Justin Sun, founder of blockchain network Tron, purchased a banana taped to a wall for $6.24m at Sotheby’s contemporary art auction in New York on Wednesday.
The entrepreneur purchased the banana for a price far exceeding its $1m to $1.5m presale estimate, with reports indicating the final bid surpassed the estimate by more than four times.
The crypto entrepreneur purchased one of the three editions of Maurizio Cattelan’s 2019 viral artwork, which is called “Comedian.” The title suggests that the artwork’s performance is enhanced by the audience’s engagement, turning their responses into an integral component of the art.
Sun described the artwork as “a cultural phenomenon bridging the worlds of art, memes, and the cryptocurrency community.”
Justin Sun Outbids Six Competitors for Banana Artwork
Jen Hua, representing Sotheby’s China office, clinched the top bid for Sun, according to the Guardian. Sotheby’s has also played an active role in auctioning NFTs, greatly influencing the market since entering the space.
He reportedly outbid six competitors. Sun will receive a banana, duct tape and an authenticity certificate. Detailed installation instructions, including steps to replace the banana, will also be provided.
“I believe this piece will inspire more thought and discussion in the future and will become a part of history,” Sun said. “I am honored to be the proud owner of the banana and look forward to it sparking further inspiration and impact for art enthusiasts around the world.”
Sun said he plans to eat the banana soon “as part of this unique artistic experience.”
A $6M Symbol of Art Market Opulence and Strategic Ownership
The artwork debuted at Art Basel Miami Beach in 2019. It gained significant attention at the time and initially sold for a lower amount. Sun’s recent purchase at a higher price reflects its growing value and enduring fame. It also highlights the continued attention it attracts in the art world.
Some suggest that Sun’s acquisition serves as a strategic effort to generate publicity, drawing attention to both himself and his crypto ventures while showcasing his interest in unconventional and provocative art.
The acquisition highlights the extravagance of the contemporary art market. Cattelan’s piece both critiques and plays along with this system, showing how simple objects can gain value based on context and perception.
Earlier this year, Sun offered to buy Bitcoin directly from the German government. His aim was to prevent the state from selling its cryptocurrency on the open market. Analysts believe the government’s two weeks of Bitcoin sales had pushed the price down.
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