The painting, "Untitled", had been stashed away in a private collection for more than 30 years. Painted in 1982, it's a spectacular work depicting a skull-like head, painted with the artist's trademark bold brush strokes, and vibrant palette using acrylic, spray paint and oil stick.

Only ten other works have broken the $100 million mark, placing the artist in the same league as Francis Bacon and Pablo Picasso, in the words of dealer and an expert on Basquiat, Jeffrey Deitch.
Jean-Michel Basquiat (1960 - 1988) began his career as a graffiti artist in New York only to see his works exhibited in galleries and museums across the country and internationally (although he famously said: "I wanted to be a star, not a gallery mascot."). Filled with social commentary, his paintings are visually powerful and instantly recognizable. He died of a heroin overdose at the age of 27...

Photo credits:
1 - Jean-Michel Basquiat, "Untitled"
2 - Jean-Michel Basquiat
3 - Maezawa with painting
4 - Yusaku Maezawa/vis Sotheby's