Bordered by an ornate gilded frame, an integral element of the artwork chosen by Banksy himself, the present work is a kitschy emblem of pathos.
The anonymous buyer says the work marks a seminal event.
“When the hammer came down last week and the work was shredded, I was at first shocked,” she said in a statement, “but gradually I began to realize that I would end up with my own piece of art history.”
To mark the fact that the work, after its transformation, is now an entirely new piece, Banksy has renamed the painting. It’s now: “Love Is in the Bin” (2018). His official authentication body, his company Pest Control, has recertified the work and granted it a new certificate.
the "Girl With Balloon" shredding stunt malfunctioned at Sotheby's, noting that it "worked every time" in rehearsals.
Maybe we should take Banksy at his word. Or, more generously, we could attribute to his motives the idea, very much implied by his wayward Picasso quotation, of Schumpeter’s gale. If the urge to destroy is creative, and if capitalism relies on creative destruction, perhaps Banksy is hinting that his intention was to increase the value of his work by destroying it. The proof, I think, can be found in his name, which brings to mind a small, one-man bank. If that doesn’t convince you, look to the latest news: the artist has just re-authenticated the trash-work and renamed it “Love is in the Bin,” to the satisfaction of the original buyer. Judged as an episode of extralegal short-term price-fixing, Banksy’s act of autoshredding was an accomplishment for all involved; in the long-term, its status as the supposed first work of art created at an auction means that it will likely appreciate wildly in value. In this respect, with all things being equal, Banksy is the Thomas Kinkade of his generation, inasmuch as both rely on opportunistic financial schemes and clashing effects: Kinkade’s sinister warmth, Banksy’s dark money do-gooderism.
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