PLEASE Help me understand. If you bought the banana in 2019, how could you then resell it now for a profit? The banana rots and goes bye bye. What am I missing? Thank you!
The banana is replaced! What you are really paying for is the concept and bragging rights (and the documentation showing you are the owner). The buyer gets a banana, a piece of tape and instructions on how to hang the banana. So in that way, it's like an NFT — yes, it could be duplicated, but only one person (or three, in this case — their are three editions of the banana) has the documentation showing they are the original owner.
PLEASE Help me understand. If you bought the banana in 2019, how could you then resell it now for a profit? The banana rots and goes bye bye. What am I missing? Thank you!
The banana is replaced! What you are really paying for is the concept and bragging rights (and the documentation showing you are the owner). The buyer gets a banana, a piece of tape and instructions on how to hang the banana. So in that way, it's like an NFT — yes, it could be duplicated, but only one person (or three, in this case — their are three editions of the banana) has the documentation showing they are the original owner.
Ignore my other question, thank you for answering here. I'm still trying to wrap my head around this.🫣
This is what is tainting the art world—the banana and Jeff Koons!