A work on paper by Jean-Michel Basquiat is returning to the auction block for the first time in more than three decades. Untitled, executed in acrylic, paper collage, crayon, and xerox on paper laid down on board and measuring 57.4 by 77 centimeters, will be offered at Sotheby's Paris on 23 October with an estimate of $2.25 million to $3.37 million, or 2 million euros at the low end. The work last appeared at auction in 1995, when it sold for $35,700 at the Paris auction house Perrin Royere Lajeunesse Vergez Honta. It has changed hands five times in total since then. Its reappearance gives the market a rare opportunity to measure just how far values for Basquiat's works on paper have traveled over thirty-one years — from a five-figure result in the mid-1990s to a multi-million-dollar estimate today. The mixed-media construction is characteristic of Basquiat's approach to paper: layered, urgent, and combining drawing, painting, and collage into a single surface. Works on paper have become an increasingly important segment of the Basquiat market, offering collectors an entry point below the eight- and nine-figure sums commanded by his major canvases while still carrying the full force of his visual language. The October Paris sales have grown into a significant fixture of the autumn auction calendar, and a Basquiat estimated above $2 million is expected to rank among the week's most closely watched lots. No guarantee has been announced for the work, leaving the outcome to the room on the night.