Summary of “The False Narrative of Damien Hirst’s Rise and Fall”

The rise and fall of Damien Hirst is an oft-told tale of hubris and nemesis.
I can watch, for example, how auction prices for the once red-hot artist Damien Hirst have declined and then decide to do a story on his recent attempts at a comeback.
Hirst has been happily selling hundreds of millions of dollars’ worth of art to more-than-willing collectors while effectively sidelining the auction houses, where collectors sell their works.
To evaluate Hirst’s fortunes by examining the visible market for his works made sense only until September 15, 2008.
Hirst started selling his work directly to collectors, at scale, and stopped playing by the established gallery-system rules.
Freed from gallery constraints, Hirst could make the work he wanted to make, and sell it at whatever price his collectors were willing to pay.
Museums aren’t supposed to work that way! But for Hirst, having sold straight out of an auction house, the obvious next step was to sell straight out of a museum show.
There’s no death spiral here: Damien Hirst is living large.

The orginal article.