Why banana taped to wall sold for $6.2m at art 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.

The 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.