After all the hype and publicity, I couldn't resist going to Sotheby's yesterday to view the Damien Hirst works which will go on sale on Monday and Tuesday of next week. Mr Hirst is the first artist to sell his work directly through an auction house rather than in the traditional way of exhibiting in a gallery with a dealer representing him. If you go down the latter course, the normal split is 50/50, whereas Mr Hirst will probably sacrifice just 10% of the hammer price, with Sotheby's adding on another 20% commission, which means they will end up with 30%, though I expect it will still guarantee a far larger income for the artist. Will other successful living artists follow his route? In years to come, will art galleries become redundant? I doubt it.
Mr Hirst has told the world that there will be no 'B.I.s' - should an auctioneer fail to reach the low price normally agreed in advance, he tells the audience 'Bought In' which means the Lot wasn't sold. My bet is that despite one or two of the works going for record amounts, there may be several others that can be purchased at record lows. The only thing that would stop this, is if there are dealers holding Hirst works in their galleries that they can't afford to see drop to record lows, and therefore decide to join the bidding until those pieces have at least reached the sum they are offering them for at their own galleries.
All in all, Monday and Tuesday at Sotheby's has become something of a cause celebre, and it will be fascinating to see how it turns out. However, I suspect the one thing we can guarantee is that Damien Hirst will end up the wealthiest living artist in history - that would include the late Pablo Picasso.
Mr Hirst has told the world that there will be no 'B.I.s' - should an auctioneer fail to reach the low price normally agreed in advance, he tells the audience 'Bought In' which means the Lot wasn't sold. My bet is that despite one or two of the works going for record amounts, there may be several others that can be purchased at record lows. The only thing that would stop this, is if there are dealers holding Hirst works in their galleries that they can't afford to see drop to record lows, and therefore decide to join the bidding until those pieces have at least reached the sum they are offering them for at their own galleries.
All in all, Monday and Tuesday at Sotheby's has become something of a cause celebre, and it will be fascinating to see how it turns out. However, I suspect the one thing we can guarantee is that Damien Hirst will end up the wealthiest living artist in history - that would include the late Pablo Picasso.
6 Comments:
Amazing aint it as they are all awful rubbish I would pay someone to take away in a skip...
Thank you very much for keeping this blog active... I have just finished 'A prison diary' (which I enjoyed very much) and I am bringing 'A Prisoner of Birth' to my holiday trip next week... very much looking forward to it. Kudos for the courage, for the discipline, for the honesty and for the quality control - great editing. And above all, for being generous by sharing your talent as storyteller with the rest of the world!
“The only thing that would stop this, is if there are dealers holding Hirst works in their galleries that they can't afford to see drop to record lows, and therefore decide to join the bidding.
I sort of like the idea that this bidding stuff is going on, behind our backs. I’d even like it better, of course, if the dealers were left holding the baby. Let’s face it, art has had a long and mutually satisfying relationship with pimps. And the fact that such scams often involve establishment con men does not lessen its notorious charm. And yet inevitably there will be premonitions, that the jig is up. That the Emperor could find himself caught with his pants down, as he did in 1990. I am compelled to say, I sincerely hope so, because it is a reprimand with which many would wholeheartedly agree...
Yesterday, Sunday 14th., my feelings on entering Sotheby’s were hardly those Hirst may have been trying to stimulate. As I said on my blog, on Tuesday 9th. Not his wisest executive decision. Clearly his goose is cooked. At least Andy Warhole composed Zeitgeist. But here surely is the world record in the domain of the ludicrous and the preposterous.
If Sotheby’s is hoping for $ 92m, I doubt they’ll realise half of that.
Dreamy
“The only thing that would stop this, is if there are dealers holding Hirst works in their galleries that they can't afford to see drop to record lows, and therefore decide to join the bidding.
Well, I believe I owe an acknowledgement, at the very least. Today's Sunday Times's Jonathan Calvert confirms the above in every detail. Brilliant analysis. Excellent foresight.
Thank you so much!
Dreamy
It's like that brilliant idea in David Nobb's Reggie Perrin series; brazenly packaging and selling old a load of old crap to make a fortune.
I don't like the late US comedian Bill Hicks; too vulgar and aggressive, but he hit the nail on the head when he talked about people collectively and repeatedly behaving like "The Bovine Herd"
And, sadly, these things happen in endlessly repeated cycles.
For anyone interested in such psychology, drop everything and go see a brilliant German film just released called "The Wave"............
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