PARIS, Oct. 20, 2020 /PRNewswire/ -- At its online sale
on 28 May 2020, Phillips sold
Banksy's lot Happy Choppers (2003) for $39,000. That may not seem surprising until you
take into account that the work was a screenprint numbered 621 from
a series of 750, purchased four years earlier for $4,500... which means its value climbed 70% per
year.
Festival Peinture Fraîche (Wet Paint
Festival) at the Halle Debourg in Lyon, from 2 to 25
October, 2020 - extended until 1
November 2020
www.peinturefraichefestival.fr
"Street Art is a truly universal art that can be found
everywhere – from Rio to Berlin –
and whose place is changing very rapidly on the Art Market,"
observes thierry Ehrmann, President and Founder of Artmarket.com
and its Artprice department. "It's a market that took 15 years
to consolidate and is at last reaching maturity. It now constitutes
a segment in its own right, with its stars and its masterpieces...
but also numerous editions, some more important than others... some
more affordable than others."
Works 'in circulation'
Street Art is by nature a work created in an urban environment.
As soon as it leaves the street to be exhibited in a gallery or
exchanged in an auction room, it necessarily loses a great deal of
its essence. That said, there is quite clearly a fully fledged and
dynamic Street Art market.
The development of the market for Street Art seems to have
learnt a lot from a number of other relatively recent art movements
(Land Art for example). Street artists can record their
interventions in public spaces with photography; they can also make
small works or drawings or screenprints based on original street
creations, or they can create a second body of paintings and
original sculptures alongside their outdoor work. All of these
'derivatives' are now changing hands and lots end up in auction
rooms... now forming a genuinely 'deep' market.
The 4 pillars of the market
Jean-Michel Basquiat left his
mark on the streets of New York at
the start of the 1980s, but did he remain a street artist all of
his (short) life? Are his paintings and his drawings – worth
millions of dollars – still part of Urban
Art? In 2019, works by Jean-Michel Basquiat generated $130 million on the secondary market and those by
Keith Haring totalled
$42 million. These two major
Contemporary artists remain generally associated with Street Art…
but they are not in fact catalogued as such.
A similar ambiguity seems to apply to the more recent
mega-phenomenon Kaws ($108
million in 2019) who has gradually moved away from his
initial practice of Street Art over the course of his career. His
paintings and sculptures, offered for sale by the most powerful
Contemporary art galleries, have seduced a broad international
market, particularly in Asia.
Flowing somewhat ironically against this trend there is of
course the anonymous artist Banksy ($28 million in 2019) who voluntarily maintains
his presence in urban spaces around the world.
15 years to create a structured market…
Nobody epitomises the rapid evolution of the Street Art market
more than Banksy with his auction track record:
- His first paintings were sold at auction in 2005
- His auction turnover peaked just before the subprime
crisis
- 10 years of more or less regular turnover growth between 2010
and 2019
- Exceptional resilience to the coronavirus crisis
With Banksy, the Street Art movement has undoubtedly found its
figurehead and in the wake of the 'Banksy phenomenon', a whole
market has emerged with three names that have become unavoidable:
the French artist Invader ($4
million in 2019), the English artist Stik
($1 million) and the American artist
Obey ($1 million), the latter
who, alone, sold more than 700 lots at auction in 2019.
A dozen other street artists generate several tens of thousand
of dollars a year each: Jonone, Mr Brainwash, Futura 2000, Vhils,
JR, etc. But the markets of the bulk of street artists are still
fragile. This is true even of relatively established artists like
Ernest Pignon-Ernest, whose turnover
usually averages around $50,000 per
year.
Specialized sessions
In February 2008, Bonhams
organized the first auction sale dedicated to Street Art in
London. Soon afterwards, Phillips
also offered a Contemporary & Urban
Art session. But the subprime crisis and its repercussions
halted the development of these sessions, and they were dropped by
Phillips in 2009 and by Bonhams in 2013.
Artcurial also started its Urban
Art sales in 2008 … and never abandoned them. The leading
French auction house, which organized four Street Art sessions in
2019, now clearly dominates this niche market. In 2009, dedicated
Street Art sales generated $10
million from 3,000 lots in auctions scattered between
Europe and the USA: Digard and Cornette de Saint-Cyr in Paris, Tate
Ward in London, Heritage in
Dallas and Julien in Los Angeles.
An exciting market
Christie's and Sotheby's prefer to offer Street Art works in
their catalogues, especially those of their most prestigious sales.
In July 2020, Sotheby's sold Banksy's
triptych Mediterranean Sea
View (2017) for $2.9
million in an extraordinary sale entitled Rembrandt to
Richter. Surrounded by such respected signatures, Banksy's work
was bound to elicit strong bidding.
Indeed, the sale of any Banksy work at a physical auction will
always arouse interest since his Girl with Balloon
(2006) self-destructed in 2018. In February
2020 at Artcurial, Raising the steaks (2001) – a
photograph taken by Steve Lazarides
but framed by Banksy himself – reached $84,500. It was not impossible that Banksy had
hidden another surprise in the work, which was duly accompanied by
his PEST Control (certificate of authentication issued by the
artist himself).
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