Damien Hirst’s career has been a bit of a roller coaster. A figurehead for the British art scene during the 1990s, Hirst’s ratings soared in the 2000s, then crashed six years ago. However, the wind may be changing for the artist. In an article in the Wall Street Journal, Kelly Crow suggests that the fact that Hirst is opening his own gallery in South London (See Damien Hirst Opens His Own Gallery in London) may generate a new wave of interest from collectors. Damien Hirst will open the new space next month with an exhibition of works by abstract painter John Hoyland.

According to the article, collectors and art specialists are preparing for an inflation in the price of Hirst’s works. “Just as the new museum opens, an independent but powerful set of dealers, collectors and art advisers are quietly betting that a surge of interest in Mr. Hirst’s new endeavor could spill over into higher sales for his art”, says Crow. Art dealer Jose Mugrabi is stocking up on the artist’s works in the hope of selling them to a new generation of collectors for a good price. Three months ago he purchased $33 million-worth of art directly from the artist himself. Art adviser Kim Heirston is encouraging her clients to buy Damien Hirst, “because Damien Hirst is here to stay”. Several advisers and specialists are pulling the invisible strings of the contemporary art market and inflating the artist’s ratings.

The workings of the art market are nothing new to Hirst, who attempted a risky manoeuvre himself in 2008. At the time, the artist’s rating was constantly high and the artist decided to bypass the galleries by selling his works directly through Sotheby’s for $200 million. The result of the gamble was that a portion of the art market turned against him, with on-going consequences. Those who in recent years have divested themselves of works by Damien Hirst, which they purchased in the 1990s have made a loss.

The 50-year-old artist may win the market over again with the Newport Street Gallery. Whether his ratings rise or not, the museum will offer free entry and will provide an opportunity for visitors to familiarize themselves with the artist’s impressive collection. There are still those who suspect Hirst of trying to boost interest in John Hoyland’s oeuvre through the exhibition. The fact remains that Damien Hirst’s intentions will forever more be viewed with suspicion.

Related Posts
Damien Hirst

Three People Accused of Forging Works by Damien Hirst

Another story of forged artworks has come to light in the art world (see Jean-Jacques Neueur: “Fakes Will Be Increasingly

vente en ligne online art market hiscox

Hiscox Publishes Its Report on the Internet Art Market

As every year, the insurance company Hiscox has published its analysis of the internet art market for the past year.

Damien Hirst Venise treasures from the wreck of the unbelievable

Damien Hirst Prepares his Return to Venice and Angers Associations for the Protection of Animals

Damien Hirst is in the news again. Since his sale at Sotheby’s in 2008, which marked both the high point

Sotheby's asie asia insurance chine

China once again leads the art market

Artprice has just published its annual report, which it produces in partnership with the Chinese group Artron, offering an opportunity

impressionism impressionnisme paysage landscape sales

Christie’s Announces 16% Drop in Sales in 2016

Christie’s has just published its annual report in a press release featuring the company’s 2016 results. For its 250th anniversary,

Pin It on Pinterest