Last Thursday, a 1982 painting by Jean-Michel Basquiat sold for a formidable $110.4 million at Sotheby’s. It set a record for the New York artist, who both joined the exclusive “$100 million-plus club” and displaced Andy Warhol as the most expensive American artist at auction in one fell swoop. This week, we break down the sale—both what it means for Basquiat’s market going forward and whether it changes his place in the art-historical canon.