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Banksy pieces sold at auction

Two spray paintings by Banksy sold for an above-estimate £120,000 pounds each in a London sale of urban art last night.

Laugh Now but One Day We’ll Be in Charge“Â featuring a chimpanzee wearing a sandwich board, and “Bombing Middle England,” showing pensioners playing bowls with grenades, achieved the joint top price with fees at a sale by the U.K. regional auction house.

They had been expected to fetch up to 50,000 pounds and 80,000 pounds each. Both were bought by telephone bidders. The 146-lot sale in an industrial space in Shoreditch, east London, the first of its type ever organized by a regional auction house, totaled 801,204 pounds with fees against an estimate of 672,000 pounds to 977,000 pounds, with 89 percent of the lots sold during the three-hour event, the company said.

“The results were mixed in places,” said Stephan Ludwig, in an interview after the sale. “But considering what’s happening in the broader economy, particularly in an area like property, it showed that the market for this kind of art is resilient.”

The most highly valued work in the catalog was Banksy’s early freehand painting, “Portrait of an Artist.” This failed to sell against estimates of 150,000 pounds to 200,000 pounds. Banksy’s stencil-on-foam board, “Glastonbury Sign,” acquired by the seller directly from the artist at the 2003 Glastonbury pop festival, sold for a mid-estimate 45,600 pounds.

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Council vandalises Banksy’s latest masterpiece

A new stencil by Banksy, possibly worth over £100,000 , has been painted over by the local council .
Last year, Islington Council had a policy of protecting Banksy’s work . It compiled a list of works by Banksy in their area to prevent them being painted over by clean-up teams. But the council now seems to have had a change of heart and said: ‘It’s graffiti and we treat it that way, whether it’s Banksy or not. Residents in the houses opposite complained and we covered it up.’

Banksy’s work has been bought by Hollywood film stars Angelina Jolie and Brad Pitt. At an auction in New York earlier this year, a piece sold for £950,000.
The 4ft by 4ft stencil, set on a lime green background, depicted two young girls sitting at a desk with a Kalashnikov rifle, playing with bullets rather than pencils. The elusive Banksy, with his face hidden, was spotted painting the scene towards the end of last month. But the mural was painted over with masonry paint, after residents complained.