LONDON (AP) 鈥� A work by British street artist Banksy that sensationally self-shredded just after it sold at auction three years ago fetched 18.5 million pounds ($25.4 million) on Thursday 鈥� a record for the artist, and close to 20 times its pre-shredded price.
鈥淟ove is in the Bin鈥� was offered by Sotheby鈥檚 in London, with a presale estimate of 4 million pounds to 6 million pounds ($5.5 million to $8.2 million).
After a 10-minute bidding war involving nine bidders in the saleroom and more online and by phone, it sold for three times the high estimate.
The piece consists of a half-shredded canvas in an ornate frame bearing a spray-painted image of a girl reaching for a heart-shaped red balloon.
When it last sold at Sotheby鈥檚 in October 2018, the piece was known as 鈥淕irl With Balloon.鈥� Just as an anonymous European buyer made the winning bid 鈥� for 1 million pounds ($1.4 million) 鈥� a hidden shredder embedded in the frame by Banksy whirred to life, leaving half the canvas hanging from the frame in strips.
Sotheby鈥檚 received some criticism at the time for failing to spot the hidden shredder. But the 2018 buyer decided to go through with the purchase, a decision that was vindicated on Thursday as the work's price soared.
The work quickly became one of Banksy鈥檚 most famous, and Sotheby鈥檚 sent it on tour to cities including New York and Hong Kong before Thursday鈥檚 auction.
Alex Branczik. Sotheby鈥檚 chairman of modern and contemporary art, called the shredding 鈥渙ne of the most ingenious moments of performance art this century.鈥�
鈥淚t 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,鈥� Branczik said. 鈥淏anksy is no stranger to making headlines and this latest chapter in his story has captured imaginations across the world 鈥� we can only begin to guess what might come next.鈥�
Banksy, who has never confirmed his full identity, began his career spray-painting buildings in Bristol, England, and has become one of the world鈥檚 best-known artists. His mischievous and often satirical images include two male police officers kissing, armed riot police with yellow smiley faces and a chimpanzee with a sign bearing the words, 鈥淟augh now, but one day I鈥檒l be in charge.鈥�
Several of his works have sold for multiple millions at auction. In March, a Banksy mural honoring Britain鈥檚 health workers, first painted on a hospital wall, sold for 16.8 million pounds ($23.2 million) at a Christie鈥檚 auction, until Thursday a record for the artist.
鈥淕irl With Balloon鈥� was originally stenciled on a wall in east London and has been endlessly reproduced, becoming one of Banksy鈥檚 best-known images.
Jill Lawless, The Associated Press
