gironawatch
Junior Member
Posts โข 1,197
Likes โข 94
August 2007
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Banksy art!!!!, by gironawatch on Aug 15, 2013 18:09:41 GMT 1, Banksy: market still buoyant [08/13/2013 12:06]
Two years ago, the release of the much publicised documentary Exit Through the Gift Shop provided a substantial boost to the market status of Banksy, the first ever Street artist to have crossed the seven-digit threshold at auction (in USD). Having been heavily impacted by the crisis in late 2008 and 2009, we take a brief look at the health of the BANKSY market today, within a context that is generally more favourable for Contemporary art.
The first signs of rapid secondary market inflation for works by Banksy appeared in 2006. Within just a few months he evolved from an โaffordableโ artist (at less than $10,000) to a market heavyweight fetching prices close to $100,000: on 25 October 2006 at Bonhams London, his Tank, embracing Couple, estimated ยฃ5,000, fetched no less than ยฃ52,000 (over $97,000).
His prices continued rising in 2007 and peaked in 2008 with two auction records above the million-dollar threshold. The first, on 14 February, when Keep It Spotless fetched $1.7 million at Sotheby's New York ($1.87 million including fees) and the second, two weeks later, when his Simple Intelligence Testing sold for $1,093,400 (ยฃ550,000 at Sotheby's London). Boosted by the demand frenzy that overtook the Contemporary art market in 2008, Banksy signed 21 auction results above the $100,000 line in the first half of that year. In the first six months of 2013, the hammer only fell eight times above this price level. His market has therefore calmed down substantially since 2008; but what about his prices?
When Contemporary art prices collapsed in 2008/2009, some of Banksyโs works saw their auction prices divided by two or even three. For example, on 12 October 2007 his sculpture David (Michelangeloโs David revisited) sold for the equivalent of $347,000 (ยฃ170,000) and then for $126,000 (ยฃ80,000) on 14 October 2011 at Sotheby's.
Despite substantial losses for some investors who sold at the bottom of the market, Banksy has attracted enough collectors to return to a good price level today. Although not generating million-dollar results, his price index is clearly bullish. Several results reflect this trend, starting with his best so far in 2013: Think Tank fetched ยฃ330,000 ($516,120) on 13 February 2013 at Sotheby's London whereas on 16 April 2008 the same subject was worth ยฃ200,000 less (ยฃ130,000 or approximately $256,000) at Bonhams London. Another example is the โฌ90,000 (about $120,000) that the Paris auctioneer Artcurial fetched for Flying Copper in January 2013, a subject that was worth less than half that price on 26 June 2010 at Sotheby's London (ยฃ31,000 or roughly $47,000).
As the art market recovers from the purge of its speculative excesses and confidence gradually returns, demand is steadily picking up again. With Banksy clearly limiting the number of his works on the secondary market, some people are stealing them directly off the streets! The situation is indeed more than a little ironical... the street vandals are no longer artists! With Street Art now fully accepted on the art market, Banksyโs famous stencils have been transformed from unwelcome graffiti into part of the collective urban heritage. Those now dubbed โvandalsโ are those who try to clean the walls, or in some cases, to strip the stencils off the walls like art thieves in a gallery... a practice that appears to be gaining momentum. Many art lovers are already lamenting the disappearance this summer of the stencil No Ball Games painted on the wall of a London shop. This was not a first for Banksy and he is not the only artist targeted. Street artists are indeed increasingly finding that their urban interventions have a mercantile destiny beyond their control. All of which suggests that the provenance of works of Street Art may be becoming a rather tricky question. Banksy himself has set up an authentication service called Pest Control, the only structure authorized by the artist to sell his works.
Banksy: market still buoyant [08/13/2013 12:06]
Two years ago, the release of the much publicised documentary Exit Through the Gift Shop provided a substantial boost to the market status of Banksy, the first ever Street artist to have crossed the seven-digit threshold at auction (in USD). Having been heavily impacted by the crisis in late 2008 and 2009, we take a brief look at the health of the BANKSY market today, within a context that is generally more favourable for Contemporary art.
The first signs of rapid secondary market inflation for works by Banksy appeared in 2006. Within just a few months he evolved from an โaffordableโ artist (at less than $10,000) to a market heavyweight fetching prices close to $100,000: on 25 October 2006 at Bonhams London, his Tank, embracing Couple, estimated ยฃ5,000, fetched no less than ยฃ52,000 (over $97,000).
