A forgotten Banksy artwork on the wall of a building is making waves as it goes on auction for £750,000 next month. The piece, titled The Mild Mild West, is an early mural by the elusive street artist and is painted on a significant portion of the exterior wall of an “investment building,” comprised of rental houses and vacant shops, in Bristol.
The artwork depicts a bear throwing a Molotov cocktail at police in response to a 1999 incident where riot police clashed with warehouse partygoers on Winterstoke Road. Located near the city centre, this iconic Banksy piece is set to be auctioned on November 20.
Jim Paine, who co-owned a record shop adjacent to the mural, revealed his involvement in the creation of the artwork. He shared that he assisted Banksy during the three-day process of painting the wall, highlighting Banksy’s meticulous attention to detail and perfectionism in adjusting the outlines of the policemen featured in the mural.
Auctioneer Hollis Morgan expressed anticipation for significant interest in the property, given that Banksy is a local figure in Bristol. The auctioneer also suggested that purchasing the building with the Banksy artwork could be seen as acquiring an investment property along with a valuable artistic piece. With a guide price of £750,000, the property comprises two four-bedroom maisonettes and a barber shop, potentially yielding £77,000 annually in rental income.
The building, bought for £55,000 in 2000 after the Banksy mural was created, has been left abandoned and boarded up until now. Banksy artworks typically fetch six-figure sums, but there have been instances of them selling for higher amounts. For example, a block of flats in Finsbury Park with a Banksy mural is now valued at £1.3m, having been purchased for £400,000 in 2012.
The auction of this property is considered the best approach due to the uncertain value associated with the presence of the Banksy artwork. It is speculated that potential buyers might pay a premium to own a property with a Banksy mural, given the artist’s global acclaim and the cultural significance of his work.
In conclusion, the upcoming auction presents a unique opportunity for art collectors and property investors alike to acquire a piece of Banksy’s legacy while potentially gaining a lucrative rental property in Bristol.