Dear Friends & Clients,
Using our exclusive technology-driven print market database, we are thrilled to launch The Banksy Report. In order to make our reports more easily accessible, we’ve created a timeless resource seamlessly integrated into our website: enhancing your browsing experience and supporting your buying and selling needs. Within this report, we address the widely discussed topic of a market correction within the Banksy market, offering insightful predictions backed by data-driven analysis. Beyond mere numbers, we take a retrospective look at Banksy's artistic journey, from street art to exhibitions, charity work, and attention-grabbing stunts. These events have significantly influenced the meteoric rise of Banksy’s print market and the elevation of the artist's celebrity status, contributing to the overall growth and sustainability of the Banksy market. Our objective is not to impose biases but to provide you with a comprehensive overview, empowering your investment decisions with unparalleled transparency into one of the most renowned urban artists.
We take great pride in presenting these reports, offering detailed insights into individual artist markets to support blue chip print investments. Reflecting on the challenges of 2023, we recognise that both the art market and the global economy encountered significant hurdles. However, amidst this turbulence, the print market flourished, showcasing its investment potential and dynamic nature. With the advent of technological progress, it became imperative for us to enhance our technology-driven print marketplace. Our platform, powered by our bespoke algorithm, SingularityX, is the driving force behind these market reports. Beyond facilitating sales, our dedication extends to providing exclusive insights into print market demand, a hallmark of our market reports that you won't find elsewhere. These reports are the culmination of extensive collaboration from our exceptional team of specialists, writers, analysts, developers, and creatives. We sincerely value your presence and shared enthusiasm, and we express our gratitude for your continued support as a valued member of our community.
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Banksy, the inimitable master of the zeitgeist, never out of fashion and always one step ahead, just like the market.
This comprehensive market report offers in-depth, data-driven analytics, examining both past performance and future growth of the Banksy print market. By registering for a MyArtBroker account, you'll unlock access to our art market reports, premium content from Edition magazine, and MyPortfolio collection management, enabling you to track the value of your collection in real time.
Banksy Market Analysis
Market Performance
Banksy's Print Market Trends: A Retrospective Analysis
Looking at Banksy's print market performance in retrospect, 2017 to 2019 reveals a consistent upward trajectory marked by steady growth in sales value and lots sold, indicating a healthy market expansion. However, the years 2020 and 2021 were characterised by an unprecedented surge in market trade, with the yearly sales value skyrocketing by 262% and 70% respectively. The rapid expansion of Banksy's market, coupled with an influx in the availability of artworks, and uncontrolled levels of trading ultimately resulted in market saturation. Market saturation poses a complex challenge, particularly evident within the Banksy print market, as it introduces volatile market dynamics that divide the buyer base and spread interest and purchasing power across different markets. As a result, demand for individual artists' works weakens, leading to diminished interest and ultimately a decline in prices.
Peak & Stabilisation
In 2021, Banksy's print market peaked with a turnover in sales value of £32.9 million by 563 lots sold. Following this peak, market performance has stabilised, although the decline is much less pronounced than the ascent indicating a return to healthy market activity. In 2023, although fewer lots were sold compared to 2019, the total sales turnover reached £7 million, surpassing the £5.4 million turnover in 2019. This suggests that the value of each individual work has either remained strong or even increased, as evidenced by the higher sales value per lot.
The trajectory of Banksy's print market average selling price (ASP) provides further insight proving the correction less severe than anticipated. In luxury asset markets, investors value stability and consistency, preferring gradual fluctuations that mirror natural progression. Initially, Banksy's print market demonstrated this pattern, with a marginal -4% ASP dip between 2017 and 2018. Subsequent years witnessed substantial increases, 183% in 2020, followed by an additional 11% in 2021. Dramatic surges are indicative of hype-driven demand leading to unsustainable levels. While the ASP declined in 2022 and 2023, the -30% decrease, on average, signifies a healthy correction less severe than the earlier surge. 2023 has shown that Banksy prints have returned to affordable levels, offering an attractive entry point for collectors seeking market diversification for blue chip prints, especially those previously priced out during the peak years, which experienced soaring prices for individual prints.
Banksy Value
Investing In Signed/Unsigned Banksy Prints
Banksy prints, signed and unsigned, offer distinctive investment prospects, both exhibiting a similar trajectory of growth over the past seven years, with signed prints operating at a higher scale. In 2020, the Banksy market witnessed a 3.6-fold increase in sales value from the previous year for both signed and unsigned prints. To contextualise, in 2019, the ASP for an unsigned Banksy print was £11,600, while signed prints commanded £30,000. Just one year later, the ASP for signed prints more than doubled, and for unsigned prints, it more than tripled.
