Shredded Banksy artwork sells for $25.4 million at auction

LONDON , A work by Banksy, a British street artist, was sensationally self-shredded after it was sold at auction three-years ago. It brought in 18.5 million pounds ($25.4 Million) on Thursday. This is a record for Banksy and nearly 20 times the pre-shredded price.

Shredded Banksy artwork sells for $25.4 million at auction

LONDON , A work by Banksy, a British street artist, was sensationally self-shredded after it was sold at auction three-years ago. It brought in 18.5 million pounds ($25.4 Million) on Thursday. This is a record for Banksy and nearly 20 times the pre-shredded price.

Sotheby's in London offered "Love is in the Bin", with a presale estimate ranging from 4 million to 6 million pounds ($5.5 to $8.2million)

It was sold after a 10-minute bidding battle between nine bidders in the salesroom, plus more online and over the phone. The high estimate was three times higher than the original price.

The piece is made up of half-shredded canvas and an ornate frame with a spray-painted image depicting a girl reaching out for a red balloon in a heart shape.

It was last sold by Sotheby's October 2018 as "Girl With Balloon". Just as an anonymous European buyer bid for 1 million pounds ($1.4million), a hidden shredder embedded into the frame by Banksy whirred, allowing half of the canvas to hang from the frame in strips.

Sotheby's was criticised for not noticing the hidden shredder. The 2018 buyer nevertheless decided to purchase the work, which was reaffirmed on Thursday when the work's value soared.

It quickly became a Banksy's most recognizable work, so Sotheby's sent it out on tour to New York City and Hong Kong just before the auction.

Alex Branczik. Sotheby's chair of contemporary and modern art, Alex Branczik, described the shredding as "one of most ingenious moments in performance art this century."

Branczik stated, "It was a wild ride to follow the story of this now famous piece and to have them back in our midst, offering the piece tonight in the exact room where it was created by artist." Banksy is not afraid to make headlines, and this new chapter of his story has captured imaginations around the globe -- we can only guess what will come next."

Banksy is not known for his true identity. He began his career spray painting buildings in Bristol, England. Since then, he has been one of the most well-known artists in the world. Two male police officers with smiley faces, yellow riot police, and a chimpanzee are some of his humorous and often humorous images.

Updated Date: 14 October 2021, 16:11

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