The Banksy mural, which the Detroit Free Press describes as one of the city's most famous and controversial pieces of street art, was auctioned off in California on Wednesday for $137,500.
Mark Stryker of the Detroit Free Press, writes that the mural, painted in 2010 amid the ruins of the Packard Plant by the anonymous British celebrity artist known as Banksy, sold at Julien's Auctions in Beverly Hills, Calif., for $137,500.
Stryker reports that the final price was far below the auction house's pre-sale estimate of $200,000 to $400,000
Stryker reports:
Still, that means 555 Gallery, the Detroit nonprofit gallery whose artists excavated the 8-foot, 1,500-pound mural from the abandoned Packard Plant in 2010 will pocket $110,000, which was the winning bid, or hammer price.
The final price includes a buyer's premium that goes to the auction house, in this case 25% of the first $200,000 of the winning bid.
