AO Art Observed™

Damien Hirst’s “The Golden Calf” / calf, 18 carat gold, glass, gold-plated steel, silicone and formaldehyde solution with Carrara marble plinth / Hammer Price with Buyer’s Premium: £10,345,250 via monstersandcritics

Sotheby’s quotes Damien Hirst as saying “I think the market is bigger than anyone knows. I love art, and this proves I’m not alone.” After much fanfare and controversy, and against the surreal backdrop of a severe financial market collapse led by Lehman Brothers buckling in the largest bankruptcy in US history, “Beautiful Inside My Head Forever” Damien Hirst’s direct-to-the-market auction by Sotheby’s London, was a conclusive success. Perhaps boosted in part by a recently lower British pound, the groundbreaking sale collected $127 million dollars (£70 million) on the first day, and an additional $72.9 million dollars (£40.9 million) on the second day for a grand total just shy of $200 million dollars, beating the previous record for the auction of a collection by a single artist formerly held by Picasso by roughly ten times, which fetched $20 million for an 88-work collection in 1993. Over three sessions, 218 of the 223 lots changed hands with some works sellng for well below their low estimates and others selling for multiples of high estimates.

Sotheby’s Website
Does Hirst auction point to a bull market in art? [WallStreetJournal]
Hirst’s Two Day Auction Raises 115.5 million pounds [Bloomberg]
Hirst auction beats 62 million pound estimate [BBC]
Hirst Auction a Paradigm-Smashing Success [CultureGrrl]
AO News roundup: Damien Hirst’s ‘Beautiful Inside My Head Forever’ auction at Sotheby’s London is happening right now [ArtObserved]
Jopling responds, and Hirst’s Sotheby’s sale bandwagon rolls on amidst the buzz and controversy [ArtObserved]
A disclosure of White Cube’s unsold Damien Hirst inventory before the artist’s controversial September 15th direct sale by Sotheby’s [ArtObserved]

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Damien Hirst poses beside his work of art ‘The Incredible Journey‘ at Sotheby’s in London on Monday, September 8 via Art Daily

Damien Hirst’s Sotheby’s sale, Beautiful Inside My Head Forever, is taking place in London this afternoon and this evening.  The Sotheby’s sale is made up of 223 lots and estimated at over $115 million. There has been a flurry of more recent news and skepticism surrounding this controversial event as the Sotheby’s/Damien Hirst PR machine kicked into full gear. Perhaps most notable in the press buzz was that the globally respected Australian art critic, Robert Hughes, last week referred to Hirst’s artwork in the sale as “absurd” and “tacky commodities.” This press event was notable in that it actually elicited a response from Hirst himself. The Telegraph reports that Hughes has labeled Hirst’s formaldehyde tiger shark, which was sold by Charles Saatchi in 2004 for nearly $10,000,00, as “the world’s most over-rated marine organism.” Additionally, there was buzz in the press of Sotheby’s stock reacting to lower price estimates before the sale. Art Observed will have a roundup of the relevant news stories, a review of the sale, its results and ramifications when the auctions closes in a matter of hours.

Damien Hirst - Beautiful Inside My Head Forever (Evening Sale) [Sotheby’s]

Hirst’s Pricey Zoo Fills Sotheby’s With Bling: Martin Gayford and Sotheby’s Falls on Speculation Hirst’s Sale May Flop and Damien Hirst Sells Pickled Beasts, Pockets Profits: Interview [Bloomberg]

Hughes Denounces Hirst’s Art as “Absurd” and Hirst Hits Back at Hughes [ArtInfo]
Damien Hirst’s art ‘absurd’ and ‘tacky’, says critic Robert Hughes [Telegraph]
Hirst hits back at Aussie critic [Sydney Morning Herald]

Damien Hirst Presents His Works of Art In Historic Sale to be Held at Sotheby’s in London and Upcoming Sotheby’s Auction and Hirst’s Publishing Company, Other Criteria, Share Similar Aim, to Democratize Art [Art Daily]

Form a queue for Damien Hirst’s sale of the century and Commentary: Hirst betting his reputation on this sale and Does Damien Hirst’s auction at Sotheby’s mean the end of the gallery? [Times Online]

Day of the dead: Robert Hughes explains and Hirst’s auction does not demean the art world and Reformed Britart rebel takes time out with £65m sale [Guardian]

