The anonymous buyer of a Banksy painting that was partially shredded at an auction has agreed to proceed with her payment of 1.04 million pounds (1.37 million dollars) despite the damage to the artwork, the auctioneers said on Thursday. After the work slid from its ornate frame, shredding like office paper, a question remained, what happens next?
Sotheby's quoted the buyer as saying she was at first shocked, but began to realize that she would end up with her own piece of art history.
"Following his surprise intervention on the night, we are pleased to confirm the sale of the artist's newly titled Love is in the Bin, the first artwork in history to have been created live during an auction", Branczik says.
As if the rumour mill had not turned enough over the past week, Sotheby's now says Banksy did not destroy a work of art during its contemporary evening sale on 5 October-he created one. It's now: "Love Is in the Bin" (2018).
The announcement follows a week of negotiation between the buyer and the auction house and unprecedented speculation over the stunt.
But the freakish turn seemed to have only bolstered the piece's legacy - and value - with Alex Branczik, Sotheby's head of contemporary art for Europe, dubbing it "the first artwork in history to have been created live during an auction". "Do you really think Banksy, who spent his youth stenciling walls in Bristol and dodging the local authorities, would want to collaborate with the art establishment?"
Art experts believe that Banksy's famous "Girl With the Balloon" painting that shredded itself into ribbons during last week's auction in London, could now be worth more than double its original price.