Banksy Graffiti Doubles Derelict Pub's Value

A derelict pub in Liverpool, England, just saw its value more than doubled because it has a Banksy graffiti:

A bizarre bidding frenzy has broken out over a derelict pub... because it is adorned with Britain's most valuable piece of Banksy graffiti.

The Whitehouse pub is on the market for just £495,000, but art experts say the huge image of a rat holding a machine gun that covers the building could be worth £1 million.

Despite the housing market slump, with average prices in Liverpool falling by 16 per cent, estate agents Sutton Kersh have been inundated with offers above the asking price.

But the majority of bids have been from canny investors wanting to buy the graffiti at a bargain basement price.

Hey, let's invite Banksy to graffiti on all those empty, foreclosed houses in the US!


(Photo: Mercury Press Agency Ltd)

Art depreciates in value if you saturate the market, Picasso would be a good exception...but I don't think Banksy is quite Picasso. I wonder how long Banksy art will be desired at all. It is fairly banal. (I hate on Banksy all the time)

Also, I don't think graffiti can be used as a verb.
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Banksy's stuff might be good art, but it's fueling a fire of graffiti retardation here in New Orleans. Graffiti sucks, the Grey Ghost sucks, I'm sick of my city getting marked up and blotted out all the time.
What's so bad about paper?
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I've looked at that thing thousands of times, as it's on a busy route near me. I always thought it was a cat holding a marker pen! Well, it is a busy junction, that's my defense.

BTW, to those who say he is some kind of menace to society - this piece was commissioned as part of Liverpool Biennial (2004) by the local bigwigs. IE, he was asked to do it.
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