Bad Boy Makes Good and Hirst vs. Hughes [TIME]
Damien Hirst goes for broke at Sotheby’s [IHT]
The Gist: Damien Hirst’s ‘Beautiful Inside My Head Forever’ Sale [New York Mag]
The Midas touch that turns the art world lethally cold [Financial Times]
Damien Hirst: “I’m a Punk at Heart” [New York Observer]
Rembrandt? I’m just like him, says Hirst – it’s all about cash [Independent]
Report: Hirst Auction Critical To Market Confidence [NYSun]

Damien Hirst sale at Sotheby’s previously covered by Art Observed here, here, and here [Art Observed]

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Planet (2008) by Marc Quinn, via London Telegraph

In a literal and symbolic sign of how large the scale contemporary art market has become, a seven ton, ten metre sculpture of a seven-month-old baby is up for sale to private individuals at the aptly named Beyond Limits, a Sotheby’s selling exhibition at Chatsworth, the Peak District home of the Duke and Duchess of Devonshire. The piece entitled “Planet” is one of more than twenty sculptures on display this week at Sotheby’s. The behemoth work is a bronze cast painted in a brilliant shade of white and is modeled after an earlier version inspired by a mold of the artist’s baby son. The work was produced by Marc Quinn, who achieved prominence and notoriety when his sculpture of Alison Lapper (a disabled, pregnant friend of Quinn’s and fellow artist) was placed on the fourth plinth of Trafalgar Square in 2005. Recently the artist reveled a teaser image of his golden statute of Kate Moss which will be unveiled at the Statuephilia exhibit at the British Museum, previously covered here.

Larger than life [Financial Times]
Giant baby for sale [London Telegraph]
Giant baby for sale on grounds of Chatsworth House [Telegraph]
Golden Kate Moss joins other goddesses at the British Museum’s ‘Statuephilia’ [ArtObserved]

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Frank Dunphy Damien Hirst’s Manager via D2

On Frank Dunphy the ‘Man behind Damien Hirst’ [Wall Street Journal]
More Damien Hirst pre-sale press here, and more here [TimesUK] and still more here [TIME]
Moscow’s largest collection of Russian art seeks a new building for Modern and Contemporary [Bloomberg]
Japanese film ‘Achilles and the Tortoise’ satirizes the art world [ArtInfo]
Sotheby’s sues buyer to collect commission [NYTimes]
Larry Gagosian is number 38 the New Establishment Top 100 [Vanity Fair]
and Harper’s Bazaar names Tracey Emin “Creative Person of the Year” [Telegraph]

Martin Kppenberger’s Zuerst die Füsse (Feet First)

The Pope condemns late German artist Martin Kippenberger’s crucified frog sculpture [GuardianUK] and more here [NYTimes]
A critique of Olafur Eliasson’s ‘Waterfalls’ as ineffective “shock and awe” public art [NYSun]
Jeff Koons on Night Talk [YouTube via ArtFagCity]
Guggenheim Foundation receives $1 million from National Endowment for the Humanities [ArtForum]
Banksy’s auction-donated $137,000 work to support Ken Livingstone invalidated due to his anonymity [ArtInfo]
Damien Hirst to open his 2nd ‘Other Criteria’ retail shop next to Sotheby’s on New Bond Street, London [Blomberg]

Terence Koh at his Chinatown studio via BlackBook

Terence Koh’s “personal” fashion style [Blackbookmag]
15 years of Contemporary public art: Jeff Koons to Rachel Whiteread [New York Times]
Damien Hirst opening retail store next to Sotheby’s, London [Bloomberg]
More on Myra Hindly minor scandal [Guardian], previously covered here [AO]
Sotheby’s Australia fine art auction sold only 49% of its inventory [Art Market Monitor]
Hirst’s $100M Skull begins its world tour in…Amsterdam [NYSun]
Lucian Freud portrait model destroys £17M + painting [Dailymail]

Damien Hirst - “The Kingdom” 2008 via The Wall Street Journal

The Art Newspaper has this weekend disclosed the extent of unsold inventory, over 200 works, that are held at Damien Hirst’s gallery in London, White Cube, run by Jay Jopling. The article illuminates a situation for the artist, one of the most successful in the world, but also one of the most prolific, in which his traditional market may be less able to absorb the works at the pace at which he is aiming to produce them. This evolving landscape has presumably led Hirst to explore, through the landmark and controversial upcoming September 15th Sotheby’s London sale, new sales portals and new pools of buyers. The Art Newspaper disclosure however, could perhaps have some ramifications for the Sotheby’s sale itself, as sophisticated buyers may take into account this newly exposed trove of similar work to that being auctioned, and simple supply and demand economics might as a result negatively affect pricing.

