A fresh banana taped to a wall – a provocative work of conceptual art by Italian artist Maurizio Cattelan – was bought for $6.2mn on Wednesday by a cryptocurrency entrepreneur at a New York auction, Sotheby’s announced in a statement.The debut of the edible creation entitled Comedian at the Art Basel show in Miami Beach in 2019 sparked controversy and raised questions about whether it should be considered art – Cattelan’s stated aim.Chinese-born crypto founder Justin Sun on Wednesday forked over more than $6mn for the fruit and its single strip of silver duct tape, which went on sale for $120,000 five years ago.“This is not just an artwork. It represents a cultural phenomenon that bridges the worlds of art, memes, and the cryptocurrency community,” Sun was quoted as saying in the Sotheby’s statement. “I believe this piece will inspire more thought and discussion in the future and will become a part of history.”The sale featured seven potential buyers and smashed expectations, with the auction house issuing a guide price of $1-1.5mn before the bidding.Given the shelf life of a banana, Sun is essentially buying a certificate of authenticity that the work was created by Cattelan as well as instructions about how to replace the fruit when it goes bad.The installation auctioned on Wednesday was the third iteration – with the first one eaten by performance artist David Datuna, who said he felt “hungry” while inspecting it at the Miami show.Sun, who founded cryptomoney exchange Tron, said that he intended to eat his investment too.“In the coming days, I will personally eat the banana as part of this unique artistic experience, honouring its place in both art history and popular culture,” he said.Cattelan said in an interview published yesterday that the work was a “provocation” and an invitation to appreciate the true value of art.“It’s a provocation that invites us to reflect on the value of art and the dynamics of (this) market, pushing us to question what this work says about us as viewers,” he told Italian daily La Repubblica.“It’s the market that has decided to take a banana stuck on the wall so seriously. If the system is so frail to slip on a banana skin, maybe it was already slippery,” Cattelan added.He also said that he was fast asleep when his banana piece went under the hammer, dreaming that his favourite soccer team Atalanta would beat AC Milan at an upcoming Serie A home game.“Comedian is a laugh against a tired system, an invitation to rediscover the power of irony and simplicity,” the artist said.As well as his banana work, Cattelan is also known for producing an 18-carat, fully functioning gold toilet called America that was offered to Donald Trump during his first term in the White House.His work is often humorous and deliberately provocative, with a 1999 sculpture of Pope John Paul II stuck by a meteor titled The Ninth Hour.He has explained the banana work as a critical commentary on the art market, which he has criticised in the past for being speculative and failing to help artists.The asking price of $120,000 for Comedian in 2019 was seen at the time as evidence that the market was “bananas” and the art world had “gone mad”, as the New York Post said in a front-page article.The banana sold on Wednesday was bought for 35¢ from a Bangladeshi fruit seller on the Upper East Side of Manhattan, according to the New York Times.Sun has hit headlines in the past as an art collector and as a major player in the murky cryptocurrency world.He was charged last year by the US Securities and Exchange Commission for alleged market manipulation and unregistered sales of crypto assets, which he promoted with celebrity endorsements, including from Lindsay Lohan.In 2021, he bought Alberto Giacometti’s Le Nez for $78.4mn, which was hailed by Sotheby’s at the time as signaling “an influx of younger, tech-savvy collectors”.Global art markets have been dropping in value in recent years due to higher interest rates, as well as concern about geopolitical instability, experts say.Empire of Light (L’Empire des lumieres), a painting by Rene Magritte, shattered an auction record for the surrealist artist on Tuesday, however, selling for over $121mn at Christie’s in New York.