Slate Money Money Talks: How Basquiat's Art Became a Good Investment
14 snips
Sep 30, 2025 Doug Woodham, former president of Christie's Americas and author, dives into Basquiat’s remarkable rise in the art market. He discusses how Basquiat was initially undervalued but became an icon through key collector endorsements that stabilized his market. Woodham highlights how institutional skepticism and collector strategies shaped perceptions. He also explores the impact of the 1996 film on Basquiat's fame and the role of recent high-profile sales in boosting market demand, all while questioning whether collectors or Basquiat's genius created his value.
AI Snips
Chapters
Books
Transcript
Episode notes
Price Creates Prestige
- Basquiat's cultural icon status became tightly correlated with his market value after prices entered double-digit millions.
- Higher prices created desirability, producing an upward‑sloping demand curve for collectors.
Death Alone Didn’t Make The Market
- Death produced a short-lived price bump for Basquiat, but it did not alone create lasting high valuations.
- The early 1990s market crash erased much of that posthumous premium until later catalysts revived interest.
Museums Aren’t Always Market Catalysts
- Institutional validation did not initially lift Basquiat's market; a Whitney retrospective in 1992 failed to boost prices.
- Critical or museum attention can be necessary but not always sufficient for market revaluation.
