At the tailend of summer, we can begin to see the excitement building up for what will be a very exciting fall season. British street artist Banksy seems to be everywhere at the moment with seven new graffiti artworks unveiled in locations across London in a little under a week. To capitalize on the excitement, we explore the development of Banksy’s market, examining the elements that affect the value of his works, how his public stunts have influenced market values and the critical importance of authentication in maintaining the market’s integrity.
The Banksy market, a tumultuous yet fascinating arena, has captivated art collectors and investors worldwide. An in-depth exploration of Banksy’s market trajectory follows, shedding light on the artist's early days to the establishment of a formidable secondary market. The insights address key questions about valuation, provenance and the future of Banksy's art in the ever-evolving landscape of contemporary art investment. Making informed decisions in the Banksy market involves celebrating the artist’s indelible impact on the art world and beyond, highlighting the challenges and opportunities that lie within the trade of his works.
The evolution of Banksy's market provides a captivating narrative that traces the ascent of Banksy from the streets to the pinnacle of the art world. Banksy’s initial foray into selling his art found the artist selling prints from the back of a van in 2002. At this point for Banksy, it was not just about commerce but a mission to democratize art, making it accessible and affordable to the masses. This period marked the beginning of Banksy's journey from an underground artist to a global phenomenon. It was during this period, that Banksy’s iconic Rude Copper was released and that the artist’s relationship with the print house Pictures On Walls significantly expanded his market reach.
Despite the initial slow sale of pieces, these editions laid the groundwork for Banksy's burgeoning market and allowed his art to reach broader audiences. Soon Banksy would participate in the Better Out Than In residency in New York and the Dismaland exhibition, which not only captivated public attention but also invigorated Banksy's market value. The shredding of Girl With Balloon at a Sotheby's auction in 2018 was underscored as a defining moment that cemented Banksy's legendary status in art history, illustrating his knack for blending artistry with spectacle.
Banksy's market has adapted and thrived amidst challenges and milestones unique to any other artist's market. 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 characterized 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.
Amidst the challenges posed by the COVID-19 pandemic in 2020, Banksy's influence continued to expand. The appearance of Game Changer near Southampton General Hospital resulted in an astonishing 253% surge in Banksy's print market, reaching $23.9 million (hammer). The charitable sale of Game Changer (2020) for $21.3 million and Love Is In The Bin (2018) achieving $23.6 million at auction were two other notable occurrence.
In 2021, Banksy's print market peaked with a turnover in sales value of $41.9 million by 563 lots sold. Despite Banksy's subversive tactics and anti-establishment messages, these iconic moments undeniably represent significant trends within Banksy's art market, igniting interest and expanding the collector base. Those who acquired prints for as little as $500 during the early 2000s exhibitions have witnessed substantial returns on their investments.
Following this peak, market performance has stabilized, 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 $8.9 million, surpassing the $6.8 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 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 contextualize, in 2019, the ASP for an unsigned Banksy print was $15,000, while signed prints commanded $40,000. Just one year later, the ASP for signed prints more than doubled, and for unsigned prints, it more than tripled.
In 2020 and 2021, Banksy's ASP exceeded that of Andy Warhol, reaching $70,000 and $80,000. In the following years, although Banksy's ASP declined, it continues to outperform other blue chip artists such as Keith Haring and Roy Lichtenstein, both of whom had successful print market performances in 2023. While the ASP of an artist’s market is largely influenced by the supply and demand for artworks in a given year, it's noteworthy that the ASP of Banksy's print market has shown consistency and limited fluctuations. This stability and limited variation indicate a degree of investment stability and the potential for a market correction, as it suggests a level of resilience and predictability in the market.
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 $425,500 in 2021.
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, characterized 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 $1.4 million in 2021.
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. 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 $1.9 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, characterized 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. Recognizing 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. 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 characterized by high volatility and prices influenced more by sentiment than underlying fundamentals.
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.
The price distribution of Banksy's print market based on lots sold in 2023 shows that at the uppermost tier of this price range, 5% of Banksy prints were sold for over $115,000 . These prints represent the pinnacle of Banksy's print market, characterized by their exclusivity and the ability to consistently command premium prices. Prints from iconic series sit within this small category, including Girl With Balloon, Thrower, Choose Your Weapon, and Nola. One explanation for the consistent high sales value of these prints is attributed to scarcity in the market, but also the imagery in each which offers unapologetic criticism of political and cultural issues that initially gained recognition when they were stenciled on the streets before being produced as limited edition prints.
