Damien Hirst’s Latest and Greatest Proves the Rich are Chumps

Here in London, Bloomberg reports on Damien Hirst's latest and greatest proof that rich people are chumps just like everyone else:

"Aug. 29 (Bloomberg) – Damien Hirst, the U.K.'s wealthiest artist, is selling his diamond skull to an investment group for $100 million, said Frank Dunphy, Hirst's business manager.

"The platinum skull, studded with 8,601 diamonds, has been on the market at least since June 3, when it went on show at London's White Cube gallery. Dunphy, reached by telephone, said the price hadn't been discounted and would be paid in cash, though he wouldn't say over what period, or identify the investment group."

Too bad. We'd like to know. What kind of rabid speculators would put $100 million into such a cockamamie scheme? What else are they buying? Can we short their stock?

The article continues:

"'The buyers probably wouldn't be "diamond people," because the skull's price was so much higher than the value of the diamond content,' said London jeweler and art collector Laurence Graff, who looked at the skull when it was on show and didn't buy it.

"'I'm in the diamond business and I would only be interested in diamonds at diamond prices,' Graff said in a telephone interview today.

"The skull's sale would enrich Hirst, 42, whose fortune has been valued at 130 million pounds by the London-based Sunday Times and who may get 75 percent or more of the proceeds of a sale, according to art professionals.

"Hirst's record of 9.7 million pounds – the highest for a living artist at auction – was set in June at Sotheby's, when a telephone bidder bought a pill cabinet, 'Lullaby Spring,' that cost the New York seller about 730,000 pounds in 2002, auctioneers said...

"The singer George Michael paid 3.5 million pounds for 'Saint Sebastian, Exquisite Pain' – a glass tank containing a black calf, its suspended body tied to a post and pierced by dozens of arrows. A split shark fetched 10 million pounds and three 'crucified' sheep sold for 6 million pounds..."

We don't know what to say. So we ask that noted art critic, The Great Mogambo, for his opinion:

"Hahahaha....," he chortled, "hahahaha...hahaha..."

Bill Bonner
for The Daily Reckoning Australia

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