Money

Banksy painting sells for a record $12.2 million

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.

The end of money as we know it

Illustration of a piggy bank on its back with X's for eyes
Illustration: Aïda Amer/Axios

The basic principles of investment are being upended, perhaps irreversibly, as the world enters an era of ultra-low and even negative interest rates.

What's happening: American consumers have seen the interest rates they're paid on savings accounts, bonds and CDs tumble this year, and in places where central banks have actually set negative rates — like Japan and the eurozone — some consumers are actually being forced to pay in order to save money.