On the prices of certain artworks

I wish someone could explain to me how certain artworks reach such stratospheric prices. The 72”x 68” untitled painting seen here by Basquiat, from 1982, will be auctioned by Sotheby’s this May 19. In 1984, it went to private hands for $19,000 and it is now set to fetch $60 million. I get Basquiat is dead and there will be no more paintings by him, but still… He was quite critical of the art world, the establishment, the dichotomies of wealth versus poverty, and segregation –but now he, or at least his work, is part of what he opposed.

Basquiat started drawing at 8 when he was in the hospital after a car accident. Later, he did graffiti art and was dismissive of the minimalist and conceptual art in fashion in the 1980’s. His work has been described as childish-looking, and showing influences from Picasso, Dubuffet, Twombly and Warhol. His life was short: he died at the age of 27 and his art life lasted only 7 years. Mazzoli, his dealer, forced him to produce fast so the quality of his work is uneven and questionable; he had no opportunity to mature. Basquiat’s first exhibition took place in 1980. In 1981, ArtForum published an article titled ‘The Radiant Child’ which brought the attention of the art world on him. By 1982 he was exhibiting at Gagosian in West Hollywood. And the rest is history…

I’d love to know what you think about this.