Thieves Steal Banksy Street Art in London: Where Can They Sell It?

As pedestrians in London stopped to admire a new piece of street art by the enigmatic artist Banksy, a man was plotting a daring heist.

The artwork, dubbed Howling Wolf, depicted a wolf stenciled in black paint on a white satellite dish, mimicking a full moon. Shortly after its appearance, the mastermind and two accomplices climbed the building with a ladder and removed the satellite dish. Videos showed one of the culprits sprinting down the street in London’s Peckham neighborhood with the stolen piece.

While many art collectors worldwide would kill for such a piece, stolen art is, fundamentally, stolen.

“As with any artwork, its value depends on what someone will pay for it, but offered on the black market it holds no intrinsic value,” stated Joe Syer, cofounder of art dealership MyArtBroker and a Banksy expert.

Theft in the art world is hardly new. In 1990, thieves famously stole 13 pieces, including works by Rembrandt and Vermeer, from the Isabella Gardner Museum in Boston. In 1969, a 300-year-old Caravaggio disappeared from a frame in Palermo, Italy, reportedly by the Sicilian Mafia. However, the Banksy theft stands out due to the audacity of the thieves and the instant documentation, thanks to the smartphone era and the public nature of Banksy’s art.

Because the Howling Wolf theft grabbed headlines worldwide, it is now a “hot or marked artwork” that no credible dealer or gallerist would touch, explained Ben Cotton, director of HangUp Gallery in London, which specializes in Banksy’s work.

This raises a question: How do you sell expensive stolen art when no one legitimate will buy it?

Not all art dealers are reputable. Experts interviewed for this story, including gallerists, art sale lawyers, and art dealers, described scenarios where unscrupulous brokers might sell such works to eager buyers. “A gallery might distance itself from owning the stolen work, acting as a middleman,” Cotton noted. They might offer it discreetly to select clients as a rare opportunity from a private collector.

On the black market, these works would fetch much less than on the open market. Cotton estimated an uncertified Banksy would sell for 40% less than an authenticated piece. Ray Waterhouse of Fine Art Brokers suggested it might go for less than 50% of its normal value. Both emphasized they had never dealt in stolen art themselves.

Still, stolen art attracts wealthy but nefarious buyers, such as drug dealers and mob bosses. The Caravaggio stolen in 1969 allegedly adorned the home of Mafia boss Tano Badalamenti. The Isabella Gardner Museum thefts were linked to crime lord Whitey Bulger and an IRA-affiliated gang, according to a retired Scotland Yard detective.

“There are always assumed to be unscrupulous art dealers,” said Daniel Weiner, an art law specialist. “We know art gets stolen and resold. In drug raids, you might find a missing Van Gogh on the wall.”

Banksy, thought to be a man from Bristol, England, recently unveiled new works in London titled “London Zoo,” featuring animals in playful scenes. Howling Wolf has become infamous due to its immediate theft.

A Banksy representative did not respond to a request for comment. After the theft, Banksy’s team informed the BBC that they had “no knowledge as to the dish’s current whereabouts.”

The Art Loss Registry, a company that tracks stolen artwork, did not comment on whether a claim was filed for Howling Wolf.

The ownership of Banksy’s street art is complex. The artist likely views the works as belonging to the public. “Street art on walls or doors is meant to be appreciated by the public, not removed for commercial gain,” Cotton said.

Banksy’s wide appeal lies in its accessibility, both physically and intellectually. “You don’t need a degree in art history to get it,” Cotton noted. “[The public] sees him as a Robin Hood figure, exposing truths while robbing the rich to give to the poor.”

To keep his street art public, Banksy rarely certifies them, making them harder to sell. To counter rampant forgeries, he established the Pest Control Office in 2009 to issue certificates of authenticity. Selling a Banksy without this certificate is challenging.

“You should be skeptical of anyone selling a Banksy without a Pest Control Certificate,” Syer advised.

Even so, the market for Banksy’s work remains robust. Certified pieces can sell for millions. A pandemic-era piece celebrating healthcare workers fetched $23 million in 2021. Another work sold for $11.7 million that same year. Banksy’s Girl with Balloon sold for $1.4 million in 2018, only to be shredded by a secret mechanism in the frame immediately after the sale closed. This stunt elevated its fame, leading it to resell for $25 million in 2021.

The notoriety of Howling Wolf could make it equally appealing. “There will still be a market for it,” said Cotton. “It’s a genuine Banksy with worldwide news coverage and a compelling story.”

This isn’t the first attempt to steal Banksy’s street art. In June, a man in France received a two-year suspended sentence for trying to scrape off Banksy’s graffiti. In February, London police arrested two men for stealing a Stop sign marked by Banksy. An alleged Banksy piece stolen in 2013 in San Francisco appeared at auction in December 2021 with a collection of NFTs, but Pest Control never authenticated it.

There is a distinction between certified works and originals. “An uncertified work is still real, just not intended for sale,” Cotton said. Banksy claimed the Howling Wolf on Instagram but will likely never certify it.

Even Banksy’s uncertified works remain highly regarded in the art world. Their fate is a subject of debate. Syer believes they should remain public. “These works should be enjoyed where they were found,” he stated.

Cotton values the ephemeral nature of street art. “It’s a shame when they’re taken quickly, but street art’s fleeting nature is part of the experience,” he remarked.

This story was originally featured on Fortune.com

Source: Fortune