Tron Founder Acquires ‘Comedian’ Banana Art for Record Price

TLDR

• Justin Sun purchased Cattelan’s “Comedian” banana artwork for $6.24M at Sotheby’s
• The piece vastly exceeded its $1.5M pre-sale estimate
• The artwork consists of a real banana taped to wall with instructions for replacement
• Sun plans to eat the banana as a cultural statement
• The sale occurred during a crypto market high with Bitcoin at $97,000

In a remarkable auction event at Sotheby’s New York, crypto entrepreneur Justin Sun purchased Maurizio Cattelan’s famous “Comedian” artwork for $6.24 million, including fees. The sale took place on Wednesday night, drawing attention from art collectors and crypto enthusiasts alike.

The piece, which consists of a real banana attached to a wall with duct tape, sparked a heated five-minute bidding war among six participants. Jen Hua, deputy chairman of Sotheby’s and chairman of Sotheby’s China, placed the winning bid on Sun’s behalf.

The final sale price vastly exceeded the pre-auction estimate of $1.5 million, setting a new benchmark for conceptual art sales. The artwork includes a certificate of authenticity and specific instructions for replacing the banana as it naturally decays.

Justin Sun, founder of the Tron blockchain platform, announced his plans for the artwork through social media platform X. He intends to eat the banana in the coming days, describing this act as “honoring its place in both art history and popular culture.”

The sale took place during a period of strong performance in the cryptocurrency market, with Bitcoin reaching $97,000. Sotheby’s acceptance of crypto payments for this auction reflects the growing intersection between traditional art markets and digital currency.

During the auction, Sotheby’s auctioneer Oliver Barker added a touch of humor to the proceedings, remarking, “These are the words I never thought I’d say, ‘$5 million for a banana.'”

After over 6 minutes of heated bidding, Deputy Chairman of Sotheby's and Chairman of Sotheby's China, Jen Hua, placed the winning bid for ‘Comedian’ on behalf of @justinsuntron, Chinese collector and founder of cryptocurrency platform TRON. https://t.co/Vf6kMoHfOQ

— Sotheby's (@Sothebys) November 21, 2024

The artwork first gained notoriety in 2019 at Art Basel, where a version sold for $120,000. Its fame increased when performance artist David Datuna ate the displayed banana in an act he called “Hungry Artist.”

The “Comedian” piece has a history of sparking debates about art valuation and meaning. Each installation comes with precise instructions for displaying the work, including the exact angle at which the banana should be taped to the wall.

Sun’s purchase adds to his growing art collection. The crypto entrepreneur founded Tron in 2017 and stepped down as CEO of the Tron Foundation in December 2021, transferring control to Tron DAO, a non-profit decentralized autonomous organization.

The auction drew international attention, with online viewers joining in-person attendees to watch the bidding unfold. The sale represents one of the highest prices ever paid for a piece of conceptual art.

The artwork’s components are simple: a banana, duct tape, and a wall. However, its value lies in its concept and certification rather than its physical materials. The certificate of authenticity allows owners to replace the banana as needed.

Sotheby’s reported strong interest from both traditional art collectors and newer crypto-wealthy buyers during the pre-sale period. The auction house has been actively expanding its acceptance of cryptocurrency payments for major sales.

The sale occurred against the backdrop of a thriving art market, particularly in the contemporary and conceptual art sectors. Other pieces in the evening’s auction also achieved prices above their estimates.

Sun’s acquisition continues a trend of crypto entrepreneurs making major purchases in the traditional art world. This intersection of digital wealth and conventional art markets has been reshaping collecting patterns.

The banana will be displayed according to strict guidelines provided by the artist, ensuring its presentation matches the original concept. These instructions form a crucial part of the artwork’s value and authenticity.