Unsigned Banksy Prints
A compound annual growth rate (CAGR) of 14.6% for unsigned Banksy prints signifies a consistent and robust average annual value increase over time, outpacing the growth rate of signed prints. However, investors must acknowledge potential risks associated with the accelerated growth rate including market volatility, potential overvaluation during peak periods, and uncertainty about future demand.
During Banksy's peak years, the hype-fuelled market inflated prices of unsigned prints, resulting in higher costs for buyers. Consequently, the value of unsigned Banksy prints has declined. Currently, it might be advisable to retain unsigned prints to evaluate their long-term growth prospects.
Despite lacking a signature, unsigned Banksy prints are hand-numbered and accompanied by a Pest Control certificate of authenticity (COA), augmenting their attractiveness to buyers and providing more accessible options for authentic Banksy prints. Girl With Balloon remains the highest-valued unsigned Banksy print in the market, achieving a record price of £333,276 in 2021.
SIGNED BANKSY PRINTS
The CAGR of 10.8% for signed Banksy prints represents a commendable, though marginally slower, average annual value increase compared to the 14.6% CAGR for unsigned Banksy prints. While both rates signal positive growth, the disparity in CAGR implies varying investment prospects. Signed prints, with their lower CAGR, traditionally offer a more stable investment avenue, characterised by fewer pronounced fluctuations in value over time. Investors may find confidence in the established market for signed prints, appreciating the added authenticity and prestige associated with a signature. While the lower CAGR suggests potentially lower returns compared to unsigned prints, signed prints generally uphold higher value and demonstrate less fluctuation in resale markets. Their elevated cost and limited edition quantities illustrate value and rarity, but also present challenges in terms of accessibility, particularly during market saturation and economic downturns. The highest valued signed Banksy print is Girl With Balloon (AP gold), with a record price of £1.1 million in 2021.
It is always advisable that investors conduct thorough research and consider their investment goals and risk tolerance before making any purchasing decisions based solely on past performance. Refer to MyArtBroker’s Banksy Investment Guide in 2024 and get in touch with us for further market information.
Banksy At Auction
Banksy-Only Sales And Short-Term Flipping
The Banksy print market is one of the most dynamic, given its trajectory which is influenced by contentious auction strategies involving short-term flipping and single-artist sales. Forum auctions was the first to curate Banksy-only sales, dating back to 2016. These initial sales presented low lot counts, yet successful hammer prices in the hundreds of thousands. The turning point came when the premier auction houses–Sotheby’s and Christie’s–began hosting Banksy-only sales. Sotheby's was the first, presenting its inaugural Banksy-only sale in 2019, featuring 44 lots. This event proved successful resulting in a 100% sell-through rate, at £1.5 million hammer and surpassing the low presale estimate by an impressive 75%. Following suit, Christie's presented its first Banksy-only sale just two weeks later, achieving a similarly commendable success.
These success narratives, however, were constructed upon a significant volume of trading and flipping within the Banksy print market. Flipping has been observed in the broader art market since the 1970s, characterised by the swift buying and subsequent resale of artworks for profit, with no benefit accruing to the artist. Short-term flipping was particularly rampant in Banksy's print market, following the infamous shredding of Girl With Balloon at Sotheby’s in 2018. Banksy addressed this issue, with the establishment of Gross Domestic Product (GDP) in 2019, a faux storefront for an online shop where potential buyers were vetted and required to answer one question on the significance of art before being entered in a lottery ‘to win’ the desired artwork. The responses were judged by comedian Adam Bloom who deemed the winners either funny, enlightening or original. Banksy's intent was clear: to filter out those solely interested in flipping art for profit. Upon the establishment of GDP, Banksy had commented, “We can’t ever weed out all the people who just want to flip for profit, but we can weed out the unfunny ones.”
While the establishment of GDP was widely seen as a quintessential Banksy stunt, throwing the artist back into the limelight, its underlying commentary was a critique on auction houses and aimed to assert control over the Banksy market and artworks available for public sale. Recognising the escalating prices, the goal was to offer direct sales to fans at accessible prices. However, there was a caveat: artworks acquired from GDP came with a two-year waiting period before receiving a Pest Control COA. In MyArtBroker’s recent Banksy panel, Joe Syer notes this coincided with Banksy’s decision to alter the COA design, prompting the board to temporarily suspend issuances. This move was Banksy's strategy to curb flipping, which would in turn manage market saturation. However, because auction houses require a Pest Control COA for Banksy works, the supply couldn’t meet heightened demand during the peak trading period. For those involved in trading Banksy prints at the time, the potential gains were unprecedented. Although, it's imperative to acknowledge the inherent risks associated with engaging in a hype-driven market characterised by high volatility and prices influenced more by sentiment than underlying fundamentals.
