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.

Phillips Hong-Kong: 7 June 2021
Estimated: HKD 300,000 – 500,000
HKD 819,000 / USD 106,000 /GBP 74,650

BANKSY
Donut (Strawberry), 2009
Screenprint in colors

Signed in pink crayon, lower left

Numbered 55/299 in pink crayon with the publisher’s blindstamp, lower left

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Christie’s online: 1 April 2021
Estimated: GBP 50,000 – 70,000
GBP 68,750 / USD 94,875

Forum Auctions: 5 March 2021
Estimated: GBP 65,000 – 80,000
GBP 90,000 (Hammer)
GBP 120,600 / USD 167,635
AUCTION RECORD FOR DONUT (STRAWBERRY)

BANKSY (b.1974)
Donuts (Strawberry), 2009
Screenprint in colors
Signed and numbered from the edition of 299 in pink crayon, with the blindstamp

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Forum Auctions: 27 January 2021
Estimated: GBP 60,000 – 80,000
GBP 65,000 (Hammer)
GBP 87,100 / USD 119,325

BANKSY (b.1974)
Donuts (Strawberry), 2009
Screenprint in colors on Arches 88 wove paper
Signed and numbered from the edition of 299 in pink crayon
printed and published by Pictures on Walls, London, with their blindstamp

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Phillips London: 21 January 2021
Estimated: GBP 40,000 – 60,000
GBP 75,600 / USD 103,570

2020 Auction Results

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Forum Auctions: 4 September 2020
Estimated: GBP 40,000 – 60,000
GBP 60,000 (Hammer)
GBP 80,640 / USD 106,685

BANKSY (b.1974)
Donuts (Strawberry), 2009
Screenprint in colors on Arches 88 wove paper
Signed and numbered from the edition of 299 in pink crayon
Printed and published by Pictures on Walls, London, with their blindstamp

XXXXXXXXXX

Tate Ward Auctions: 27 August 2020
Estimated: GBP 40,000 – 45,000
GBP 55,000 / USD 71,915

BANKSY (British 1974-)
‘Donuts (Strawberry)’, 2009
Screenprint in colors on Arches 88 paper
Signed and numbered from an edition of 299 in pink pencil
Published by Pictures On Walls

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Bonhams London: 19 June 2020
Estimated: GBP 20,000 – 30,000
GBP 40,062 / USD 49,530

BANKSY (British, b. 1975)
Donuts (Strawberry), 2009
Screenprint in colors on Arches paper
Signed and numbered 84/299 in pink crayon
Published by Pictures on Walls, London, with their blindstamp

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Sotheby’s online: 26 March 2020
Estimated: GBP 18,000 – 22,000
GBP 30,000 / USD 36,640

BANKSY (b.1974)
DONUTS STRAWBERRY, 2009
Screenprint in colors on Arches wove paper
Signed in pink crayon, numbered 263/299
Published by Pictures on Walls, London

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Donut (Chocolate)

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2026 Auction Results

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Forum Auctions: 19 March 2026
Estimated: GBP 20,000 – 25,000
GBP 15,000 (Hammer)
GBP 19,740 / USD 26,390

BANKSY (b.1974)
Donuts (Chocolate) (Signed), 2009
Screenprint in colors on Arches paper
Signed in brown crayon
Numbered from the edition of 299
Printed and published by Pictures on Walls, London, with their blindstamp

2025 Auction Results

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Bruun Rasmussen: 19 November 2025
Estimated: DKK 200,000 / USD 31,500
DKK 180,000 (Hammer)
DKK 243,000 / USD 35,225

BANKSY (b. 1975)
“Donuts (chocolate)”, 2009
Screenprint in colors
Signed Banksy
Editioned 160/299
Published by Pictures on Walls, London, with their blindstamp

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SBI Art Auction: 12 July 2025
Estimated: JPY 5,000,000 – 8,000,000
JPY 5,750,000 / USD 39,015

BANKSY
Donut (Chocolate), 2009
Screenprint
Signed and numbered on the lower left
From the edition of 299

2024 Auction Results

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Artcurial: 6 November 2024
Estimated: EUR 25,000 – 35,000
EUR 34,112 / USD 37,300

BANKSY
Donuts Chocolate, 2009

Screen print in colors on paper
Signed and numbered 67/299

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Christie’s online: 1 October 2024
Estimated: GBP 25,000 – 35,000
GBP 32,760 / USD 43,570

BANKSY
Donuts (Chocolate), 2009
Screenprint in colors on Arches wove paper
Signed and numbered 069/299 in brown crayon with the artist’s blindstamp

2023 Auction Results

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Sotheby’s London: 26 September 2023
Estimated: GBP 18,000 – 25,000
GBP 27,940 / USD 33,986

BANKSY (b. 1974)
Donuts Chocolate, 2009
Screenprint in colors on Arches wove paper
Signed in brown crayon and numbered 145/299

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Christie’s Online: 14 March 2023
Estimated: GBP 40,000 – 60,000
GBP 56,700 / USD 69,741

BANKSY
Donuts (Chocolate), 2009
Screenprint in colors on Arches wove paper
Signed and numbered 187/299 in brown crayon

2022 Auction Results

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New Auction Tokyo: 26 November 2022
Estimated: JPY 7,000,000 – 12,000,000
JPY 9,775,000 / USD 70,300 / GBP 57,640

BANKSY (1974 – )
Donuts (Chocolate), 2009
Screenprint
Signed and numbered on the lower left
From the edition of 299

