London, September 17, 2008:

Coming directly in the wake of the failure of Lehman Bros and the crumbling of the financial system in the USA, the one artist sale of Damien Hirst works in London defied all sceptics to records record figures. Hirst own auction record, aswell as the record for a single artist sale were both smashed, passing Picasso in the process. Nerves had been frayed in the run up to the sale as financial problems plagued the money markets and few expected that bidding could withstand such pressures. In the event, all presale figures were surpassed and the whole spectacle raced beyong expectations. The overriding conclusion to come out of events was that contemporary art is not a "boom and bust" commodity. If prices were going to falter and the spectre of art as a reliable asset class were to be broken, it was going to be this event that broke them. The reality is that the collecting public at large, from bottom to top sent out a resounding message to the contemporary art community; they would rather own great art than have money in the bank earning relatively low amounts of interest.

Nor was this a development for the very top of the market among those with seemingly unlimited finances. The lower end of the sale, targeted at those with more discretionary incomes was in fact stronger than the higher profile lots. Art remains what it has always been, a visual medium with which people feel an emotional connection, and the Hirst sale was a triumph for these admirable values and a bulwark to the perception that contemporary art is just about speculation and profiteering. Collectors can continue to pursue their passion without fear of financial retribution. For the moment it seems that money in the art is more secure than money in the bank.