artnet | Caroline Goldstein:

Thursday evening’s Contemporary auction at Sotheby’s exceeded all expectations as Jean-Michel Basquiat’s Untitled shattered world-records, sailing past its high-estimate of $60 million to sell for $110.5 million. A 10-minute bidding war between Maezawa and dealer Nicholas Maclean ended with raucous applause and whooping from the crowd.

Yusaka Maezawa, the 41-year-old billionaire who snagged the painting took to instagram to share his good news, eliciting more than 11,000 likes. Comments flooded social media platforms, with reactions running the gamut from elation to disgust, and most settling somewhere around incredulous…read more

Image |via Instagram | Yusaku Maezawa gazes adoringly at his new artwork.