A real estate developer in the UK has bought an artwork to build some luxury flats. The Telegraph explains how a Liverpool developer bought a commissioned Banksy because he wanted the pub in was painted upon.
But after purchasing the artwork at auction on Thursday for £114,000, property developer Billy Palmer, 44, admitted he has no interest in preserving the painting, despite protests from art lovers.
“I’m not a fan of modern art, I can’t say I know much about it really,” he said after the auction at Liverpool’s Marriott Hotel. “All I was concerned about was getting this great building for a good price, I’m going to turn it into luxury flats. I might leave the Banksy on the wall until last, just to see how it looks, but it will have to go to get the look I want.”
As an official commission, the work is a rarity for Banksy. He has stopped authenticating his work to prevent dealers from cashing-in on his now global fame.