Damien Hirst – betrayed by the market?

For all his celebrity, Hirst’s stock in the art market has experienced a stunning deflation. According to data compiled by the firm Artnet, Hirst works acquired during his commercial peak, between 2005 and 2008, have since resold at an average loss of 30 percent. And that probably understates the decline—judging from the dropoff in sales volume, collectors aren’t bringing their big-ticket Hirsts to market. A third of the more than 1,700 Hirst pieces offered at auctions since 2009 have failed to sell at all—they’ve been “burned,” in the terminology of the art world. “He has way underperformed,” says Michael Moses, a retired New York University business professor who maintains a financial index for art. “He has lots and lots of negative returns.”

One thought on “Damien Hirst – betrayed by the market?

  1. I’ll pray that these ‘losses’ somehow bring him around to realize that there are more important things in this world than personal gain.

    And that maybe he will hear the gospel…if he hasn’t already.

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