A Collector’s Guide: Investing in Damien Hirst

One of the wealthiest living artists in the world, Damien Hirst stands as one of the most provocative and influential powerhouses in Contemporary art today. Renowned for his shocking and captivating compositions, from his iconic formaldehyde animals to his mesmeric spot paintings, Hirst’s artistic portfolio has consistently challenged the boundaries of artistic expression, building himself a reputation as a shrewd art market strategist with high-value art sales. For any high-net-worth collector and art enthusiast, investing in Hirst’s artwork is both a methodical and calculated investment.

 

 

 

Hirst is a motivator and promoter who has demonstrated true artistic and entrepreneurial talent. Emerging in the late 1980s as a leading figure of the Young British Artist (YBA) movement, he organised the then controversial and thought-provoking ‘Freeze’ exhibition, where the artist managed to influence tastes and collectability for not just himself but a whole generation of artists: He and the other YBAs would quickly be collected by Charles Saatchi and prominently feature in the equally infamous ‘Sensation’ at the RA in 1997 – an exhibition showcasing some of the most promising and intriguing artistic prospects from Saatchi’s personal, contemporary art collection.

 

Since then, Hirst has frequently managed to manipulate and grab the ever-hopeful attention of the art market, asking the pertinent question of what art is, and what is its inherent value and place in the Contemporary landscape. Breakthrough pieces, including The Physical Impossibility of Death in the Mind of Someone Living and Away from the Flock (two core works from Hirst’s 'Natural History' series [c.1991-2014]), demonstrate the artist’s groundbreaking employment of formaldehyde and other unconventional methods and materials, which have become one of many oeuvres now synonymous with the artist. Hirst continues to challenge perceptions and provoke dialogue following these prominently contested questions above…

 

Please visit the gallery’s artist page here for a summary of Hirst’s biography and artworks.

 

Damien Hirst, Away from the Flock, 1994. Glass, stainless steel, Perspex, acrylic paint lamb and formaldehyde solution, 96 x 149 x 51 cm, Tate and National Galleries of Scotland. Ó Damien Hirst and Science Ltd.

 

 

 

Candidly stated by Hirst in 2001: “Money’s the [one] thing you can’t get your mind round whereas art and science and religion you can just about get your mind round, money seems to skitter through everything and be ungraspable.”  

 

A pivotal figure in redefining how art is created, marketed and sold, Hirst’s celebrity status has allowed him to grow independently from his galleries and dealers, going straight to auction when appropriate. Strategic forays by the artist include his collaboration with U2’s Bono in the RED charity auction, which was hosted by Sotheby’s, New York (2008). Raising $42 million, the auction included 38 lots of donated works by fellow blue-chip artists, including Banksy, Tracey Emin, Takashi Murakami, Jeff Koons, Willem de Kooning (1926-1997), and many other lucrative contemporaries. The auction demonstrated the primary art market as a realm that Hirst has masterfully navigated throughout his own career and through the artists he has championed along the way.

 

With an extensive career built upon headlines, the artist encourages the public to buy, exchange and sell his art across the primary and secondary markets. Driven by an innovative approach and strategic market position, Hirst’s artwork offers a unique opportunity to acquire pieces from an artist who has fundamentally reshaped the Contemporary art scene. With unique originals, sculptures and installations, Hirst consistently demonstrates a strong market performance, with global demand for his works reflecting the sheer size at which he produces consequent prints and editions.

 

 

 

Hirst’s original artworks offer a unique insight into the artist’s oeuvres, reflecting his obsession with the human condition. These are great conversation pieces exploring the boundaries between why artwork is made, ranging from deep, contemplative thoughts about human existence to pieces evoking the mechanical mass production of art.

 

Originals are exceptionally rare, making them highly converted in the primary and secondary markets. A notable example includes The Golden Calf (2008), a remarkable work featuring a bull calf adorned with 18-carat gold hoofs, horns and halo, suspended in a silicone and formaldehyde solution within a gold-plated tank atop a Carrara marble plinth. This unique gesture to memento mori, or reminder of death, sold at Sotheby’s for £10.3 million, underscoring the significant value of Hirst originals.

