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 […]

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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

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