NOVEMBER AUCTION HIGHLIGHTS: HOW A BANANA STOLE THE SPOTLIGHT

The art market has been on a downward trajectory for two years, with an annual decline of about 30% since the 2022 peak. The market is becoming increasingly selective, with only a handful of artists and exceptional works achieving significant results.

A prime example of this selectivity was seen at Christie’s with the sale of René Magritte’s L’Empire des Lumières from the collection of Mica Ertegun. Widely regarded as one of the finest works from Magritte’s iconic series, the painting achieved $121 million. Fresh to the market, the piece had been acquired by Ertegun directly from the artist’s solo exhibition at Byron Gallery in 1968. It stood out for its exceptional quality, pristine condition, and unique details, including the shimmering reflections in the foreground pool—marking the first time Magritte incorporated water into one of his signature mysterious scenes. This result significantly surpassed a similar work from the series, which sold at Sotheby’s in 2022 for $79.4 million. While such sales highlight the enduring appeal of masterpieces, the broader market remains challenged by uneven demand and a scarcity of standout offerings.

Despite the triumph of Magritte’s masterpiece, the art world’s attention quickly shifted to Maurizio Cattelan’s Comedian, the conceptual work famously consisting of a banana duct-taped to a wall. First sold at Art Basel Miami in 2019, the work sparked global debates about art, value, and satire. Last week, Maurizio Cattelan's Comedian reappeared at Sotheby's, where it sold for $6.2 million to Chinese collector Justin Sun, who announced that he would be paying in cryptocurrency. Sotheby's had mentioned ahead of the sale that crypto payments would be accepted—a factor that undoubtedly contributed to the heightened interest around the piece.

This was a remarkable marketing coup orchestrated by Sotheby’s in a sale season that otherwise lacked spark. The banana, purchased fresh for each location, traveled to no fewer than nine cities around the world, including Dubai, Taipei, London, Paris, Tokyo, and Hong Kong. Back at Sotheby’s in New York, it drew over 12,000 visitors in the two weeks leading up to the auction, alongside other masterworks on display. While the piece itself—a quintessential critique of art market absurdities—was far from traditional, it captivated the public and fueled controversy. Its sale has been interpreted as a reflection of the art world’s enduring fascination with conceptual provocations. Cattelan’s Comedian continues a legacy of conceptual art that challenges the boundaries of artistic value. From Marcel Duchamp’s 1917 urinal to Piero Manzoni’s canned excrement and Félix González-Torres’ candy installations, Cattelan’s work follows in the tradition of irreverent interrogation of the art world’s norms. As Cattelan himself stated, "To me, Comedian was not a joke; it was a sincere commentary and a reflection on what we value. At art fairs, speed and business reign, so I saw it like this: if I had to be at a fair, I could sell a banana like others sell their paintings. I could play within the system, but with my rules." [1]

In a season where Christie’s dominated with superior works and results, Sotheby’s managed to seize popular attention, proving once again that provocation and storytelling can be just as impactful as artistic quality. Whether celebrated or criticized, Comedian has ensured that Cattelan remains a central figure in contemporary debates about art’s conceptual limits.

A Few Facts About Comedian:

Editions:
Comedian has multiple editions and two artist’s proofs. At Art Basel Miami Beach (ABMB) in 2019, it sold three times: twice for $120,000 and once for $150,000 after Perrotin, the gallery representing Maurizio Cattelan, texted the artist to request a price increase due to high demand. One of these editions has since been donated to the Guggenheim Museum in New York.

The Work:
As a conceptual artwork, the buyer receives a certificate of authenticity with detailed instructions on how to display the banana. These include using a fresh banana, which should be replaced when it begins to rot, taping it to a white wall 160 cm from the floor with grey duct tape (this time a new roll is provided by Sotheby’s), and guidance on the proper orientation of the fruit.

The "Flipping Banana":
The Comedian recently sold at Sotheby’s is the second edition, originally purchased at Art Basel Miami Beach in December 2019 for $120,000. Since then, it has discreetly changed hands at least three times. According to Sotheby’s catalog provenance and additional sources, the first owner acquired it from Perrotin Gallery at the fair. It was later resold through White Cube Gallery—although it remains unclear whether the gallery acted as a direct buyer or simply as an intermediary facilitating a quick resale. Eventually, the piece reached Andre Sakhai, a patron of the Institute of Contemporary Art in Miami and a well-known figure in the art world. According to reports [2], Sakhai, the likely consignor, sought a $2 million guarantee ahead of the Sotheby’s auction.

The Sale:
Bidding for Comedian at Sotheby’s began at $800,000 and concluded with a hammer price of $5.2 million, resulting in $6.2 million with fees. Seven bidders competed for the work during the auction. The winning bid was placed by Jen Hua, Deputy Chairman of Sotheby's Asia, who was bidding over the phone on behalf of a Chinese collector.

The Buyer:

The buyer was Justin Sun, a Chinese collector and founder of the cryptocurrency platform Tron. Sun, a prominent yet relatively new figure in the art world, owns notable works such as a $78 million Giacometti, a $20 million Picasso, and digital pieces by Beeple and Pak. He announced that he would pay for Comedian using cryptocurrency, a payment method that Sotheby’s actively promoted before the sale—likely enhancing interest in the artwork.

Price Context:
While $6.2 million is a significant sum, it falls short of Maurizio Cattelan’s record auction price of $17.2 million, achieved in 2016 for his sculpture of a kneeling miniature Adolf Hitler.

[1] Maurizio Cattelan quoted in: Gareth Harris, "Maurizio Cattelan: 'Life is often tragic and comedic at the same time,'" The Art Newspaper, 30 November 2021 (online)

[2] As per Katya Kazakina in Artnet news, https://news.artnet.com/market/maurizio-cattelans-viral-banana-sells-for-6-24-million-at-sothebys-2571327