Justin Sun, a well-known personality in the cryptocurrency world, spent an impressive $6.2 million on Wednesday night at a Sotheby’s auction for what is effectively a work of conceptual art, without the real fruit. Known for creating the Tron blockchain and performing other blockchain-related antics, Sun made news in 2019 when he bought “Comedian,” a piece by Italian artist Maurizio Cattelan that became a meme. With a price tag that might finance a tiny island nation, “Comedian,” a banana duct glued to a wall and made famous for its simplicity, has once again sparked attention.Before winning, the San Francisco mogul put up bids against six other candidates, according to CNBC.
The astounding amount that the artwork sold for is indicative of a flourishing art market as well as the intersection of cryptocurrencies and viral culture. In a time when digital ownership frequently trumps physical assets, Sun isn’t so much purchasing an old banana as it is purchasing a concept and a set of instructions. A roll of duct tape and a certificate of authenticity are among his loot, as CNBC reports, and they both give Sun the authority to perpetually replicate this ephemeral work of art.
After the purchase, Sun told the San Francisco Chronicle, “I think this piece will inspire more thought and discussion in the future and will become a part of history.” “I am honored to be the proud owner of the banana and look forward to it sparking further inspiration and impact for art enthusiasts around the world.” Even Sun’s ambitious idea to launch this expensive fruit into space has a twist if he can convince Elon Musk to support the project.
According to Sun’s comment to CNBC, the banana is “a cultural phenomenon that bridges the worlds of art, memes, and the cryptocurrency community,” making comparisons to NFTs appropriate. This is hardly the first instance of someone paying a high price for something intangible. The demand for non-fungible tokens, or NFTs, which are distinct digital ownership certificates, has increased significantly in the art and cryptocurrency sectors.
“What you buy when you buy Cattelan’s Comedian is not the banana itself, but a certificate of authenticity that grants the owner the permission and authority to reproduce this banana and duct tape on their wall as an original artwork by Maurizio Cattelan,” said David Galperin, head of contemporary art at Sotheby’s, in a direct statement to the San Francisco Chronicle.
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