A banana duct-taped to a wall has sold for £4.9 million – part of the evolving relationship between art and finance

On the evening of November 20, Sotheby’s auction house sold an artwork by Maurizio Cattelan for an astonishing sum. The piece, entitled Comedian, is not a conventional painting or sculpture. It consists of an ordinary banana, duct-taped to a wall at a jaunty angle. The hammer price? A staggering US$6.2 million (£4.9 million).

The widespread incredulity surrounding this exorbitant price has been tinged with humour. The sale has been perceived by many as a kind of jest at the expense of the buyer, Chinese-born crypto entrepreneur Justin Sun.

It has even spawned its own meme and hash-tag, #BTW, which stands for “Banana Tape Wall”. Sun took to X (formerly known as Twitter) to say he was “thrilled” with his purchase and would be eating the banana in the coming days.

Bananas have a rich comedic history. Given that Comedian is the title of the artwork, we are seemingly invited to conclude that Sun’s purchase itself is an unintentional pratfall – a slip on a banana peel.

However, Cattelan claims that Comedian serves as “a sincere commentary on what we value” rather than merely a joke. Exploring Comedian’s place within the realm of conceptual art reveals its implications for our understanding of value, the role of technology – and the evolving relationship between art and finance.

Looking for something good? Cut through the noise with a carefully curated selection of the latest releases, live events and exhibitions, straight to your inbox every fortnight, on Fridays. Sign up here.

The essence of Comedian lies not in the specific combination of the banana and duct tape, but rather in the accompanying documentation.

This documentation provides detailed instructions for replacing the perishable components (the banana and duct tape) that constitute the physical representation of the work. It also includes a certificate of authenticity, which is the essential element. This certificate elevates any arrangement of banana and tape, when executed according to the instructions, from a mere snack into a specific artwork by Maurizio Cattelan.

This unique approach challenges conventional notions of art ownership and value, underscoring the significance of the idea embodied in the artwork rather than its physical manifestation.

Comedian and the legacy of conceptual art

Comedian is part of a lineage of conceptual art that broadens the definition of art and subverts traditional notions of artistic value. It invites comparisons to Marcel Duchamp’s Fountain (1917), a ready-made urinal presented as art, and to Andy Warhol’s Brillo Boxes (1964), which were silk-screened plywood replicas of commercial packaging.

However, the most relevant precursor is Michael Craig-Martin’s 1973 conceptual masterpiece, An Oak Tree. It consists of a glass of water placed on a shelf, accompanied by a transcript of a conversation in which the artist explains how he has “changed” the glass of water into an oak tree, without physically altering any object.

All these works, including Comedian, draw attention away from the material and aesthetic qualities of objects to focus on the concepts or ideas they embody.

As art critic Rosalind Krauss has explained, conceptual art takes the idea, rather than the object, as the locus of artistic practice. In Comedian, the banana is transient and replaceable. Its worth lies in the certificate of authenticity, the artist’s conceptual gesture and the discussion it generates.

An intriguing aspect of this piece is that it is not a unique object. Rather, it is part of a limited edition of three. US$6.2 million is a significant amount for a one-off piece. It is even more extraordinary for an item that is part of an edition.

The work’s provocative simplicity and its association with the perceived excesses of the art market invite critique and reflection, which seems to be a deliberate point. Ultimately, Comedian is not merely a banana – it is one of three conceptual artworks whose essence is best understood as virtual.

This article is part of our State of the Arts series. These articles tackle the challenges of the arts and heritage industry – and celebrate the wins, too.

The crypto connection

The surge in value of virtual bananas is paralleled by the rising tide of another intangible asset: cryptocurrency.

Since the reelection of crypto-enthusiast Donald Trump, the value of a single bitcoin has surged by about a third, nearing US$100,000 (£79,300). Sun’s interest in Comedian is intricately linked to his advocacy for blockchain technology and cryptocurrency, drawing parallels between conceptual art and the digital currency market. Both challenge established value systems, disrupting traditional notions of ownership and authenticity.

Cryptocurrencies derive their worth from decentralised networks and cryptographic protocols rather than from physical assets, which resonates with the conceptual art focus on ideas over tangible objects. However, this comparison raises questions about the speculative nature of both markets, suggesting that value may be governed more by hype than by intrinsic worth. This dynamic appears to be one that the artist is intentionally engaging with.

In light of this, one might ponder whether it was precisely this commentary that attracted Justin Sun to the work.

Comedian challenges perceptions of value ownership, and the very nature of art itself, while reflecting the complexities of contemporary cultural and financial landscapes. The piece has become not only a noteworthy artefact within the art world but also a provocative statement about the intersection of art and capitalism in today’s society.

Benedict Carpenter van Barthold does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.