Art piece in Geelong thought to be by Jean-Michel Basquiat could fetch tens of millions
A rare painting by Jean-Michel Basquiat potentially worth more than eight figures could be in possession of a Geelong man after a stunning find near the Macedon Ranges.
Geelong
Don't miss out on the headlines from Geelong. Followed categories will be added to My News.
A rare art piece by Jean-Michel Basquiat potentially worth more than eight figures could be in possession of a Geelong man after a stunning find near the Macedon Ranges.
Peter Smith, not his real name, said he was working on getting the painting authenticated with the help of an American fine art gallery and former friend of the late Basquiat, who is recognised as one of the most important artists of the late 20th century.
One of his works sold for a US record of $110m at a Sotheby’s auction in New York in 2017.
The original painting was bought in 1984 for $19,000.
“If it is authentic, which we believe it could very well be, it is going to be worth a very large amount of money,” Mr Smith, who wanted to protect his identity for fear he could be targeted by thieves, said.
“This could be one of the biggest art stories in Australian history.”
He claims the piece was found by two women inside the Daylesford home they purchased 10 years ago.
Proving the origins of its ownership will be crucial to its validity.
Basquiat rose to prominence in the 1980s before his death from a heroin overdose at just 27.
His provocative pop culture oil paintings are fought over at fine art auctions in the US and UK from buyers with deep pockets.
His acrylic and oilstick canvas painting of a skull titled In This Case, created in 1983, was sold for $93.1m at Christie’s in New York in 2021.
Mr Smith said the discovery of the asbestos themed piece, allegedly signed by the artist, was “super exciting”.
He is in the process of authenticating it with the help of prominent art historians and collectors in the US and Australia.
It’s believed the Broad Museum in Los Angeles has a similarly asbestos themed piece worth millions.
Las Vegas-based fine art collector and one-time friend of Basquiat, Scott Ferguson, confirmed to the Geelong Advertiser he had been contacted about the find.
He said authenticating it would involve delicate rigour and research of the painting, with proof of ownership history vital to its selling price.
“Once authenticated, it would be presented to a few of the top tier auction houses and private collectors to determine what the market will bear,” he said.
“There are several indicators including size, iconography of the imagery, how many of the artist’s works are currently available for sale, and finally: provenance.
“The history of the work has a great bearing on the value.”
The Art Encounter executive director said it would be “fairly rare” for the late artist’s work to have arrived in Australia.
“However, I do not know the circumstances,” he said.
It’s believed most of the late artist’s discovered paintings could be traced back to being in possession of Basquiat’s associates.
Mr Smith said he had informed the National Gallery of Victoria (NGV) about the canvas, which features an image of a foot, a reference to cats and a crown, for which Basquiat is renowned for.
“I don’t think anybody in Australia would copy Basquiat’s art, not many even know who he is,” he said.
“It looks like it’s the real deal.”
Basquiat collaborated with another famed artist, Andy Warhol, at the peak of his career with the pair forming an unlikely friendship.
The NGV was contacted for comment but had not responded at time of publication.
It follows claims an art aficionado paid $60 for an original Vincent van Gogh painting at a Geelong trash-and-treasure market back in 2020.
The anonymous owner made national headlines after the Geelong Advertiser revealed the seemingly unbelievable story.
The artwork features famous Parisian venue Le Moulin de La Galette, which was the subject of a series of 1886 van Gogh paintings.
More Coverage
Originally published as Art piece in Geelong thought to be by Jean-Michel Basquiat could fetch tens of millions
Developer seeks compensation from council after asbestos find
A property development company that had to stop construction on land purchased from the Borough of Queenscliffe after discovering asbestos is pursuing millions of dollars in compensation.
‘Get out or I’ll tase you’: Norlane man’s threatening assault revealed
A Norlane man who picked a woman up for a late night rendezvous later threatened her with a taser and assaulted her when she wouldn’t leave.