THE MARKET/Donut Auction Results

Market Report

Donut Auction Results

Updated August 2026

Title: Donut
Year: 2009
Medium: Screenprint in colors on Arches wove paper
Sheet: 56×76 cm (22×30 inches)
Printer & Publisher: Pictures on Walls, London
Editions: Donut (Strawberry): 299 signed; Donut (Chocolate): 299 signed

Signature and Numbering

Donut (Strawberry)

Signed and numbered /299 in pink crayon with the publisher’s blindstamp, lower left

Donut (Chocolate)

Signed and Numbered /299 in brown crayon with the publisher’s blindstamp, lower left

The print

Donut, 2009

Key market statistics

Donut (chocolate)

37 transactions since 2018

Most recent sale

£23,720

Jul 2026 · Forum Auctions · XXX/299

2026 median price

£21,730

over 2 qualifying sales

2025 median price

£27,898

over 2 qualifying sales

2025–2026 performance

−22%

change between the two published medians

Peak price

£100,800

Mar 2021 · Sotheby's online

Value retention

24%

most recent sale as a share of the peak price

Donut (strawberry)

37 transactions since 2018

Most recent sale

£30,236

Dec 2025 · Forum Auctions · XXX/299

2025 median price

£27,223

over 2 qualifying sales

2024 median price

£46,900

over 3 qualifying sales

2024–2025 performance

−42%

change between the two published medians

Peak price

£120,600

Mar 2021 · Forum auctions

Value retention

25%

most recent sale as a share of the peak price

Market charts

Donut — median price by colourway

Les deux coloris sur un même axe, année par année depuis 2018.

ChocolateStrawberry

Donut — lots sold by colourway

Combien d’exemplaires de chaque coloris sont passés en vente, année par année.

ChocolateStrawberry

Donut (chocolate) — median price and lots sold

Qualifying sales by year since 2018. Bars: median price. Line: number of lots sold.

Medians are computed on qualifying sales only — artist's proofs, colourways and other exceptional variants are excluded. A year with no bar had no qualifying sale.

Donut (chocolate) — price dispersion

Every qualifying sale since 2018, one dot per lot.

Where several lots sold at the same price, the dots are spread sideways so none is hidden behind another.

Donut (strawberry) — median price and lots sold

Qualifying sales by year since 2018. Bars: median price. Line: number of lots sold.

Medians are computed on qualifying sales only — artist's proofs, colourways and other exceptional variants are excluded. A year with no bar had no qualifying sale.

Donut (strawberry) — price dispersion

Every qualifying sale since 2018, one dot per lot.

Where several lots sold at the same price, the dots are spread sideways so none is hidden behind another.

Key Takeaways

Donut (Chocolate)

The auction history of Donut (Chocolate) reflects the market for one of Banksy’s more playful but conceptually pointed editions. Thirty-seven qualifying transactions have been recorded since 2018, providing a meaningful measure of liquidity. The absurd procession of police motorcycles escorting an enormous chocolate doughnut turns a mass-produced snack into an object of ceremonial importance—a concise joke about consumption, authority and the strange things society chooses to protect.

The edition experienced a sharp repricing during 2020 before reaching its market peak in 2021. The auction record was established at Sotheby’s online in March 2021, when an impression achieved £100,800. Numerous other strong results during the period demonstrate that the appreciation was not isolated, although the record clearly belongs to the exceptional speculative conditions of the pandemic-era Banksy market.

The correction after 2021 was substantial, with values progressively normalizing through 2022, 2023 and 2024. More recent figures indicate that this adjustment has continued. The median declined from £27,898 across two qualifying sales in 2025 to £21,730 across two sales in 2026, representing a further decrease of 22%. The limited number of annual transactions requires some caution, but both 2026 results fall below the previous year’s levels.

The most recent sale, at Forum Auctions in July 2026, achieved £23,720—approximately 24% of the historical peak and slightly above the current median. Despite the continued correction, Donut (Chocolate) retains meaningful collector support and currently trades at a modest premium to the latest Strawberry median. Its market is no longer propelled by spectacle, which is rather appropriate for an image devoted to mocking spectacle in the first place.

