Comments on: Damien Hirst Screws Himself – artmarketblog.com http://www.artmarketblog.com/2008/08/26/damien-hirst-screws-himself-artmarketblogcom/ Art Market Analysis by Nic Forrest Tue, 07 Feb 2012 17:54:00 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Luis http://www.artmarketblog.com/2008/08/26/damien-hirst-screws-himself-artmarketblogcom/#comment-1469 Luis Thu, 04 Sep 2008 17:08:07 +0000 http://artforprofits.wordpress.com/?p=704#comment-1469 Nick, You're right. It's not the first time that a direct auction occurs but the art market never saw a direct auction of 223 pieces in a row. All from the same (and top)artist. So, may very well be historic in a way that is openning roads to other artists like Murakami do the same and changing the system primary/secondary but I´m not sure this kind of decisions are good to their carreers and to their collectors. Like MAO wisely said I would be very worried in the case of the last ones. All the people is saying that the auction will be a great success so maybe I'm being just too pessimist, but to me - just a young art enthusiast - the catalogue viewing didn´t cause the expectable desire of purchasing (despite some nice works, of course). This feeling is certainly very personal and subjective, but I imagine that more collectors may have had quite the same reaction. And that is just not good. Nick,

You’re right. It’s not the first time that a direct auction occurs but the art market never saw a direct auction of 223 pieces in a row. All from the same (and top)artist.

So, may very well be historic in a way that is openning roads to other artists like Murakami do the same and changing the system primary/secondary but I´m not sure this kind of decisions are good to their carreers and to their collectors. Like MAO wisely said I would be very worried in the case of the last ones.

All the people is saying that the auction will be a great success so maybe I’m being just too pessimist, but to me – just a young art enthusiast – the catalogue viewing didn´t cause the expectable desire of purchasing (despite some nice works, of course). This feeling is certainly very personal and subjective, but I imagine that more collectors may have had quite the same reaction. And that is just not good.

]]> By: artforprofits http://www.artmarketblog.com/2008/08/26/damien-hirst-screws-himself-artmarketblogcom/#comment-1468 artforprofits Tue, 02 Sep 2008 22:48:08 +0000 http://artforprofits.wordpress.com/?p=704#comment-1468 Hi Luis, In what way will Hirst make history? He is not the first artist to sell art directly to auction in fact it is not the first time that Hirst has sold art directly to auction. Your comments regarding the illusion and irrationality are, however, spot on!! Nick Hi Luis,

In what way will Hirst make history? He is not the first artist to sell art directly to auction in fact it is not the first time that Hirst has sold art directly to auction.

Your comments regarding the illusion and irrationality are, however, spot on!!

Nick

]]> By: Luis http://www.artmarketblog.com/2008/08/26/damien-hirst-screws-himself-artmarketblogcom/#comment-1467 Luis Tue, 02 Sep 2008 17:00:30 +0000 http://artforprofits.wordpress.com/?p=704#comment-1467 I don't doubt that Hirst will make history with this auction, despite the results he might achieve . The problem is that the market is now with perfect knowledge about what is going on about the large quantity of works in stock and without a clear buyer. And that sounds bad in a case like Hirst that is a top artist... I know Hirst is seen like a "must have" but I again don't doubt that this crazy market is more than able to cut his "legs" in a second. Market gives market takes! There is too much ilusion and irrationality going on. I don't believe too much in all this buzz !! It's just a question of when... I don’t doubt that Hirst will make history with this auction, despite the results he might achieve .

The problem is that the market is now with perfect knowledge about what is going on about the large quantity of works in stock and without a clear buyer.
And that sounds bad in a case like Hirst that is a top artist…

I know Hirst is seen like a “must have” but I again don’t doubt that this crazy market is more than able to cut his “legs” in a second. Market gives market takes!

There is too much ilusion and irrationality going on.

I don’t believe too much in all this buzz !! It’s just a question of when…

]]> By: artforprofits http://www.artmarketblog.com/2008/08/26/damien-hirst-screws-himself-artmarketblogcom/#comment-1466 artforprofits Mon, 01 Sep 2008 00:53:35 +0000 http://artforprofits.wordpress.com/?p=704#comment-1466 Hi Joe, Thanks for the reply. The value of Hirst's work is being propped up by media hype, controversy and many other inflationary factors. I agree that the auction will probably go well but the future value of Hirst's work is in serious jeopardy. He may seem indestructible now but when people start becoming more cautious and looking for value, Hirst's work will be one of the most likely to end up a casualty. Nick Hi Joe,

Thanks for the reply. The value of Hirst’s work is being propped up by media hype, controversy and many other inflationary factors. I agree that the auction will probably go well but the future value of Hirst’s work is in serious jeopardy. He may seem indestructible now but when people start becoming more cautious and looking for value, Hirst’s work will be one of the most likely to end up a casualty.

