Phillips Announces $10M Basquiat to Highlight its 20th Century & Contemporary Sale, July 2, 2020
A Portion of the Proceeds from Victor 25448 will Benefit The Art for Justice Fund
Victor 25448, 1987
Valued at $10 million
NEW YORK – 23 JUNE 2020 – Phillips will present Jean-Michel Basquiat’s 1987 large-scale Victor 25448 as a highlight of its 20th Century & Contemporary Art Evening Sale, slated for July 2, 2020. One of the largest works on paper the artist ever executed, Victor 25448 was created the year before his untimely death and features the distinctive fusion of color fields, figurative painting, corporate logos, word play and symbols that characterize his compositions. Victor 25448 exuberantly conveys the duality surrounding Basquiat at his creative apex and on the precipice of both physical and emotional destruction. A portion of the proceeds from the sale will benefit The Art for Justice Fund, established by Agnes Gund in 2017 to help further their mission to make direct grants to artists and advocates focused on safely reducing the prison population, promoting justice reinvestment and creating art that changes the narrative around mass incarceration.
“This remarkable and timely painting by Basquiat during a tumultuous time in his career showcases the artist’s continuing relevance more than three decades after his death,” states Robert Manley, Phillips Deputy Chairman and Worldwide Co-Head of 20th Century & Contemporary Art. "Phillips has long championed Basquiat's work and has worked closely with the artists' estate; we are thrilled to offer such an expressive and superlative painting on paper today."
The corporate logo of the “Ideal” toy manufacturer appeared frequently in Basquiat’s work during this period, and is repeated three times in Victor 25448. Recalling his SAMO days as a street poet, it can be read as “I deal” to potentially reference the ever higher prices his works commanded. The lower left portion of the work contains eight symbols inspired by the “hobo signs” depicted in Symbol Sourcebook created by Henry Dreyfus. These abstract symbols were used by migrant workers to impart important information on walls, fences or doors to warn fellow travelers. Basquiat’s fascination with these symbols mirrors his own street art practice and pays homage to the marginalized and displaced.
Already lauded as an art star and having appeared on the cover of The New York Times Magazine in 1985, by 1987 Basquiat’s unease with fame and renown was marked by a worsening heroin addiction that would prove fatal in 1988.
20th Century and Contemporary Art Evening Sale
Auction: 2 July 2020, 5pm EDT
Location: 450 Park Avenue, New York
Click here for more information: https://www.phillips.com/auctions/auction/NY010320
Phillips is a leading global platform for buying and selling 20th and 21st century art and design. With dedicated expertise in the areas of 20th Century and Contemporary Art, Design, Photographs, Editions, Watches, and Jewelry, Phillips offers professional services and advice on all aspects of collecting. Auctions and exhibitions are held at salerooms in New York, London, Geneva, and Hong Kong, while clients are further served through representative offices based throughout Europe, the United States and Asia. Phillips also offers an online auction platform accessible anywhere in the world. In addition to providing selling and buying opportunities through auction, Phillips brokers private sales and offers assistance with appraisals, valuations, and other financial services.
*Estimates do not include buyer’s premium; prices achieved include the hammer price plus buyer’s premium.
ABOUT THE ART FOR JUSTICE FUND
The Art for Justice Fund is a five-year initiative created by philanthropist Agnes Gund in partnership with Rockefeller Philanthropy Advisors and the Ford Foundation. The Fund is dedicated to combating the injustices of mass incarceration through the collective action of artists, advocates and philanthropists.
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