Basquiat worked from the ground-floor display and studio space Gagosian had built below his Venice home on Market Street. In the early 1980s, Gagosian developed his business rapidly by exploiting the possibilities of reselling works of art by blue-chip modern and contemporary artists, earning the nickname "Go-Go" in the process. After establishing a Manhattan gallery in the mid-1980s, located at the ground-floor space in artist Sandro Chia’s studio building at 521 West 23rd Street, Gagosian began to work with a stable of super collectors including David Geffen, Newhouse, Saatchi, and David Ganek. Bidding on behalf of Newhouse in 1988, Gagosian paid over $17 million for False Start (1959) by Jasper Johns, a then-record price for a work by a living artist. That record was beaten in 2008, when Gagosian paid $23.5 million at Sotheby's in November 2007 for Jeff Koons's Hanging Heart (an artist who happens to belong to the Gagosian gallery's stable). In 1988, Gagosian bought the Toad Hall estate in Amagansett, New York, with an 11,000-square-foot house designed by architect Charles Gwathmey for fellow architect François de Menil in 1983, for $8 million. In 2009, he had Christian Liaigre design a home for him in Flamands Beach on St. Barths. In 2010, internet pioneer David Bohnett sold his 5,700 square foot Holmby Hills compound, originally designed by A. Quincy Jones for Gary Cooper, to Gagosian for $15.5 million, according to public records. Gagosian bought the former Harkness Mansion, an enormous townhouse at 4 East 75th Street in Manhattan, for $36.5 million<ref>Jennifer Gould Keil (August 17, 2011), Art of the Deal New York Post'.</ref> in 2011. On 10 May 2022, Gagosian bought one of the four Shot Marilyns paintings by Andy Warhol, for a record breaking $195 million, making it the most expensive piece of 20th century art to change hands in a public sale. Recognition In 2011, the British magazine ArtReview placed Gagosian fourth in their annual poll of "most powerful person in the art world". Legal issues In 2003, Gagosian paid $4 million settlement after federal prosecutors accused him and three partners of failing to pay taxes on the sale of 58 works of art. In 2012, suits and counter-suits were filed by Gagosian and Ronald Perelman against one another concerning an unfinished work by Jeff Koons and 10 others worth up to $45 million. In 2012, Gagosian was sued for $14 million in a suit involving