His prices continued rising in 2007 and peaked in 2008 with two auction records above the million-dollar threshold. The first, on 14 February, when Keep It Spotless fetched $1.7 million at Sotheby's New York ($1.87 million including fees) and the second, two weeks later, when his Simple Intelligence Testing sold for $1,093,400 (ยฃ550,000 at Sotheby's London). Boosted by the demand frenzy that overtook the Contemporary art market in 2008, Banksy signed 21 auction results above the $100,000 line in the first half of that year. In the first six months of 2013, the hammer only fell eight times above this price level. His market has therefore calmed down substantially since 2008; but what about his prices?
When Contemporary art prices collapsed in 2008/2009, some of Banksyโs works saw their auction prices divided by two or even three. For example, on 12 October 2007 his sculpture David (Michelangeloโs David revisited) sold for the equivalent of $347,000 (ยฃ170,000) and then for $126,000 (ยฃ80,000) on 14 October 2011 at Sotheby's.
Despite substantial losses for some investors who sold at the bottom of the market, Banksy has attracted enough collectors to return to a good price level today. Although not generating million-dollar results, his price index is clearly bullish. Several results reflect this trend, starting with his best so far in 2013: Think Tank fetched ยฃ330,000 ($516,120) on 13 February 2013 at Sotheby's London whereas on 16 April 2008 the same subject was worth ยฃ200,000 less (ยฃ130,000 or approximately $256,000) at Bonhams London. Another example is the โฌ90,000 (about $120,000) that the Paris auctioneer Artcurial fetched for Flying Copper in January 2013, a subject that was worth less than half that price on 26 June 2010 at Sotheby's London (ยฃ31,000 or roughly $47,000).
As the art market recovers from the purge of its speculative excesses and confidence gradually returns, demand is steadily picking up again. With Banksy clearly limiting the number of his works on the secondary market, some people are stealing them directly off the streets! The situation is indeed more than a little ironical... the street vandals are no longer artists! With Street Art now fully accepted on the art market, Banksyโs famous stencils have been transformed from unwelcome graffiti into part of the collective urban heritage. Those now dubbed โvandalsโ are those who try to clean the walls, or in some cases, to strip the stencils off the walls like art thieves in a gallery... a practice that appears to be gaining momentum. Many art lovers are already lamenting the disappearance this summer of the stencil No Ball Games painted on the wall of a London shop. This was not a first for Banksy and he is not the only artist targeted. Street artists are indeed increasingly finding that their urban interventions have a mercantile destiny beyond their control. All of which suggests that the provenance of works of Street Art may be becoming a rather tricky question. Banksy himself has set up an authentication service called Pest Control, the only structure authorized by the artist to sell his works.
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Sundowner
Junior Member
Posts โข 4,223
Likes โข 2,427
September 2008
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Banksy art!!!!, by Sundowner on Aug 15, 2013 18:43:51 GMT 1, Interesting article, thanks gironawatch.
Interesting article, thanks gironawatch.
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pidge
New Member
FourCorners
Posts โข 908
Likes โข 798
May 2011
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Banksy art!!!!, by pidge on Aug 15, 2013 18:48:50 GMT 1, Good read....cheers
Good read....cheers
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paoe
New Member
Posts โข 194
Likes โข 60
December 2011
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Banksy art!!!!, by paoe on Aug 15, 2013 18:49:25 GMT 1, Thanks for the in depth article, shed a bit of light on what's going on..
Thanks for the in depth article, shed a bit of light on what's going on..
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Warm Gun
Junior Member
Posts โข 4,646
Likes โข 1,130
August 2009
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Banksy art!!!!, by Warm Gun on Aug 15, 2013 21:08:45 GMT 1, Yawn, yet another thread on how much Banksy's work is going up in value.
Yawn, yet another thread on how much Banksy's work is going up in value.
