Banksy’s Shredded Painting Is a Great Lesson in Sales
From $1.4 million to $25.4 million all thanks to one thing
A great work of art needs a prestigious stamp of approval. It can be either becoming internationally known, appearing in a large museum or having Justin Bieber tattoo it on his arm. Banksy’s ‘Girl With Baloon’ hit all three marks.
Three years ago, ‘Girl With Baloon’, a piece that started as a stencil mural in London, was sold in an auction held by Sotheby’s. The painting was expected to fetch between £200,000–£300,000. Undoubtedly, an amazing price for an artwork belonging to what is known as the ‘graffiti culture’. When the auctioneer struck his hammer, two unexpected things happened. Firstly, ‘Girl With Ballon’ was sold for a record £1,042,000 ($1.43 million). Then, the painting self-destructed.
It was an act that sent shockwaves all over the world. ‘Girl With Ballon’ turned into ‘Love is in the Bin’ — A new, half shredded work of art.
In October 2021, ‘Love is in the Bin’ was offered for sale in an auction. The expected price was between £4-6 million, the painting was eventually sold for a staggering £18.5 million ($25.4 million). “I can’t tell you how terrified I am to bring down this hammer”, said the auctioneer and was very visibly relieved to find that the artwork was still…
