Oct 4, 2019

Banksy painting sells for a record $12.2 million

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 cashes in on Brexit mess

"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.

Go deeperArrowOct 10, 2019

2020 candidates' Q3 fundraising hauls

President Trump's re-election campaign and billionaire Democrat Tom Steyer reported the highest Q3 receipts, while Sen. Bernie Sanders is in third place across all candidates. 95.9% of Steyer's receipts came from his own personal funds, per FiveThirtyEight.

Go deeperArrowOct 16, 2019

Beto O'Rourke campaign says it raised $4.5 million in Q3

Beto O'Rourke speaks at CNN's LGBTQ town hall on Oct. 10, 2019. Photo: Mario Tama/Getty Images

Former Rep. Beto O'Rourke's campaign said on Friday that it raised $4.5 million in Q3, which puts the candidate in the bottom rung of 2020 Democrats' fundraising for the quarter.

The state of play: Sen. Bernie Sanders currently leads all 2020 Democrats in Q3 fundraising with $25.3 million, followed by Elizabeth Warren with $24.6 million, and Mayor Pete Buttigieg with $19.1 million. President Trump's re-election campaign and the Republican National Committee recently said they raised a whopping $125 million for Q3, setting a new presidential fundraising record.

Go deeperArrowOct 12, 2019