[UPDATE] October 11 at 3:10 p.m. EST Art dealer company Sotheby's announces that the winning bidder of Banksy's 'Girl With Balloon' has confirmed their decision to purchase the truly unique work of art for the original bidding price, following the shredding controversy. Now titled 'Love is in the Bin,' the piece accounts for the first work in history created during a live auction.
'Love is in the Bin' will be on view to the public October 13 and October 14 at Sotheby’s New Bond Street galleries in London. For more details, see Sotheby's statement underneath.
Read our original post below.
After destroying his own artwork in the most Banksy of Bansky-esque stunts at Sotheby's auction house in London over the weekend, the Evening Standard reports that the piece has since doubled in value.
The piece titled Girl With Balloon sold for £1 million including fees (approximately $1.4 million), but seconds after the bidding closed, a hidden shredder in the frame was activated and destroyed half of the image.
The purchaser claims to be "surprised" their heftily priced artwork was munched by the stealthy shredder, but thanks to the media traction Banksy's stunt has garnered in recent days, the piece has now apparently doubled in value.
Expert valuer Joey Syer told the ES, "We'd estimate Banksy has added at a minimum 50 percent to its value, possibly as high as being worth £2 million-plus."
Sotheby's European head of contemporary art Alex Branczik is still trying to get his head around the situation. "You know what, I’ll be quite honest. We have not experienced this situation in the past," he said. "We are busily figuring out what this means in an auction context."
What do you make of Banksy's stunt? Let us know in the comments.
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