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

BANKSY
Donuts Chocolate, 2009
Screenprint in colors on Arches wove paper
Signed in brown crayon, lower left
Numbered 162/299 in brown crayon, with the publisher’s blindstamp, lower left

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Sotheby’s online: 26 April 2022
Estimated: GBP 40,000 – 60,000
GBP 69,300 / USD 87,320

BANKSY
Donut (Chocolate), 2009
Screenprint in colors on Arches wove paper

Signed in brown crayon, lower left

Numbered 189/299 in brown crayon with the publisher’s blindstamp, lower left

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Christie’s online: 15 March 2022
Estimated: GBP 40,000 – 60,000
GBP 88,200 / USD 116,425
HIGHEST PRICE PAID FOR DONUT (CHOCOLATE) IN 2022

BANKSY
Donut (Chocolate), 2009
Screenprint in colors on Arches wove paper

Signed in brown crayon, lower left

Numbered 272/299 in brown crayon with the publisher’s blindstamp, lower left

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Forum Auctions: 3 February 2022
Estimated: 50,000 – 80,000
GBP 64,000 (Hammer)
GBP 85,760 / USD 117,490

BANKSY (b.1974)
Donuts (Chocolate) (signed), 2009
Screenprint in colors on Arches 88 wove paper
Signed and numbered from the edition of 299 in brown crayon
Printed and published by Pictures on Walls, London, with their blindstamp

2021 Auction Results

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New Auction Tokyo: 6 November 2021
Estimated: JPY 6,000,000 – 9,000,000
JPY 11,155,000 / USD 98,390 / GBP 72,880

BANKSY (1974 – )
Donuts (Chocolate), 2009
Screenprint
Signed and numbered on the lower left
From the edition of 299

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Christie’s online: 23 September 2021
Estimated: GBP 50,000 – 70,000

GBP 50,000 / USD 69,500

BANKSY (b.1974)
Donut (Chocolate), 2009
Screenprint in colors on Arches wove paper

Signed in brown crayon, lower left

Numbered 183/299 in brown crayon with the publisher’s blindstamp, lower left

XXXXXXXXXXX

Sotheby’s New-York: 23 July 2021
Estimated: USD 60,000 – 80,000
USD 88,200 / GBP 63,455

BANKSY (b.1974)
Donuts (Chocolate), 2009
Screenprint in colors on Arches wove paper
Signed in brown crayon and numbered 105/299, with the publisher’s blindstamp

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Menzies: 30 June 2021
Estimated: AUD 100,000 – 150,000
AUD 97,000 (Hammer)
AUD 119,045 / USD 89,225 / GBP 64,525

BANKSY (born 1974, British)
Donuts (Chocolate) 2009
Color screenprint
Signed and numbered 181/299 below image
Published by Pictures on Walls, London (blindstamp lower left)

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Bonhams online: 29 June 2021
Estimated: GBP 50,000 – 70,000
GBP 75,250 / USD 104,080

BANKSY (b. 1974)

Donuts (Chocolate), 2009
Screenprint in colors on wove paper
Signed and numbered 111/299 in brown crayon, with the publisher’s blindstamp

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Christie’s New-York: 16 April 2021
Estimated: USD 60,000 – 80,000
USD 81,250 / GBP 58,455

BANKSY (B. 1974)
Donuts (Chocolate), 2009
Screenprint in colors on Arches paper
Signed in brown crayon, numbered 128/299, with the publisher’s blindstamp

International Art Center: 30 March 2021
Estimated: NZD 70,000 – 100,000
NZD 150,000 (Hammer)
NZD 181,905 / USD 127,120 / GBP 92,480

BANKSY (British b. 1974)
Chocolate Donuts, 2009
Screenprint
Edition of 40/299
Signed

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Tate Ward Auctions: 30 March 2021
Estimated: GBP 50,000 – 70,000
GBP 81,600 / USD 111,940

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Phillips London: 23 January 2020
Estimated: GBP 18,000 – 22,000
GBP 37,500 / USD 49,130

BANKSY
Donuts (Chocolate), 2009
Screenprint in colors on Arches 88 paper
Signed and numbered 119/299 in brown pencil
Published by Pictures on Walls, London (with their blindstamp)

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Donut VIP (Hand-Finished)

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 Sotheby’s online: 26 April 2022
Estimated: GBP 110,000 – 150,000

GBP 277,200 / USD 349,270

BANKSY
Hand-Finished Donut (Strawberry), 2009
Unique screen-print in colors with hand-coloring

Signed in pink crayon with the artist’s heart annotation, lower left

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Forum Auctions: 14 December 2021
Estimated: 80,000 – 120,000
GBP 83,000 (Hammer)
GBP 111,220 / USD 150,147

BANKSY (b.1974)
Donuts (Special Edition – Chocolate) (Hand-coloured and Signed), 2009
The rare and important screenprint with extensive hand-coloring in colored pencil on Arches 88 wove paper
Signed and inscribed ‘Thanks Kevin ?’ in brown pencil
A proof aside from the edition of 25

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Forum Auctions: 7 December 2020
Estimated: 80,000 – 120,000
GBP 190,000 (Hammer)
GBP 254,600 / USD 341,165 

BANKSY (b.1974)
Donuts (Special Edition – Chocolate), 2009
The rare and important screenprint with extensive hand-coloring in colored pencil on Arches 88 wove paper
Signed and numbered from the edition of 25 in orange crayon