Register | Suivez-nous sur FacebookSuivez-nous sur TwitterSuivez-nous sur LinkedInSuivez-nous sur Instagram |

Sign of change

Damien Hirst at the Pinault Foundation: a market revitalization

Art Market | Following a severe decline in Hirst’s prices and an increase of unsold works between 2008 and 2014, since 1 January 2016 Christie’s and Sotheby’s auction results in Hong Kong, New York, London and Paris have improved. This can be interpreted as a preliminary reaction to the artist’s Venice show, its highlight being the sale of The Void at Phillips, a reflection of Hirst’s current relevance.

Damien Hirst, The Void (2000) vendue 5,85 millions de dollars chez Phillips New York le 18/05/2017 © Courtesy of Phillips
Damien Hirst, The Void (2000) vendue 5,85 millions de dollars chez Phillips New York le 18/05/2017
© Courtesy of Phillips

Over the last three semesters, among the 43 lots by Hirst proposed at auction only four were bought-in and more than half were sold above the estimates reaching a total volume of sales of 15,238,960 $.

Although these results reflect an upward trend in terms of volume and value of sales in comparison with previous years, the current tendency must be analyzed with caution. First and foremost because the recent sales are far from reaching those of the period 2004-2008. According to Artnet’s Price Database, 82 of the artist’s 100 strongest auctions took place over that period, 40 of them during the sale Beautiful Inside My Head Forever organized at Sotheby’s in 2008.

Since January 1 2016, the sales that have exceeded $ 1 million have exclusively involved works created before 2008, regardless of the auction house :
- In Search of Nirvana (2007) sold by Sotheby’s London in 2016 for $ 1,744,101 (est. 1,881,603 / 2,605,297) ;
- Do You Know What I Like About You (1994) sold by Christie’s New York in 2016 for $ 1,039,500 (est. 900,000 / 1,200,000) ;
- Disintegration - The Crown of Life (2006) sold by Phillips New York in 2016 for $ 1,150,000 (est. 1,000,000 / 1,500,000) ;
- Midas and the Infinite (2007) sold by Sotheby’s Hong Kong in 2017 for $ 1,016,587 (est. 836,432 / 1,093,796) ;
- The Void (2000) sold by Phillips New York in 2017 for $ 5,850,000 (est. 5,000,000 / 7,000,000).

This improvement in sales reflects the cyclical readjustment of a market that has been deeply affected by the artist’s strategy of multiplying his works, creating diverse versions of established models. This is illustrated by the sale of The Void (236 x 471 x 11 cm / 2000), one of the iconic pills’ shelves from the series Pill Cabinet; which was sold for $ 5.85 million, three times less than the record set by the work Lullaby Spring (183.3 x 275.3 x 10.2 cm / 2002) sold ten years earlier at Sotheby’s London for $ 19.2 million.

Hirst’s Venetian show will unmistakably have an impact that will be measured in the long term, in the context of a competitive market with a target audience of millennials and new billionaires for whom “owning a Hirst” marks a status of success.

Vincent Kozsilovics
Publié le 28/06/2017
Copyright © Observatoire de l'art contemporain - Tous droits réservés
Pour en savoir plus ou pour utiliser ce contenu, merci de nous contacter »

Read also

 

Suivez-nous sur FacebookSuivez-nous sur TwitterSuivez-nous sur LinkedInSuivez-nous sur InstagramContactSearch

Version française

Damien Hirst, The Void (2000) vendue 5,85 millions de dollars chez Phillips New York le 18/05/2017 © Courtesy of Phillips

Damien Hirst, The Void (2000) vendue 5,85 millions de dollars chez Phillips New York le 18/05/2017
© Courtesy of Phillips

×