"For the Love of God" is a life-size cast of a human skull in platinum and covered by 8,601 pave-set diamonds weighing 1,106.18 carats. The single large diamond in the middle of the forehead is reportedly worth $4.2 million alone. Hirst financed the project himself, and estimates it cost between 10 and 15 million.
As if more proof were needed that the art market is overpriced and overrun by speculators and flippers, now comes news of Damien Hirst’s $100 million skull.
The famed skull, titled “For the Love of God” (allegedly what Mr. Hirst’s mom said when he told her about it) cost more than $10 million to make. It’s set in platinum and covered with 8,500 diamonds — the large diamond on the skull’s forehead cost more than $4 million alone.
Mr. Hirst, who is Britain’s richest artist and best known for the pickled shark that sold to Steve Cohen, planned to sell “For the Love of God” for $100 million. And so he did, according to news reports. But if you read closely, you’ll find that the buyer isn’t a traditional collector, or even an individual. It’s an investment group.
According to a Bloomberg article by Linda Sandler, an unnamed investment group paid Mr. Hirst cash for the piece. The group will then be “required” to show the skull for two or three years in museums around the world.
In other words, a group of investors bought the piece not because they loved it and wanted it for a home, which is the only reason to buy art. They bought it to flip, with the aim of parading it around the world in search of a buyer to pay even more than the initial $100 million price tag.
In the lofty world of art collecting, advisers will paint this deal in all kinds of euphemisms. It’s an “exhibiting group.” Or it’s being “held for the right buyer.” But in reality, it’s just like the hordes of condo speculators in Miami who bought up properties in hopes of flipping them to even bigger fools. That worked fine until they ran out of fools.
I don’t know if the art market has peaked, or if it still has room to rise. The Fed cut has probably given the art market some welcome relief before the fall auction season. But deals like Mr. Hirst’s show that when art becomes a vehicle purely for speculation, rather than collecting, it’s time to stop buying.
As if more proof were needed that the art market is overpriced and overrun by speculators and flippers, now comes news of Damien Hirst’s $100 million skull.
The famed skull, titled “For the Love of God” (allegedly what Mr. Hirst’s mom said when he told her about it) cost more than $10 million to make. It’s set in platinum and covered with 8,500 diamonds — the large diamond on the skull’s forehead cost more than $4 million alone.
Mr. Hirst, who is Britain’s richest artist and best known for the pickled shark that sold to Steve Cohen, planned to sell “For the Love of God” for $100 million. And so he did, according to news reports. But if you read closely, you’ll find that the buyer isn’t a traditional collector, or even an individual. It’s an investment group.
According to a Bloomberg article by Linda Sandler, an unnamed investment group paid Mr. Hirst cash for the piece. The group will then be “required” to show the skull for two or three years in museums around the world.
In other words, a group of investors bought the piece not because they loved it and wanted it for a home, which is the only reason to buy art. They bought it to flip, with the aim of parading it around the world in search of a buyer to pay even more than the initial $100 million price tag.
In the lofty world of art collecting, advisers will paint this deal in all kinds of euphemisms. It’s an “exhibiting group.” Or it’s being “held for the right buyer.” But in reality, it’s just like the hordes of condo speculators in Miami who bought up properties in hopes of flipping them to even bigger fools. That worked fine until they ran out of fools.
I don’t know if the art market has peaked, or if it still has room to rise. The Fed cut has probably given the art market some welcome relief before the fall auction season. But deals like Mr. Hirst’s show that when art becomes a vehicle purely for speculation, rather than collecting, it’s time to stop buying.
..I would rather buy loads of bags..
