It had been more than 40 years since anyone had seen her. This work by Basquiat, carefully preserved in a private collection for several decades, and soberly titled Untitled (ELMAR) has just been auctioned off at Maison Phillips for a dizzying sum.

During the Phillips auction in New York on May 14, 2024, an emblematic work by the artist Jean-Michel Basquiat , entitled Untitled (ELMAR), established a very good performance by selling for the impressive sum of 46.5 million dollars.{ 22}

Is this a historic sale?

This sale marks a historic moment in the world of contemporary art, certainly, confirming the enduring appeal and exceptional value of Basquiat's works on the global market. Untitled (ELMAR), created in 1982, is a paradigmatic representation of Basquiat's artistic genius, marking a pivotal period in his career as he transitioned from street art to gallery success. The work, measuring 2.50m wide by 2m high, is imbued with the artist's mythical iconography.

However, this sales record for Basquiat comes after a series of impressive sales of works by the artist in recent years. In 2017, with $110.5 million for Untitled Skull. In 2021, In This Case (1983) was sold for $93.1 million, setting a new record performance for a work by Basquiat. Untitled (ELMAR), became the artist's third most expensive painting.