Back in 2018, a piece of art by street artist Banksy titled “Girl with Balloon” was auctioned at Sotheby’s in London. The buyer had bid $1.4 million for the piece, but as soon as the sale was finalized, a hidden shredder inside the frame shredded the lower part of the painting. Instead of devaluing the artwork, the shredding incident actually increased its value due to the intrigue surrounding Banksy’s unique style.
Since the partial shredding, the buyer retained the artwork, showcasing it worldwide with the shredded remnants still visible. Recently, the piece, now named “Love is in the Bin,” returned to Sotheby’s for another auction. With the increased interest in the piece, experts estimated it would sell for $5.5 million to $8.2 million. However, the final price far exceeded expectations, with the artwork selling for an astounding $25,383,941, approximately 20 times its original sale price.
An anonymous buyer paid $1.4 million for a piece of art by Banksy in 2018.
But as the auction closed, a hidden shredder embedded in the frame by Banksy cut the painting in half.
That same painting just sold for $25.4 million, a 1,700% gain in 3 years.
It’s wild out there ? pic.twitter.com/hHdupLPy86
— Joe Pompliano (@JoePompliano) October 14, 2021
“It has been a whirlwind to follow the journey of this now legendary piece and to have it back in our midst, offering it tonight in the very room it was created by the artist,” said Alex Branczik, Sotheby’s chairman of modern and contemporary art. “Banksy is no stranger to making headlines and this latest chapter in his story has captured imaginations across the world — we can only begin to guess what might come next.”
