Basquiat painting owned by Valentino expected to fetch over $45M at auction
Jean-Michel Basquiat, El Gran Espectaculo (The History of Black People), 1983. COURTESY CHRISTIE'S.
On April 19, auction house Christie’s announced the sale of El Gran Espectaculo (The Nile), a masterpiece by Jean-Michel Basquiat, as the lead of its upcoming 21st Century art evening sale, taking place on 15 May 2023 live at the Rockerfeller Center, New York. The 12 foot wide painting, which is presumed to have been painted by Basquiat at the age of 22, has been owned by Italian designer Valentino Garavani for the past 18 years. It is estimated that the piece whose partial proceeds will benefit the Accademia Valentino, could fetch more than $45,000,000 and subsequently become one of the most expensive pieces by the artist to be sold publicly.
The painting which features floating skulls and references to ancient Egyptian sites, was originally acquired by Valentino in 2005 during a Sotheby’s auction for $5.2 million.