Crypto entrepreneur buys banana for $6.2 million

The world’s “most expensive banana,” as dubbed by some media outlets, has just been sold at Sotheby’s in New York. The collectibles broker auctioned a viral 2019 artwork by Italian artist and prankster Maurizio Cattelan on Wednesday and sold it for a whopping $6.2 million.

The piece of conceptual art titled ‘Comedian’ involves a banana duct-taped to a wall. The artwork gained prominence back in 2019 when it was first displayed at Art Basel Miami Beach. At that time, it was priced at between $120,000 and $150,000. An image of a duct-taped banana went viral on social media at that time. A performance artist, David Datuna, also ripped the fruit off the wall and ate it at that time. Eventually, the exhibit was removed altogether. 

The work also became a media sensation and appeared on the cover of the New York Post at that time. Cattelan himself called his art piece a satirical jab at market speculation, questioning the origin of a value ascribed to an object in an art system. 

In total, Cattelan created three editions of this artwork; all of them were sold. One of them was then presented to the Guggenheim Collection by an anonymous donor, with the other two remaining in private hands. One of the two remaining owners then decided to resell it and that is how it ended up with Sotheby’s, according to CNBC. 

The piece of art was eventually purchased by Justin Sun, a Chinese-born entrepreneur and investor who owns a crypto exchange and the TRON blockchain ecosystem. The businessman made the highest bid in a heated battle against six other potential buyers, according to CNBC.

The entrepreneur himself said on X (formerly Twitter) that he purchased the artwork for $6.2 million. “I’m thrilled to announce that I’ve bought the banana,” he wrote, calling the art piece a “cultural phenomenon that bridges the worlds of art, memes, and the cryptocurrency community.” 

Sun also expressed his hope that “this piece will inspire more thought and discussion in the future and will become a part of history,” adding that he looked “forward to it sparking further inspiration and impact for art enthusiasts around the world.”

The businessman also revealed that he was planning to “personally eat the banana” in the coming days “as part of this unique artistic experience.”

Except, according to the media, the man did not get the fruit itself. For his $6 million, Sun would get a roll of duct tape, instructions on how to “install” the banana and a certificate guaranteeing the authenticity of the original work by Cattelan, multiple reports said, adding that the banana would need to be constantly changed anyway since it quickly rots.

According to CNBC, the fact that the price of the art piece was derived from a certificate and not from the object itself made it similar to an NFT in the eyes of the crypto community. A non-fungible token or NFT is a unique digital identifier that is recorded on a blockchain used to prove ownership or authenticity of an object.