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Betting Big On Hirst.(International Edition; THE AUCTION HOUSE)(Damien Hirst)(Brief article)

Newsweek International

| October 06, 2008 | Grove, Sophie | COPYRIGHT 2008 Newsweek, Inc. All rights reserved. Any reuse, distribution or alteration without express written permission of Newsweek is prohibited. For permission: www.newsweek.com. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Byline: Sophie Grove

As the bidding started at Damien Hirst's historic auction in London on Sept. 15 (Sotheby's first ever of a single living artist), the specter of failing financial markets hardly discouraged collectors: Hirst's formaldehyde-preserved animals and diamond-encrusted butterflies netted a staggering $200.7 million, breaking the house's record for a single-artist auction (set in 1993 when a Picasso sale raised $32 million), and making Hirst seem like a better bet than the FTSE.

The event broke with artistic convention, as Hirst and his manager bypassed their usual dealers, the Gagosian Gallery and New York and the White Cube in London (a gallery's cut for a major artist can run up to 50 percent). The gamble paid off, which is likely to have massive implications for the way art is bought and sold. While ...

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Source: HighBeam Research, Betting Big On Hirst.(International Edition; THE AUCTION...

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