Banksy's shredded artwork "Love is in the Bin" sells for $25.4 million

Back in October 2018 at Sotheby’s auction, Banksy’s “Girl with Balloon” artwork went through a hidden shredder embedded in the frame right after it was being sold to an anonymous European female buyer for $1.4 million. Due to that, all that was left from the artwork was just half the canvas hanging from the frame in strips. 

At that time, Sotheby's received some criticism as they failed to spot the hidden shredder. However, the buyer still decided to go through with the purchase - a decision that was vindicated as the work's price soared. 

Sotheby’s Contemporary Art Chairman Alex Branczik said that the notorious stunt “did not so much destroy an artwork by shredding it, but instead created one” and deemed the piece the “ultimate Banksy artwork and a true icon of recent art history”.

Last Thursday (14 October), “Love is in the Bin” was offered again by Sotheby’s in London, with a presale estimate of $5.5 million-$8.2 million. The artwork was then sold at $25.4 million, almost 20 times its pre-shredded price, after a 10-minute bidding war involving nine bidders. 

Auctioneer Oliver Barker joked that he was “terrified” to bring down the hammer to end Thursday’s sale, jittering as he had no idea whether Banksy had another surprise planned. 

“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,” Branczik said. 

“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,” Branczik concluded.