Following a global pandemic, it would have been reasonable to assume the art market would flatline, as buying art is a luxury rather than a priority in a time of crisis. Well, how wrong could one be. The art market has held stable with auction houses adapting to online sales. In fact, online auction sales doubled in 2020 from the previous year with 90% of High-Net-Worth collectors visiting an Art Fair or Gallery online viewing room in 2020.
The most surprising development is the unparalleled and seemingly inexplicable surge in interest and demand for works by Banksy.
For those who invested in a Banksy back in 2003, The Girl With Balloon, 2003 edition of 25, 40.5cm x 40.5cm could be purchased for £250.00
The value in 2015 was £175,000.
The value today is a staggering £1,200,000!
Banksy has been very clever in managing his market; he has resisted the urge to release new print editions on the market, and whatever canvases he does release tend to go to his little black book of preferred collectors. Nothing new seems to appear on the open market. As a result, prices have been rising on an almost weekly basis; the prints in particular are being traded like an art-based stock market. This upward surge in prices has both stimulated trading, whilst simultaneously encouraging collectors to hang onto their works in the hope of even greater profits in the future – thus further reducing the available supply. It has got to the stage that a price index (Banksy Print Index) has been launched to keep track of rising prices – that’s a first in the history of art!
Information sourced from Doerr Dallas Valuations
If you would like to discuss an art valuation, Doerr Dallas Valuations would be happy to provide you with a valuation. You can reach them on 01883 722 736.