Banksy's half-shredded painting sold for record $25.4M

Love is in the Bin was auctioned with £4M-£6M guide price by Sotheby’s.

Banksy's half-shredded painting sold for record $25.4M

A Banksy painting that shredded itself partially straight after it was sold in an auction in 2018 was sold at a new auction for a record-breaking £18.5 million ($25.4 million).

The painting Love is in the Bin – what remains from Girl with a Balloon – was auctioned with a guide price of £4 million ($5.5 million) - £6 million ($8.25 million) by the famous auction house Sotheby’s, but the winning bid was around four times more than the top estimate.

The artwork was sold for £1 million ($1.38 million) to an anonymous buyer from Europe three years ago, but as soon as the hammer fell, half of the canvas slid through the frame and it was shredded by a remotely-controlled mechanism in an elaborate stunt by the artist.

“It is almost three years to the day since one of the most ingenious moments of performance art this century made auction history. 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,” said Alex Branczik, chairman of modern and contemporary art at Sotheby’s Asia.

The Girl with Balloon depicts a young child reaching up to a red balloon.

The sale beats the previous record of any Banksy work to date. Artwork by Banksy was sold for £16.8 million ($23.1 million) in March.