A Jean-Michel Basquiat painting just sold for the highest price ever paid at auction for an American artists work: a whopping $110.5 million.

The 72-by-68-inch acrylic and oil stick Untitled painting of a skull by the late graffiti artist was the subject of 10 minutes of intense bidding Thursday night at a Sothebys auction in New York City. The opening bid of $57 million drew gasps from the audience , Bloomberg reported. Sothebys had estimated it would sell for at least $60 million.

It was the sixth-highest amount ever paid at auction for any work of art, putting Basquiat in the rarefied company of the celebrated Spanish artist Pablo Picasso . Only 10 works have sold for more than $100 million.

The successful bidder, Japanese art collector Yusaku Maezawa , an e-commerce billionaire, announced in an Instagram post showing him standing next to the work that he had just won this masterpiece.

When I first encountered this painting, I was struck with so much excitement and gratitude for my love of art, he added. I want to share that experience with as many people as possible.