The Investment Guide To Banksy

In this investment report, we examine Banksy's print market performance spanning the past seven years. Leveraging auction and sales data from our dedicated database focused on prints and editions, our objective is to provide valuable insights to help you determine whether investing in Banksy is a wise decision for 2024.

Is Buying A Banksy Print a Good Investment?

Banksy's rapid rise began in the mid-2000s, transitioning from the streets to provocative exhibitions in the United Kingdom and the United States. Early print sales at these exhibitions foreshadowed Banksy's print market's swift ascent. Key moments influenced the Banksy surge from 2017 to 2021. In 2018, Girl With Balloon shredded at Sotheby's, fetching over £1 million. In 2019, Stormzy wore a custom signed vest at Glastonbury, Gross Domestic Product opened in Croydon, and Devolved Parliament (2009) set records, boosting interest in affordable prints, resulting in a 105% sales value increase to £9.8 million (hammer) and a 60% rise in lots sold to 278 in 2019.

In 2020, amid COVID, Game Changer appeared near Southampton General Hospital, leading to a 253% sales value increase to £18.7 million (hammer) in Banksy's print market. 2021 marked Banksy's peak year with events like Game Changer (2020) selling for £16.7 million and Love Is In The Bin (2018) fetching £18.5 million at auction. These milestones drove Banksy's print market to £29 million in sales value and 492 lots sold in 2021. While not direct print sales, these iconic moments fuelled interest and expanded the collector base in Banksy's print market, offering significant returns for those who bought prints for £400 in the early 2000s exhibitions.

Examining Banksy's market, after its peak in 2021, it witnessed a noticeable softening with declining numbers in both lots sold and sales value during 2022 and 2023. Sales value saw a 50% year-on-year (YoY) drop, resulting in a total of £7.1 million (hammer) for Banksy’s print market in 2023, featuring 220 lots sold. This data equated to an average selling price (ASP) of £32,413, marking a 31% decline compared to 2022.

These statistics provide essential insights into the core dynamics of Banksy's print market, especially when considering the potential advantages of acquiring a Banksy print. This assessment becomes more crucial in the present market landscape, characterised by favourable conditions for buyers and the potential opportunities it presents for acquiring, rather than selling.

Banksy's print market exhibits a distinctive harmony in key metrics such as sales value, number of lots sold, and ASP. These metrics tend to move in tandem, forming a synchronised pattern where changes in one metric coincide with shifts in the others. This balance demonstrates that alterations in supply and demand ripple throughout the entire market, creating a unique and interdependent system.

This phenomenon is evident in the ASP's evolution. While it has declined since Banksy's peak in 2021, the current ASP remains a robust £32,000. Notably, it stands 70% higher than the 2019 level at the onset of Banksy's print market surge, albeit 45% lower than the 2021 peak.

In the current softening market, there is a favourable opportunity for Banksy enthusiasts and collectors to expand their collections compared to the peak in 2021 when ASPs for individual prints exceeded £50,000. The market's equilibrium suggests the potential for a future rebound, considering Banksy's enduring influence on the art world, which is far from waning.

Top Performers In Banksy’s Portfolio

When analysing Banksy's most successful print series, it's essential to differentiate between 'lots sold' and 'sales value' to gain valuable insights. Some of Banksy's print series strike a balance between the number of prints sold and their consistently high sales values. This equilibrium indicates that prints from these series have achieved widespread circulation in the market while retaining their value and demand among collectors. Noteworthy series falling into this category include Girl With Balloon, Thrower, and Laugh Now. These iconic hero works, inspired by some of Banksy's most renowned street murals, consistently perform well in the market and, as depicted in the charts above, retain their value over time.

Choose Your Weapon (CYW), Nola, and Banksquiat stand out in terms of sales value. Although they may not boast as many prints sold, their elevated status underscores their rarity within Banksy's print market and the substantial sales value they command when they become available.

Other series exhibit varying rankings in terms of lots sold and sales value, indicating their broader market presence, often featuring popular works that retain their value, potentially at more accessible price points. For investors seeking Banksy prints with the aim of preserving and potentially reselling their value at auction, it is advisable to explore works that resonate personally with you, whether due to their imagery or messages. Additionally, as suggested by our Banksy specialist Florence Whittaker, it's prudent to consider which prints are performing well in terms of sales value and market circulation. Florence emphasises the importance of combining your personal preferences with works that are highly popular in the market, as loving a piece often means others will too, potentially leading to future resale opportunities.

Banksy Signed and Unsigned Print Value

When considering an investment in Banksy prints, it's crucial to evaluate both signed and unsigned versions. Over the past seven years, the number of unsigned prints sold has consistently exceeded signed prints, while maintaining a competitive sales value. Although unsigned prints command lower prices, their value has steadily increased since 2017, reaching its peak in 2021, mirroring the trends observed in signed lots.

