Morons: 150 signed, 500 unsigned · Morons (Sepia): 300 signed · LA Edition: 150 signed, 500 unsigned (100 printed), 6 signed Printer's Proofs · VIP Edition: 30 Grey signed AP
Key market statistics
Morons (unsigned)
34 transactions since 2018
Most recent sale
£13,750
May 2025 · Anderson & Garland · 195/500
2025 median price
£18,940
over 2 qualifying sales
2024 median price
£19,920
over 4 qualifying sales
2024–2025 performance
−5%
change between the two published medians
Peak price
£87,095
Dec 2020 · Phillips Hong-Kong
Value retention
16%
most recent sale as a share of the peak price
Morons (sepia)
34 transactions since 2018
Most recent sale
£27,040
Oct 2025 · Forum Auctions · XXX/300
2025 median price
£28,125
over 2 qualifying sales
2024 median price
£36,000
over 3 qualifying sales
2024–2025 performance
−22%
change between the two published medians
Peak price
£107,100
Sept 2021 · Sotheby’s online
Value retention
25%
most recent sale as a share of the peak price
Market charts
Morons (unsigned) — 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.
Morons (unsigned) — 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.
Morons (sepia) — 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.
Morons (sepia) — 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
Morons (unsigned)
The auction history of Morons unsigned is unusually revealing because the work does not merely circulate within the art market—it openly ridicules it. With 34 qualifying transactions recorded since 2018, the edition maintains meaningful liquidity. Banksy transforms a conventional auction-room scene into a critique of speculation, status and collective credulity, ensuring that every subsequent auction appearance becomes another instalment in the joke.
The edition participated fully in the pandemic-era expansion. Prices accelerated sharply during the second half of 2020, culminating in a record of £87,095 at Phillips Hong Kong in December. Strong trading continued throughout 2021, confirming that the rise was not limited to one exceptional result. Collectors were, with impeccable irony, paying increasingly large sums for a work mocking them for doing precisely that.
The correction began in 2022 and continued through 2023 as speculative demand receded. More recent data indicate a slower and more orderly decline. The median decreased from £19,920 across four qualifying sales in 2024 to £18,940 across two sales in 2025, representing a comparatively modest fall of 5%. No qualifying unsigned example has yet been recorded in 2026.
The most recent sale, at Anderson & Garland in May 2025, achieved £13,750—approximately 16% of the historical peak and below the annual median. Although this reflects considerable post-boom repricing, Morons retains stronger conceptual support than many purely decorative Banksy images. Its market is now driven less by momentum and more by collectors who appreciate its particular place within Banksy’s critique of the institutions that determine artistic value.
Morons (Sepia)
The sepia edition occupies a distinct and generally more valuable segment of the market. Issued as a signed edition of 300, it combines greater scarcity with a warmer tonal treatment that reinforces the appearance of an archival auction photograph. Thirty-four qualifying transactions have been recorded since 2018, providing an unusually substantial body of data for a signed Banksy variant.
The sepia market reached its high point during 2021, when strong demand for signed and differentiated Banksy editions pushed prices into six-figure territory. The auction record was established at Sotheby’s online in September 2021, when an impression achieved £107,100. Elevated results continued into 2022, including sales above £80,000 and £100,000, before the broader correction became firmly established.
Recent figures show that the repricing has continued. The median declined from £36,000 across three qualifying sales in 2024 to £28,125 across two sales in 2025, representing a decrease of 22%. The most recent transaction, at Forum Auctions in October 2025, achieved £27,040, broadly consistent with the annual median. No qualifying sale has yet been recorded in 2026.
The latest result represents approximately 25% of the historical peak, outperforming the value retention of the regular unsigned edition. The sepia version continues to command a premium through its signature, smaller edition and distinctive appearance, although it has not escaped the wider market correction. It now occupies a rational collector-driven range: more selective than the standard edition, but still far removed from the exuberant valuations achieved during 2021–2022. The regular signed edition, LA editions and grey VIP proofs should remain separate from this analysis because their supply and market characteristics differ materially.
