After being sold at an auction in Newcastle, a Banksy painting failed to sell today.
A screenprint of his iconic ‘Love Rat’ was expected to sell between £30,000 and £50,000 – but the piece did not even meet the lower reserve price.
Anderson and Garland’s auctioneers stated that there was no limit to the print sought after by the Bristol street artists.
They sold ‘Merrivale Stable’ by the anonymous street artist in January for a record breaking £1million earlier this year.
The “Love Rat”, originally designed in Liverpool in 2004, was one of 600 prints that were not signed by the street artist. 150 others are also available and signed.
The screenprint of the Bristol artist’s original graffiti in Liverpool failed to reach the reserve auction price at the auction house in Newcastle
Initial auctioneers said that there was no limit to the print’s value, as it is only 335 in 600. Pictured is Banksy’s 2004 screenprint, ‘Love Rat’. It was displayed at the 2018 Milan exhibition of British street artist Banksy.
An unsigned ‘Love Rat’ print went for £69,680 when put up for auction by Forum in New York, in May last year.
A signed version of the same print received was £137,500 when put up for sale by the Tate Ward Auction in 2020.
The number of the printed item that was sold today was 335/600. It was part Of The Modern Art and Design Auction.
MailOnline was informed by a spokesperson for the auction house that they are still considering several offers.
In addition to the screenprint, there were ten Banksy-related lot available in the auction.
These items were part of a temporary art project that was organized by Weston-super-Mare’s artist in 2015. It is a play on Disneyland.
A set of two Bansky prints on cardboard also sold above the expected price of £250, and were purchased for £360.
These items were part of a temporary art project that was organized by Weston-super-Mare’s artist in 2015. It is a play on Disneyland.
In total the four lots of the ‘Dismaland’ collection sold for a total of £525, with the majority selling for over the lowest guide price.
This isn’t the first instance of a graffiti artist’s art not selling when it goes up for auction.
His ‘Turbozone Truck (Laugh now but one day we’ll be in charge)’, which he created before he was famous, was tipped to sell for between £1million and £1.5million.
The artist authenticated the 17-ton circus lorry and it did not exceed the reserve price.
Bonhams were selling the piece and said they were open to considering other offers that had been received after it was sold.
Three pieces from a Banksy 40-strong lot sold out at Forum New York in December 2017. Another ‘Love Rat’ print didn’t reach its guide price.
‘Choose your Weapon’, expected to fetch upwards of £42,000, ‘As did I Fought the Law’, estimated at £4,000-£6,500 and ‘Watchtower’, estimated at £32,000-£49,000, were all unable to find a buyer.
His ‘Turbozone Truck (Laugh now but one day we’ll be in charge)’failed to reach its estimated auction price of £1million when it went under the hammer in 2019
Banksy’s ‘Merrivale Stable’ piece was sold for a huge £1million earlier this year by the same auction house. Today, a selection of additional items from the artist was also available for sale.
Speaking before the auction Julian Thomson, managing director of Anderson & Garland, said: ‘This exciting piece carries an estimated price of £30,000 – £50,000, however as one of the most sought after and iconic of Banksy’s designs, the sky really is the limit.
“Following the launch of our Urban Art Department earlier in the year and the phenomenal result achieved by the sale of Banksy’s Merrivale Station in January we’ve put ourselves on the map among Urban Art collectors.
Banksy’s identity was never confirmed. Critics claim his art should, despite being well-executed, be classified as vandalism.
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The artist famously sold his ‘Girl With Balloon’ in London in 2018, but immediately after the conclusion of the auction it partially shredded itself.
A secret shredder was hidden inside the Victorian-style frame. The bottom half of the canvas was left in ruin and only one red balloon was left.
The painting, re-titled Love Is In The Bin after the shredding, sold for £1.1million at the original auction.
But when it was put up for sale again at Sotheby’s last year it resold for £18.6million, a record for the artist at auction.