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Damien
Junior Member
Posts โข 3,323
Likes โข 283
July 2008
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Banksy art!!!!, by Damien on Aug 15, 2013 21:20:23 GMT 1, just been told a more interesting fact than this whole article, apparently choose your weapon increased in value 47p per hour in the last 18 months. I bet that'll excite someone
just been told a more interesting fact than this whole article, apparently choose your weapon increased in value 47p per hour in the last 18 months. I bet that'll excite someone
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Hubble Bubble
Junior Member
Posts โข 4,098
Likes โข 3,532
Member is Online
December 2010
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Banksy art!!!!, by Hubble Bubble on Aug 15, 2013 21:49:48 GMT 1, ^^ Not warmgun
^^ Not warmgun
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phage
New Member
Posts โข 171
Likes โข 36
July 2013
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Banksy art!!!!, by phage on Aug 15, 2013 21:51:13 GMT 1, I have internet enabled digital readouts attached to all my framed banksy's. not only can they give me the exact worth at any moment, day or night, they can also show high/low values on a day, week, month, year basis as well as project a predicted growth graph onto the opposite wall.
ยฃ5.99 from Maplins.
I have internet enabled digital readouts attached to all my framed banksy's. not only can they give me the exact worth at any moment, day or night, they can also show high/low values on a day, week, month, year basis as well as project a predicted growth graph onto the opposite wall.
ยฃ5.99 from Maplins.
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Banksy art!!!!, by Coach on Aug 15, 2013 22:05:35 GMT 1, I have internet enabled digital readouts attached to all my framed banksy's. not only can they give me the exact worth at any moment, day or night, they can also show high/low values on a day, week, month, year basis as well as project a predicted growth graph onto the opposite wall. ยฃ5.99 from Maplins.
Am I to infer that I am not the only one to notice, with some consternation, that this forum has, of late, been mostly a discussion of values and investments?
I have internet enabled digital readouts attached to all my framed banksy's. not only can they give me the exact worth at any moment, day or night, they can also show high/low values on a day, week, month, year basis as well as project a predicted growth graph onto the opposite wall. ยฃ5.99 from Maplins. Am I to infer that I am not the only one to notice, with some consternation, that this forum has, of late, been mostly a discussion of values and investments?
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Banksy art!!!!, by Coach on Aug 15, 2013 22:06:52 GMT 1, As an alternative, we can, on another thread, ponder whether Leonardo DV was in fact having his wicked way with Mona L
As an alternative, we can, on another thread, ponder whether Leonardo DV was in fact having his wicked way with Mona L
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Wearology
Junior Member
Staff at FatFreeArt
Posts โข 3,564
Likes โข 4,398
April 2008
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Banksy art!!!!, by Wearology on Aug 15, 2013 22:29:11 GMT 1, Way too much discussion about money on here lately and not enough people posting pictures of art that they have seen or have hanging on their walls. Recently I have scrolled through the "New Posts" section and there isn't an image of street art to be found. With that said let's have some fun and post a photo of a piece of art that you have on your wall or in storage that you now realize is really lame. Maybe include a little caption of what you were thinking when you bought it, traded for it or received it as a gift. I know there is some really ugly art out there and I certainly own a few bits and bobs myself.
Way too much discussion about money on here lately and not enough people posting pictures of art that they have seen or have hanging on their walls. Recently I have scrolled through the "New Posts" section and there isn't an image of street art to be found. With that said let's have some fun and post a photo of a piece of art that you have on your wall or in storage that you now realize is really lame. Maybe include a little caption of what you were thinking when you bought it, traded for it or received it as a gift. I know there is some really ugly art out there and I certainly own a few bits and bobs myself.
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Damien
Junior Member
Posts โข 3,323
Likes โข 283
July 2008
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Banksy art!!!!, by Damien on Aug 15, 2013 22:32:21 GMT 1, Way too much discussion about money on here lately and not enough people posting pictures of art that they have seen or have hanging on their walls. Recently I have scrolled through the "New Posts" section and there isn't an image of street art to be found. With that said let's have some fun and post a photo of a piece of art that you have on your wall or in storage that you now realize is really lame. Maybe include a little caption of what you were thinking when you bought it, traded for it or received it as a gift. I know there is some really ugly art out there and I certainly own a few bits and bobs myself. have you got any bambis to show off, i hear she is really street
Way too much discussion about money on here lately and not enough people posting pictures of art that they have seen or have hanging on their walls. Recently I have scrolled through the "New Posts" section and there isn't an image of street art to be found. With that said let's have some fun and post a photo of a piece of art that you have on your wall or in storage that you now realize is really lame. Maybe include a little caption of what you were thinking when you bought it, traded for it or received it as a gift. I know there is some really ugly art out there and I certainly own a few bits and bobs myself. have you got any bambis to show off, i hear she is really street
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Deleted
Posts โข 0
Likes โข
January 1970
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Banksy art!!!!, by Deleted on Aug 15, 2013 22:37:12 GMT 1, Good comment Wearology I will post my Dan Kitcheners, ROAs and replete work I have taken at the weekend. Seems to be more focus on prices not on what art people actually like maybe I am wrong I`m new.
