Record $110.5 Million Basquiat Sale Sparks Commentary on Art Market and Politics

An untitled painting by Jean-Michel Basquiat sold for $110.5 million at Sotheby's New York on 18 May 2017, setting a record for the highest auction price for a single work by an American artist, surpassing Andy Warhol's previous record. The buyer was Japanese billionaire Yusaku Maezawa, who displayed the acquisition on Instagram. The sale occurred against a backdrop of political turmoil during the Trump presidency, with comparisons drawn to speculative fiction by authors like Margaret Atwood and George Orwell. The article, from ArtReview's Summer 2017 issue, critiques the spectacle of the art market and its intersection with contemporary cultural and political narratives, noting the lack of commentary on the commodification of Black American history despite controversies like Dana Schutz's 'Open Casket' at the Whitney Biennial. References include The Federalist, Hulu's 'The Handmaid's Tale', HBO's 'The Leftovers', and historical events such as the White House Correspondents' Association Dinner and Trump's rally in Pennsylvania.