The viral artwork was estimated to sell for between $1m and $1.5m (c. £0.8m and £1.2m).

One of three editions for the 2019 work, titled Comedian, made its auction debut on Wednesday evening at Sotheby’s New York, as part of its contemporary art auction.

In a competitive auction in which cryptocurrency bids were allowed, bidding started at $800,000 (c. £640,000) and bids came in quickly, the Guardian reports. 

Crypto entrepreneur Justin Sun bought one of three editions of the viral 2019 work, describing it as ‘a cultural phenomenon’.