Duct-taped banana sells for $6.2 million at art auction

NEW YORK — At a New York auction on Wednesday, a well-known cryptocurrency entrepreneur placed the winning bid, and the piece of conceptual art—a basic banana taped to a wall—sold for $6.2 million.

When Italian artist Maurizio Cattelan’s piece “Comedian” made its debut at Art Basel Miami Beach in 2019, it caused a stir as attendees attempted to determine whether the lone yellow fruit attached to a white wall with silver duct tape was a joke or a cheeky critique of dubious art collector standards. Another artist once ate the banana after removing it from the wall.

The artwork was so popular that it had to be taken off from display. However, the gallery managing sales at the time reported that three editions brought in between $120,000 and $150,000 every time.

Justin Sun, the creator of the cryptocurrency network TRON, has now paid more than 40 times that higher amount at the Sotheby’s auction five years later. More precisely, Sun bought an authenticity certificate that allows him to duct-tape a banana to a wall and label it “Comedian.”

At the crowded Sotheby’s auction, the sculpture garnered a lot of attention. Two handlers with white gloves stood at either side of the banana, and others in the crammed room held up their phones to take pictures.

Oliver Barker, the auctioneer, remarked, “Don’t let it slip away,” as the bidding began at $800,000 and quickly increased to $2 million, $3 million, $4 million, and more.

“Don’t pass up this chance,” Barker said. “I never would have imagined saying these words: Five million dollars for a banana.”

The buyer paid around $1 million in auction house fees, which were not included in the $5.2 million final hammer price that was disclosed in the room.

The artwork “represents a cultural phenomenon that bridges the worlds of art, memes, and the cryptocurrency community,” according to a statement from Sun. However, he predicted that the most recent iteration of “Comedian” would not endure.

Sun added, “As part of this special artistic experience, I will also personally eat the banana in the coming days, honoring its place in both art history and popular culture.”

Cattelan is regarded by Sotheby’s as “one of the most brilliant provocateurs of Contemporary Art.”

In describing “Comedian,” the auction house stated that “he has consistently challenged the status quo in the art world in significant, irreverent, and frequently contentious ways.”

The transaction took place the day after a painting by Belgian surrealist René Magritte achieved a record price of $121.2 million at another auction.

An spooky streetscape at night beneath a pale blue sky during the day, “The Empire of Light,” was auctioned Tuesday as part of Christie’s sale of interior designer Mica Ertegun’s collection. Ertegun passed away last year at the age of 97.

Magritte now joins the group of artists whose pieces have sold for over $100 million at auction thanks to the sale. According to market research firm Artprice, Magritte is the 16th member of the club, which also includes Andy Warhol, Pablo Picasso, and Leonardo da Vinci.

Magritte created 17 oil paintings of the same scenario, including “The Empire of Light,” which was completed in 1954. Christie’s Americas chairman Marc Porter referred to the sale as “a historic moment in our saleroom.”

The auction house’s expenses were included in the $121.2 million price. The buyer, whose identity was kept a secret, was a telephone bidder.