BANKSY IN AUCTION AND PRIVATE SALES
Despite the bold gesture of GDP, Banksy’s print works continued to thrive through auction sales, trading at high volumes. Following the inaugural Banksy-only sales in 2019, Christie’s and Sotheby’s maintained a biannual schedule, conducting auctions held in the spring and autumn. However, the increased amount of editioned consignments also poses challenges for sellers. Auction houses strategically limit the inclusion of identical prints in each sale to one or two editions, leading to a backlog and queue of prints awaiting sale. Although this approach aims to prevent market saturation, it is a risky move for consignors who may experience extended waiting periods, during which fluctuations in “hype”-driven trends occur. This flawed sales model is evident in the results of 2023 Banksy sales, showcasing a notable softening in the sell-through rates and the prices of Banksy prints offered at auction.
Now that Banksy’s market has returned to sustainable levels there is more room for success. The overall advancement of the art market towards digital platforms and online purchases has helped. 2023 saw an increase in the number of online sales and private transactions, which present alternatives to public auction sales associated with fees, waiting periods and imposed risks associated with unsold works. The growth of the private market and online sales is an important sector of the art market that offers a glimpse into a more stable and authentic representation of the market's dynamics. The latest 2024 UBS Art Basel Report noted a 2% rise in private sales, totalling $3.9 million (USD) within the global art market. Convincingly, private sales serve as a confidence barometer, demonstrating resilience beyond the public auction spectacle driven by spending power.
RECENT BANKSY PRINT SALES AND GLOBAL AUCTION PRESENCE
Strong performances for Banksy prints were witnessed in Phillips January 2024 editions sale. The subsequent Elton John collection at Christie's in February presented an original Banksy Flower Thrower, which set a new record, along with commendable performances for original works in the March 2024 London sales.
While Christie's, Sotheby's and Phillips are the titans of the art trade and their conducted sales traditionally serve as the primary indicators of performance within an artists market, a broader perspective is crucial. Christie's, Sotheby's and Phillips sales represented only 45% of Banksy's print market by sales value in 2023. The majority 55% lies within other international auction houses, providing a more holistic breadth of Banksy's global print market landscape. 2024 Q1 sales reflect the same trend, the majority 53% of Banksy print sales have occurred outside of these premiere auction houses. We will continue to monitor how the Banksy market evolves during the New York spring season and Q2 sales as we are witnessing gaining traction and momentum in Banksy’s 2024 market.
Banksy Prints & Editions
Editions & In-Demand Series
Banksy Prints & Editions
The inception of Banksy's commercial prints & editions dates back over two decades to 2002 with the release of Rude Copper. Among the various facets of Banksy's market, prints and editions stand out as arguably the most dynamic. Banksy prints are multifaceted, with several factors contributing to their value and significance. Initially, prints were produced and published by Pictures On Walls (POW), featuring a distinctive circular embossed logo proving their authenticity. Yet, the early days of Banksy print production were characterised by haphazard processes of online art purchasing and sluggish sales. The adaptation of in-situ street works to print productions was erratic, just as the exponential growth of the Banksy print market was unforeseen. Consequently, not all prints of the intended 50 to 150 were signed, not all featured the POW embossed logo, and others were even lost amidst the evolving landscape.
Banksy's editions become even more intricate with the introduction of the Barely Legal exhibition in Los Angeles in 2006. Although still collaborating with POW at the time, the Barely Legal print set consists of six distinct prints produced by Modern Multiples, Los Angeles, printed specifically for the exhibition, and are considered LA editions. Following the closure of POW in 2017, concurrent with Banksy's departure, GDP was established in 2019. This initiative and Pest Control oversaw the production of late Banksy print editions, including Banksquiat and Thrower (Grey), along with other mixed media editions including the Banksy™ Welcome Mat, Banksy™ Duck & Cover and others. Only certain editions of these later works have made their way to the secondary auction market.
BANKSY’S HIGHEST VALUED PRINTS
Banksy's diverse portfolio comprises numerous print series, each exhibiting varying levels of success in terms of lots sold and sales value. However, a select few manage to strike a balance between these metrics, achieving widespread circulation in the market while retaining their value and appeal among collectors. Among the top-performing series in terms of sales value include Girl With Balloon, Love Is In The Air (Flower Thrower), Choose Your Weapon (CYW), Laugh Now, and Nola, all inspired by some of Banksy's most renowned street murals. These signature works consistently demonstrate robust performance in the market and have proven to maintain their value over time.
Other Banksy prints that enjoy popularity in the market due to their high volume of sales include Bomb Love, Jack & Jill (Police Kids), and Flying Copper, among others. Each of these print series has an associated AP edition that has either never appeared at auction or has made only rare appearances. Given the significant trading activity surrounding these collections, a rare AP edition would command high-valued prices in public sale.
