Italian artist Maurizio Cattelan’s piece “Comedian,” which consists of a banana duct-taped to a wall, sold for $6.24 million at the 2019 Art Basel fair in Miami. The buyer, Justin Sun, a cryptocurrency platform founder, described the purchase as a cultural phenomenon bridging art, memes, and the cryptocurrency community. Sun announced that he would personally eat the banana as part of the artistic experience. The sale was seen as emblematic of addressing art’s biggest questions, according to a Sotheby’s executive.
However, in the broader art world, the sale of “Comedian” was met with a shrug. The art market has been experiencing some of the worst sales in decades, and the purchase of this piece is unlikely to have a significant impact on overall trends. While the $6.24 million price tag may seem high, experts suggest that it reflects the absurdity and nature of the piece itself, rather than broader purchasing trends.
The rest of Sotheby’s auction saw mixed results, with the art market facing challenges due to other investments like stocks and gold outperforming art in terms of returns. The sale of “Comedian” could signal an expansion of goods that cryptocurrencies can purchase, as these financial instruments continue to see price increases. However, high-end purchases using cryptocurrencies may not yet represent the norm, as newly wealthy individuals navigate changing economic conditions.
Photo credit
www.nbcnews.com
