A house in Bristol with original Banksy artwork has hit the market and it is believed that it would go for four times the actual cost. The real-life price of the property ranges between £250,000 and £300,000, but it is expected to sell instead in the £1m market because of the Banksy graffiti of a monkey jumping on a detonator that was painted in 1999, despite the original artwork having since been painted over.
We recently asked UK homebuyers if they would pay more for a property with a Banksy, and if so, how much more would they be willing to spend. Our results showed that 44% of homebuyers across the UK would pay more than 5% of the property’s value for a home tagged with a Banksy, and others would pay up 30%.
This particular Banksy house is a two-bedroom terrace house on a corner owned by Christine Pryor and is being sold by Auction House. Ms. Pryor bought the house a year after the original artwork tagged the side of the property. The former owner had been a friend of Banksy’s and has used the garage as a studio. She asked that the graffiti remain up, but it was painted over by a neighbour before she moved in because the Banksy image was scaring children.
Although some of the paint can be chipped off to reveal Banksy’s original monkey, restoring and cleaning the full artwork could cost up to £200,000, if compared to The Snorting Copper in Shoreditch, which has recently undergone restoration and is displayed in its original form.
In our recent research on Banksy houses, we priced out properties and areas tagged with Banksy pieces in the UK. The majority are situated in London, however, both Bristol and Cheltenham have colourful additions to the city. To read about our research, click here.