Nick

]]> By: Joe http://www.artmarketblog.com/2008/08/26/damien-hirst-screws-himself-artmarketblogcom/#comment-1465 Joe Sun, 31 Aug 2008 19:20:05 +0000 http://artforprofits.wordpress.com/?p=704#comment-1465 There's a scenario 3 too Nick. The sale goes pretty well, with most pieces meeting expectations but with many others being picked up at (comparative) bargain prices (there are no reserves on any of the works apparently). Those who get a bargain aren't going to complain, and those who pay slightly over the odds get a piece of art history. There are so many thousands of Hirst's works already out there - a situation that doesn't dilute the value of his work. Nothing seems to dent the guy's value, he's bomb-proof and everyone wants a piece. A risk-taker who's pushing the bourndaries for sure, but Hirst isn't going to collapse whatever the result at Sotheby's. There’s a scenario 3 too Nick. The sale goes pretty well, with most pieces meeting expectations but with many others being picked up at (comparative) bargain prices (there are no reserves on any of the works apparently). Those who get a bargain aren’t going to complain, and those who pay slightly over the odds get a piece of art history.
There are so many thousands of Hirst’s works already out there – a situation that doesn’t dilute the value of his work. Nothing seems to dent the guy’s value, he’s bomb-proof and everyone wants a piece. A risk-taker who’s pushing the bourndaries for sure, but Hirst isn’t going to collapse whatever the result at Sotheby’s.

]]> By: Chris Agnew http://www.artmarketblog.com/2008/08/26/damien-hirst-screws-himself-artmarketblogcom/#comment-1464 Chris Agnew Fri, 29 Aug 2008 20:49:54 +0000 http://artforprofits.wordpress.com/?p=704#comment-1464 I believe that regardless of the success of the auction, by cutting out the gallery, Hirst is completely writing new rules for the contemporary art market. Operating in this fashion in such a 'consumerist' society, could almost be seen as an artistic response to the zeitgeist. In doing so, he is securing himself (even more so) a place in the annals of art history, and thus securing his prices. Does anyone agree with this? That the outcome of this auction is almost irrelevant, but what this affair represents is the relevant issue? I believe that regardless of the success of the auction, by cutting out the gallery, Hirst is completely writing new rules for the contemporary art market. Operating in this fashion in such a ‘consumerist’ society, could almost be seen as an artistic response to the zeitgeist. In doing so, he is securing himself (even more so) a place in the annals of art history, and thus securing his prices.

Does anyone agree with this? That the outcome of this auction is almost irrelevant, but what this affair represents is the relevant issue?

]]> By: artforprofits http://www.artmarketblog.com/2008/08/26/damien-hirst-screws-himself-artmarketblogcom/#comment-1463 artforprofits Fri, 29 Aug 2008 00:08:38 +0000 http://artforprofits.wordpress.com/?p=704#comment-1463 Hi Luis, Although I do not think that a flop result is likely I do think that is a distinct possibility considering the level of caution that seems to be creeping into the market of late Nick Hi Luis,

Although I do not think that a flop result is likely I do think that is a distinct possibility considering the level of caution that seems to be creeping into the market of late

Nick

]]> By: artforprofits http://www.artmarketblog.com/2008/08/26/damien-hirst-screws-himself-artmarketblogcom/#comment-1462 artforprofits Thu, 28 Aug 2008 23:56:07 +0000 http://artforprofits.wordpress.com/?p=704#comment-1462 Hi Marinko, I think that the sale will be well received to but I am more concerned about the effects that a well received sale will have on the amount of Hirst works on the market purchased by people looking to make a quick buck Nick Hi Marinko,
I think that the sale will be well received to but I am more concerned about the effects that a well received sale will have on the amount of Hirst works on the market purchased by people looking to make a quick buck

Nick

]]> By: Luis http://www.artmarketblog.com/2008/08/26/damien-hirst-screws-himself-artmarketblogcom/#comment-1461 Luis Thu, 28 Aug 2008 22:07:24 +0000 http://artforprofits.wordpress.com/?p=704#comment-1461 I am with you Nicholas, I thinj he is screwing himself. But i'm not so sure about a flop auction result because of the crazyness that still is going on the high end of the contemporary market. One thing is clear to me, this direct auction represents more risks than rewards, despite the fact that Hirst will receive much more in net terms. I am with you Nicholas, I thinj he is screwing himself.
But i’m not so sure about a flop auction result because of the crazyness that still is going on the high end of the contemporary market.

One thing is clear to me, this direct auction represents more risks than rewards, despite the fact that Hirst will receive much more in net terms.

]]> By: Marinko Jareb http://www.artmarketblog.com/2008/08/26/damien-hirst-screws-himself-artmarketblogcom/#comment-1460 Marinko Jareb Thu, 28 Aug 2008 18:13:17 +0000 http://artforprofits.wordpress.com/?p=704#comment-1460 Despite introducing a large number of works at auction in September, I believe that Hirst's work and reputation are such that it will be a well recieved sale. Furthermore, selling at various galleries, apart from charging a higher commision, would not have the same impact in terms of media attention. Putting up a almost 250 pieces of art for sale within a short time at the high profile Southeby house and likely making a mint will generate enough media buzz to have Damien Hirst's name mentioned in newspapers, t.v., radio and blogs all over the world. Personally, I'm ecstatic if I sell a piece for $200 Canadian, but then again, I'm not selling medicine cabinets! Despite introducing a large number of works at auction in September, I believe that Hirst’s work and reputation are such that it will be a well recieved sale. Furthermore, selling at various galleries, apart from charging a higher commision, would not have the same impact in terms of media attention. Putting up a almost 250 pieces of art for sale within a short time at the high profile Southeby house and likely making a mint will generate enough media buzz to have Damien Hirst’s name mentioned in newspapers, t.v., radio and blogs all over the world. Personally, I’m ecstatic if I sell a piece for $200 Canadian, but then again, I’m not selling medicine cabinets!

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