Big art has been hijacked by big money. Art as an investment vehicle, something to preen yourself with, show others you are elite. This shows the hypocrisy. Unfortunately it will not change anything. The piece has just become more valuable, I predict. Go Banksy. Art for the masses.
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 r…
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.