A banana taped to the wall was sold for USD 6.2 million at an auction in New York on Wednesday, with the winning bid coming from a prominent cryptocurrency entrepreneur. The conceptual art piece is called ‘Comedian’ and is by Italian artist Maurizio Cattelan.

Crypto entrepreneur paid more than 40 times for duct-taped banana artwork

Justin Sun, the founder of the cryptocurrency platform TRON, is the buyer of the artwork by Maurizio Cattelan. He paid for the artwork in crypto, and it will be his responsibility to replace the banana as it rots, according to Artnet.com.

As per the Associated Press, the artwork was a phenomenon when it debuted in 2019 at Art Basel Miami Beach, as festivalgoers tried to make out whether the single yellow piece of fruit affixed to a white wall with silver duct tape was a joke or cheeky commentary on questionable standards among art collectors. At one point, another artist took the banana off the wall and ate it.

The piece attracted so much attention that it had to be withdrawn from view. But, three editions sold for between USD 1,20,000 and USD 1,50,000, according to the gallery handling sales at the time. After 5 years, Justin Sun acquired it and paid more than 40 times that higher price point at the Sotheby’s auction. Reportedly, he also purchased a certificate of authenticity that gives him the authority to duct-tape a banana to a wall and call it “Comedian.”

As per an AP report, the bidding started at USD 8,00,000 and within minutes shot up to USD 2 million, then USD 3 million, then USD 4 million, and higher, as the auctioneer, Oliver Barker, joked, “Don’t let it slip away. Don’t miss this opportunity. These are words I’ve never thought I’d say: Five million dollars for a banana.”

The final hammer price was USD 5.2 million, which didn’t include about USD 1 million in auction house fees paid by Justin Sun.

Sun said in a statement that the piece “represents a cultural phenomenon that bridges the worlds of art, memes, and the cryptocurrency community.” But he said the latest version of “Comedian” won’t last long.

With inputs from AP.