Total auction of Hirst Demiena - an important indicator for the market of contemporary art
ARTinvestment.RU   04 сентября 2008

The British company ArtTactic published a study which provides estimates and projections of upcoming solo Demiena Hirst auction. Trades will take place at Sotheby's on 15 and 16 September

According to the agency Bloomberg, September 2, the London company ArtTactic published the results of the study, which presented the preliminary estimates and projections relating to the forthcoming auction of personal well-known British artist Demiena Hurst (Damien Hirst). The tender, which will be called Beautiful Inside My Head Forever, will be held on 15 and 16 September in London. They will conduct the auction house Sotheby's, to which Hurst is working for a long time. According to estimates of organizers, the total revenue should be at least 65 million pounds (117 million dollars).

Founder ArtTactic - Anders Pettersson (Anders Petterson), engaged in collecting materials for the study, decided to track the results of the tenders, which exhibited the work of Hurst, beginning with the auction Pharmacy ( «Pharmaceuticals»), conducted by Sotheby's in October 2004. Then the total sales exceeded estimeyt (4.9 million pounds) more than doubled and amounted to 11.1 million pounds.

ArtTactic The study revealed that since October 2004, the average cost Hirst grew 207 percent (or 39 per cent of net revenue each year). In June 2007, his work Lullaby Spring ( «Sleeping Spring») went under the hammer at Sotheby's auction in London for a huge amount - 9.7 million pounds - and for some time leading the list of the most expensive works of living artists.

According to the ArtTactic, the total amount of sales of Hirst at auction from 2000 to 2008 is 150 million dollars. It is likely that earnings for Sotheby's on 15 and 16 September to reach an equivalent amount, and then the overall result could double.

According to Anders Pettersson, total personal Demiena auction Hirst is a very important indicator. He «set the tone for the entire autumn season trades, and perhaps even for a longer period». If the same level of sales in the September auction will be lower than expected, it could indicate a general decline in the market of contemporary art.

However, according to projections ArtTactic, the result is likely to be positive. Representatives of the company interviewed more than 50 participants in the art market, and 78 percent of respondents answered that the total proceeds from the auction, they said, would coincide with the expectations of Sotheby's.

ArtTactic The report said that prices for works by Hirst Demiena has already reached its «ceiling». This year 30 of the 43 lots have not been able to exceed the lower estimeyt, seven of the 16 lots, which are estimated at more than $ 1 million, eventually went under the hammer for less money, while 10 lots were not able to sell.

For this reason, the representatives of Sotheby's wish to attract new buyers from different countries, in particular last week in Sautgemptone, East Gemptone and New Delhi was organized by VIP-pre-show activities for the upcoming auction. However, the Hurst in any event did not attend in person.

Some time ago the media reported that the White Cube Gallery stores more than 200 works nerasprodannyh Hirst. A few days later, representatives from the gallery of this information denied.

According to experts ArtTactic, to prepare a study in such a situation by the artist, it would be a more visionary «transparent» policy. Questions about the actual number of jobs and sales volume should not keep a secret. This secrecy can only further undermine the confidence of buyers.

material produced Catherine Onuchin

Sources: bloomberg.com , artinvestment.ru