
Edition: 25
Stencil spray-paint on canvas
40.5 x 30.5 cm (16×12 inches)
Stenciled “BANKSY” on the right overturn
Further numbered on the reverse
Varying colors of the exclamation point (number unknown)
Among the many rats created by Banksy throughout his career, Exclamation Rat stands as one of the clearest distillations of the artist’s early visual language. Executed in 2004 as a rare edition of only twenty-five spray-painted canvases, the work expands upon the iconic Gangsta Rat motif that had already begun appearing on walls in London during the early 2000s. Combining hip-hop culture, graffiti aesthetics, political subtext, and dark humor, the image rapidly became one of the most recognizable embodiments of Banksy’s artistic identity.
The composition is deceptively simple. Against a stark white background stands a black rat rendered in Banksy’s signature stencil technique. The animal wears an oversized sideways baseball cap reminiscent of 1980s and 1990s New York street culture, a chain necklace around its neck, and carries a portable boombox beneath its arm. Beside the rat appears a large exclamation mark sprayed directly onto the canvas, in either black or vivid red depending on the version. The paint appears fresh and slightly unstable, as though the rat has just tagged the surface moments before being interrupted.

Hip-Hop, Graffiti, and Urban Identity
The image condenses an entire mythology of urban rebellion into a single character. The rat functions simultaneously as outlaw, street artist, social critic, and alter ego. Small, unwanted, and constantly hunted, Banksy’s rats operate outside structures of authority while invading the very fabric of the city. As the artist famously wrote in Wall and Piece, rats “exist without permission.” They survive through invisibility, adaptability, and persistence — qualities that closely parallel both graffiti culture and Banksy’s own anonymous practice.

The connection between the rat and graffiti culture is particularly important here. The boombox, oversized cap, and loose urban attitude directly reference the visual world of early hip-hop and New York street culture, which heavily influenced the global graffiti movement during the late twentieth century. Like the pioneering graffiti writers of the subway era, Banksy positions the rat as a public intruder using walls as a means of communication. The exclamation mark reinforces this idea. It acts almost like a visual siren: a declaration of presence, an interruption, or a demand for attention.
Humor as a Political Weapon
As with many of Banksy’s strongest early works, humor plays a central role in the image. The rat appears simultaneously threatening and absurd. Its tiny paw gestures outward with exaggerated bravado while its oversized accessories parody the codes of gangsta culture. Yet beneath the humor lies a more serious reflection on marginalization and perception.
Rats are traditionally associated with infestation, dirt, illegality, and fear. By transforming them into charismatic protagonists, Banksy reverses traditional systems of value and sympathy. The “pest” becomes the messenger. In many ways, the rat embodies the artist’s own relationship with institutions and authority during the early years of his career: unwanted by the establishment yet impossible to ignore.
From London Walls to Global Iconography
Exclamation Rat shares direct visual DNA with the original Gangsta Rat mural first painted in London around 2004, notably in the Farringdon area, before later reappearing in various forms including New York in 2013. Rats would go on to become one of Banksy’s most enduring motifs, appearing across prints, murals, sculptures, and paintings throughout his career.

During the Covid lockdown of 2020, Banksy humorously returned to the subject by stenciling rats throughout his bathroom in a widely shared Instagram image, demonstrating the motif’s continued relevance within his practice nearly two decades later. Few symbols have remained so consistently associated with the artist.
The work can also be situated within a broader lineage of urban intervention artists such as Richard Hambleton, whose haunting Shadowman figures appeared across New York during the 1980s. Like Hambleton’s silhouettes, Banksy’s rats derive much of their power from repetition and omnipresence. They appear unexpectedly, colonizing walls, bridges, signs, and forgotten urban corners. Their constant reappearance mirrors the uncontrollable spread of ideas, dissent, and counterculture itself.
A Rare Early Studio Work
Unlike Banksy’s larger edition screenprints, Exclamation Rat occupies a more intimate and painterly territory within the artist’s market. Each example retains the raw immediacy of spray paint on canvas rather than the polished uniformity of traditional printmaking. The relatively small edition size of twenty-five also gives the work a stronger sense of rarity than many of the artist’s more widely circulated images.
The work is signed in stencil on the turnover edge and numbered on the stretcher, reinforcing its hybrid nature between street intervention and studio object. Executed in 2004, it belongs to a crucial formative period when Banksy’s visual vocabulary and political identity were becoming fully established.
Today, Exclamation Rat remains one of the strongest early studio works connected to Banksy’s rat imagery. The piece encapsulates many of the themes that would define his career: anonymity, anti-authoritarianism, urban intervention, popular culture, and the transformation of society’s outsiders into unlikely heroes. Few images summarize the spirit of early Banksy with such economy and clarity. The rat does not simply decorate the wall: it announces itself, loudly and unapologetically.
Auction Results
Bonhams London: 12 October 2023
Estimated: GBP 200,000 – 300,000
PASSED
Bonhams : BANKSY (B. 1975) Exclamation Rat 2006
BANKSY (B. 1975)
Exclamation Rat, 2006
Spray paint on canvas
Tagged on the turnover edge
Numbered 2/25 on the overlap
XXXXXXXXXX
Sotheby’s London: 18 April 2023
Estimated: GBP 220,000 – 320,000
GBP 279,400 / USD 345,725
Banksy | Exclamation Rat | Contemporary Curated | 2023 | Sotheby’s
BANKSY (b. 1974)
Exclamation Rat, 2003
Spray paint on canvas
Tagged on the overturn edge
XXXXXXXXXX
Estimated: GBP 70,000 – 100,000

Estimated: GBP 8,000 – 12,000






