Updated July 2021
£26.7million worth of Banksy prints were sold in the first six months of 2021, exceeding 2020’s total sales by 22%. The demand for signed prints grew and average prices remained constant. Here’s what it means for the market.
2020 saw a boom in demand with many prints, particularly unsigned editions, selling for far above their high estimates. Then Q1 2021 saw supply catch up with demand as the market was flooded with Banksy prints: an exceptionally high amount were sold compared to the previous two years, with the first three months of this year alone selling close to half the number of Banksy prints sold in all of 2020. The average price climbed steadily, peaking in March 2021.
2021 is 122% of 2020’s total sales
£26.7million worth of Banksy prints have been sold in the first six months of 2021, compared to £21.8million in all of 2020. Q1 of 2021 contributed 68% to the annual total (£18.2million) while Q2 of 2021 contributed 32% (£8.5million).
As of 30 June 2021, a total of 364 Banksy prints have been sold – 96% of 2020, which sold a total of 379 Banksy prints. The average price of a Banksy print in 2021 so far is £73,321, compared to £57,639 in 2020.
Sales are up 673% compared to Q2 2020
In Q2 2021, the market has started to balance out. 37% less Banksy prints were sold in Q2 compared to Q1 of 2021, dropping from a total of 223 to 141. The quarterly sales total, in turn, has dropped by 53% (from £18.2 million in Q1 2021 to £8.5million in Q2 2021).
But this is more consistent with the annual auction calendar, which has typically held fewer print auctions between April to June in the past two years. Sales in 2021 remain significantly higher than 2020 and 2019, with Q2 2021 selling 236% more by number (141 v 42) and 673% more by value (£8.5m v £1.1m) compared to Q2 2020.
Average prices hover around £60,300
The average price of a Banksy print has remained constant over the last three months, hovering around £60,300. This may seem low compared to the average price in March 2021 (£92,080), but is in fact closer to the average price for January 2021 (£58,681) as well as 2020 (£57,639).
This stabilising of the average price following the peak in March 2021 demonstrates the balancing out of supply and demand, and the maturing of the Banksy prints market in progress.
The demand for signed prints is growing
2020 saw unsigned prints flood the Banksy market to meet the seemingly insatiable demand of collectors. Despite the relative availability of unsigned prints, their average price increased and began to catch up with their rarer, signed counterparts. But since the start of 2021, signed prints have rapidly become more desirable: almost as many signed prints as unsigned were offered in the March 2021 auctions – an exceptionally large amount compared to the last two years. Like quantity, the average price for a signed print similarly shot up in February and March 2021.
In Q2 2021, the average price for a signed print was 81% higher than an unsigned print, compared to 99% higher in Q1 2021 and 52% higher in Q2 2020. Though not as high as Q1 2021, this increase in Q2 2021 shows the value of rarer signed prints is once again on the rise and the market is balancing out.
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