Jean-Michel Basquiat’s 1982 artwork Untitled has sold for $10.8 million via the Fair Warning app. This sets an all-time record for an in-app purchase.
Yesterday, Fair Warning announced that it had sold Basquiat's piece for the world record price. The oil stick on paper was initially estimated to sell for between $8 million to $12 million.
Former Christie’s co-chairman Loïc Gouzer debuted Fair Warning last week. The artwork auction app sees a single piece of art auctioned off each week. Started during lockdown, Gouzer wanted to see whether the art world could pivot to online sales in a meaningful way.
“It’s really an experiment,” said Gouzer. “The idea was to create a guerrilla type of auction system where you could start moving paintings by using the cloud rather than physical locations.”
For now, only a limited number of buyers have been invited to participate. Unlike auction houses like Sotheby’s and Christie’s that consider themselves democratic outlets, Fair Warning has limited spots.