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Date: 2017-10-12

Basquiat’s ‘Red Skull,’ Sold at Christie’s in London for $21.5 M, Will Fund New Charter Schools in New Jersey and Miami

There was one bit of good news to come out of the last week’s auctions in London: the anonymous consignor of Jean-Michel Basquiat’s Red Skull (1982), which sold for $21.5 million at Christie’s contemporary evening sale Friday night, announced that he or she would donate all the proceeds after taxes to the the New Jersey chapter of the Knowledge Is Power Program, a nonprofit that helps open new public charter schools.

Today, KIPP New Jersey announced how it was planning to spend the funds, which after seller’s fees and taxes amount to somewhere between $7 million and $9 million. The haul will expand schools in the New Jersey cities of Newark and Camden, as well as Miami, Florida, through an expansion program. Four to ten new KIPP schools will open across the three areas.

Read the full piece here.

Other pieces about the sale of Jean-Michel Basquiat's "Red Skull":
The market boom for Basquiat
La casa de subastas Chrieste's bate un record en la feria Frieze de Londres con 200 millones recaudados
Christie’s Notches £84 Million Sale Despite No Takers for £60 Million Bacon
Christie’s ends London contemporary auctions on a high note—despite Bacon flop