When Phillips New York unveiled "Untitled (ELMAR)" for their May 14 evening sale, market watchers knew the stakes. Basquiat's 1982 works remain the most coveted in contemporary art, and this eight-foot-wide canvas from Italian anthropologist Francesco Pellizzi's collection promised fireworks.
The Provenance: Impeccable Origins
Pellizzi acquired the work from Annina Nosei – Basquiat's first dealer – in the early 1980s for just $14,000. The painting remained in his collection for four decades, ensuring freshness to market and documentary integrity. Such provenance represents the gold standard.
The Sale: Three Minutes of Competition
Bidding opened strong and remained competitive throughout three minutes of action. The hammer fell at $40.2 million; with buyer's premium, the final price reached $46,479,000. The buyer is rumored to be Japanese mega-collector Yusaku Maezawa, bidding through Phillips deputy chairman Robert Manley.
The Context: 1982 Supremacy
Basquiat's 1982 works – created when the artist was just 21 and experiencing his breakthrough – consistently achieve the highest prices. This year marks the apotheosis of raw talent meeting street culture meeting the New York gallery world. The result confirms 1982's enduring market dominance.
Seasonal Summary
Phillips' evening sale totaled $86.3 million, up 24% from the previous year despite challenging conditions. The Basquiat led, but strong results throughout suggested stabilizing confidence in blue-chip contemporary material.