The art world (that I'm following anyways) is strong as ever. Massive queues to get access to anything I want. Repeatedly being told "nothing available"...great times 😂

Are Banksy prints overpriced?

Supply of Banksy prints is stagnant (i.e., he's not producing any prints these day) and his work remains very popular. Most can't get access nor afford his originals.

In economics, when you have fixed supply and increasing demand, prices rise. Of course, we're in a worldwide economic downturn that is causing most assets to fall in value. The downturn will end at some point. Won't Banksy prints then rise again?

Perhaps I'm missing something ... happy to hear different perspectives.

I think it largely depends on what they have been buying in the first place. Maybe investors who buy from release, and are paying in the thousands and tens of thousands, they are possibly selling at cost or even making a loss.
But those who are buying at release good quality pieces from up and coming artists in the 100-1,000 price range, then I would expect they are doing fine.
Those who have purchased at resale, and pieces that were already overpriced at release, are probably facing a hard time.

Is anyone still buying art these days or is everyone trying to sell before the pyramid collapses?

Of course they are, but prices have to be more sensible for people to buy and too many are still hanging onto last years prices.

Interesting post Nobokov.

I'm trying to sell something on here at the moment, thought it was reasonably priced etc, and surprised at the lack of interest, so I guess people do need to look at their expectations?

That said, not the wealthiest, but decentish income etc, and have found recently you really need to be on the ball with your income to square everything. Any 'luxuries' like buying art more considered now?

I am buying a few things.. Things that are on my wish list that are now popping up at reasonable prices, drops from artists I like which aren't going to break the bank, and a few big things to invest in which I think will beat the market long term.

I am also "selling" and I use the term loosely, meaning I have things for sale but things are moving really slowly if at all.

Looking for several pieces that were hard to find a couple years ago.

Genesis Tramaine
Rashid Johnson
Emily mae smith
Robin F Williams
Julie Curtis
Nina Chanel
Yue min jun

More

Banksy' LIITA was selling for 200k. It sold today for 30+. What do you mean "before"?

I try to avoid timing any markets. Buy and sell throughout, don't stress the pennies.

Haha, that's nuts! Never realised people were paying that much for the unsigned 

I hope the poor bugger didn't buy as an investment. Might be a few years before they see anything like that again 

Auctions right now apart from top tier institutional stuff (and even that’s off) and a few select artists are an absolute terrible place to sell anything but if you have half a clue you can pretty much go into any art auction at the moment and there’ll be about a dozen or so pieces you can buy and flip for 15-20% profit pretty much immediately. Never ever seen such a disconnect. Obviously the private secondary sales market is still tough but there are buyers, it seems at auction for pieces under £250k no end users are buying and it’s pretty much just dealers in many cases buying lots for opening bids or unreserved lots for pennies. Based on this now is an opportunity that probably comes around once every 10-15 years, so can’t think of a better time to buy.

I believe I purchased excessive art lately, despite skipping some open editions.