Oct 4, 2019

Banksy painting sells for a record $12.2 million

Felix Salmon

Banksy's painting "Devolved Parliament" depicts chimpanzees as members of the British House of Commons. — Photo: Jonathan Brady/PA Images via Getty Images

The $12.2 million proffered at a Sotheby's auction for Banksy's "Devolved Parliament," which depicts members of the British House of Commons as chimpanzees, smashed the artist's previous auction record of $1.9 million.

Why it matters: Banksy is the most important and most popular name in the white-hot field of street art. It was a year ago that his "Girl with Balloon" self-destructed in a spectacular prank after a final gavel bid of $1.4 million.

My thought bubble: "Devolved Parliament" is not a particularly good work, but it’s very big, which matters a lot in the art market. What’s more, genuine Banksy paintings come on the market very rarely.

This one’s value lies not so much in its quality, but more in its status as a collector’s item.

The bottom line: Compared with the $14.7 million that was spent on a sophomoric painting by the American artist KAWS early this year, $12.2 million for the Banksy looks like a veritable bargain.

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Banksy painting sells for a record $12.2 million

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