Donut (Strawberry)

Donut (Strawberry) forms the brighter and more visually exuberant half of the series. Like the Chocolate edition, it was issued in a signed edition of 299, and 37 qualifying transactions have been recorded since 2018. The two versions are compositionally identical, making their market histories especially useful for examining how color and immediate visual appeal influence collector behavior.

Strawberry was the stronger performer during the speculative expansion of 2020–2021. Its vivid coloring translated particularly well in online auction catalogues, and the edition reached a record of £120,600 at Forum Auctions in March 2021—the highest result achieved by either standard Donut colorway. Elevated results throughout the period confirmed a genuine market preference for Strawberry at the height of the boom.

That advantage has not proved permanent. The median fell from £46,900 across three qualifying sales in 2024 to £27,223 across two sales in 2025, representing a sharp decline of 42%. The most recent transaction, at Forum Auctions in December 2025, achieved £30,236, while no qualifying Strawberry example has yet been recorded in 2026. The small number of recent sales encourages caution, but the direction of travel is unmistakable.

The latest result represents approximately 25% of the historical peak, almost identical to the value retention of the Chocolate edition. The earlier Strawberry premium therefore appears to have been driven partly by speculative enthusiasm rather than by a permanent hierarchy between the two colorways. Both editions now occupy a strong middle position within Banksy’s print market, while the hand-finished VIP examples—issued in dramatically smaller numbers—belong to a separate trophy market and should not be used as direct comparables.

Upcoming Lots

Donut, 2009

Upcoming

Sotheby's online, UK · 23 September 2026

Auction results

Banksy

Donut, 2009

numbered 102/299

CHOCOLATE

Signed

Sotheby's online

23 September 2026

Est. GBP 15,000 – 20,000

Bid now

Donut (Strawberry)

2025 Auction Results

Forum AuctionsXXX/299

10 December 2025

Est. GBP 24,000 – 26,000

GBP 23,000 (Hammer)

GBP 30,236

USD 40,425

Heritage Auctions259/299

30 October 2025

USA

USD 32,500

GBP 24,210

USD 32,500

2024 Auction Results

Artnet Auctions128/299

28 August 2024

USA

Est. USD 25,000 – 35,000

USD 62,500

GBP 47,380

USD 62,500

Forum AuctionsXXX/299

11 June 2024

Est. GBP 28,000 – 35,000

GBP 26,000 (Hammer)

GBP 34,840

USD 44,420

Forum AuctionsXXX/299

30 January 2024

Est. GBP 26,000 – 32,000

GBP 35,000 (Hammer)

GBP 46,900

USD 59,480

2023 Auction Results

Tate Ward AuctionsXXX/299

7 December 2023

Est. GBP 25,000 – 35,000

GBP 33,600

USD 41,405

Forum AuctionsXXX/299

24 May 2023

Est. GBP 30,000 – 40,000

GBP 34,000 (Hammer)

GBP 45,560

USD 56,345

Bonhams London224/299

29 March 2023

Est. GBP 35,000 – 50,000

GBP 31,800

USD 39,150

Forum AuctionsXXX/299

31 January 2023

Est. GBP 35,000 – 50,000

GBP 35,000 (Hammer)

GBP 46,900

USD 57,685

2022 Auction Results

Bonhams London281/299

13 December 2022

Est. GBP 20,000 – 30,000

GBP 29,595

USD 36,620

Bonhams London221/299

20 October 2022

Est. GBP 40,000 – 60,000

GBP 48,180

USD 54,380

Forum AuctionsXXX/299

25 April 2022

Est. GBP 55,000 – 80,000

GBP 44,000 (Hammer)

GBP 58,960

USD 74,290

2021 Auction Results

Bonhams London132/299

11 November 2021

Est. GBP 40,000 – 60,000

GBP 69,000

USD 93,150

Forum AuctionsXXX/299

13 July 2021

Est. GBP 50,000 – 70,000

GBP 50,000 (Hammer)