Banksy prints ranging from above $65,000 to $115,000, include a variety of signed and unsigned versions belonging to series including Pulp Fiction, Laugh Now, and Barcode. These prints have consistently retained their market value. Banksy's prints priced below $65,000 include works like Happy Choppers, Jack & Jill, and Donuts. However, the largest portion of Banksy's print market, comprising 38%, currently falls below $40,000. Buyers can discover a blend of signed and unsigned prints that offer commentary on pop culture and political perspectives, featuring artworks like Morons, Bomb Love and Flying Copper.
Banksy prints priced below $30,000 constituted a significant portion, comprising 25% of his market in 2023. These more accessible prints, primarily unsigned, feature iconic pieces like Grannies, Weston Super Mare, and Have A Nice Day. Grannies stands as a pinnacle of punk works, initially released as part of Banksy's Barely Legal exhibition in Los Angeles, where only 100 signed copies were made available. However, unsigned copies still possess value and authenticity, offering more budget-friendly alternatives. These prints not only provide an entry point for newcomers to the art market but also present an opportunity for seasoned collectors looking to diversify their portfolios.
Banksy's portfolio encompasses numerous print series, each exhibiting varying performances in terms of 'lots sold' and 'sales value.' However, a select few manage to strike a balance between these factors. These series have achieved widespread circulation in the market while maintaining their value and appeal among collectors, even in the face of global economic factors and a market softening. This exclusive category includes iconic series such as Girl With Balloon, Thrower, and Laugh Now, inspired by some of Banksy's most renowned street murals. These hero works consistently demonstrate strong performance in the market and maintain their value over time.
Print series including Choose Your Weapon, Nola, and Banksquiat also rank in terms of sales value. Although they may not claim the highest volume of prints sold, the elevated position of these artworks in terms of sales value highlights their rarity and exclusivity. When these pieces do enter the market, their sales value mirrors the strong demand among collectors. It's really important that you couple pieces you truly love and resonate with, but also consider works that are popular in the market. If you love them, someone else is likely to as well, which means that (usually) someone may potentially buy them from you in the future.
Other sought-after Banksy print series establish their presence through 'lots sold,' extending accessibility at more affordable price points. Examples of works in Banksy's print series with wider market availability include Bomb Love, Jack & Jill, Flying Copper and Happy Choppers.
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.
Strong performances for Banksy prints were witnessed in Phillips January 2024 editions sale and despite their absence in recent April print sales, Banksy prints in 2024 Q1 have displayed a commendable level of resilience, approaching the levels seen in Q1 of 2020, the pinnacle of the Banksy market's growth. 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 summer and Q3 New York sales as we are witnessing gaining traction and momentum in Banksy’s 2024 market.
The Banksy market, a tumultuous yet fascinating arena, has captivated art collectors and investors worldwide. An in-depth exploration of Banksy’s market trajectory follows, shedding light on the artist's early days to the establishment of a formidable secondary market. The insights address key questions about valuation, provenance and the future of Banksy's art in the ever-evolving landscape of contemporary art investment. Making informed decisions in the Banksy market involves celebrating the artist’s indelible impact on the art world and beyond, highlighting the challenges and opportunities that lie within the trade of his works.
The evolution of Banksy's market provides a captivating narrative that traces the ascent of Banksy from the streets to the pinnacle of the art world. Banksy’s initial foray into selling his art found the artist selling prints from the back of a van in 2002. At this point for Banksy, it was not just about commerce but a mission to democratize art, making it accessible and affordable to the masses. This period marked the beginning of Banksy's journey from an underground artist to a global phenomenon. It was during this period, that Banksy’s iconic Rude Copper was released and that the artist’s relationship with the print house Pictures On Walls significantly expanded his market reach.
Despite the initial slow sale of pieces, these editions laid the groundwork for Banksy's burgeoning market and allowed his art to reach broader audiences. Soon Banksy would participate in the Better Out Than In residency in New York and the Dismaland exhibition, which not only captivated public attention but also invigorated Banksy's market value. The shredding of Girl With Balloon at a Sotheby's auction in 2018 was underscored as a defining moment that cemented Banksy's legendary status in art history, illustrating his knack for blending artistry with spectacle.
Banksy's market has adapted and thrived amidst challenges and milestones unique to any other artist's market. 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 characterized 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.
Amidst the challenges posed by the COVID-19 pandemic in 2020, Banksy's influence continued to expand. The appearance of Game Changer near Southampton General Hospital resulted in an astonishing 253% surge in Banksy's print market, reaching $23.9 million (hammer). The charitable sale of Game Changer (2020) for $21.3 million and Love Is In The Bin (2018) achieving $23.6 million at auction were two other notable occurrence.
