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Partially-Torn Banksy Art Fetches $25.4 million in Sale
During an auction at Sotheby’s in London back in 2018, a piece of art crafted by the renowned street artist Banksy was put up for sale. The artwork, named “Girl with Balloon,” depicted a young girl reaching out for a heart-shaped balloon. Upon the confirmation of the winning bid by an undisclosed buyer, totaling a significant $1.4 million, a concealed paper shredder within the frame was triggered, tearing the lower portion of the painting. While such an incident might typically devalue a piece of art, in the case of a Banksy creation, it only added to its worth.
Subsequent to the partial shredding, the buyer proceeded with the purchase and toured the artwork globally, with shredded fragments still hanging from the frame. Recently, the piece made its way back to Sotheby’s under the new name “Love is in the Bin” for another auction. Considering the heightened acclaim of the artwork, it was projected to sell for an estimated range of $5.5 million to $8.2 million. Following a robust 10-minute bidding session, the final selling price surpassed expectations, reaching an astounding $25,383,941. This marked a substantial increase of about 20 times compared to its original sale value.
In 2018, an undisclosed buyer paid $1.4 million for a Banksy art piece.
As the auction concluded, a hidden shredder installed by Banksy in the frame tore the painting in half.
That same artwork has now been sold for $25.4 million, marking a remarkable 1,700% gain in just 3 years.
The art world is full of surprises ? pic.twitter.com/hHdupLPy86
— Joe Pompliano (@JoePompliano) October 14, 2021
“It has been an exhilarating experience to witness the journey of this now iconic piece and to have it return to our presence, presenting it tonight in the very space it was conceived by the artist,” remarked Alex Branczik, chair of modern and contemporary art at Sotheby’s. “Banksy is known for making waves in the art world, and this recent chapter in his narrative has captivated audiences worldwide — the possibilities for what may come next are truly intriguing.”
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