An important work by Jean-Michel Basquiat has sold for a record $110.5m.

This large canvas dates to 1982, when Basquiat was at the peak of his abilities

That’s almost double the artist’s previous auction record, set at $57.3m last year.

Both this latest record-setting piece and the previous one were acquired by Japanese billionaire Yusaku Maezawa, who plans to display them in a new gallery in Chiba, Japan.

This canvas was originally acquired from Basquiat himself in 1984 for $19,000.

That equates to growth of 30.04% per annum since the last sale. 

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