It is rare for artwork to be sold for over $100 million, and now one of Jean-Michel Basquiat's works can be added to that list of art sold for the mentioned amount. The deceased artist's 1982 interpretation of a skull has sold for $110.5 million at Sotheby's. At first, the buyer of the painting named "Untitled" was not revealed after the auction. However, a Japanese billionaire named Yusaku Maezawa came forward via his Instagram page and announced that he had acquired the piece. His caption said "I am happy to announce that I just won this masterpiece. When I first encountered the painting, I was struck with so much excitement and gratitude for my love of art. I want to share that experience with as many people as possible."
Maezawa said to Sotheby's that he copped the painting so that it could be placed in a museum in Chiba, Japan. He noted that there were plans before the painting reaches the museum though, saying "but before then I wish to loan this piece--which has been unseen by the public for more than 30 years--to institutions and exhibitions around the world." According to Basquiat expert Jeffrey Deitch, the sale of this painting now puts the artist in the same league as Pablo Picasso.