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Banksy

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Banksy Market Analysis

Banksy's Print Market Trends: A Retrospective Analysis

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 characterised 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.

In 2021, Banksy's print market peaked with a turnover in sales value of £32.9 million by 563 lots sold. Following this peak, market performance has stabilised, 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 £7 million, surpassing the £5.4 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 Performance Mentions 

Market Performance

Double bar garph illustrating the sales value and lots sold of Banksy's print market over the seven year period. 

Banksy Sales Value and Lots Sold © MyArtBroker 

Compound Annual Growth Rate (2017 - 2023)

A double line graph showing the average selling price and lot count of Banksy's print market over the last seven year period. 

Banksy Average Selling Price © MyArtBroker

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Investing In Signed/Unsigned Banksy 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 contextualise, in 2019, the ASP for an unsigned Banksy print was £11,600, while signed prints commanded £30,000. Just one year later, the ASP for signed prints more than doubled, and for unsigned prints, it more than tripled.

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 

 certificate of authenticity (COA), augmenting their attractiveness to buyers and providing more accessible options for authentic Banksy prints. 

 remains the highest-valued unsigned Banksy print in the market, achieving a record price of £333,276 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, characterised 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 

, with a record price of £1.1 million in 2021.

It is always advisable that investors conduct thorough research and consider their investment goals and risk tolerance before making any purchasing decisions based solely on past performance. Refer to MyArtBroker’s 

Banksy Value

Double bar graph of Banksy sales value and lots sold for signed and unsigned prints over a seven year period. 

Banksy Signed/Unsigned Prints © MyArtBroker

Signed Print Seven Year Market Value (hammer)

Unsigned Print Seven Year Market Value (hammer)

Double line graph illustrating the average selling price of Banksy's print market over the seven year period. 

Banksy Average Selling Price Signed/Unsigned Prints © MyArtBroker

Banksy-Only Sales And Short-Term Flipping

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. Forum auctions was the first to curate Banksy-only sales, dating back to 2016. 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 £1.5 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, characterised 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 

 at Sotheby’s in 2018. Banksy addressed this issue, with the establishment of 

 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.”

Banksy At Auction 

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. Recognising 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. In MyArtBroker’s recent 

, Joe Syer notes 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 characterised 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.

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.

RECENT BANKSY PRINT SALES AND GLOBAL AUCTION PRESENCE

Strong performances for Banksy prints were witnessed in 

 at Christie's in February presented an original Banksy 

, which set a new record, along with commendable performances for original works in the 

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 New York spring season and Q2 sales as we are witnessing gaining traction and momentum in Banksy’s 2024 market.

Pie chart illustrating Banksy print sales value by auction house in 2023. 

Banksy Sales Value By Auction House 2023   

Pie chart illustrating Banksy print sales value by auction house in 2024 Q1. 

Banksy Sales Value By Auction House 2024 Q1 

Banksy Print Works Sold By Location 2023 

Pie chart illustrating the total number of Banksy print works sold by location in 2024. 

Banksy Print Works Sold By Location 2024 Q1 

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Banksy Prints & Editions 

The inception of Banksy's commercial prints & editions dates back over two decades to 2002 with the release of 

. Among the various facets of Banksy's market, prints and editions stand out as arguably the most dynamic. Banksy prints are multifaceted, with several factors contributing to their value and significance. Initially, prints were produced and published by 

, featuring a distinctive circular embossed logo proving their authenticity. Yet, the early days of Banksy print production were characterised by haphazard processes of online art purchasing and sluggish sales. The adaptation of in-situ street works to print productions was erratic, just as the exponential growth of the 

 was unforeseen. Consequently, not all prints of the intended 50 to 150 were signed, not all featured the POW embossed logo, and others were even lost amidst the evolving landscape.

Editions & In-Demand Series

Banksy's editions become even more intricate with the introduction of the 

 in Los Angeles in 2006. Although still collaborating with POW at the time, the 

 consists of six distinct prints produced by Modern Multiples, Los Angeles, printed  specifically for the exhibition, and are considered LA editions. Following the closure of POW in 2017, concurrent with Banksy's departure, 

 was established in 2019. This initiative and Pest Control oversaw the production of late Banksy print editions, including 

along with other mixed media editions including the 

and others. Only certain editions of these later works have made their way to the secondary auction market.

Banksy's diverse portfolio comprises numerous print series, each exhibiting varying levels of success in terms of lots sold and sales value. However, a select few manage to strike a balance between these metrics, achieving widespread circulation in the market while retaining their value and appeal among collectors. Among the top-performing series in terms of sales value include 

, all inspired by some of Banksy's most renowned 

. These signature works consistently demonstrate robust performance in the market and have proven to maintain their value over time.

Other Banksy prints that enjoy popularity in the market due to their high volume of sales include 

, among others. Each of these print series has an associated AP edition that has either never appeared at auction or has made only rare appearances. Given the significant trading activity surrounding these collections, a rare AP edition would command high-valued prices in public sale.

Horizontal bar graph of Banksy's top ten print series by sales value in 2023.  

Banksy In-Demand Print Series By Sales Value 2023 

Horizontal Bar Graph of Banksy's top ten trending print series by lots sold in 2023. 

Banksy's In-Demand Print Series By Lots Sold 2023

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Artist proofs (APs) also add to the nuances of Banksy’s editions market and are valued with a premium. Between 2002 and 2010, Banksy introduced a total of 47 print collections to the public with POW. Alongside the traditional signed and unsigned versions, certain editions were released as APs, with varying numbers produced in addition to some of Banksy's most iconic series. Most APs are distinctive by colour compared to the regular editions. For example, 

 contrast with the blue background and yellow-faced regular editions. 

 also deters from its regular editioned blue background. Not one of these AP prints has ever been offered at public auction with scarcity adding value to these works. Similarly, prints like 

were produced in limited numbers, with only a handful surfacing in the public market over the past seven years. 

APs were introduced as a supplementary edition of 88 prints, divided into four colourways, with each variant comprising 22 prints, amplifying their rarity and appeal to collectors. 

were also released in various AP colourways. 

made its first time appearance in 2023 and set a record achieving £114,300 in April at Sotheby’s. 

made a seldom-seen appearance at auction in 2023, also achieving a record-breaking sale of £69,600 at Bonhams in April. Additionally, Banksy's 

 prints are offered in several colourways, with the multicoloured prints being AP editions.

Choose Your Weapon (AP dark blue) 

£73,134 in October 2023

£126,000 in September 2023

Love Is In The Air (Flower Thrower) (AP)

£189,000 in August 2022

£176,400 in March 2022

Laugh Now (AP)

£75,600 in August 2022

Kate Moss (AP)

£226,800 in April 2022

Recent Artist Proof Market Performance

Banksy Artist Proofs 

The Banksy Report

Seven-year retrospective on Banksy prints

Historical analysis of Banksy’s market, highlighting key trends, pricing shifts and standout sales over the past seven years.

Seven-year retrospective on Banksy prints

The Banksy Report

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