Tracey Emin and Damien Hirst's works could 'lose significant value after death'
An arts specialist warned prices were inflated due to intensive marketing
Tracey Emin and Damien Hirst could be among the first contemporary artists whose works lose significant value after death, a leading art sales expert has said.
Philip Hook, a senior specialist in Impressionist and Modern art at Sotheby’s, told the Cheltenham Literature festival that marketing had helped inflate those artists’ prices.
He said that “inevitably there is a danger that the bubble will burst” when the PR buzz stopped.
“An artist who simply is very good at playing the market and is good at marketing himself, he is the most in danger of [his art] suffering when he dies," he said. "They will, of course, be found out by dying because they won’t be able to market themselves any longer.
“Those works that are less aggressively presented to the public will last.”
Hook joked: “God, I’ve got to be careful. I’m going to collapse the entire contemporary art market,” and stressed his views weren’t always shared by his Sotheby’s colleagues.
He also spoke of one Emin work, a neon sign entitled Is Legal Sex Anal?, which led to an embarrassing situation when a female member of the Royal Family visited Sotheby’s.
After pointing out Emin’s work, she asked Hook to read the sign as she didn’t have her glasses on.
“I had to say, ‘Well, your Royal Highness, it says, Is Legal Sex Anal?’ And she said, ‘Hmm. Very erotic.’ It was a wonderful put-down.
“It fetched £42,000, but it was not bought by that member of the Royal Family.”
Artists unveils new exhibition inspired by Hastings beachart
Arts & Ents blogs
- 1 Fifty Shades of Grey movie trailer released: First look at Jamie Dornan as Christian Grey
- 2 Is Gideon Levy the most hated man in Israel or just the most heroic?
- 3 50 books for students to read this summer: From Ernest Hemingway to Gillian Flynn
- 4 Students offered grants if they tweet pro-Israeli propaganda
- 5 Israel has discovered that it's no longer so easy to get away with murder in the age of social media
Hercules, review: Dwayne 'The Rock' Johnson takes centre stage in preposterous movie
Fifty Shades of Grey movie trailer released: First look at Jamie Dornan as Christian Grey
Best movies on Netflix UK and US: 32 films that will end your endless scrolling
Rebecca Hall on her film career so far: ‘I’ve played too many repressed neurotics’
50 Shades of Grey Trailer declared sexy and sexist on Twitter
Malaysia Airlines MH17 crash: Vladimir Putin is given 'one last chance' to end hostilities in Ukraine
The 'scroungers’ fight back: The welfare claimants battling to alter stereotypes
The truth about conspiracy theories is that some require considering
Arizona execution lasts two hours as killer Joseph Wood left 'snorting and gasping' for air
Malaysia Airlines MH17 crash: Ukrainian military jet was flying close to passenger plane before it was shot down, says Russian officer
Malaysia Airlines MH17 crash: Massive rise in sale of British arms to Russia