Jean-Michel Basquiat, La Hara (1981).
Top collector Steve Cohen is reportedly the consignor of a major Jean-Michel Basquiat painting that Christie’s will offer this spring (May 17) at its postwar and contemporary art sale, with an estimate of $22 million to $28 million.
In a sign of how far the market for Basquiat has come, the painting, titled La Hara, and painted in 1981, has only appeared at auction once before, nearly three decades ago, when it sold at Sotheby’s New York for $341,000 in 1989, clearing the high end of the $250,000 to $300,000 estimate according to the artnet Price database. The painting had changed hands several times since then, a source told artnet News, and Cohen is said to have acquired it in a private sale.
The full catalogue entry and provenance is not yet available. The work is set to go on view at Christie’s new Los Angeles headquarters in Beverly Hills, beginning April 20.