An unnamed investment group has agreed to pay $100 million in cash for the final piece of Daimen Hirst’s June 3rd show at London’s White Cube Gallery. The platinum skull, studded with 8,601 diamonds was the final piece and brings the 2 gallery exhibition to a total of 180 million pounds ($362.4 million),
“The sale is expected to close in three to four weeks, when all the paperwork is finished, Frank Dunphy, Hirst’s business manager said. The group of buyers would be required to show the skull for two or three years in museums around the world.”
Usually, buyers operating at the $100 million level would get a discount, private dealer Richard Polsky said.
The buyers probably wouldn’t be “diamond people,” because the skull’s price was so much higher than the value of the diamond content, said London jeweler and art collector Laurence Graff, who looked at the skull when it was on show and didn’t buy it.
“I’m in the diamond business and I would only be interested in diamonds at diamond prices,” Graff said in a telephone interview today.”
The skull’s sale would enrich Hirst, 42, whose fortune has been valued at 130 million pounds by the London-based Sunday Times and who may get 75 percent or more of the proceeds of a sale, according to art professionals.
THIS WEEK: Superstar gallerist Jack Hanley is interviewed by Brian and Marc. Our own beloved Mike Benedetto reviews Terry Gilliam’s Tideland and is responsible for the intro to this week’s show. The London bureau’s Christian and Emily talk about lots of gallery shows.
Art Price the world leader in art market data collection and services have released their 2006 year in review for sales and trends. You can read it in PDF format here.
You can read a short summary below the fold.
First they license the name from the Louvre for $700m and then Frank Gehry announces that he is going to build the biggest Guggenheim yet in the oil rich emirate. What’s next Robert Rauschenberg moves his island studio off the coast? Isn’t Nermal the cat already there partying hard with the nuevo riche.
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The banknotes proved too much of a temptation for the thieves
A Norwegian artwork featuring banknotes glued to a canvas has been stolen from the Oslo gallery where it was on show.
The work by artist Jan Christensen, entitled Relative Value, was made up of notes worth 100,000 kroner ($16,300, 12,400 euros).
The robbers got into the gallery by breaking a window.
They then cut each note off the canvas individually and left the 6.5-by-13ft (two-by-four-metre) frame behind.
The work had already been sold to a Norwegian buyer at face value.
“The piece was sold for nothing basically. It was just an exchange,” Mr Christensen told the BBC News website.
“I wanted to make a blunt work with the intention of creating a discussion about the value of art, and about capitalism, and how the art world works,” he said.
Mr Christensen said he did not know whether he would make a replacement.
The artist wanted to create a discussion about the value of art
“We were afraid something like this might happen,” he said.
“I didn’t want to compromise the artwork but I realised it might cause some problems.”
The thieves managed to make off with the money despite security measures being in place when they broke in late on Sunday.
Mr Christensen believes that the presence in Oslo of many high-profile guests for the King of Norway’s birthday celebrations had diverted many of the city’s police from their usual duties.
Despite the double blow of losing an artwork made up of his own money, Mr Christensen says he finds the theft “interesting”.
“It proves my theory that I have made an artwork that has a value outside the gallery space.”
“It means a lot to me that the myth can continue,” he said, referring to the fact that the notes could end up in general circulation.
He said he found it puzzling that someone might wish to risk jail for relatively small amount of money, and is unsure as to what type of person would have stolen his art.
“It could be a drug user, but at least it’s one who’s interested in art,” he said.