Five phone bidders from New York, London and Asia competed for what is now the artist’s sixth most expensive work.
The Derrick Adams piece was commissioned in celebration of the album’s 25th Anniversary.
The pear-shaped diamond will be offered in a single-lot live sale at Sotheby’s Hong Kong on July 9.
Purchased last week in Paris, the work sold for six times its lowest estimate.
Today’s most exceptional pieces are made using new techniques and cutting-edge designs.
It’s now the eighth most expensive Basquiat work sold at auction.
Bidding starts at $1,000 but is expected to go much higher.
The sale includes a 1933 Double Eagle coin, a One-Cent Magenta stamp and a sheet of “Inverted Jennies.”
A Treasure Trove of Rare Brontë Sisters Manuscripts and Books Is Expected to Fetch Millions at Auction
The collection, known as the Honresfield Library, is comprised of more than 500 documents.