29
Sep
2008
Revenge of Banksy or the Economic Downturn?
The Modern Art Auction held in London this weekend, which featured five pieces of Banksy Graffiti, failed to sell the intended lots.
There was controversy before the Auction even began when it emerged that “Pest Control” the organisation set up by Banksy, refused to authenticate the art works.
Although there was no denial that the Banksy Graffiti was genuine, the lack of endorsement seems to have had a negative impact on the sale, where just one of the pieces, Fungle Junk, was expected to sell for $300K. Banksy’s refusal to authenticate the works was due to his dislike of the Street pieces being removed from their intended environs. A few Banksy Prints were sold and a self portrait of Kate Moss fetched less than the asking price of $80k.
Lyon and Turnbull, the Auctioneers have blamed the Economic downturn, rather than Banksy’s lack of endorsement.
Perhaps there will be some bargain Banksy Posters appearing on Ebay in the near future!
