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Banksy’s Shredded Artwork Sold for a Record £18.5m comes to Asia

Banksy’s Shredded Artwork Sold for a Record £18.5m comes to Asia
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Banksy’s artwork “Love is in the Bin” went under the hammer at Sotheby's in London on Thursday, selling for a whooping £16m (before buyer premium) - high above its £4-6m estimated price. The event, taking place during Frieze London, grabbed not only the art world’s attention but also the wider public was heavily captivated by this event. It was one of those rare art occasions making headlines around the globe.

The artwork was put on auction only three years after being sold for £1m by the same auction house in 2018 and being reinvented into a new art piece. As Alex Branczik, chairman of modern and contemporary art at Sotheby’s Asia said: “It is almost three years to the day since one of the most ingenious moments of performance art this century made auction history. Banksy is no stranger to making headlines and this latest chapter in his story has captured imaginations across the world – we can only begin to guess what might come next.”

As the auctioneer admitted, the big release came minutes after the hammer went down. Everyone was expecting for this artwork to put on a new show, perhaps the shredder to finish its job or, in an act à la David Copperfield, the canvas to vanish completely. None of those things happened. The sale was the show, a havely marketed event judging by the media coverage and public interest. The auction house even displayed their own flag half shredded outside their headquarter building in London. The Contemporary Art Evening Sale made all art lovers keep their breath for the 10 minutes long battle between the 9 eagger bidders.

The price of £18.5m (including buyer's premium) paid by the Asian collector (according to The Art Newspaper) establishes a new record for the British artist. A sale that can only be described as a memorable evening not only for the 2018 buyer but also for the rest of us watching it. Cheers to the happy collector who proved to have a good eye for art investments or at least a lucky star.

Banksy’s “Love is in the Bin'' doesn't make it to top 10 most expensive artworks ever sold on auction, topped by $450.3 m paided by a Middle Eastern collector for presumably Leonardo Davinci’s masterpiece Salvator Mundi (there are many disagreements among scholar) in 2017. It pales even in comparison with the highest transaction of the year, the NFT artwork by Beeple sold for $69.3 m at Christie’s. What makes the sale a “historical” event is the fact that its value has appreciated 18 times over the course of three years.

According to the Art Basel and UBS annual report, the art market shrank by 22% in 2020, down from $64.4 billion in sales in 2019 to $50.1 billion last year. Nevertheless, with the in-person events resuming in most Western countries, a fresh breath of air is infused by new capital. In a global economy defined by high volatility and facing inflation, the Banksy sale indicates an increasing interest in art as an investment-class asset, competing with stocks, real estate, digital currencies and precious metals.

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Photo credits: Wikipedia

The Story of a Girl with a Balloon

Formerly known as “Girl with a Balloon” (allegedly created in 2016) now renamed “Love is in the Bin” (2018) became one of the most iconic artworks arguably of the begging of the 21st century after an unexpected but carefully planned intervention took place as the final hammer fell in the Contemporary Art Evening Auction at Sotheby’s in 2018. Just minutes after the proud collector, a mysterious German national, began sipping her victorious champagne, the alarm went off and the artwork went through the shredder concealed within the heavy frame. Under the horrified eyes of the audience, the stenciled canvas remained hanging half-way through.

As with any other part of our contemporary, sometimes twisted, society, “any publicity is good publicity”. The event gained a lot of attention and debates on how it should be interpreted - Is this a painting? Is it an installation? Is it a performance? or is it 1m worth of trash. The anonymous buyer commented: “When the hammer came down last week and the work was shredded, I was at first shocked, but gradually I began to realise that I would end up with my own piece of art history”. Sotheby's representatives added "it’s the first artwork in history to have been created live during an auction."

What was initially planned as a Banksy trademark anti-establishment statement, that would have Marcel Duchamp laugh out loud, ended as one of the most desired artworks among the rich and powerful collectors. Banksy, apparently surprised by the partial failure of his stunt, was the first to play the game and grant a certificate of authenticity through his authentication body, Pest Control, and gave it a new title “Love is in the Bin”. The artpiece has been on permanent loan to the Staatsgalerie Stuttgart Museum in Germany since March 2019 until the recent resale.

