Grocery inflation just hit its peak after a single banana was sold for $6.2 million Wednesday.
Cryptocurrency entrepreneur Justin Sun dropped over $6 million on the piece of produce — because it was duct-taped to a wall.
The banana is part of a piece of artwork called Comedian, created by the Italian artist and satirist Maurizio Cattelan.
After a battle with six others for the artwork at a Sotheby's auction in New York City on Wednesday, Sun — the founder of the cryptocurrency TRON — naturally paid for the fruit of his labor in crypto."I believe this piece will inspire more thought and discussion in the future and will become a part of history," Sun said on X. "I am honored to be the proud owner of this iconic work and look forward to it sparking further inspiration and impact for art enthusiasts around the world."
And he plans to eat his multimillion-dollar investment.
"In the coming days, I will personally eat the banana as part of this unique artistic experience, honoring its place in both art history and popular culture," he said.Sun's snacking won't change the value of his investment, however. His $6.2 million purchase awarded him a roll of duct tape, instructions on how to "install" the banana properly and, most importantly, a certificate of authenticity guaranteeing the artwork, when reproduced by Sun, as an original work of Cattelan’s, CNBC reported.
The soon-to-be devoured banana wasn’t included in his winnings, as the fruit tends to rot quickly. But the value of the artwork isn’t in the banana itself — it's derived from the certificate accompanying the purchase.
“What you buy when you buy Cattelan’s Comedian is not the banana itself, but a certificate of authenticity that grants the owner the permission and authority to reproduce this banana and duct tape on their wall as an original artwork by Maurizio Cattelan,” David Galperin, Sotheby’s head of contemporary art, told The Associated Press.
For a crypto fanatic like Sun, the artwork's similarity to an NFT most likely didn't go unnoticed.
"This is not just an artwork; it represents a cultural phenomenon that bridges the worlds of art, memes, and the cryptocurrency community," he said.
Comedian debuted at Art Basel Miami in 2019, where it was priced at $120,000. The image of a banana duct-taped to a wall went viral on social media and attracted such large crowds that the artwork had to be taken down.
Three editions of Comedian were created and sold, with one going to the Guggenheim Collection thanks to an anonymous donor and the two others purchased.
