Peter Brant to Sell Basquiat’s ‘Now’s the Time’ at Sotheby’s for $30 Million
2 min
Jean-Michel Basquiat’s work will make headlines again during the marquee spring auctions in New York as a second major painting by the late artist comes to market.
Now’s the Time, 1985, Basquiat’s ode to jazz and saxophonist Charlie Parker, will be offered Thursday, May 18, at Sotheby’s contemporary evening sale on behalf of the businessman and collector Peter Brant. The 7-foot diameter painting is expected to realise more than US$30 million and is being sold without a third-party guarantee.
On Wednesday, Christie’s announced it would sell Basquiat’s triptych, El Gran Espectaculo (The Nile), 1983, for an estimate in the range of US$45 million, at its 21st Century evening sale on Monday, May 15 .
Brant, who held a 70-work Basquiat exhibition at his foundation’s Manhattan gallery space in 2019, has owned Now’s the Time for “several decades,” Sotheby’s said in a news release, noting that this is the first time the sparely wrought piece is being brought to auction. The work pictures a simply rendered vinyl record painted in matte black on rough plywood with the words “Now’s the Time” PRKR in white lettering.
According to Sotheby’s, the painting “encapsulates the importance of music on his technique and style as a painter.” The Montreal Museum of Fine Arts featured the work on a catalog of a multidisciplinary exhibition held at the institution last year that explored Basquiat’s connection to music. The show was organised in collaboration with the Musée de la musique – Philharmonie de Paris.
“His oeuvre is replete with depictions of musical instruments alongside references to opera, classical music, jazz, bebop, hip-hop, and rap,” the museum said of Basquiat in a synopsis of the 100-work exhibition titled “Seeing Loud: Basquiat and Music.”
Now’s the Time is a reference to Parker’s jazz composition from 1945, and “is the ultimate expression of Basquiat’s passion for music and the way it fundamentally impacted his practice,” Sotheby’s said. It also immortalizes Parker, an idol of the artist, whose revolutionary style “represented the spirit of freedom and improvisation” that defined Basquiat.
The painting will be exhibited at the auction house’s Los Angeles galleries Thursday through Monday, April 24, before it comes to New York on May 6, ahead of the sale.
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New research suggests spending 40 percent of household income on loan repayments is the new normal
3 min
Requiring more than 30 percent of household income to service a home loan has long been considered the benchmark for ‘housing stress’. Yet research shows it is becoming the new normal. The 2024 ANZ CoreLogic Housing Affordability Report reveals home loans on only 17 percent of homes are ‘serviceable’ if serviceability is limited to 30 percent of the median national household income.
Based on 40 percent of household income, just 37 percent of properties would be serviceable on a mortgage covering 80 percent of the purchase price. ANZ CoreLogic suggest 40 may be the new 30 when it comes to home loan serviceability. “Looking ahead, there is little prospect for the mortgage serviceability indicator to move back into the 30 percent range any time soon,” says the report.
“This is because the cash rate is not expected to be cut until late 2024, and home values have continued to rise, even amid relatively high interest rate settings.” ANZ CoreLogic estimate that home loan rates would have to fall to about 4.7 percent to bring serviceability under 40 percent.
CoreLogic has broken down the actual household income required to service a home loan on a 6.27 percent interest rate for an 80 percent loan based on current median house and unit values in each capital city. As expected, affordability is worst in the most expensive property market, Sydney.
Sydney
Sydney’s median house price is $1,414,229 and the median unit price is $839,344.
Based on 40 percent serviceability, households need a total income of $211,456 to afford a home loan for a house and $125,499 for a unit. The city’s actual median household income is $120,554.
Melbourne
Melbourne’s median house price is $935,049 and the median apartment price is $612,906.
Based on 40 percent serviceability, households need a total income of $139,809 to afford a home loan for a house and $91,642 for a unit. The city’s actual median household income is $110,324.
Brisbane
Brisbane’s median house price is $909,988 and the median unit price is $587,793.
Based on 40 percent serviceability, households need a total income of $136,062 to afford a home loan for a house and $87,887 for a unit. The city’s actual median household income is $107,243.
Adelaide
Adelaide’s median house price is $785,971 and the median apartment price is $504,799.
Based on 40 percent serviceability, households need a total income of $117,519 to afford a home loan for a house and $75,478 for a unit. The city’s actual median household income is $89,806.
Perth
Perth’s median house price is $735,276 and the median unit price is $495,360.
Based on 40 percent serviceability, households need a total income of $109,939 to afford a home loan for a house and $74,066 for a unit. The city’s actual median household income is $108,057.
Hobart
Hobart’s median house price is $692,951 and the median apartment price is $522,258.
Based on 40 percent serviceability, households need a total income of $103,610 to afford a home loan for a house and $78,088 for a unit. The city’s actual median household income is $89,515.
Darwin
Darwin’s median house price is $573,498 and the median unit price is $367,716.
Based on 40 percent serviceability, households need a total income of $85,750 to afford a home loan for a house and $54,981 for a unit. The city’s actual median household income is $126,193.
Canberra
Canberra’s median house price is $964,136 and the median apartment price is $585,057.
Based on 40 percent serviceability, households need a total income of $144,158 to afford a home loan for a house and $87,478 for a unit. The city’s actual median household income is $137,760.
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