Art Market Monitor

The Strategy Behind the Hirst Sale Was to Bring In New Buyers;

Did It Work?

Sotheby’s released some statistics about the Hirst sale. The buyer data is only for the Evening sale of the more expensive lots. But 35% of the buyers were new to the Contemporary art department and 18% were new to Sotheby’s entirely. Of the registered bidders, only 16% were new to Sotheby’s which suggests the new bidders were more aggressive.

Sotheby’s says that 25% of the bidders were from “new markets” which one presumes means the so-called Emerging Markets of Russia, Asia and the Gulf States. These numbers do not reflect dealers or art advisors who may have been bidding for “new” clients.

Bloomberg puts an oddly negative spin on the whole thing but trying to connect the lack of American buyers to the financial crisis. But that forgets the stated ambition of both Hirst and Sotheby’s to pitch the show toward new buyers from outside the collecting community. Sothbey’s and Hirst may have said that to give the sale cover but it doesn’t negate the fact that their stated strategy worked very well. Bloomberg quotes a former Sotheby’s employee, Jorg-Michael Bertz, who is now an art adviser:

“There weren’t many major collectors or dealers in the room either,” said Bertz in a telephone interview. “It was a completely different crowd.”

Sotheby’s Ground-Breaking Two-Day Auction of New Works by Damien Hirst (Sotheby’s Press Release)

Hirst Art Lures Russians; Crisis Saps US Demand, Dealers Say (Bloomberg)

Also of Interest:

• Today in Damien Hirst: The Prediction
  With Only A Few Hours Until the Sale . . . . Late on Friday, Josh Baer sent out his...
  
• Today in Damien Hirst: The Blowout
  The first part of the Hirst sale totals £70.5 million with only two lots unsold (though Sotheby’s says both were...
  
• Today in Damien Hirst: The Dealers
  Three Dealers Go on the Record Bloomberg has three comments on the upcoming auction. White Cube’s Jay Jopling denies there...
  
• Today in Damien Hirst: The Anticipation
  Godrey Barker Has the Last Word; Anders Petterson Doesn’t Really Disagree. Godfrey Barker has a fine summary of the stakes...
  
• Today in Damien Hirst: The Aftermath
  Everyone Wants to Tell You What the Hirst Auction Means; But One Historian Actually Knows From the Times of London‘s...