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Donut Auction Market Report

BY

BANKSY
Donut, 2009
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
Hand-finished Edition: Each 25 signed hand-finished

 

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

 

 

 


Auction Market Overview


The Donut prints occupy a curious and revealing place within Banksy’s print market. At first glance, the works appear playful, almost decorative, and far removed from the harsher political charge of Flying Copper, Love Is In The Air or Laugh Now. Yet this apparent lightness is deceptive. The image of the donut is one of Banksy’s most efficient comments on consumer culture: a sweet, mass-produced object of desire transformed into a luxury collectible and traded through the very market mechanisms the image quietly mocks.

The series exists in two principal signed editions of 299 impressions, Chocolate and Strawberry, alongside a rare hand-finished VIP edition of 25. This structure makes the Donuts particularly interesting from a market perspective because the two standard editions are nearly identical except for color. Unlike comparisons between different Banksy images, this dataset allows us to study how collectors respond to variations inside the same work.

Before the pandemic-era boom, the two standard editions traded within broadly comparable ranges. Between 2018 and 2019, Chocolate generally sold between the high twenty-thousand and mid-forty-thousand dollar levels, while Strawberry traded across a similar range, occasionally reaching above $50,000. At this stage, the market did not place a decisive premium on either colorway. Collectors were valuing the Donut image itself more than the distinction between Chocolate and Strawberry.

The market began to change in 2020, as it did across the entire Banksy print sector. Demand accelerated, online auctions became increasingly competitive, and works that had previously occupied a stable mid-market position were suddenly repriced. Donut (Chocolate) moved from a 2018–2019 median of approximately $32,552 to a 2020 median of approximately $49,130. Donut (Strawberry) followed a similar trajectory, rising from a pre-boom median of approximately $33,185 to a 2020 median of approximately $85,457. The expansion was not marginal; it was a full-scale repricing of the series.

The peak arrived in 2021. Donut (Strawberry) achieved the highest individual standard-edition result, reaching $167,635 at Forum Auctions in March 2021. Donut (Chocolate) reached its own high point that same month, when Sotheby’s Online achieved $140,110. On the surface, these peak results suggest that Donut (Strawberry) was the stronger version during the speculative period. The yearly medians also show Strawberry slightly ahead in 2021, with a median of approximately $99,505, compared with approximately $98,390 for Donut (Chocolate).

Yet the post-boom correction complicates the story. After 2021, both editions declined sharply, but their trajectories were not identical. Chocolate remained relatively strong through 2022 before falling into a lower range by 2023 and 2024. Strawberry also corrected, but the drop from its speculative high was more pronounced. By 2025, Chocolate recorded two sales at $35,225 and $39,015, giving it a median of approximately $37,120. Strawberry recorded two sales at $26,390 and $32,500, producing a 2025 median of approximately $29,445.

This reversal is important. Donut (Strawberry) won the speculative peak, but Donut (Chocolate) appears to be demonstrating stronger current resilience. One possible explanation is visual and conceptual. The Strawberry version is brighter, more decorative and perhaps more immediately attractive in an online auction catalogue. During the euphoric conditions of 2020 and 2021, that kind of immediate visual appeal may have encouraged more aggressive bidding. Chocolate, by contrast, is less flamboyant but arguably more conceptually satisfying. It looks more like the archetypal donut and reinforces the series’ relationship to consumption, appetite and commercial excess. In a calmer market, that conceptual coherence may matter more.

The VIP editions operate in a different universe altogether. With only 25 examples and a hand-finished character, the VIP Donuts are not merely scarcer versions of the standard prints. They are treated by the market as a separate category. Public results include approximately $341,165 for a Chocolate VIP in 2020, $150,145 for another Chocolate VIP in 2021, and $349,270 for a Strawberry VIP in 2022. Even allowing for the very small number of sales, the premium is unmistakable. The VIP examples command several multiples of the standard editions and function closer to trophy works than regular prints.

The broader lesson from the Donuts series is that the Banksy market has become more selective. During the boom, both colorways rose dramatically and Strawberry briefly appeared to lead. After the correction, the market seems more balanced, with Chocolate now showing a slight advantage in current pricing. This does not necessarily mean Chocolate is definitively the better version, but it does suggest that the 2021 Strawberry premium was partly speculative rather than fully structural.

