Jean-Michel Basquiat's 1982 Untitled brought $10.8 million on Loïc Gouzer's new Fair Warning app last Thursday. The price is a world record for an in-app purchase.
The oil stick on paper was estimated to sell for between $8 million to $12 million. According to the New York Times, the work had a guarantee near its low estimate.
Former Christie’s co-chairman Gouzer, known for hammering down that $450.3 million Salvator Mundi painting, debuted Fair Warning this summer. Started up during the pandemic shutdowns, the auction app offers a single piece of art each week to a select list of collectors.