Justin Sun enters the banana zone with $6.2 million purchase of 'Comedian' artwork

Tron founder Justin Sun has bought Maurizio Cattelan's famous artwork “Comedian,” with the duct-taped banana fetching a mouthwatering $6.24 million via auction at Sotheby’s in New York on Wednesday night.

Sotheby’s estimated the artwork to command $1 million to $1.5 million. However, after just six minutes of heated bidding, Jen Hua, Deputy Chairman of Sotheby's and Chairman of Sotheby's China, placed the winning bid on behalf of Sun, the auction house said .

“I’m thrilled to announce that I’ve bought the banana!” Sun posted to X. “This is not just an artwork; it represents a cultural phenomenon that bridges the worlds of art, memes and the cryptocurrency community. I believe this piece will inspire more thought and discussion in the future and will become a part of history.”

"To me, Comedian was not a joke; it was a sincere commentary and a reflection on what we value. At art fairs, speed and business reign, so I saw it like this: if I had to be at a fair, I could sell a banana like others sell their paintings. I could play within the system, but with my rules," Cattelan said in 2021.

The 20 cm by 20 cm by 5 cm artwork appears as a fresh banana affixed to a wall with gray duct tape. First unveiled in 2019, the work is number 2 from an edition of 3 plus 2 artist’s proofs, according to Sotheby’s. As a work of conceptual art, it consists of a certificate of authenticity with detailed instructions for its proper display that allows for the banana and duct tape to be replaced as needed.

‘I will personally eat the banana’

The latest taped banana in question — now one of the priciest fruits ever sold — was apparently purchased earlier on Wednesday for just $0.35, the New York Times reported .

“In the coming days, I will personally eat the banana as part of this unique artistic experience, honoring its place in both art history and popular culture,” Sun said. However, he won’t be the first. In 2019, performance artist David Datuna ate the banana after it rose to fame by selling for $120,000 at Art Basel in Miami, calling his act "Hungry Artist." Then, in 2023, a South Korean art student ate the banana during its display at Seoul's Leeum Museum of Art. In both instances, the banana was promptly replaced, and no further action was taken.

Comedian-themed memecoins drop following sale

After Sun’s winning bid was confirmed, the price of the largest unaffiliated memecoin themed on the artwork dropped 37%. The Solana-based Comedian token (ticker: Ban) fell from a market cap of nearly $241 million to a low of $151 million before recovering slightly. Ban is currently trading for $0.175 at a market cap of around $175 million, according to DEX Screener.

Ban/USD market cap. Image: DEX Screener .

Meanwhile, another Comedian-themed memecoin launched the day before the auction completely collapsed following the news, dropping from a theoretical market cap of $23.5 billion to just $281, per DEX Screener.

Alternative Comedian-themed memecoin market cap. Image: DEX Screener .