Basquiat Crowns (Peso Neto) Could Fetch $45M at Sotheby’s Auction

Sotheby’s to offer Basquiat Crowns (Peso Neto), the $45M 1981 painting. Discover the history and rare provenance of this never-before-sold work.

BY ARTCENTRON ART AUCTION NEWS

NEW YORK, NY – Jean-Michel Basquiat’s 1981 masterpiece, Crowns (Peso Neto), will headline Sotheby’s contemporary evening auction in New York this fall. It carries a staggeringly high estimate of $45 million. The painting was created in 1981, a year that marked a critical turning point for the artist. This powerhouse work is going to auction for the first time, making its debut as one of the most anticipated events of the season.

A Defining Work from an Important Year

The painting holds the distinction of being the highest-estimated Basquiat work from 1981, the year his prominence surged and he established the unique visual language that would define his legacy. According to Sotheby’s, Basquiat Crowns (Peso Neto) is more than a portrait—it’s a powerful declaration of identity. Basquiat, at just 21, used the canvas to reflect on crucial concepts like race, power, and history.

Lucius Elliott, head of contemporary auctions at Sotheby’s New York, describes the work as a seminal moment when the artist introduced himself to the global stage. According to him, the painting vividly represents the transformative period, blending the raw energy of his street art beginnings with his entry into the gallery world. It showcases iconic symbols such as crowns and tally marks, which became hallmarks of his mature style.

Basquiat Crowns (Peso Neto): Provenance and Rarity

The opportunity to acquire the painting is exceptionally rare. The painting’s initial public showing was in 1982 at Basquiat’s solo exhibition at the Annina Nosei Gallery. It later featured at Documenta 7 in Germany. Since then, the piece has only been in select, high-profile locations, including the Fondation Louis Vuitton in Paris.

Sotheby’s will capitalize on the global interest by presenting the work in London and Paris before bringing it to New York for the auction in November.

The $110 Million Shadow

The $45 million estimate underscores the sustained, massive global demand for the artist’s work. While monumental, the figure provides context for Basquiat’s current market ceiling. His previous auction record was set in 2017 when an Untitled (1982) work fetched an extraordinary $110.5 million at Sotheby’s. Expectations are high that major collectors worldwide will eagerly compete for Crowns (Peso Neto), an important and never-before-sold work that chronicles the birth of an icon.