 

A decade later, Hirst continues to push artistic boundaries with large-scale projects, such as The Civilisation Paintings, a cycle consisting of twenty-three oil on canvas compositions coinciding with a ‘drop’ of timed editions. In collaboration with HENI Primary and Phillips, London, these pictures commented on the conditions of condensed urban living in areas at conflict with the environment. While specific release prices on the paintings remain limited, other originals have demonstrated remarkable market appreciation, with hand-painted pieces routinely achieving an average selling price (ASP) above £1 million upon entering the secondary market.

 

 

Damien Hirst, Civilisation Rising (H17-1), 2024. Giclée print on cotton smooth rag, hand-signed and numbered on the front, 143 x 112 cm (framed), ed. of 530, published by HENI Editions, London. Ó Damien Hirst and Science Ltd.

 

 

Hirst’s Spin and Spot paintings have also been adapted to a similar and routine format. Conceived in the 1980s and 90s, they display an accessible medium and technique to prove anyone can be an artist. Reflective of Hirst’s obsessive nature, these draw on images etched into his memory from his childhood and adolescence, creating an intriguing divide before and after his recognised successes:

 

His large-scale ‘Spin paintings’ are created by attaching canvas to a spin machine, using household gloss to create their gestural marks. These unique pieces rarely come to market and are estimated at a resale value anywhere between £100,000 to £200,000, typically acquired directly from the artist. Smaller-scale paintings are normally executed with acrylic paint on die-cut paper, using iconic stencils like hearts, skulls, and even household objects, such as chairs, as their surface. Despite their exclusivity as unique works, smaller pieces like For Feed the King have demonstrated an accessible price point for originals produced by the artist, which starts at about £7,000 for individual works.

 

 

 

Damien Hirst, For Feed the King, 2022. Acrylic on paper, signed and titled in pen recto, 61.8 x 61.8 cm (framed). Ó Damien Hirst and Science Ltd.

 

 

Executed in a similar medium and surface to his Spin paintings, Hirst’s ‘Spot paintings’ have demanded a higher level of investment. Previous auction lots at Christie’s, London, particularly between 2008 and 2018, have demonstrated the growing appreciation value of these large-scale spot paintings. The former year saw Hirst exceed his minimum estimate by £60,500 (est. between £800,000 - £1,200,000), selling for £860,500. A decade later, Hirst’s value drastically surpassed comparable expectations, realising £341,250 higher than the expected maximum price between £550,000 - £750,000, managing a sale price of £1,091,250 in the key example of his Aphidicolin Diacetate. It is worth noting that both of these works were featured in the auction house’s ‘Post-War and Contemporary Art Evening Auction,’ respectively. Fast forward, Hirst has managed to maintain this level of global interest within the last two years (since November 2022), with recent auction results of similar-scale spot paintings showcasing an almost identical pattern of results between his estimated and realised prices from six years ago. Despite the market’s unexpected and sometimes volatile nature, these consistent results suggest that Hirst’s more accessible subject matter: Spots, Spins, Butterflies and Skulls, dependably perform well in the secondary art market.

 

Between provocative works justified by Hirst’s incorporation of lavish materials to more affordable, simple mediums used to create equally modest patterns, Hirst’s originals invite astute collectors and enthusiasts to purchase a diverse array of work that questions the morals, innocence, and consumer culture of those prepared to invest in his motifs.

 

 

 

For collectors seeking more accessible entry points, Hirst’s print market provides an excellent opportunity to own a selection of new and iconic motifs made by the artist. What makes these types of works so attractive is their varied edition sizes. Known for releasing prints and editions strategically, Hirst typically ‘drops’ sets of eight to twelve prints at timed intervals during select shows and independent projects.

 

Prints and editions are derived from Hirst’s originals and provide an affordable alternative to his monumental pieces. A prime example includes 2021’s The Virtues, most commonly called the Cherry Blossoms or H9 series. These works were translated from a series of eight canvas paintings into a limited variable edition set of eight laminated Giclée prints. Inevitably getting split up across the market, individual prints from the series are priced around £12,000, whereas a complete set fetches upward of £100,000.

