Is the Art Market Completely Bananas?

Cattelan’s $6.2M Duct-Taped Banana Sold to Crypto Founder at Sotheby’s New York

Olena Yara

By 

Olena Yara

Published 

Nov 24, 2024

Is the Art Market Completely Bananas?

About the Artist

Maurizio Cattelan is celebrated for his boundary-pushing and controversial art. His works, such as the $120,000 banana (Comedian) and the 18-karat gold toilet (America), often challenge societal norms. He also sparked debate with 'L.O.V.E.', a giant middle finger sculpture placed in front of the stock exchange in Milan, and 'La Nona Ora', which depicts the Pope struck by a meteor. Cattelan’s art remains bold and unforgettable. 

Backstory

Cattelan first unveiled 'Comedian' at Art Basel Miami Beach in 2019, marking his return to sculpture after 15 years. The banana duct-taped to a wall quickly became a sensation but was removed before the event concluded due to safety concerns over the growing crowds. The banana itself became part of the performance, being eaten twice while on display — first by a performance artist at Art Basel, and again by a student at the Leeum Museum of Art in Seoul in 2023.

The $6.2M Sale

At Sotheby’s New York, Cattelan’s banana sold for $5.2 million ($6.2 million with fees) after a heated seven-minute bidding war. The winning bid came from Justin Sun, the founder of cryptocurrency platform, Tron. Sun, a prominent art collector, described 'Comedian' as a cultural milestone, bridging the worlds of art, memes and cryptocurrency. He predicted the piece would inspire future discussions and even planned to eat the banana in honour of its place in both art history and popular culture.

So, is the art market truly bananas? You can decide — but I’m inclined to say it is!

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