ECON 120: A Banana Taped to a Wall

Comedian and Economics

In 2019 controversy struck when the infamous art piece, Marizio Cattelan’s Comedian, came into the internet spotlight. Thousands of people all over the world gaped at the price tag attached to the work of art, which included a simple banana duct taped to a wall. Realistically, the total cost for a banana and a roll of duct tape is somewhere around $5.00, but according to Caroline Elboar in her article, “Buyers of Maurizio Cattelan’s $120,000 Banana Defend the Work as ‘the Unicorn of the Art World,’ Comparing It to Warhol’s Soup Cans,” the Comedian sold for $120,000. Buyers around the world applauded the couple for their unique purchase, but the rest of the world marveled at the high price that the couple paid for something so seemingly useless. However, though an outsider may view the value of high-end art as worthless, the reasoning behind these outrageous purchases lies in the economic principle of consumption and investment.

Consumption relies heavily on satisfaction, aesthetic, and social gain. Mehek, in his article, “The Peculiar Economics of the Art Market” speaks on the power of consumption when he speaks of “psychic returns” and “conspicuous consumption”. The former focuses on mental satisfaction and the power to both look at and control the artwork and the latter focuses on the social benefit and prestigious claim to the artwork (Mehek). Because of these two processes, millionaires and professionals in the art world choose to participate in this market and are extremely inelastic when purchasing high-end art.

High-end art is an investment. The buyers of the art market are taking a gamble in purchasing artwork, especially if it is from an upcoming artist who could prove to fail in the art world. Eleanor Flegg, in her article, “Safer Than Houses? Why an Andy Warhol print could be a better investment than property” speaks about a teacher, someone who was not necessarily wealthy or invested in the art world, who, while her friends were buying houses, bought an original Andy Warhol screen print for $20,000. Years later when she decided to sell it, the piece sold for $60,000 (Flegg). Though this example is not as extreme as higher end art investors, it is a prime example of how the art world effects the economy through investment.

Though most of the world cannot believe a couple could spend so much money for a perishable fruit and a strip of duct tape, the principles of economics run true in the high-end art market. These decisions are based on satisfaction and achievement, social gain and ego boosts, and the possibility of a financial win. Economic tendencies are present in every aspect of the world, even when it comes to a banana taped to a wall.

Works Cited

Elbaor, Caroline, “ “Buyers of Maurizio Cattelan’s $120,000 Banana Defend the Work as ‘the Unicorn of the Art World,’ Comparing It to Warhol’s Soup Cans,” Art Net News

Flegg, Eleanor, “Safer than houses? Why an Andy Warhol print could be a better investment than property” Independent.ie

Mehek, “The Peculiar Economics of the Art Market” The Echo-nomist