A scathing Bloomberg Businessweek piece revealed Damien Hirst‘s record-breaking ability to sell is in decline. The value of many works sold in the enfant terrible of British art‘s most commercially successful period, between 2005 and 2008’s £111m sale, have decreased in value by almost 30 per cent.
However the statistics, from international art company, Artnet, aren’t reflective of a general downturn in the market. In fact the New Statesman reported earlier this month on the recession-dodging art market becoming the most profitable place for high-stakes investment.
The Independent also reports that the decline comes as “20th century's great artists such as Mark Rothko, Andy Warhol, Jackson Pollock and Gerhard Richter have emerged more valuable than ever from the financial collapse”.
Georgina Adam, editor-at-large at The Art Newspaper told the Independent that the diminishing value could simply be because of an oversupply of his work. The art market specialist added:
“If you have a very early work that will remain valuable, but if you bought a print for £10,000 I don’t think you are going to get your money back any time soon.”
Three in 1,700 of Hirst’s pieces have failed to be sold when auctioned since 2009, yet the poster boy for the Young British Artists still attracts the public. His solo retrospective at Tate Modern was the most visited show.