A Seller’s Guide To Jean-Michel Basquiat

Basquiat's prints have seen a significant increase in value in recent years, reflecting the broader success of his paintings in the art market. His works are featured in nearly every spring and autumn marquee auction sale, contributing to a positive ripple effect on the value of his prints, which is also driven by the relative low number of prints produced in his lifetime.

Within Basquiat's print market, two prints stand out for commanding the highest prices at auction and showing a significant increase in value since their first appearance. Untitled (1983) was published in a small edition of ten, plus two artist proofs (AP), and has only hit the market five times. Its most recent sale achieved a record price of over £3 million, and it is valued at £2-3 million by MyArtBroker's value indicator.

Basquiat's second highest-valued print, Back Of the Neck, also created in 1983. This screenprint on heavyweight paper was released in a slightly larger edition of 24 and has become increasingly rare on the market currently valued at £700,000 to £1 million. Both of these prints are signed by Basquiat and are the highest valued in the market.

The Anatomy series is the only print series Basquiat produced during his lifetime. Set against black paper with his signature white scribbled markings, a complete set of these works are incredibly rare on the market. Typically offered as single prints or in random groupings of three or four, which can affect their value. A set of three or four of these prints is usually valued at around £100,000 and above on the secondary market.

Currently, there has been a surge of interest in posthumously produced Basquiat prints. These prints, although created after his death, are often authorised by his estate and produced in limited editions based on his most sought-after paintings. On the secondary market, posthumous prints have fetched impressive prices, ranging from £30,000 to £100,000. Signed Basquiat prints are currently valued higher than posthumous prints, although the latter are gaining influence in the market. Many Basquiat signed and unsigned prints are traded on the private market due to their limited availability. At MyArtBroker, we offer free valuations and have a direct network to connect sellers with buyers.

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The Estate Of Jean-Michel Basquiat

The Estate of Jean-Michel Basquiat holds the legal rights and interests of Jean-Michel Basquiat. It works to preserve and exhibit his artwork and serves as a source of accurate information about his life and work. However, like many estates, it does not authenticate prints, a practice that was discontinued in 2012. This makes the authentication process more challenging, necessitating a meticulous approach to research and documentation, particularly focusing on the provenance of the artwork.

Provenance Research: The Key to Authentication

Provenance research is vital in authenticating a Basquiat print. This involves tracing the history of the artwork, including previous ownership and exhibition records. The Estate of Basquiat, although it does not maintain an official archive or a digital catalogue raisonné, offers a chronology section that can be useful. Additionally, a comprehensive survey of Basquiat's work was published by dealer and collector Enrico Navarra in 1996, with an updated version in 2000. While this publication is valued at $5,500, it is accessible in certain libraries and serves as a significant resource for authentication.

Notable Collectors and Gallery Representation

Early collectors such as Annina Nosei, Larry Gagosian, and Mary Boone were instrumental in the development of Basquiat's market. Provenance involving these collectors or their galleries can greatly assist in verifying the authenticity of a Basquiat painting. These early associations are well-documented and add significant credibility to the artwork's history.

The collector base for Basquiat's work has expanded, including new high-profile collectors like Japanese billionaire Yusaku Maezawa, who owns the highest-valued Basquiat painting, Untitled (1982). Additionally, influential gallery owners such as Ernst Beyeler of the Beyeler Foundation and Jeffrey Deitch have shown significant interest in Basquiat's market, facilitating the sale of certainworks on the private market. Beyeler and Deitch made headlines in 2023 by showcasing the Moderna Paintings and Valentine (1983-84) at Art Basel.

Basquiat's estate has also collaborated with high-end fashion brands, sparking notable interest in his works from a younger generation and celebrity collectors. Due to the high incidence of forgery within Basquiat's artwork—most recently highlighted by the Orlando Museum of Art scandal—having detailed provenance tracing back to reputable galleries or brokers is imperative for maintaining a work's value. Verified provenance not only ensures authenticity but also preserves the artwork's historical and monetary worth.

When Gerard Basquiat passed away in 2009, ownership of the estate transferred to Basquiat's aunts, Lisane Basquiat and Jeanine Heriveaux. Posthumous prints will be signed by either Gerard or Basquiat's two aunts. It is also important to verify the publisher of the print, as editions were published in collaboration with various resources. Authentic prints can often be traced back to these galleries, providing a clear chain of custody that supports their legitimacy. Engaging with recognised experts and established art dealers can provide additional assurance in the authentication process.

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Most of Basquiat’s prints are published on high-quality paper. His Anatomy series, created when the artist was just 22 years old, is printed on Arches wove paper – a high-quality, heavy paper favoured by artists such as Andy Warhol, Roy Lichtenstein, Claude Monet, and Francis Bacon. Although this paper is less vulnerable to damage, it can still be susceptible to scratches, tears, warping, or fading.

Posthumous editions published by Basquiat’s estate are printed on Saunders watercolour paper – another heavy, top-quality paper ideal for screenprinting. Despite most of these editions being produced recently, it is crucial to keep them in pristine condition before selling. Anything less than perfect condition can negatively impact the artwork's value. MyArtBroker experts can help you assess the condition of your Basquiat print. For more information, refer to our guide on restoring and caring for modern and contemporary prints.

Seasonal Auction Cycles and Their Impact

Seasonal auction cycles are a critical factor in determining the best time to sell a Basquiat print. Major auction houses like Christie's, Sotheby's, and Phillips often hold their marquee sales in May and November. These periods align with the art market's peak seasons, attracting international buyers and generating substantial media coverage. This heightened attention can positively impact the prices realised for Basquiat's originals and prints alike. For instance, in November 2023, Self-Portrait as a Heel (Part Two) (1982) sold at Sotheby's Contemporary evening sale, concluding the contemporary art marquee sales for that season. Just one month later, media attention highlighted the sale of Back of the Neck sold for £922,408 at William Doyle, setting an auction record for the print

Influence of Exhibitions and Media Coverage

Significant exhibitions and media coverage can significantly enhance the market value of Basquiat's prints. For example, the major retrospective Boom For Real at the Barbican Centre in London in 2017 brought renewed attention to his work. This type of exposure not only highlights Basquiat's lasting influence but also drives up the value of his prints in the art market.

