On several occasions, Trend Hunter has covered Banksy, the world's most famous graffiti artist. Now, the UK street artist known for punking London Museums has recently put his original works in auction.
10 original pieces of Banksy put in auction at the Bonhams auction house were expected to raise a maximum of £300,000. However his works were so popular that they exceeded the estimates. All his works reportedly fetched up to £546,000.
"Avon and Somerset Constabulary", which depicted two policemen looking through binoculars got the most money at £96,000.
Also included in the auction is the "Di Faced Tenners". The screen print which consisted of a series of £10 notes where Queen Elizabeth's head had been replaced by that of Princess Diana sold for £24,000.
Banksy has some celebrity fans including Angelina Jolie and Brad Pitt who previously bought an original from him for $1 million.
Graffiti Goes Big
Banksy Originals Sold for £546,000
Trend Themes
1. Street Art Auctions - The popularity and high prices achieved in the auction of Banksy's original works indicate a growing trend of street art auctions.
2. Increasing Value of Street Art - The unexpected high prices of Banksy's original works suggest a trend of increasing value and recognition of street art in the art market.
3. Celebrity Endorsement of Street Art - The purchase of Banksy's original work by celebrities Angelina Jolie and Brad Pitt highlights a trend of celebrity endorsement and investment in street art.
Industry Implications
1. Art Auction Houses - Art auction houses can capitalize on the growing trend of street art auctions by curating and organizing events specifically focused on selling street art.
2. Street Art Market - The increasing value and recognition of street art opens up opportunities for artists, galleries, and online platforms to promote and sell street art to a wider audience.
3. Celebrity-supported Art Collecting - The celebrity endorsement of street art presents an opportunity for art galleries and dealers to collaborate with celebrities in promoting and selling art.