Hirst and Koons Artwork Lose Value
Two of the biggest names in the art world saw their works fall by half in 2009. Pieces by Damien Hirst and Jeff Koons, which were the hottest works through the beginning of 2008, could take as much as up to 10 years for their value to recover.
With the art market in distress in 09, the modern side suffered, and art collectors stayed far away from some of the riskier artists on the market. That, unfortunately, included Koons’ and Hirst’s works. Collectors felt it best to turn to Art Deco furniture or pieces from Old Masters in China instead.
However, Hirst and Koons still came out on top of the modern art side, as it dropped 75%, mostly because of auction houses’ abandoning of guaranteed minimum prices. According to Artprice, the art auction market increased by a factor of 10 from 2003 to 2008, with its price index for works by Hirst up 96% for the ten-year period ending in September 2008.
2010 may be the time to snatch up Hirst and Koons. It may take a decade for these artists to see their prices go up, but they did do pretty well over the past ten years.
Via: Luxist
Related Articles
When Delano Met Paris Society, One of Miami’s Most Beloved Hotels Found Its Next Chapter
After years of anticipation, one of South Beach’s most storied addresses is officially back. Delano Miami Beach has reopened its doors, and it has done so with an ambition that matches the weight of its own legacy. At the heart of this new chapter is a partnership with Paris Society, the global hospitality group founded […]
Inside a 13-Day Greek Island Hopping Itinerary Through Serifos and Sifnos
Greek island hopping is shifting from DIY planning to reusable itineraries, with travelers following complete journeys.
Padel for a Purpose Returns to the Hamptons: Where Sport, Style, and Philanthropy Share the Court
Join Padel For A Purpose in Bridgehampton on August 1, 2026, for a charity Pro-Am tournament and poolside celebration benefiting The Brady Hunter Foundation.
Men’s Mental Health Month: Expert Alexandra Lizardo on the Pressures Facing Men Today
Learn why men are less likely to seek help, the warning signs families should watch for, and the habits that support long-term mental wellness.
Franciacorta Celebrates Italian Excellence With An Exclusive Evening In Miami
Luxury is increasingly defined by authenticity, craftsmanship, and meaningful experiences, qualities that have long been at the heart of Franciacorta, Italy’s premier sparkling wine denomination. Bringing that philosophy to one of America’s most dynamic cultural destinations, Franciacorta recently hosted an intimate dinner at the iconic Delano Miami Beach, welcoming a select group of tastemakers, entrepreneurs, […]
The Haute Guide to a Luxury Ranch Vacation in the Pacific Northwest
With upscale accommodations, endless activities, and a sprawling desert backdrop, Brasada Ranch awaits.
Latest Stories
Trending Articles
Related Articles
When Delano Met Paris Society, One of Miami’s Most Beloved Hotels Found Its Next Chapter
After years of anticipation, one of South Beach’s most storied addresses is officially back. Delano Miami Beach has reopened its doors, and it has done so with an ambition that matches the weight of its own legacy. At the heart of this new chapter is a partnership with Paris Society, the global hospitality group founded […]
Inside a 13-Day Greek Island Hopping Itinerary Through Serifos and Sifnos
Greek island hopping is shifting from DIY planning to reusable itineraries, with travelers following complete journeys.
Padel for a Purpose Returns to the Hamptons: Where Sport, Style, and Philanthropy Share the Court
Join Padel For A Purpose in Bridgehampton on August 1, 2026, for a charity Pro-Am tournament and poolside celebration benefiting The Brady Hunter Foundation.
Men’s Mental Health Month: Expert Alexandra Lizardo on the Pressures Facing Men Today
Learn why men are less likely to seek help, the warning signs families should watch for, and the habits that support long-term mental wellness.
Franciacorta Celebrates Italian Excellence With An Exclusive Evening In Miami
Luxury is increasingly defined by authenticity, craftsmanship, and meaningful experiences, qualities that have long been at the heart of Franciacorta, Italy’s premier sparkling wine denomination. Bringing that philosophy to one of America’s most dynamic cultural destinations, Franciacorta recently hosted an intimate dinner at the iconic Delano Miami Beach, welcoming a select group of tastemakers, entrepreneurs, […]
The Haute Guide to a Luxury Ranch Vacation in the Pacific Northwest
With upscale accommodations, endless activities, and a sprawling desert backdrop, Brasada Ranch awaits.
Subscribe to Haute Living
Receive Our Magazine Directly at Your Doorstep
Embark on a journey of luxury and elegance with Haute Living magazine. Subscribe now and have every issue conveniently delivered to your home. Experience the pinnacle of lifestyle, culture, and sophistication through our pages.
Haute Black Membership
Your Gateway to Extraordinary Experiences
Join Haute Black and unlock access to the world's most prestigious luxury events