The mysterious British street artist Banksy is in New York City this month. Yesterday, he posted a video showing one of his assistants manning a streetside booth. It offered up original canvases by Banksy for only $60 a piece—a tiny fraction of what they could have earned elsewhere. The assistant sold only a handful throughout the day for a total day’s earnings of $420.
The difficulty, I surmise, is that the booth and the works were not labeled as works of Banksy. Prospective customers could not tell that the paintings were composed by a famous artist. They judged the paintings on their aesthetic qualities and priced the works accordingly.