English street artist Banksy pulled off an extraordinary stunt at the world-renowned Sotheby's auction house in London on Oct. 5. One of his most famous works "Girl with Balloon" which is a stencil of a young girl whose heart shaped balloon is flying away from her, was sold for more than ￡1 million. Then, as soon as it was sold, the work began to self-destruct. Banksy had installed a remote-controlled paper shredder in the picture's frame which destroyed most of the piece, which dangled in slices from the bottom of the frame. 

Banksy has long courted controversy. In 2015, the artist, who conceals his real identity, set up a temporary theme park called Dismal land – mocking Disneyland. The conceptual and physical artworks on display were selected to undermine the fake delights of modern capitalism, and to expose its underbelly. 

The ability to shake consciousness and opinion has long been an important driver inside the art market. However, Banksy's latest shredding escapade provoked a momentary crisis at Sotheby's, as although the artwork had been sold, its destruction took place before the buyer had taken possession of it. With the piece destroyed, many believe that sale would be annulled, leaving Sotheby's with a hefty bill to pay. 

However, as investment in art continues to thrive at the upper echelons of bourgeois society, the question of the price of these shredded sheets of canvas was soon resolved. Several discreet enquiries offered to pay more than the original ￡1 million price tag to acquire the damaged goods, were the original offer retracted.

This reminds me of the Austrian economist Joseph Schumpeter (1883-1950), who is best known for attributing the dynamism of capitalism to "creative destruction." As old technology, industry and production processes are eradicated in periodic crises, new energy is imbued into the system. Thus, destroying the old paves way for the new. 

In line with Schumpeter's observation, the estimated value of the shredded "Girl with Balloon" rose considerably in the week that followed this "creative destruction." Indeed, Banksy released an online video which showed him installing the shredding device into the frame, thus adding value to the piece as conceptual art. This was no longer a famous work of street art but a fully functional parody, mocking the bourgeois art world, and, by default, the bourgeoisie itself. 

In the ancient fable of the king with no clothes, the king is convinced he is wearing the finest cloth, which is visible to all but himself. Only an innocent child, unaware of the sanctions that might be employed against those who undermine the king's authority, goes to plainly state: "The King is not wearing any clothes."

The modern art market resides in such a netherworld of contradictions. While the majority of mankind lives by working to make commodities for profit making enterprises, there is another fantastic and bizarre bourgeois world which lives in almost unlimited opulence. The wealthiest art collectors seek to cultivate and refine their taste by selecting from the rarest and most unique works, which simultaneously serve as a sound investment. 

Just as in 1917 when French artist Marcel Duchamp (1887-1968) shocked the art world by submitting a latrine for display, and thereby opened up the world of art for the mind, so too has Banksy's latest deed provoked a global reaction. It shined a light on the bizarre psychology of the cultured bourgeoisie and invoked a questioning of the economics of today's world. 

A hundred years ago, as World War I ended, many revolutionary thinkers and actors emerged from diverse fields within politics, economics, philosophy, culture, and the arts. And as the wretched of the earth awoke from the barbarity of universal slaughter, out of the depths of despair, new ways of understanding were adopted, tried, and tested. War generated novel and innovative concepts of the relationship between man and machine, between society and economics, and between the mass of the people and those who exercised power over them. Perhaps, out of today's upheaval and chaos, a similar awakening will come.

Heiko Khoo is a columnist with China.org.cn. For more information please visit: 

http://china.org.cn/opinion/heikokhoo.htm

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