The Donuts series is therefore valuable because it reveals how the Banksy market evaluates desire itself. The subject is consumption, but the market becomes part of the meaning. Collectors are not only buying an image of a donut; they are participating in the transformation of a mass-market symbol into a rare luxury asset. It is a joke, of course, but as usual with Banksy, the joke is also a mirror.

Key Takeaways

  1. The Donuts series experienced a dramatic pandemic-era expansion, with both Donut (Chocolate) and Donut (Strawberry) rising sharply from their 2018–2019 levels.
  2. Donut (Strawberry) achieved the highest standard-edition public result at approximately $167,635 in March 2021, while Donut (Chocolate) peaked at approximately $140,110 during the same period.
  3. The correction after 2021 was significant, but Donut (Chocolate) appears to have retained value slightly better in the current market. In 2025, Chocolate achieved a median of approximately $37,120, compared with approximately $29,445 for Strawberry.
  4. The VIP editions form a separate market segment, with peak results above $340,000 and a scarcity premium driven by the hand-finished edition of only 25.

The current market suggests that the earlier Strawberry premium may have reflected speculative enthusiasm, while Chocolate may possess stronger long-term collector support. Overall, the Donuts series now appears to occupy a strong middle position in the Banksy print market: more resilient than many secondary images, but below the artist’s universally recognized icons.


Donut (Strawberry)


2025 Auction Results


 

Donuts (Strawberry), 2009
Edition: XXX/299
Forum Auctions: 10 December 2025
London, UK

Estimated: GBP 24,000 – 26,000
GBP 15,000 (Hammer)
GBP 19,740 / USD 26,390

 

Donuts (Strawberry), 2009
Edition: 259/299
Heritage Auctions: 30 October 2025
Dallas, USA
No Estimates Provided
USD 32,500
GBP 24,210 / USD 32,500

 

2024 Auction Results


Donuts (Strawberry), 2009
Edition: 128/299
Artnet Auctions: 28 August 2024
New-York, USA
Estimated: USD 25,000 – 35,000
USD 62,500
GBP 47,380 / USD 62,500

 

 

Donuts (Strawberry), 2009
Edition: XXX/299
Forum Auctions: 11 June 2024
London, UK
Estimated: GBP 28,000 – 35,000
GBP 26,000 (Hammer)
GBP 34,840 / USD 44,420

 

 

Donuts (Strawberry), 2009
Edition: XXX/299
Forum Auctions: 30 January 2024
London, UK
Estimated: GBP 26,000 – 32,000
GBP 35,000 (Hammer)
GBP 46,900 / USD 59,480

 

2023 Auction Results


 

Donuts (Strawberry), 2009
Edition: XXX/299
Tate Ward Auctions: 7 December 2023
London, UK
Estimated: GBP 25,000 – 35,000
GBP 33,600
GBP 33,600 / USD 41,405

 

 

Donuts (Strawberry), 2009
Edition: XXX/299
Forum Auctions: 24 May 2023
London, UK
Estimated: GBP 30,000 – 40,000
GBP 34,000 (Hammer)
GBP 45,560 / USD 56,344

 

 

Donuts (Strawberry), 2009
Edition: 224/299
Bonhams London: 29 March 2023
London, UK
Estimated: GBP 35,000 – 50,000
GBP 31,800
GBP 31,800 / USD 39,148

 

Donuts (Strawberry), 2009
Edition: XXX/299
Forum Auctions: 31 January 2023
London, UK
Estimated: GBP 35,000 – 50,000
GBP 35,000 (Hammer)
GBP 46,900 / USD 57,685

 

2022 Auction Results


Donuts (Strawberry), 2009
Edition: 281/299
Bonhams London: 13 December 2022
London, UK
Estimated: GBP 20,000 – 30,000
GBP 29,595
GBP 29,595 / USD 36,620

 

 

