A building in Los Angeles with his work will be sold at auction in October Banksydepicting a girl in a cradle that appears to be hanging from the letter A.
According to a New York Times report, Tarina Tarantino and Alfonso Campos bought the building in 2007 for four million dollars to house the headquarters of their business, the Tarina Tarantino accessories brand. Banksy created the work on a wall of the building in 2010.
When the pandemic hit, the brand suffered a financial loss and the owners have since filed for bankruptcy and are set to auction the building in partnership with Hilco Real Estate.
The estimations
“It is extremely difficult to value the property. It cannot be valued only as real estate. It cannot be appreciated only as a work of art. It’s a combination of both,” Jeff Azuse, senior vice president of Hilco Real Estate, told the New York Times.
Although it is difficult to assess the value that Banksy’s work adds to the building, Tarantino and Campos they estimate they may receive as much as $30 million for the seven-story building.
Despite Banksy’s intention graffiti of being free public art, this did not stop two English owners from removing entire walls of buildings with works by the artist in the hope of selling them for large sums of money.
According to the report, major auction houses such as Sotheby’s were offered to take over the sale of the graffiti and declined. The two English owners managed to sell the works fetching six-figure sums in private sales.
See photos of the building at californiathroughmylens.com
Source: News Beast
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