Sotheby’s will offer a rare untitled 1981 painting by Jean-Michel Basquiat at its Contemporary Evening Auction in New York, estimated at $10–15 million. The work, unseen for 36 years, has been held in a private collection since 1989 and captures the raw energy of Basquiat’s breakout period. Other highlights include Lucio Fontana’s *Concetto spaziale, La Fine di Dio* (1963), Robert Rauschenberg’s *Combine Rigger* (1961), Frank Stella’s *Adelante* (1964), and Ed Ruscha’s *That Was Then This Is Now* (1989). The auction is built around three major private collections: the estate of gallerist Barbara Gladstone, the Roy Lichtenstein Foundation, and the “Im Spazio” group assembled by Daniella Luxembourg.
This sale matters because it tests the resilience of the high-end art market amid a 12 percent decline in global art sales in 2023. With fewer trophy collections like the Macklowe and Paul Allen estates coming to market, Sotheby’s is betting that fresh-to-market, long-unseen works will attract buyers. The Basquiat, from his most coveted 1981–1983 period, exemplifies the strategy of offering rare, museum-quality pieces to overcome market headwinds and divided collector attention.