The artwork depicting a young girl reaching out for a heart-shaped balloon was initially stenciled on a wall in London’s West Bank in 2002. Due to its popularity it has been reproduced many times since. What makes this graffiti so eye-catching is the universality of its message and the simplicity of its visual language - the black and white silhouette of a child and the red heart-shaped balloon. It could be interpreted as a loss of innocence or the opposite, as a proof of hope. Both interpretations are valid, the duality evokes the viewer’s multiple views on hope.

Who is Banksy?

We simply don’t know. Despite his popularity, he managed to conceal his identity. From an outlaw kid spraying the walls of Bristol in the 90s, he has become one of the most followed contemporary artists. He is now part of the street-art hall of fame together with Keith Haring and Jean Michel Basquiat.

Banksy’s superstar status was first acknowledged by Time magazine in 2010. The graffiti artist, painter, sculpture, activist, filmmaker and provocateur made it to the world’s 100 most influential people list of that year, in the select company of Barack Obama, Steve Jobs and Lady Gaga.

After experimenting with different graffiti styles which almost got him arrested, he realised that he had to reduce in half the time to complete his art. Interested in the political and social nature of street art, he soon understood that the simplicity of a stencil would be the perfect medium to spread his message. At around the same time he came up with the signature tag Banksy.

His interventions popped up on walls in different cities around the world, from London to Los Angeles and Israel, where he painted a series of images on the West Bank’s concrete wall, part of the barrier built to keep away the suicide bombers. Through his characters, rats, apes, childrens, kissing police officers and hooligans throwing flowers, he is propagating a message of peace, freedom and hope but also a protest against excessive authority.

Next, he took on the art institutions with his prankster performance art. There, he installed his own artworks side by side masterpieces. An image of the Mona Lisa plastered with a smiley-face sticker was placed in the Louvre and in New York he attached to a wall in the Metropolitan Museum of Art a small portrait of a woman wearing a gas mask.

In 2010 he produced a movie giving some insights into the creation of street art and called it Exit Through The Gift Shop. It brought him an Oscar nomination in the Best Documentary category.

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Photo credits: Wikipedia

His guerrilla art events constantly gather huge crowds and controversy. His LA show “Barely Legal”, from September 2006, had as the main exhibit a live elephant, the message: “There’s an elephant in the room...20 billion people live below the poverty line.”

Banksy’s other major project, Dismaland, a “fun” park located in the British seaside resort Somerset and open to the public for five weeks in the summer of 2015 was a pop-up art exhibition in the form of an apocalyptic theme park. The Disney-like dystopian park was a group exhibition featuring 58 artists and intended as an anti-consumerism statement.

Hiding behind his mysterious identity, and through humor and straight-forward social and political statements, Banksy managed to build a very powerful character. An artist who, despite his popularity, remains in control of his narratives. With the recent art market record, which will surely fire new debates, his place in the history of art of this century has been cemented.


Check more graffiti and street inspired art in our curated collection.

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Art 1: Jumping Jill Flash, 2021, mixed media on canvas, DB de Waterman

Art 2: Bump in the Road, 2021, acrylic and spray paint on canvas, Tim Fawcett


References

1. Adam, G. Banksy world record as shredded work sells to Asian collector for £18.6m at Sotheby's, The Art Newspaper;

2. Badshah, N. Banksy sets auction record with £18.5m sale of shredded painting, The Guardian;

3. Ellsworth-Jones, W. The Story Behind Banksy, Smithsonian Magazine;

4. Harris, G. Banksy’s £1m self-destructing painting goes back to auction—and could sell for six times the price, The Art Newspaper;

5. Jobson, C. Welcome to Dismaland: A First Look at Banksy’s New Art Exhibition Housed Inside a Dystopian Theme Park, COLOSSAL;

6. Dr. McAndrew, C. Global Art MArket Report, Art Basel x UBS;

7. Solimano A. The Art Market at Times of Economic Turbulence and High Inequality, International Center for Globalization and Development;

