What was Jean-Michel Basquiat’s Net Worth?
Jean-Michel Basquiat was a prominent artist in the neo-expressionist movement of the 1980s, earning millions at his peak. Despite his wealth, his lifestyle was comparable to that of a homeless person. After breaking out as part of a graffiti duo, his works were exhibited globally. He passed away in 1988 from a heroin overdose, but the value of his work steadily increased. Today, Basquiat’s paintings are among the most valuable modern works, with a record sale price of $110.5 million to a Japanese collector in 2017.
Early Life
Jean-Michel Basquiat was born in Brooklyn on December 22, 1960, to Haitian immigrant Gérard and Puerto Rican Matilde. He had an older brother who passed away, and two younger sisters. His mother introduced him to art at a young age, taking him to local museums and enrolling him in the Brooklyn Museum of Art. He was a precocious child who could read and write by age four.
At age seven, Basquiat was hit by a car, resulting in a broken arm and internal injuries. Following his parents’ separation, he and his sisters were raised by their father, as their mother was committed to a psychiatric hospital. Basquiat attended Edward R. Murrow High School and City-As-School, an alternative school for artistic students. He was eventually expelled for throwing a pie at the principal.
Basquiat’s Early Career in Street Art and Music
In 1978, Basquiat and Al Diaz began creating graffiti under the pseudonym SAMO, which gained media recognition after an article in the Village Voice. Basquiat also appeared on public-access TV and formed the band Test Pattern. He lived in the East Village, creating art throughout his apartment and selling postcards with Jennifer Stein. Basquiat presented his SAMO work at an open gallery in 1979 and began a line of upcycled garments, later carried by Patricia Field. He also appeared in High Times after a falling-out with Diaz.
Basquiat’s Rise to Fame
Basquiat’s fame rose in 1980 with his participation in “The Times Square Show” and “New York/New Wave” exhibition at MoMA PS1. He had his first American one-man show and another show in Modena, Italy in 1982, becoming the youngest artist ever to participate in “documenta.” Basquiat continued to show at various galleries and collaborated with Andy Warhol on several paintings. Despite his success, he struggled with his mental health and turned to drugs.
Basquiat’s Final Years and Death
In 1986, Basquiat had exhibitions in several cities, but his mental condition was worsening, and he became a borderline recluse due to drug addiction. Despite this, he continued to exhibit in Tokyo, New York, and Paris in 1987. The next year, he had his final exhibitions in Paris, Düsseldorf, and New York.
Basquiat struggled with addiction and attempted sobriety numerous times, but unfortunately, he passed away from a heroin overdose in his Manhattan home in August 1988. He was found unresponsive by his girlfriend Kelle Inman. Basquiat is buried in Brooklyn’s Green-Wood Cemetery.
Basquiat’s Art and Legacy
Basquiat’s art combined drawing, painting, poetry, text, and historical information to explore subjects such as race, poverty, segregation, class struggle, colonialism, and the Black experience. He produced around 1,500 drawings, 600 paintings, and numerous sculpture and mixed-media works during his brief but prolific career as part of the neo-expressionist movement.
Since his death, Basquiat’s work has steadily increased in value. In 2017, his 1982 painting “Untitled” sold for $110.5 million at a Sotheby’s auction, making it one of the most expensive paintings ever sold. Basquiat also has a commemorative plaque in Manhattan and a public square named after him in Paris.
Despite his untimely death, Basquiat’s work continues to influence artists around the world.