In 2022, both signed and unsigned Banksy prints experienced a drop in sales value, but the decline was less pronounced for unsigned prints compared to signed prints, a pattern that continued in 2023. In 2023, the sales value of signed prints decreased by -55%, whereas unsigned prints only saw a -44% decline. This performance highlights a demand for unsigned prints, which have historically offered collectors a competitive buying opportunity.

Several factors contribute to this difference in demand, including the higher availability of unsigned prints in 2023 (131 compared to 89 signed prints). Another explanation is that unsigned prints tend to be slightly more affordable, but increased demand in the Banksy print market, especially during auctions, can drive up prices for both signed and unsigned prints.

To ensure fair market value and transparency, consider purchasing prints privately through online platforms like MyArtBroker.

When we examine the ASP of signed and unsigned Banksy prints, we notice that the ASP for unsigned prints decreased by -22% from 2022 to 2023. Yet, when we contrast this change with the year-on-year change in unsigned Banksy prints from 2021 to 2022, which stood at -30%, it becomes evident that the ASP decline from 2022 to 2023 is less severe than the previous year's decline from 2021 to 2022.

The difference in the percentage change in the two most recent years is +8%, which means that the rate of decline in the ASP has slowed down in 2023 compared to 2022. While there is still a decrease, it is not as significant as the previous year, suggesting a potential stabilisation or moderation in the decline of ASP in the Banksy print market.

The Most In-Demand Banksy Prints Within Our Network

In the art investment landscape of 2023, a significant topic of discussion centred around the decision to consign artworks to public auctions during challenging economic times. Public auctions, often extravagant affairs, can result in artworks exceeding their presale estimates. However, it's crucial to recognise that if a work remains unsold, it could potentially harm its value or even impact the broader market for the artist.

Conversely, private sales play a pivotal role in shaping an artist's market value, a facet that is not fully reflected in auction statistics. A prime example is Banksy, whose prints consistently draw high demand on MyArtBroker's live trading platform. For instance, in 2023, we witnessed increased demand for Choose Your Weapon (CYW) prints, not only in auctions but especially on our trading floor. During that year, various rare colourways, including a scarce hand-finished version, were available. Iconic hero prints such as both signed and unsigned versions of Girl With Balloon continue to be in consistent demand, often valued at £100,000 and above. More affordable prints that also garnered attention on our live trading floor included unsigned works like Happy Choppers, Bomb Love, and Laugh Now. What makes Banksy's prints particularly intriguing is the diversity of his portfolio, appealing to a wide range of tastes through heartfelt messages, political commentary, or satirical content, thus expanding and enhancing their tradability.

Comparative Market Analysis: Banksy vs Other Blue Chip Artist Market Value

The chart above illustrates the ASP of Banksy's print market over a seven-year period, compared to six other top-performing blue chip artists known for their success in print and multiples sales.

In 2020 and 2021, Banksy's ASP surpassed that of Andy Warhol, reaching £53,000 and £60,000 for individual works, respectively. In 2022 and 2023, although the ASP in Banksy’s print market declined compared to previous years, it still outperformed other blue chip artists like Keith Haring and Roy Lichtenstein, both of whom had successful print market performances in 2023.

While the ASP is influenced by the supply and demand of Banksy's print works in a given year, it's worth noting the consistency and minimal variation in Banksy's print market ASP. This stability, coupled with relatively low fluctuations, indicates a sustained investment potential and the possibility of a market correction.

Where to Start When Looking to Buy A Banksy Print

A comprehensive analysis of Banksy's print pricing distribution in 2023 offers valuable guidance to prospective art investors interested in acquiring Banksy prints. This detailed breakdown reveals distinct pricing categories for specific prints.

At the highest end of this pricing spectrum, there is a select group of Banksy prints priced above £90,000. These prints represent the pinnacle of Banksy's print works, distinguished by their exclusivity and ability to command premium prices. Included in this prestigious category are iconic works such as Girl With Balloon, Thrower, CYW prints, and Nola. These prints are widely recognised for their ability to maintain their market value, each offering unique commentary on politics and cultural issues that garnered acclaim when initially stencilled on the streets before being realised as editioned prints.

Moving to the next tier, with prices ranging from above £50,000 to £90,000, we encounter a variety of signed and unsigned Banksy prints belonging to series including Girl With Balloon, Pulp Fiction, Laugh Now, and Barcode. These prints have consistently retained their market value, as evident from their prominent placement in our MAB100 print index.

In the price range of above £30,000 to £50,000, Banksy's prints continue to attract collectors and investors. This bracket includes works like Happy Choppers, Jack & Jill, and Donuts. However, the largest portion of Banksy's market, comprising 38%, falls within the range of above £15,000 to £30,000. In this category, one can find a mix of both unsigned and signed prints, with popular unsigned choices including Morons, Bomb Love, Flying Copper, and Happy Choppers.

Banksy Print Works Below £20,000

Prints by Banksy priced below £20,000 constitute approximately 25% of his market. These prints, such as Grannies, Weston Super Mare, and Have A Nice Day, are predominantly unsigned and readily available for purchase at prices under £15,000. This presents an enticing option for individuals new to art investment, offering an affordable entry into owning a piece by a renowned artist. Given the current state of Banksy's market, there exists an opportunity to acquire works of higher value at a modest price point, with the potential for appreciation over time. This accessibility makes them not only appealing but also a valuable addition to a diversified art investment portfolio.

