Post last updated on 13/11/2019.
Did you buy a £90 Banksy print in the early days only to find it is now worth over a hundred times that? Or perhaps you have recently acquired a Banksy Original?
Regardless of your collection size, Brownhill Insurance Group are here to discuss your requirements. We have been insuring our clients Banksy and Urban Art collections since 2007 – we even insure our own collections. Our Art Team can provide cover for your private collection on an art only policy, or in some cases can combine with a general household policy.
To discuss your requirements, please call Steve Canning or Alex Andrews on 020 8353 8905 or visit our art collector page.
There are many fake Banksy prints and originals on the market, so it is important to be cautious when buying from a dealer, gallery or individual. Always make sure there is a Pest Control Certificate or well documented paper trail back to the original owner. Pest Control may be able to confirm the original and/or current owner of a piece.
Insurers are often shy to insure works by Banksy without an original receipt, pest control certificate or recent valuation.
It is a requirement on some insurance policies that you maintain an inventory of your collection. We suggest that your inventory includes:
- Name of Artist
- Name of Piece
- Medium (Print/Original on Canvas etc..)
- Edition Number (if applicable)
- Purchase Value
- Date of Purchase
- Where it was purchased from
- Current Market Value
- Framing Costs
- Documentation (scan or photograph receipts/invoices/certificates/valuations etc..)
It is also important to photograph your collection. We would suggest taking photos of:
- The whole piece (front and back and before any framing is done – if unframed)
- Edition Number
- Hand finishing (on prints)
- Any defects (creases, marks etc..)
- Back and sides of canvas
- Documentation (consider scanning your documents)
Keeping your inventory well organised is very important. In the event of a claim, you may be asked to provide your entire inventory to insurers. The easiest way to keep a well managed list is in Excel, Google Sheets or Airtable. Alternatively Evernote allows you to collate images and text together in a searchable archive.
Pest Control is an authentication service acting on behalf of Banksy. They determine whether he was responsible for a piece of work and issue a Certificate where appropriate.
Pest Control do not make a profit and were set up to prevent fraud.
The company is also now the sole point of sale for new work by Banksy after the closure of POW (Pictures on Walls).
Hang Up Pictures are a leading gallery offering Banksy prints and originals for sale. Their expert knowledge on Banksy allows them to offer an insurance valuation service. As of writing, the cost for this is £75 + VAT per piece. For more information please visit – www.hanguppictures.com/faq/do-you-offer-insurance-valuations-for-banksy-works.
Alternatively we can refer you to other valuation experts that specialise in other artists.
Framing, Restoration & Conservation
Most art collector insurance policies will not provide cover while a piece is being worked on by an art professional. It is important to check before you agree to any work that your chosen framer or restorer has the correct insurance cover in place.
With most Banksy prints now fetching five figure sums, it is important to ensure the works are cared for correctly. Unframed prints should not be rolled for long periods of time. Framed prints should be framed to museum standard with UV glass to prevent fading. Over time your collection can be damaged from light, heat, humidity and pollution – gradual deterioration is an exclusion on all insurance policies.
From both a financial standpoint and enjoyment value, you must keep your collection in excellent condition.
For any further advice please call Steve Canning or Alex Andrews on 020 8353 8905.
Selling a Banksy
If you have a Banksy or a collection of Banksy prints you are looking to sell, you may find it beneficial to use an experienced dealer who can help you get the right price for your collection. MyArtBroker specialise in the Banksy market, and have been connecting buyers with sellers for the best part of a decade. MyArtBroker has a network of over 10,000 art buyers and sellers around the world. If you want to sell a Banksy with MyArtBroker, they will:
- Give you a valuation on the piece based on market demand and trends
- Assign you a specialist broker to condition check the piece
- Advise on restoration (if required)
- Advise on authentication of the piece, if not already in place
- Market your artwork to Banksy buyers
- Support the sale of your Banksy artwork
You will need to be a member of MyArtBroker.com to access their support, which you can do for free on their website.
In October 2019 – Banksy announced Bbay – ‘The Approved Used Banksy Dealership’. Little information is currently available but it appears that Banksy is plannning on taking on the secondary market for his works. Bbay calls itself ‘your first choice destination to trade in secondhand work by a third-rate artist’.