Sotheby's will offer Jean-Michel Basquiat's 1981 painting *Crowns (Peso Neto)* as the headline lot of its contemporary evening sale in New York this fall, carrying a high estimate of $45 million. The work, which has never been auctioned before, debuted at Basquiat's landmark 1982 solo show at Annina Nosei Gallery and later appeared at Documenta 7. It will be exhibited in London during Frieze Week, then in Paris coinciding with Art Basel Paris, before arriving at Sotheby's new Breuer Building headquarters in New York ahead of the November 8 sale.
The $45 million estimate is the highest ever placed on a Basquiat work from 1981, underscoring the enduring strength of the artist's market. The painting captures Basquiat's transition from street artist to international star, and its auction comes amid continued robust demand for his breakthrough works from the early 1980s, as evidenced by recent multi-million-dollar sales at Sotheby's and Phillips. The sale also highlights Sotheby's strategic use of its new Madison Avenue venue and the global appeal of Basquiat's market across the US, Europe, and Asia.