Colin Dwyer

Jean-Michel Basquiat joined "joined the pantheon of great, great artists" Thursday night, when the late painter's 1982 work Untitled sold for a record-breaking $110.5 million at auction — the highest sum ever paid at auction for a U.S.-produced artwork.

That breathless assessment was offered after the sale by Oliver Barker, chairman of Sotheby's Europe. So you can imagine just how thrilled the buyer must have been.

Updated at 7:01 a.m. ET

Swedish prosecutors have announced they are dropping the country's rape investigation of Julian Assange. The WikiLeaks founder, who has long denied the allegation, has been holed up at the Ecuadorean Embassy in London since 2012 to avoid the country's extradition request.

Updated at 12:45 a.m. ET

At least one person was killed Thursday when a vehicle hit a crowd of pedestrians in Times Square, according to fire officials in New York City. Twenty-two other people were injured in the incident.

As Iranian voters prepare to head to the polls Friday, there's one thing the high-stakes presidential election certainly will not decide: the country's commander in chief.

That post, at least, is already filled by Ayatollah Ali Khamenei, Iran's supreme leader for nearly three decades. As long as he maintains control over the highest seat in the land, Khamenei enjoys wide-ranging authority over the security forces and effective veto power over matters both diplomatic and domestic — including the council that vets and approves presidential candidates.

Updated at 2:30 p.m. ET

For years, Puerto Rico has grappled with an ever-mounting debt crisis, watching as its public-sector bills have grown to more than $70 billion. Including what the U.S. territory owes to pension funds, that debt exceeds $120 billion.

Now, Puerto Rico's struggle with its creditors has stepped into U.S. federal court, where an unprecedented debt-restructuring case opened with a hearing Wednesday.

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