Banksy Prints
Auction Market Report 2023–2025

 

The Banksy print market between 2023 and 2025 is not a story of collapse. It is a story of normalization, selectivity and hierarchy. The speculative excess that carried much of the market through the pandemic years has continued to unwind, but liquidity has remained remarkably strong. Collectors are still buying Banksy prints in meaningful numbers; they are simply paying more disciplined prices and concentrating their attention on the most recognizable images.

 

---

Volume

---

Our proprietary database includes 817 auction entries between 2023 and 2025 for Banksy Prints, of which 626 were sold and 191 were passed. Sold-lot volume remained broadly stable, moving from 221 lots in 2023 to 198 in 2024 and 207 in 2025.

This is important because it shows that the decline in value has not been caused by a disappearance of market activity. The market remains liquid. What has changed is the price collectors are willing to pay.

Total dollar volume fell from approximately $11,266,408 in 2023 to approximately $7,322,424 in 2025, a decline of roughly 35.0%. The median price moved from approximately $33,986 in 2023 to approximately $21,250 in 2025, a decline of roughly 37.5%. The average price also declined, from approximately $50,979 to approximately $35,374. This combination of stable liquidity and declining prices suggests a market that is clearing, but at lower levels.

 

---

Analysis Per Print

---

Signed vs Unsigned

The distinction between signed and unsigned impressions is one of the most important features of the current Banksy print market. Signed works continue to command a substantial premium, but they have not been immune to the correction. The median signed price declined from approximately $57,130 in 2023 to approximately $38,100 in 2025, a decline of roughly 33.3%. Unsigned works declined from approximately $26,170 to approximately $16,505, a decline of roughly 36.9%.

The more important point is that both segments have moved lower together. The signed market remains stronger in absolute terms, but collectors have become more selective even at the higher end. The signature premium still matters, especially for iconic images, but it no longer guarantees immunity from repricing.

Which Prints Are Losing the Most Value

The sharpest declines are concentrated in works that benefited strongly from the 2020–2022 boom but lack the broad cultural recognition of Banksy’s true trophy images. Among title-and-segment combinations with sufficient 2023 and 2025 liquidity, some of the largest median declines include Rude Copper unsigned, Laugh Now unsigned, Donut Strawberry signed, Barcode unsigned, Napalm unsigned, Golf Sale unsigned and Police Kids unsigned.

This does not necessarily mean these works are weak images. Rather, it suggests that their pandemic-era prices had moved beyond what the current collector base is willing to support. The market is increasingly distinguishing between works that are simply recognizable and works that have become cultural icons.

The Resilient Images

The strongest retention is concentrated around a smaller group of works. Girl with Balloon remains the clearest example of market resilience, with both signed and unsigned examples holding value better than most other titles. A few other works, including Grannies, Have a Nice Day, Happy Chopper unsigned and Love Rat unsigned, also show stronger retention in this dataset, although some of these readings should be interpreted carefully where annual lot counts are limited.

The broader message is clear: the market is not rewarding all Banksy prints equally. Capital is concentrating around images with either exceptional cultural recognition, strong liquidity, or relatively attractive current valuations after the correction.

Liquidity

The most liquid titles between 2023 and 2025 were Girl with Balloon, Bomb Love, Toxic Mary, Pulp Fiction, Laugh Now, Napalm, Flying Copper, Police Kids, I Fought the Law, Happy Chopper and Barcode. This liquidity matters. It indicates where real market depth exists and which images are functioning as the trading backbone of the Banksy print market.

Girl with Balloon stands apart because it combines liquidity with high value. Most prints tend to offer one or the other. Girl with Balloon offers both, which is why it remains the benchmark of the Banksy print market.

 

 

---

Market Shares

---

The market remains distributed across a relatively broad group of auction houses. Forum Auctions, Christie’s Online, Tate Ward, Phillips, Bonhams, Sotheby’s, SBI Art Auction and Heritage all play meaningful roles. The data suggests a structural division: specialist and online platforms provide much of the lower and middle-market liquidity, while Sotheby’s, Christie’s and Phillips continue to handle a significant share of the higher-value material.