Revealed: the art Damien Hirst failed to sell [The Art Newspaper]
200 unsold Damien Hirst works looking for an owner at Sotheby’s [TimesOnlineUK]
Hirst’s Marketing End Run [Wall Street Journal]
Auction, Damien Hirst ‘New Inside My Head Forever’ [Sotheby's]
Several Lucrative Art Series To End, Says Damien Hirst [ArtObserved]
Update: Damien Hirst goes to Auction at Sotheby’s, September 15-16, 2008 [ArtObserved]
Hirst’s ‘Golden Calf’ could sell for $16-$24 million at Sotheby’s London [ArtObserved]

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Famed street artist Swoon and crew float junkyard utopia downstate to Deitch Studios in LIC [NYTimes]
Anthony Haden-Guest on the effect’s of global financial turmoil on corporate art sponsorship [Portfolio]
Assume Vivid Astro Focus installs colorful window display at the Modern restaurant at the MoMa [NYSun]
A critique of Sarah Thornton’s book, ‘Seven Days in the Art World’ (with Video) [Art Market Monitor]
Sotheby’s holds a preview for $120.8M of Damien Hirst’s direct auction works in New Delhi, India and the Hamptons [Bloomberg]

Ryan McGinley shooting for Wrangler Jeans via Radar

Ryan McGinley is making ads for Wrangler jeans (running only in Europe) [Radar via Artfagcity]
Sotheby’s consolidates Asian art auctions from New York to Hong Kong [Bloomberg]
Taryn Simon commissioned by Nike to shoot the Men’s US Olympic Basketball team [SuperTouch]
Stained-glass cathedral window by Marc Chagall is shattered by vandals in France [NYTimes]
The global effects of four major types of art crimes: vandalism, theft, looting and forgery [Art Info]

Superstition, Damien Hirst, 2007 Gagosian Gallery in Beverly Hills via ABC News

In a video interview from July recently posted on Sotheby’s website, Damien Hirst casually revealed that several of his highest earning series would be coming to an end in 2008. These include his spin and butterfly paintings and conceptual medicine cabinets. Hirst also speculated that production of his dot paintings would significantly slow, and that his formaldehyde works of animals are growing numbered as well.

Damien Hirst: An Interview with Tim Marlow [Sotheby's]
Damien Hirst Says He’ll End High-earning Series [Artinfo]
Hirst Will Stop Making Spin, Butterfly Paintings, Drug Cabinets [Bloomberg]

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Sotheby’s, the global auction house, showed a decline in profit by 11% in the second-quarter: net income marked $95.3 million ($1.49 per share). This is a drop from $107.3 million ($1.64 per share) versus the same time last year, however it is a net profit versus a net loss from last quarter. According to Sotheby’s, the decline is due to recent change to auction schedule. Chief Executive William Ruprecht assured that while wealthy customers with continues to drive the business, Sotheby’s is less likely to be affected by economic woes. Despite the profit drop the news was seen by some analysts as positive in its show of resilience. According to one analyst quoted by Bloomberg: “The demand side is very strong. It’s driven by commodity wealth, particularly in oil.”

Sotheby’s corporate site
Sotheby’s Says Rich Still Buying [Forbes]
Sotheby’s second-quarter profit falls [Reuters UK]
Sotheby’s Profit Falls 11 Percent After Sale Change [Bloomberg]

Damien Hirst at the White Cube Gallery via Museum Lab

As previously covered by AO here Damien Hirst, is preparing for his Sotheby’s auction this September and has come out with a new formaldehyde suspended tiger shark, a cow with golden horns and hooves, a unicorn, in addition to spot paintings, and butterfly collages, among many other newly created works made specifically for the all-Hirst auction. The sale, entitled Beautiful in My Mind Forever, will be comprised of 223 lots, and is expected to raise somewhere between $100 million and $150 million over the two-day sale that takes place on September 15th and 16th. The Golden Calf alone is expected to sell at a high of $25 million. The sale is extremely notable as Hirst is circumventing his main dealers Larry Gagosian in New York and Jay Jopling of White Cube in London and going directly to auction. Though Jopling and Gagosian have ostensibly given their blessing, the auction reflects a potentially new paradigm in the the way art is sold.

