The estate of Jean-Michel Basquiat refused to allow his works to be used, so the director, Julian Schnabel, personally painted the reproductions which are used throughout the film.
Benicio Del Toro wanted to appear in the movie so much, he did the movie for scale, but offered the producers the chance to not pay him for his role.
Gary Oldman's character, Albert Milo, wasn't a real person, but is actually an ironic self-portrayal of writer/director Julian Schnabel. Milo's daughter Stella is played by Schnabel's real-life daughter Stella Schnabel.
Near the end of the movie, Albert Milo (Gary Oldman) shows Basquiat (Jeffrey Wright) one of his paintings and tells him that he painted it for a friend who died. "JMB AUG 12" appears in white letters in the upper right corner. Those are Jean Michel Basquiat's initials and the date of his death.