Basquiat painting sets new record for US artist at auction

A work of art by Haitian-American painter Jean-Michel Basquiat sold for $110.5 million at Sotheby's New York on Thursday, according to the auction house.

The previous record was $105.4 million paid for Andy Warhol's "Silver Car Crash (Double Disaster)" four years ago, multiple outlets reported.

Sotheby's tweet: #WorldAuctionRecord Basquiat's seminal 'Untitled' work from 1982 soars to $110.5 million - after 10 minutes of bidding

Basquiat's piece, called "Untitled," was created in 1982 and features a black skull on top of a colorful background. It was purchased by Japanese billionaire Yusaku Maezawa, who founded e-commerce site Zozotown.