A piece of conceptual art consisting of a simple banana, duct-taped to a wall, sold for US$6.2 million at an auction in New York on Wednesday, with the winning bid coming from a prominent cryptocurrency entrepreneur.

"Comedian," by Italian artist Maurizio Cattelan, was a phenomenon when it debuted in 2019 at Art Basel Miami Beach, as festivalgoers tried to make out whether the single yellow piece of fruit affixed to a white wall with silver duct tape was a joke or cheeky commentary on art collectors. At one point, performance artist David Datuna took the banana off the wall and ate it, saying he felt "hungry" while inspecting it.

The piece attracted so much attention that it had to be withdrawn from view. But three editions sold for between US$120,000 and US$150,000, according to the gallery handling sales at the time.

Five years later, Justin Sun, founder of cryptocurrency platform TRON, has now paid more than 40 times that higher price point at the Sotheby’s auction. Or, more accurately, Sun purchased a certificate of authenticity that gives him the authority to duct-tape a banana to a wall and call it "Comedian".

The piece attracted attention at the auction at Sotheby's, with attendees in the crowded room holding up phones to take photos as two handlers wearing white gloves stood at both sides of the banana, which was bought from a Bangladeshi fruit seller on the Upper East Side of Manhattan, according to The New York Times.

Bidding started at US$800,000 and within minutes shot up to US$2 million, then US$3 million, then $4 million, and higher, as the auctioneer, Oliver Barker, joked "Don't let it slip away."

"Don’t miss this opportunity," Barker said. "These are words I've never thought I'd say: Five million dollars for a banana."

The final hammer price announced in the room was US$5.2 million, which did not include the about US$1 million in auction house fees, paid by the buyer.

In a statement, Sun said the piece "represents a cultural phenomenon that bridges the worlds of art, memes, and the cryptocurrency community". But he said the latest version of "Comedian" will not last long.

"Additionally, in the coming days, I will personally eat the banana as part of this unique artistic experience, honoring its place in both art history and popular culture," Sun said.

Sotheby’s calls Cattelan "among Contemporary Art’s most brilliant provocateurs."

"He has persistently disrupted the art world’s status quo in meaningful, irreverent, and often controversial ways," the auction house said in a description of "Comedian".

Known for other works such as a golden toilet called "America", Cattelan 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. (AP/AFP)