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A painting by Haitian-American painter Jean-Michel Basquiat sold at Sotheby's New York on Thursday, setting a new record. CNBC's Robert Frank reports the latest behind the Japanese internet billionaire that paid $110.5 million for it.
It only took 10 minutes for a 1982 painting, featuring a black skull on top of a colorful background, to soar to a record-breaking price at Sotheby's New York auction house on Thursday.
Shares of Sotheby's stock climbed higher Friday following a record art sale in its New York auction house.
CNBC's Robert Frank discusses the improving outlook for the art market as a Basquiat painting sells for a record $110.5 million at auction.
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An artwork by Haitian-American painter Jean-Michel Basquiat sold for $110.5 million – a new record for any U.S. artist at auction.
The earrings will be auctioned separately, but together could fetch as much as $68 million.
This week is arguably the most important of the year for the big auction houses and comes at a critical moment in the art market.
China's art market is becoming a popular way for its wealthy to invest.
Eunice Yoon reports on the growth in investments in the art market in China amid tighter capital controls in the country.
China Daily, a state-controlled media organization, began releasing videos in the form of a child's bedtime story, N.Y. Times reports.
Sotheby's CEO Tad Smith suggests that fine-art prices have room to grow — and may be in for a structural (rather than cyclical) surge.
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