Donuts (Strawberry), 2009
Edition: 221/299
Bonhams London: 20 October 2022
London, UK
Estimated: GBP 40,000 – 60,000
GBP 48,180
GBP 48,180 / USD 54,380

 

 

Donuts (Strawberry), 2009
Edition: XXX/299
Forum Auctions: 25 April 2022
London, UK
Estimated: GBP 55,000 – 80,000
GBP 44,000 (Hammer)
GBP 58,960 / USD 74,290

XXXXXXXXXXX

Donuts (Strawberry), 2009
Edition: 140/299
Phillips New-York: 25 June 2022
Estimated: USD 60,000 – 90,000
PASSED

 

 

2021 Auction Results


Donuts (Strawberry), 2009
Edition: 132/299
Bonhams London: 11 November 2021
London, UK
Estimated: GBP 40,000 – 60,000
GBP 69,000
GBP 69,000 / USD 93,150

Donuts (Strawberry), 2009
Edition: XXX/299
Forum Auctions: 13 July 2021
London, UK
Estimated: GBP 50,000 – 70,000
GBP 50,000 (Hammer)
GBP 67,000 / USD 93,130

Donuts (Strawberry), 2009
Edition: 105/299
Bonhams online: 29 June 2021
London, UK
Estimated: GBP 50,000 – 70,000
GBP 69,000
GBP 69,000 / USD 95,440

Donuts (Strawberry), 2009
Edition: 55/299
Phillips Hong-Kong: 7 June 2021
Hong-Kong
Estimated: HKD 300,000 – 500,000
HKD 819,000
GBP 74,650 / USD 106,000

Donuts (Strawberry), 2009
Edition: 184/299
Christie’s online: 1 April 2021
London, UK
Estimated: GBP 50,000 – 70,000
GBP 68,750
GBP 68,750 / USD 94,875

Donuts (Strawberry), 2009
Edition: XXX/299
Forum Auctions: 5 March 2021
London, UK
Estimated: GBP 65,000 – 80,000
GBP 90,000 (Hammer)
GBP 120,600 / USD 167,635
AUCTION RECORD FOR DONUT (STRAWBERRY)

Donuts (Strawberry), 2009
Edition: XXX/299
Forum Auctions: 27 January 2021
London, UK
Estimated: GBP 60,000 – 80,000
GBP 65,000 (Hammer)
GBP 87,100 / USD 119,325

Donuts (Strawberry), 2009
Edition: 21/299
Phillips London: 21 January 2021
London, UK
Estimated: GBP 40,000 – 60,000
GBP 75,600
GBP 75,600 / USD 103,570

2020 Auction Results


 

Donuts (Strawberry), 2009
Edition: XXX/299
Tate Ward Auctions: 24 November 2020
London, UK
Estimated: GBP 55,000 – 65,000
GBP 75,000
GBP 75,000 / USD 99,000

Donuts (Strawberry), 2009
Edition: 265/299
Bonhams London: 8 October 2020
London, UK
Estimated: GBP 30,000 – 50,000
GBP 75,062
GBP 75,062 / USD 101,665

Donuts (Strawberry), 2009
Edition: XXX/299
Forum Auctions: 4 September 2020
London, UK
Estimated: GBP 40,000 – 60,000
GBP 60,000 (Hammer)
GBP 80,640 / USD 106,685

Donuts (Strawberry), 2009
Edition: XXX/299
Tate Ward Auctions: 27 August 2020
London, UK
Estimated: GBP 40,000 – 45,000
GBP 55,000
GBP 55,000 / USD 71,915

Donuts (Strawberry), 2009
Edition: 84/299
Bonhams London: 19 June 2020
London, UK
Estimated: GBP 20,000 – 30,000
GBP 40,062
GBP 40,062 / USD 49,530

Donuts (Strawberry), 2009
Edition: 263/299
Sotheby’s online: 26 March 2020
London, UK
Estimated: GBP 18,000 – 22,000
GBP 30,000
GBP 30,000 / USD 36,640

2019 Auction Results


 

Donuts (Strawberry), 2009
Edition: 206/299
Sotheby’s New-York: 26 October 2019
New-York, USA
Estimated: USD 20,000 – 30,000
USD 32,500
GBP 25,335 / USD 32,500

