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Purchased In 1984 For $19,000, Basquiat Painting Sells For "Mind-Blowing" $111 Million

It could be the single best unlevered investment in recent history. A portrait by New York artist Jean-Michel Basquiat sold for a remarkable $110.5 million - nearly double the $60 million expected take - during a Sotheby’s auction Thursday night in New York, according to Bloomberg. The sale set a new record for an American artist, and has become one of now 10 paintings in the “$100 Million Club,” according to the New York Times.
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