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: Saudi Arabia will give Trump a royal welcome, ignore his slights
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: US, Turkey spar over Erdogan visit violence, Kurdish support
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: Trump defiant, doubting top advisers as White House in turmoil, sources say
- Free Syrian Army Freezes Opposition HNC Delegation Membership at Geneva Talks
- Mayhem rages in west Venezuela; Capriles blocked from U.N. trip
- Roger Ailes, former Fox News chief, dies at 77
- North Korea's detention of U.S. citizen 'concerning': White House
- SNL Shares Outtakes from Melissa McCarthy Cruising Through NYC as Sean Spicer
- Fox News co-founder Roger Ailes dies after falling at his home
- Clinical KKR Beat Sunrisers by 7 Wickets to Enter Qualifier 2
- Rock legend Chris Cornell dies at age 52
- Ryan seeks to refocus GOP amid White House drama
- Trump administration gives Congress notice they'll renegotiate Nafta