Game Changer, an oil painting depicting a young boy playing with a toy superhero nurse, was gifted by Banksy to University Hospital Southampton in May 2020. Then in March 2021, Banksy’s Game Changer, 2020, sold at Christie’s in London for £16.76 million, marking an auction record for the artist that still stands. The presale estimate range for that painting was between £1.5 million and £2 million. A year later, for instance, Sotheby’s sold the artist’s Devolved Parliament, 2009, depicting monkeys in the role of British parliamentarians, for £9.9 million at a London auction. The market for Bansky’s art changed markedly after the shredding, she adds. Love is in the Bin’s current owner-who ended up with an unexpected work of art, very different from what she bid on-is bringing the painting back to auction as “she recognizes that it’s a piece of art history and now one of the most famous artworks in the world,” Baker says. “Presented in the museum context, it has to stand up to key works from the history of art-from Staatsgaleri said the painting should encourage public debate. In Baden-Baden, Germany, between February and March 2019, and at Staatsgaleri Stuttgart in Germany, from July 2019 to February 2020. Since the shredding incident, Love is in the Bin was exhibited at Museum “We are signaling to the market that it is the most famous and iconic artwork,” says EmmaĬontemporary art specialist and head of Sotheby’s London evening sale. But it’s the highest presale estimate range for a work by Banksy sold at auction. That price appears modest given the painting’s widespread recognition, and the subsequent records achieved for the U.K. Today, Sotheby’s estimates Love is the Bin will sell for between £4 million and £6 million when it goes up for auction at an Oct. Leading up to the sale, the artwork, which the auctioneer Oliver Barker, chairman of Sotheby’s Europe, termed “this great iconic Banksy,” had been exhibited old master-style in a sepulchrally lit gallery of its own, not unlike the darkened chamber in which Christie’s had exhibited the $450.3 million “ Salvator Mundi” in New York in 2017.After the work self-destructed from a mechanism hidden within the painting in front of a shocked saleroom-creating history before their eyes-art market experts speculated Banksy’s prank would elevate the price of the work. During that period, the Staatsgalerie said, it attracted 180,000 visitors, about double its usual attendance. It was exhibited for 11 months next to revered old masters at the Staatsgalerie Stuttgart in Germany in 2019-20. It had been offered for sale by an unidentified European collector. “Love Is in the Bin,” with its shredded lower half dangling under the frame, was displayed behind a protective glass screen at Sotheby’s. Sotheby’s declared afterward that it had been “Banksy-ed.”ĭevised by Banksy to subvert the excesses of the art trade, according to his Instagram posts, the stunt created what experts correctly predicted would become a highly valuable work of performance art. It was carried out via a remote-controlled mechanism hidden in the frame. Sotheby’s staffers and the audience at the auction gasped as the painting slid through its elaborate gold frame and shredded, then jammed halfway through. Immediately after being bought in a telephone bid, for $1.4 million, an alarm went off in the salesroom. The artwork, which started as a spray-painted canvas from 2006 called “Girl With Balloon,” had been the last lot of Sotheby’s equivalent “Frieze Week” sale in October 2018. Ladies and gentlemen, for a new world record, the Banksy, “Love Is in the Bin,” sold to you, 16 million pounds. Just checking that everyone is accounted for, we know who you all are. Alex, you coming in? I can’t tell you how terrified I am to bring down this hammer. You were here for this fantastic moment at 16 million pounds. At 16 million pounds, ladies and gentlemen, we are selling the Banksy here at Sotheby’s. You bidding over here? Twelve million five. Any more? Twelve million five hundred thousand. Twelve million five hundred thousand pounds, again, on the telephone is Michael’s bidder at 12,500,000. Transcript Banksy’s Shredded Artwork Sold for $25.4 Million The painting, which partially self-destructed three years ago after selling for $1.4 million, was resold by Sotheby’s for $25.4 million, setting a new record for the artist.Īt 12 million pounds.
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