Millions or 'just' $300,000? Experts split over Lowestoft Banksy valuation

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Banksy art dealer John Brandler has estimated that the Lowestoft art piece could potentially sell for millions at a private auction house in America. - Credit: Mick Howes

Art dealers are split over the value of a Banksy which was removed from a Lowestoft street - with estimates ranging from millions to hundreds of thousands of dollars.

John Brandler, a private art dealer from Brentwood, Essex, said he believes the sandcastle piece could sell for 'millions' after it was revealed on Monday that it will be shipped off to Juliens Auction House in Culver City, California, where the owner of Lowestoft Electrical, who lives in London, plans to sell or auction it off.

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A Banksy artwork on Lowestoft high street has been removed from the side of the electrical shop building. - Credit: CHARLOTTE BOND

It comes as Banksy's last piece, Love in the Bin, sold for £16million at Sotheby's in London in October.

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John Brandler, believes that the Banksy artwork from Lowestoft could sell for 'millions'. - Credit: Matthew Lloyd

Mr Brandler said: "The owner of the former Lowestoft Electrical store originally put the property on the market for £300,000 but then took it off the market and put it back on the market for £500,000.

"He has now decided to sell the piece at auction in America.

"Considering Banksy's last piece sold for £16 million in October, the owner may be surprised to know that this piece could sell for millions, making him quite a lot of money.

"This piece does not have a certificate proving it is a genuine Banksy piece yet, meaning it can not be sold or auctioned off in the UK.

"However, Banksy posting the 'Spraycation' artworks on his Instagram page acts as verification that it is a genuine Banksy piece for art dealers across the rest of the world."

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But Andrew Lilley, contemporary art consultant of Lilley Fine Art in Belfast, which has a large Banksy collection, believes it will sell for a more moderate $300,000 to $400,000 because it is a street piece with no official Banksy certificate.

Workers at the Banksy artwork removed it on Sunday and it is now on its way to America.

It has now been revealed when it will go on auction and how you can get involved.

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The Banksy mural was boarded up last Friday (November 12). - Credit: Mick Howes

Darren Julien, CEO/President of Juliens in California said: "The piece will definitely sell minimum in the hundreds of thousands, potentially in the millions. 

"We are planning to sell it in January around our auction for MusiCares during Grammy’s week. 

"Many of the top Rock “n” Rollers are Banksy collectors and the auction will take place in our Beverly Hills Gallery.

"People will be able to bid online at www.juliensauctions.com as well on the phone, by proxy and in person.

"Online bidders will be able to bid in real time where they can see and hear the auctioneer."

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The Banksy artwork will be sold at auction in January 2022 in Culver City, California. - Credit: Mick Howes

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