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Crypto investor Justin Sun paid $6.2 million for a banana duct-taped to a wall, highlighting the soaring values of crypto and viral art.
Sotheby’s last night auctioned off the infamous banana, titled “Comedian,” created by Italian artist and cultural prankster Maurizio Cattelan. After a heated battle with six others, Sun emerged as the winner, bidding online and paying in crypto.
“This is not just an artwork,” Sun said in a statement. “It represents a cultural phenomenon that bridges the worlds of art, memes, and the cryptocurrency community. I believe this piece will inspire more thought and discussion in the future and will become a part of history. I am honored to be the proud owner of this iconic work and look forward to it sparking further inspiration and impact for art enthusiasts around the world.”
“Comedian” shot to fame at its debut at Art Basel Miami Beach in 2019, priced at $120,000. The image of a banana duct-taped to a wall, and and priced at six figures, went viral over social media and attracted such massive crowds that the work had to be removed. There were three editions of “Comedian” created and sold, with one going to the Guggenheim Collection thanks to an anonymous donor, and the other two purchased.
The seller of the Sotheby’s banana had purchased it from one of the original buyers and was reselling it. For his $6 million, Sun will get a roll of duct tape, instructions on how to “install” the banana and (most importantly) a certificate of authenticity guaranteeing it as an original work of Cattelan’s. The banana is not included, since it will quickly rot and need to be constantly changed for display.
In his statement, Sun said he plans to eat the banana “as part of this unique artistic experience, honoring its place in both art history and popular culture.”
Because the value of the banana is derived from the certificate, rather than the object itself, many in the crypto community likened it to an NFT. The seller, clearly understanding the appeal, accepted crypto as a form of payment.
The sale was part of a series of auctions in New York this week, featuring more than $1 billion worth of art for sale. After two years of declines, the sales suggest a rebound for the art market, driven by the recent stock market rally and increased postelection confidence by wealthy collectors.
Sotheby’s on Monday sold a Monet water lilies painting for $65.5 million, and Christie’s on Tuesday sold a painting by the Belgian surrealist Rene Magritte for $121 million.