Golden calf, bull’s heart, a new shark: Hirst’s latest works may fetch £65m [Guardian]
Damien Hirst brings £65m of his wares to market [Times Online]
Artist Hirst Jumps the Shark, Cuts Out [NYPost]
Hirst auction expected to raise £65m [Financial Times]
Hirst Still Playing Elaborate Joke On Hedge Fund Community [Dealbreaker]
Damien Hirst auction expected to fetch £65 million and Art sales: Bullish Hirst Rattles the Market [Telegraph]
Damien Hirst is Rewriting the Rules of the Market [The Art Newspaper]
Damien Hirst: Beautiful Inside My Head Forever [Sotheby's]
Hirst auction expected to fetch 65 million pounds [APF]
Hirst’s ‘Golden Calf’ could sell for $16-$24 million at Sotheby’s London [ArtObserved]

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Burst *008, a prefab by Douglas Gauthier and Jeremy Edmiston via MoMA

More on the prefabricated housing design exhibit at MoMA [Artinfo] and still more here [NYMag]
Sotheby’s accused of losing Italian Renaissance painting in $32M lawsuit [NYPost]
An editorial view on the merits of artists explaining their work [GuardianUK]
Following the controversy, the former Salander-O’Reilly gallery is now on sale for $75M [NYTimes]
Christie’s NY holding first contemporary design auction [Artinfo]
New laws restrict art-donation tax breaks [Wall Street Journal]
Art Collectors auction themselves off at SCOPE [Artinfo] also here [NYSun}

Running in the Tate via Bloomberg

Head’s up to visitors of the Tate Britain: from now until November 16, every thirty seconds from 10am - 6pm, an athlete will make a fast 85 meter dash from one end of Duveen Hall to the other. While running is not normally encouraged at the Tate, this particular athletic display is actually a commissioned artwork entitled Work No. 850 by British artist Martin Creed. Creed has instructed the runners, who he recruited from athletic magazines and are being paid an hourly wage, to “run like their life depended on it.” The artwork is part of an ongoing series of commissioned contemporary sculpture in the Duveen Galleries of Tate Britain, sponsored by Sotheby’s.

Tate Britain [Tate]
Martin Creed [Martin Creed]experience of life. The runners i
Dashing Through the Tate Britain [NY Sun]
Interview with Martin Creed [Bloomberg]
Duveen Commission 2008 [ArtDaily]
An Idea with Legs [Guardian UK]
Sprinting Runners by Martin Creed [Telegraph UK]
View video of the exhibit at Artreview.com

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Portrait of Willem van Heythuysen, Seated on a Chair and Holding a Hunting Crop, Frans Hals (circa 1630) via Sotheby’s

Sotheby’s Evening Sale of Old Master Paintings in London on Wednesday attracted an international client base and managed to raise $101.5 million in overall sales, which is the second highest amount in the company’s history for an auction of this genre.

The sale included not only pieces of exceptional quality, but also a number of works which had previously been held in private collections and therefore had not been on the market for some time. A re-discovered painting by Frans Hals (Pictured above), which was heretofore believed to be a copy, sold for $13,995,067 which not only exceeded its pre-sale estimate of $6.0-$10.0 million, but which also was the second highest price ever paid for a work by the artist at auction.

There were numerous other auction records set that evening, including record sales by artists including Guido Reni, Jacobo Tintoretto, Taddeo di Bartolo, Frans van Mieris the Elder and Jan Brueghel the Elder. An impressive 58% of lots sold at the auction garnered bids in excess of their estimates, contributing to the sale’s success as a whole.

