Crypto Boss Eats Banana Art He Bought for US$6.2 Million

A New York Auction

Crypto entrepreneur Justin Sun on Friday fulfilled a promise he made after spending US$6.2 million on an artwork featuring a banana duct-taped to a wall – by eating the fruit.

Auction Details

At one of Hong Kong’s priciest hotels, Sun chomped down on a banana in front of dozens of journalists and influencers after giving a speech hailing the work as “iconic” and drew parallels between conceptual art and cryptocurrency.

Eating the Banana

“It’s much better than other bananas,” Sun said after getting his first taste. “It’s really quite good.”

The Artwork

Titled “Comedian”, the conceptual work created by Italian artist Maurizio Cattelan was sold at a Sotheby’s auction in New York last week, with Sun among seven bidders.

Why He Bought It

Sun said he felt “disbelief” in the first 10 seconds after he won the bid, before realising “this could become something big”. In the 10 seconds after that, he decided he would eat the banana. “Eating it at a press conference can also become a part of the artwork’s history,” he said Friday.

Comparing Art and Crypto

Sun also compared conceptual art like “Comedian” to NFT art and decentralised blockchain technology. “Most of its objects and ideas exist as (intellectual property) and on the internet, as opposed to something physical,” he said.

Recent Investments

Sun also this week disclosed a US$30 million investment in World Liberty Financial, a crypto project backed by US president-elect Donald Trump.

Legal Issues

The crypto businessman was last year charged by the US Securities and Exchange Commission with offering and selling unregistered securities in relation to his crypto project Tron. The case is ongoing.

The Event

At a function room at the Peninsula hotel in Hong Kong, two men dressed as auction house staff stood in front of a featureless wall with the yellow banana offering the only splash of colour. Sun said he only recently decided to bid for the artwork, adding he had “dumb questions” such as whether the banana had decayed and how to value the work.

Event Attendees

Event attendees on Friday each received a roll of duct tape and a banana as a souvenir. “Everyone has a banana to eat,” he said.

Conclusion

In conclusion, Justin Sun’s decision to eat the banana art he bought for US$6.2 million has generated significant attention and debate about the value of conceptual art and the connections between art and cryptocurrency.

FAQs

Q: Why did Justin Sun buy the banana art?
A: He spent US$6.2 million on the artwork, titled “Comedian”, created by Italian artist Maurizio Cattelan.

Q: Why did he decide to eat the banana?
A: He said he felt “disbelief” in the first 10 seconds after he won the bid, before realising “this could become something big”. In the 10 seconds after that, he decided he would eat the banana. “Eating it at a press conference can also become a part of the artwork’s history,” he said.

Q: What is the significance of the artwork?
A: The artwork is conceptual, with the banana duct-taped to a wall, sparking questions about whether it should be considered art.

Q: What is the value of the artwork?
A: The artwork was sold at a Sotheby’s auction in New York for US$6.2 million.