A neo-dadaist painting by Banksy, which shredded itself at a Sotheby’s auction has sold for a record £16 million. Love is in the Bin sold for £1m in 2018. It was re-offered at Sotheby’s in London on Thursday, selling for £16m – far more than its £4-6m guide price. The purchaser paid £18.5m in total, after commissions.

Axar.az reports that the auction saw nine bidders battle for over 10 minutes, surpassing the previous record of £16.8m set for Banksy in March. At the end of bidding Oliver Barker, the auctioneer joked he was relieved that the artwork was “still there”.

The painting became an “unexpected piece of performance art” when it was shredded in the same auction room after being sold to a “private European investor” three years ago. Opening bids at £2.5m, its price tag hit £10m within minutes as numerous offers were placed. Bidding then gradually climbed to a record £15m as the race progressively narrowed down between fewer bidders.