Buyer goes ahead with $1.4M purchase of shredded Banksy artwork

Banksy painting self-shreds after selling at auction for $1.4 million

For those who didn't get a chance to see the incident unfold last week (and are not already exhausted of reading about it), Love Is In the Bin goes on show at Sotheby's New Bond Street galleries on 13 and 14 October.

Shortly after bidding closed on the spray paint-on-canvas piece Girl With Balloon on Friday night in London, an alarm sounded, and the painting fed itself through a shredder secretly installed in its frame in front of stunned onlookers.

There have been questions whether - and to what extent - Banksy may have collaborated with the auction house to pull off the elaborate stunt, which is an anti-capitalist critique of the art market.

The fate of Banksy's 2006 spray-paint work has been uncertain since the United Kingdom street artist's stunt last Friday at a Sotheby's auction in London.

The maverick British artist posted a video on Instagram in the wake of the prank accompanied by a quote attributed to Pablo Picasso - "the urge to destroy is also a creative urge".

One way or another, Banksy sure got people talking, as the stunt quickly went viral.

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Because it is only partially shredded, "it becomes something else, egged on by the social media buzz" and acquires the aura of "an iconic work of art", he said.

At Sotheby's, to whom the work belonged to since 2006, claim they didn't know about hidden in the painting device.

The new work has been granted a certificate by Pest Control, Banksy's authentication body, and has a new title, Love is in the Bin.

A senior Sotheby's official says Banksy did not destroy the artwork in the auction, but rather created one.

The unnamed buyer, described as a female European collector and a long-standing client of Sotheby's, has proceeded with the purchase at the price agreed on the night.

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