Jean-Michel Basquiat Net Worth: In the 1980s, Jean-Michel Basquiat rose to prominence within the neo-expressionist movement.
At his ultimate pinnacle, Jean-Michel Basquiat earned millions of dollars every year.
Jean-Michel Basquiat's net worth at the time of his death, including the current value of his works, was $10 million.
However, it should be remembered that his lifestyle at this time was two steps above that of a homeless person.
After gaining prominence as a member of the New York graffiti team SAMO, his works were shown in galleries and museums around the globe.
After his death from a heroin overdose in 1988, the value of Basquiat's art progressively soared.
Today, Basquiat's paintings are among the world's most valued contemporary works.
In May of 2017, a Basquiat painting sold for a record-breaking price of $110.5 million to a Japanese collector.
Early Life
Jean-Michel Basquiat was born in Brooklyn, New York City, on December 22, 1960.
He was the second of four children born to Haitian immigrant Gérard and Puerto Rican-born Matilde.
His older brother, Max, died just before Jean-Michel was born, and he had two younger sisters, Lisane and Jeanine.
Basquiat was exposed to the art world at an early age by his mother, who frequently took him to local art institutions and enrolled him as a junior member of the Brooklyn Museum of Art.
Basquiat, a brilliant child, learned to read and write by age four. In 1967, he began attending Saint Ann's School, where he and his buddy Marc Prozzo developed a children's book.
Basquiat was struck by a car while playing on the road at the age of seven; he had a fractured arm and other internal traumas, necessitating a splenectomy.
Basquiat and his sisters were raised by their father following their parents' split in 1968.
Their mother was eventually admitted to a mental institution. Basquiat was fluent in French and Spanish in addition to English by the age of 11.
He attended Edward R. Murrow High School for one year before transferring to City-As-School, which admitted many artistic students who did not belong in conventional schools.
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Subsequently, Basquiat was expelled for throwing a pie at the school's principal.
Street Art Breakthroughs
In 1978, Basquiat and his friend Al Diaz began spray painting graffiti on Lower Manhattan buildings.
Using the alias SAMO, they frequently devised satirical advertising slogans.
Eventually, the media began to recognize SAMO. The Village Voice ran an article about the duo's street art in December of 1978.
Basquiat continued to make regular appearances on the public-access television program “TV Party” the following year.
In April of 1979, he and Michael Holman formed the noise rock band Test Pattern.
During this period, Basquiat was living in the East Village with his buddy Alexis Adler and painting all over their apartment's floors, walls, and furniture.
Also, he and his buddy Jennifer Stein developed and marketed postcards.
In an open show in October of 1979, Basquiat displayed montages of his SAMO work.
The owner of the gallery, Arleen Schloss, permitted Basquiat to use the premises to produce his “MAN MADE” repurposed clothing line.
Later, costume designer Patricia Field stocked the collection in her 8th Street boutique.
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After Basquiat and Diaz had a falling out, Basquiat appeared in High Times magazine as part of an article about graffiti.
Final Years
Basquiat held exhibitions in Los Angeles, Atlanta, Salzburg, the Ivory Coast, and Hannover in 1986.
During this time, Basquiat's mental health deteriorated, and he became a borderline recluse in addition to his drug addiction.
Nevertheless, he was able to exhibit in several places in 1987, including Tokyo, New York, and Paris.
He held his final shows the next year in Paris, Düsseldorf, and New York.
Basquiat died of a heroin overdose in his New York City residence in August 1988, despite his numerous attempts at recovery.
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His girlfriend, Kelle Inman, located him unresponsive. Basquiat is interred in Green-Wood Cemetery in Brooklyn.
Frequently Asked Questions
How Much Is Jean-Michel Basquiat's Estate Worth?
Jean-Michel Basquiat's net worth at the time of his death, including the current value of his works, was $10 million.
Who Receives Jean-Michel Basquiat's Earnings?
The Estate was maintained by the late artist's father, Gerard Basquiat, until his passing in 2013.
It is currently handled by Jeanine Heriveaux and Lisane Basquiat, the sisters of the late artist.
Who Purchased Basquiat's Skull?
The 1983 skull painting, an acrylic and oil stick work on canvas of an iconic Basquiat picture, spurred six minutes of intense bidding until auctioneer Gemma Sudlow lowered the hammer to US$81 million. The purchaser is unidentified.
