquiat is strong and Asia, which largely carried the Art Market during the pandemic, will likely lead the Art Market out of the pandemic.

Today's News

March 22, 2021

Andrew Jones Auctions announces highlights included in March 28 auction

Christie's 20th Century Art London, Day and Online Sales now online for browsing

Jean-Michel Basquiat's 'Warrior': Living up to expectations

Christie's announces highlights included in The Arts of the Surreal Evening Sale

Briscoe Center acquires archive of Jacques Lowe, renowned photographer of Kennedy Family

Career-spanning exhibition of works by Robert Mapplethorpe opens at Gladstone Gallery

MAMC+ announces the third European iteration of 'Hassan Sharif: I Am The Single Work Artist'

ADA opens an exhibition of works by Benni Bosetto

Almine Rech opens an exhibition of works by Mehdi Ghadyanloo

Hugh Newell Jacobsen, famed modernist architect, dies at 91

Photoworks & Jerwood Arts announce major commissioning and exhibiting opportunity for early-career artists

The New Orleans Museum of Art acquires 'The Seated III' by Wangechi Mutu

Qatar Museums announces inaugural programme for Tasweer Photo Festival Qatar

Medals awarded to doctor in West Africa and China highlight medal sale at Dix Noonan Webb

"The Last Orientalist": A major solo exhibition by Sarp Kerem Yavuz is now open at Anna Laudel Dusseldorf

Hungary pop music reform opens new front in culture war

Patriot games: Hong Kong arts scene shudders as loyalists circle

Calls grow for a national monument honoring America's Covid dead

Art Dubai to be one of the first physical art fairs of 2021

Colin Hunt's debut solo exhibition with Hirschl & Adler Modern opens in New York

Photos on QUAD's building launches 10th edition of FORMAT International Photography Festival

Bruneau & Co. Auctioneers announces Comic, Trading Card Game, for Pokémon and Toy auction

Poland's Adam Zagajewski, 'poet of 9/11' dies aged 75

Terror attack memorials pose dilemma: Who benefits?

How to File for Divorce Online in Kentucky │ Essential Tips

Low-Cost Divorce in Maryland │ How to Get?

Online Divorce vs. Hiring Lawyers in Kansas

Museums, Exhibits, Artists, Milestones, Digital Art, Architecture, Photography,
Photographers, Special Photos, Special Reports, Featured Stories, Auctions, Art Fairs,
Anecdotes, Art Quiz, Education, Mythology, 3D Images, Last Week, .


Ignacio Villarreal
(1941 - 2019)
Editor & Publisher: Jose Villarreal
Art Director: Juan José Sepúlveda Ramírez

sa gaming free credit
Truck Accident Attorneys
Accident Attorneys

Royalville Communications, Inc
Founder's Site. Hommage
to a Mexican poet.

The First Art Newspaper on the Net. The Best Versions Of Ave Maria Song Junco de la Vega Site Ignacio Villarreal Site Parroquia Natividad del Señor
Tell a Friend
Dear User, please complete the form below in order to recommend the Artdaily newsletter to someone you know.
Please complete all fields marked *.
Sending Mail
Sending Successful