Faust is already bound in Hell. And Hell is modernity.
Interesting analysis, inselpeter. If Faust is already bound in hell, he has nothing to fear from the devil.

Can it be that Faust does not want to dwell on a thing of beauty because beauty is wasting? As Nietsche said: "No thorn goes as deep as the rose's, and love is more cruel than lust."

Is Faust tricking the devil, insalpeter, just as Br'er Rabbit tricked Br'er Fox? If hell is perpetual torment custom-designed for each inmate, then what better torment for a man who values beauty so little he will forfeit beauty to escape hell, than to condemn that man to an eternity contemplating beauty without end?

If Faust loses his wager, insalpeter, he will find in hell what he could not find in life: heaven itself.