Exploring the Modern Art Market

Date: 19 Nov 2025

Karen Jones

The Intersection of Art, Activism, and the Value of Protest. We hear that a court ruled that graffiti works were protected under the Visual Artists Rights Act of 1990 in New York and the developer was ordered to pay the maximum amount of statutory damages of $6.75 million. The intersection of art, activism, and commercial value has never been more pronounced, as observed by key figures in the art industry. From iconic Banksy pieces to museum-targeted protests, the art world is grappling with the evolving definitions of value, purpose, and ownership. Through the perspectives of curators, legal experts, and finance professionals, we gain insights into how art’s role as a vehicle for social commentary influences both its financial worth and societal impact.

Activist Art in the Public Eye

Banksy has become synonymous with street art and social commentary, and Tabitha Philpott Kent, Director of Shapero Modern, observes that Banksy “brought activist art to the mainstream.” His pieces, often loaded with satire and social critique, have sparked a highly active market for limited edition prints and unique pieces. Notably, his infamous 2018 Sotheby’s auction stunt, in which a painting shredded itself immediately after sale, did little to deter interest. In fact, the work’s value soared, ultimately selling in 2021 for a record £18,582,000. The public theater surrounding Banksy’s work has cemented his influence, showing that in the world of activist art, spectacle often enhances both impact and market value.

However, art as protest can also generate challenges for museums, as Sarah Barker, Head of Art Law at Withers law firm, notes. Art activism in British museums has seen physical attacks on iconic works, such as Van Gogh’s “Sunflowers” and Velazquez’s “Rokeby Venus,” leading the National Gallery in London to ban liquids in its premises to prevent further damage. These protests have forced the National Museum Director’s Council to appeal to activists to cease museum-targeted demonstrations, emphasizing that museums serve as spaces for “light and solace,” especially during turbulent times.

The Legal Landscape of Protest Art

With the increasing prevalence of graffiti as an art form, legal perspectives on art ownership and artist rights are also evolving. Joshua Rubenstein, Chair of Katten Muchin Rosenman’s Trusts and Estates Division in New York, highlights the 2018 case of 5Pointz in Long Island City, New York, where a court ruled that graffiti works were protected under the Visual Artists Rights Act of 1990 and the developer was ordered to pay the maximum amount of statutory damages:  $150,000 each for 45 distinct works to 21 contributing artists, for total damages of $6.75 million. This precedent acknowledges graffiti as a protected art form, even in cases where it clashes with property ownership. As views on politically sensitive public statues have shifted, legal frameworks continue to adjust, balancing historic preservation with evolving societal standards.

In Switzerland, legal changes promise a significant shift in art market transparency. Jutta Gangsted, Senior Associate at law firm Lenz & Staehelin explains that Switzerland’s forthcoming federal transparency register aims to mitigate money laundering within the art industry. This legislation, expected to impact Switzerland’s art market in the coming years, will introduce regulations that require greater accountability from buyers, potentially impacting both local and international transactions. This evolving transparency could, as Gangsted suggests, reconfigure power dynamics in the art market by curbing anonymity and increasing the influence of artists.

The Challenge of Preserving Public Art

Art in public spaces introduces both value and vulnerability for property owners. Hetty Gleave, Partner at Fladgate who specialises in family and art law, discusses the impact of a Banksy mural appearing unexpectedly on a residential building, posing both opportunities and challenges. Such artwork can enhance a property’s value, yet it also introduces security concerns and potential liability. Property owners may face difficult decisions about whether to preserve these unsolicited artworks, and the logistics of protection can include costly structural measures. Gleave notes that the debate over ownership and preservation highlights the dilemma facing unwitting property owners caught between protecting valuable art and maintaining personal control over their property.

The preservation of public art is not limited to buildings, as the recent “Just Stop Oil” protests demonstrate. Art activists targeting high-profile museum pieces—such as Van Gogh’s works—highlight the ease with which public art can become the site of protest. As museums respond by increasing security, insurance companies may soon require higher standards of protection to minimize risk.

The insurance view

James Ferrer, Head of Fine Art insurance at Lockton adds, “Will insurers pay up? National Collections tend to be covered under the UK Government Indemnity Scheme (GIS), which is an alternative to commercial insurance. It allows art and cultural objects to be shown publicly in the UK which might not have been otherwise because the cost of insurance would have been too high. Ultimately, this means the Public purse is responsible for paying to fix it via tax payers money.” He says, “It is very unlikely museums will become uninsurable. It’s more likely that security measures will be adjusted accordingly to reduce these threats.”

Defining Art in an Evolving Market

The concept of “art” itself continues to evolve, as Clifford Ng, Co-Managing Partner of Zhong Lun’s Hong Kong office points out, highlighting the challenges in defining protest art. While some art, like Picasso’s Guernica, may be readily recognized as protest, the intent behind works such as Warhol’s Electric Chair or contemporary Chinese art is often less clear. Ng suggests that the fluidity of art’s purpose, whether as protest or commentary, contributes to its cultural and monetary value.

Maurizio Cattelan’s “Banana” sculpture—an actual banana affixed to a wall with duct tape—sparked both intrigue and debate on art’s inherent value when it first sold for $120,000 in 2019, then sold for $1 million and is soon to return to auction with Sotheby’s for $1.5mn . As Dr. Ariel Sergio Davidoff of Davidoff LAW notes, the art market’s acceptance of unconventional forms and media reflects its openness to shifting social norms. He argues that monuments and controversial art should be preserved to encourage reflection rather than censored, as the interpretation of art changes over time.

The Growing Influence of Activist Art

Chen Chowers, Relationship Manager, Art Sector at HSBC, elaborates on how art as activism has historically thrived through public works, but it now increasingly intersects with the commercial sector. Banksy’s public installations have become crucial to his brand, feeding demand for more marketable, smaller-scale pieces that mirror his social themes. Collectors of activist art are thus not only buying into the work itself but also the underlying message and social significance of the artist’s broader public persona.

Conclusion: The Art of Activism as a Catalyst for Change

The discussions presented by these industry leaders reveal a complex landscape where art, activism, legality, and financial value interconnect. The commercialization of protest art, as seen with Banksy and others, reflects society’s evolving acceptance of art as both a medium for social commentary and a tradable asset. As both creators and collectors navigate the challenges of preservation, legality, and market demand, the role of art as a catalyst for social change is set to expand, redefining the very boundaries of value and meaning in the art world.

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Estimated reading time: 7 minutes