The Most In Demand Banksy Prints from Investors

According to our Banksy specialist, Florence Whittaker, the prints in highest demand often have their roots in a cascade effect that typically starts with the auction of the original work. Florence points to the famous shredding incident involving "Girl with Balloon" at Sotheby's in 2018 and its subsequent resale in 2021 as a prime example. In 2023, "Girl with Balloon" took centre stage in the market and emerged as Banksy's top-selling print, fetching an impressive £190,500 at Sotheby's. The unsigned version of the same print also garnered significant attention, selling for £155,852 in March 2023.

Prints that attract considerable investor interest often share connections with Banksy's iconic art stunts or carry substantial political significance. For example, the triptych "Thrower" conveys a message of hope through its anti-war theme, originally appearing on the wall in Jerusalem shortly after the construction of the West Bank Wall. Additionally, there are lesser-known prints with their own unique appeal. For instance, Banksy's "Dumbo" was exclusively available to private collectors and has never appeared in an auction. This limited edition of only 25 prints features hand-finished watercolor elements, making it exceptionally rare. Another sought-after hand-finished print is part of Banksy's "Choose Your Weapon" series in white, featuring a masked standing figure and Keith Haring's barking dog, with the dog's eyes spray-painted red. These exceptional prints, being both unique and special, hold higher value and provide valuable insights into market trends for regular editions.

Reach out to us today to speak with with Florence, our Banksy specialist about investing in a Banksy print.

Liquidity Of Banksy’s Artwork

In the art market, "liquid" typically refers to artworks that can be easily and quickly bought or sold without significantly impacting their market value. The highest level of liquidity often results from strong demand and a wide base of collectors, characteristics associated with compelling imagery. Banksy's market success from 2019 to 2021 can be attributed to their distinctive voice, addressing anti-war messages, the refugee crisis, and political activism in each print. Artworks like Girl with Balloon, Nola, and Thrower, embodying themes of freedom and hope, maintain exceptional performance due to their universal appeal.

However, political messaging can be a double-edged sword, potentially limiting the pool of potential buyers and affecting liquidity. For instance, Banksy's unsettling works like Napalm, a reinterpretation of Nick Ut's photograph "The Terrors of War," or his placard rats, considered society's vermin, may have a narrower audience appeal. Nonetheless, Banksy's prints convey powerful sentiments and moral messages, solidifying their position in the contemporary art market. His ability to make bold statements and critique historical and cultural events enhances the value and tradability of his artworks.

Recent Market Performance and Current Opportunities

Banksy's market, initially prominent in the United Kingdom, has significantly expanded its reach, appealing to a broader and diverse audience base. This expansion hints at the potential for renewed interest and growth in the future. This can make the artist's art more accessible to a wider range of individuals who may have previously been priced out of the market. Additionally, a softer market can lead to a more balanced and sustainable long-term growth trajectory, reducing the risk of speculative bubbles and price volatility. It also allows for a deeper exploration of an artist's body of work, as attention may shift from just the most expensive pieces to other valuable and meaningful artworks in their portfolio.

While there's a noticeable decline in Banksy's market in terms of sales value and lots sold, this shouldn't deter prospective investors. A key consideration when assessing investment opportunities is the market's breadth – a wider market has the potential to attract more buyers when it's time to sell. Interestingly, major auction houses like Christie's, Sotheby's, and Phillips, as depicted in the chart below, accounted for less than half of Banksy's print sales value in 2023.

Despite the recent softening observed in Banksy's market over the past two years, it's crucial to recognise that this doesn't equate to a lack of current opportunities. On the contrary, it presents a significant chance to acquire Banksy's works at more accessible price points. Banksy's market demonstrates a fascinating symmetry in the fluctuations of lots sold, sales value, and ASP, reflecting a degree of consistency in market performance. It's important to note that similar trends and temporary dips have been seen in other artists' markets, only to rebound in due course.

What Makes a Banksy Print Desirable?

The appeal of Banksy prints lies in their unique blend of cultural relevance and exclusivity. Banksy's artistic journey began on the streets, where his stenciled imagery started as a commentary on cultural shifts and social injustices. These thought-provoking visuals make his works both poignant and contemporary. Banksy's use of his art to raise awareness on controversial topics places him in the company of modern art masters. He successfully integrated urban art into art history, ensuring the lasting value and recognition of his artworks.

However, since many of his prints were initially released for mere hundreds of dollars and now command thousands, the condition of these print works can vary. When considering investments in the print market, the condition is a crucial factor. Given the prevalence of replicas and counterfeit works in Banksy's market and urban art in general, obtaining a certificate of authenticity is imperative when buying or selling a Banksy print.

Lastly, maintain a long-term perspective and consider a patient holding strategy, recognising that art investments often appreciate over time.