GBP 67,000

USD 93,130

Bonhams online105/299

29 June 2021

Est. GBP 50,000 – 70,000

GBP 69,000

USD 95,440

Phillips HK59/299

11 June 2021

Hong-kong

Est. HKD 300,000 – 500,000

HKD 819,000

GBP 74,650

USD 106,000

Christie's online184/299

1 April 2021

Est. GBP 50,000 – 70,000

GBP 68,750

USD 94,875

Forum auctions110/299Auction Record

5 March 2021

Est. GBP 65,000 – 80,000

GBP 90,000 (Hammer)

GBP 120,600

USD 167,635

Forum auctionsXXX/299

27 January 2021

Est. GBP 60,000 – 80,000

GBP 65,000 (Hammer)

GBP 87,100

USD 119,325

Phillips London21/299

21 January 2021

Est. GBP 40,000 – 60,000

GBP 75,600

USD 103,570

2020 Auction Results

Tate Ward AuctionsXXX/299

24 November 2020

Est. GBP 55,000 – 65,000

GBP 75,000

USD 99,000

Bonhams London265/299

8 October 2020

Est. GBP 30,000 – 50,000

GBP 75,062

USD 101,665

Forum AuctionsXXX/299

4 September 2020

Est. GBP 40,000 – 60,000

GBP 60,000 (Hammer)

GBP 80,640

USD 106,685

Tate Ward AuctionsXXX/299

27 August 2020

Est. GBP 40,000 – 45,000

GBP 55,000

USD 71,915

Bonhams London84/299

19 June 2020

Est. GBP 20,000 – 30,000

GBP 40,062

USD 49,530

Sotheby's online263/299

26 March 2020

Est. GBP 18,000 – 22,000

GBP 30,000

USD 36,640

2019 Auction Results

Sotheby's NY206/299

26 October 2019

USA

Est. USD 20,000 – 30,000

USD 32,500

GBP 25,335

USD 32,500

Tate Ward AuctionsXXX/299

2 October 2019

Est. GBP 18,000 – 22,000

GBP 27,000

USD 33,185

Christie's online123/299

24 September 2019

Est. GBP 20,000 – 30,000

GBP 40,000

USD 49,960

Sotheby's online85/299

19 September 2019

Est. GBP 15,000 – 20,000

GBP 43,750

USD 53,595

Tate Ward AuctionsXXX/299

2 July 2019

Est. GBP 20,000 – 25,000

GBP 22,500

USD 28,340

2018 Auction Results

Forum AuctionsXXX/299

28 November 2018

Est. GBP 18,000 – 22,000

GBP 17,000 (Hammer)

GBP 22,984

USD 29,325

Sotheby's online114/299

26 November 2018

Est. GBP 15,000 – 20,000

GBP 35,000

USD 44,875

Chiswick AuctionsXXX/299

21 September 2018

Est. GBP 17,500 – 19,500

GBP 18,000

USD 23,520

Artnet Auctions103/299

22 May 2018

USA

Est. USD 20,000 – 30,000

USD 33,600

GBP 25,005

USD 33,600

Chiswick AuctionsXXX/299

27 March 2018

Est. GBP 20,000 – 25,000

GBP 27,500

USD 38,940

Artnet Auctions194/299

13 February 2018

USA

USD 36,000

GBP 25,930

USD 36,000

Prior Years Auction Results

AuctionataXXX/299

5 December 2016

Germany

EUR 16,250

GBP 13,690

USD 17,400

Bonhams London280/299

16 November 2016

GBP 16,250

USD 20,240

Forum AuctionsXXX/299

12 October 2016

GBP 16,200 (Hammer)

GBP 21,902

USD 26,715

Bonhams London241/299

24 November 2015

GBP 10,000

USD 15,055

Artnet Auctions142/299

31 March 2015

USA

USD 16,200

GBP 10,927

USD 16,200

Phillips London217/299

12 December 2013

GBP 6,000

USD 9,795

Dreweatts289/299

27 June 2013

GBP 3,000 (Hammer)

