Hirst, the art market, and keeping up values
March 19 2012
Picture: Andrew Testa/Newsweek
In The Guardian, the writer Hari Kunzru casts a thoughtful glance at Hirst values, and looks at how both dealers and institutions can help keep them up:
If I were Larry Gagosian (usually cited in power lists as the contemporary art world's most important player) and I wanted to help my top client shore up the value of a body of work that was losing its lustre as its fashionable 90s aesthetic began to look tired, and the penny started to drop among collectors that at every other dinner party they went to they saw something on the wall that looked awfully similar to the something on their own wall, what would I do?
Long-term value in the art world depends in a certain raw way on scarcity, but is largely produced through a delicate process by which aesthetic value (determined by curators and critics) intersects with market value, determined ultimately by auction prices. One point at which these two types of value intersect is in provenance. The story behind an object – its past owners, where it has been shown, its place in the story of the artist's career, and so on – confers both types of value. A landmark show, geographically dispersed in an unprecedented way, is bound to be remembered as a significant moment in Hirst's career as a global art star. When that show is accompanied by a critical apparatus, chiefly a catalogue raisonnée (a meticulously documented list of works shown, accompanied by scholarly essays), those works become part of a canon and a magical walled garden of significance is erected around them.
As Francis Outred, Christie's European head of contemporary art, told the Economist, this catalogue "could bring reassuring clarity to the question of volume". The pharmaceutical paintings are frankly too financially valuable to too many people for their actual status (banal, mass-produced, decorative) to intrude on the consensus fiction that they are scarce and important. The owners of the 1,100 paintings not in the Gagosian show should be nervous, though. They just lost their AAA rating.
Presumably, the forthcoming Tate show will fuel the beast for a little longer. Meanwhile, even I hear rumours of auction houses actively turning away Hirsts at the moment. There are just too many. And if they all went into auction at the same time...