New York, NY – Amid audible gasps, a painting by the late Jean-Michel Basquiat broke Andy Warhol’s record for most expensive painting by an American artist when it sold at auction yesterday for $110.5 million, according to the New York Times.

The 1982 painting of a skull has “put him in the same league as Pablo Picasso and Francis Bacon,” art dealer Jeffrey Deitch said.

The buyer was 41-year-old Japanese billionaire Yusaku Maezawa, who plans to display it at a future museum in his hometown in Chiba.

“I am happy to announce that I just won this masterpiece,” he wrote in a post on Instagram. “When I first encountered this painting, I was struck with so much excitement and gratitude for my love of art. I want to share that experience with as many people as possible.”

I am happy to announce that I just won this masterpiece. When I first encountered this painting, I was struck with so much excitement and gratitude for my love of art. I want to share that experience with as many people as possible. バスキア落札しました。アートを好きになってよかった。このペインティングをはじめて見た時、心からそう思いました。みなさんにも見てもらえる機会を作れたらいいなと思っています。 #jeanmichelbasquiat #basquiat #バスキア #ありがとう @sothebys

A post shared by Yusaku Maezawa (@yusaku2020) on May

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