GBP 3,720

USD 5,665

Bonhams London101/299

29 March 2012

GBP 5,625

USD 8,950

Dreweatts188/299

10 October 2011

GBP 3,172

USD 4,975

Dreweatts255/299

29 September 2011

GBP 3,120

USD 4,888

Artnet AuctionsXXX/299

28 July 2010

USA

USD 4,025

GBP 2,580

USD 4,025

Artnet AuctionsXXX/299

13 May 2010

USA

USD 4,600

GBP 3,135

USD 4,600

Artnet AuctionsXXX/299

2 February 2010

USA

USD 4,400

GBP 2,755

USD 4,400

Donut (Chocolate)

2026 Auction Results

Forum AuctionsXXX/299

15 July 2026

Est. GBP 15,000 – 20,000

GBP 17,500 (Hammer)

GBP 23,720

USD 32,110

Forum AuctionsXXX/299

19 March 2026

Est. GBP 20,000 – 25,000

GBP 15,000 (Hammer)

GBP 19,740

USD 26,390

2025 Auction Results

Bruun Rasmussen160/299

19 November 2025

Denmark

Est. DKK 200,000 and up

DKK 243,000

GBP 26,240

USD 35,225

SBI Art AuctionXXX/299

12 July 2025

Japan

Est. JPY 5,000,000 – 8,000,000

JPY 5,750,000

GBP 29,555

USD 39,015

2024 Auction Results

Artcurial67/299

6 November 2024

France

Est. EUR 25,000 – 35,000

EUR 34,112

GBP 29,370

USD 37,300

Christie's online69/299

1 October 2024

Est. GBP 25,000 – 35,000

GBP 32,760

USD 43,570

2023 Auction Results

Sotheby's online145/299

26 September 2023

Est. GBP 18,000 – 25,000

GBP 27,940

USD 33,985

Christie's online187/299

24 March 2023

Est. GBP 40,000 – 60,000

GBP 56,700

USD 69,740

2022 Auction Results

New Auction185/299

26 November 2022

Japan

Est. JPY 7,000,000 – 12,000,000

JPY 9,775,000

GBP 57,640

USD 70,300

Sotheby's online162/299

17 August 2022

Est. GBP 40,000 – 60,000

GBP 50,400

USD 60,480

Sotheby's online189/299

26 April 2022

Est. GBP 40,000 – 60,000

GBP 69,300

USD 87,320

Christie's online272/299

15 March 2022

Est. GBP 40,000 – 60,000

GBP 88,200

USD 116,425

Forum AuctionsXXX/299

3 February 2022

Est. 50,000 – 80,000

GBP 64,000 (Hammer)

