Why banana taped to wall sold for $6.2m at New York auction

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.

Art advisor Alex Glauber suggests Trump’s second term could bolster demand in the art world as his policies favour the wealthy, enabling them to invest in alternative assets like art.

“The economic policies that disproportionately benefit the wealthy should catalyse demand on both the primary market for emerging talent and secondary market for more established and branded artists,” Glauber told CNN.

However, sceptics argue that tax cuts and lower interest rates—policies likely to be extended under the Trump administration—will have limited impact on the ultra-wealthy, who already dominate the art market.

BBC reports that the artwork, initially purchased for just $0.35, has sparked intense debates about the meaning of art since it debuted in 2019.

The installation includes instructions on replacing the banana when it rots, a detail that has added to its fame and controversy.

Over the years, the taped banana has been eaten on at least two occasions.

In 2023, a South Korean art student consumed the fruit during its display at the Leeum Museum of Art in Seoul, prompting the museum to replace it.

A similar incident occurred in 2019 at Art Basel in Miami when a performance artist ate the banana, which had sold for $120,000. The piece was promptly restored without penalty.

Sun, who runs the Tron blockchain network, has faced allegations of fraud from the U.S. Securities and Exchange Commission, which accused him of inflating cryptocurrency trading volumes. Sun denies the charges.

“Comedian” remains a viral sensation, challenging perceptions of what constitutes art and pushing the boundaries of artistic expression.