In October 2018, Banksy jumbled the value chain of the art world. Banksy, who wants to remain anonymous, is known for his socio critical street art which often addresses current and political issues. Repeatedly his sometimes roguish images are discussed in the media.
One of his most famous images – “The Balloon Girl” – was once painted on a wall in the east of London and now endless reproductions are sold. A 2006 framed copy of the image was supposed to achieve a record high price for the artist at Sotheby’s, but the auction didn’t go as planned. As the hammer came down, a shredder, built into the frame, “destroyed” about half of the picture. Nobody in the auction hall understood what had just happened. The purchase had to be delayed until the buyer decided to buy the painting anyway.
After the incident, Banksy uploaded a video which shows how he built the shredder into the frame a few years ago. Just in case that this piece of work is ever put up for auction (video is linked below). Actually, it was planned to shred the whole image. However, this bold move strengthens his position as a street art artist. Street art is often seen as art for everyone because it is “exhibited” in public places and is accessible to everyone. After the partial destruction of the image, he renamed it “Love is in the Bin”.
By shredding, Banksy has achieved a nice side effect (deliberately?). Thierry Ehrmann (Head of Artprice, which monitors art market prices) and Joey Syer (co-founder MyArtBroker) say that “Love in the Bin” has probably gained at least 50% in value or even doubled the price.
Well, the image that was sold by auction for about €1,15 million is now worth over €2 million; but why?
A factor which adds value to an artwork could be authenticity, which is named by David Throsby’s in his article “Economics and Culture” in 2001.
“Love is in the Bin” cannot be replicated anymore and the art market has always fetishized the original and the unique – the shredded image is therefore a climax of authenticity.
Some other factors added value as well. The art critics who wrote about the image drew additional attention to it and thus, added value. As one of the world’s leading companies on the art and antiques market, Sotheby’s added value just by selling the artwork, auction houses document artwork’s authenticity and provenance and have expertise in the psychology of buying. Its statement “the first artwork in history to have been created live during an auction” enhances the uniqueness of the artwork too.
It’s now displayed in the state gallery in Stuttgart (Germany), where it remains for permanent loan. This museum probably adds additional value, whereby this is more of a cultural value.
But was Banksy really able to mock the art market or was he just smart and added great the value to his work?
Video of the shredding process: https://www.instagram.com/p/BomXijJhArX/?hl=de
Sources:
https://www.esquire.com/lifestyle/a23760293/banksy-shredded-doubled-value/
https://www.independent.co.uk/arts-entertainment/art/news/banksy-artwork-doubles-value-self-destruct-shred-girl-with-red-balloon-sothebys-a8571976.html
http://www.hurriyetdailynews.com/shredded-banksy-painting-worth-more-than-original-experts-say-137799
https://www.businessinsider.com/banksy-posts-video-showing-what-should-have-happened-to-self-shredding-painting-2018-10?r=US&IR=T
by marie119
Making sense of art and design industries 