Why BANKY’S PAINTING got sold for almost £10MLN | Devolved Parliament and the auction system

Why BANKY’S PAINTING got sold for almost £10MLN | Devolved Parliament and the auction system


the British Parliament many Apes a painting nine million pounds stick around to know what the hell happened hi everyone my name is Virginia and as always welcome back on cool search my channel where we talk about art marketing and so much more today as a NASA I’m going to be telling you about Banksy’s painting which sold the yesterday evening which was the 3rd of October 2019 for nine million pounds becoming the most expensive Banks’s artwork ever sold everyone was and is talking about it and it is for this reason that I decided to film this video to shed some light on what happened yesterday night at the auction so let’s try and understand why the price arrived to nine million pounds everyone had high expectations for this work the Sotheby’s estimate it was two millions the artwork has been produced in 2019 during the financial crisis and was initially called question time apparently its name has been modified after brexit first it was exhibited in Bristol because we all know that Banksy is from Brussels and I went from hand in hand until last night when it was sold and just note one thing it is huge because I don’t think that’s something that a lot of people get from the picture it’s four meters wide so the size is sort of explains why the price went up because of course a bigger artwork the more it costs the second reason why is a scarcity which is something that a lot of artworks have in common because of course usually is not an object that is reproduced usually because Jeff Koons thinks about it in a different way this artwork is really really peculiar because Banksy usually works with graffiti and with street art well this is a completely different kind of artwork it’s a painting and it’s a realistic painting it’s Iran you know but it’s realistic here styling this artwork is concealed you wouldn’t say that he’s behind this artwork if not because of the irony that he uses and because this artwork is one of the few that basket painted in this way with this style the price went up worried they could not have decided to sell this work in a more appropriate time there is brexit the UK is expected to leave the EU at the end of this month and of course the parliament is in complete chaos so in this case the timing is also perfect which is another thing that pushes the price because history gives new meanings to artworks lastly you have the only thing that can never be predicted which is desirability that is how much a person in this case a collector is willing to spend to own a certain art work of course this can never be predicted because it’s just up to the people in the room when the auction is happening wherever the art market is a highly elitist environment which is based on unequal distribution of wealth so the last people have access to it the more the people are ready in the art market can rise further and the more they are willing to spend on a certain artwork the more the price of that artwork will go up so these are the reasons why the price went that up of course Banksy is a really desirable artist and of course as soon as there is a painting this big and this famous of course everyone is going to go and try to have it so I’ve read a few articles online connected to this auction but first of all I read banks is Instagram post that he published right after the result of the auction illiterate states that art should be a property of humankind however nowadays art is more valued for its monetary value instead them for its cultural enlighten qualities at the same time however some people have a completely different idea and that is that if the painting was there at an auction it means the bielski also sold it to someone and this is something that you can see from the provenance in the website of Saudis it stated that it was acquired from the artist by the owner who sold it yesterday so some people see here an enormous inconsistency because Banksy of course you know is an artist that basis is art on critiquing the systems which can be capitalism which can be in this case the art market and that is something that he stated quite clearly he has three wheels through his is a ground post but he sold an artwork to a collector so at the same time he also lives earning money from that same market which he critiques so he is critic in the art market but at the same time he lives also thanks to it because of course he sells is art and it not only someone is willing to buy he is also willing to sell it so is Banksy justifiable or is he a poker disclaimer of course here I’m not implying anything more than what I’m saying these are just protections which don’t necessarily reflect my personal point of view on this matter I make videos to make you think I make you challenge the work that is around you so please reflect on this matter so what do you think of this matter what is your perception of Bugsy’s works please let me know because I think it could give life to really interesting debates so thank you for sticking around until the end of this video I hope that this video make you made you think and challenge a bit your perception of Banksy’s and his works and also made you understand a bit better what happened at the auction before I leave you I’ll just remind you to put a like to this video subscribe to my channel and just shared this video with whoever you think could be interested in it thank you so much for sticking around until the very end and of course I hope of seeing you in my next video

2 Comments

  • Culturush says:

    Just to let you know, I got wrong the year the painting was created 😂 ofc it's 2009, not 2019!! Forgive me 🙏🏻 and let me know – what do you think of Banksy's works?? And as always, thank's for passing by 🥰

  • Robert R says:

    his work is finally superflat (using the term takasi Murakami) and the same with his full pockets

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