Value of the art may have doubled
As the shredding was an intentional decision by Banksy, the shredded print may be worth twice what it sold for. The buyer has no longer a print, one of many, of the “Girl with Balloon” but a unique Banksy performance piece.
Don’t try this at home
Already according to reports at least one owner of a print has decided that he or she would increase the value of the print by shredding it. MyArtBroker reports: “While Banksy’s stunt involved destroying the classic artwork using a remote device, this person reportedly took a stanley knife to the expensive piece – which is apparently one of just 600 mint condition prints in the world.” The people at MyArtBroker estimate the piece is now worth about one pound or about 1.30 in US dollars.
The seller wanted to list the shredded piece at 80,000 pounds or about twice its original market value. However, as noted, the broker estimated it was worth just one pound in its shredded condition. The difference between the two is that Banksy decided to shred his print in a very specific setting at a very specific time in order to add additional context so the act becomes part of the work. However, if at home you shred your Banksy print to imitate Banksy you end up destroying your valuable work and showing you are an idiot.
Ian Syer, co-founder of MyArtBroker said: “Banksy is unique to the art world. No other artist captures the hearts and minds of the public like he does.” However, when Banksy does something crazy like shredding his own artwork, it will naturally have a dramatic affect on values. What this person today seems to have done is needlessly ruin a print worth around £40k and reduce its value to almost nothing. We strongly recommend nobody else takes valuable art and tries to cash in on what history will judge a simply brilliant stunt. There are limited numbers of ‘Girl with Balloon’ prints in the world, today, we lost one and it’s a crying shame.” While one print was lost it was transformed into an even more valuable piece of performance art which is hardly a crying shame, at least for the buyer.
Banksy
According to Wikipedia: “Banksy is an anonymous England-based street artist, vandal, political activist, and film director.[1] His satirical street art and subversive epigrams combine dark humour with graffiti executed in a distinctive stenciling technique. His works of political and social commentary have been featured on streets, walls, and bridges of cities throughout the world.[2] Banksy’s work grew out of the Bristol underground scene, which involved collaborations between artists and musicians.[3] Banksy says that he was inspired by 3D, a graffiti artist who later became a founding member of the English musical group Massive Attack.[4]”
Banksy displays his art on publicly visible surfaces such as walls and self-built physical prop pieces. He does not sell photographs or reproductions of his street graffiti. Banksy also created a documentary file “Exit Through the Gift Shop” that was billed as the first street art disaster movie. It made its debut at the 2010 Sundance Film Festival. In January 2011 it was nominated for the Academy Award for Best Documentary. Part of the film is on the appended video. In 2014 Banksy was awarded Person of the Year at the 2014 Webby awards.
