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Yoko Ono's Basquiat Painting Sells for Nearly $11 Million

Sotheby employees hang up the acrylic and oilstick on canvas painting, Cabra by Jean-Michel Basquiat at Sotheby's auction house in London, Friday, Oct. 6, 2017 ahead of New York sales for Contemporary, Impressionist & Modern Art by Monet, Cèzanne, Miró, Magritte, Picasso, Basquiat, Dubuffet & Lichtenstein. The painting is estimated to fetch US$9-12 million.

A painting by Jean-Michel Basquiat from the collection of Yoko Ono has sold for $10.9 million.

Sotheby's says the work, titled "Cabra", was sold Thursday night in New York to an unidentified buyer.

The pre-sale estimate was $9 million to $12 million. Part of the proceeds will benefit the Spirit Foundations, founded by Ono and John Lennon.

"Cabra" was inspired by Muhammad Ali's 1970 knockout of Argentine heavyweight Oscar Bonavena, known as "The Bull."

It shows a bull's skull on a bright red background above a boxing ring. Hieroglyphics denoting a "TKO" - technical knockout -are above the skull.

The title, "Cabra," is Spanish for goat. When capitalized, GOAT becomes an acronym for "Greatest of All Time" - a reference to Ali.