Be sure to enter our AI Banksy Art Contest and share what you think the illusive British artist looks like. In case you didn't attend the latest Christie's or Sotheby's auction, don't know about Damien Hirst's sharks, haven't seen the documentary Exit Through the Gift Shop, or don't know about the street artist Banksy this Flipboard Friday is for you because my Banksy Ukraine stamps arrived!
Banksy is an anonymous England-based street artist, political activist, and film director known for his satirical, provocative, and often politically charged street art. Banksy uses stencils and spray paint, so some call him a graffiti artist and think of his art as vandalism, but I'm not in that camp. Banksy's devilish dark humor and distinctive style thrills fellow artists, collectors, and the art market from New York, Los Angeles, and Kyiv. His work has appeared secretly on museum walls, streets, and buildings worldwide and has garnered international attention and acclaim.
Banksy knows the art world is a game where he is better out than in because accepting the millions each piece of art he creates could earn or the fame associated with being the most significant living British artist would make it impossible to create new works such as his Girl with a Balloon or a child flipping Putin. Furthermore, Banksy's anonymity means he controls his market, not the other way around. Use the links below to discover how Banksy and fellow British artist Damien Hirst changed the contemporary art market and the marketing lessons every company and brand should steal from Banksy.
Banksy and Damien Hirst have used different approaches to bend the contemporary art market to meet their needs. Each has contributed to reshaping the perception of art, its value, and how it is bought and sold.
Anonymity Banksy's anonymous identity has created an air of mystique around his work, generating media attention and public interest. Banksy's "blue ocean" strategy engaged traditional collectors and "non-customers" or people who don't visit MoMA or the Whitney Museum but who love it when the artist hacks a telephone kiosk or creates his art in a war zone.
Value Banksy has popularized street art and elevated it as collectible art. Banksy expanded the market for this previously undervalued art by bringing street art into galleries and auction houses. I love the story of Banksy sitting at a table near central park, selling his works for fifty or a hundred dollars. Many of those works are worth hundreds of thousands, yet another art world prank.
Commentary Banksy uses his artwork and public actions to critique the art market, challenging traditional notions of value, ownership, and commodification. For example, his "Girl with a Balloon" self-shredding prank during a Sotheby's questioned the art's value and the role of the art market.
Control Hirst's groundbreaking 2008 auction, "Beautiful Inside My Head Forever," bypassed the traditional gallery model, selling his work directly through Sotheby's. This move demonstrated the potential for artists to take control and set a precedent for direct-to-auction strategies. The sale earned the auction house and Hirst more than $100M.
Pricing Damien Hirst's work, such as his diamond-encrusted skull titled "For the Love of God," has fetched record-breaking prices at auctions, contributing to a reassessment of the monetary value of contemporary art. Hirst understands art supply and demand, where collectors become partners because a low hammer price devalues their collection.
Investment Hirst's control and pricing reinforce the art as an investment idea, attracting collectors and investors who may be more interested in the financial returns than the artwork itself. Hirst's shredder is metaphorical and one he controls.
Branding Hirst's large-scale productions, various product lines, and extensive merchandising commercialize and brand his contemporary art, blurring lines between art and consumer products goods (CPG).
Banksy and Damien Hirst changed the art market by pushing the art world's boundaries and influencing how artwork is perceived, valued, and sold. They have also reduced the power of galleries and other gatekeepers while opening the market to artists who challenge conventional norms and expectations. Now let's see what Banksy marketing lessons your company, brands, and products should steal.
Banksy is a master marketer bidders and collectors are so desperate to own a Banksy they use jackhammers to peel his stencils off walls and billboards. Here are a few Banksy branding lessons you should steal:
Mystery Every company and brand we work with tends to sell over, not Banksy. Banksy's anonymity, intrigue, humor, and pranks create curiosity about his work and identity. He understands trends, culture, and the zeitgeist, so well-organic discussions and media coverage cover his every move. Ironic that appearing not to want coverage creates an army of media waiting for Banksy's next story, street art, and prank.
Guerrilla Banksy's street art often appears unexpectedly, creating buzz, excitement, and surprise. Businesses should learn and adopt guerrilla marketing tactics – unconventional, low-cost promotional strategies to surprise, maximize impact, and generate word-of-mouth friends of friends awareness.
Authenticity Banksy consistently delivers thought-provoking messages, critiquing social, political, and environmental issues. Brands should align with and share their purpose and value system to foster genuine connections with their audience.
Creativity Banksy's work is known for its originality and innovative use of various mediums. Brands should similarly prioritize creativity, taking risks, and thinking outside the box to differentiate themselves in the marketplace.
Social Media Banksy knows everyone is connected, so he uses social media to share bold visuals and locations of new work. Social media becomes a way to confirm a work's provenance - that it got created by Banksy, not Mr. Brainwash or Thierry Guetta. Marketers should take note and create content that is easily shareable, eye-catching, and tailored for digital platforms.
Emotions Banksy's work makes viewers laugh, cry, and get angry. Marketers create powerful, memorable experiences that win customer hearts, minds, and loyalty by tapping into the target audience's emotions.
Exclusivity Banksy's art often only exists briefly before being removed or painted over, creating a sense of urgency and exclusivity. Therefore, brands should offer limited-time promotions, exclusive products, or unique merchandising to drive demand and excitement.
Collaborations Banksy collaborates with other artists and cultural institutions. He uses his notoriety and fame to help causes, institutions, and people he likes, such as his Dismaland dystopian and satirical theme park. The park featured works by more than fifty artists and was open for a limited time from August 22 to September 27, 2015, in the British seaside town of Weston-super-Mare.
By studying Banksy's approach to art and marketing, businesses can learn valuable lessons about building a solid brand identity, creating buzz, and fostering deep connections with their customers.
Banksy surprised me, too, because I'd written off my eBay purchase of Banksy stamps featuring Putin flipped by a girl. I didn't connect that Banksy's stamps would be coming from Ukraine, but when the tiny package arrived from Yaroslav Marchenko with strange stamps and a Kyiv 142 route, I knew my stamps had arrived.
Banksy's stamps illustrate many marketing lessons your company and brands should steal, including Banksy's collaborations with Yaroslav and other Ukrainians. I love Yaroslav's beat-up mailer so much that I will have my framer include it with Banksy's stamps. That's right; these stamps aren't going on letters. Instead, they will go inside a frame behind UV-protective glass. Banksy's attention to detail is evident too. Each set of six stamps got printed with perforations and as if pasted to a war-torn wall. A small interior sleeve with a Russian word I don't know is in red. Does anyone know what the red word below the stamps on the left means?
The humor, commentary, collaborations, and attention to detail Banksy is known for comes through in his stamps loud and clear. I tried to communicate with Banksy once, but that attempt went nowhere, and that's okay. Meeting or emailing Banksy would destroy his mysterious place in my mind and violate several of the Banksy marketing lessons this post shares. Banksy, wherever you are, rock on, and thanks!