Morons (unsigned)
2025 Auction Results
Anderson & Garland195/500
29 May 2025
UK
Est. GBP 12,000 – 18,000
GBP 11,000 (Hammer)
GBP 13,750
USD 18,565
Phillips London445/500
23 January 2025
UK
Est. GBP 20,000 – 30,000
GBP 24,130
USD 29,810
2024 Auction Results
Tate Ward Auctions44/500
11 December 2024
UK
Est. GBP 10,000 – 15,000
GBP 15,000
USD 19,500
Sotheby’s New-York357/500
22 October 2024
USA
Est. USD 18,000 – 24,000
USD 33,600
GBP 26,250
USD 33,600
Tate Ward AuctionsXXX/500
18 September 2024
UK
Est. GBP 13,000 – 15,000
GBP 16,800
USD 21,825
Bonhams online284/500
20 March 2024
UK
Est. GBP 15,000 – 20,000
GBP 23,040
USD 29,220
2023 Auction Results
Sotheby’s online308/500
26 September 2023
UK
Est. GBP 18,000 – 22,000
GBP 24,130
USD 29,350
Sotheby’s online161/500
20 April 2023
UK
Est. GBP 18,000 – 22,000
GBP 25,400
USD 31,620
Bonhams London346/500
19 April 2023
UK
Est. GBP 20,000 – 30,000
GBP 22,950
USD 28,550
2022 Auction Results
Bonhams London346/500
7 December 2022
UK
Est. GBP 20,000 – 30,000
GBP 25,500
USD 31,095
Heritage Auctions427/500
28 November 2022
USA
Est. USD 20,000 – 30,000
USD 35,000
GBP 28,705
USD 35,000
Sotheby’s online393/500
17 August 2022
UK
Est. GBP 18,000 – 22,000
GBP 30,240
USD 36,290
Phillips New-York218/500
21 April 2022
USA
Est. USD 40,000 – 60,000
USD 50,400
GBP 40,000
USD 50,400
2021 Auction Results
Sotheby’s online304/500
17 September 2021
UK
Est. GBP 18,000 – 22,000
GBP 47,880
USD 66,555
Forum AuctionsXXX/500
2 September 2021
UK
Est. GBP 28,000 – 35,000
GBP 36,000 (Hammer)
GBP 48,240
USD 67,055
ART + OBJECT446/500
10 August 2021
New-zealand
Est. NZD 60,000 – 80,000
NZD 72,075
GBP 36,485
USD 50,480
Heritage Auctions341/500
22 April 2021
USA
Est. USD 35,000 – 45,000
USD 50,000
GBP 35,970
USD 50,000
Christie’s online194/500
1 April 2021
UK
Est. GBP 30,000 – 50,000
GBP 47,500
USD 65,550
2020 Auction Results
Bonhams London391/500
9 December 2020
UK
Est. GBP 18,000 – 25,000
GBP 62,750
USD 84,010
Forum AuctionsXXX/500
7 December 2020
UK
Est. GBP 30,000 – 50,000
GBP 42,000 (Hammer)
GBP 56,520
USD 75,465
Phillips Hong-Kong412/500Auction Record
4 December 2020
Hong-kong
Est. HKD 100,000 – 150,000
HKD 907,200
GBP 87,095
USD 117,055
Christie’s online236/500
23 September 2020
UK
Est. GBP 10,000 – 15,000
GBP 43,750
USD 56,205
Forum AuctionsXXX/500
21 July 2020
UK
Est. GBP 10,000 – 15,000
GBP 19,000 (Hammer)
GBP 25,688
USD 32,710
Sotheby’s online370/500
26 March 2020
UK
Est. GBP 10,000 – 15,000
GBP 21,250
USD 26,430
Tate Ward AuctionsXXX/500
18 February 2020
UK
Est. GBP 14,000 – 16,000
GBP 17,500
USD 22,800
2019 Auction Results
Forum AuctionsXXX/500
11 December 2019
UK
Est. GBP 10,000 – 15,000
GBP 14,000 (Hammer)
GBP 18,760
USD 24,715
SBI Art AuctionXXX/500
2 November 2019
