The Economist | Banksy - NOT American Graffiti

THE phenomenon of Banksy, an English graffiti artist, seems to have got out of hand. Banksy, who trades heavily on his anonymity, began drawing on walls alongside streets in north London and Bristol, his hometown.

But his stencils—often of rats making mordant political jokes—have come in from the cold streets to the prosperous warmth of London galleries and auction houses. Record prices for Banksies have been repeatedly set and exceeded over the past nine months.

The rush began in February, when Sotheby's sold seven of Banksy's works in oil, enamel, acrylic and spray-paint. Bonhams took up the baton, and set the pace in April, selling Banksy's “Space Girl and Bird” for £288,000. This autumn, Bonhams has auctioned another 11 Banksies, and Bloomsbury no fewer than 21.

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