We broke news of unsold works by Damien Hirst in 2008
The Art Newspaper
The September 2008 edition of The Art Newspaper made many wince. The front page lead story revealed how the London gallery White Cube was sitting on a stack of almost 300 unsold new works by Damien Hirst, worth in excess of £100m.
We broke this news a fortnight before Sotheby’s held that memorable sale, Beautiful Inside My Head Forever, containing 287 of Hirst’s new works. An unprecedented event, all of the works were consigned directly from the artist, cutting out the middleman of the gallery. But what really made many cringe was the fact that this article, which had come from leaked White Cube documents, came wrapped with a belly band advert promoting the Sotheby’s sale. Painful for The Art Newspaper’s commercial department, perhaps, but proof that editorial independence was—and still is—alive and well.
That auction has gone down in history as the last hurrah of the noughties’ art market boom; on the morning of the sale, 15 September, Lehman Brothers collapsed and the world economy went haywire. Yet somehow, the Hirst sale made £111m (prompting rumours that interested parties propped up the bidding).
The art market plunged but, a decade later, it has bounced back, seemingly stronger than ever. Hirst and his art remains a symbol of a certain pre-crash bullish decadence; his auction market has never quite recovered since.
Yet, like him or not, Hirst continues to be an innovator, to take control of his own career—from opening his own Newport Street Gallery to his ambitious (and costly) show, Treasures from the Wreck of the Unbelievable, in Venice last year. Perhaps more than any other artist, Hirst’s career is a product of the ballooning art market over the past three decades, a phenomenon whose highs, lows and uncomfortable truths have been charted by this publication.
Comment300
Then & Now: boom, bust and rebirth of Damien Hirst
How The Art Newspaper has covered the artist's bullish decadence
Anna Brady
27th March 2018 05:02 GMTThe September 2008 edition of The Art Newspaper made many wince. The front page lead story revealed how the London gallery White Cube was sitting on a stack of almost 300 unsold new works by Damien Hirst, worth in excess of £100m.
We broke this news a fortnight before Sotheby’s held that memorable sale, Beautiful Inside My Head Forever, containing 287 of Hirst’s new works. An unprecedented event, all of the works were consigned directly from the artist, cutting out the middleman of the gallery. But what really made many cringe was the fact that this article, which had come from leaked White Cube documents, came wrapped with a belly band advert promoting the Sotheby’s sale. Painful for The Art Newspaper’s commercial department, perhaps, but proof that editorial independence was—and still is—alive and well.
That auction has gone down in history as the last hurrah of the noughties’ art market boom; on the morning of the sale, 15 September, Lehman Brothers collapsed and the world economy went haywire. Yet somehow, the Hirst sale made £111m (prompting rumours that interested parties propped up the bidding).
The art market plunged but, a decade later, it has bounced back, seemingly stronger than ever. Hirst and his art remains a symbol of a certain pre-crash bullish decadence; his auction market has never quite recovered since.
Yet, like him or not, Hirst continues to be an innovator, to take control of his own career—from opening his own Newport Street Gallery to his ambitious (and costly) show, Treasures from the Wreck of the Unbelievable, in Venice last year. Perhaps more than any other artist, Hirst’s career is a product of the ballooning art market over the past three decades, a phenomenon whose highs, lows and uncomfortable truths have been charted by this publication.
Related content
Adam Chinn to leave Sotheby's after chief operating officer role is 'eliminated'
Ben Uri museum advisory board resigns en masse over Sotheby’s sale of works from the collection
Shifts among the major auction houses could spell serious change
The highs and lows of New York ‘gigaweek’
2018 in the market: the price is right for pale males
In debt we trust: the rise of art-secured lending
Subscribe to The Art Newspaper’s digital newsletter for your daily digest of essential news, views and analysis from the international art world delivered directly to your inbox.
Find out how The Art Newspaper’s content platforms can help you reach an informed, influential body of collectors, cultural and creative professionals. For more information, contact info@theartnewspaper.com.