Urban Art Performs in England
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Two spray paintings by Banksy sold for an above-estimate $234,000 each in a London sale of urban art Tuesday.
“Laugh Now but One Day We’ll Be in Charge,” featuring a chimpanzee wearing a sandwich board, and “Bombing Middle England,” showing pensioners playing bowls with grenades, achieved the joint top price with fees at a sale by the U.K. regional auction house Dreweatts.
They had been expected to fetch up to $100,000 and $155,000 each. Both were bought by telephone bidders. The 146-lot sale in an industrial space in Shoreditch, East London, the first of its type ever organized by a regional auction house, totaled $1.57 million with fees against an estimate of $1.31 million to $1.91 million, with 89% of the lots sold during the three-hour event, the company said.
“The results were mixed in places,” Stephan Ludwig, chairman of Dreweatts, said in an interview after the sale. “But considering what’s happening in the broader economy, particularly in an area like property, it showed that the market for this kind of art is resilient.”
The most highly valued work in the catalog was Banksy’s early freehand painting, “Portrait of an Artist.” This failed to sell against estimates of $300,000 to $400,000. Banksy’s stencil-on-foam board, “Glastonbury Sign,” acquired by the seller directly from the artist at the 2003 Glastonbury pop festival, sold for a mid-estimate $89,220.