Move over Monet. Artists with street credibility are increasingly dominating the contemporary art market, with the cool factor turning works of graffiti into sought-after investments worth thousands of dollars.
Once the preserve of celebrities who could afford the price tag, the "urban" or "street" art market has survived a downturn and is booming as it attracts more and more investors to the new generation of "underground" artists and their work, according to art experts.
Indeed, art galleries and auction houses in New York and London are reporting an increase in investor interest – particularly at the high end of the market – as both established and new artists vie with the old masters for investors' attention.
On Monday, the UK-based auction house Bonhams, well known as one of the world's oldest and largest auctioneers of fine art and antiques, held its first ever urban art auction in Los Angeles on Monday, with 82 lots of British and American urban artists.
It expected the auction to fetch at least $1 million after successful sales and high demand earlier in London.
Alan Montgomery, contemporary art specialist at Bonhams, said the inaugural sale had gone well with strong prices for some of the American artists, including a couple of world records.