Shredded Banksy artwork sells for $25.4 million at auction

LONDON, OCTOBER 15 (US): A work by British street artist Banksy, which was dramatically cut down after being auctioned three years ago, fetched nearly £18.6 million ($25.4 million) on Thursday – a record for the artist, and closed. Up to 20 times the price of pre-slicing.

Sotheby’s in London showed Love is in the Bin, with a pre-assessment of £4 million to £6 million ($5.5 million to $8.2 million).

After a 10-minute bidding war involving nine bidders in the sale room, both online and by phone, it sold for three times the highest estimate of an undisclosed buyer.

The sale price includes 18,582,000 pounds ($25,383,941) of the auction house’s fee known as the buyer’s premium.

The piece consists of a half-ripped canvas in an ornate frame that holds a spray-painted image of a girl reaching for a red balloon in the shape of a heart, according to the Associated Press.

When it was last sold at Sotheby’s in October 2018, the piece was known as the “Girl With Balloon”. Just as an anonymous European buyer made the winning bid – for £1 million ($1.4 million) – a hidden shredder built into the frame by Banksy swung to life, leaving half of the canvas hanging from the frame in ribbons.

Banksy, who has never confirmed his full identity, began his career painting buildings in Bristol, England, and has become one of the world’s most famous artists.

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