Urban Canvas: Street Art's Rise to Prominence in the Art Market

Street Art is described as visual art created in public locations for public visibility. Once considered an act of rebellion and vandalism, Street Art has today evolved into a celebrated component of the global art market, achieving incredibly high prices at auction and in the gallery sector. Its transformation from a documentation purpose to a recognized art form is highly interesting and showcases how an art form is gradually accepted in the art market and how the art market continues to evolve and influence it.  

Banksy, Rage, the Flower Thrower, 2003. Photo Courtesy: Banksy & The Collector.

Historical Context and Evolution 

The process of painting on walls, is not a new one. People have used natural surfaces to paint and draw since prehistoric times. Illustrations about daily life’s have been used in prehistoric times to demonstrate prosperity and unity of early human communities. 

However, what we call Street Art today, inherently differs from the aforementioned wall paintings. The development of Street Art can be traced back to the 1920s and 1930s in New York City. That marked the first appearance of name-based tags and primitive graffiti throughout the city, believed to be territorial markings by rival gangs active in New York City during that period. 

Whilst this was the first time after prehistoric times, that walls have been used as canvases, it was not before the 1960s that, Street Art started evolving from a signature form to an accepted art form. With New York on the brink of bankruptcy, and with a vast amount of building and factories closing down, the city's abandoned spaces became a fertile ground for artists to express themselves, transforming the urban landscape into a vibrant gallery of creativity and social commentary. 

Soon after, Street Art began to attract attention and was documented by renowned photographers, spreading its influence globally. The publication of various books brought artists like Keith Haring and Jean-Michel Basquiat to the forefront. They started gaining recognition from established art institutions such as galleries and auction houses, emerging as some of the first prominent Street Artists. 

Willy Spiller, Dangerous Ride, a subway car covered in graffiti and Street Art at Franklin Street Station, New York, 1978. Photo Courtesy: Willy Spiller & Art Land Magazine.

Street Art today 

Today, Street Art is no longer confined to alleyways and abandoned buildings. It has become a significant part of the contemporary art market, attracting collectors, investors, and art enthusiasts. Auction houses such as Sotheby’s and Christie’s regularly feature Street Art in their sales, with works by renowned artists fetching millions of dollars. For instance, Basquiat’s work Untitled, 1982, sold for 110.5 million dollars, in 2017 at a Sotheby’s Contemporary Art Evening Auction.   

Whilst some street artists enjoy an official gallery representations others believe that Street Art’s essence is its connection to the streets and its role as a form of social and political commentary, which gets lost in the traditional notions of the art world. 

Thus, two distinct streams of Street Art have emerged in contemporary times. One stream diverges from traditional notions of the art world, often mocking and challenging them, making bold statements that art should be accessible to everyone. The other stream embraces these conventions, adapting to the restrictions they impose while still thriving within the established art market. 

Neither approach to creating Street Art can be definitively labelled as the 'right' way, as each invites its own set of criticisms and challenges from the broader art world and society at large. 

Jean Michelle Basquiat Sale at Sotheby's. Photo Courtesy: Sotheby’s.

Challenges and Criticism 

As already mentioned, one main critique brought forward in the art world is the role of Street Art as a form of social and political commentary. With an increased commercialisation and Street Artists depended on income, this gets increasingly lost in major works, making one question if the art world is really gearing Street Art into the right direction.   

An artist reflecting this controversy well is Banksy. Banksy is a street artist known for his distinctive stenciling and dark humor.  His public artworks tackle social and political issues like war, capitalism, and surveillance.

Interesting about him, is that despite global fame, reached through social media, his true identity is unknown. His anonymity, while adding to his mystique, however is seen by some as a marketing tactic that detracts from the authenticity and accountability of his activism. Moreover, critics also point out there is an irony between his commercial success and high art market prices, and his anti-capitalist messages, making one question how much social media really can impact the world of Street Art.  

Another issue with the art market is the increased commodification of Street Art. The commodification of Street Art can lead to issues of accessibility and equity. As prices soar, original Street Artists may find themselves excluded from the financial benefits of their work, while collectors and investors profit. This has sparked debates about the ethics of profiting from what was once an anti-establishment art form. 

Lastly, the preservation and relocation of Street Art raise ethical and legal questions. With the nature of Street Art being on the Streets and the artist intention of it being temporary, its removal by authorities, for preservation, without the artist’s consent can be viewed as cultural appropriation. The balance between preserving these artworks and respecting the artist’s intentions can be delicate and very difficult to do.  

Banksy's street mural. Photo Courtesy: Banksy & Vocal Media.

Conclusion

In conclusion, the trajectory of Street Art from its origins as an act of rebellion to its current status as a coveted component of the global art market illustrates a remarkable evolution in the perception and reception of art forms. What began as an act of vandalism expressions has nowadays evolved into a recognized art form that commands high prices at auctions and galleries worldwide. 

Moreover, it becomes visible that Street Art today occupies a dual role: some artists embrace gallery representation and commercial success, while others advocate for its authenticity and social relevance as an art form rooted in public spaces. As a consequence, this dichotomy reflects broader debates about the commercialization and commodification of Street art, raising critical questions about accessibility, equity, and cultural appropriation.

In essence, the journey of Street Art exemplifies art's ability to provoke, challenge, and inspire, while navigating the complexities of a rapidly evolving art market. As street art continues to evolve, it will be interesting to observe how the art market and the world engages with the challenges aforementioned and how evolving technology will impact artist’s interaction with the world. Without doubt however one can say that Street Art’s impact on contemporary culture and society remains profound, reflecting ongoing dialogues about art's role in public spaces and its broader societal implications. 

Sandra Nikusev

Art Markets Co-Editor, MADE IN BED