BanksyGraffiti

Artists to Watch in 2010

Filed under: Art

What does 2010 have in store for the art market? Well, it's starting to look like this is the year the market will finally (begin to) recover, though there could be some trepidation at points. Better pieces are coming under the gavel, and serious collectors are interested in artists with real track records. As things loosen up, emerging artists and those just past that stage (think Ben Krell for the former and Nelson Diaz for the latter) will start to see better conditions, as the logjam in the auction houses, once broken, should ease the pressure on galleries and also lead to some progress in private sales. Basically, the return of liquidity to the art market will be better for everyone.

Almost everyone.

This year, some artists won't enjoy as much of the recovery (if it happens ... just to hedge our bets) as others. Their prices were run up too quickly, making the subsequent fall severe. These artists, auction darlings who don't have the history or potency of a Lucian Freud or even a Richard Prince. Yet, they shot out of the emerging artist category years ago. In 2010, these artists, including Damien Hirst and Jeff Koons, will occupy something of a purgatory, as the art market resets values through upward bidding, now that the decks have been washed clean.

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Tags: art auction, art auctions, art market, ArtAuction, ArtAuctions, ArtMarket, banksy, BanksyGraffiti, basquiat, china, damien hirst, DamienHirst, england, francis bacon, FrancisBacon, jean-michel basquiat, Jean-michelBasquiat, Jeff Koons, JeffKoons, london, lucian freud, LucianFreud, phillips de pury, PhillipsDePury, richard prince, RichardPrince, sothebys

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Accidental Destruction of Banksy Art

by Tom Johansmeyer (RSS feed) —

Filed under: Art

The Hackney Council of Stoke Newington, England just made a big mistake: it painted over a mural featuring a spoof image of the Royal Family by graffiti artist Banksy. The owner of the building on which the mural was painted, Sofie Attrill, agreed to have the mural painted so it could be used on the cover of the band Blur's 2003 single Crazy Beat. And for six years, it sat there, attracting plenty of attention.

When she saw the Banksy artwork partially covered in black paint, however, Attrill was moved to tears – a feeling ostensibly made worse by the fact that the workers were smiling as they covered the (once) priceless creation. Working with a crowd that had gathered, Attrill was able to get the painters to stop before they covered the mural completely.

The Hackney Council claimed to have had permission because it sent letters to Attrill and received no reply. Then, it sent an enforcement notice and again heard nothing. Unfortunately, they sent them to an address she used 25 years ago.

At first, the Hackney Council offered no apology. When it realized its error, though, it began to talk to Attrill about ways to resolve the situation.

[Photo of the Stoke Newington mural unavailable]

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Tags: art, artist, artwork, banksy, banksygraffiti, england, mural, muralprojects, murals, united kingdom, UnitedKingdom

In an Art Slump, Graffiti is Free

by Tom Johansmeyer (RSS feed) —

Filed under: Auctions, Art

When times are tough, you don't spend when you don't have to. There's sufficient graffiti in London to keep art collectors entertained, which is causing them to shy away from works by Banksy. Larger auction houses have cut down on the Banksy works they are carrying, and some of the regional auction houses are canceling their urban art specialist sales.

It's hard to tell if Banksy is disappointed. The artist, who was born in Bristol (west England) keeps his (her?) identity a secret. So, if you see some weirdo crying in a corner over the next few weeks at a pub in Bristol (or, maybe, London), ask if it's Banksy. It could be cooler than finding Waldo.

Prices for pieces by Banksy have plunged this year, with failure rates on the rise. Auction houses are now sufficiently nervous to hedge their bets, carrying little (or no) inventory by the artist and canceling auctions that may not deliver.

In general, contemporary art auction selling points are down 30 percent to 50 percent – about as much as your 401(k). The top houses – Christie's, Sotheby's, Bonhams and Phillips de Pury – didn't carrying any of Banksy's work in their June or early July auctions. This year, 76 Banksy paintings and prints have come under the gavel, with 30 of them (almost half) not selling. The highest price reached was $230,500 at a New York Sotheby's event. Last year, the top price for a Banksy piece was $1.9 million at Sotheby's RED charity auction in February.

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Tags: art, art auction, art auctions, art market, ArtAuction, ArtAuctions, artist, ArtMarket, artwork, auction, auction-house, auctionhouse, auctions, banksy, banksy graffiti, BanksyGraffiti, bonhams, bonhams auction, bonhamsauction, bristol, christies, england, london, phillips de pury, PhillipsDePury, sothebys