In 2010, while in town for the Los Angeles premiere of his documentary “Exit Through the Gift Shop,” the British street artist Banksy left a gift for fans: a mural of a girl on a swing, dangling beneath the five-foot red “A” of the word “PARKING” on a gritty downtown lot.
Now that girl — as well as the historic building in the downtown fashion district that serves as her canvas — is for sale to the highest bidder.
— The New York Times
The historic 26,000-square-foot Downtown Los Angeles building was purchased for $4 million three years prior to the popular documentary's premiere and underwent a $1.8 million renovation before its then-owners filed for Chapter 11 bankruptcy in April this year.
Art dealer Jeffrey Deitch says the 12- by 33-foot mural’s intrinsic value merits a different kind of appraisal. (“This is free public art. It is not meant to have a commercial value and be resold. That’s not the intention of the artist.”) The best estimate from the previous owners was reportedly $16 million without the girl, which Sotheby’s placed at a minimum of $10 million standing alone. A resolution will come when the building goes to auction on October 6th.
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