Auction house PHILLIPS has announced the consignment of "Untitled" (1982), a monumental work by Basquiat owned by entrepreneur and art collector Yusaku Maezawa, as a highlight of its Spring 2022 offerings.

Phillips, the international auction house, has announced the consignment of "Untitled" (1982), a monumental work by Jean-Michel Basquiat, from the collection of Yusaku Maezawa, the entrepreneur and art collector. The painting will be offered in the Evening Sale of 20th Century & Contemporary Art on Wednesday, May 18, 2022, following preview exhibitions in London, Los Angeles, and Taipei, marking a spectacular opening to New York’s auction season. The work, measuring nearly 17 feet wide, is expected to achieve upwards of $70 million.

Featured on the cover of the 1996 catalogue raisonné of Basquiat's works and presented as a centerpiece in several retrospective exhibitions, "Untitled" is one of the most iconic works in the artist's oeuvre. Its dimensions—approximately 8 feet high by 16 feet wide—are said to have been strongly influenced by Pablo Picasso's "Guernica," a masterpiece Basquiat saw at The Museum of Modern Art in his youth.

Basquiat, instantly recognizable with his short, vertical dreadlocks, is depicted as a demonic figure, his intense rage conveyed through red paint dripping like blood from his horns. Emerging from a palette reminiscent of Abstract Expressionism, the painting embodies an interest in the duality of heaven and hell, a clear contrast to the martyrs and saints Basquiat often depicted. This work stands as one of his undisputed masterpieces, showcasing his unique iconography and painterly talent at the apex of his tragically short career.

Yusaku Maezawa commented, "My approximately six years with this 'Untitled' have been a happy, stimulating, and unforgettable time. I believe that art collections should constantly evolve with one's own growth and changes, and should be shared with as many people as possible. I sincerely hope this wonderful work will be passed on to its next owner and enjoyed by people around the world. I also look forward to unveiling my evolving art collection at my museum, which is scheduled to open in the near future."

Phillips's Global Chairman, Cheyenne Westphal, stated, "Looking back at Basquiat's career, 1982 is often considered a turning point. At just 21 years old, he held his first solo exhibition with his gallerist Annina Nosei, alongside six other solo shows worldwide, achieving immense acclaim and rapidly gaining international recognition. 'Untitled' is one of Basquiat's most ambitious and famous works, resonating deeply with collectors from diverse backgrounds and interests. We are thrilled to begin an exciting preview tour of this incredible painting with collectors around the world."

Jean-Paul Engelen, President, added, "Works like this rarely come to auction, and demand from collectors is higher than ever. We are honored to be entrusted by Mr. Maezawa with the sale of 'Untitled' at a particularly exciting time for the Basquiat market and for Phillips, in what is proving to be a record-breaking year for the house."

Phillips will accept cryptocurrency, including Ethereum or Bitcoin, for the payment of "Untitled." In addition, ahead of the May auction, an unprecedented exhibition of over 200 previously unseen paintings, drawings, multimedia presentations, and ephemera, curated by the Basquiat estate, will open in early April. Titled "King Pleasure," Phillips continues its long-standing relationship with the Basquiat family and is proud to be the presenting sponsor of this exhibition.