The work was formerly one of the most prized in the collection of newsprint magnate Peter Brant, one of Basquiat's major collectors.
The exact price of the canvas has not been revealed, but the $100 million-plus range puts it close to Basquiat's record auction price of $110.4 million, achieved in 2017 when Yusaku Maezawa purchased Untitled (1982) at a Sotheby's sale in New York, shattering the record for most expensive work by an American artist, then held by Andy Warhol.
Boy and Dog in a Johnnypump is considered to be a monumental work for the late artist, when he was reaching the height of his talent. The simple fiery-hued canvas is considered to be a neo-expressionist "tour-de-force" outlining a boy playing with his pet dog.
According to Bloomberg's Billionaires Index, collector Ken Griffin regularly spends much of his fortune on art collecting, having acquired major works by big name artists, including Jackson Pollock, Willem de Kooning, and now Jean-Michel Basquiat.
"The vast majority of Ken's art collection is on display at museums for the public to enjoy" Zia Ahmed, a Citadel spokesman, told Bloomberg in a statement. "He intends to share this piece as well."
Valuations for Basquiat's work have skyrocketed since the artist's death in 1988 at the age of 27.