A Banksy painting that famously shredded itself at auction three years ago has been sold again, this time for £18.5 million. The work, titled Love is in the Bin, was purchased at Sotheby's on Thursday for £16 million, with the buyer's premium bringing the total to £18.5 million.
The price far exceeded pre-sale estimates of between £4 million and £6 million, setting a new record for the elusive street artist. The painting was originally known as Girl With Balloon and sold for £1.1 million at the same auction house in 2018. As soon as the hammer fell, the canvas began sliding out of its frame and shredding itself, a stunt Banksy had reportedly prepared in case the work ever went to auction.
Sotheby's said they had no prior knowledge of the shredder, but have since described it as the first artwork created live during an auction. Banksy's representatives deactivated the shredder immediately after the sale, leaving the mechanics in the frame, and the piece was renamed Love is in the Bin.
Alex Branczik, chairman of modern and contemporary art at Sotheby's Asia, commented: 'It is almost three years to the day since one of the most ingenious moments of performance art this century made auction history.' He added that the stunt 'did not so much destroy an artwork by shredding it, but instead created one'.
The original image, depicting a child reaching for a red heart-shaped balloon, was first stencilled on a wall in east London in 2002 and has become one of Banksy's most iconic works. The sale comes after Banksy raised over £16 million for health projects in March by auctioning Game Changer, a painting of a boy playing with a nurse superhero doll.
