“People today are so used to Basquiat's prices being extraordinarily high and rising that it's almost hard for people to understand that wasn't always the case. In the year he died, 1988, a terrific painting by Basquiat might have sold for $30,000. Relative to his other artistic peers, like a great Julian Schnabel painting that cost $800,000. After Basquiat died, some speculative capital entered his market, and his prices did pop, but in the early 1990s, his prices fell apart, and for much of the first half of the 1990s, his work was selling for 80% off what it had been selling before. Auction houses didn't want to include him in their auctions. There was a really good chance he was going to be remembered, but certainly not become a great star. Three key figures believed in him and proceeded to buy almost every available Basquiat in the first half of the 1990s. They were also just passionate believers in his work. But for those three people, it would have taken much longer for Basquiat to achieve acclaim, if ever.”

Today, we’re joined by someone uniquely positioned to unpack the art world’s inner workings and to help us understand one of its most mythic figures — Jean-Michel Basquiat. Doug Woodham is the author of the new biography, Jean-Michel Basquiat: The Making of an Icon, the first major life study of Basquiat in over twenty-five years. Drawing on more than a hundred interviews — from family and friends to collectors and curators — Doug traces the rise, fall, and resurrection of an artist who redefined what it means to be a cultural icon. Before turning to writing, Doug served as President of the Americas for Christie’s, one of the world’s leading auction houses. That role gave him an insider’s perspective on how value is created — and mythologized — in the modern art market. In this conversation, we’ll explore not just the man behind the legend, but the powerful machinery that turned Jean-Michel Basquiat into one of the most recognized and commercially successful artists in the world.

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Images courtesy of Doug Woodham and Thames & Hudson. For image credits, see Episode Website.