Good comment Wearology I will post my Dan Kitcheners, ROAs and replete work I have taken at the weekend. Seems to be more focus on prices not on what art people actually like maybe I am wrong I`m new.
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Manty
New Member
Posts โข 956
Likes โข 574
May 2013
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Banksy art!!!!, by Manty on Aug 15, 2013 22:42:18 GMT 1, Way too much discussion about money on here lately and not enough people posting pictures of art that they have seen or have hanging on their walls. Recently I have scrolled through the "New Posts" section and there isn't an image of street art to be found. With that said let's have some fun and post a photo of a piece of art that you have on your wall or in storage that you now realize is really lame. Maybe include a little caption of what you were thinking when you bought it, traded for it or received it as a gift. I know there is some really ugly art out there and I certainly own a few bits and bobs myself.
I bought this on a whim a few years back, the wife was NOT happy, so advertised it on gumtree, but kept getting stupid trades offered, so in the end sold it at a boot fair, lost quite a bit on it too
Way too much discussion about money on here lately and not enough people posting pictures of art that they have seen or have hanging on their walls. Recently I have scrolled through the "New Posts" section and there isn't an image of street art to be found. With that said let's have some fun and post a photo of a piece of art that you have on your wall or in storage that you now realize is really lame. Maybe include a little caption of what you were thinking when you bought it, traded for it or received it as a gift. I know there is some really ugly art out there and I certainly own a few bits and bobs myself. I bought this on a whim a few years back, the wife was NOT happy, so advertised it on gumtree, but kept getting stupid trades offered, so in the end sold it at a boot fair, lost quite a bit on it too
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Damien
Junior Member
Posts โข 3,323
Likes โข 283
July 2008
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Banksy art!!!!, by Damien on Aug 15, 2013 22:47:16 GMT 1, Way too much discussion about money on here lately and not enough people posting pictures of art that they have seen or have hanging on their walls. Recently I have scrolled through the "New Posts" section and there isn't an image of street art to be found. With that said let's have some fun and post a photo of a piece of art that you have on your wall or in storage that you now realize is really lame. Maybe include a little caption of what you were thinking when you bought it, traded for it or received it as a gift. I know there is some really ugly art out there and I certainly own a few bits and bobs myself. I bought this on a whim a few years back, the wife was NOT happy, so advertised it on gumtree, but kept getting stupid trades offered, so in the end sold it at a boot fair, lost quite a bit on it too :Dwhat size was it?
Way too much discussion about money on here lately and not enough people posting pictures of art that they have seen or have hanging on their walls. Recently I have scrolled through the "New Posts" section and there isn't an image of street art to be found. With that said let's have some fun and post a photo of a piece of art that you have on your wall or in storage that you now realize is really lame. Maybe include a little caption of what you were thinking when you bought it, traded for it or received it as a gift. I know there is some really ugly art out there and I certainly own a few bits and bobs myself. I bought this on a whim a few years back, the wife was NOT happy, so advertised it on gumtree, but kept getting stupid trades offered, so in the end sold it at a boot fair, lost quite a bit on it too :Dwhat size was it?
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Banksy art!!!!, by Coach on Aug 15, 2013 22:51:02 GMT 1, I'd forgotten that sculpture. Ijokes aside, it's just so brilliant. Banksy at his best, imo.
I'd forgotten that sculpture. Ijokes aside, it's just so brilliant. Banksy at his best, imo.
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Deleted
Posts โข 0
Likes โข
January 1970
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Banksy art!!!!, by Deleted on Aug 15, 2013 22:55:06 GMT 1, I bought this on a whim a few years back, the wife was NOT happy, so advertised it on gumtree, but kept getting stupid trades offered, so in the end sold it at a boot fair, lost quite a bit on it too :Dwhat size was it? Looks like a 32b from here what size do you mean?
I bought this on a whim a few years back, the wife was NOT happy, so advertised it on gumtree, but kept getting stupid trades offered, so in the end sold it at a boot fair, lost quite a bit on it too :Dwhat size was it? Looks like a 32b from here what size do you mean?
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