The Banksy Boom and the Haring Halo: Why is Global Demand Rising?

How did Banksy blindside the art world by planning a major exhibition in Glasgow that no one saw coming? We will never know the answer to that question, but we certainly take our hats off to him. The fact that a subversive, highly secretive artist can make such huge waves with zero advance warning is evidence that thephenomenon that has come to be known as the “Banksy effect” is still alive and kicking.

At the same time, on the other side of the pond, an exhibition has opened at The Broad Museum in Los Angeles devoted to the life and works of Keith Haring, the artist and activist who was central to New York’s legendary art scene during the 1980s.

The first-ever museum showcase of Keith Haring's iconic works in LA, the artist may have passed away in 1990, but the new show highlights how Haring’s phenomenal contribution to the world of art remains as relevant as ever. Acting as both a memory and celebration of his work, ‘Keith Haring: Art Is for Everybody’ has garnered widespread critical acclaim, reasserting the artist whose signature motifs are as familiar as an Apple logo or Nike swoosh in the collective consumer consciousness.

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On opening day, ‘Cut & Run: 25 Years of Card Labour’ saw visitors queuing from the early hours of the morning to be among the first to witness Banksy’s first solo show in 14 years. The exhibition only opened last Friday, but the shockwaves have already spread across the globe. Visitors from all over the world have begun arriving in Glasgow, and they are expected to generate millions of pounds for the city’s economy during the show’s 10-week run.

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When the blockbuster Haring exhibition closes at The Broad in October, it will travel to Toronto in November 2023 and Minneapolis in April 2024, spreading the artist’s timely messages of inclusivity and accessibility far and wide. Born 26 years apart, Haring and Banksy both started out as graffiti artists, but what they have become has moved far beyond the world of street art. Even though Haring is no longer with us, and Banksy is never seen, they are each household names.

A prominent exhibition by an important artist is a major contributing factor to what is known as the Halo Effect, a phenomenon that raises an artist’s profile and prestige, and, in turn, the value of their work. Through curator endorsement and the considerable press coverage generated by them, the new Haring and Banksy exhibitions have had the immediate effect of propelling both artists back into the limelight, amplifying their desirability.

Joseph Szkodzinski Keith Haring Drawing Series January 1982 © Joseph Szkodzinski 2018 www.thefoundimage.com

We don’t have to look too far back to see the Halo Effect in full force for both Banksy and Haring. In 2019, more than 300,000 visitors attended Haring's exhibition at Tate Liverpool during its six-month run. The following year, the prices achieved for the artist’s works at auction had risen by 31%. Similarly, after 150,000 visitors attended Dismaland, Banksy’s dystopian art project, in August 2015, the number of lots sold at auction increased by 55%. By the time his Gross Domestic Product pop-up exhibition took place in October 2019, Banksy's Devolved Parliament had sold at auction for £9.8M, crushing its estimate of £1.5 - £2M at Sotheby's London. And only last week, two days after the Glasgow exhibition opened, Banksy's No Ball Games (Grey) sold for $44,450 at Phillip New York, almost 140% above its low estimate—the first time this edition has exceeded its estimates since March 2022.  

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The Maddox artistic team travelling to Glasgow last week to visit the Banksy exhibition and we can confirm it surpasses all expectations. Artistic Director Maeve Doyle describes it as “an art show, overview of recent political history and peek into the mind of an artistic rabble-rouser.” Solidifying Banksy’s position as the quintessential artist of his generation, a collection of archived stencils, used to produce some of his key pieces, are on show for the first time. These stencils are the reason Banksy has managed to stay one step ahead of the law for so long, allowing him to get the job done quickly and get out before police arrive. 

On the back of Banksy’s compelling ‘Cut & Run’ and Haring’s exuberant ‘Art is for Everybody’, the swell of upwards momentum for the artists is palpable. Having hit the headlines in every major newspaper around the world, and with their past auction history following major exhibitions, we believe the markets for both are ripe for a significant increase in value.