Banksy Market Watch 2023

TOP BANKSY PRINT SALES IN 2023

In Q1 of 2023, Banksy prints flooded major auction houses, with a unsigned version of the iconic Girl With Balloon (2004) leading the pack, selling for £155,852 in March. A signed version of the work resurfaced in September at Sotheby’s Banksy-only sale. This demand for this universally popular work remains unyielding, evident in the 12 successful sales of signed and unsigned versions throughout 2023 YTD.

Notable print sales in Q2 included Banksy’s Exclamation Rat (2004), which fetched £279,400 at Sotheby’s. During the May marquee evening sales Phillips’ debuted Banksquiat, Boy And Dog In Stop & Search (2018), stencilled and hand-finished on birchwood, which achieved a staggering $9.7 million (USD), becoming the highlight of the sale. June brought excitement with Banksy’s first public exhibition in 14 years, Cut & Run, held at Glasgow’s Gallery of Modern Art, showcasing a quarter-century of Banksy’s stencils. This unique exhibit garnered tremendous success and is set to travel, with the destination to be determined by fan submissions via Banksy’s website.

In the recent September sales, Sotheby’s hosted their second Banksy-only auction in 2023, boasting a 85% sell-through rate and healthy sales for Banksy’s unsigned prints. Christie’s also featured coveted Banksy print works including two rare works from the Choose Your Weapon (CYW) series, in light orange and dark blue colourways fetching £81,200 and £126,000 respectively, aligning within market estimates.

Banksy’s market is a captivating realm shaped by his cult-like status. Whether he achieves record-breaking sales or none at all, he consistently remains a focal point in market discussions. What sets Banksy apart is his ability to dictate the course of his market.

Unlike many artists who rely on gallery representation, Banksy navigates his own path. Deciphering the pulse of his market involves tracing the strategic breadcrumbs he leaves. In early February, a new mural, titled Valentine’s Day Mascara, surfaced in Margate, strategically unveiled on February 14th. Banksy’s actions are meticulously orchestrated. One month later, he shared an open mic night on his Instagram story in Margate, playfully acknowledging the buzz surrounding his latest mural. It almost feels like Banksy is intentionally generating excitement around his own market, setting the stage for his next moves.

Banksy’s market trends are intricately woven by his own hand. While his market undergoes a maturation, the reality is that his major works still command millions at auctions. Amidst discussions about its decline, equal attention should be paid to its enduring triumphs. Auction houses have orchestrated 14 Banksy-only sales, a feat unmatched by any other artist. The occasional fluctuations in sell-through rates, such as the Bonhams anomaly in 2021, seem minor when compared to Banksy’s peak years, where most sales were highly successful. However, these frequent solo sales have led to an oversaturation of his market. Changes in Banksy’s pricing reflect the interplay between economic conditions and demand dynamics, adding layers of complexity to his ever-changing market landscape.

Even while his market matures, Banksy remains in the spotlight. Critics are concerned, but our close monitoring at MyArtBroker shows his works, both signed and unsigned, still command significant prices. Auction houses flooding the market with solo sales twice a year contribute to fluctuations, but overall, lower prices reflect economic conditions, not diminished demand.