Japan
Est. JPY 800,000 – 1,200,000
JPY 2,530,000
GBP 18,070
USD 23,380
Tate Ward AuctionsXXX/500
2 October 2019
UK
Est. GBP 7,000 – 9,000
GBP 10,625
USD 13,060
Artnet Auctions320/500
26 September 2019
USA
Est. USD 8,000 – 12,000
USD 19,200
GBP 15,385
USD 19,200
Sotheby’s online205/500
19 September 2019
UK
Est. GBP 5,000 – 7,000
GBP 16,250
USD 20,275
Sotheby’s London474/500
10 September 2019
UK
Est. GBP 4,000 – 6,000
GBP 15,000
USD 18,530
2018 Auction Results
Forum AuctionsXXX/500
25 June 2018
UK
Est. GBP 6,000 – 8,000
GBP 5,500 (Hammer)
GBP 7,370
USD 9,780
Bonhams London289/500
28 March 2018
UK
Est. GBP 4,000 – 6,000
GBP 7,500
USD 10,580
Sotheby's London249/500
20 March 2018
UK
Est. GBP 3,000 – 5,000
GBP 16,250
USD 22,770
Prior Years Auction Results
Forum AuctionsXXX/500
6 July 2017
UK
GBP 5,250 (Hammer)
GBP 6,995
USD 9,120
Forum AuctionsXXX/500
21 March 2017
UK
GBP 5,200 (Hammer)
GBP 8,710
USD 10,870
Forum AuctionsXXX/500
12 October 2016
UK
GBP 4,700 (Hammer)
GBP 7,873
USD 9,600
Dreweatts469/500
2 December 2015
UK
GBP 3,000 (Hammer)
GBP 3,720
USD 5,555
Dreweatts406/500
26 March 2015
UK
GBP 2,200 (Hammer)
GBP 2,728
USD 4,050
Swann Galleries226/500
14 November 2013
USA
USD 2,470
GBP 1,530
USD 2,470
Artnet AuctionsXXX/500
7 November 2013
USA
USD 3,840
GBP 2,395
USD 3,840
Artcurial Paris446/500
25 June 2013
France
GBP 2,300
USD 3,545
Dreweatts482/500
19 March 2012
UK
GBP 2,010
USD 3,200
Artnet AuctionsXXX/500
10 June 2011
USA
USD 2,530
GBP 1,555
USD 2,530
Artnet AuctionsXXX/500
19 January 2011
USA
USD 2,070
GBP 1,295
USD 2,070
Artnet AuctionsXXX/500
14 October 2010
USA
USD 2,875
GBP 1,800
USD 2,875
Artnet AuctionsXXX/500
23 September 2010
USA
USD 4,370
GBP 2,790
USD 4,370
Artnet AuctionsXXX/500
22 June 2010
USA
USD 2,300
GBP 1,465
USD 2,300
Dreweatts482/500
25 June 2009
UK
GBP 500
USD 821
Morons (signed)
2026 Auction Results
Phillips LondonAP/03
4 June 2026
UK
Est. GBP 15,000 – 20,000
GBP 36,120
USD 48,525
2025 Auction Results
Sotheby’s New-York97/150
28 February 2025
USA
Est. USD 40,000 – 60,000
USD 38,100
GBP 29,650
USD 38,100
2024 Auction Results
Sotheby’s online55/150
26 September 2024
UK
Est. GBP 25,000 – 35,000
GBP 33,600
USD 44,720
2023 Auction Results
Forum AuctionsXXX/150
24 May 2023
UK
Est. GBP 35,000 – 45,000
GBP 32,500 (Hammer)
GBP 43,550
USD 53,860
2022 Auction Results
Sotheby’s online142/150
26 April 2022
UK
Est. GBP 40,000 – 60,000
GBP 81,900
USD 103,195
Sotheby’s New-York97/150
21 April 2022
USA
Est. USD 40,000 – 60,000
USD 94,500
GBP 75,000
USD 94,500
2021 Auction Results
Tate Ward AuctionsXXX/150
7 December 2021
UK
Est. GBP 40,000 – 50,000
GBP 65,000
USD 87,100
Christie’s online103/150
1 April 2021
UK
Est. GBP 40,000 – 60,000
GBP 75,000
USD 103,500
