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LOS ANGELES — A historic, mixed-use building in the heart of downtown Los Angeles, best known for its exterior wall paintings by graffiti artist Banksy, is up for auction.
Hilco Real Estate is auctioning a building called the Sparkle Factory in the heart of the fashion district. The deadline for bidding is Thursday.
The seven-story, mid-rise building at 908–910 South Broadway, built in 1914, features an authenticated Banksy mural “Girl on Swing,” which the exterior can fetch tens of millions of dollars. It is Los Angeles’ only independent Banksy mural.
Jeff Azuse, Senior Vice President of Hilco Real Estate, said, “This sale represents an unprecedented opportunity to own a treasured Banksy mural, iconic Hollywood history. and an icon of Los Angeles culture. It is contained within a beautifully restored Art Nouveau landmark,” said Jeff Azuse, senior vice president of Hilco Real Estate, in a press release.
Sparkle Factory Building in downtown Los Angeles’ fashion district. (Courtesy Hilco Real Estate)
Banksy, the pseudonym of an anonymous British artist. is one of the most famous artists of this era.
Banksy is known for its anti-guerrilla, anti-establishment dictator art, often unauthorized spray-painted on the facades of buildings.
His certified artworks are sold around the world at auctions and fetch millions of dollars.
In 2010, it was believed that Banksy painted a mural on the side of the Sparkle Factory building without the owner’s consent. when he was in Los Angeles to screen the Oscar-nominated documentary “Exit Through the Gift Shop” about him and his work.
A 12ft x 33ft black and white mural depicting a young girl on a swing under the word PARKING, with ING washed in white.
Art critics believe that art serves as a social commentary for the lack of park space for children. Play in an urban urban environment.
The interior of the first floor inside the Sparkle Factory building in Los Angeles’ Fashion District. (Courtesy Hilco Real Estate)
Sparkle Factory owners Tarina Tarantino and Alfonso Campos bought the building for $4 million in 2007.
over the years The couple spent millions of dollars rebuilding the building. Hilgo officials said.
However, the financial challenges posed by the coronavirus pandemic This caused the owner to file for bankruptcy and auction the building.
A Hilco spokesperson said there is no minimum selling price for the building. and the auction will ultimately determine the price.
A Hilgo spokesperson told Spectrum News: “There is nothing like this. World-famous murals are attached to the building with its own rich history. “It’s really incomparable, it’s up to the market to determine the final price.”
A Hilgo spokesman added that the current owner of the building was initially shocked to see Banksy painting the mural and working hard to keep it for the public. The mural has been the target of several vandals, he said.
“The homeowners sincerely hope that the next owner will continue to act as caretaker for the mural, which is LA’s only Banksy mural and, in fact, one of the few remaining in its original location in L.A. United States,” he said, adding that many Banksy’s murals were cut or removed. and is now in a private collection or a museum.
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