GBP 85,760

USD 117,490

2021 Auction Results

New AuctionXXX/299

6 November 2021

Japan

Est. JPY 6,000,000 – 9,000,000

JPY 11,155,000

GBP 72,880

USD 98,390

Christie's online183/299

23 September 2021

Est. GBP 50,000 – 70,000

GBP 50,000

USD 69,500

Sotheby's NY105/299

23 July 2021

USA

Est. USD 60,000 – 80,000

USD 88,200

GBP 63,455

USD 88,200

Menzies181/299

30 June 2021

Australia

Est. AUD 100,000 – 150,000

AUD 119,045

GBP 64,525

USD 89,225

Bonhams online111/299

29 June 2021

Est. GBP 50,000 – 70,000

GBP 75,250

USD 104,080

Christie's NY128/299

15 April 2021

USA

Est. USD 60,000 – 80,000

USD 81,250

GBP 58,455

USD 81,250

Intl Art Center40/299

30 March 2021

New-zealand

Est. NZD 70,000 – 100,000

NZD 181,905

GBP 92,480

USD 127,120

Tate Ward AuctionsXXX/299

24 March 2021

Est. GBP 50,000 – 70,000

GBP 81,600

USD 111,940

Sotheby's online280/299Auction Record

18 March 2021

Est. GBP 40,000 – 60,000

GBP 100,800

USD 140,110

Bonhams London270/299

25 February 2021

Est. GBP 40,000 – 60,000

GBP 87,750

USD 123,890

Phillips London166/299

21 January 2021

Est. GBP 40,000 – 60,000

GBP 69,300

USD 94,940

2020 Auction Results

Phillips HK61/299

4 December 2020

Hong-kong

Est. HKD 150,000 – 200,000

HKD 819,000

GBP 78,625

USD 105,675

Tate Ward AuctionsXXX/299

24 June 2020

Est. GBP 32,000 – 36,000

GBP 45,000

USD 55,955

Artnet Auctions266/299

11 June 2020

USA

Est. USD 30,000 – 40,000

USD 45,600

GBP 34,545

USD 45,600

Sotheby's online163/299

26 March 2020

Est. GBP 18,000 – 22,000

GBP 27,500

USD 33,335

Phillips London119/299

23 January 2020

Est. GBP 18,000 – 22,000

GBP 37,500

USD 49,130

2019 Auction Results

Bonhams London71/299

12 December 2019

Est. GBP 12,000 – 18,000

GBP 31,312

USD 41,115

Seoul Auction139/299

24 November 2019

Hong-kong

Est. HKD 200,000 – 340,000

HKD 283,200

GBP 28,165

USD 36,195

Christie's online89/299

24 September 2019

Est. GBP 20,000 – 30,000

GBP 37,500

USD 46,840

Sotheby's online61/299

19 September 2019

Est. GBP 15,000 – 20,000

GBP 23,750

USD 29,095

Forum AuctionsXXX/299

26 June 2019

Est. GBP 18,000 – 22,000

GBP 19,000 (Hammer)

GBP 25,688

USD 32,605

Bonhams London120/299

13 June 2019

Est. GBP 12,000 – 18,000

GBP 25,062

USD 31,775

2018 Auction Results

Forum AuctionsXXX/299

28 November 2018

Est. GBP 18,000 – 22,000

GBP 17,000 (Hammer)

GBP 21,632

USD 27,600

Heritage Auctions267/299

22 October 2018

USA

USD 32,500

GBP 25,065

USD 32,500

Prior Years Auction Results

Forum Auctions NYXXX/299

12 December 2017

USA

USD 24,000 (Hammer)

USD 32,160

GBP 24,035

USD 32,160

Forum AuctionsXXX/299

5 December 2016

GBP 14,500 (Hammer)

GBP 19,604

USD 24,915

Artnet Auctions207/299

19 May 2016

USA

USD 21,480

GBP 14,710

USD 21,480

Bonhams London82/299

14 July 2015

GBP 8,750

USD 13,635

Artnet AuctionsXXX/299

22 October 2014

USA

USD 9,960

GBP 6,195

USD 9,960

Christie's London12/299

19 September 2013

GBP 5,625

USD 9,025

Dreweatts221/299

3 July 2012

GBP 3,660

USD 5,745

Artnet Auctions173/299

29 December 2011

USA

USD 4,315

GBP 2,805

USD 4,315

Dreweatts223/299

15 December 2010

GBP 2,400

USD 3,745

Artnet AuctionsXXX/299

6 April 2010

USA

USD 4,600

GBP 3,020

USD 4,600

Donut (Hand-Finished (Choco))

2021 Auction Results

Forum AuctionsSIDE

14 December 2021

Est. 80,000 – 120,000

Inscribed ‘Thanks Kevin ?’ in brown pencil

GBP 83,000 (Hammer)

GBP 111,220

USD 150,145

2020 Auction Results

Forum AuctionsXX/25Auction Record

7 December 2020

Est. 80,000 – 120,000

XX/25

GBP 190,000 (Hammer)

GBP 254,600

USD 341,165

Donut (Hand-Finished (Straw))

2022 Auction Results

Sotheby's onlineAsideAuction Record

26 April 2022

Est. GBP 110,000 – 150,000

With the artist’s heart annotation

GBP 277,200

USD 349,270

Prices are inclusive of buyer’s premium unless stated otherwise, as reported by the auction houses. “DN” stands for “Duplicate Number”.

Prices are hammer plus premium, in GBP, not adjusted for inflation. Only standard editions are included: artist’s proofs, special proofs, colorways and other exceptional variants are excluded, and signed and unsigned impressions are never combined. Medians are preferred to averages, which exceptional results distort. Figures are drawn from sales documented by Banksy Explained and are not an exhaustive record of the market. Compiled 23 September 2026.

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