International Art Center101/150Auction Record
30 March 2021
New-zealand
Est. NZD 100,000 – 150,000
NZD 213,000 (Hammer)
NZD 255,860
GBP 130,490
USD 180,070
Forum AuctionsXXX/150
27 January 2021
UK
Est. GBP 10,000 – 15,000
GBP 55,000 (Hammer)
GBP 73,700
USD 100,970
2020 Auction Results
Sotheby’s London100/150
24 November 2020
UK
Est. GBP 30,000 – 40,000
GBP 63,000
USD 83,445
Tate Ward AuctionsXXX/150
27 August 2020
UK
Est. GBP 30,000 – 35,000
GBP 45,000
USD 58,840
2019 Auction Results
Phillips New-York79/150
25 October 2019
USA
Est. USD 12,000 – 18,000
USD 32,500
GBP 25,340
USD 32,500
Prior Years Auction Results
Artnet Auctions51/150
23 February 2017
USA
USD 32,400
GBP 25,805
USD 32,400
Bonhams NY113/150
7 June 2016
USA
USD 16,250
GBP 11,150
USD 16,250
Digard Auctions124/150
7 December 2015
France
EUR 17,864
GBP 12,870
USD 19,365
Bonhams London43/150
28 January 2015
UK
GBP 16,250
USD 24,645
Bonhams London87/150
29 March 2012
UK
GBP 8,125
USD 12,925
Dreweatts85/150
15 December 2010
UK
GBP 3,484
USD 5,440
Dreweatts126/150
21 April 2010
UK
GBP 5,400
USD 8,295
Bonhams London30/150
24 February 2009
UK
GBP 4,800
USD 6,945
Sotheby's London89/150
2 October 2008
UK
GBP 6,000
USD 10,605
Bloomsbury116/150
3 July 2008
UK
GBP 4,690
USD 9,350
Morons (LA Edition) (unsigned)
2025 Auction Results
Christie’s online105/500
1 April 2025
UK
Est. GBP 12,000 – 18,000
GBP 20,160
USD 26,045
2024 Auction Results
LA Modern111/500
10 October 2024
USA
Est. USD 15,000 – 20,000
USD 20,160
GBP 15,440
USD 20,160
2023 Auction Results
LA Modern105/500
7 September 2023
USA
Est. USD 20,000 – 30,000
USD 17,640
GBP 14,140
USD 17,640
Christie’s online76/500
14 March 2023
UK
Est. GBP 15,000 – 25,000
GBP 22,680
USD 27,895
2021 Auction Results
Forum AuctionsXXX/500
20 October 2021
UK
Est. GBP 28,000 – 35,000
GBP 26,000 (Hammer)
GBP 34,840
USD 48,430
SBI Art AuctionXXX/500
4 July 2021
Japan
Est. JPY 3,000,000 – 5,000,000
JPY 6,325,000
GBP 41,367
USD 57,500
2020 Auction Results
Sotheby’s New-York120/500Auction Record
18 December 2020
USA
Est. USD 12,000 – 18,000
USD 107,100
GBP 79,350
USD 107,100
Christie's online84/500
23 September 2020
UK
Est. GBP 10,000 – 15,000
GBP 32,500
USD 42,900
LA Modern105/500
16 February 2020
USA
Est. USD 7,000 – 10,000
USD 13,750
GBP 10,535
USD 13,750
Prior Years Auction Results
Forum Auctions NYXXX/500
12 December 2017
USA
USD 13,000 (Hammer)
USD 17,420
GBP 12,845
USD 17,420
Santa Monica AuctionsXXX/500
5 June 2016
USA
USD 5,630
GBP 3,890
USD 5,630
Morons (LA Edition) (signed)
2022 Auction Results
Christie’s online32/150Auction Record
21 July 2022
USA
Est. USD 40,000 – 60,000
USD 52,920
GBP 33,390
USD 52,920
Prior Years Auction Results
Julien's AuctionsAP/02
30 April 2016
USA
USD 37,500
GBP 25,665
USD 37,500