 

 

Donuts (Strawberry), 2009
Edition: XXX/299
Tate Ward Auctions: 2 October 2019
London, UK
Estimated: GBP 18,000 – 22,000
GBP 27,000
GBP 27,000 / USD 33,185

 

 

Donuts (Strawberry), 2009
Edition: 123/299
Christie’s online: 24 September 2019
London, UK
Estimated: GBP 20,000 – 30,000
GBP 40,000
GBP 40,000 / USD 49,960

 

 

Donuts (Strawberry), 2009
Edition: 85/299
Sotheby’s online: 19 September 2019
London, UK
Estimated: GBP 15,000 – 20,000
GBP 43,750
GBP 43,750 / USD 53,595

 

Donuts (Strawberry), 2009
Edition: XXX/299
Tate Ward Auctions: 2 July 2019
London, UK
Estimated: GBP 20,000 – 25,000
GBP 22,500
GBP 22,500 / USD 28,340

 

 

2018 Auction Results


 

 

Donuts (Strawberry), 2009
Edition: XXX/299
Forum Auctions: 28 November 2018
London, UK
Estimated: GBP 18,000 – 22,000
GBP 17,000 (Hammer)
GBP 22,984 / USD 29,325

 

 

 

 

Donuts (Strawberry), 2009
Edition: 114/299
Sotheby’s online: 26 November 2018
London, UK
Estimated: GBP 15,000 – 20,000
GBP 35,000
GBP 35,000 / USD 44,875

 

 

Donuts (Strawberry), 2009
Edition: 103/299
Artnet Auctions: 22 May 2018
New-York, USA
Estimated: USD 20,000 – 30,000
USD 33,600
GBP 25,005 / USD 33,600

 

 

 

 

Donuts (Strawberry), 2009
Edition: XXX/299
Chiswick Auctions: 27 March 2018
London, UK
Estimated: GBP 20,000 – 25,000
GBP 27,500
GBP 27,500 / USD 38,940

 

 

 

 

Prior Years Auction Results


 

 

 


Donut (Chocolate)


2026 Auction Results


Donuts (Chocolate), 2009
Edition: XXX/299
Forum Auctions: 15 July 2026
London, UK
Estimated: GBP 15,000 – 20,000
GBP 17,500 (Hammer)
GBP 23,720 / USD 32,110

Donuts (Chocolate), 2009
Edition: XXX/299
Forum Auctions: 19 March 2026
London, UK
Estimated: GBP 20,000 – 25,000
GBP 15,000 (Hammer)
GBP 19,740 / USD 26,390

 

2025 Auction Results


Donuts (Chocolate), 2009
Edition: 160/299
Bruun Rasmussen: 19 November 2025
Copenhagen, DENMARK
Estimated: DKK 200,000 / USD 31,500
DKK 243,000
GBP 26,240 / USD 35,225

 

 

Donuts (Chocolate), 2009
Edition: XXX/299
SBI Art Auction: 12 July 2025
Tokyo, JAPAN
Estimated: JPY 5,000,000 – 8,000,000
JPY 5,750,000
GBP 29,555 / USD 39,015

 

2024 Auction Results


Donuts (Chocolate), 2009
Edition: 67/299
Artcurial: 6 November 2024
Paris, France
Estimated: EUR 25,000 – 35,000
EUR 34,112
GBP 29,370 / USD 37,300

 

 

Donuts (Chocolate), 2009
Edition: 69/299
Christie’s online: 1 October 2024
London, UK
Estimated: GBP 25,000 – 35,000
GBP 32,760
GBP 32,760 / USD 43,570

 

2023 Auction Results


Donuts (Chocolate), 2009
Edition: 145/299
Sotheby’s London: 26 September 2023
London, UK
Estimated: GBP 18,000 – 25,000
GBP 27,940
GBP 27,940 / USD 33,985

 

Donuts (Chocolate), 2009
Edition: 187/299
Christie’s Online: 14 March 2023
London, UK
Estimated: GBP 40,000 – 60,000
GBP 56,700
GBP 56,700 / USD 69,740

 

