The return of the Margate Banksy to Dreamland is in question after it was revealed that the mural is likely to go to auction following an approach by ‘a community of art collectors.’
Banksy’s Valentine’s Day Mascara originally appeared on a property in Margate’s Park Place on February 13 last year. The piece was then removed the following month, overseen by Red Eight Gallery which was called in by the artist owners of the property to deal with preservation and sale of the work.
The removal process cost £195,000.
It was taken to Dreamland and unveiled in June, with an announcement in August that the park would be the permanent home of the artwork following a decision to sell it by issuing shares.
Showpiece announced a ‘fractional ownership’ plan for the piece, which has been valued at £6 million, with 27,000 shares costing £120 each.
Now Showpiece has contacted ‘fractional’ owners ask them to vote whether to sell the piece and say a full sale would mean Thanet-based charity Oasis Domestic Abuse Service will receive £100,000 from the proceeds.
An email to those who bought shares said: “Earlier in the year, we informed you that an offer was anticipated on Banksy’s VDM; we’re now excited to share the details.
“In the event of a successful sale, collectors would earn a minimum 20% increase on their purchase and over £100,000 will be donated to Oasis!
“The offer – A community of art collectors and enthusiasts has made an approach for permission to auction the mural to its members. A sale of up to and including £6m would result in a payment of £152 per piece owned by collectors. This reflects a 20% increase on the £120 piece price, plus a ‘refund’ of the £8 administration fee paid at point of purchase.
“If the hammer price exceeds £6m, so does the offer per piece.
“Our aim at Showpiece is and always has been to build and democratise an incredible collection of items, however, we feel the offer negotiated on behalf of our collectors is a good one and offers a substantial £100k donation to Oasis, a charity doing incredible work in the fight against domestic violence.”
Shareholders are being asked to vote either for or against the sale.
Showpiece says in the email: “In the event of a ‘Yes’ vote, we will manage the process on behalf of Showpiece owners. Banksy VDM will be offered to the art collector community for purchase.”
The funding for Oasis is earmarked to be used by the charity for preventative work aimed particularly at young people.
The sale has previously been problematic because most UK auction houses will not take it on because Banksy’s Pest Control – the only official organisation responsible for the authentication of his artworks and the issuing of certificates of authenticity – has not issued paperwork for it.
Last September the piece, which weighs some 3.8 tonnes, was on the move to be shown as one of the 110 works in the Art Of Banksy exhibition at Regent Street.
At that time Dreamland bosses said: “We anticipate that the artwork will return to Margate to take up its place in Dreamland again in early 2024.”
However, the art – a comment on domestic violence which shows a woman with a swollen shut eye and missing tooth with a man’s legs poking out from a chest freezer, alongside an upturned chair – then went on show at the Yamaha store in London in early 2024 and has remained there since.
Bosses at the London store said they expected the art to be removed by the end of August but it is not clear if this has been done.
