Hands up for Hirst

From The Economist…

How the bad boy of Brit-Art grew rich at the expense of his investors

In 2008 just over $270m-worth of art by Damien Hirst was sold at auction, a world record for a living artist. By 2009 Mr Hirst’s annual auction sales had shrunk by 93%—to $19m—and the 2010 total is likely to be even lower. The collapse in the Hirst market can partly be ascribed to the recession. But more important are the lingering effects of a two-day auction of new work by Mr Hirst that Sotheby’s launched in London on September 15th 2008.

The sale was memorable for many reasons, not least its name, “Beautiful Inside My Head Forever”. The first session took place the very evening that Lehman Brothers went bankrupt. No one on Wall Street or in the City of London knew who might be next. Yet within the New Bond Street saleroom, collectors went on bidding, oblivious to the bloodletting without. More…