Is owning a Banksy artwork worth the costs? « Euro Weekly News

What´s the price you´re willing to pay to have the work of the most controversial modern artist hung in your home?

Following the theft and the removal of Banksy´s artworks from public spaces, the artist´s craft has become more desired than ever. Arguably the most famous living artist in the world, how much does it cost to own a work by the British icon and is it worth it?

Banksy´s artworks; the world´s most controversial living artist

The art network MyArtBroker surveyed more than 1,400 people in the UK to find out what they think about the controversial artist. When asked how they felt about Banksy, 66 per cent of the respondents said to be “inspired,” and 51 per cent bolstered the “thought-provoking” nature of his work. Moreover, 39 per cent said to find his work “politically charged” and ironic, claiming that it represents the British culture.

Asked whether they think Banksy´s work should be preserved, 89 per cent of the respondents said museums including The National Gallery and MoMA should look after his legacy. If given a choice of purchasing a new Porsche 911 or an original signed Banksy print, 45 per cent said they would prefer to get the iconic artwork.

Banksy´s artworks; ownership and legacy of the artist

By law, once something is painted on a wall, it becomes part of the land. A work created by Banksy on a wall, therefore, belongs to the landowner. As such, Banksy´s painting of an escaping prisoner on the wall of Reading Gaol belongs to the Ministry of Justice, not entirely to Banksy himself. If it can be removed intact, the Ministry can sell it off. They could also remove it destructively, which is unlikely, as the piece has been valued at  €353,932 to €471,910.

Yet, despite the artwork belonging to the landowner, some rights do remain with the artist. Since 2006, the UK has provided for artists´ resale rights. The artist is entitled to part of the sale price up to €12,500 per item for 70 years after the artist´s death. Although Banksy maintains anonymity and has never claimed for resale rights, he has the right to. 

What it´s like owning Banksy´s artwork; the most controversial artist

On the average, Banksy´s work costs around €235,987. The most that´s ever been paid for his print is €21,3 million; Love is in the Bin, which has ironically been interpreted as a direct representation of Banksy´s skeptical attitude towards art selling.

Although the purchase may come with not just the financial costs but also the maintenance costs and potential physical threats of theft, investing in Banksy´s art means becoming a part of art history and obtaining a limited edition work. Not just the artwork itself but what it represents; the freedom of artistic expression and social consciousness, the scarcity of Banksy´s art is likely to increase and increase in value in the future, making it a meaningful investment.