Justin Sun, founder of the Tron blockchain network, bought a banana taped to a wall for $6.24 million at a Sotheby’s contemporary art auction in New York on Wednesday.
The entrepreneur bought the banana at a price well above the pre-sale estimate of $1 million to $1.5 million, and reports indicate that the final bid exceeded the estimate by more than four times.
The cryptocurrency entrepreneur bought one of three editions of Maurizio Cattelan ‘s 2019 viral artwork, which is called “Comedian.” The title suggests that the action of the artwork is enhanced by engaging the audience, turning their reactions into an integral part of the artwork.
Sun described the artwork as “a cultural phenomenon that connects the worlds of art, memes and the cryptocurrency community.”
Justin Sun outbid six competitors
Jen Hua, representing Sotheby’s China office, made the highest bid for Sun, according to the Guardian. Sotheby’s has also played an active role in NFT auctions, making a huge impact on the market since entering the space.
It reportedly outbid six competitors. Sun will receive a banana, duct tape and a certificate of authenticity. Detailed installation instructions will also be provided, including steps for replacing the banana.
“I believe this will inspire more thought and discussion in the future and become part of history,” Sun said. “I am the proud owner of the banana, and I can’t wait for it to cause further inspiration and impact on art lovers around the world.”
Sun said he plans to eat the banana soon “as part of this unique art experience.”
The artwork debuted at Art Basel Miami Beach in 2019. At the time, it gained considerable attention and was initially sold for a lower price. Sun’s recent purchase at a higher price reflects its growing value and lasting fame. It also underscores 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 work both critiques and plays 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. Its goal was to prevent the state from selling the cryptocurrency on the open market. Analysts believe that the two-week sale of Bitcoin by the government caused the price to fall.
