Banksy's reputation was cemented by eye-catching stencils speaking out against social ills, especially greed and the trappings of the art market. Yet his personal net worth is estimated to be in the tens of millions, and he belongs to an elite group of living artists whose work has breached the one million dollar mark at auction.
See also: Banksy: A Variation on an Enigma
But Banksy is far too sincere to be hypocritical. He once told a Guardian reporter that he had no problem with people knocking off his work, since he himself once made a living bootlegging counterfeit concert swag. He also accepts the ironies that might otherwise plague an activist working within the system. Thus, if the artist receives nothing directly from the sale of his works on the secondary market, he makes the effort to authenticate them so that the buyers do not get cheated.
In addition, it is not uncommon for the artist to donate the results of his sales to causes such as public health ( in 2021, the profits from a sale at Christie's had been donated to the NHS) or for the victims of political conflicts (this year, Banksy announced a sale of his works to support Ukraine, though the online sale was also subject to a Russian cyber-attack.)
See also: Banksy in Ukraine: Seven New Murals Revealed Amid the Destruction
The most enigmatic thing about Banksy is that somehow, despite a 20-year career as the highest profile vandal in the world, numerous collaborations with other artists, and an Oscar-nominated film, he has remained anonymous. However, just because you don't know who he is doesn't mean you can't invest in the Banksy brand.
Over the years, some information has come to light about Banksy's life. To begin with, we are certain that he is a man. He is believed to have been born in Bristol, England in 1974. It is evident that he got his start as an urban artist in the 1990s, during the so-called 'Bristol Aerosol Boom' – the renaissance period of graffiti. While most other graffiti artists painted on walls freehand, Banksy developed his own signature style. He confided to a journalist in 2003, "I was completely useless with an aerosol can, so I started cutting stencils instead."
See also: Podcast Ep #04 Shredded: Less is More?
Banksy moved to London around 2000. Enlisting lookouts, he began making witty, provocative, yet skilfully crafted stencil works all over the city. Often taking clever jabs at politics, surveillance, war, and absurd legal codes, his works ridiculed contemporary culture with uncommon humour and heart.
Many of Banksy's early works were considered graffiti and were quickly painted over. To date, at least 18 works by Banksy have been intentionally destroyed, either by the authorities, by Banksy himself or by a third party. In 2001, ironically, a work by Banksy was damaged when it was covered by a poster advertising a book by Michael Moore aimed at criticising government policies.
See also: Banksy's Brexit Mural Disappears
These days, most owners of tagged walls know the value of a Banksy artwork. More than 1,000 pieces by the artist were presented at auction, 83% of which found a buyer. His original paintings, his sculptures, his numbered reproductions, and his graffiti on pieces of wall carefully removed from buildings have so far brought in staggering prices.
See also: Get to Know Banksy’s Art Dealer: Interview
Today, the best way to acquire an original Banksy is to buy it at auction. But be prepared to pay a premium. In October 2021, the street artist set a record at Sotheby's when Love is in the Bin sold for 18.58 million pounds sterling. The work, formerly known as 'Girl with the Balloon', sparked media attention when it self-destructed just after a £1.2 million auction at Sotheby's London in 2018. “The urge to destroy is also a creative urge,” Banksy wrote in an Instagram post after the event.
See also: Podcast Ep #02 The Art World's Most Well-Kept Secret
This record was once held by Game Changer, which fetched nearly £17 million at a Christie's auction on 23 March 2021, a year after the first UK lockdown. In 2022, according to the Artprice report, 1,186 works by Banksy were sold at auction for a total of $206 million.
See also: From Prank to Profit: The Shredded Banksy Auctioned
Of course, there is another way to acquire a Banksy, and that is to simply buy one directly from the artist. But, since 2009, he has not carried out any commercial exhibition. In October 2013, during his month-long high-profile 'residency' in New York, Banksy spent an entire day in Central Park selling his own original works to passers-by for $60. Thinking it was a joke, only seven buyers took advantage of this deal. These $60 works are now worth tens of thousands of dollars, if not more.
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Another way to acquire an original Banksy is to visit his official sales site: pestcontroloffice.com. With one click you will see if something is available. In general, there is often nothing for sale. But the site is also important if you have just bought a Banksy on the secondary market; it's the place where Banksy's works can be authenticated… for free, of course!
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This is an updated version of an article originally published on 27 February 2018.
