Digital& NFT

NFT Alternative Art Option Wins Over Urban Art in Key Auction

Graffiti is still a controversial subject to some art collectors. In fairness, the old term should now be considered “Urban Art” in a more modern sense of art. The prices realized by the likes of Banksy or Keith Haring cannot be overlooked nor ignored by modern art collectors. Some investors may not be able to overlook some of those prices either.

Heritage Auctions included works and original prints from both of these artists (Banksy and Haring) in the January 5, 2022 Urban Art Showcase Auction. Collectors Dashboard has covered both of those artists before but many new names and faces are represented by the auction listings. In a first for our coverage some of the featured art was available in NFT or physical version.

Collectors Dashboard evaluates high-end collectibles as an alternative asset class. This means collectibles are attracting the same capital that could have been invested into stocks or bonds. Many collectibles now cost thousands of dollars (or much more), and that definitely includes routine examples of modern art.

It is not the norm yet to see NFTs and physical art choices together, but it seems that it is becoming more frequent. If it is successful then it is likely we will be seeing many more formats similar to this in 2022 and beyond.

The image below is an image of Keith Haring (image by Heritage Auctions) signed by Janette Beckman.

Keith Haring photo

Damien Hirst’s Too Busy Thinking from The Currency (2021)… Non-fungible token NFT Ed. 3976/10000 was minted on December 2nd, 2021. It had a bid of $10,000.00 on December 17, but ultimately sold for $25,000.00. Heritage Auctions noted in the auction that the winning bidder of this lot will have until July, 2022 to decide between keeping the NFT or exchanging it for the physical artwork it represents (image below by Heritage Auctions). The NFT was minted on December 2, 2021, and Heritage Auctions had not specified which version of the art the purchaser chose.

Damian Hirst NFT art

One interesting aspect about this Damien Hirst auction is that there is not a specified size of the actual piece of art if the “physical” version is chosen over the NFT version. This certainly appears to be an “either/or” offering, but not an “and” offering. According to the announcement from Heritage:

Winning bidder of this lot will have until July 2022 to decide between keeping the NFT or exchanging it for the physical artwork it represents. Only one can be kept, the other one will be destroyed.

Below are some of the other featured pieces that were also in the auction.

KAWS. Far Far Down, 2018… Screenprint in colors on wove paper, 32 x 53-1/4 inches (81.3 x 135.3 cm) (sheet). Ed. 13/100. Signed, numbered, and dated in pencil along the lower edge. Published by Pace Prints, New York had an opening bid of $7,500.00 on December 17 SOLD FOR $23,125.00 after 12 bids.

KAWS. Untitled from The News, 2017… Screenprint in colors on wove paper, 24 inches (61 cm) diameter (sheet). Ed. 23/100.
Signed, numbered, and dated in pencil along the lower edge with an opening bid of $5,000.00 on December 17. We did not see the result of Untitled from The News, 2017 in the results posted by Heritage Auctions.

KAWS. Untitled from The News, 2017… Screenprint in colors on wove paper, 24 inches (61 cm) diameter (sheet). Ed. 23/100
Signed, numbered, and dated in pencil along the lower edge with an opening bid of $5,000.00 on December 17. We did not see the result of Untitled from The News, 2017 in the results posted by Heritage Auctions.

After KAWS. Tokion Poster, c. 1999… Offset lithograph in colors on smooth wove paper 23-1/2 x 17-1/2 inches (59.7 x 44.5 cm) (sheet). Published by Tokion, Japan with a bid of $400.00 on December 17 SOLD FOR $1,187.50 after 9 bids.

KATSU… Timeless Skull (Black on White), 2013. Screenprint on French Archival paper 39 x 25 inches (99.1 x 63.5 cm) (sheet). Test Proof. Signed and numbered in pencil along the lower edge. Published by 1xRUN, Detroit with an opening bid of $400.00 on December 17 SOLD FOR $812.50 after 2 bids.

Matt Gondek. Deconstructed Homer (Pink Cocaine Edition), 2020… Giclee print in colors on Somerset Velvet Fine Art paper 13 x 19 inches (33 x 48.3 cm) (sheet). Open Edition. Signed in pencil lower right. Published by the artist with an opening bid of $250.00 on December 17 SOLD FOR $512.50 after 4 bids.

Janette Beckman. Keith Haring, New York, 1985, 2016… Archival pigment print on Satin Silver. Aluminum. 12 x 10 inches (30.5 x 25.4 cm). Ed. 26/35. Signed and numbered in ink along the lower edge. Published by 1xRun, Detroit. Opening bid was $250.00 on December 17 SOLD FOR $750.00 after 12 bids.

Below are works influenced by Banksy in the January auction:

Banksy Hates Me (20th Century). Power Now, 2021. Spray paint and stencil on canvas, 14 x 11 inches (35.6 x 27.9 cm). Signed “Banksy” in stencil on reverse with a bid of $200.00 on December 17 SOLD FOR $3,000.00 after 16 bids.

After Banksy. Di-Faced Tenner, 10 GBP Note, 2005. Offset lithograph in colors on paper 3 x 5-5/8 inches (7.6 x 14.3 cm) (sheet) with a bid of $420.00 on December 17 SOLD FOR $2,500.00 after 14 bids. “Image is modeled after the Bank of England 10 pound note, but instead reads Banksy of England and has a portrait of Princess Diana looking off.

While these items below were not from the January 2022 urban art auction, these are some of the other Banksy sales that have been seen from Heritage Auctions:

Banksy. NOLA (White Rain), 2008… Screenprint in colors on Arches paper 29-3/4 x 21-1/2 inches (75.6 x 54.6 cm) (sheet). Ed. 238/289. Signed and numbered in pencil along the lower edge, with publisher’s stamp. Published by Pictures on Walls, London and sold for $162,500.00 on April 22, 2021 after 19 bids.

Banksy. Pulp Fiction, 2003… Screenprint in colors on paper 19-1/8 x 27-1/2 inches (48.6 x 69.9 cm) (sheet). Ed. 27/150. Signed and dated in ink; numbered in pencil along lower edge, sold for $150,000.00 on November 11, 2021 after 44 bids.

Banksy. Barcode, 2004…. Screenprint in black on wove paper 19-3/4 x 27-1/2 inches (50 x 69.9 cm) (sheet). Ed. 239/600. Numbered in pencil and stamped along the lower edge, sold for $93,750.00 on February 10, 2021.

NFTs are a new phenomenon but they are quickly becoming part of every facet of collecting. As the virtual gavel fell the owner of the Damien Hirst NFT had not been public about accepting the artwork as either an NFT or the physical form. This was a chance to invest in urban art that can be stored in a living space or digitally — but not both!