Banana taped to a wall sells for $6.2m in New York

Friday, November 22, 2024 - A fresh banana, taped to a wall by Italian artist Maurizio Cattelan, was sold for $6.2 million at a New York auction on Wednesday, November 20, sparking renewed debate on the nature of art. The work, titled "Comedian," made its debut at Art Basel in Miami Beach in 2019 and raised eyebrows for its unconventional concept. The banana, along with a single strip of silver duct tape, was purchased by cryptocurrency entrepreneur Justin Sun, who described the piece as more than just an artwork, calling it a cultural phenomenon that connects art, memes, and the cryptocurrency world.

Sun, who is the founder of the cryptocurrency exchange Tron, expressed that he believes the piece will continue to inspire discussion and become part of history. The auction, which attracted seven bidders, exceeded expectations, with the initial guide price set between $1 million and $1.5 million. The sale highlighted a unique aspect of the artwork: given the perishable nature of a banana, Sun is essentially purchasing a certificate of authenticity for the work, along with instructions on how to replace the fruit when it deteriorates.

The sale marked the third iteration of "Comedian." The original banana was famously eaten by performance artist David Datuna during the 2019 Miami show. Sun revealed plans to eat his own banana as part of the artwork's unique experience, further cementing its connection to pop culture.

Cattelan, known for provocative works such as an 18-carat gold toilet titled "America" and a sculpture of the pope struck by a meteor, has long criticized the speculative nature of the art market. He had priced "Comedian" at $120,000 in 2019, a price tag that was initially seen as emblematic of the art world's "madness."

The banana, purchased for just 35 cents from a Manhattan fruit vendor, has become a symbol of the growing intersection between the worlds of high art, cryptocurrency, and internet culture. Sun's acquisition of the piece follows his previous high-profile art purchases, including a $78.4 million Alberto Giacometti sculpture in 2021.

Despite the boom in cryptocurrency and NFT markets, global art markets have recently been facing a decline, with concerns about geopolitical instability and higher interest rates affecting values. However, recent auctions, like the sale of René Magritte's "Empire of Light," which fetched over $121 million, continue to demonstrate the ongoing appeal of rare art.