I updated overall numbers and all-in results on banksy-value. Overall market this month is down around 10%, while unsigned a bit more than 20%. Not a great day to be holding lots of unsigned.

I rarely comment the value discussion here more subjectively, but my 2 cents is that there is really not much difference in long-term return between holding signed and unsigned prints of same edition. The value of signed vs unsigned of same edition have since forever been between linked by 2.0x - 2.5x multiple and I hardly see a reason for this multiple to be broken. Over the short-term however we have seen in 2020 the multiple go down to 1.5x and I think everyone who has looked at the market for long enough had a good gut-feeling that this will correct back eventually, which is happening now with the overall market correction in parallel. Getting back to a historical ratio of closer to 2.0-2.5 would not be surprising (run-of-the-mill signed prints at 50-60k and unsigned of same edition at 20-25k).

The above of course does not hold for the more "special" pieces that are more disconnected from the rest of the market and hence more resilient to these kind of situations.

It means the reserve wasn't met and the item didn't sell.

Thanks Als33 and startimeash, didn't realise you could specify a 'minimum value' at auction.

I tried to follow the auction as I was interested in the TW. I have one, and wanted an idea for my insurance as I have to specify value on the policy.

Can anyone tell me what it got too via the bidding?

I may have mentioned this in a previous thread on another auction but yes ..recent Uk auction sales of Valium have been in the £20k’s

Not too sure of the driver but Valium I think was the first spot picture he did.

I remember the time 3/4 years ago when signed were roughly 3 x unsigned or even slightly more

 Exactly, 50 quid or 75 quid

Banksy prints have took dips in the past. To put it into perspective - Bonhams sold a Kate Moss in Feb 2008 for £92k. Then there was a bit of a crisis in 2009 - my friend picked one up for 26k - it happens. However, what has not happened so much in the past is a 3x increase in one year! The problem then is that there has been a massive glut of Banksy only auctions for the same prints time after time, people cashing in and i don't blame them. This is what has turned these prints on a downward trend. Even GWB has gone down, who would have thought that? However, there has been one of these in pretty much every Banksy auction or auction with Banksy's in the last year. What we havn't seen at auction is many CYW's and Nola's for example, or Love Hurts (ed of 16), or Grappling Hooks, or many editioned canvases. I would pretty much say that the market for all things that are decent and havn't been overdone in the last year will do well and continue to hold or rise.............. I could be wrong but this is how i see it.........

did you sell crap?

As previously clarified by als33 and startimeash, the reserve is the minimum price at which the consignor is willing to sell their consignment. This figure is agreed in advance with the auction house. A lot is passed at auction when it doesn't sell due to bidding having failed to reach the reserve.

When it exists, the reserve is typically set at either (a) the low estimate, or (b) one or two bidding increments below. It is never higher than the low estimate.


With the Turf War, the reserve looks to have been the same as the low estimate of £30,000. This can be deduced from the fact there was no sale at £28,000 (the Bonhams standard bidding increment that immediately precedes £30,000).






Now here's the important part, addressing a mistaken assumption often made by casual observers at auction:

Unless people in the room were actually seen bidding, it is unwise to attribute any weight to bid amounts that don't hit the reserve. Those numbers may be dangerously misleading, giving false impressions about collector interest and market value.

The reason comes down to chandelier bidding*. It is common practice for auction houses to place chandelier bids — i.e. fake bids that can legally yet artificially push an item's price up to one increment short of the reserve.



In this instance, all the bids on the Turf War could technically have been placed by Bonhams itself, rather than actual bidders.

And so, unless verified as genuine, the bidding levels up to the final failed bid of £28,000 cannot reliably be used as a basis for estimating the current value of your own unsigned Turf War print.**

Thank you for the above Met, an interesting point, appreciate the detail, wasn't aware of this 'technique', but can see why it would be utilised, all noted.

Looks like Bonhams have their first Banksy-only online sale next month as well - www.bonhams.com/auctions/27203. Here's hoping for some more interesting prints than we have seen elsewhere recently....

You know it will be the same old prints.

Top prints are in good hands by now.

I am not a fan of Bonhams but praise where praise is due, an excellent catalogue. It has variation and a lot of pieces that have not been iat auction for a while.

Other than GWB I’d expect there to be good interest with low estimates to attract good bidding. Just my view but good viewing!!

I've put my unsigned barcode in this sale . Its such a lovely image and we have had enjoyed it for many years but.... decided the time was right to sell as the insurances are so high now for Banksys work. We have put a lower estimate than Bonhams suggested to get interest and really hope it goes to somebody who will love it as much as we did .Fingers crossed .
I've had great advice from members of this forum over the years.

www.bonhams.com/auctions/27203/lot/16/?category=list&length=12&page=2