Basquiat painting sells for record $111 million

A Japanese billionaire has bought a Jean-Michel Basquiat painting for $110.5 million, the highest ever price paid at auction for a work by an American artist.

It's a spectacular increase from the last time the painting, "Untitled," was sold -- it fetched a mere $19,000 in 1984. For more than 30 years since then, the picture depicting a skull-like head has remained stashed away in a private collection.

The Japanese buyer, e-commerce tycoon Yusaku Maezawa, said he plans to loan the painting out around the world before making it the centerpiece of his museum in his hometown of Chiba.

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