Nine people battled for the piece for around 10 minutes before an anonymous collector, represented by Nick Buckley Wood, won the auction, BBC News reports. The sale is a record for Banksy, beating out a piece that was sold for around $22 million in March, with proceeds benefiting a UK charity.
"Love is in the Bin" made history with its creation mid-auction in 2018. The original piece, an image of a girl holding a balloon that was aptly titled "Girl With Balloon," garnered $1.4 million at auction but the crowd was shocked when a shredder built within the frame activated as soon as the sale was complete, partly shredding the piece.
It was an unforgettable moment in the art world, and the first time that a work of art had actually been created during an auction, according to Sotheby's.