 

 

Damien Hirst, The Virtues (H9), 2021. Complete set of eight laminated Giclée prints on aluminium composite panels, each signed and numbered on the label on the reverse, 120 x 96 cm each, published by HENI Editions, London. Ó Damien Hirst and Science Ltd.

 

Edition size: Justice (H9-1), ed. of 1,005; Courage (H9-2), ed. of 760; Mercy (H9-3), ed. of 817; Politeness (H9-4), ed. of 1,549; Honesty (H9-5), ed. of 728; Honour (H9-6), ed. of 693; Loyalty (H9-7), ed. of 1,067; Control (H9-8), ed. of 862.

 

 

Key motifs make Hirst an identifiable artist; with his Spots, Spins, butterflies, and Skulls at the centre of his subjects, the artist’s prints offer a unique insight into his iconic oeuvres from the ‘90s and 2000s. Exploring his synonymous themes of innocence and mortality. Starting at very accessible sizes and price points, they are typically produced on a various surfaces, such as paper and aluminium composite panels, to best provide collectors with diverse and affordable access to a range of mediums and styles.

 

Popular motifs, such as his Spot woodcuts, celebrate colour theory and technical precision, they remain particularly popular, with prices ranging between £8,000 to £50,000. The Butterfly is another motif, intricately depicted and adapted into countless variations by the artist; these creatures are Incorporated into rainbows, hearts, and kaleidoscopic patterns. Symbolising the cycle of resurrection, they are valued anywhere between £800 to £12,000. Hirst’s Skull series' are representations of death and the human life cycle, with prints respectively valued at a similar price point to his butterflies.

 

Edition sizes vary dramatically. From extremely limited runs of just ten prints, to others reaching upward of 4,150 to meet public demand, these are available to purchase through several channels, ensuring collectors with different price points and levels of rarity.

 

Damien Hirst, The Empresses (H10), 2022. Complete set of five laminated Giclée prints screen-printed with glitter on aluminium composite panels, each signed and labelled on the reverse, 100 x 100 cm each, published by HENI Editions, London. Ó Damien Hirst and Science Ltd.

 

Edition size: Wu Zetian (H10-1), ed. of 2,853; Nūr Jahān (H10-2), ed. of 3,041; Theodora (H10-3), ed. of 3,315; Suiko (H10-4), ed. of 3,310; Taytu Betul (H10-5), ed. of 2,814.

 

 

 

Sculptures and installations represent the most substantial and provocative investments for Hirst enthusiasts and collectors.

 

Other than the previously discussed Golden Calf and its meditations on life and death, his For the Love of God (2007), a platinum cast skull encrusted with 8,601 diamonds, costing £15,000,000 to produce, epitomises similar connotations, but at a luxury market price. While Hirst falsely claimed to have sold the skull to anonymous investors for £50 million, the piece was a pricey and monumental production for Hirst to invest his time and energy into.

 

The artist’s pharmaceutical and medical-themed collections also offer another fascinating dimension to potential investors. Reflecting his long-standing fascination with medical science and the seduction of drug culture, Hirst’s celebrity status has enabled him to transform objects from these installations into highly collectable editions. Inspired by his own installations like the Pharmacy (1992), Hirst meticulously crafted countless miniatures in pill sculptures, ceramic ashtrays, and curated display pieces. After Hirst’s strategic expansion included two pharmaceutical-themed restaurants in Notting-Hill (1998-2003) and Newport Street Gallery (2016-present), a subsequent auction at Sotheby’s in London followed, featuring removed contents from the first establishment, generating £11.1 million in sales, demonstrating his immense market resilience.

 

 

Damien Hirst, Pharmacy, 1992. Glass, face particleboard, painted MDF, beech, Ramin, wooden dowels, aluminium, pharmaceutical packaging, desks, office chairs, footstools, apothecary bottles, coloured water, insect-o-cutor, medical textbooks, stationary, bowls, resin, honey and honeycomb. Overall dimensions variable. Purchased 1996. Ó Damien Hirst and Science Ltd.

