A brief analysis of the recent Banksy online auctions results held by Christie’s and Sotheby’s.
General Online Auction Results
Both Sotheby’s and Christie’s had 2 weeks long online auctions dedicated to Banksy. The Banksy online auction results are, with no surprise, staggering. Combined, the two major auction houses sold 74 lots for a total value of £2’650’875, averaging a selling price of £35’823 per artwork.
Best Performing lots
With no surprise, the best performing artwork, in terms of the difference in value between the high estimated selling price and actual sale price, was “Girl with Balloon – Colour AP (Gold)” signed and numbered 51/88. The high estimated selling price given by Christie’s was of £250’000. The print of “Girl with Balloon”, which was voted as Britain’s most favourite artwork, was actually sold for a staggering £395’250.
In terms of the percentage difference between the high estimated selling price and the actual sale price, the best performing artwork was “Welcome to Hell“, numbered 68/175. The high estimated selling price given by Sotheby’s was £7’000. The print actually sold for £18’750, resulting in a 167.86% price difference.
“Girl with Balloon – Colour AP (Gold) ” sold at Christie’s was also the most expensive print among all 74 lots.
The cheapest artwork bought instead was “Flag (Silver)“, numbered 693/1000, which was sold for £6’250 at Christie’s Auction dedicated to Banksy.
Did the sales meet expectations?
As demand for Banksy’s artworks and prints keeps increasing, and there is more and more scarcity, it’s normal that major auction houses such as Christie’s and Sotheby’s are riding the wave accordingly. But is the hype for Banksy still on? The Banksy online auction results clearly say that the answer is yes.
In fact, 85.14% of lots on sale have been sold for a price that was greater than the high estimated selling price. If we consider the lots that are equal or greater to the high estimate, then the percentage increases to a staggering 89.19%.
Only 8 lots out of 74 (10.81%) sold for a price that was lower than the high estimated selling price.
On average, the actual sale price beat the high estimated selling price by 61.25% and the low estimate by 128.66%.
How did “Soup Can” by Banksy performed?
Sotheby’s had 3 “Soup Can” on sale during its online Banksy auction. “Soup Can” Yellow and Red signed and dated 6/10, Soup Can Green signed and dated 3/10, Soup Can Blue, 126/250.
The 3 prints combined, exceeded the high estimated selling price by 44.10% and the average estimate by 70.24%.
The closest print to “Soup Can” Blue that is currently on sale on Feral Horses, that was sold at Auction is “Soup Can” Yellow and Red signed and dated 6/10. The print had an estimated high selling price of £12’500 and was actually sold for £23’750, pre-commission costs. Including the 25% buyer premium that is charged on top of the selling price, the overall value of the print is £29’687. That’s 23.70% higher than the price Feral Horses is selling its “Soup Can” print by Banksy for.
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