 

---

Market Interpretation

---

The key conclusion is that the Banksy print market is becoming more mature and more selective. During the pandemic-era boom, the hierarchy between images compressed. Almost everything rose. Between 2023 and 2025, that hierarchy has reappeared. The strongest images continue to trade well, while more secondary prints have had to find a new equilibrium.

This is not necessarily negative. A market in which every print rises indiscriminately is speculative. A market in which collectors discriminate between images, edition types, scarcity levels and cultural importance is healthier. The current correction is painful for sellers who anchored expectations to 2021, but it is also creating more rational entry points for collectors.

The Banksy print market recorded 626 sold lots between 2023 and 2025, confirming that liquidity remains strong despite the correction.  Signed prints continue to trade at a major premium to unsigned prints, but both segments have corrected meaningfully. The weakest value retention is concentrated in works that were heavily repriced during the boom but do not possess the cultural weight of Banksy’s trophy images.

Girl with Balloon remains the market benchmark because it combines liquidity, scarcity, cultural recognition and price resilience.

The market is not collapsing. It is becoming more selective, and that selectivity is precisely what defines a mature collecting category. The Banksy print market remains alive, active and liquid. It is simply no longer euphoric. Prices are lower, buyers are more disciplined, and the premium now belongs to images that can justify it.

 

 

---

Case Studies

---

 

 

 

 

---

2025 Top 15 Lots

---

#1. Girl with Balloon (signed), 2004

Christie’s online: 1 April 2025 GBP 189,000 / USD 244,190

Girl with Balloon (signed), 2004 Edition: 78/150

Christie’s online: 1 April 2025 Estimated: GBP 150,000 – 250,000 GBP 189,000 / USD 244,190

#2. Girl with Balloon (signed), 2004

Forum Auctions: 15 October 2025 GBP 177,180 / USD 237,420

The Barely Legal Set (unsigned), 2006 COMPLETE SET Edition: XXX/500

Joshua Kodner: 21 June 2025 Estimated: USD 200,000 – 300,000 USD 180,000 (Hammer) USD 228,600 GBP 169,530 / USD 228,600

 

 

#4. Flower Thrower Triptych (Grey), 2019

Phillips London: 5 June 2025 GBP 127,000 / USD 171,450

 

#6. Flower Thrower Triptych (Grey), 2019

Phillips London: 23 January 2025 GBP 120,650 / USD 149,050

 

#15. Girl with Balloon (unsigned), 2004

Phillips London: 23 January 2025 GBP 82,550 / USD 101,980

---

2024 Top 15 Lots

---

#1. Girl with Balloon (signed), 2004

International Art Center: 26 March 2024 GBP 284,145 / USD 360,360

 

Girl with Balloon (signed), 2004 Edition: 51/150

International Art Center: 26 March 2024 Estimated: NZD 500,000 – 700,000 NZD 500,000 (Hammer) NZD 600,600 / USD 360,360 / GBP 284,145

 

#2. Girl with Balloon (signed), 2004

Christie’s online: 26 March 2024 GBP 239,400 / USD 303,615

 

Girl with Balloon (signed), 2004 Edition: 106/150

Christie’s online: 26 March 2024 Estimated: GBP 100,000 – 150,000 GBP 239,400 / USD 303,615

#3. Girl with Balloon (signed), 2004

Christie’s online: 1 October 2024 GBP 189,000 / USD 251,370

Girl with Balloon (signed), 2004 Edition: Aside Inscribed with a Gift and a Peace symbol in pencil

Christie’s online: 1 October 2024 Estimated: GBP 150,000 – 250,000 GBP 189,000 / USD 251,370

 

#4. Kate Moss (Original), 2005

Phillips London: 19 September 2024 GBP 101,600 / USD 131,980

#6. Girl with Balloon (unsigned) ,2004

SBI Art Auction: 25 May 2024 JPY 16,675,000 / USD 106,244

#8. Flower Thrower Triptych (Grey), 2019

Koller Zurich: 20 June 2024 CHF 95,000 / USD 105,925

Flower Thrower Triptych (Grey), 2019 Edition: 268/300

Koller Zurich: 20 June 2024 Estimated: CHF 100,000 – 180,000 CHF 95,000 / USD 105,925

