Rosenfeld, an art dealer, claimed that Jean-Michel Basquiat, an acclaimed neoexpressionist artist, had agreed to sell to her three paintings entitled Separation of the "K," Atlas , and Untitled Head.
She claimed that she went to Basquiat's apartment on October 25, 1982, and while she was there he agreed to sell her three paintings for $4,000 each, and that she picked out the three works. According to Rosenfeld, Basquiat asked for a cash deposit of 10 percent. She left his loft and later returned with $1,000 in cash, which she paid him. When she asked for a receipt, he insisted on drawing up a "contract," and got down on the floor and wrote it out in crayon on a large piece of paper, remarking that "someday this contract will be worth money." She identified a handwritten document listing the three paintings, bearing her signature and that of Basquiat, which stated: "$12,000-$1,000 DEPOSIT-OCT 25 82." Is this writing sufficient to satisfy the statute of frauds?