{"id":129302,"date":"2024-11-23T21:16:46","date_gmt":"2024-11-23T14:16:46","guid":{"rendered":"https:\/\/hotvideos24.online\/?p=129302"},"modified":"2024-11-23T21:16:46","modified_gmt":"2024-11-23T14:16:46","slug":"art-world-reacts-to-6-million-banana-artwork-comedian-as-market-struggles-to-recover","status":"publish","type":"post","link":"https:\/\/hotvideos24.online\/?p=129302","title":{"rendered":"Art world reacts to $6 million banana artwork &#8216;Comedian&#8217; as market struggles to recover"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div>\n<p class=\"\">For most art-world buyers, a work unsubtly called \u201cComedian\u201d lacked a certain a-peel.<\/p>\n<p class=\"\">It\u2019s little wonder: \u201cComedian\u201d is actually just a banana duct-taped to a wall. Created by Italian artist Maurizio Cattelan, the piece debuted at the 2019 Art Basel fair in Miami, where it caused a sensation but also earned as many chuckles as critical plaudits.<\/p>\n<p class=\"\">But on Wednesday, Cattelan got the last laugh as \u201cComedian\u201d <a href=\"https:\/\/www.nbcnews.com\/news\/us-news\/man-spent-62-million-banana-duct-taped-wall-says-going-eat-rcna181172\" target=\"_blank\" rel=\"noopener\">sold for $6.24 million, including $1 million in fees<\/a>.<\/p>\n<p class=\"\">The buyer was soon revealed to be Justin Sun, a 34-year old cryptocurrency platform founder from China and based in Switzerland. Sun <a href=\"https:\/\/x.com\/justinsuntron\" target=\"_blank\" rel=\"noopener\">confirmed the purchase on his X feed<\/a>, writing that it represented \u201ca cultural phenomenon that bridges the worlds of art, memes, and the cryptocurrency community.\u201d<\/p>\n<p class=\"\">\u201cI believe this piece will inspire more thought and discussion in the future and will become a part of history,\u201d Sun wrote, adding he would personally eat the banana \u201cas part of this unique artistic experience, honoring its place in both art history and popular culture.\u201d<\/p>\n<p class=\"\">A Sotheby\u2019s executive, meanwhile, hailed the purchase as emblematic of someone seeking to address art\u2019s biggest questions.<\/p>\n<p class=\"\">\u201cHow do you value what, for me at least, is one of the most brilliant ideas in the history of conceptual art,\u201d David Galperin, Sotheby\u2019s head of contemporary art for the Americas, said in a release. \u201cAnd what better place to ask that question than in our salesroom, where tonight the answer came in at a resounding\u00a0$6.2 million.\u201d<\/p>\n<p class=\"\">Yet in much of the broader art world, Sun\u2019s winning bid was met with a shrug. Continuing a recent trend, 2024\u00a0has seen some of the worst sales <a href=\"https:\/\/www.artnews.com\/art-news\/news\/2024-spring-auction-season-worst-financial-performance-century-report-1234718824\/\" target=\"_blank\" rel=\"noopener\">in decades<\/a>, and the purchase of \u201cComedian\u201d is unlikely to move the needle one way or the other, said Alex Glauber, founder of AWG Art Advisory and president of the Association of Professional Art Advisors.<\/p>\n<p class=\"\">\u201cI\u00a0don\u2019t think it\u2019s an indication of anything,\u201d Glauber said of the \u201cComedian\u201d sale. He compared it to the <a href=\"https:\/\/www.cnbc.com\/2017\/11\/16\/who-bought-the-450-million-da-vinci.html\" target=\"_blank\" rel=\"noopener\">purchase in 2017 of <\/a><a href=\"https:\/\/www.cnbc.com\/2017\/11\/16\/who-bought-the-450-million-da-vinci.html\" target=\"_blank\" rel=\"noopener\">Leonardo d<\/a><a href=\"https:\/\/www.cnbc.com\/2017\/11\/16\/who-bought-the-450-million-da-vinci.html\" target=\"_blank\" rel=\"noopener\">a<\/a><a href=\"https:\/\/www.cnbc.com\/2017\/11\/16\/who-bought-the-450-million-da-vinci.html\" target=\"_blank\" rel=\"noopener\"> <\/a><a href=\"https:\/\/www.cnbc.com\/2017\/11\/16\/who-bought-the-450-million-da-vinci.html\" target=\"_blank\" rel=\"noopener\">Vinci<\/a><a href=\"https:\/\/www.cnbc.com\/2017\/11\/16\/who-bought-the-450-million-da-vinci.html\" target=\"_blank\" rel=\"noopener\">\u2019<\/a><a href=\"https:\/\/www.cnbc.com\/2017\/11\/16\/who-bought-the-450-million-da-vinci.html\" target=\"_blank\" rel=\"noopener\">s <\/a><a href=\"https:\/\/www.cnbc.com\/2017\/11\/16\/who-bought-the-450-million-da-vinci.html\" target=\"_blank\" rel=\"noopener\">\u201c<\/a><a href=\"https:\/\/www.cnbc.com\/2017\/11\/16\/who-bought-the-450-million-da-vinci.html\" target=\"_blank\" rel=\"noopener\">Salvatore Mundi<\/a><a href=\"https:\/\/www.cnbc.com\/2017\/11\/16\/who-bought-the-450-million-da-vinci.html\" target=\"_blank\" rel=\"noopener\">\u201d<\/a> for a then-record $450 million, which occurred at a time when the demand for \u201cold masters,\u201d or classic, traditional artworks, was waning in favor of contemporary works.<\/p>\n<p class=\"\">Likewise, \u201cComedian\u201d is being considered something of a one-off, Glauber said. While $6.24 million might seem like an eye-watering price for such a work, its very absurdity goes hand-in-hand with the nature of the piece and does not necessarily speak to wider purchasing trends.