LONDON Banksy’s painting which sensational self-destruction three years ago after being sold for $ 1.4million at auction was resold Thursday by Sothebys for £ 18.6million, or 25.4million dollars, a record for the artist.
The work, re-titled by Banksy Love is in the trash was estimated to sell for between $ 5.5 and $ 8.2 million.
After competition from nine bidders in total, it was bought by a customer over the phone for a price that more than doubled Banksys’ previous auction record of $ 12.1 million, given for his painting Devolved Parliament, still at Sothebys, in 2019.
The auction was the centerpiece of the Sothebys Frieze Week contemporary art auction.
I expected it to make $ 20million, said Acoris Andipa, a London-based dealer specializing in Banksys paintings and prints. It is such an infamous work. With Leonardos Salvator Mundi, it is the most talked about work of art in the world over the past two or three years.
The artwork, which began as a 2006 spray painted canvas titled Girl With Balloon, was the last lot in the Frieze Week equivalent sale at Sothebys in October 2018. Immediately after being purchased over the phone, for $ 1.4 million, an alarm went off. in the auction room. Sothebys employees and the auction audience gasped as the painting slipped through its elaborate gold frame and shredded, then got stuck halfway through. It was carried out via a remote-controlled mechanism hidden in the frame. Sothebys later said he had been Banksy-ed.
Imagined by Banksy to subvert the excesses of the art trade, according to his Instagram posts, the stunt created what experts correctly predicted would become a valuable performance art piece.
Love Is in the Bin, with its jagged bottom half hanging below the frame, was displayed behind a protective glass screen at Sothebys. It had been put up for sale by an unidentified European collector. It was on display for 11 months alongside revered Old Masters at the Stuttgart State Gallery in Germany in 2019-20. During this period, said the Staatsgalerie, it attracted 180,000 visitors, about double its usual attendance.
Before the sale, the work, which auctioneer Oliver Barker, president of Sothebys Europe, called this iconic large Banksy, had been exhibited in the old-fashioned way in a gallery of its own lit by a sepulcher, much like the dark room in which Christies displayed the $ 450.3 million Salvator Mundi in New York City in 2017.
I can’t tell you how terrified I am about dropping that hammer, Barker said after accepting the final $ 25.4 million offer. He had been auctioneer three years earlier on the night of Banksys’ daring and semi-successful stunt.
But this time it was just an auction record that was shredded.
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