Banksy Artist Proofs
Artist proofs (APs) also add to the nuances of Banksy’s editions market and are valued with a premium. Between 2002 and 2010, Banksy introduced a total of 47 print collections to the public with POW. Alongside the traditional signed and unsigned versions, certain editions were released as APs, with varying numbers produced in addition to some of Banksy's most iconic series. Most APs are distinctive by colour compared to the regular editions. For example, Flying Copper (AP pink) and Flying Copper (AP pink face) contrast with the blue background and yellow-faced regular editions. Jack & Jill (AP pink) also deters from its regular editioned blue background. Not one of these AP prints has ever been offered at public auction with scarcity adding value to these works. Similarly, prints like Weston Super Mare (AP lime green); Napalm (AP orange) and Napalm (AP rainbow); Toxic Mary (AP blue) and Toxic Mary (AP pink) were produced in limited numbers, with only a handful surfacing in the public market over the past seven years.
Girl With Balloon APs were introduced as a supplementary edition of 88 prints, divided into four colourways, with each variant comprising 22 prints, amplifying their rarity and appeal to collectors. I Fought The Law and Gangsta Rat were also released in various AP colourways. Gangsta Rat (AP lime green) made its first time appearance in 2023 and set a record achieving £114,300 in April at Sotheby’s. Di-Faced Tenners (AP pink) made a seldom-seen appearance at auction in 2023, also achieving a record-breaking sale of £69,600 at Bonhams in April. Additionally, Banksy's Nola prints are offered in several colourways, with the multicoloured prints being AP editions.
Recent Artist Proof Market Performance
Banksy Hand-Finished Prints
Among the 47 original prints released to the public, a select few were offered in rare hand-finished editions, including: Grannies (hand-finished), Choose Your Weapon (hand-finished, white), Donuts (Strawberry, hand-finished), Rude Copper (hand-finished), Dumbo (hand-finished), and Radar Rat (hand-finished). These hand-finished editions represent a unique and coveted subset of Banksy's oeuvre, characterised by the artist's personal touch. Exemplifying the rarity of these hand-finished prints, over the past seven years only two have made their way to the public market: Grannies and Donuts (Strawberry), both achieving commendable sales at Sotheby's in 2021 and 2022, respectively.
Dumbo, produced as a VIP print in 2014, and has never appeared at public auction. For those interested in adding rare VIP released and hand-finished works to their collection, MyArtBroker's live trading floor provides an unparalleled platform. By connecting potential buyers and sellers, our extensive networks offer greater acquisition opportunities that may otherwise be inaccessible through the lottery of auction availability.
HAND FINISHED PRINTS MARKET PERFORMANCE
Banksy Icons
Girl With Balloon
Girl With Balloon stands as Banksy’s most iconic print, evidenced by the enduring market demand it commands. Originating as a street mural in London's Shoreditch area in 2002, alongside the epitaph “There is always hope,” this piece swiftly achieved widespread acclaim for its poignant social commentary. It's cultural significance was further cemented in 2017 where a Samsung poll declared it as the nation's favourite artwork.
In 2018, Banksy solidified this work into contemporary art history with a meteoric art market event: the Girl With Balloon shred at Sotheby’s. By installing a mechanical shredder within the frame, this work was destroyed at the moment of its sale, which reached £1.04 million. This pivotal art market event captured global attention for weeks, marking a stark moment in Banksy's artistic trajectory.
Girl With Balloon Defining Moments
This transformative act not only altered the title of the work to Love Is In The Bin, but rewrote the artwork's narrative, shifting it from a testament to Banksy's rebellious ethos to a landmark moment in contemporary art history. When Love Is In The Bin resurfaced at auction in 2021, with its shreds hanging from the frame, it fetched a staggering £18.6 million at Sotheby's, sparking immediate market fervour. Since its shredding in 2018, the annual sales value of this singular print soared by 300% in 2019, followed by an additional 190% surge in 2020, and a subsequent 32% increase in 2021.
Originally released in 2004, this series comprised 150 signed editions and 600 unsigned editions, including 88 signed APs in four different colourways: AP gold, AP dark pink, AP dark purple and AP light pink. While recent years have witnessed a decline in the average price paid for this work, its iconic stature remains unwavering. Most recently, a signed edition of this work sold in March 2024, fetching £239,400 at Christie’s, surpassing the 2023 record for the same signed edition, which achieved £190,500 at Sotheby’s. In total, only 94 Girl With Balloon prints have sold publicly in the last seven years, out of the 750 in existence. The past seven year market value is £13.5 million (hammer) and the CAGR for this print stands at 12.5% indicating a steady increase in value over time.
