Jean-Michel Basquiat's 1983 painting 'Museum Security (Broadway Meltdown)' sold for US$52.7 million at Sotheby's Now and Contemporary Evening Auction in New York, becoming the fifth-most expensive Basquiat ever auctioned. The work, estimated at over US$45 million and backed by an irrevocable bid, hammered at US$45.3 million to a telephone bidder represented by Sotheby's Lucius Elliott. The auction totaled US$266.8 million with fees, selling 40 of 44 lots, and combined with the preceding Robert Mnuchin collection sale—led by Mark Rothko's 'Brown and Blacks in Reds' at US$85.8 million—the evening brought in US$433.1 million.
The sale underscores the enduring strength of the high-end art market, particularly for blue-chip contemporary works by Basquiat, whose market has remained robust despite broader economic uncertainties. The painting's provenance, including early ownership by Larry Gagosian and its creation during a pivotal period in Los Angeles, adds historical and market significance. The result also highlights Sotheby's strategic use of irrevocable bids to secure major consignments, a practice that has become common in top-tier auctions to guarantee sales and stabilize prices.