Damien Hirst's 2008 Sotheby's Auction: Art Market Defies Financial Crisis
In 2008, as Lehman Brothers collapsed and global markets plunged, Sotheby's London staged 'Beautiful Inside My Head Forever,' a landmark auction of nearly 300 works by Damien Hirst. The sale, bypassing galleries and dealers, was seen as a high-stakes gamble: failure could shatter collector confidence, but success would prove art's resilience. Hirst emerged victorious, with the auction generating record revenues and boosting Sotheby's stock. The article also traces Sotheby's history, founded in 1744, and its pioneering 'Italian Sale' in 1999. It highlights the auction house's detailed catalogs, exemplified by 'In context italian art 2017,' featuring works by Enrico Castellani, Lucio Fontana, and Alighiero Boetti, with archival photos by Ugo Mulas. The piece reflects on the relationship between price and desire, quoting John Ruskin and Damien Hirst, who stated, 'The important thing is that money always chases art, not the other way around.'
Key facts
- Sotheby's London held 'Beautiful Inside My Head Forever' auction on September 15, 2008.
- The auction coincided with the collapse of Lehman Brothers.
- Damien Hirst sold nearly 300 works directly through Sotheby's, bypassing galleries.
- The sale was seen as a test of the art market's resilience amid financial crisis.
- Hirst's auction succeeded, boosting Sotheby's stock and his own wealth.
- Sotheby's was founded in 1744.
- Sotheby's launched the 'Italian Sale' in autumn 1999, followed by Christie's.
- The article references 'In context italian art 2017' catalog with works by Castellani, Fontana, Boetti.
Entities
Artists
- Damien Hirst
- Enrico Castellani
- Lucio Fontana
- Alighiero Boetti
- Piero Manzoni
- Ugo Mulas
- Mack
- Laszlo
Institutions
- Sotheby's
- Christie's
- Lehman Brothers
- Galleria Azimut
- Biennale di Venezia
- Artribune
Locations
- London
- New York
- Milan
- Venice
- Italy
- United Kingdom
- United States