Phillips Expects Around $70 Million From The Upcoming Basquiat Crypto

2022-03-03 00:29:30
Phillips Announces The Basquiat Crypto Auction

One of the oldest and most prominent auction houses in the world, Phillips, announced that it will host an auction that will feature the works of the famous neo-expressionist artist, Jean-Michel Basquiat, with bitcoin, i.e. crypto, being part of this year’s payment options as well.

Moreover, the upcoming 20th Century & Contemporary Art Evening Sale is scheduled for May 18 2022, in the city of New York. The most popular item of the night is the ‘Untitled, 1982’ painting by Jean-Michel Basquiat himself, which is stands 8 feet tall and 16 feet wide.

As per the initial predictions by Phillips, this work of art is expected to reach a price somewhere in the vicinity of $70 million.

Furthermore, the painting is courtesy of the respected Japanese art collector, Yusaku Maezawa. Speaking on the upcoming auction, Maezawa, the consignor of ‘Untitled’, says that he wishes for the painting to find the right owner, and proceed to ‘bring smiles’ to many people throughout the globe.

I hope that Untitled will continue its great journey in good hands and that it will bring smiles to many people all around the world.Yusaku Maezawa | Consignor of 'Untitled, 1982'

According to the auction house that exists for 225 years, it is very likely that Jean-Michel Basquiat drew inspiration from the famous ‘Guernica’ painting by Pablo Picasso, when creating his own masterpiece ‘Untitled, 1982’.

“This striking horizontal format is likely a nod to Pablo Picasso’s masterwork ‘Guernica’.”

In fact, this is not the first time for Basquiat’s artwork to draw comparisons to the co-founder of the Cubist art movement, Pablo Picasso.

One of the most exciting parts concerning the upcoming crypto auction of Basquiat that Phillips will host on 18 of May is the news that the auction house will allow bitcoin and Ethereum.

Phillips On The Forefront Of Crypto Auctions

Yet, this is not the first blockchain experience of the Phillips auction house. As a matter of fact, there are several instances where Phillips used crypto or NFT as part of its auctions.

One such example is the ‘Laugh Now Panel’ by Banksy, auctioned in 2021, also with crypto. That event marked the very first instance of Phillips using crypto as payment options.

Another similar example is the ‘My Kawaii Valentine Online Auction’, when back at the beginning of February 2022, Phillips introduced the first-ever NFT that was created by a virtual human and generates auction data.

Among the NFTs in the sale is Drowning in Love, the world’s first NFT created by the virtual artist, Monoc, using real-time auction data.

Prior to the main event on May 18, at 432 Park Avenue in New York, the painting by Basquiat will be set about on a mini international tour. More specifically, the cities of Los Angeles, London, Taipei, and finally, New York.

Related Posts

Leave a Reply