Love Rat

Year: 2004
Medium: Screenprint in colors on wove paper
Size: 50×35 cm (19 1/2 x 13 5/8 inches)
Editions: 150 signed, 600 unsigned
Publisher: Pictures on Walls

 

“First in the Banksy rat pack series, a trademark virulent pest with a heavy romantic garnish. Ideal gift for a cheating spouse.
What part of no don’t you understand?”

 

Love Rat is executed in Banksy’s signature monochromatic stencil style, shown brandishing a large paint brush in his paws. The rat has seemingly just finished painting the outline of a bright red heart on a wall, providing the only touch of color to the print. At first glance, one thinks this act is intended to spread love. However, the blood-red paint drip painting implies that the heart is in fact bleeding, reminding us of love’s potential to induce pain and suffering as well as joy and pleasure. Indeed, Banksy promoted the release of this first of his 2004 rat prints as an ideal gift for a “cheating spouse”.

Rats are one of Banksy’s greatest sources of inspiration and one of the most prolific subjects in his work. An anagram of “ART”, the rat is an allegorical tool used by Banksy to reveal the vices and flaws of the human race. The symbol of the rat is also closely associated with Banksy himself. Hunted down by the authorities, rats, like graffiti artists, tend to appear by night under the cover of darkness, and considered by much of society to be a pest (at least up to a few years ago…). By giving the figure of the rat a voice Banksy is speaking for those oppressed and defeated by the endless competition and consumerism of late capitalism.

 

 

Auction Market Overview

Love Rat (unsigned)

The auction history of Love Rat (unsigned) illustrates a textbook speculative cycle. Between 2019 and 2022, median prices rose sharply, supported by a surge in transaction volume that peaked in 2021. This phase reflects heightened demand for accessible Banksy icons during the post-pandemic expansion of the print market, culminating in a price high in 2022 despite already declining liquidity.

From 2023 onward, the correction becomes structurally evident. Median prices fell sharply as the number of lots contracted to historically low levels, confirming a simultaneous retreat of both buyers and sellers. The depth of the adjustment reflects a normalization rather than a loss of relevance, as Love Rat remains actively traded despite thinner supply.

Data from 2024 and 2025 points to a stabilization phase. Prices have settled above pre-2020 levels while volumes remain controlled, suggesting a more disciplined market driven by informed collectors rather than speculative momentum. At current levels, Love Rat (unsigned) appears to have re-established clear price boundaries consistent with its status as a widely recognized but mature Banksy print.

 

2025 Sold 4 Times
Average Price: GBP 18,895 (USD 24,646)
Top Price: GBP 24,130 (USD 29,810) @ Phillips London on 23 January 2025
2024 Sold 8 Times
Average Price: GBP 16,840 (USD 21,527)
Top Price: GBP 21,440 (USD 27,191) @ Forum Auctions on 30 January 2024
2023 Sold 3 Times
Average Price: GBP 24,242 (USD 30,752)
Top Price: JPY 6,095,000 (USD 43,915) @ SBI Art Auction on 15 July 2023
2022 Sold 8 Times
Average Price: GBP 45,132 (USD 58,191)
Top Price: GBP 69,300 (USD 91,476) @ Christie’s online on 15 March 2022
2021 Sold 15 Times
Average Price: GBP 48,268 (USD 66,736)
Auction Record: GBP 69,680 (USD 96,855) @ Forum Auctions on 5 March 2021
2020 Sold 6 Times
Average Price: GBP 38,663 (USD 49,686)
Top Price: GBP 68,750 (USD 90,750) @ Christie’s online on 23 September 2020

Love Rat (signed)

2025 Sold Once
Selling Price: USD 75,000 @ Heritage Auctions on 16 July 2025
2024 No sale at auction in 2024
2023 No sale at auction in 2023
2022 Sold Twice
Average Price: GBP 69,300 (USD 85,806)
Top Price: GBP 88,200 (USD 111,132) @ Sotheby’s online on 26 April 2022
2021 Sold Once
Selling Price: GBP 94,500 (USD 134,190) @ Phillips London on 14 June 2021
2020 Sold 4 Times
Average Price: GBP 88,638 (USD 116,026)
Auction Record Price: GBP 137,500 (USD 185,625) @ Tate Ward Auctions on 9 December 2020

 

Love Rat (unsigned)

2025 Auction Results

Forum Auctions: 15 October 2025
Estimated: GBP 10,000 – 15,000
GBP 14,000 (Hammer)
GBP 18,428 / USD 24,695

BANKSY (b.1974)
Love Rat (unsigned), 2004
Screenprint in black and red on wove paper
Numbered from the edition of 600 with the publisher’s blindstamp

