On Wednesday, a single banana duct-taped to a wall at a New York City auction sold for $6.2 million. The buyer was Justin Sun, a cryptocurrency entrepreneur and the founder of the Tron blockchain network.
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Sun reportedly purchased the artwork “Comedian” by Maurizio Cattelan using cryptocurrency. The bidding at Sotheby’s began at $800,000. According to USA Today, the final sale price was $5.2 million, four times higher than the estimated value of $1 million to $1.5 million. This amount includes a buyer’s premium. However, the banana taped to the wall was purchased for only $0.35 on the auction day.
After purchasing the piece, Sun said, “It represents a cultural bridge between the worlds of art, memes, and the cryptocurrency community.” He also believes that the piece will spark a discussion and plans to eat the banana. Originally, the art piece went viral on social media after it made its debut at Art Basel Miami in 2019, and three editions of the piece were sold for $120,000 to $150,000 each.
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“I believe this piece will inspire more thought and discussion in the future and will become a part of history,” Sun said to the auction house.
Social media users reacted to the purchase and questioned what is considered “art” in today’s modern landscape. Others also wondered about the banana’s quality and how long would it last being duct taped to the wall.