Julien's AuctionsXXX/150
21 February 2016
USA
USD 33,750
GBP 23,605
USD 33,750
Morons (Sepia)
2025 Auction Results
Forum AuctionsXXX/300
15 October 2025
UK
Est. GBP 20,000 – 30,000
GBP 20,000 (Hammer)
GBP 27,040
USD 36,215
Phillips London180/300
6 June 2025
UK
Est. GBP 15,000 – 20,000
GBP 29,210
USD 39,435
2024 Auction Results
Sotheby’s online86/300
26 September 2024
UK
Est. GBP 30,000 – 50,000
GBP 36,000
USD 47,915
Christie’s online273/300
26 March 2024
UK
Est. GBP 35,000 – 55,000
GBP 56,700
USD 71,910
Bonhams Los Angeles45/300
26 March 2024
USA
Est. USD 30,000 – 50,000
USD 35,840
GBP 28,260
USD 35,840
2023 Auction Results
Christie’s online142/300
28 September 2023
UK
Est. GBP 40,000 – 60,000
GBP 44,100
USD 53,890
2022 Auction Results
Sotheby’s online220/300
17 August 2022
UK
Est. GBP 40,000 – 60,000
GBP 100,800
USD 120,960
Julien’s Auctions216/300
16 March 2022
USA
Est. USD 80,000 – 100,000
USD 115,200
GBP 87,275
USD 115,200
Christie’s onlineAside
15 March 2022
UK
Est. GBP 50,000 – 70,000
Inscribed with an M in a circle, a peace sign, and a heart in pencil
GBP 81,900
USD 108,110
2021 Auction Results
Sotheby’s online39/300Auction Record
17 September 2021
UK
Est. GBP 40,000 – 60,000
GBP 107,100
USD 148,870
Dannenberg Auktionhaus222/300
25 March 2021
Germany
Est. EUR 20,000 – 30,000
EUR 55,000 (Hammer)
EUR 70,054
GBP 60,145
USD 82,675
Tate Ward AuctionsXXX/300
24 March 2021
UK
Est. GBP 40,000 – 50,000
GBP 80,000
USD 111,200
Sotheby’s online175/300
18 March 2021
UK
Est. GBP 35,000 – 50,000
GBP 75,600
USD 105,085
Heritage Auctions141/300
10 February 2021
USA
Est. USD 50,000 – 70,000
USD 112,500
GBP 80,935
USD 112,500
2020 Auction Results
Forum AuctionsXXX/300
7 December 2020
UK
Est. GBP 50,000 – 70,000
GBP 77,000 (Hammer)
GBP 103,240
USD 138,085
Bukowskis Stockholm180/300
10 November 2020
Sweden
Est. SEK 200,000 – 250,000
SEK 640,000 (Hammer)
SEK 768,000
GBP 68,750
USD 90,750
Morgan O’Driscoll88/300
27 October 2020
Ireland
Est. EUR 20,000 – 30,000
EUR 68,000 (Hammer)
EUR 81,600
GBP 74,100
USD 96,550
Christie’s online171/300
23 September 2020
UK
Est. GBP 20,000 – 30,000
GBP 60,000
USD 79,200
Sotheby’s online134/300
18 September 2020
UK
Est. GBP 20,000 – 30,000
GBP 60,480
USD 79,835
Artnet Auctions121/300
10 September 2020
USA
Est. USD 30,000 – 50,000
USD 78,000
GBP 59,090
USD 78,000
Forum AuctionsXXX/300
4 September 2020
UK
Est. GBP 40,000 – 60,000
GBP 50,000 (Hammer)
GBP 77,240
USD 88,955
Christie’s online212/300
19 August 2020
USA
Est. USD 25,000 – 35,000
USD 52,500
GBP 39,775
USD 52,500
Poly Auctions Hong-Kong222/300
12 July 2020
Hong-kong
Est. HKD 60,000 – 100,000
HKD 377,600
GBP 36,900
USD 48,705
Artnet AuctionsXXX/300
25 June 2020
USA
Est. USD 20,000 – 30,000
USD 40,800
GBP 30,910
USD 40,800
