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Hirst: Art Is Overpriced
Multimillionaire artist says economic woes will likely bring (his) prices down
By Matt Cantor
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Posted Nov 17, 08 10:39 AM CST
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(Newser)
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With the economic slowdown finally slamming into the art market, one of the world’s priciest living artists says art has become too costly anyway, the Independent reports. British multimillionaire Damien Hirst failed to sell a painting valued at some $3 million last week; in retrospect, he said, it “was overpriced,” adding that, “in a way it’s good. We are looking at more realistic prices.”
Easy for him to say: Only a few weeks ago a massive direct-to-auction sale of his work at Sotheby's pulled in almost $150 million. “It became unreal,” he noted. “You start to think you are touched by God. I have always thought that art is worth what the next guy is prepared to pay.”