Since Damien Hirst’s infamous auction titled Beautiful Inside My Head Forever, the earning potential of his works have decreased dramatically. Hirst liquidated the contents of his studio in Sept 2008 for this sale, which occured days after Lehman Brothers declared bankruptcy and the financial crisis began.
The art market achieved unprecedented sales during the peak of the art boom in 2008. Since then prices have leveled out and lot offerings have been more reasonable in their estimates.
With last week’s Sotheby’s sale of Giacometti’s Walking Man, the bidding war and the final winning bid at $104.3 million rocketted the art market back to a new confidence.