8. Banksy's Love is in the Bin sells for record £16m, BBC.

Author: Floarea Baenziger

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Lastly, don't forget to consider your personal taste and emotional connection to the artwork. Art is subjective, and what resonates with one person may not resonate with another. Choose a painting that speaks to you on a deeper level, evokes emotions, and reflects your unique style and personality. Where to find art wall paintings for sale Now that you have a clear idea of the type of art wall painting you're looking for, it's time to explore the various avenues where you can find them for sale. From online marketplaces to art galleries and local artists, each option offers its own advantages and unique selection of artwork. Online marketplaces have become a popular destination for art buyers. Websites like RtistiQ, Saatchi Art, and Artsy connect artists with buyers from all over the world. These platforms offer a wide range of art wall paintings in different styles, sizes, and price ranges. They often have search filters that allow you to narrow down your options based on your preferences, making it easier to find the perfect piece. Art galleries and exhibitions are another great place to find art wall paintings. Visiting galleries allows you to see the artwork in person and get a better sense of its size, texture, and overall impact. Many galleries also represent emerging artists, giving you the opportunity to discover unique and undiscovered talent. If you're looking for something truly one-of-a-kind, consider reaching out to local artists or independent sellers. Many artists have their own websites or social media platforms where they showcase and sell their work. Buying directly from the artist not only supports their creative journey but also allows you to establish a personal connection and learn more about the inspiration behind the painting. No matter where you choose to buy your art wall painting, it's important to do your research and ensure that the seller is reputable. Read reviews, check their return policy, and ask any questions you may have before making a purchase. Investing in art is a personal experience, and finding the right seller can make all the difference. Tips for selecting the perfect art wall painting Now that you know where to find art wall paintings, let's delve into some expert tips for selecting the perfect piece that will enhance your home decor and bring joy to your space. Research and Explore: Take the time to research different artists, styles, and genres. Look for inspiration in magazines, art blogs, and social media platforms. Visit museums and galleries to get a better understanding of what resonates with you. Consider the Space: Before making a purchase, visualize how the painting will fit into your space. Consider the lighting, furniture arrangement, and overall ambiance of the room. Take into account the size, color, and subject matter of the painting to ensure it complements the space. Set a Budget: Art wall paintings can vary greatly in price, so it's important to set a budget before you start your search. Determine how much you're willing to spend and stick to it. Remember that art is an investment, and finding a piece you love within your budget is possible. Ask for Expert Advice: If you're unsure about the technical aspects of a painting or need guidance in making a decision, don't hesitate to seek expert advice. Consult with art consultants, interior designers, or even the artists themselves. They can offer valuable insights and help you make an informed choice. Trust Your Instincts: Ultimately, trust your instincts and choose a painting that speaks to you. Art is meant to evoke emotions and create a personal connection. If a painting resonates with you on an emotional level and brings you joy, it's likely the perfect choice for your home. By following these tips, you can navigate the world of art wall paintings with confidence and find the perfect piece that will enhance your living space for years to come. Conclusion Finding the perfect art wall painting may seem like a daunting task, but with the right knowledge and guidance, it can be an enjoyable and rewarding experience. By understanding different painting styles, considering important factors such as size and color scheme, and exploring various avenues for purchasing art, you can find a piece that truly reflects your personality and elevates your home decor. Remember that art is subjective, and what matters most is finding a painting that resonates with you on a deeper level. Trust your instincts, explore different options, and take the time to appreciate the beauty and creativity that art wall paintings bring to your living space. So, start your journey today! Transform your walls into a mesmerizing art gallery and create a space that not only inspires but also reflects your unique style and personality. Happy art hunting!

Unveiling Limited Edition Prints: Are They Worth Collecting?

ART MARKET

Unveiling Limited Edition Prints: Are They Worth Collecting?

