A billionaire who recently rocketed to the International Space Station said he is sending one of his prized Jean-Michel Basquiat paintings to auction this spring for an estimated $70 million. The move hints at the shifting whims of the world’s wealthy but also underscores the continuing strength of the art market overall.
Yusaku Maezawa wasn’t well-known in art circles when he paid Christie’s a record-breaking $57.3 million for his untitled 1982 Basquiat six years ago. The collector reveled in the win by posting an image on his Instagram account, shrugging off the typical discretion exercised by some top buyers.