Banana Sells For ₹52 Crore At Auction Here's Why

(MENAFN- Live Mint) An artwork featuring a yellow banana duct-taped to a wall, created by renowned Italian artist Maurizio Cattelan, has been sold for a staggering $6.2 million ( ₹52.35 crore) at a Sotheby's auction. The controversial piece, titled Comedian, has sparked global conversations about art, value and perception.

Originally debuting at Art Basel Miami Beach in 2019, Comedian became a cultural phenomenon, gaining both admiration and criticism. Cattelan, known for his provocative works such as The Golden Toilet titled America , aimed to challenge conventional definitions of art.

Also Read | Sig Sauer ordered to pay $11 million to Philadelphia man wounded by pistol that went off by itself

The artist explained that the essence of Comedian lies in its concept rather than its materials. Buyers of the piece purchase not just the banana and duct tape but also the intellectual rights to recreate it as certified artwork.

The auction highlighted the subjective nature of value in the art world. According to experts like Carl Menger, William Stanley Jevons and Léon Walras, the price of the artwork wasn't dictated by labour or materials but by the idea it represents, Forbes reported.

This aligns with the subjective theory of value, which suggests that an object's worth is determined by perception and context rather than intrinsic qualities.

Also Read | Meta's misuse of its market clout served a privacy alert to millions

Maurizio Cattelan commented in the past that Comedian was not merely a joke but a sincere commentary on society's ideas of value and art. He compared the act of creating the piece to a playful critique of the art market's eccentricities. The banana serves as a symbol, provoking both laughter and reflection on the absurdity of art pricing.

MENAFN21112024007365015876ID1108909653