Celebrity Estates: Wills of the Rich and Famous Celebrity Estates: The Estate Lessons Behind Jean-Michel Basquiat with Doug Woodham
Nov 26, 2025
Doug Woodham, managing partner at Art Fiduciary Advisors and former president at Christie's, dives into the complexities of Jean-Michel Basquiat’s estate. He discusses the challenges of intestacy, the impact of a volatile art market, and the liquidity crisis following Basquiat's unexpected death. Key insights include the complications of valuing illiquid assets, the disputes that erupted among claimants, and how Basquiat's sisters eventually turned the estate into a successful licensing business amid ongoing tax negotiations.
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Studio Ransacked, Massive Unwilled Hoard
- Doug Woodham recounts that Basquiat died intestate at 27 and his studio was ransacked after his death.
- The estate contained 171 paintings and ~1,000 drawings, representing a huge portion of his lifetime output.
Date-Of-Death Valuations Are Only A Snapshot
- Christie's appraised Basquiat's estate at $3.2 million at date of death, despite huge future appreciation.
- Valuations at death are snapshots that can massively understate future market shifts.
Prioritize Liquidity Over Immediate Sales
- Do preserve liquidity planning when assets are illiquid art holdings and taxes loom.
- Doug Woodham illustrates selling third-party works (Warhols) first to raise cash rather than core inventory.
