Over the past few years, I have written about the decrease in value many works by Damien Hirst have experienced. His market peaked around 2008 and now prices continue to drop. Hirst’s works were once the darling of the Contemporary evening sales. Today, many of those same works appear in the day sales and at estimates that are far less than the works originally sold for at auction.
We all know that the art market is cyclical with styles and periods going in and out of fashion. I am sure there are many collectors today who are hoping the Hirst market will recover. The real question is — will they be alive to see it?