Love Is In The Air (Flower Thrower)
Intertwined with messages of peace, hope, and anti-war activism, Banksy’s Love Is In the Air (Flower Thrower) depicts a figure wearing a backwards cap and a bandana over his face, hurling a bouquet of flowers into the air, in lieu of a grenade. Originally appearing as various street murals throughout London during the early 2000s, these iconic artworks have since disappeared, underscoring the transient nature of street art.
Love Is In The Air Defining Moments
The most significant iteration of this artwork surfaced in Jerusalem, near the (then) recently erected West Bank Wall, which served as a outright division between Palestine and Israel. This artwork's profound impact remains steadfast, particularly in the current context, highlighting its relevance amid the enduring conflict between the two nations.
In the commercial sphere, dating back to 2000, the stencilled image made its debut in Banksy’s inaugural Bristol exhibition at Severnshed in February, showcased on a canvas titled Riot Green (2000). This canvas subsequently sold for £75,000 at Sotheby’s in 2007. In 2003, POW released this work as a printed edition, totalling 500 copies, with only 50 signed, which included 27 APs. Additionally, the image served as the cover of Banksy’s book, “Wall And Piece.”
Despite boasting a similar level of icon-status as Banksy’s Girl With Balloon, Love Is In the Air (Flower Thrower) is comparatively more scarce in the market, with only 88 sales of signed and unsigned prints recorded over the past seven years. While the current ASP for this work has stabilised from Banksy’s peak performance years to £70,000, the total sales turnover of £1.5 million (hammer) in 2023, surpasses the £1.1 million (hammer) observed in 2020. The enduring iconicism inherent in this print, coupled with its rarity in the market and low availability of signed editions all indicate promising investment opportunities. The seven year market value for this collection, is £8.5 million (hammer) and the CAGR over the same period is 26%.
Choose Your Weapon
Choose Your Weapon (CYW), while still quintessentially Banksy with its stencilled technique and political subtext, marked one of the artist's later creations, showcasing a more evolved artistic style. In this piece, the familiar hooded figure clad in a concealed bandana, stands alongside a caricature barking dog on a chained leash, drawing inspiration from the iconic imagery of American Pop artist Keith Haring. Seen as a commentary on the rising phenomenon of gang culture among youth, this artwork made its debut in 2010 on a pub wall in Bermondsey, South London marking its sole appearance in the urban realm.
CYW Defining Moments
The significance of this piece extends beyond its imagery where a significant portion of its value lies within its colourways. In 2010, the same year this artwork debuted in the streets, POW introduced CYW in 15 different colour variations, each released in signed editions of 25. This series marked the final collaboration between Banksy and POW and is the smallest edition number among Banksy's prints, contributing to its heightened value. Upon release, and as a result of overwhelming demand, certain colourways were available exclusively through POW, others were sold through Marks & Stencils, and several were distributed via an online lottery system.
Banksy also introduced additional coloruways, including 58 prints in a special CYW (queue-jumping grey), in response to customers who missed out due to accusations of literal queue-jumping while waiting for a print. Subsequently, several other colourways were introduced, including CYW (fluoro green) and various AP editions featuring differing numbers. VIP editions, such as gold, silver, white and a unique hand-finished white variant were also produced but never made available to the public, resulting in rare appearances at auctions.
Over the past seven years, the value of CYW prints has steadily increased. CYW (slate) was the first to enter the market in 2017, fetching £25,346. The chart below illustrates that CYW (slate) and CYW (cool grey) are among the more common colourways, resulting in a higher aggregate total across more lots sold. CYW (bright pink), CYW (bright purple) and CYW (magenta) are also prevalent colours by volume in the market. CYW (AP dark blue) has performed strongly making several recent appearances in 2023. While these colourways are more popular by volume, it is the vibrant, bold colourways and special VIP editions that have commanded the highest prices by single sales. CYW (fluoro green) set the auction record for this collection, reaching £302,400 in March 2021, followed by CYW (soft yellow). Due to rarity, CYW (VIP silver) and CYW (VIP gold) hold the next highest values.
While the ASP of these prints has experienced a minor decrease, this primarily reflects adjustments in both Banksy's internal market and broader external market conditions. At the conclusion of 2023, the ASP for CYW prints stood at £87,000, surpassing that of 2020 despite a higher number of lots sold. This resilience indicates that CYW prints have maintained their value and continue to offer promising investment opportunities. Over the past seven years, only 47 CYW prints have been sold publicly, amounting to a total market value of £4.4 million (hammer) and a CAGR of 27.6%.
Banksy In Retrospect
The Myth, The Legend
Banksy Timeline
From 2000 To Today
Banksy, the guerrilla stencil artist, seamlessly transitioned into a virtuoso of urban art and a master of the stunt. Hailing from the streets of Bristol, Banksy's ascent to fame has been defined by subjects, ranging from rats, apes, policemen, children, and hooded street figures, which have catapulted into the limelight.
