Hirst’s skull goes for $100 million in dubious sale
Since Bloomberg first reported the news that Damien Hirst’s diamond-studded, platinum skull piece, For the Love of God, had sold for the asking price of £50 million, there has been a flurry of scepticism surrounding the purchase.
The ‘consortium of businessmen,’ or, “unnamed investor group,” includes Hirst, and why that raised eyebrows was dissected by the Artnet.com news magazine:
Hirst’s involvement in the purchase (as well as the sale) raised immediate questions about the deal, with Bloomberg reporter Linda Sandler suggesting that perhaps “Hirst hasn’t yet found a final buyer for his most expensive artwork, at a time when hedge fund managers and other art collectors have lost money in the credit markets.” Several years ago, when Saatchi sold off his collection of Hirst works, the artist teamed up with his gallery, with much fanfare, to repurchase his own works — a move that no doubt boosted his market value, not unlike when corporations buy back their own stock to raise their share price.
There were also denials by Hirst’s business partner, Frank Dunphy, that the price had dropped to £38 during initial negotiations. Hirst retains an unknown stake in the piece, while also requiring that it be exhibited in museums around the world for the next two to three years. Sara MacDonald, the White Cube spokeswoman, was no more forthcoming.
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