The six-by-six-foot painting exceeded its expected roughly $50 million sale price by more than $40 million, according to Christie s Auction House, which conducted the sale.
The new owner of the painting has not been identified, but Art News reported that the sale came after a bidding war between at least six people from New York and Hong Kong. Christie s declined to comment on the identity of the buyer.
The 1983 painting, titled In This Case, which portrays a large skull on a red background, is the second-most expensive Basquiat painting ever sold at auction. In 2017, Japanese billionaire entrepreneur Yusaku Maezawa paid $110.5 million for an untitled 1982 Basquiat portrait at a Sotheby s auction. In a private sale last year, however, hedge-fund billionaire Ken Griffin dropped more than $100 million on Basquiat s 1982 Boy and Dog in a Johnnypump.