A banana duct-taped to a wall, part of Italian artist Maurizio Cattelan’s “Comedian” installation, sold for $6.2 million at a Sotheby’s auction in New York, BBC reports on Thursday.
This price is four times higher than its initial pre-sale estimate.
The winning bid came from Chinese cryptocurrency entrepreneur, Justin Sun, who outbid six competitors for the piece.
Speaking after the auction, Sun said, “In the coming days, I will personally eat the banana as part of this unique artistic experience.”
CNN reports the sale is emblematic of a revived optimism in high-end art auctions.
The US-based media platform stated that following a 27% contraction in 2023, the art market has seen renewed energy as over 1,600 lots from Sotheby’s, Phillips, and Christie’s were expected to fetch over $1 billion this November.
According to CNN, this resurgence coincides with a renewed confidence among the wealthy, attributed in part to political and economic factors, including President Donald Trump’s re-election and his anticipated pro-business policies.
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