Banksy’s Stolen Art: What Gives His Art Value?

The artist Banksy is known for graffiti and street art, often with a political message. Photo courtesy of seanbjack via Flickr

In September of last year, one of Banksy’s most famous prints, “Girl With Balloon,” was stolen from the Grove Gallery in Central London and was just recently recovered. This particular print was estimated at £270,000, or $365,000 USD. Given Banksy’s core belief in anti-consumerism, should this piece have been displayed or assigned such a high estimated value?

Banksy has earned the reputation of being one of the most famous graffiti artists in the world, having no limitations when it comes to where he makes his art. He is known all across Europe, easily identifiable through his specific art style. However, he has remained completely anonymous to the public. 

Banksy speaks through his art, making strong political statements and not feeling the need to put a face to the name. The most prominent statement he makes that is showcased in many of his pieces is his strong distaste for consumerism and capitalism.

Many of his prints, such as “Trolleys,” “Sale Ends,” “Festival,” “Morons” and others are a clear commentary on consumerism. The most prominent theme is the irony of consumerism—not only is it depicted in Banksy’s work, but it's reinforced by the fact that people pay thousands, even millions, for art that openly critiques the very concept. This is something he has tried to battle and control through his authentication company, Pest Control. 

“Girl With Balloon” was originally graffitied in 2002 and stenciled on the wall under Waterloo Bridge in London’s Southbank. When it started to gain popularity, Banksy made prints of it to sell privately through Pest Control in 2008 so that he could be the sole provider of his work. He sold his work at low prices so that it was accessible to a larger population and used the profits to fund his Walled Off Hotel in Bethlehem and donate to charities. 

However, when the prints started to circulate and get admitted to auctions without his involvement, he stopped selling, and Pest Control became a website solely for authentication purposes. 

This led to him shredding a print of “Girl With Balloon” that was being auctioned at Sotheby’s auction in 2018 to make a statement against commercialism in the art market. Although this did not have the intended outcome he was hoping for, as it raised the value of the piece to $24.5 million, the intention behind why he did it still spoke volumes. 

Banksy always has an intention with his art, putting it in certain places at certain times to make a statement. One of the most notable examples of this is his work on the Bethlehem Wall. In 2002, Israel put up a barrier that separates it from the occupied territories. 

Places like Qalqiya, Bethlehem and Jerusalem are separated by a concrete wall reaching nine meters at its highest point. In 2005, Banksy started production on nine murals that still adorn the wall to this day. He used what might have felt like a defeating circumstance to many as an opportunity to say something.

Banksy holds up a mirror to his audience, forcing them to understand the shortcomings of human nature. His art is to be appreciated and understood in the context in which it is placed. 

Intention is the core of his work, something people have taken for granted and overlooked. Banksy makes his art to make a statement, not to be sold on a million-dollar scale. This begs an interesting question: If his art is not to be valued monetarily, what gives it value?

The value of his art comes from how it makes people think about and question larger social issues. Through his art, he is screaming at society to do better. People value his voice because not everyone is willing to be as loud. Banksy’s art has a large monetary value because its importance comes from its content. So if you ever run into an authentic Banksy priced ridiculously high, think about what he would say.