During the early 2000s, Banksy's art transcended the United Kingdom, with a debut exhibition in Los Angeles, Existencillism. Launching in the trendy, bohemian enclave of Silverlake, the exhibition's debut was accompanied by a DJ set, highlighting the rise of street art as a cultural sensation and marking its transformation into something entirely new.
Seven Year Print Market & Value Trends
This transformation was further demonstrated by the Turf War exhibition in London one year later, controversially featuring painted live animals. Banksy continued to push boundaries, not just in terms of artistic creation, but also in how art was presented and disseminated. In 2004, Banksy replaced Queen Elizabeth’s face on 10 pound English banknotes and distributed them, freely, at Notting Hill Carnival and Reading Festival, commemorating the 10-year anniversary of Princess Diana's death. The current record price for a single note is £9,170, sold at auction in July 2020.
Banksy's early initiatives transformed urban art across various mediums: from stencilled street murals that made art accessible to exhibitions showcasing canvas works, to pushing boundaries with live animal displays and sparking conversations with cultural iconography. Banksy’s art broke barriers and redefined ‘graffiti’ (for some), shifting its perception from street vandalism to a legitimate form of expression in contemporary art history. Intriguingly, Banksy's market ascent, while somewhat paradoxical, has established a blue chip artistic brand, giving rise to what is known as “The Banksy Effect.” This phenomenon has captivated audiences and propelled Banksy's art and anonymous celebrity into mainstream recognition within the art market, factors of which the artist has often boldly critiqued. Through three pivotal elements—exhibitions, philanthropy, and audacious stunts—we define the trajectory of Banksy's global market and its stability in the art world.
Exhibitions
Banksy's exhibitions are highly anticipated events, starting with the inaugural solo showcase at Severnshed. Located in the vibrant Bristol harbourside area, near the former cargo-ship nightclub Thekla, which marked the debut of Banksy's, The Grim Reaper. Over time, Banksy's exhibitions have gained immense importance, revealing the first glimpse of many iconic works to the public. The allure in Banksy exhibitions lies in the exclusive announcements, made without any hints or warnings, adding to their mystique and appeal.
From Severnshed in Bristol to Extencillism in Los Angeles and Turf War in London, Banksy's exhibitions have ignited controversy and thrived on provocation and dialogue. In a relentless subversion of the art establishment, Banksy uses exhibitions to deliver bold statements about contentious socio-political matters, each display more salacious than the last.
The Crude Oils exhibition in Notting Hill represented a pinnacle of shock, taking over a modest shopfront in a deliberately affluent neighbourhood. Live rats were the unconventional hosts, freely roaming the space. The exhibit featured canvases sourced from local flea markets, with subject matter inspired from Modern and Contemporary art masters such as Vincent Van Gogh, Claude Monet, Edward Hopper, and Andy Warhol. Banksy repurposed these canvases, infusing them with hand-painted and stencilled elements that transformed familiar idyllic scenes into poignant reflections of contemporary cultural issues. Banksy's Sunflowers From Petrol Station altered Van Gogh's vibrant Sunflowers (1887) into withered petal-less stems. This work sold for £10.7 million in 2021. In March 2023, Home Sweet Home was a nod to climate change, using an Old Masters landscape painting to shed light on the disparity between assumed English ideals and the harsh realities of environmental degradation–this work sold for £1.7 million at Phillips. Banksy’s Congestion Charge, also sold for £1.7 million at Bonhams in June 2023 and was featured in this groundbreaking exhibition. These reinterpreted paintings marked a significant juncture in Banksy's artistic journey, showcasing a multifaceted approach by translating the raw and impactful themes often found in street murals onto traditional canvas.
While the premier of the Crude Oils exhibition was not for the faint-hearted, Banksy persisted with subsequent exhibitions. Returning to California's West Coast, Barely Legal was announced in 2006, drawing a Hollywood A-list celebrity crowd to the event. Banksy continued the American artistic crusade by commandeering New York City before returning the the United Kingdom, paying hommage to Bristolian roots at the Bristol Museum. Demonstrating relentless capacity for ambitious projects, Banksy later orchestrated an adult-themed amusement park in Weston-Super-Mare, Dismaland.
Traversing international boundaries and harnessing the influence of an artistic platform, Banksy erected the Walled Off Hotel in Bethlehem. This bold and unapologetic endeavour illuminated the profound political repercussions and turmoil arising from the ongoing division of the Palestinian and Israeli nations. In 2019, the innovative GDP in Croydon served as a gateway to a lottery experience, encouraging real fans to value Banksy's art for its inherent worth rather than its monetary potential–only those who were successful would be eligible to purchase a work. Through each innovation and exhibition, Banksy’s celebrity and demand for works grew, advancing the development of the artists secondary market without gallery representation. As Joe Syer describes it, “Banksy’s market is really interesting to be involved in, with lots of fun stories that we can talk about.”
