Banksy's most famous work, the canvas that was ripped in its frame during a viral auction at Sotheby's, is up for sale next month. The estimated price range of £4m-£6m. The work Love Is in the Bin (2018) will be on sale at Sotheby's London's contemporary art night sale on October 14.
Online, the piece is described as "spraypaint and acrylic on canvas mounted onto board, framed in by the artist with remote-controlled shredding mechanism hidden within the frame". This weekend, the work will be on display at the New Bond Street Galleries of the auction house before it embarks on a global tour to Hong Kong and Taipei before returning to London.
In October 2018, the piece was originally called Girl with a Balloon (2006). It was the last lot at an evening sale in Sotheby's London. The alarm was set inside the piece of art just as the canvas reached £860,000 (£1.04m with fees). The canvas was partially ripped apart when the viewers turned to look at it.
Alex Branczik was the head of contemporary art at the auction house in Europe at that time. He said: "Were you in on it?" He said, "No".
The headline-grabbing event sparked speculation that the mysterious artist had pressed the button to destroy the work. One week and a quarter after the stunt, Banksy uploaded a video on his website called Shred the Love, the Direct's Cut. This video showed how the shredding mechanism was supposed to work. Banksy purportedly shows him constructing the shredding mechanism within a frame. At the end of the video, there is a caption that says: "In rehearsals, it worked every single time."
Pest Control, a Bristolian street artist's authenticity body, later legalized the shredded piece as a new work. Banksy changed the name to Love Is in the Bin (2018). The original bidder accepted to purchase the new work at the same price as it was being hammered in the room on October 5, 2018: £860,000 (£1.04m plus fees).
Sotheby's described the buyer as a "long-standing client" and an anonymous European female collector. She stated that she was initially shocked when the work was destroyed, but "but slowly realized that I would end with my own piece art history."
Banksy's auction prices keep rising. Sotheby's purchased the Love Is in the Air 2005 work for $12.9m, plus fees (Est $3m-$5m). The work was from a private North American collection. The buyer could also choose to pay the hammer with cryptocurrency.
Jean Dubreil