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"Devolved Parliament," by Banksy. Photo: Sotheby's

One of the few winners from the Brexit mess was the anonymous consignor of “Devolved Parliament,” a Banksy painting that sold for £9.9 million, or $12.1 million, a few days ago at Sotheby’s in London.

The big picture: The painting is a decade old, but it has never been more timely, given that the only politician disliked more than Prime Minister Boris Johnson is the leader of the opposition, Jeremy Corbyn.

By the numbers: The painting easily set a new auction record for Banksy, whose previous record was $1.9 million that was set at a charity auction for a Damien Hirst collaboration.

  • Auction records have also been smashed recently by another street artist, KAWS, whose “The Kaws Album” sold for $14.7 million at Sotheby’s in Hong Kong in April. His previous auction record was $2.7 million.
  • Yoshitomo Nara’s “Knife Behind Back” sold for an astonishing $25 million this week at Sotheby’s in Hong Kong. That's more than 5 times his previous auction record.

These might be highbrow prices, but they are not highbrow paintings. “The Kaws Album” and “Devolved Parliament” are not-very-funny, one-note jokes, while “Knife Behind Back” is an oversized cartoon figure. Art gadfly Kenny Schachter has given this trend a name: "infantilism."

Why these artworks are so expensive: Part of the reason is relatively mundane: All 3 canvases are old-fashioned paintings, and all of them are unusually large.

  • There's also supply and demand. These artists have large fan bases, and the top 0.01% of those fan bases will want to own strikingly large unique works. All you need is 2 rich collectors duking it out in an auction room for a single piece, and a crazy new record is set.

Simplicity sells. In the modern era, each successive generation of artists has generally become easier to understand and appreciate.

  • Take an old master: Try to unpack the layers and craftsmanship in “Las Meninas” by Velázquez.
  • Then look at, say, “The Dance” by Matisse. The “difficulty level” has clearly gone down, not up.
  • Then fast-forward to Pollock’s drip paintings, Warhol’s Marilyns, and finally the cartoonish stylings of Jeff Koons or Meow Wolf. Each is simpler, more universal, more easily grokked, more exportable than the last. You need less and less specific cultural context or connoisseurship to appreciate these works.

The bottom line: As the world of art collectors has expanded and globalized, the minimum level of sophistication that an artwork needs in order to fetch 8 figures at auction has clearly been falling.

Go deeper: The art of ocean trash

Go deeper

4 hours ago - Politics & Policy

Scoop: Sources say Beto plans Texas comeback in governor’s race

Former U.S. Rep. Beto O'Rourke speaks during the Georgetown to Austin March for Democracy rally on July 31, 2021, in Austin, Texas. Photo: Brandon Bell/Getty Images

Former Rep. Beto O’Rourke is preparing to run for governor of Texas in 2022, with an announcement expected later this year, Texas political operatives tell Axios.

Why it matters: O'Rourke's entry would give Democrats a high-profile candidate with a national fundraising network to challenge Republican Gov. Greg Abbott — and give O’Rourke, a former three-term congressman from El Paso and 2020 presidential candidate and voting rights activist, a path to a political comeback.

Texas doctor says he performed an abortion in violation of state law

Pro-choice protesters march down Congress Avenue and back to the Texas state capitol in Austin, Texas, in July 2021. Photo: Erich Schlegel/Getty Images

A Texas doctor disclosed in an op-ed in the Washington Post on Saturday that he has performed an abortion in violation of the state's restrictive new abortion law, which effectively bans the procedure after six weeks.

Why it matters: Alan Braid's op-ed is a direct disclosure that will very likely result in legal action, thereby setting it up as a potential test case for how the abortion ban will be litigated, notes the New York Times.

Mike Allen, author of AM
6 hours ago - Technology

Axios interview: Facebook to try for more transparency

Nick Clegg last year. Photo: Matthew Sobocinski/USA Today via Reuters

Nick Clegg, Facebook's vice president of global affairs, tells me the company will try to provide more data to outside researchers to scrutinize the health of activity on Facebook and Instagram, following The Wall Street Journal's brutal look at internal documents.

Driving the news: Clegg didn't say that in his public response to the series. So I called him to push for what Facebook will actually do differently given the new dangers raised by The Journal.