Jean-Michel Basquiat’s work is instantly recognizable and iconic. Some don’t consider his work worthy of the high prices it commands, but the art world begs to differ. Case in point? An untitled work of his sold at Sotheby’s over the weekend for an eye-melting $110.5 million, a bidding war that saw this expressive painting reach the highest price ever for a piece of art created after 1980. The extremely high price also puts this painting in the realm of Picasso and Francis Bacon, a rarified world, indeed.