Art of the deal as ‘mainly Irish buyers’ snap up Banksy prints
FIVE Banksy paintings totalling €212,000 sold to Irish buyers at an art fair in Dublin last weekend.
The screen prints by the anonymous British-based artist and political activist cost up to €70,000 each, with only one of the pieces going to an international buyer.
Among the screen prints sold were ‘Girl With Balloon, 2004’ (€70,000); ‘Nola (White Rain), 2009’ (€58,000) and ‘Stop and Search, 2007’ (€52,000).
Gerard Gormley, director of Gormley’s Art Auctions, said the buyers roughly came within the 35-55 year old age group.
“They were mainly Irish buyers — only one of the pieces went international,” he said. “Some of the pieces went for the €11,000-€12,000 mark. They weren’t hugely expensive,” he explained. “Some of the unsigned Banksys are still in the realm for ‘normalish’ people.”
Although no one has ever been able to crack the mystery and unmask Banksy, theories of his identity include Massive Attack’s Robert Del Naja, Bristol-born Robin Gunningham and Gorillaz founder Jamie Hewlett. A Banksy painting depicting chimpanzees sitting in Westminster parliament has sold for more than £9m (€10.4m) at auction, breaking the record price for a work by the elusive British street artist.
On the attraction of the artist, Mr Gormley said the works were “a talking point”, “instantly recognisable” and that “people like the political commentary to its work”. More than 15,000 people attended the year’s biggest art show Art Source at Dublin’s RDS — a figure that is estimated to be up 20pc on previous years.
Meanwhile, iconic Irish sculptor Patrick O’Reilly was among the focal points at the event unveiling several new works including a standing wolfhound, a rocking horse and a series of dolls.
On the numbers investing in art, Mr Gormley said: “There is a certain amount of buyer confidence out there. But it’s in no way up there with boom time levels. People are being a lot more savvy now. He added: “If there was ever another downturn in Ireland, would that affect Banksy’s market? No, it wouldn’t. If, on the other hand, you buy a Louis le Brocquy or a Paul Henry, those are very much Irish-centric artists and if the Irish economy isn’t doing well those artists aren’t going to do well.”
From an investment point of view, he said: “Irish artists who have a good international profile like Patrick O’Reilly, Stephen Johnston, Peter Monaghan and Gordon Harris have international galleries representing their work so it broadens their market.”
His advice for prospective art buyers is to “look for quality. Instead of buying four or five pieces at a lesser value, buy just one at a higher value. Quality art always does relatively well over time”.
“My advice would also be to spend a little more money and buy a piece of art from an artist that is reasonably well established. That way there is a lot less risk involved.”
Next month Art Source is expanding to Cork for the first time, and will be held at City Hall between November 29 and December 1.
‘Look for quality... quality art always does relatively well’