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Damien Hirst: From Sharks to NFTs, and the Luxurification of the Art World

Published 15 Jan 2024
Reference 6848
Industry Arts and Crafts
Region Europe
Length 12 page(s)
Summary

In October 2022, the British artist Damien Hirst, renowned for defying the art establishment, brought his six-year project "The Currency" to an end. The project involved the creation of 10,000 “spot paintings”, each linked to a blockchain-based non-fungible token (NFT). Buyers faced a daunting decision: whether to exchange the NFT for a tangible artwork or retain the digital token and incinerate the physical painting. Its success—generating $89 million for Hirst – challenged conventional perceptions of art ownership by using NFTs and blockchain technology. His long legacy of provocative acts aimed at pushing the boundaries of the art world raised the question of whether Hirst had contributed to the “luxurification” of art, transforming his name into a brand akin to the luxury sector.

Teaching objectives

-Understand the structure and dynamics of the global art market. -Get a sense of disruptive strategies in the art world and discuss how they can be transposed to other markets -Discuss the rise of NFTs and their link to value creation -Discuss the link between art and luxury

Keywords
  • Art Market
  • Artists
  • Creativity
  • Damien Hirst
  • Innovation
  • Leadership
  • Leadership Styles
  • Luxurification
  • Luxury Goods
  • Luxury Industry
  • NFTs
  • Non-fungible Tokens
  • Management style
  • United Kingdom
  • Q12024