Damien Hirst doubts allayed as Sotheby's sale attracts a new audience

Doubts about the health of the Damien Hirst market were put to rest last week as 99 out of 100 works by him, which belonged to his former business manager, Frank Dunphy, were sold. Estimates had been set low to encourage bids, but dealers looking for bargains were disappointed.

Mayfair dealer Alon Zakaim pursued three of the top-selling works, including the circular Smashing Yellow Ball at Peace Painting, which doubled estimates to sell for £298,000.

“Ten years ago, leading up to his £111 million Beautiful Inside my Head Forever sale at Sotheby’s, Hirst prices were just too high,” he said, comparing them with Monet. “Now they are about right, and the sale showed how deep the demand is at this level.”

Another dealer at the sale was Jonathan Cheung of the Maddox Gallery who, standing near to his gallery’s creative director, Jay Rutland, husband of Tamara Ecclestone, had his eye on about 10 works, but could buy only two. In the online-only section of the sale, a painted cigarette lighter estimated at £40 sold for £4,500.

Auctioneer Oliver Barker said there was a new audience for Hirst’s work. Last week, none of the major players from 10 years ago – the Mugrabi family, which has invested heavily in Hirst’s market over the years, or his dealers, Gagosian or White Cube – was among the bidders. Nor was Hirst involved in buying works back, as had been rumoured. 

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