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Basquiat’s Price Soars Fivefold as $320 Million Auctions Start

A Jean-Michel Basquiat self-portrait sold last night as London started a week of contemporary-art events that include evening auctions with a top estimate of 200 million pounds ($320 million) and the Masterpiece fair.

The Basquiat, dating from 1985 and featuring a half-length self-portrait next to a wooden panel covered in bottle tops, fetched 2.1 million pounds ($3.4 million) at Phillips de Pury & Co.’s first contemporary sale at Claridge’s in Mayfair. The price was five times the $647,500 it fetched at Phillips de Pury, New York, in 2003.