New York City – On May 15, 2007, Sotheby’s New York will offer a masterpiece by Jean-Michel Basquiat, painted in the seminal year of 1981. Dazzling in its execution, Basquiat’s Untitled is an extraordinary work from the year when the artist first began to emerge as an enfant terrible of the downtown art scene in Manhattan. The painting, the most important and desirable work by Basquiat to appear at auction in recent memory, was gifted to The Israel Museum, Jerusalem, in 1985 by Barbara and Eugene Schwartz, New York, and is one of two major Basquiats from this period in the Museum’s collection. It is being sold by the Museum to create the Barbara and Eugene Schwartz Contemporary Art Acquisition Endowment Fund. It is estimated to sell for $6/8 million*.