In London, a sale of pieces by provocative British artist Damien Hirst has raised more than US $125 million. According to Sotheby's, the sale smashed the $20 million record for an auction of works by a single artist, set in 1993 for 88 works by Pablo Picasso.
The most successful of the “Young British Artists” who rose to prominence in the 1990s, Hirst is well known for his shocking works representing death and decay, such as pickled animals, rotting cows’ heads, and diamond-encrusted skulls.
“The Kingdom,” a tiger shark preserved in formaldehyde, sold for US $17 million, and “The Golden Calf,” an embalmed calf with golden hooves and horns, fetched US $18.5 million.
“Fragments of Paradise,” a confection of stainless steel, glass and created diamonds, sold for close to $9.4 million, which was five times higher than its pre-sale estimate.
Two of Hirst’s butterfly paintings, sold for charity, fetched in excess of US $2.9 million.
What Makes This Trend Stand Out
- Art as Investment
- More people investing in art as an asset class presents opportunities to disrupt traditional art auction and investment practices.
- Provocative Art
- The increasing popularity of provocative art, such as Damien Hirst's work, presents opportunities to disrupt traditional notions of collectible and acceptable art forms.
- Charitable Auctions
- Charitable auctions, like the sale of Hirst's butterfly paintings, are becoming more popular and present opportunities to disrupt traditional charitable giving and fundraising practices.
Sectors Adopting This
- Art Sales and Auctions
- The trend of art as investment, particularly in provocative works, presents disruptive opportunities for traditional art sales and auction houses to re-examine and revamp their business models.
- Wealth Management and Asset Management
- As art becomes more widely accepted as an asset class, opportunities for wealth and asset managers to move into the art investment arena may disrupt the traditional art market.
- Charitable Giving and Fundraising
- The popularity of charitable auctions offers opportunities for disruption in traditional charitable giving and fundraising practices, particularly in the art world.