<\/p>\n<p class=\"\">\u201cIt\u2019s about holding a mirror up to the art market, while channeling a legacy of conceptual art going back to Duchamp,\u201d Glauber said, referring to artist Marcel Duchamp, whose submission of a urinal he dubbed \u201cFountain\u201d to an art exhibition in 1917 is considered a foundational moment in conceptual art.<\/p>\n<p class=\"\">\u201cSo in a way this work is self-reflexive \u2014\u00a0and the more it sold for, the more it proved its own concept.\u201d<\/p>\n<p class=\"\">The rest of Sotheby\u2019s Wednesday auction is arguably more indicative of the art market\u2019s doldrums: Sotheby\u2019s \u201cNow\u201d portion of the evening, which showcases art produced in the last 20 years, saw\u00a0$16.5 million in total sales, beating estimates but coming in far below the $72.9 million seen for the equivalent \u201cNow\u201d auction in 2022, according to The New York Times.<\/p>\n<p class=\"\">In a recent paper, Jianping Mei and Michael Moses of JP Mei &amp; MA Moses Art Market Consultancy found that the average return on art sold in the first of half 2024 was just 0.1%, the lowest yield since 2000 \u2014 with half the works selling at a loss.<\/p>\n<p class=\"\">\u201cHow bad is it? It\u2019s as bad as it gets,\u201d Moses told NBC News. \u201cIt\u2019s been a difficult period for the art market.\u201d<\/p>\n<p class=\"\">One big reason is simply that other investments, like stocks and gold, have seen far greater returns this century, Moses said.<\/p>\n<p class=\"\">And while some who have capitalized on those assets will inevitably purchase art, artworks themselves have their own rates of return that depend more on evolutions in taste that don\u2019t correlate with wider macroeconomic trends.<\/p>\n<p class=\"\">What \u201cComedian\u201d may signal instead is an expansion of the kinds of goods that cryptocurrencies can buy, as those financial instruments continue to witness stunning price increases. This year,<a href=\"https:\/\/www.nbcnews.com\/business\/markets\/bitcoin-price-hits-100000-first-time-rcna181008\" target=\"_blank\" rel=\"noopener\"> the price of bitcoin has more than doubled<\/a>, and is now approaching $100,000.<\/p>\n<p class=\"\">Sun, the \u201cComedian\u201d buyer, used his own cryptocurrency, TRX, to make the purchase, Sotheby\u2019s said. According to CoinMarketCap, the market value of all outstanding TRX coins as the sale occurred equated to more than $12 billion, with Sun himself boasting a net worth of $1.5 billion.<\/p>\n<p class=\"\"><a href=\"https:\/\/robbreport.com\/partners\/bitcashier-luxury-buyers-using-cryptocurrencies-1235793803\/\" target=\"_blank\" rel=\"noopener\">According to the Robb Report<\/a>, cryptocurrency use in high-end purchases for everything from real estate to yachts to jewelry has increased in turn.<\/p>\n<p class=\"\">Yet even those purchases may not represent the norm. Robert Allen, a South Florida-based attorney who specializes in yacht deals, said people who are newly wealthy from cryptocurrency price increases appear to be prioritizing financial goals that were once previously attainable but which several years of soaring consumer prices and high interest rates have made more difficult.<\/p>\n<p class=\"endmark\">\u201cInflation has taken the American dream away from millennials and younger generations,\u201d he said. \u201cBut for a certain sector that has invested in crypto, when it makes a hit, they\u2019re making down payments on houses, maybe taking a trip to Europe or around South America. I don\u2019t think there\u2019s going to be an explosion in high-end luxury yet.\u201d<\/p>\n<\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><div data-type=\"_mgwidget\" data-widget-id=\"1660802\">\r\n<\/div>\r\n<script>(function(w,q){w[q]=w[q]||[];w[q].push([\"_mgc.load\"])})(window,\"_mgq\");\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.nbcnews.com\/business\/personal-finance\/banana-art-comedian-market-struggles-reacts-6-million-rcna181240\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>For most art-world buyers, a work unsubtly called \u201cComedian\u201d lacked a certain a-peel. It\u2019s little wonder: \u201cComedian\u201d is actually just a banana duct-taped to a wall. Created by Italian artist &hellip; <a href=\"https:\/\/hotvideos24.online\/?p=129302\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-129302","post","type-post","status-publish","format-standard","hentry","category-entertainment","entry"],"_links":{"self":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/129302","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=129302"}],"version-history":[{"count":0,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/129302\/revisions"}],"wp:attachment":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=129302"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=129302"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=129302"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}