Banksy's latest exhibition, Cut & Run in Glasgow, unveiled the essential tools of urban art practice: stencils. This distinctive showcase offered a curated glimpse into the artist's creative methodology, and for the first time, a Banksy exhibition is set to travel. The next destination will be determined by fans through the official Banksy website, with the location yet to be revealed. Despite Banksy's reservations about embracing celebrity status and art market fame, each exhibition propels Banksy–the myth, the legend–even further into the limelight.
Charity
Whether admired or despised, Banksy has achieved celebrity status through altruistic endeavours, which are unparalleled among contemporary blue chip artists. One of the earliest, and most impactful projects, was a collaboration with Greenpeace in 2002 to create Save or Delete. The subject, Disney’s The Jungle Book, depicted the caricatures tied up and blindfolded against a devastated jungle landscape served to raise awareness about deforestation. Due to copyright conflicts with Disney, the project's potential and the artwork's value never reached the heights initially envisioned.
Further instances of Banksy’s philanthropic initiatives were fuelled by donations. In 2014, Banksy donated The Banality Of The Banality Of Evil, a reinterpreted oil painting featuring an imposed Nazi figure in the landscape to the original charity shop that the painting was purchased. There was an accompanying letter explaining the artworks new identity as a Banksy original. Following this, the artwork was auctioned online, fetching $600,000 (USD), with the proceeds going to charity. To date, this piece has not resurfaced on the secondary market.
Similarly, Mobile Lovers, a street mural depicted on a plank of wood affixed to a wall, originally adorned the doors of a Bristol youth club and later became the focus of a donation campaign. When the mural was relocated inside the club for preservation and charitable purposes, viewers were asked to make contributions. However, it was later confiscated by the police and handed over to the council. Banksy reclaimed ownership of the work in a letter and personally donated it back to the youth club. Subsequently, the club sold it to a private collector, with the proceeds going toward the greater good. To date, this piece has not reappeared on the secondary public market.
Always at the forefront of innovation, Banksy showcased in 2015 that artists could organise auction initiatives more effectively than traditional houses. Banksy announced via Instagram that a sculpture, originally exhibited at Dismaland, depicting a boat overloaded with passengers, was available to anyone making a minimum donation of £2 to the Choose Love – Help Refugees organisation. This campaign raised an impressive £90,000 for the cause. Yet, philanthropic endeavours didn't stop there. Following the dismantling of Dismaland, Banksy recycled its wood to construct jungle refugee shelters in Calais, France, showcasing an unwavering commitment to supporting worldwide crises. In 2019, collaborating with the social enterprise Love Welcomes, Banksy designed doormats crafted from life vests collected from local beaches by women in Greek refugee camps. While charity artworks are often seen as one-time contributions for fundraising or awareness, their journey to the secondary market elevates them to a realm where they are evaluated for their artistic merit, historical significance, and market demand. The Banksy™ Welcome Mats were initially sold at GDP and are currently valued anywhere from £1,000 to £2,000 on the secondary market.
Banksy's commitment extends far beyond cultural and community welfare and includes heartfelt tributes. Following the horrific aftermath of the 2015 ISIS terrorist attack targeting concert attendees in Paris, Banksy paid tribute to the victims by stencilling a mural on the doors of the Bataclan theatre. During the COVID-19 crisis, Banksy demonstrated solidarity with healthcare workers by creating Game Changer, a mural tribute on the emergency wing of Southampton General Hospital. One year later, a canvas rendition of Game Changer was auctioned by Christie's, fetching £16.8 million, with proceeds donated to support NHS staff and patients.
The reality holds a deep sentimental resonance: Banksy's street murals, laden with poignant symbolism, frequently surface in the aftermath of crises. As MyArtBroker’s Managing Director, Charlotte Stewart, observes, “Banksy has always been on the right side of history.” Banksy's initiatives are both unexpected and unmatched, continually striking a chord and affirming the artist's enduring relevance in the marketplace.
Stunts & Street Murals
Banksy's repertoire of renowned ‘stunts’ spans from the infamous self-shredding of Girl With Balloon in 2018 to the cunning gallery infiltration at the Venice Biennale in 2019, the provision of a stab vest for Stormzy's Glastonbury headline performance, and the tongue-in-cheek establishment of GDP in 2019. Recognising the significance of context in cultural commentary, Banksy strategically selects his stunts. With a plethora to choose from, Joe Syer astutely highlights that it was the infamous shred that cemented Banksy's legacy in art history, noting that everyone has a story of that unprecedented moment stating, “We've really witnessed the Banksy market mature into an established secondary art market where demands have massively increased. It’s a really interesting market to be involved in.”
