{"id":8545,"date":"2020-02-18T09:42:38","date_gmt":"2020-02-18T09:42:38","guid":{"rendered":"https:\/\/www.networkportfolio.co.uk\/mcclarroninsurance.com\/?p=8545"},"modified":"2020-02-18T09:44:28","modified_gmt":"2020-02-18T09:44:28","slug":"banksys-artwork","status":"publish","type":"post","link":"https:\/\/www.networkportfolio.co.uk\/mcclarroninsurance.com\/news\/banksys-artwork\/","title":{"rendered":"Money\u2019s in the Banksy"},"content":{"rendered":"\n

2017 saw a seismic change in the UK\u2019s artistic tastes \u2013 a national poll showed that Constable\u2019s Hay Wain is no longer the Nation\u2019s favourite art work; instead this venerable icon of Britishness has been supplanted by Banksy\u2019s Girl with Balloon which now tops the Nation\u2019s list of favourites. This image which shows a little girl staring wistfully at her red heart-shaped balloon as it floats away out of her reach, became an instant classic when it was first published in 2004 and has remained a firm favourite with the public ever since.

This change in taste away from traditional art towards Urban and Street art has been developing for the past ten years and has resulted in a very significant strengthening of the commercial Urban market and in particular that of Banksy which is now one of the most buoyant and bullish markets of any contemporary artist.

Banksy\u2019s market is divided into two very distinct sectors \u2013 his print market and the market for original works on canvas. Both these sectors have seen phenomenal growth in prices over the last ten years and specifically in the past five years \u2013 way beyond that seen by almost any other UK artist. This is a clear testament to the popularity of the anti-establishment Banksy, although it is debatable how long he can be considered anti-establishment when major works by him can now sell for upwards of a million dollars. What is interesting about the growth of the Banksy market is that it goes against all recognised rules governing upward growth.

One of the main factors influencing this growth is normally a limited supply of work, which creates a desire in the market to acquire an artist\u2019s work, which in turn leads to higher prices. With Banksy\u2019s this is simply not the case as he is hugely prolific and the size of his editions in both his print and canvas productions are high. It is not uncommon for his prints to be produced in editions as large as 350 or even 500 \u2013 the prints are also often produced as both a signed and unsigned edition. Even his canvases are often produced in editions of 25, alongside unique pieces.

This is normally a recipe for commercial disaster; however, as in the case with his mentor Damien Hirst, this high volume of work, coupled with the intense notoriety surrounding him, has actually been a positive factor in his growth as it has resulted in huge trading activity. High volumes of trading, whether through galleries, auction houses or private sales, creates both a real and perceived momentum in an artist\u2019s market which attracts attention from collectors, which further feeds interest in the artist. The fact that Banksy\u2019s works were also so affordable when they were first sold has helped to fuel his market as it has created a very large and disparate collector base from the start spread over all backgrounds. This is highly unusual in the general art market where a more limited supply of an artist\u2019s work and higher entry-level price points restrict the collector base. It must be remembered that many of Banksy\u2019s early prints were sold for \u00a320-\u00a350 and originals sold for a couple of hundred pounds. Due to this high volume of early trading, steady and continued increases in value were seen almost immediately. Prints bought in 2002 for \u00a350 were being sold three years later for low thousands \u2013 thus fanning a frenzy to collect the artist\u2019s work which has never abated.

A case in point is the nation\u2019s favourite image, Girl with Balloon – this print was produced in 2004 in both a signed and unsigned edition. Both were sold at the time for under \u00a3100 (the signed costing more). The signed edition of 150 prints currently retails in galleries for close to \u00a3100,000, and the unsigned edition of 600 sells for \u00a330,000. Not a bad investment in 13 years. It is easy to see why collectors are drawn to Banksy like bees to honey.