2022 Auction Results


Donuts (Chocolate), 2009
Edition: 185/299
New Auction: 26 November 2022
Tokyo, JAPAN
Estimated: JPY 7,000,000 – 12,000,000
JPY 9,775,000
GBP 57,640 / USD 70,300

 

 

Donuts (Chocolate), 2009
Edition: 162/299
Sotheby’s online: 17 August 2022
London, UK
Estimated: GBP 40,000 – 60,000
GBP 50,400
GBP 50,400 / USD 60,480

 

 

Donuts (Chocolate), 2009
Edition: 189/299
Sotheby’s online: 26 April 2022
London, UK
Estimated: GBP 40,000 – 60,000
GBP 69,300
GBP 69,300 / USD 87,320

 

 

Donuts (Chocolate), 2009
Edition: 272/299
Christie’s online: 15 March 2022
London, UK
Estimated: GBP 40,000 – 60,000
GBP 88,200
GBP 88,200 / USD 116,425

 

 

Donuts (Chocolate), 2009
Edition: XXX/299
Forum Auctions: 3 February 2022
London, UK
Estimated: 50,000 – 80,000
GBP 64,000 (Hammer)
GBP 85,760 / USD 117,490

 

2021 Auction Results


 

Donuts (Chocolate), 2009
Edition: XXX/299
New Auction: 6 November 2021
Tokyo, JAPAN
Estimated: JPY 6,000,000 – 9,000,000
JPY 11,155,000
GBP 72,880 / USD 98,390

 

 

Donuts (Chocolate), 2009
Edition: 183/299
Christie’s online: 23 September 2021
London, UK
Estimated: GBP 50,000 – 70,000
GBP 50,000
GBP 50,000 / USD 69,500

 

 

Donuts (Chocolate), 2009
Edition: 105/299
Sotheby’s New-York: 23 July 2021
New-York, USA
Estimated: USD 60,000 – 80,000
USD 88,200
GBP 63,455 / USD 88,200

 

 

Donuts (Chocolate), 2009
Edition: 181/299
Menzies: 30 June 2021
Sydney, AUSTRALIA
Estimated: AUD 100,000 – 150,000
AUD 97,000 (Hammer)
AUD 119,045
GBP 64,525 / USD 89,225

 

Donuts (Chocolate), 2009
Edition: 111/299
Bonhams online: 29 June 2021
London, UK
Estimated: GBP 50,000 – 70,000
GBP 75,250
GBP 75,250 / USD 104,080

 

Donuts (Chocolate), 2009
Edition: 128/299
Christie’s New-York: 16 April 2021
New-York, USA
Estimated: USD 60,000 – 80,000
USD 81,250
GBP 58,455 / USD 81,250

 

Donuts (Chocolate), 2009
Edition: 40/299
International Art Center: 30 March 2021
Aukland, NEW-ZEALAND
Estimated: NZD 70,000 – 100,000
NZD 150,000 (Hammer)
NZD 181,905
GBP 92,480 / USD 127,120

Donuts (Chocolate), 2009
Edition: XXX/299
Tate Ward Auctions: 30 March 2021
London, UK
Estimated: GBP 50,000 – 70,000
GBP 81,600
GBP 81,600 / USD 111,940

 

 

Donuts (Chocolate), 2009
Edition: 280/299
Sotheby’s online: 18 March 2021
London, UK
Estimated: GBP 40,000 – 60,000
GBP 100,800
GBP 100,800 / USD 140,110
AUCTION RECORD FOR DONUT (CHOCOLATE)

 

Donuts (Chocolate), 2009
Edition: 270/299
Bonhams London: 25 February 2021
London, UK
Estimated: GBP 40,000 – 60,000
GBP 87,750
GBP 87,750 / USD 123,890

 

Donuts (Chocolate), 2009
Edition: 166/299
Phillips London: 21 January 2021
London, UK
Estimated: GBP 30,000 – 50,000
GBP 69,300
GBP 69,300 / USD 94,940

 

XXXXXXXXXX

Donuts (Chocolate), 2009
Edition: XXX/299
Tate Ward Auctions: 24 June 2021
Estimated: GBP 50,000 – 80,000
PASSED

