Blog

Jean Michel Basquiat’s 1983 « El Gran Espectaculo (The Nile) » and 1985 « Now’s is the Time « will be offered at Christie’s and Sotheby’s during the 21st century and contemporary evening NY auctions Mid May. Estimated at respectively $45M and $30M they bring back Basquiat on the scene echoing a very interesting exhibition at Fondation Louis Vuitton Paris focusing on Basquiat’s collaboration time with Andy Warhol at « The Factory » where most of today’s key themes from inclusion to diversity , ecology and consumerism show through.
El Gran Espectaculo (1.7m/3.6m)also called « The History of Black People » depicts Black History across a triptych featuring respectively on 3 panels African masks, Egyptian hierogliphs and figures and contemporary racism facts.
Painted when Basquiat was only 22, it ranks high as an iconic contemporary work translating Basquiat’s continuous fight against racism.
The piece comes from a private collection and was acquired in 2005 at Sotheby’s for $5.2 M from gallerist and book publisher Navarra. It had been exhibited at the NY Whitney Museum in 1992. The proceeds of the sale will partially benefit the « Academia Valentino » ( independant from the fashion house). (Christie’s 21 century NY sale)
1985 « Now’s is the Time « ,a 2m diameter round black canvas depicting a vinyl inspired by jazzman Charlie Parker’s 1945 composition of the same name, is offered in auction for the first time (Sotheby’s NY contemporary evening sale). It has been in billionaire Peter Brant’s(Brant publications CEO and owner ) private collection since 1996.
In 1983 Basquiat had produced a record « Beat Bop »with Rammellzee and K-Rob, a fusion testimony of music and art.
Basquiat’s auction record was set in 2017 with 1982  » Untitled » $110.5 M sale at Sotheby’s . In 2021, Basquiat’s 1983  » In This Case » estimated $50Mwas sold for $93.1M at Christie’s . 
Basquiat’s average work annual rate appreciation scores 21% for the past 15 years (Source: Yieldstreet).
Fred Hoffman’s « The Art of JM Basquiat » tells about the answer NY MoMA had given to private collectors Herbert and Lenore Schorr willing to donate a piece of Basquiat a year after his death : « A Jean Michel Basquiat painting is not even worth the cost of storage ». The market has proven the MoMA wrong on this one….
1988, Basquiat dies at 27, his works’ impact proves timeless as if… « Now was still the time »!

https://www.barrons.com/articles/christies-to-offer-basquiats-el-gran-espectaculo-the-nile-for-45-million-f0750fb8