Speaking of art, by way of Archinectwe found this story in the Telegraph a lot of fun: “Art Sales: Graffiti Draws a New Crowd.” It asks the question, “what happens when Banksy sells a painting at the recent Frieze Art Fair for $323,000?” and then immediately answers: everything else in his style of graffiti-esque, street art starts commanding huge amounts too. This writer doesn’t know much about the art world, really, but we kinda guessing that, if you’re curious about how the economics of that industry work, here’s your primer.
Virtually unknown five years ago, Banksy’s auction record soared at Sotheby‘s earlier this month when a painting sold for $323,000. A print that could find no buyer at auction two-and-a-half years ago at $300 sold for nearly $9,000. It’s the sort of mark-up that appeals to the young City traders and hedge-fund managers who are a driving force behind this market, says Ralph Taylor of Sotheby’s, who has assembled a special street-art section for his next contemporary art sale in London on December 12.
Apart from Banksy, he will have original works by Antony Micallef and the collective group known as Faile, whose first works at auction this month quadrupled estimates, selling for between $36,000 and $39,000 each. Both are represented by the Soho gallery Lazarides, where their work regularly sells out.