1983 Basquiat sold for $93m

Yesterday the co-founder of the fashion house Maison Valentino, Giancarlo Giammetti, sold on his birthday the work "In this case" by Basquiat through Christies NYC for a staggering $93m (hammer was $81m), against a $50m estimate! The work was bought at auction in 2002 for only $1m. Even factoring in some commission that's a whopping annualised return between 25-26% and a very nice birthday gift!