Two editions have been sold by Italian artist Maurizio Cattelan, with the price of a third edition reportedly raised to $150,000.
Organisers say two editions of the work, called Comedian, each sold for around $120,000 (£91,000) - and the price of a third edition has now reportedly been raised to $150,000 (£114,000).
A spokeswoman for Art Basel Miami Beach told Sky News: "After a 15-year hiatus, Maurizio has returned to the international art fair, and we are so fortunate to collaborate with him.
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The first edition was sold to a French woman, while the second edition was snapped up by Frenchman, according to art market website Artnet.