Last week saw Bonham’s, Bond St, London, hold their bi-annual Urban Art Sale. Needless to say it was conducted to a packed auction room and despite all the gloomy media predictions about an impending economic downturn, all lots demonstrated that the art market continues to show excellent growth with record prices achieved for many artists.

In particular, it was Banksy works that set a new precedent for 2011, and not just for original works. His signed editions too saw huge results compared to their estimates with the highlight being a signed standard edition ‘CND Soldiers’ selling for over £13,000.

Leonora Oldfield, from Bonhams, said "Banksy was the star of the sale. All of his works sold, fetching above their estimates, showing that the appetite for Banksy continues." The sale in total realised £534,700 with a very strong 95% sold by value.

The September Urban Show eclipsed Bonhams’ previous show in January this year demonstrating again that contemporary & urban artworks are bucking a current trend and it’s not all doom and gloom out there.