Thursday, January 17, 2008

Banksy fetches £208,000

Portobello Road, London

A wall adorned with a painting by the mysterious graffiti artist Banksy fetched £208,000 in an online EBay auction. it attracted over 69 bids on eBay. The design is of a classically-dressed painter adding the finishing touches to the real artist's scrawled name. Reportedly created in broad daylight behind the cover of some scaffolding whilst Portabello market was in full swing. It appeared on a post-production company wall on Portobello Road, after deciding to auction the wall, the potential seller protected the investment against vandals by placing a perspex sheet over it.

Bobby Read, art expert at specialist insurer Hiscox, said: "Banksy is a maverick as well as a hugely talented artist. It's an intoxicating combination for buyers as this price shows. The Portobello Road wall is a special piece and probably the largest piece of Banksy art work to have been sold at a public auction. This sale poses many interesting questions for the art world. How do you move a piece of work like this, how do you display it and how do you insure it?"

Although, it has been suggested that the buyer has a history of being a non paying bider and auction wrecker. Neither auction site eBay nor seller Luti Fagbenie has confirmed if the bid has been accepted.

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