Tag Archives: Auction Sale

Art News: Damien Hirst to exhibit his first museum retrospective in April 2012 at the Tate Modern for the London 2012 Olympics

Damien Hirst - dots - Tate Retrospective
Damien Hirst, Adrenochrome Semicarbazone Sulfonate via The Guardian

Ultra high-profile contemporary artist Damien Hirst will showcase his first retrospective at the Tate Modern during the 2012 Olympics, from April 5th to September 9th 2012. Throughout his career, Hirst has been known for generating wealth by defying the instituted system of art relationships, linking his gallery representation with White Cube and Gagosian to direct independent auctioning with Sotheby’s. In collaborating with the curatorial world, Hirst is reinstating himself in the inter-relational art market, even as he capitalizes on the mass sensationalism of the Olympics in London.

Although Hirst is represented by Gagosian (for whom his most recent showcase in Hong Kong will be on view through March 19th) and White Cube, he is arguably best known for his high grossing auction sales. Most notably, the £50 million 2008 sale beautiful inside my head forever marked a revolutionary means of selling art directly through the auction house.

more images and story after the jump…

Damien Hirst - Pharmacy - Tate Retrospective
Damien Hirst, Pharmacy installation 2002 (via the Tate)

One noted auction sale was the contents of Pharmacy a restaurant Hirst founded using one his popular recurring pharmaceutical motif. Pharmacy grossed £11 million.

The hyper-success of the auction was a climax in financial history, dually marking the peak and crash of the economic boom: investment bank Lehman Brothers went bankrupt the exact same day as Hirst’s auction at Sotheby’s. With the international economy instantaneously floundering, Damien Hirst’s auction success could never be fully duplicated.

Sotheby’s auctioneer at beautiful inside my head forever 2008 (via The New York Times)

Hirst’s peak in 2008 marked an evolutionary point for his commercial and aesthetic future. Many of his recognizable themes were alleged to discontinue shortly thereafter, and he confirmed the aesthetic departure with a series of poorly reviewed paintings, even as his previous iconography retained popularity.

Apart from the auction record, the notorious diamond skull for the love of god sold at White Cube for $100 million, with an investing strategy to sell shares once the value accrued in the future. The skull has shown internationally, at the Rijksmusuem in Amsterdam and Palazzio Vecchio in Venice.

Damien Hirst, for the love of god 2007 (via Art Observed)

Damien Hirst has been a recognizable and merited artist since he coordinated “Freeze” with fellow Goldsmiths student, the late Angus Fairhurst, in 1988. The exhibition caught the attention of noted collector Charles Saatchi, who codified the Young British Artists as foremost contemporary figures, including YBA artists Tracey EminMarc Quinn, Jake and Dinos  Chapman. Saatchi funded Hirst’s early works, notably formaldehyde shark the Physical Impossibility of Death in the Mind of Someone Living, which quickly gained popularity. The shark was ultimately purchased by American hedge fund manager Steve A. Cohen, and briefly displayed at the Metropolitan Museum of Art.

Damien Hirst, the physical impossibility of death in the mind of someone living 1991 (via the New York Times)

While Hirst is no stranger to either commercialism or exhibition, consistently selling posters, t-shirts, and jeans to propagate his notoriety in cohesion with exhibitions, the combination curatorial acclaim with Olympic publicity fuses the realms of art and business without implicating the fiscal art market.  Not only does the Tate Modern retrospective mark a return to the artist’s upscale recognition, but it solidifies his chronological evolution as historically worthwhile.

-A. Bregman

Related Links:
Damien Hirst to head Tate Modern’s Olympic programme [The Guardian]
AO Auction Preview: Two Years After Declaring Bankruptcy Lehman Brothers Hopes to Sell Hundreds of Artworks Worth Millions at 3 Auctions in UK & US [Art Observed]
Damien Hirst Artist Biography [Gagosian Gallery]
Hirst’s Art Auction Attracts Plenty of Financial Bidders, Despite Financial Turmoil [the New York Times]
Lehman Brothers Bankruptcy: The Business Decisions that Brought Lehman Down [Daily Finance]
Charles Saatchi: Damien Hirst is ‘rather off-form’ [The Telegraph]
Artist behind 1990s boom ‘commits suicide’ [the Independent]

– a21 Files for Bankruptcy

a21 has announced that it and its subsidiaries, SuperStock, Inc. and ArtSelect, Inc., have filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court. Below is the December 4 press release from a21 :

a21, Inc. Announces Voluntary Reorganization and Stalking Horse Bids

Jacksonville, FL – December 4, 2008 – a21, Inc. (ATWO), today announced that it and its subsidiaries, SuperStock, Inc. and ArtSelect, Inc., have filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Middle District of Florida, Jacksonville Division. In addition, a21 has filed separate motions to sell the U.S. assets of SuperStock, Inc. to Masterfile Corporation, and to sell the assets of ArtSelect, Inc. to Metaverse Corporation. Both sales are free of liens and encumbrances pursuant to Section 363 of the Bankruptcy Code, and are subject to higher and better bids at an auction sale expected to be conducted by the Bankruptcy Court in the next 4-6 weeks.

a21 has filed motions for approval of bidding procedures for the auction process. The bidding procedures contemplate that potential purchasers must submit a minimum qualifying bid, accompanied by a bid deposit and signed purchase contract in advance of the auction.

a21 has also filed a series of motions with the Bankruptcy Court to assure the continuity and stability of its businesses, including the payment of wages.

John Ferguson, President and CEO of a21, Inc., said, "Over a year ago we announced that the Company and its subsidiaries were exploring strategic alternatives. After exhausting all possibilities, and considering the current state of credit markets, we determined that the best way to complete a restructuring of our Company and to protect the franchise value of our underlying businesses was to pursue a sale of the Company’s assets under Court supervision in a Chapter 11 proceeding."

"The Company and its subsidiaries will conduct business as usual through the auction sales," added Ferguson.

The Company does not expect any distributions will be available for its shareholders.

The Company is represented in the bankruptcy filing by Gardner Davis and Michael Kirwan of Foley & Lardner LLP.

The Company has established an internet website, http://www.a21group.com/bank.html , to provide information regarding the bankruptcy case, including copies of major pleadings and information for potential purchasers regarding the ArtSelect business assets, the SuperStock business assets, the bidding rules and the auction process.

About a21

a21 (www.a21group.com ) is a leading online digital content marketplace for the professional creative community. Through SuperStock (www.superstock.com ; www.mediamagnet.com ; www.superstock.co.uk ; and www.purestockx.com ), and ArtSelect (www.artselect.com ; www.postersetc.com ), a21 delivers high quality images, art framing, and exceptional customer service. a21 and its companies, with offices in Florida, Iowa, and London, provide valuable and viable choices to key business partners and customers in the stock image, art and wall decor industries.

Press Contact:
Joseph Hassett
Gregory FCA Communications
[email protected]