In the world of art, limited edition prints have garnered significant attention and debate over their value and worth. These prints, often produced by artists in limited quantities, have become popular for art enthusiasts to own a piece of their favourite works without breaking the bank. However, the question remains: are limited edition prints worth anything as an investment and a source of aesthetic pleasure? The reality is that Prints can be just as valuable as any other artwork created and have exceeded value in millions for some rare works by master artists. The Frugal Repast (Le Repas frugal), an etching by Pablo Picasso part of the La Suite des saltimbanques series created in 1904, is considered the first significant attempt by the artist in Printmaking, sold for GBP 6,014,500, in the year 2022 at christies. This article delves into the various facets of limited edition prints, exploring their history, factors affecting their value, and whether they hold lasting significance in the art market. The History of Limited Edition Prints Limited edition prints trace their origins back to the earliest forms of printmaking. Printmaking, as a technique, dates back to ancient civilizations such as the Egyptians and Chinese. However, producing prints in limited quantities gained traction during the Renaissance period in Europe. Artists like Albrecht Dürer and Rembrandt created engravings and etchings that were not only artistic masterpieces but also showed a shift in how art could be produced and distributed. Fast-forward to the 20th century, and limited edition prints began gaining prominence. Artists like Pablo Picasso, Salvador Dalí, and Andy Warhol embraced printmaking to make their art accessible to a broader audience. The Indian Master Raja Ravi Varma, gained large scale prominence due to lithographic prints, specifically of Gods and Godesses that he paiinted. The ability to reproduce artworks precisely and at a lower cost than original paintings made prints an attractive medium for artists and collectors. Factors Affecting the Value of Limited Edition Prints A complex interplay of factors influences the value of limited-edition prints. Here are some key aspects that contribute to their worth: Edition Size: One of the defining features of limited edition prints is the restricted number of copies produced. Generally, the smaller the edition size, the higher the perceived value. A print from an edition of 10 will likely hold more value than one from 100. Artist's Reputation: The artist's reputation plays a significant role in determining the value of their limited edition prints. Prints by renowned artists with established careers are more likely to appreciate value over time. Authenticity and Provenance: Authenticity is crucial in the art market. Limited edition prints with proper documentation and provenance are more valuable as they assure buyers of the artwork's legitimacy. Condition: The condition of the print also impacts its value. Well-preserved prints, without damage or discolouration, tend to command higher prices. Rarity: While the term "limited edition" implies rarity, some prints within an edition might be more sought after due to factors such as variations in colour or unique characteristics. Subject Matter: The subject of the print and its relevance to the artist's body of work can affect its value. Prints featuring iconic motifs or themes closely associated with the artist will likely be more valuable. Artistic Technique: The printmaking technique used can influence value. Specific techniques like etching, lithography, and serigraphy (silkscreen printing) require intricate skills and can add to the appeal and value of the print. Market Demand: Market trends and demand play a significant role in determining the value of limited edition prints. If a particular artist's work becomes fashionable or is featured in exhibitions, it can increase demand and higher prices. Limited Edition Prints as Investments Limited edition prints have often been seen as a way for collectors to invest in art without the hefty price tag of an original painting. However, the investment potential of these prints is a subject of debate. While some limited edition prints by highly regarded artists have appreciated significantly in value over time, not all prints yield substantial returns. The art market can be unpredictable, and factors such as shifts in artistic taste, economic conditions, and changes in the artist's popularity can impact the investment value of prints. Investing in limited edition prints requires careful research and consideration. It's essential to research the artist's career trajectory, study market trends, and consult experts before purchasing with the expectation of financial gain. Like any investment, risks are involved, and it's important not to rely solely on limited edition prints as a means of financial growth. Aesthetic Value and Enjoyment Beyond the realm of investment, limited edition prints hold intrinsic value in terms of aesthetics and personal enjoyment. Owning a limited edition print allows art enthusiasts to experience the beauty and creativity of an artist's work firsthand. These prints can serve as entry points into an artist's larger body of work, allowing viewers to connect with their artistic vision and style. Limited edition prints also allow individuals to decorate their living or working spaces with art that resonates with them. The affordability of prints compared to original artworks makes it possible for a broader range of people to own pieces that align with their artistic preferences. The Changing Landscape with Digital Art Digital technology has introduced a new dimension to the world of limited edition prints through the emergence of digital art and NFTs (Non-Fungible Tokens). NFTs allow digital artists to create limited edition digital artworks that are unique, provably authentic, and can be bought, sold, and owned on blockchain platforms. This raises questions about the value of traditional limited-edition prints in a world where digital art is gaining prominence. While digital art and NFTs have their own merits and challenges, traditional limited-edition prints continue to hold their place in the art market. The tactile quality of a physical print, the historical significance of printmaking techniques, and the enduring appeal of owning a tangible piece of art contribute to the lasting value of traditional limited edition prints. In Conclusion Whether limited edition prints are worth anything encompasses a multifaceted discussion. While these prints may not always yield substantial financial returns as investments, their value extends far beyond monetary considerations. Limited edition prints allow art enthusiasts to engage with the creative output of talented artists, enriching their lives aesthetically and emotionally. As the art market continues to evolve, limited edition prints remain an accessible and valuable means of connecting with art. Whether cherished for their aesthetic allure or sought after as collectibles, these prints are a testament to the enduring power of art to inspire, provoke, and delight.

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