Why do investors like 'street' art? Because $200 can turn into half a million
Why do investors like 'street' art? Because $200 can turn into half a million"
- Select a language for the TTS:
- UK English Female
- UK English Male
- US English Female
- US English Male
- Australian Female
- Australian Male
- Language selected: (auto detect) - EN
Play all audios:
From being dismissed as illegal vandalism to selling for millions of dollars in galleries — street art is going mainstream, and it's appealing to investors for a simple reason:
It's cheap at the start. Steve Lazarides, the man credited with bringing well-known street artist Banksy into the commercial art industry told CNBC that street art boasts a strong
return on investment. "Going back a decade, if you take one of those artworks that I sold for 149.99 pounds ($192.10), something of that value at that time would be worth upwards of
300,000 to 400,000 pounds ($384,000 to $512,000). So that's a pretty good return in your investment in a 10-year period," said Lazarides, who now owns Lazarides Rathbone, a gallery
in London dedicated to selling street art. From 149.99 to 400,000 would be a more than 266,584 percent increase. The art movement has origins in graffiti on walls and public transport, but
art investors found a way to buy into those works. Most famously, the piece of the wall where British artist Banksy painted "Girl With a Balloon," was removed and auctioned for
over 73,000 pounds. Property prices for buildings in London's Shoreditch, which feature such iconic artwork, have soared. Within the gallery space, artists are selling canvases, screen
prints and even photographs in what is now a multi-million dollar market. A Banksy artwork opposite the French embassy in London, criticising the use of teargas in the 'Jungle'
migrant camp in Calais. Carl Court | Getty Images "The very best guys do something different in the gallery as what they do on the streets. And in my 15 years, all I've seen so far
is it going from strength to strength," Lazarides told CNBC's "Capital Connection." Banksy might be the face of those million dollar street art sales, but Lazarides
pointed out that famous mainstream artists also emerged from the streets. "You had Keith Haring and [Jean-Michel] Basquiat — people forget that they were graffiti artists and they would
sell for tens of millions of dollars," he said. A Basquiat painting sold at a record $110.5 million in a Sotheby's New York auction earlier this year. "When we started 15 to
20 years ago, we got chased off every single building. Nowadays, they're welcoming [us] with open arms," Lazarides said. And the trend is not going anywhere, said Didier Jaba
Mathieu, a Colombian graffiti artist who has participated in graffiti performances all across the world, and recently exhibited his work in Singapore. "Forty years back, in the 1970s,
people would say, 'Graffiti is a trend.' It has been a trend for 40 years and it is here to stay," he told CNBC. But art lovers worry the commercial aspect might be
compromising the message behind the art — and Mathieu said there's an intentional branding at work. "Street art is just a more sellable word; it sounds better than graffiti, which
is associated with counter culture," Mathieu said. "Street art is on everyone's mind, but what graffiti writers are doing in the streets — that's the true essence of the
art form."
Trending News
What is going on with our virtue-signalling police? Asks james whaleBut it emerged last week that the force is appealing for witnesses at UK airports. Posters produced by the Met’s counter...
Why south africa’s public protector has overstepped her mandateYou may have mistyped the address or the page may have moved.By proceeding, you agree to our Terms & Conditions and our ...
Page Not Found.RJ Mahvash, who is rumoured to be dating cricketer Yuzvendra Chahal amid his divorce reports with actress-choreographer ...
Cab protest: trains to tripura & assam suspended, flights affectedCenter Olli Jokinen of Finland, the Kings’ No. 1 draft choice, appears certain to be with the team when it opens the reg...
How the first world war rewarded white south africans, but not black compatriotsSEVERAL FLIGHTS CANCELLED Airlines also cancelled flights on Thursday to various cities in Assam in the wake of unrest i...
Latests News
Why do investors like 'street' art? Because $200 can turn into half a millionFrom being dismissed as illegal vandalism to selling for millions of dollars in galleries — street art is going mainstre...
Error 404Error 404 No encontramos la página que buscas....
Gretzky talks of march return : kings: nothing is certain, but center says his rehabilitation has progressed more rapidly than expected.Wayne Gretzky’s outlook regarding the prognosis of his injured back is so positive that he is telling people he might st...
Brussels forced to cave in after coronavirus lockdown exit planThe Commission has come under heavy criticism from the member states after it emerged eurocrats had been ordered to devi...
French immersion and other regional learning programs: smart choice for your kids, or do they fuel inequity?For the past half-century, school choice initiatives have been intensifying across the globe. Choice policies emphasize ...