How does Banksy make money?
Like with many artists, regardless of their level of fame, Banksy makes money in a variety of ways. Principally:
Direct sales to private collectors
Secondary market Artist Resale Royalty
From collaborations with brands such as Puma in his early days, to pop-ups and selling directly to buyers. Over the years and as his popularity has risen, the way in which Banksy earns money has changed. Factors include if his work was produced for commercial sale or if it was a street piece and at what stage of his career the work by Banksy would have sold.
Studio Sales/Direct Sales
With his popularity growing exponentially over the years, the artist would have become increasingly removed from sales in one sense. In his early career, Banksy may have sold his works directly to the public. With the founding of Pictures on Walls in the early 2000’s and, as Bansky’s publishers, POW would have been responsible for the production, distribution and selling of the works - with Banksy taking a cut (usually around 50% for most artists). At this time, similar to many artists, Banksy may have worked on private commissions for clients where he would directly be the beneficiary. Collaborations with brands such as Puma would have also topped up the bank of Banksy. To this day, there are private collectors who can go directly to Pest Control and acquire works from the studio.
Auction / Secondary Market Sales
With both Banksy prices and the artist’s popularity rising, it wasn’t long before Banksy’s artworks began to appear at secondary market galleries and at auction. Secondary market refers to the reselling of an artwork which has been valued and sold on the market before.Known as London’s Banksy gallery, Andipa were the first secondary market gallery to sell Banksy’s artworks. As with all reputable galleries and auction houses, a percentage of the sale within Europe is passed back to the artist through what is known as Artist Resale Right, in this case to Banksy through Pest Control, and collected by the collection agency DACS. The amount that is given back to the artist depends on the value of the work and the system functions on a pyramidical basis. Pest Control Office are also responsible for authenticating Banksy artworks.
Street works are works that are produced by the artist, as the name suggests, that are in the street. These include murals and installations. Sadly, with the rise of both the value of Banksy and his popularity, certain individuals attempt to remove the works from their original site and sell them. Andiopa does not endorse the selling of works produced for non-commercial purposes and do not engage in the selling of Banksy street art. We believe that the works were produced for the public and to be enjoyed by the public and that they should remain in their original locations.