Infotainment

Banksy’s self destructing painting ‘doubles in value’

Banksy’s self destructing painting ‘doubles in value’
Oct 8 (Agencies) | Publish Date: 10/8/2018 11:49:53 AM IST

 The Banksy painting that self-destructed after being sold for $1.1 million has reportedly doubled in value after the controversial stunt.

A print of the iconic ‘Girl with Balloon’ painting went under the hammer at Sotheby’s Auction House in London in Friday evening.

But within moments of the record breaking bid being announced at around 9 pm, an alarm was immediately triggered within the frame, before the painting was shredded into ribbons that hung from the bottom. Despite going through the shredder, art experts believe that Banksy may have actually increased the value of the iconic work.

Speaking to The Evening Standard, Joey Syer, co-founder of www.MyArtBroker.com, said: “Today said that the shredded artwork could now have doubled in value. Girl with Balloon is one of the most iconic images of recent times. 

It’s seen some of the sharpest price increases over previous years with signed/unsigned prints and canvass showing an average of +20% yoy. Prices now are regularly exceeding £115,000 for signed authenticated prints.”

He added: “The auction result will only propel this further and given the media attention this stunt has received, the lucky buyer would see a great return on the £1.02m they paid last night, this is now part of Art History in its shredded state and we’d estimate Banksy has added at a minimum 50% to it’s value, possibly as high as being worth £2m+.”

The 2006 painting, which shows s a girl reaching out to a red heart-shaped balloon, is widely viewed as one of Banksy’s most iconic images. It was initially valued at around £300,000 but eventually sold for £1,042,000.

(NME)

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