Partially destroying a painting isn’t usually the path to an 18 times increase in value over three year’s time. But leave it to Banksy to thumb his or her (their?) nose at established norms.
Love Is in the Bin soared past its high estimate at Sotheby’s in London, becoming the most expensive work by the artist to sell at auction, ever.
“Love Is in the Bin” by Banksy.
Source: Sotheby’s
In Oct. 2018 the piece, then called Girl With Balloon, made headlines around the world when it self-destructed immediately after selling at Sotheby’s for about £1 million ($1.2 million at the time). A hidden shredder embedded into the frame was triggered after the hammer fell. The artist claimed it was a “prank,” and the auction house disclaimed any complicity in the stunt, raising many an eyebrow.
Emma Baker, a contemporary art specialist at Sotheby’s in London, calls it “a cultural phenomenon.”
A shredded Sotheby’s banner hangs in homage in London.
Source: Sotheby’s
“You’ve seen it on T-shirts and protest placards and political cartoons, and McDonalds and IKEA have used this artwork as a basis for a couple of their ads,” she says of the renamed, half-shredded painting. “It’s in the realm of the iconic.”
In the lead-up to the sale, which took place in the midst of London’s Frieze Week, Sotheby’s promoted the work to clients around the globe, and even went so far as to shred the banner outside its headquarters as an homage.
Its efforts paid off. “A huge amount of people came to see it,” says Baker. “There were up to 1,000 people per day since last weekend.”
sold for $23 million at Christie’s London in March, with proceeds benefitting University Hospital Southampton staff and patients.
Source: Christie’s
The work was estimated to sell for between £4 million to £6 million pounds ($5.5 million to $8.2 million). After what Sotheby’s says was 10 minutes of bidding, the work hammered at £16 million. With auction house fees, the total came to £18.58 million.
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