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Tuesday, October 26, 2004

Take Two Martini Glasses and Call Me for a Second Mortgage

Artnet has a roundup of the Damien Hirst Pharmacy sale, mentioned here a couple weeks ago. (For true market wonks and die-hard Hirst fans, complete sale results are available from Sotheby's.)

The tone for the sale was set with the first lot on the block--two martini glasses. Estimated at £50-70, the pair sold for £4,800 (roughly $8,800, including buyer's premium).

The auction total sale amount topped £11.1M, almost four times its high estimate. Artnet reports that Hirst bought the restaurant's fixtures from its receivers for £5,000 after the establishment folded. Not a bad ROI for Mr. YBA.

How did the two items I mentioned in my previous post do? The light fixture I liked went for £12,000 (three times its high estimate) while the five collages of matchbooks sold for between £14,400 and £16,800 (two to three times the high estimate). While I liked both pieces, I didn't like them nearly that much.



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