- Art Basel Miami showcased duct-taped banana art, among other exhibits
- Its presale price was $1M, but Justin Sun bought it for $6.2M
Crypto investor Justin Sun bought duct-taped banana art at Art Basel Miami, which is being presented for the first time in 2019 by visual artist Maurizio Cattelan.
Paying more than 6 times its presale price for it, he commented on it as a cultural phenomenon combining art, memes, and cryptocurrencies.
More About Buying Duct-Taped Banana Art
Originally, it was presented by visual artist Maurizio Cattelan at Art Basel Miami 2019, and that sparked a lively debate in the art world, as well as creating a couple of highlights when it was eaten by performance artist David Datuna in 2019, and then by a South Korean university student last year.
Now it has been bought by Justin Sun, a Chinese crypto investor and TRON founder, paying 6 times the pre-sale price for it, namely $6.2M. Along with the purchase he received an official certificate of ownership, official instructions on how to set up it, a roll of tape, and one banana.
According to Justin Sun, this is more than just a banana, but a cultural phenomenon whose attention can make a big difference.
“This is not just an artwork; it represents a cultural phenomenon that bridges the worlds of art, memes, and the cryptocurrency community. I’m honored to be the proud owner of this iconic work and hope it will inspire more thought and discussion in the future and will become a part of history.”
He added that he plans to “personally eat the banana as part of this unique artistic experience” in the coming days.
Conclusion
In the age of contemporary art, context more than ever before determines the essence, and therefore the value, of a work. This is a prime example of when even something seemingly ordinary can be worth millions thanks to the attention it attracts.
We in the crypto community know better than anyone how well this works, seeing it in the example of the DOGE coin that may not have great technology, but great personalities or history behind it.
Be aware, and stay tuned.
