A $10-million Basquiat painting will be offered at Phillips’s contemporary art evening auction.

Jean-Michel Basquiat’s Victor 25448 (1987) will be a highlight Phillips’s forthcoming 20th Century & Contemporary Art Evening Sale, scheduled to take place on July 2nd in New York. The large-scale work on paper has an estimated price range of $8 million to $12 million and features many of Basquiat’s painterly trademarks, including vivid blocks of color, figuration, written words, and symbology. The work was created after the death of Basquiat’s close friend and collaborator Andy Warhol, and just around a year before Basquiat’s own death. It was one of the works included in Basquiat's final exhibition during his lifetime, a 1988 show at Vrej Baghoomian Gallery.

Robert Manley, Phillips Deputy Chairman and Worldwide Co-Head of 20th Century and Contemporary Art, said in a statement:

This remarkable and timely painting by Basquiat during a tumultuous time in his career showcases the artist’s continuing relevance more than three decades after his death. Phillips has long championed Basquiat’s work and has worked closely with the artist’s estate; we are thrilled to offer such an expressive and superlative painting on paper today.

A portion of the proceeds from the sale of the work will go toward the Art for Justice Fund, a grant-giving organization founded by philanthropist Agnes Gund in 2017 that supports artists and advocates “focused on safely reducing the prison population, promoting justice reinvestment and creating art that changes the narrative around mass incarceration.”

The Basquiat painting is among the lead lots of Phillips’s rescheduled New York evening sale of contemporary art, along with a major Joan Mitchell canvas expected to sell for between $9.5 million and $12.5 million, and a work by Banksy estimated at $1.8 millionto $2.5 million.