Update: After a second day of sales, Damien Hirst's auction at Sotheby's has netted a total of £111million ($198m).
The global economy may be in turmoil but the super rich are splurging on art like never before.
Yesterday, as news of the Lehman Brother’s bankruptcy decimated international stock markets, an auction of work by controversial British artist Damien Hirst netted a massive £70.55million.
The sale, which featured 54 Hirst pieces and far exceeded its predicted £62.3million total, breaks all records for the amount raised in an auction dedicated to a single artist. Picasso previously held this title after a sale of 88 originals in the early nineties made an impressive £18million.
Hirst, famed for his ‘artistic’ preservation of animals in formaldehyde, broke from industry tradition and bypassed art galleries completely when arranging this sale. Instead, he orchestrated the ‘Beautiful Inside My Head Forever’ sale direct through Sotheby’s auction house, an approach which is said to enhance his profit by up to 50% because of the huge fees charged by art dealers. The move was so contentious that stock in the auction house fell significantly last week as a result.
While Western interest in the sale is rumoured to have been subdued, the super wealthy from Russia and oil rich nations in the Middle East are thought to have been snapping up Hirst’s works of art.
His ’The Golden Calf’, a formaldehyde preserved 600Kg bullock with 18-carat hooves and horns raised a massive £10.35million. While ‘The Kingdom’, a preserved shark, netted £9.6million, over £3million above its valuation and ‘The Black Sheep with the Golden Horn’ raised £2.6million for Hirst.
The two day sale which features 223 pieces by the contemporary artist closes today with the total now expected to exceed the £98million originally predicted. It has received extraordinary interest from the public with over 20,000 individuals viewing the works in the 11 day preview leading up to the sale.
Hirst, who did not attend the auction in person reflected: “It's about timing.
"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,"
