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Cryptocurrency investor Justin Sun paid $6.2 million for a banana duct-taped to a wall, highlighting the soaring value of cryptocurrencies 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 fierce battle with six others, Sun was the winner after placing a bid online and paying in cryptocurrency.
A duct-taped banana titled “Comedian” by Italian visual artist Maurizio Cattelan is on display during a media preview at Sotheby’s in New York on November 8, 2024.
Kenna Betancourt | AFP | Getty Images
“This is more than just a work of art,” Sun said in a statement. “This represents a cultural phenomenon that bridges the art world, meme and cryptocurrency communities. I believe this work will inspire more thought and discussion in the future and become part of history. I is honored to be the proud owner of this work.” We look forward to the further inspiration and influence this iconic work will bring to art lovers around the world. ”
“The Comedian” shot to fame when it debuted at Art Basel Miami Beach in 2019, priced at $120,000. An image of a banana duct-taped to a wall with a six-figure price tag went viral on social media, drawing such a large crowd that the piece had to be removed. Three editions of The Comedian were created and sold, one of which ended up in the Guggenheim Collection thanks to an anonymous donor, and the other two were purchased.
The banana seller at Sotheby’s had bought the bananas from one of the original buyers and was reselling them. For $6 million, Sun gets a roll of duct tape, instructions on how to “install” the banana, and (most importantly) a certificate of authenticity guaranteeing it’s an original work by Cattelan. It turns out. Bananas are not included as they spoil quickly and must be constantly replaced and displayed.
Sun said in a statement that he will eat the bananas “as part of this unique art experience, in honor of the banana’s place in both art history and popular culture.”
People look at a duct-taped banana titled “Comedian” by Italian visual artist Maurizio Cattelan during a press preview at Sotheby’s on October 25, 2024 in New York. This viral artwork was released in 2019, and one of three “editions” of the artwork were released. will be resold on November 20, 2024, and is estimated to sell for between $1 million and $1 million, according to Sotheby’s. 1.5 million dollars.
Timothy A. Clary | AFP | Getty Images
Many in the cryptocurrency community likened bananas to NFTs, as their value comes from the certificate rather than the object itself. Sellers clearly understood the appeal and accepted cryptocurrencies as a payment method.
The sale was part of a series of auctions in New York this week that saw more than $1 billion worth of art on the market. After two years of decline, the sales suggest the art market is recovering, driven by recent stock market gains and post-election confidence among wealthy collectors.
Sotheby’s sold a Monet water lily painting for $65.5 million on Monday, and Christie’s sold a painting by Belgian surrealist René Magritte for $121 million on Tuesday.