Sotheby’s Auction Results: Old Master Paintings Evening Sale [Sotheby's]
Old Masters Perform at Sotheby’s London [NYSun]
Old Master Paintings Soar at Sotheby’s Realizing $101.5 Million [Artdaily]
At Sotheby’s, Exceptional Old Master Offerings Lead to Six Records [International Herald Tribune]
Old Master Paintings Soar at Sotheby’s Auction in London [News-Antique]
Old Master Paintings Realize $101.5 Million at Sotheby’s [AuctionPublicity]
Sotheby’s Week of Old Masters Realizes GBP45.2 Million [SGallery]

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Olafur Eliasson, ‘Visualization of The Parliament of Reality’, Bard College via Artdaily

Bard College has Olafur Eliasson’s 1st permanent US installation [Artdaily]
MoMA purchases 23 photo works from eight Chinese artists controversially bought in bulk [Bloomberg]
Two Pulitzer Prize winning authors gain rights to new Francis Bacon biography [Bookseller]
Next-generation, under-30’s legacy arts patrons: on the scene [NYTimes]
Tracey Emin’s $122,000 4-inch bronze sparrow goes missing from public work and then is inscrutably returned (publicity stunt?) [BBC]

Study for Head of George Dyer, Francis Bacon (1967) via NYTimes

Sotheby’s Contemporary Art Sale in London took place yesterday on July 1st and brought in an encouraging total of $188.8 million.  Francis Bacon’s painting of the profile of his lover and companion, George Dyer, was a highlight of the auction. This intimate portrait based on a photograph by John Deakin, was originally predicted to collect $15.5 million, but sold at a much higher $27.4 million to an anonymous collector. Although the sellers of the Bacon painting were kept anonymous, the New York Tims reported that experts speculate that it was sold by Ian and Mercedes Stouker, London Philanthropists.  Other impressive results of the sale achieved records for 11 different artists, and included the high profile sale of a Basquiat painting from seller U2, and an Andy Warhol from seller John McEnroe. The sold-out collection from the German industrialist, Walther Lauffs, which included work from Yves Klein, was another highlight of the show.

Sotheby’s July 2008 Contemporary Art Evening Sale Triumphs [Artdaily]
U2’s Jean-Michel Basquiat work on Sotheby’s block for $17.7M [Art Observed]
Bacon Stars, 10 Records Set at Sotheby’s; U2 Sell Art [Bloomberg]
Anish Kapoor sculpture attracts $3.87 mn at Sotheby’s sale [Economic Times]
Ten Works Set Records at Sotheby’s Contemporary Auctions [NYSun]
Sotheby’s contemporary art sale reaches £94.7 million [International Herald Tribune]
Contemporary Art Evening Auction Results [Sotheby's]
Bacon Is Again a Top Draw at Auction [NYTimes]

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Chant 2, Bridget Riley (1967) via Sotheby’s

Sotheby’s is holding its Contemporary Art Evening Auction on Tuesday, July 1st at its New Bond St. location in London. The sale’s highlights include works from Francis Bacon, Jean-Michel Basquiat, Antony Gormley, Damien Hirst, Anish Kapoor, Jeff Koons, Takashi Murakami, Richard Prince, Gerhard Richter, Bridget Riley, Andy Warhol and a number of other notable contemporary artists. The complete body of works for this sale will be on view at Sotheby’s New Bond St. galleries Monday, June 30 from 9am-7pm and Tuesday, July 1 from 9am-12noon.

Bridget Riley’s piece, Chant 2, a unique color painting which will be in the sale, was part of a show which won the artist the esteemed International Prize for Painting at the 34th Venice Biennale in 1968 .

Estimate: $4,000,000 - $6,000,000 (Pictured above)

London Contemporary Art Evening Auction [Sotheby's]

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Starry Night, Vincent Van Gogh (1889) via Artdaily

Van Gogh’s Cypresses and The Starry Night exhibited now at Yale [artdaily]
Haunch of Venison, a Christie’s-owned-gallery, causes some rebuke in the system [NY Mag]
Update: The Sun Reviews Byrne ‘playing the building’ and Burden at Rockefeller Center [NYSun]
A Summer gallery line-up for Paris [Bloomberg]
Time lapse video from Cans Street Art Festival in London, covered by AO here [Wooster Collective via WorldsBestEver]
Sotheby’s selling (post-cubism) Italian Futurism as the next big trend? [Economist]

Le bassin aux nympheas by Monet via BBC News

Rarely seen Monet is up for auction at Christie’s [BBC]
Berlin as a new artistic and cultural capital of Europe? [NYTimes]
Jeff Koons joins Gucci jury for Venice film festival in September [Variety]
The ‘Artek Pavilion,’ sold as an art piece by Sotheby’s, can be used as display space for collectors[NYSun]
“Louise Bourgeois: the Spider, the Mistress and the Tangerine” showing at New York’s Film Forum [Film Forum]
16 Young British Artists reunite in London for “Freeze 20”[ArtInfo]