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Sign of change

Hirst rating in freefall

Art Market | In the period running from January 2008 to January 2014, Damien Hirst’s works recorded a decline in value of 65%, with the amount of lots sold in auction down by 56% and the ratio of unsold lots totaling over 30% (figures Artprice).

Damien Hirst © Michael Birt for Newsweek
Damien Hirst
© Michael Birt for Newsweek

Sotheby’s sales results from 2014 corroborate these findings. Of 38 lots put up for auction, 10 were lowered in price, 16 were traded for less than the upper bound estimate, with only one sale in the millions recorded. With an entrepreneurial organization around his name/label, a production unit including a hundred-something assistants, his boutiques Other Criteria, and the heavily marketed sale of his works at Sotheby’s in 2008, Damien Hirst brought about a real transformation in the position of the artist through the accumulation of brand codes and conventions : a change in status heavy with signification, and whose repercussions are being felt today. A brand remains a business that must ceaselessly produce to develop, whereas in the extremely competitive globalized art market, the rare and the unique are the standard in a period of uncertainty.

Vincent Kozsilovics
Publié le 14/11/2014
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Damien Hirst © Michael Birt for Newsweek

Damien Hirst
© Michael Birt for Newsweek

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