Basquiat's Estate is working closely with Jon Batiste and John Doyle, who is leading the musical.

Jean-Michel Basquiat will be the subject of a forthcoming Broadway musical.

READ: Banksy Debuts Two New Murals In Tribute To Jean-Michel Basquiat 

Jon Batiste, the bandleader and musical director for The Late Show with Stephen Colbert, will serve as a composer while John Doyle (Sweeney Todd, The Color Purple) is set to direct according to Deadline.

The Basquiat Estate is also involved with the musical, having given the project the rights to the painter's artwork and personal archives.

Lisane and Jeanine Basquiat, sisters of the late painter, issued the following statement:

"Over the years, many people have approached us about telling our brother’s story on stage. But having discussed this project with the Marks over many months, our interest was piqued once we understood that their approach to telling our brother’s story treats his life, his art and his legacy with respect and passion. With Jon Batiste and John Doyle leading the creative team, we are thrilled with the possibilities. We cannot wait to begin the developmental process. Broadway is a new world for us, and we looking forward to sharing our brother’s life and art."

Doyle also spoke on the musical:

"I’m thrilled to have the opportunity to collaborate with Jon Batiste to bring to life the world of Jean-Michel Basquiat. Exploring his 1980s New York City will help us access the connections Basquiat made through the extraordinary body of work he created in his short lifetime."

Last year, Basquiat's "Untitled" painting sold for a record-breaking $110 million. Yusaku Maezawa, a billionaire entrepreneur, purchased the painting after a 10-minute bidding war. Unbelievably, Maesawa paid $57.3 million for Basquiat's "Untitled, 1982" only last year.

Source: Deadline