 

 

2014’s ‘Schizophrenogeneis’ exhibition at the Paul Stolper Gallery reminds us of this endeavour from a commissioned series’ of pharmaceutical sculptures and editions. The Cure, comprised of thirty silkscreen prints of oversized pills (published in small editions of 15 to 75) and fifteen Resin Pill sculptures(in editions of 30), present rare opportunities for collectors today. Priced at an estimated £12,000 for prints and £3,000 for resins, these works have greatly matured in value from the exposure of institutional exhibitions displaying similar Hirst projects like Tate Modern’s retrospective: Pharmacy (2012). Hirst interpreted these carefully engineered pieces as an exploration of the delicate balance between the healing powers of prescribed medication and its often-overlooked side effects, offering a scientific angle to his market.

 

These works are just a few examples of large-scale installations that have immensely appreciated in value over time from Hirst’s persistent and calculated presence in the media, grabbing a headline or two in the process.

 

 

 

To avoid counterfeits, authentication is paramount in the Hirst market, given the complexity and simplicity of his artwork.

 

Although some original works do not include signatures from the artist, collectors should systematically verify several key elements: The artwork’s signature is typically located in the bottom right corner of square works and the central bottom of circular ones. Reputable galleries and auction houses play a critical role in the verification process, offering expert assessment and provenance documentation.

 

Prints and editions usually include specific markers of authenticity, such as number certificates, the artist’s signature, the edition number, and the total print run written in the bottom left corner where applicable. Collectors are advised to request full documentation, examine the work’s condition meticulously, and, when possible, seek expert third-party verification.

 

Any collector in doubt of the authentication of an official Hirst or curiosity to seek further verification is advised to go through the artist’s company, Science (UK) Ltd, for examination. Science Ltd retains legal ownership of any original and corresponding certificates if uncertain, including from The Hirst Authentication Committee (HIAC), which previously served as the primary verification body. Moreover, publishing houses, like HENI Editions, provide labels as additional artist proof on the reverse of their prints and editions upon entering the primary market.

 

 

 

Understanding the ecologies of galleries, dealers, and collectors that support Hirst’s market can provide valuable insights into potential investment opportunities. Successful investment requires a nuanced approach to monitoring market trends and the resale value of Hirst’s artworks.

 

Experts recommend focusing on non-controversial pieces with clear, attractive subject matter that demonstrates broad appeal – focusing on diverse and different series and motifs, such as spots, butterflies, and skulls, can help mitigate investment risk.

 

The secondary market has also stressed the importance of complete sets of work showing exponential growth in value, such as The Virtues and the H10series’. Collectors should also monitor market trends, paying special attention to works from the 90s and early 2000s, which are considered the rarest and most appreciative. 

 

Preservation is equally crucial. Works on paper should be mounted behind acid-free materials and protective UV-resin glass to maintain their condition and value. Works done on aluminium panels usually come framed and hold up in condition compared to paper due to its properties, making the hanging process of these kinds of editions much more appealing to investors.

 

 

 

Regarding buying artworks by Hirst, we encourage investors to explore a variety of reputable platforms. Verified galleries, such as Calder Contemporary, offer a comprehensive scope of Hirst’s most notable uniques and multiples. They provide comprehensive authentication and guidance with its carefully curated selection of available works on the secondary market. Auction houses remain cornerstones in high-value Hirst pieces on the primary and secondary market, regularly exhibiting his extensive portfolio in their evening auctions.

 

Concerning other ways into the primary market, spaces such as HENI have emerged as a platform which works closely with Hirst’s team, producing authenticated editions in tangent with collaborative and independent projects involving the artist. In certain cases, artworks can be acquired directly from the artist by contacting his studio or Science Ltd.

 

Calder Contemporary offers a broad and sophisticated range for collectors and enthusiasts of Hirst’s work. Do get in touch with us if you are interested in buying a genuine print or original by Damien Hirst and we can provide our guidance and any further information regarding the process.