Most recently, in 2023, the Foundation Louis Vuitton in Paris hosted Basquiat x Warhol, which further solidified Basquiat's market presence. Such exhibitions not only highlight his artistic legacy but also create a favourable selling environment often attracting new buyers, increasing competition and driving up prices.

Leveraging Market Insights

To ensure a successful sale, sellers should stay informed about recent market trends and upcoming exhibitions that could influence Basquiat's market. For instance, the 2023 re-release of the documentary Boom For Real: The Late Teenage Years of Jean-Michel Basquiat also brought renewed interest to his early works, potentially impacting the value of related prints.

Understanding these market dynamics and leveraging periods of heightened interest and media coverage can significantly enhance the outcome of a sale. It is always recommend for sellers to consult with art market professionals to maximise returns and gauge the best timing based on current market conditions and demand.

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When deciding to sell your Basquiat print, you have several options, including auction houses, private sales, and online platforms. Each method has unique benefits tailored to different market dynamics.

Selling a Jean-Michel Basquiat Print Via Auction Houses

Auction houses are a favoured option due to their expertise and broad market reach, which can offer precise valuations and attract the right buyers. The competitive environment of auctions can sometimes drive the value of your artwork above estimates, potentially leading to a substantial return. However, selling through auctions has its disadvantages, such as high fees (often exceeding 25% for marketing, storage, condition checks, and seller commissions) and rigid sales schedules. Additionally, auction houses may limit the number of prints by the same artist in a single sale, causing potential delays and affecting liquidity. There is also the risk that your artwork may not sell, which could impact its perceived value and the artist's market. For a deeper comparison, refer to our Auction vs. Private Sale Guide.

Selling a Jean-Michel Basquiat Print Privately Via Dealer

Alternatively, you can choose to sell your print through the private market. One option is to work with a private dealer who can offer a more personalised experience and guide you through the valuation process. Many dealers possess extensive experience in the art market or auction houses and have a client base that can attract buyers for your print. It’s essential to select a reputable dealer with expertise in the Basquiat market to achieve the best results. However, it’s important to note that dealers also charge their own set of fees.

Another approach is to sell via online platforms like MyArtBroker. With advancements in art technology and a growing interest in online sales, many sellers find digital platforms convenient and effective. MyArtBroker provides a personalised experience, using art tech tools to enhance transparency and help you navigate the art market's nuances. MyArtBroker's Trading Floor directly reflects market demand and connects sellers with buyers interested in specific prints. To explore our network and your trading options further, contact one of our sales experts.

For a comprehensive overview, download the Art Tech Report to access MyArtBroker's art valuation tools.

A Personalised Experience with Dedicated Experts

Selling your Basquiat print with MyArtBroker offers a range of benefits tailored to your needs. Our platform provides a personalised experience, guiding you through every step of the selling process to meet your specific goals. Our team of experts offers free, no-obligation valuations, ensuring you have an accurate understanding of your print’s market value. With deep knowledge of Basquiat's work and the broader art market, we deliver precise and insightful assessments.

Minimising Risk

At MyArtBroker, transparency and security are our top priorities when selling your artwork. Our live Trading Floor offers real-time market data and insights, keeping you updated on current trends and conditions. We conduct thorough due diligence to verify the authenticity and provenance of your piece, minimising the risks of counterfeit trading. By leveraging our internal expertise and collaborating with trusted external partners, we further reduce these risks.

We avoid the uncertainties of public auction sales, such as unsold items affecting value and market perception, by facilitating private sales for faster liquidity outside auction seasons.

Zero Seller Fees

Unlike traditional auction houses and private dealers, we do not charge seller fees, ensuring you retain the maximum proceeds from your sale. Our approach, combined with strategic marketing, enhances your selling experience. We specialise in rare and special edition prints, catering to both seasoned collectors and new buyers. We provide free valuations and prioritise digital innovation and targeted marketing through our extensive network and in-house magazine.

Access to a Vast Network

With a network of over 30,000 collectors actively buying and selling prints, MyArtBroker can quickly connect your Basquiat print with serious and interested buyers, maximising your chances of a successful and profitable sale.

Utilise MyPortfolio for Jean-Michel Basquiat Collection Management

MyArtBroker's MyPortfolio is an advanced collection management tool designed to assist collectors in managing and monitoring their Basquiat prints and editions while tracking their current market values. This feature provides access to a comprehensive print market database, encompassing over 50,000 auction histories from global auction houses, integrated with our proprietary algorithm, SingularityX. This cutting-edge algorithm analyses public auction and private sales data to deliver real-time valuations for individual prints, taking into account factors such as condition, colour, and other variables influencing value. Financial quant expert Stuart Jamieson discusses the workings of these algorithms in an insightful interview.

Advanced Art Technology for Smart Collecting

In today’s dynamic digital art market, advanced art technology tools are essential for collectors and industry professionals. By incorporating Basquiat prints into the MyPortfolio dashboard, users can monitor unique sales opportunities and track market performance in real-time, making the sales process more efficient. Our innovative technology has revolutionised art portfolio management, enhancing accessibility and providing data-driven insights for informed decision-making.

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Determine the Value of Your Basquiat Print

Request a free, no-obligation valuation with our team. Track your Basquiat prints and editions with MyPortfolio for accurate and up-to-date market assessments.