Banksy's ceaseless creative output–street murals, exhibitions, prints & editions and stunts–fuels an array of unique narratives. Recent years have seen Banksy's political voice resonate across various domains, from interventions in Ukraine to clashes with fashion giants like Guess and advocacy for women's rights with the Valentine's Day Massacre street mural in Margate. While much speculation revolves around a market correction, an alternative viewpoint suggests that Banksy shifted focus away from auction sales and stunts, instead returning to urban origins. This shift is evident in the discovery of Morning Is Broken in Kent and the excitement surrounding the announcement of the Cut & Run exhibition in Glasgow. In December 2023, the appearance of military drones on a stop sign in Southampton led to an attempted theft within 24 hours, highlighting the immediate impact of Banksy's work.
Continuing into the new year, Banksy unveiled the first mural of 2024 in March–green paint and a stencilled figure strategically positioned behind a leafless tree on the side of Hornsey Road flats in North London. Syer, speaking to the BBC after its discovery, drew parallels between Banksy's drip technique and the NOLA style, originating in New Orleans in 2008 and now a sought-after print in the market. With Banksy's recent surge in activity and plans for the Cut & Run exhibition to travel–could new print works be on the horizon? Each new creation by Banksy continues to underscore the unique fusion of artistic expression, activism, and adept manipulation of media.
Museum Infiltration & Pest Control
Banksy's artworks have largely sidestepped inclusion in museum collections, igniting debates over their level of innovation and originality. Critics argue that Banksy's style lacks uniqueness drawing inspiration from other graffiti artists like Blek Le Rat, thus placing it outside the realm of traditional museum masterpieces. However, a more nuanced perspective suggests that the avoidance of institutionalisation reflects Banksy's artistic principles. Banksy artworks are profound in that they convey straightforward, yet impactful messages about contemporary societal issues, earning the moniker “The Master of PR” in discussions led by Charlotte Stewart. Stewart emphasises Banksy's ability to amplify marginalised voices, stating, “You don't have to have done a history of art degree to understand Banksy's work.” This is why Banksy works appeal to diverse audiences and have enjoyed significant success in the market, by consistently maintaining their relevance and relatability. Therefore, there's a strong case for Banksy's works to find a place within museum walls, an assertion backed by the artist personally with guerilla infiltration in esteemed institutions.
Banksy has addressed the ‘museum pranks’ during a BBC interview, suggesting they're designed to disrupt the passive museum-goer mindset, with reinterpreted contemporary works equally worthy of attention. Between 2003 and 2005, Banksy orchestrated a series of interventions in prestigious institutions, including the Tate Britain and The British Museum, in London; the Louvre in Paris; and the Brooklyn Museum and The Met, in New York. These actions legally, defined as vandalism, but dubbed “cutting out the middleman” by Banksy. They also marked the inception of Pest Control, symbolised by Banksy's covert appearance at The Natural History Museum. Here, a taxidermy rat was positioned within a glass case alongside an informative plaque, subtly suggesting the formation of Banksy's authentication board.
Pest Control, established by Banksy to authenticate only the work that was intended for commercial sale, plays an indispensable role in preserving the exclusivity and value of Banksy editions. By verifying the authenticity of each piece, Pest Control not only combats fraudulent activity but also strengthens Banksy's stature in the art world. The insistence on a Pest Control COA serves to instil confidence among buyers, fuelling increased demand and prices acting as a mechanism of exclusivity. In MyArtBroker’s live Banksy panel discussion, Helena Poole underscores the importance of Pest Control stating, “The certificates are the only authenticating body for works by Banksy. They are half of the value of a Banksy work, which is a combination of the work itself and that certificate.”
Discover The Essential Insights to Banksy's Pest Control
The data-driven analysis of Banksy's print market over the past seven years reveals a remarkable journey marked by peaks and troughs. At MyArtBroker, we take pride in offering this analysis, underscoring our commitment to fostering a transparent marketplace.
Although Banksy has effectively circumvented conventional gallery channels in favour of a self-directed market through initiatives like GDP and Pest Control, the shift from street art to the secondary market has seen a consistent demand for Banksy originals and editions. The extraordinary rise of the Banksy market distinguishes it within the realm of blue chip contemporary artists, even though it is relatively younger.
As of early 2024, Banksy's influence persists. At MyArtBroker, we embrace the unpredictability of the art market, adhering to the adage “buy art because you love it.” While we acknowledge the inherent uncertainties of the future, we recognise that art holds both cultural and personal significance. Despite these uncertainties, one thing remains clear: the enduring value of Banksy editions ensures the longevity and sustainability of his market into the future.
