A piece of conceptual art consisting of a banana duct-taped to a wall has sold for 6.2 million dollars (£4.9m) at an auction in New York, with the winning bid coming from a 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 piece of fruit affixed to a white wall with silver duct tape was a joke or cheeky commentary on questionable standards among art collectors.

At one point, another artist took the banana off the wall and ate it.

The piece attracted so much attention that it had to be withdrawn from view but three editions sold for between 120,000 and 150,000 dollars (£95,000-£119,000), according to the gallery handling sales at the time.

Banana Art Auction
The banana was sold at Sotheby’s in New York (Eduardo Munoz Alvarez/AP)

Five years later, Justin Sun, founder of cryptocurrency platform TRON, has paid more than 40 times that higher price point at the Sotheby’s auction.

Or, more accurately, Mr 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 a lot of attention at the auction at Sotheby’s, with people in the crowded room holding up phones to take photos as two handlers wearing white gloves stood at both sides of the banana.

Bidding started at 800,000 dollars (£633,000) before soaring higher, as the auctioneer, Oliver Barker, joked: “Don’t let it slip away.”

“Don’t miss this opportunity,” Mr 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 5.2 million dollars (£4.1m) , which did not the auction house fees paid by the buyer.

In a statement, Mr 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, honouring its place in both art history and popular culture,” he 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.