Thursday, 29 March 2018

Basquiat's 'Flesh and Spirit' leaps from $15,000 to $30m

Jean-Michel Basquiat in front of his painting "Flexible". The Estate of Jean-Michel Basquiat / 2018 Artists Rights Society (ARS), New York / ADAGP, Paris Illustration: Lizzie Himmel, 1986. Artwork.

From $15,000 to what has been estimated to sell for $30 million, a  12-foot-square painting by late artist Jean-Michel Basquiat heads for the hammer on May 16 at Sotheby’s in New York. 
 Unveiled at Sotheby's Hong Kong, yesterday, it was revealed that the seller, in 1983 bought the painting titled
Flesh and Spirit for $15,000 from the late artist’s solo show at Tony Shafrazi Gallery.
 Basquiat (December 22, 1960 – August 12, 1988), according to the painting's provenance painted the work in 1983. In the same year, a prominent collector,  Dolores Ormandy Neumann
bought the work for $15,000. Currently, on exhibition at Sotheby's in Hong Kong, the work will travel to London before the opening of the New York view on May 4. Last year, a Basquiat painting was sold for $110 million by the same Sotheby's at an auction.
Who is Neumann?– She was a collector and patron  of graffiti artists, whose patronage, according to sources, encouraged a growing number of artists in downtown New York in the early 80s. Her family currently holds the painting that is described 'as a symbol of her support for grafitti art.'

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