The release of documentary ‘Exit Through the Gift Shop’ two years ago saw the demand for Banksy shoot up, making him the first ever Street artist to have crossed the seven-digit threshold at auction. Since then, the art world has been heavily impacted by the economic climate.  With that in mind, Hang-Up takes a look at the ever-changing Banksy market today:   


 


The first signs of a rapid increase in the value of Banksy appeared in 2006 at Bonhams London, where his 'Tank, embracing Couple', estimated at £5,000, fetched no less than £52,000.  This pulled Banksy out of his “affordable” status. 

 


In 2008 his works sold at auction above the million-dollar threshold:  The first, 'Keep It Spotless' (above) fetched $1.7 million at Sotheby's New York and the second, 'Simple Intelligence Testing' (below) sold for £550,000 at Sotheby's London.  Banksy then went on to sign 21 auction results above the $100,000 line in the first half of that year.

When Contemporary art prices collapsed in 2008/2009, some of Banksy’s works saw their auction prices divided by two or even three. Despite substantial losses for some, Banksy has attracted enough collectors to return to a good price level today. 

Despite the cultural collapse, Banksy’s work still reigns supreme.  His best so far has been in 2013: Think Tank fetched £330,000 at Sotheby's London whereas on 16 April 2008 the same subject was worth £200,000 less.  
 
As the art market recovers 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!

With Street Art now fully accepted on the art market, Banksy’s famous stencils have been transformed from unwelcome graffiti into part of the collective urban heritage.  







Thank you to Art Price for the above information.


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