In terms of insurances, art professionals and savvy collectors follow the market very closely and are fully aware of the rises in prices. However, the average collector who perhaps bought a print five years ago might not have an idea of the huge appreciation that has occurred in the value of his work in recent years and will, as a result, find themselves in the position of being significantly under insured. As a general rule, insurance valuations are recommended every 5 years, however in the case of Banksy this is totally inadequate \u2013 it is strongly recommended that under current circumstances all collectors should reassess their collections every 18 months in order to stay fully covered. In the case of many of Banksy\u2019s iconic works, these are increasing by 10% a year \u2013 how long this growth can continue is unknown, but collectors should react to it as long as it does.

Some examples of prices changes since 2014 \u2013 only 5 years ago!<\/strong>

Nola, signed: 2014 \u00a318,000. 2019 \u00a370,000
Love is in the Air, signed: 2014 \u00a325,000\u00a02019 \u00a350,000
Rude Copper: 2014 \u00a310,000.\u00a02019 \u00a325,000
Girl with Balloon, unsigned 2004 \u00a3100\u00a02019 \u00a365,000
Girl with Balloon, signed print:\u00a02019 \u00a3200,000.

Author \u2013 Rachel Doer<\/p>\n

Article Source – https:\/\/broker-iq.azuruw.com\/s\/iq-content\/a624H000000ysYzQAI\/moneys-in-the-banksy<\/a><\/p>\n

If you have an art collection that needs insuring or you\u2019d like some independent insurance advice, contact our dedicated Art & Private Clients team on 01653 697055 or by emailing enquiries@networkportfolio.co.uk\/mcclarroninsurance.com<\/a>. You can find out more about McClarrons Affinity, here.<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

2017 saw a seismic change in the UK\u2019s artistic tastes, from traditional art towards Urban and Street art, particularly in Banksy\u2019s artwork, which varies in price significantly. <\/p>\n","protected":false},"author":16,"featured_media":8547,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[176],"tags":[359,485],"yoast_head":"\nMoney\u2019s in the Banksy - McClarrons Insurance<\/title>\n<meta name=\"description\" content=\"2017 saw a seismic change in the UK\u2019s artistic tastes, from traditional art towards Urban and Street art, particularly in Banksy\u2019s artwork, which varies in price significantly.\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Money\u2019s in the Banksy - McClarrons Insurance\" \/>\n<meta property=\"og:description\" content=\"2017 saw a seismic change in the UK\u2019s artistic tastes, from traditional art towards Urban and Street art, particularly in Banksy\u2019s artwork, which varies in price significantly.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.networkportfolio.co.uk\/mcclarroninsurance.com\/news\/banksys-artwork\/\" \/>\n<meta property=\"og:site_name\" content=\"McClarrons Insurance\" \/>\n<meta property=\"article:published_time\" content=\"2020-02-18T09:42:38+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-02-18T09:44:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.networkportfolio.co.uk\/mcclarroninsurance.com\/wp-content\/uploads\/2020\/02\/iStock-525574567-1920-x-700.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2121\" \/>\n\t<meta property=\"og:image:height\" content=\"773\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:label1\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.networkportfolio.co.uk\/mcclarroninsurance.com\/#website\",\"url\":\"https:\/\/www.networkportfolio.co.uk\/mcclarroninsurance.com\/\",\"name\":\"McClarrons Insurance\",\"description\":\"McClarrons Insurance\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.networkportfolio.co.uk\/mcclarroninsurance.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-GB\"},{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/www.networkportfolio.co.uk\/mcclarroninsurance.com\/news\/banksys-artwork\/#primaryimage\",\"inLanguage\":\"en-GB\",\"url\":\"https:\/\/www.networkportfolio.co.uk\/mcclarroninsurance.com\/wp-content\/uploads\/2020\/02\/iStock-525574567-1920-x-700.jpg\",\"contentUrl\":\"https:\/\/www.networkportfolio.co.uk\/mcclarroninsurance.com\/wp-content\/uploads\/2020\/02\/iStock-525574567-1920-x-700.jpg\",\"width\":2121,\"height\":773},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.networkportfolio.co.uk\/mcclarroninsurance.com\/news\/banksys-artwork\/#webpage\",\"url\":\"https:\/\/www.networkportfolio.co.uk\/mcclarroninsurance.com\/news\/banksys-artwork\/\",\"name\":\"Money\\u2019s in the Banksy - 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