Stars of the Art Market Boom Lose their Luster

jonathan monk deflated sculpture 2009 Stars of the Art Market Boom Lose their Luster

Looks like the superstars of contemporary art of the last 10 years have not resisted the economic crisis, and it will take them a couple of years to get back on the wagon. According to Bloomberg’s analysis, certain works by Jeff Koons and Damien Hirst have descended up to 50% of their market value, dethroned by works of modern artists, old masters and Asian art.

It is well known that art market values exploded between 2003 and 2008, attaining prices well beyond any artists’ wildest dreams. Now things have changed quite a bit. According to Artprice, 18 works by Jeff Koons were sold for over 1 million dollars during 2008. In 2009, only 9 pieces exceeded this price. For Damien Hirst, it’s not so different. In 2009, only one work by Hirst, from the butterfly series, surpassed the million dollar mark. In fact, according to an analysis conducted by Artprice, Hirst’s butterfly series has gone down over 41% in market value since June 2008. The result? Many collectors are hesistant to acquire new works by these artists after this precipitious descent, prefering to invest their money on their earlier works and up and coming new artists.

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