In 2021, Banksy's print market peaked with a turnover in sales value of $41.9 million by 563 lots sold. Despite Banksy's subversive tactics and anti-establishment messages, these iconic moments undeniably represent significant trends within Banksy's art market, igniting interest and expanding the collector base. Those who acquired prints for as little as $500 during the early 2000s exhibitions have witnessed substantial returns on their investments.
Following this peak, market performance has stabilized, 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 $8.9 million, surpassing the $6.8 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 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 contextualize, in 2019, the ASP for an unsigned Banksy print was $15,000, while signed prints commanded $40,000. Just one year later, the ASP for signed prints more than doubled, and for unsigned prints, it more than tripled.
In 2020 and 2021, Banksy's ASP exceeded that of Andy Warhol, reaching $70,000 and $80,000. In the following years, although Banksy's ASP declined, it continues to outperform other blue chip artists such as Keith Haring and Roy Lichtenstein, both of whom had successful print market performances in 2023. While the ASP of an artist’s market is largely influenced by the supply and demand for artworks in a given year, it's noteworthy that the ASP of Banksy's print market has shown consistency and limited fluctuations. This stability and limited variation indicate a degree of investment stability and the potential for a market correction, as it suggests a level of resilience and predictability in the market.
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 $425,500 in 2021.
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, characterized 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 $1.4 million in 2021.
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. 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 $1.9 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, characterized 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. Recognizing 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. 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 characterized by high volatility and prices influenced more by sentiment than underlying fundamentals.
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.
The price distribution of Banksy's print market based on lots sold in 2023 shows that at the uppermost tier of this price range, 5% of Banksy prints were sold for over $115,000 . These prints represent the pinnacle of Banksy's print market, characterized by their exclusivity and the ability to consistently command premium prices. Prints from iconic series sit within this small category, including Girl With Balloon, Thrower, Choose Your Weapon, and Nola. One explanation for the consistent high sales value of these prints is attributed to scarcity in the market, but also the imagery in each which offers unapologetic criticism of political and cultural issues that initially gained recognition when they were stenciled on the streets before being produced as limited edition prints.
Banksy prints ranging from above $65,000 to $115,000, include a variety of signed and unsigned versions belonging to series including Pulp Fiction, Laugh Now, and Barcode. These prints have consistently retained their market value. Banksy's prints priced below $65,000 include works like Happy Choppers, Jack & Jill, and Donuts. However, the largest portion of Banksy's print market, comprising 38%, currently falls below $40,000. Buyers can discover a blend of signed and unsigned prints that offer commentary on pop culture and political perspectives, featuring artworks like Morons, Bomb Love and Flying Copper.
Banksy prints priced below $30,000 constituted a significant portion, comprising 25% of his market in 2023. These more accessible prints, primarily unsigned, feature iconic pieces like Grannies, Weston Super Mare, and Have A Nice Day. Grannies stands as a pinnacle of punk works, initially released as part of Banksy's Barely Legal exhibition in Los Angeles, where only 100 signed copies were made available. However, unsigned copies still possess value and authenticity, offering more budget-friendly alternatives. These prints not only provide an entry point for newcomers to the art market but also present an opportunity for seasoned collectors looking to diversify their portfolios.
Banksy's portfolio encompasses numerous print series, each exhibiting varying performances in terms of 'lots sold' and 'sales value.' However, a select few manage to strike a balance between these factors. These series have achieved widespread circulation in the market while maintaining their value and appeal among collectors, even in the face of global economic factors and a market softening. This exclusive category includes iconic series such as Girl With Balloon, Thrower, and Laugh Now, inspired by some of Banksy's most renowned street murals. These hero works consistently demonstrate strong performance in the market and maintain their value over time.
Print series including Choose Your Weapon, Nola, and Banksquiat also rank in terms of sales value. Although they may not claim the highest volume of prints sold, the elevated position of these artworks in terms of sales value highlights their rarity and exclusivity. When these pieces do enter the market, their sales value mirrors the strong demand among collectors. It's really important that you couple pieces you truly love and resonate with, but also consider works that are popular in the market. If you love them, someone else is likely to as well, which means that (usually) someone may potentially buy them from you in the future.
Other sought-after Banksy print series establish their presence through 'lots sold,' extending accessibility at more affordable price points. Examples of works in Banksy's print series with wider market availability include Bomb Love, Jack & Jill, Flying Copper and Happy Choppers.
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.
Strong performances for Banksy prints were witnessed in Phillips January 2024 editions sale and despite their absence in recent April print sales, Banksy prints in 2024 Q1 have displayed a commendable level of resilience, approaching the levels seen in Q1 of 2020, the pinnacle of the Banksy market's growth. 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 summer and Q3 New York sales as we are witnessing gaining traction and momentum in Banksy’s 2024 market.
August 12, 2024
