Slate Daily Feed Slate Money | Money Talks: How Basquiat's Art Became a Good Investment
Sep 30, 2025
Doug Woodham, former president of Christie's Americas and author of "Jean-Michel Basquiat: The Making of an Icon," dives into the fascinating world of art investment. He discusses how Basquiat, once undervalued, became a key figure in the modern art scene. Woodham highlights the impact of significant collectors in reviving his market and explores how societal factors, like his early death, enhanced his myth. He also sheds light on the complexities of the art market, institutional endorsements, and the role of media in shaping perceptions.
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Price Signals Can Increase Demand
- Basquiat's market value rose as his cultural icon status increased, creating upward-sloping demand where higher prices made works more coveted.
- Doug Woodham links that effect to luxury dynamics like Birkin bags rather than ordinary goods.
Death Raises Prices Briefly, Not Permanently
- Basquiat's death produced a short-lived 'death premium' that inflated prices briefly but did not create lasting high valuations.
- The early 1990s market crash then wiped out those gains and left many Basquiats unsellable for years.
Three Collectors Rebuilt Basquiat's Market
- Three collectors — José Magrabi, Peter Brandt, and Enrico Navarra — bought huge volumes of Basquiat works during the lull and prevented deeper price collapse.
- Navarra also produced a near-catalog raisonné book and gave thousands of copies away to build market confidence.
