As anyone with half an ear to the market would have predicted, Bonhams Feb. 24th Urban Art Auction fizzled to a close. Just over 60% of the 78 pieces offered sold, many failing to reach original estimates. A quarter of all lots were comprised of Banksy works, with 65% (13 out of 20) finding buyers. The sale further affirms what many members have been talking about over on TACforum for some time - the graffiti/street/urban art market has long been in need of correction, and mass speculation has finally run its course. Clearly collectors are approaching purchases with much more scrutiny and perhaps we are finally seeing the over-hyped junk of the past few years get what was inevitably coming its way.
Check the rest of the results here.