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Boutique agent Phillips awash a 16-foot-wide, red-and-peach painting by Jean-Michel Basquiat for $85 actor in New York on Wednesday.  Japanese billionaire Yusaku Maezawa put the untitled 1982 painting up for sale, and an Asian blast applicant represented by a Phillips adumbrative based in Taipei won it afterwards a four-minute competition.

The auction didn’t breach the $110.5 actor almanac for a Basquiat, captivated by an untitled dejected assignment from 1982 that Mr. Maezawa won in 2017. Still, the red archetype awash by Phillips reaped a tidy accumulation for Mr. Maezawa, the mogul abaft the e-commerce armpit Zozotown, who bought the red Basquiat six years beforehand for $57.3 million. That represents a 48% acknowledgment for the collector.

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