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Hirst: Art Is Overpriced

Multimillionaire artist says economic woes will likely bring (his) prices down

By Matt Cantor, Newser Staff

Posted Nov 17, 2008 10:39 AM CST

(Newser) – 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.”

[Images (3)]

[Quotes (1)]

"The Golden Calf," a work by Damien Hirst, sold for $18.5 million at Sotheby's, Sept. 15 2008. (AP Photo)

British artist Damien Hirst poses at an auction house in London. (AP Photo)

British artist Damien Hirst poses with his work "Anatomy of an Angel" at an auction house in London, Sept. 8, 2008. (AP Photo)

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What goes up must come down. It's like when John Lennon went to get his long hair cut and someone asked him, 'Why are you cutting it?' He said, 'What else can you do after you have grown it long?'
- Damien Hirst

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Hirst: Art Is Overpriced