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March 1, 2010
Banksy Artwork Pushes Up Bids On Derelict Pub.
One of Banksy’s largest piece of authenticated graffiti, has helped push up the sale price of a derelict pub by almost £35,000 above its quoting price. The former Whitehouse pub, a Grade II-listed building on Berry Street, Liverpool, was offered for sale at Sutton Kersh Binstock’s latest auction.
Initially, the guide price was at £70,000-£80,000, but eventually sold for £114,000 after a very competitive bidding broke out in the auction room.
Eventually, business partners Billy Palmer and Sina Moradian won the battle but said they were not attracted by the building’s artwork and are not fans of the graffiti artist. Their plan is to redevelop the site as an off-licence but cannot guarantee that they will keep the artwork.
The auctioneers said that the Banksy artwork of a rat and machine-gun which appeared on the wall of the pub six years ago added to the pub’s value enormously.