Evaluating the impact of the global COVID-19 pandemic on Banksy’s limited edition print market

Abstract

The global COVID-19 pandemic profoundly impacted almost all aspects of people’s lives. Economic disruptions were felt across various sectors, including the art market. This study analyses the market for the renowned niche street artist, Banksy, specifically focusing on his limited-edition prints. By examining auction price data, the aim is to identify whether a pandemic-induced bubble inflated the prices of these prints. Employing a random effects model, variations in the bubble’s extent across different print images are estimated. The findings provide evidence of a link between high print prices and the pandemic, further suggesting the presence of a bubble in this market. This bubble peaked in the second half of 2020 but had largely receded by mid-2023, with prices returning to roughly expected pre-pandemic levels. As hypothesised, certain print images, notably ‘Love is in the Air’, experienced more pronounced inflation compared to others.