#9. Choose Your Weapon (Blue), 2010

Artcurial: 6 November 2024 EUR 91,840 / USD 100,415

#10. Girl with Balloon (unsigned), 2004

Phillips London: 19 September 2024 GBP 76,200 / USD 98,985

#11. Girl with Balloon (unsigned), 2004

Sotheby’s online: 20 March 2024 GBP 76,200 / USD 96,640

#12. Rude Copper, 2002

Bonhams LA: 1 March 2024 USD 89,400

 

---

2023 Top 15 Lots

---

#1. Girl with Balloon (signed), 2004

Phillips London: 6 December 2023 GBP 215,900 / USD 271,915

#3. Girl with Balloon (signed), 2004

Sotheby’s London: 26 September 2023 GBP 190,500 / USD 231,725

 

 

Choose Your Weapon (VIP Gold), 2010 Edition: XX/25

Forum Auctions: 22 February 2023 Estimated: GBP 150,000 – 200,000 GBP 184,920 / USD 227,452

#5. Flower Thrower Triptych (Grey), 2019

Sotheby’s London: 2 March 2023 GBP 152,400 / USD 187,450

Flower Thrower Triptych (Grey), 2019 Edition: 118/300

Sotheby’s London: 2 March 2023 Estimated: GBP 120,000 – 180,000 GBP 152,400 / USD 187,450

 

#6. Nola (Yellow Rain), 2019

Christie’s Online: 14 March 2023 GBP 151,200 / USD 185,975

NOLA (Yellow Rain), 2007 Edition: 17/31

Christie’s Online: 14 March 2023 Estimated: GBP 120,000 – 180,000 GBP 151,200 / USD 185,975

 

#7. Choose Your Weapon (Dark Blue), 2010

Sotheby’s online: 20 April 2023 GBP 139,700 / USD 173,905

Choose Your Weapon (Dark Blue), 2010 Edition: Aside

Sotheby’s online: 20 April 2023 Estimated: GBP 100,000 – 150,000 GBP 139,700 / USD 173,905

 

#8. Nola (Orange Rain), 2008

Forum Auctions: 22 February 2023 GBP 136,680 / USD 168,115

Nola (Orange Rain), 2008 Edition: XX/32

Forum Auctions: 22 February 2023 Estimated: GBP 110,000 – 150,000 GBP 136,680 / USD 168,115

#9. Choose Your Weapon (Dark Blue), 2010

Christie’s online: 28 September 2023 GBP 126,000 / USD 153,975

Choose Your Weapon AP (Dark Blue), 2010 Edition: AP/4

Christie’s online: 28 September 2023 Estimated: GBP 100,000 – 150,000 GBP 126,000 / USD 153,975

 

#10. Flower Thrower Triptych (Grey), 2019

Sotheby’s New-York: 24 October 2023 USD 152,400

#12. Gangsta Rat (Lime Green A/P), 2004

Sotheby’s online: 20 April 2023 GBP 114,300 / USD 142,285

#13. Girl with Balloon (unsigned), 2004

Phillips London: 19 January 2023 GBP 109,620 / USD 134,835

#14. Nola (Orange Rain), 2008

Sotheby’s online: 20 April 2023 GBP 107,950 / USD 134,380

Nola (Orange Rain), 2008 Edition: 14/32

Sotheby’s online: 20 April 2023 Estimated: GBP 80,000 – 120,000 GBP 107,950 / USD 134,380

 

#15. Girl with Balloon (unsigned), 2004

Forum Auctions: 31 January 2023 GBP 100,500 / USD 123,615

Girl with Balloon (unsigned), 2004 Edition: XXX/600

Forum Auctions: 31 January 2023 Estimated: GBP 70,000 – 90,000 Hammer: GBP 75,000 GBP 100,500 / USD 123,615