Back in the beginning of June, Damien Hirst put his diamond encrusted skull on display, declaring it to be "the world's most expensive artwork". The piece got a lot of press, and a lot of criticism, but no one was willing to plunk down the money and risk the possibility of being labeled the world's greatest fool of art acquisition. Two weeks ago, the piece was reported as being "sold to an unnamed investment firm". Friday, Bloomberg.com reported that Hirst himself is part of the "temporary investment firm" that has purchased the skull. The plan is to tour it around the world, and then sell it later.
"The sale keeps Hirst in the news, reinforces the demand for his work and makes everyone who spent money at White Cube feel good about their investment,'' said California private dealer Richard Polsky. ``This is all about investment, not about art collecting.'' "
Large-testicled scheme. Scheme fails. Respond with a scheme that takes even bigger gonads.
I sort of understand it. When you are a millionaire artist who has been led to believe you might be able to sell your own gold-plated poop and stick an astronomical price tag on it, you almost need to up the risk-taking ante to the point where the bottom might fall out from under your work, or you're not having any fun.
So, I am starting an art investment firm. Interested parties please contact me via email.
Meanwhile, in the artists-with-paintbrushes-making-paintings department: