In a nutshell:
Graffiti as a sub-culture has historically been shunned and frowned upon. But what started (and still exists) as a counter-culture, rapidly changed face, with artists such as Banksy, street artist turned art icon, Jean Michel Basquiat, and Shepard Fairey, famous for the Obey Giant, all contributing to the culture receiving notoriety and credibility. However, historically, there has still been a disconnect between street culture and luxury. But the increasingly blurred lines between these might make Graffiti culture become, more than ever, a statement and centre-piece for the high-end and luxury markets.
Also see Anti-Design