 

2020 Auction Results


Donuts (Chocolate), 2009
Edition: 61/299
Phillips Hong-Kong: 4 December 2020
Hong-Kong
Estimated: HKD 150,000 – 200,000
HKD 819,000
GBP 78,625 / USD 105,675

 

Donuts (Chocolate), 2009
Edition: XXX/299
Tate Ward Auctions: 24 June 2020
London, UK
Estimated: GBP 32,000 – 36,000
GBP 45,000
GBP 45,000 / USD 55,955

 

Donuts (Chocolate), 2009
Edition: 266/299
Artnet Auctions: 11 June 2020
New-York, USA
Estimated: USD 30,000 – 40,000
USD 45,600
GBP 34,545 / USD 45,600

 

Donuts (Chocolate), 2009
Edition: 163/299
Sotheby’s online: 26 March 2020
London, UK
Estimated: GBP 18,000 – 22,000
GBP 27,500
GBP 27,500 / USD 33,335

 

Donuts (Chocolate), 2009
Edition: 119/299
Phillips London: 23 January 2020
London, UK
Estimated: GBP 18,000 – 22,000
GBP 37,500
GBP 37,500 / USD 49,130


2019 Auction Results


 

Donuts (Chocolate), 2009
Edition: 71/299
Bonhams London: 11 December 2019
London, UK
Estimated: GBP 12,000 – 18,000
GBP 31,312
GBP 31,312 / USD 41,115

 

Donuts (Chocolate), 2009
Edition: 139/299
Seoul Auction Hong-Kong: 24 November 2019
Hong-Kong
Estimated: HKD 200,000 – 340,000
HKD 240,000 (Hammer)
HKD 283,200
GBP 28,165 / USD 36,195

 

Donuts (Chocolate), 2009
Edition: 89/299
Christie’s online: 24 September 2019
London, UK
Estimated: GBP 15,000 – 25,000
GBP 37,500
GBP 37,500 / USD 46,840

 

Donuts (Chocolate), 2009
Edition: 61/299
Sotheby’s online: 19 September 2019
London, UK
Estimated: GBP 12,000 – 18,000
GBP 23,750
GBP 23,750 / USD 29,095

 

Donuts (Chocolate), 2009
Edition: XXX/299
Forum Auctions: 26 June 2019
London, UK
Estimated: GBP 18,000 – 22,000
GBP 19,000 (Hammer)
GBP 25,688 / USD 32,605

 

Donuts (Chocolate), 2009
Edition: 120/299
Bonhams London: 13 June 2019
London, UK
Estimated: GBP 12,000 – 18,000
GBP 25,062
GBP 25,062 / USD 31,775

 

2018 Auction Results


 

Donuts (Chocolate), 2009
Edition: XXX/299
Forum Auctions: 28 November 2018
London, UK
Estimated: GBP 18,000 – 22,000
GBP 16,000 (Hammer)
GBP 21,632 / USD 27,600

 

Donuts (Chocolate), 2009
Edition: 267/299
Heritage Auctions: 22 October 2018
Dallas, USA
No Estimates Received
USD 32,500
GBP 25,065/ USD 32,500

 

Prior Years Auction Results


 

 

 


Donut VIP (Hand-Finished)


Hand-Finished Donut (Strawberry), 2009
Edition: Aside
With the artist’s heart annotation
 Sotheby’s online: 26 April 2022
London, UK
Estimated: GBP 110,000 – 150,000
GBP 277,200
GBP 277,200 / USD 349,270

 

 

Hand-Finished Donut (Chocolate), 2009
Edition: Aside
Inscribed ‘Thanks Kevin ?’ in brown pencil
Forum Auctions: 14 December 2021
London, UK

Estimated: 80,000 – 120,000
GBP 83,000 (Hammer)
GBP 111,220 / USD 150,145

 

Hand-Finished Donut (Chocolate), 2009
Edition: XX/25
Forum Auctions: 7 December 2020
London, UK
Estimated: 80,000 – 120,000
GBP 190,000 (Hammer)
GBP 254,600 / USD 341,165

 

 

 

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