Sotheby’s London: 24 September 2025
Estimated: GBP 10,000 – 15,000
GBP 19,050 / USD 25,630

BANKSY (b. 1974)
Love Rat (unsigned), 2004
Screenprint in colors on wove paper
Numbered in pencil 532/600 with the publisher’s blindstamp

Sotheby’s London: 1 August 2025
Estimated: GBP 10,000 – 15,000
GBP 13,970 / USD 18,450

BANKSY (b. 1974)
Love Rat (unsigned), 2004
Screenprint in colors on wove paper
Numbered in pencil 192/600 with the publisher’s blindstamp

Phillips London: 23 January 2025
Estimated: GBP 10,000 – 15,000
GBP 24,130 / USD 29,810

BANKSY
Love Rat (unsigned), 2004
Screenprint in colors on wove paper
Numbered 62/600 in pencil with the publisher’s blindstamp

2024 Auction Results

Tate Ward Auctions: 11 December 2024
Estimated: GBP 10,000 – 15,000
GBP 13,750 / USD 17,875

BANKSY (British 1974-)
Love Rat (unsigned), 2004
Screenprint in colors on wove paper
Numbered 402/600 in pencil

Forum Auctions: 29 October 2024
Estimated: GBP 12,000 – 15,000
Hammer: GBP 13,000
GBP 17,420 / USD 22,611

BANKSY (b.1974)
Love Rat (unsigned), 2004
Screenprint in black and red on wove paper
Numbered from the edition of 600 with the publisher’s blindstamp

Christie’s online: 1 October 2024
Estimated: GBP 12,000 – 18,000
GBP 12,600 / USD 16,758

BANKSY
Love Rat (unsigned), 2004
Screenprint in colors on wove paper
Numbered 62/600 in pencil with the publisher’s blindstamp

Forum Auctions: 31 July 2024
Estimated: GBP 10,000 – 15,000
GBP 13,000 (Hammer)
GBP 17,420 / USD 22,300

BANKSY (b.1974)
Love Rat (unsigned), 2004
Screenprint in black and red on wove paper
Inscribed ‘DN’ and numbered from the edition of 600, with the publisher’s blindstamp

Forum Auctions: 11 June 2024
Estimated: GBP 14,000 – 18,000
GBP 11,000 (Hammer)
GBP 14,740 / USD 18,794

BANKSY (b.1974)
Love Rat (unsigned), 2004
Screenprint in black and red on wove paper
Numbered from the edition of 600 with the publisher’s blindstamp

SBI Art Auction: 25 May 2024
Estimated: JPY 3,000,0000 – 5,000,000
JPY 3,910,000 / USD 24,912
BANKSY
Love Rat (unsigned), 2004
Screenprint
Numbered and embossed on the lower right from the edition of 600

Forum Auctions: 30 April 2024
Estimated: GBP 15,000 – 20,000
GBP 13,000 (HAMMER)
GBP 17,420 / USD 21,775

BANKSY (b.1974)
Love Rat (unsigned), 2004
Screenprint in black and red on wove paper
Numbered from the edition of 600 with the publisher’s blindstamp

Forum Auctions: 30 January 2024
Estimated: GBP 15,000 – 20,000
GBP 16,000 / USD 20,291 (HAMMER)
GBP 21,440 / USD 27,191

BANKSY (b.1974)
Love Rat (unsigned), 2004
Screenprint in black and red on wove paper
Numbered from the edition of 600 with the publisher’s blindstamp

2023 Auction Results

Love Rat (unsigned) sold three times in 2023, at LA Modern on 12 October 2023 for USD 18,900, and twice at SBI Art Auction in Tokyo. It sold at SBI Art Auction, in Tokyo, on 15 July 2023 for JPY 6,095,000 (USD 43,915), its highest price in 2023.

LA Modern: 12 October 2023
Estimated: USD 20,000 – 30,000
USD 18,900

BANKSY
Love Rat (unsigned), 2004
Screenprint on wove paper
Numbered 77/600 in pencil with the publisher’s blindstamp, lower left

SBI Art Auction: 15 July 2023
Estimated: JPY 3,000,000 – 5,000,000
JPY 6,095,000 / USD 43,915

BANKSY
Love Rat (unsigned), 2004
Screenprint
Numbered and embossed on the lower right from the edition of 600

SBI Art Auction: 27 May 2023
Estimated: JPY 3,500,000 – 5,500,000
JPY 4,140,000 / USD 28,442

BANKSY
Love Rat (unsigned), 2004
Screenprint
Numbered and embossed on the lower right from the edition of 600

 

2022 Auction Results

Love Rat (unsigned) sold 8 times at auction in 2022 at an average price of GBP 45,132 (USD 58,191). It sold for its highest price of 2022 at Christie’s online on 15 March 2022 for GBP 69,300 (USD 91,476).

