An iconic art piece by Banksy has returned to auction and sold for a record-setting price.
The partially shredded artwork by British street artist Banksy has made a return to the auction block, this time selling for a record price for the artist.
The piece, titled ‘Love is in the Bin’ was given a pre-sale estimate of £4 million by Sotheby’s in London. That price, however, was blown away when the artwork finally sold.
Initially titled ‘Girl With Balloon’, the artwork last surfaced at Sotheby’s during a highly publicised auction in October 2018. Once the anonymous European buyer placed the winning bid, the artwork was put through a shredder that was secretly set within the art’s frame. That winning bid was for £1 million and the spectacle firmly placed the art among Banksy’s most iconic pieces.
Now titled ‘Love is in the Bin’, the artwork greatly surpassed its £4 million estimation at Sotheby’s thanks to a bidding war that lasted 10 minutes. After nine bidders battled it out, the piece sold for £18.5 ($25.4 million).
Alex Branczik. Sotheby’s chairman of modern and contemporary art, spoke about the unique nature of ‘Love is in the Bin’, declaring the spectacle was ‘one of the most ingenious moments of performance art this century.’
‘It has been a whirlwind to follow the journey of this now legendary piece and to have it back in our midst, offering it tonight in the very room it was created by the artist,’ said Branczik. ‘Banksy is no stranger to making headlines and this latest chapter in his story has captured imaginations across the world – we can only begin to guess what might come next.’
Banksy’s previously most expensive piece sold at auction took place in March this year when his mural for Britain’s health workers sold for £16.8 million. While it was initially painted on a hospital wall, the piece was later sold at a Christie’s auction.