The Art of Finance
Great financial wealth has always been intimately related to the world of art, from Renaissance Florence to J.P. Morgan, Andrew Mellon, and Henry Frick. But, as the recent auction of works by Damian Hirst showed, when financial bubbles burst, acquiring art is no longer aimed at proving one's discernment to the broad public, but at securing an alternative store of value.
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PRINCETON – In the middle of September’s financial meltdown, a remarkable event occurred in London. While the City of London was shaken by the collapse of Lehman Brothers and the run on HBOS, Sotheby’s staged a record-breaking auction for the works of the artist Damien Hirst, which produced a gross take of around $200 million. Compared to the values that were being destroyed on Wall Street, this was small change; but it was a remarkable vote of confidence in the work of one artist.