 

Christie’s online: 21 September 2022
Estimated: GBP 30,000 – 50,000
GBP 32,760 / USD 39,312

BANKSY
Love Rat (unsigned), 2004
Screenprint in colors on wove paper
Numbered 136/600 in pencil with the publisher’s blindstamp, lower left

Sotheby’s online, 26 April 2022
Estimated: GBP 26,000 – 35,000
GBP 40,320 / USD 50,803

BANKSY
Love Rat (unsigned), 2004
Screenprint on wove paper
Numbered 359/600 in pencil with the publisher’s blindstamp, lower left

Christie’s online, 15 March 2022
Estimated: GBP 30,000 – 50,000
GBP 69,300 / USD 91,476
BANKSY
Love Rat (unsigned), 2004
Screenprint on wove paper
Numbered 556/600 in pencil with the publisher’s blindstamp, lower left


2021 Auction Results

Love Rat (unsigned) sold 15 times at auction in 2021 at an average price of GBP 48,268 (USD 66,736). It sold at Forum Auctions on 5 March 2021 for GBP 69,680 (USD 96,855), setting a new auction record for Love Rat (unsigned).

Bonhams London: 22 September 2021
Estimated: GBP 25,000 – 35,000
GBP 37,750 / USD 52,473

BANKSY
Love Rat (unsigned), 2004
Screenprint on wove paper
Numbered 201/600 DN in pencil with the publisher’s blindstamp, lower right
Sotheby’s online: 17 September 2021
Estimated: GBP 26,000 – 35,000
GBP 40,320 / USD 56,045
BANKSY
Love Rat (unsigned), 2004
Screenprint on wove paper
Numbered 203/600 DN in pencil with the publisher’s blindstamp, lower left
Sotheby’s online: 18 March 2021
Estimated: GBP 20,000 – 30,000
GBP 63,000 / USD 87,570
BANKSY
Love Rat (unsigned), 2004
Screenprint on wove paper
Numbered 24/600 in pencil with the publisher’s blindstamp, lower right
Forum Auctions: 5 March 2021
Estimated: GBP 40,000 – 60,000
GBP 52,000 (Hammer)
GBP 69,680 / USD 96,855
AUCTION RECORD FOR LOVE RAT (UNSIGNED)

BANKSY (b.1974)
Love Rat (unsigned), 2004
Screenprint in colors on wove paper
Numbered from the edition of 600 in pencil with the publisher’s blindstamp

Love Rat (signed)

2026 Auction Results

Sotheby’s New-York: 27 February 2026
Estimated: USD 30,000 – 50,000
USD 76,800

BANKSY (b. 1974)
Love Rat (signed), 2004
Screenprint in colors on wove paper
Signed in pencil and dated ’05 (lower right)
Numbered 69/150 (lower left) with the publisher’s blindstamp

2025 Auction Results

Heritage Auctions: 16 July 2025
USD 75,000


BANKSY (b. 1974)
Love Rat (signed), 2004
Screenprint in colors on wove paper
Signed, dated, and numbered 112/150  in pencil along lower edge

2024/2023 Auction Results

Love Rat (signed) did not sell at auction in 2024, nor in 2023.

 

2022 Auction Results

Sotheby’s online: 17 August 2022
Estimated: GBP 40,000 – 60,000
GBP 50,400 / USD 60,480

BANKSY
Love Rat (signed), 2004
Signed and dated ‘2005’ in pencil, lower right
Numbered 74/150 in pencil with the publisher’s blindstamp, lower left

Sotheby’s online, 26 April 2022
Estimated: GBP 40,000 – 60,000
GBP 88,200 / USD 111,132
BANKSY
Love Rat (signed), 2004
Screenprint on wove paper
Signed and dated in pencil, lower right
Numbered 82/150 in pencil with the publisher’s blindstamp, lower left

2021 Auction Results

Phillips London: 14 June 2021
Estimated: GBP 70,000 – 90,000
GBP 94,500 / USD 134,190

BANKSY
Love Rat (signed), 2004
Screenprint in colors on wove paper
Signed, dated ’05’ and numbered 90/150 in pencil with the publisher’s blindstamp

2020 Auction Results

Tate Ward Auctions: 9 December 2020
Estimated: GBP 100,000 – 120,000
GBP 137,500 / USD 194,250
AUCTION RECORD FOR LOVE RAT (SIGNED)
BANKSY
Love Rat (signed), 2004
Screenprint in colors on wove paper
Signed and dated in pencil, lower right
Numbered from the Signed Edition of 150