Jean-Michel Basquiat’s painting of a skull sold for $110.5 million at Sotheby’s in New York, setting an auction record for American artists and providing a windfall for the daughter of two collectors who purchased it for $19,000 in 1984. The buyer was billionaire Yusaku Maezawa, founder of a Japanese fashion website, and a new force in contemporary art. The work led four days of bellwether auctions in New York where the world’s wealthiest investors and families dropped more than $1.5 billion on Impressionist, modern, postwar and contemporary art. The results surpassed the target of $1.3 billion and the series conclude on Friday. Basquiat’s canvas was last purchased at auction three decades ago by the late New York collectors Jerry and Emily Spiegel. It then disappeared from the public view until the couple died in 2009 and their art trove passed on to their two feuding daughters, according to people familiar with the matter. The elder daughter, Pamela, consigned 107 works to Christi...

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