Food inflation just peaked after a banana sold for $6.2 million on Wednesday.
Crypto entrepreneur Justin Sun lost more than $6 million because his produce was duct-taped to a wall.
The banana is part of a work of art called “The Comedian” created by Italian artist and satirist Maurizio Cattelan.
Mr. Sun, the founder of the cryptocurrency Tron, was unsurprisingly given the fruits of his labor in cryptocurrencies after six other people vied for the work at a Sotheby’s auction in New York City on Wednesday. paid for. “We are honored to be the proud owner of this iconic work and look forward to further inspiring and influencing art lovers around the world,” Sun told X. Ta.
And he’s going to eat up millions of dollars in investments.
“In the coming days, I will personally eat a banana as part of this unique artistic experience, paying homage to its place in both art history and popular culture,” he said. Ta. However, Sun’s snacking does not change the value of his investment. According to a CNBC report, his $6.2 million purchase included a roll of duct tape, instructions on how to properly “attach” the banana, and most importantly, the artwork for The Sun to reproduce. He has obtained a certificate of authenticity guaranteeing that the work is an original work by Cattelan.
Ready-to-eat bananas were not included in the prize money because they spoiled quickly. However, the value of the artwork comes not from the banana itself, but from the certificate that comes with the purchase.
“What you are buying when you buy Cattelan’s Comedian is not the banana itself, but a certificate of authenticity that gives the owner permission and authority to reproduce this banana and duct tape on his wall as an original work by Maurizio Cattelan. ” said David Galperin. Sotheby’s head of contemporary art told The Associated Press.
For cryptocurrency enthusiasts like Sun, the artwork’s similarities to NFTs likely didn’t go unnoticed.
“This is more than just a work of art; it represents a cultural phenomenon that connects the worlds of art, memes, and the crypto community,” he said.
The comedian debuted at Art Basel Miami in 2019, with a price tag of $120,000. An image of a banana duct-taped to a wall went viral on social media, attracting such a large crowd that the artwork had to be removed.
Three editions of The Comedian were created and sold, one of which ended up in the Guggenheim Collection thanks to an anonymous donor, and the other two were purchased.
