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After a 10-minute bidding war, Jean-Michel Basquiat’s 1984 ‘Untitled’ painting has sold at Sotheby’s in New York for a whopping $110.5 million.

The painting was sold to Yusaku Maezawa, a 41-year-old Japanese art collector and fashion entrepreneur. He is one of the richest men in Japan and plans to set up a museum in his hometown of Chiba.

Last month, the painting was predicted to sell for $60 million. This officially marks the highest price for a piece of artwork by an American artist.