Hirst proves art market is still golden
Damien Hirst, the British contemporary super-artist, last night defied critics with a record £70.5m ($126m) Sotheby's auction dedicated solely to his own work.
Despite concerns that his work has become overpriced and over-hyped, Hirst far outstripped the top estimate of £62m. The sale continues Tuesday night with 167 more lots to sell. Sotheby's predicts another £36m could be raised.
The sale is unprecendented because Hirst is working directly with Sotheby’s without dealers collecting their customary fee.
Damien Hirst said: “I think the market is bigger than anyone knows, I love art and this proves I’m not alone and the future looks great for everyone.”
The star lot of the sale was The Golden Calf, an 18-carat, gold-plated bullock in formaldehyde crowned with a Carrara marble plinth, which realised £10.3m a record for a work by Hirst.
Other top-sellers were The Kingdom, a tiger shark in formaldehyde, which sold for £9.5m, and Fragments of Paradise which made £5m.
Simon Mobey of Chubb Insurance, an insurer of the ultra-wealthy, said: "Despite the financial markets being in turmoil and fears of a recession, yesterday's auction proved that there are still plenty with money to spend. We see no sign of a slowdown in spending, but their buying patterns do suggest that funds are diverting into more tangible, safer goods like art, jewellery and cars. We've insured more £1 million classic cars and diamond rings this year than in the past. As well as bringing enjoyment, these investments could well be the pension funds of the future."
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