How Banksy changed the way we invest in art
Banksy is a globally celebrated street artist whose pieces sell at auction for enormous sums. More importantly though, he may be responsible for changing the way many people see, appreciate and invest in art.
Impressively, the anti-establishment artist has kept his real identity a secret, allowing the work to speak for itself. However, the anonymous Banksy has had a huge influence on popular opinions surrounding graffiti and the artistic use of public spaces.
Banksy fans invest in art
In June, Bridge Farm Primary School in Bristol was gifted with a mural painted on the side of a building which was named after Banksy. The artist left a note with the school caretaker, explaining “it’s always easier to get forgiveness than permission.”
The school’s headteacher doesn’t plan to sell the mural, stating that the artwork is “inspirational and aspirational.” However, much of Banksy’s work has fetched a high price. Due to a rising number of copycats, the artist even has a group of agents named Pest Control tasked with verifying authentic Banksy artworks.
Some of Banksy’s street art has been moved from its original location, including the Girl with the Red Balloon. According to the Telegraph, this iconic artwork first appeared on the wall of an east London shop but was removed in 2014 to be sold for an estimated £500,000.
Banksy’s Slave Labour was painted on a Poundland store just before the Queen’s Diamond Jubilee, and showed a small boy at a sewing machine creating Union Jack bunting. This piece was also removed and sold for more than £750,000 at a private London auction.
Banksy actually stepped to deal with a dispute between a Bristol youth club and their local council when Mobile Lovers was painted on a wall in 2014. A note was sent to the club telling them to “do what they felt was right” with the piece. It was later sold to a private collector for over £400,000, with funds helping to keep the 120-year-old club open.
Currently, we know of two large Banksy works for sale with an asking price at the £1 million level. The future of a Banksy is not guaranteed, however. In 2007, Transport for London painted over a scene from Pulp Fiction on a wall near Old Street Tube station, despite it having an estimated value of over £300,000. A Transport for London spokesperson argued: “Our graffiti removal teams are staffed by professional cleaners, not professional art critics.”
Contemporary names invest in art installations
Banksy’s street art has become a tourist attraction as the artist’s fame continues to grow. Mobile app Banksy’s Bristol Trail even takes fans on a walking tour around his home city. However, last year Banksy went one step further and collaborated with other contemporary artists on an ambitious interactive art project.
He turned Weston-super-Mare’s derelict Tropicana lido into Dismaland, a ‘bemusement park’ which welcomed more than 150,000 visitors over just five weeks. The attraction was a satirical interpretation of the tourism and entertainment industry. The official brochure described it as “a theme park whose big theme is: theme parks should have bigger themes.”
The attraction featured 10 new Banksy artworks alongside works by around 50 leading international and British artists, including Damien Hirst. As well as drawing attention and praise to the contemporary art community, “the Banksy effect” also benefitted Weston-super-Mare, generating £20 million for the local economy.
Invest in street art with Maddox Gallery
Banksy is now an established artist, and his works acquire incredible sales figures. While they are incredible investments, not many individuals will be able to afford them.
However, thanks to Banksy, street art is now becoming increasingly accepted as a form of contemporary art. In addition, those looking to invest in art can choose from a selection of emerging artists who share Banksy’s anti-establishment mentality and creative vision.
Here at Maddox Gallery, we’re proud to work with up and coming street artists Mr Brainwash and Layer Cake. By following these names, individuals can invest in emerging art which has the potential to increase significantly in value.
Visit Maddox Gallery in Mayfair, London, to enjoy works by emerging contemporary names and invest in art at entry price points as low as £5,000.
Written by James Nicholls, Managing Director and Curator, Maddox Gallery.