Artcurial130/300
23 February 2020
France
Est. EUR 30,000 – 40,000
EUR 42,900
GBP 35,255
USD 46,540
Forum AuctionsXXX/300
21 January 2020
UK
Est. GBP 25,000 – 35,000
GBP 26,000 (Hammer)
GBP 35,080
USD 45,765
2019 Auction Results
Sotheby’s New-York91/300
26 October 2019
USA
Est. USD 12,000 – 18,000
USD 35,000
GBP 27,295
USD 35,000
Christie’s online69/300
24 September 2019
UK
Est. GBP 12,000 – 18,000
GBP 32,500
USD 40,595
Sotheby’s online235/300
19 September 2019
UK
Est. GBP 18,000 – 22,000
GBP 25,000
USD 30,625
Tate Ward Auctions235/300
10 April 2019
UK
Est. GBP 16,000 – 20,000
GBP 23,750
USD 31,090
2018 Auction Results
Artnet Auctions218/300
21 August 2018
USA
USD 24,000
GBP 18,595
USD 24,000
Heritage Auctions129/300
17 April 2018
USA
Est. USD 15,000 – 25,000
USD 21,250
GBP 14,865
USD 21,250
Forum AuctionsXXX/300
21 March 2018
UK
Est. GBP 17,000 – 20,000
GBP 15,000 (Hammer)
GBP 20,100
USD 28,270
Phillips London285/300
25 January 2018
UK
Est. GBP 6,000 – 8,000
GBP 17,500
USD 24,965
Prior Years Auction Results
Bonhams London264/300
18 December 2017
UK
GBP 16,250
USD 21,770
Forum Auctions NYXXX/300
12 December 2017
USA
USD 28,000 (Hammer)
USD 37,520
GBP 27,670
USD 37,520
Artnet Auctions112/300
8 March 2017
USA
USD 24,000
GBP 19,715
USD 24,000
Forum AuctionsXXX/300
12 October 2016
UK
GBP 10,800 (Hammer)
GBP 18,090
USD 20,725
Rago266/300
7 May 2016
USA
USD 8,125
GBP 5,635
USD 8,125
Bonhams London86/300
4 March 2014
UK
GBP 5,000
USD 8,330
Bonhams London213/300
19 November 2013
UK
GBP 3,750
USD 6,040
Artnet AuctionsXXX/300
13 January 2012
USA
USD 5,175
GBP 3,385
USD 5,175
Artnet AuctionsXXX/300
25 October 2011
USA
USD 6,900
GBP 4,310
USD 6,900
Dreweatts50/300
30 June 2011
UK
GBP 2,500 (Hammer)
GBP 3,350
USD 5,380
Dreweatts155/300
6 April 2011
UK
GBP 2,640
USD 4,305
Bonhams London187/300
16 March 2011
UK
GBP 4,560
USD 7,315
Artnet AuctionsXXX/300
4 March 2011
USA
USD 6,050
GBP 3,720
USD 6,050
Dreweatts220/300
3 March 2011
UK
GBP 4,690
USD 7,625
Artnet Auctions177/300
27 July 2010
USA
USD 3,680
GBP 2,370
USD 3,680
Artnet Auctions257/300
8 June 2010
USA
USD 5,750
GBP 3,980
USD 5,750
Artnet Auctions179/300
23 July 2009
USA
USD 7,700
GBP 4,660
USD 7,700
Christie's London125/300
1 July 2009
UK
GBP 4,750
USD 7,825
Bonhams London187/300
23 October 2008
UK
GBP 3,120
USD 5,055
Dreweatts210/300
14 October 2008
UK
GBP 7,800
USD 13,610
Bloomsbury229/300
18 September 2008
UK
GBP 2,000
USD 3,625
Sotheby's London204/300
1 April 2008
UK
GBP 5,250
USD 10,410
Sotheby's NY165/300
2 November 2007
USA
USD 6,250
GBP 3,070
USD 6,250
Bloomsbury182/300
12 October 2007
UK
GBP 7,800
USD 15,885
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 3 September 2026.
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