A major painting by the NY artist Jean-Michel Basquiat has sold at Sotheby's for an unprecedented $110.5m (£85.4m).This doubles the artist's record for the most expensive price paid for his work.
Basquiat's works were known for their focus on African-American issues, wealth versus poverty, integration versus segregation, and inner versus outer experience.
The untitled painting depicting a human skull was executed in oil stick, acrylic and spray paint.
The piece was purchased by noted Japanese collector and e-commerce entrepreneur Yusaku Maezawa after a 10-minute bidding war.
He plans to loan the painting to institutions and exhibitions around the world before making it the centerpiece of a museum he plans to open in his hometown of Chiba.More news: New Facebook Messenger Home Screen Is All About Messaging
Cheers and applause greeted the sale, which nearly doubled the previous Basquiat auction record of $57 million.
The Picasso piece sold at Christie's in NY in 2015. Only 10 other works have broken the $100 million mark.
"I am happy to announce that I just won this masterpiece", Maezawa wrote on Instagram alongside a picture of himself with the picture.
"When I saw this painting, I was struck with so much excitement and gratitude for my love of art", said Maezawa.
The auction, held at Sotheby's in NY on Wednesday, drew gasps from the crowd as the price "sailed past" the expected $US60 million mark. "He's bringing something never seen before".More news: Fox News co-founder Roger Ailes dies after falling at his home
The New York Times reports it was also the record price for any American artist, as well as for any black artist. In total, $319.2million was spent on 50 lot items.
Sotheby's concludes its week of sales on Friday.
At least 14 works from the Brooklyn-born artist were on sale at Christie's and Sotheby's this week.
It was described by the auction house as: 'raw, uncensored, and fiercely magnificent. "Untitled" is the first work made after 1980 to sell for more than $100 million and fetched the sixth highest price ever for a work of fine art. His "The Women of Algiers (Version 0)" fetched $179.4 million at Christie's in NY in 2015.More news: John Terry says he could retire at the end of this season
- Freddie Mac: Mortgage Rates Low, May Get Lower
- Clinical KKR Beat Sunrisers by 7 Wickets to Enter Qualifier 2
- North Korea's detention of U.S. citizen 'concerning': White House
- Roger Ailes, former Fox News chief, dies at 77
- SNL Shares Outtakes from Melissa McCarthy Cruising Through NYC as Sean Spicer
- Iran TV censors Rouhani documentary ahead of elections
- US, Turkey spar over Erdogan visit violence, Kurdish support
- United Airlines to buy naming rights to LA Memorial Coliseum
- Toby Keith to perform in Saudi Arabia, but just for men
- Mayhem rages in west Venezuela; Capriles blocked from U.N. trip