Damien Hirst and the contemporary art market
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Publication Date:
July 28, 2010
Industry:
Arts & Culture
Source:
ESMT – European School of Management & Technology
On September 15 and 16, 2008, the British artist Damien Hirst broke all rules of the art market. He bypassed conventional distribution channels – dealers and gallery owners – by directly partnering with Sotheby’s auction house – and with their help successfully sold more than 200 pieces of his works. Sotheby’s auctioned art works which were less than two years old, which was another break from tradition. Hirst earned more than £110 million from the auction – in the midst of a global economic crisis and on the same day that the Lehman Brothers Investment house collapsed.
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Damien Hirst and the contemporary art market
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