In what can only be described as a groundbreaking move, Red Eight Gallery has orchestrated a truly remarkable art transaction, facilitating the fractional ownership sale of Banksy's iconic public mural, "Valentine’s Day Mascara." This powerful artwork, which confronts the harrowing issue of domestic violence, now invites art enthusiasts to become stakeholders through a unique investment opportunity priced at $153 (£120) per share.
The negotiation process was an art in itself, orchestrated by Red Eight Gallery together with Showpiece, a fractional ownership platform. The mural, originally crafted in Margate, has been valued at an impressive $7.64 million (£6 million) by the discerning eye of Robin Barton from Bankrobber Gallery. The sale officially launched on August 22, offering a total of 27,000 shares.
"Valentine’s Day Mascara" poignantly portrays a 1950s-style housewife bearing the visible scars of domestic abuse, with a black eye, bruised cheek, swollen lip, and a missing tooth. She is depicted wearing a bright blue gingham dress, an apron, and yellow latex gloves, with her arms outstretched. Initially, the mural featured the woman beside a chest freezer, hinting at her liberation from an abusive relationship.
While Banksy confirmed the authenticity of the artwork on Instagram, Usher pointed out that it had not been officially authenticated by Banksy's studio, Pest Control. “The lack of authentication means we can’t take it to an auction house,” he says. “There is a grey secondary market for these pieces, but in the current financial market, those people are just not there”.
Banksy and Pest Control have traditionally shied away from endorsing the sale of works extracted from their original contexts, but "Valentine’s Day Mascara" joins a select few exceptions. One such instance is "Crowbar Girl," which sold for an estimated $2.4 million after being removed from an electrical shop's wall in 2021.
The removal process, completed in April at a cost of nearly $250,000 (£195,000), signifies the dedication to preserving and showcasing this powerful artwork.
A portion of the proceeds will be dedicated to the cause depicted in "Valentine’s Day Mascara." Showpiece has committed to donating to Refuge, a UK domestic violence charity, while the mural's owner pledged a six-figure sum to Oasis, a Margate-based charity supporting families affected by domestic abuse.
For those eager to witness the mural's grandeur firsthand, The Art of Banksy Exhibition on Regent Street, which opened on September 13, 2023, hosts the colossal 3.8-ton artwork and is available for public viewing. The exhibition's curator, Michel Boersma, describes the installation as a tense but momentous operation, emphasising its value as a free-to-view street piece that “casts a light on domestic abuse.” He adds that the exhibition “is also donating a share of its merchandise sales to various independent charities focusing on refugee support, Ukrainian relief, and female empowerment causes.”
The exhibition promises over 150 of Banksy's iconic works, including the previously unknown "Mona Lisa" and the original "Flower Thrower." Tickets start at £17.50, with the exhibition running until 2024.
