[tetrazine]

In the art world, Banksy is seen largely as trite and is known to attract new and dumb money. If you've seen his film "Exit Through The Gift Shop", Mr. Brainwash, the aspiring artist he portrays, is quite similar to how anyone who knows or cares a little about art sees Banksy himself.

It isn't just "big money" saying this - ask any cool (poor) artists or curators if they like Banksy and you'll be laughed out of the room. He's the Nickelback of contemporary art. It's not because of his message - lots of other artists make biting, hilarious attacks on global capitalism and consumer culture, if that's what you're into.

Also, as others in this thread have pointed out, practices like this shredding don't actually devalue the piece, and may in fact increase it's value. The shredding is an empty gesture signifying the rejection of a culture that the piece is very much a part of. If a piece is just an investment vehicle, what effect does humiliating the owner of the piece have on the piece's function as an investment vehicle, if it does not lower the value? They (allegedly) own the art only for it's value, so how does this strike back at them?

If you want to look getting money out of art, you might start by looking at the early performance art tradition and what it achieved in terms of decommodification. Pay special attention to the amount of lying and inconsistent storytelling. Ask yourself whether "Exit Through The Gift Shop" (grossed 3MM in USA box office and set Banksy on the track to these $1mm sales) achieves any of the same decommodification.

[drasticmeasures]

The stunts are the art.

I am an artist myself. I don't see Banksy as being an anti-capitalist or anti-consumer culture artist. I see that aspect of his performance as a persona, exactly like Mr. Brainwash is, and that he uses that persona as background for his real art, which are the stunts he pulls off to delight wealthy patrons.

I also don't believe he is trying (ineffectively) to rebel against the commodification of art; he's knowledgeable and complicit in it, much like Damien Hirst.

A case for my argument is that he (deliberately) delighted the art auction audience with his stunt (as opposed to insulted); the art work was only half-shredded, allowing it to still be hung; knowing action houses, they had thoroughly inspected the art work before putting it up for auctioning, and were complicit with Banksy's stunt, and this much is evident in their good-natured choice of words for the press; the art work's value has only increased, as has his reputation as a (complicit and well-wishing) prankster.

In short, Banksy has taken the post-modernist concept of an artist with a persona that superficially and ineffectively rebels against capitalism while the real artist is actively, knowingly and profitably complicit with capitalism... Banksy has taken it to a sublime level, and that's why we in the art world who are in on the joke (and know who is really being laughed at: the public who believe in his flimsy anti-capitalist persona) love him as one of us.

[archagon]

While the art world is busy flaunting its taste, real people are reacting to and enjoying Banksy’s art. His name and his work will live on.

[rustcharm]

He also supports terrorist groups like Hamas.