Word: pricing
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...blockade Ossetian and Abkhazian towns. Mikheil Saakashvili, Georgia's democratic leader (as Brzezinski calls him) - whose police officers were using force on nonviolent protesters just last November - was goaded by the U.S. and NATO into waking up the Russian bear. It looks as if Georgia will now pay the price. Armen Hovhanesyan, Westwood, Calif...
...London, where it will be the star of a much hyped two-day sale of 223 works by Hirst that begins on Sept. 15. This will be the first time any auction house has sold a quantity of work fresh out of an artist's studio. As auction prices for contemporary art have rocketed ever higher, galleries have been dreading this very possibility: that a famous artist would bypass his dealers - who usually get a cut of roughly half of a work's sale price - and make straight for the auction houses. (The auctioneer's fee is paid...
...meant it. In time, Dunphy would take all of the wayward boy's business affairs in hand, not least renegotiating Hirst's split with dealers. Dunphy says Hirst's galleries now accept an arrangement that gives the artist as much as 70% of the sale price, instead of the standard 50%. But even with that advantageous formula, an auction in which Hirst reaps almost all the profits, while merely covering some sundry costs, was too much to resist. He'll still work with dealers, says Dunphy. But "Damien's far enough up the greasy pole...
...tired as it gets. Hirst's twist, such as it was, was to have the thing manufactured at a stratospheric level of crass luxury - a platinum skull layered with 8,601 diamonds - then to offer the poisoned apple to the world's billionaires for $100 million. At that price level it would not only be the most expensive work by a living artist, but a punch line to Hirst's conceptualist joke about the madness of the overheated art market. Just like The Golden Calf, the diamond skull would go into the world to prove its own argument about false...
...least that was how it was supposed to work. About a year ago Hirst announced that the skull had fetched the full $100 million price. But the purchasers turned out to be a still unidentified consortium of investors that include Dunphy, Jopling and Hirst. Dunphy says the three of them maintain a "controlling interest in the work" - meaning they sold the biggest stake to themselves. Eventually, he insists, they will resell it, after it has toured a few museums. A planned exhibition at the Hermitage in St. Petersburg fell through - Dunphy says he and the museum couldn't agree...