Purchasing an original Banksy artwork is a significant investment that requires careful consideration and due diligence.
Here’s a comprehensive guide to help you navigate the process, focusing on verification and ownership options.
Verification
1. Pest Control Office (PCO) Certification: The most crucial step in verifying a Banksy artwork is obtaining a Certificate of Authenticity (COA) from Pest Control Office (PCO), the only official body authorised to authenticate Banksy’s works. Established by Banksy in 2008, PCO ensures the legitimacy of artworks and protects buyers from forgeries.
2. Application Process: To obtain a COA, you must apply through the PCO website. If the application is successful, PCO will issue a certificate that includes unique identifiers such as a serial number and specific design elements to prevent counterfeiting.
3. Trusted Sources: Always purchase Banksy artworks from reputable galleries, auction houses, or platforms that work directly with PCO. Avoid private sales or unverified online listings, as these can be risky and may involve counterfeit pieces.
Ownership Options
1. Prints and Editions: Banksy’s works are available in various formats, including signed and unsigned prints, limited editions, and hand-finished pieces. Each type has different market values and levels of rarity. Signed prints are generally more valuable than unsigned ones.
2. Original Works: Original Banksy pieces, such as murals or unique canvases, are rare and highly sought after. These works often come with a higher price tag and require more rigorous verification processes. Note that street art pieces created on public property are typically not sold with PCO certification.
Original pieces, such as canvases and murals, are rare and command high prices. Notable recent sales include:
- “Devolved Parliament”: Sold for $19 million at Sotheby’s in 2019.
- “Game Changer”: A tribute to healthcare workers during the COVID-19 pandemic, sold for $32.3 million in 2021, with proceeds donated to the NHS.
3. Street Art: While Banksy’s street art is iconic, pieces created on public property are typically not sold with PCO certification. However, some have been removed and sold privately, though this practice is controversial and often criticised.
4. Investment Considerations: When investing in Banksy’s art, consider the artwork’s provenance, condition, and market trends. Provenance refers to the history of ownership and can significantly impact the artwork’s value. Ensure that all documentation is in order and that the piece has been well-maintained.
Recent Trends
1. Political and Social Commentary: Banksy’s recent works continue to reflect his sharp political and social commentary. Pieces like “Aachoo!!” in Bristol, depicting an elderly woman sneezing and blowing over buildings, and “If You Don’t Mask, You Don’t Get” on the London Underground, highlight current global issues.
2. Auction Market: The auction market for Banksy’s works remains robust. Recent sales have seen record-breaking prices, reflecting the high demand and investment potential of his art. The trend towards online auctions has also made it easier for global collectors to participate.
3. Digital Art and NFTs: Banksy has not officially entered the NFT (Non-Fungible Token) market, but there have been instances of his works being tokenized by third parties. This trend is growing in the art world, offering new ways to own and trade digital representations of physical artworks.
Buying an original Banksy artwork is a rewarding endeavour that combines the thrill of collecting with the assurance of owning a piece of contemporary art history.
By following the proper verification steps and understanding your ownership options, you can make an informed and secure purchase.
Always consult with experts and rely on trusted sources to ensure the authenticity and value of your investment.