Prizes – in art, journalism or anywhere else – are intended to show that a particular achievement exceeds the others in its field. The Turner Prize is a prestigious contemporary art award in Britain is for artists under 50 and has been around for 25 years. Here's the problem: the Turner Prize has always gone to art that sucks. Nobody liked the work. So, this year, a prize that typically has gone to pieces that shock is doing some shocking of its own.

The judges hope that the Turner Prize will go to a creation that people actually like.

The four artists nominated this year aren't as controversial as past entries, but they do bring unusual perspectives. Roger Hiorns is described as a "modern alchemist," mixing a variety of household materials with liquid copper sulphate and an empty apartment to express his vision. Enrico David focuses on the human figure, while Lucy Skaer uses photographs as starting points for drawings and sculpture. Richard Wright, rounding out the list of nominees, works with large wall paintings tailored to the spaces in which they appear.

This work makes a bit more sense than at least one past winner (2001): Grayson Perry, a cross-dressing potter, and Martin Creed had an installation consisting of lights flickering in an empty room. Reaction: one visitor threw two eggs at the wall.

And, of course, Damien Hirst is a past winner, though I struggle to understand why. He's only done one installation that worked for me (a year and a half ago, at the Lever House in New York).

Judge and art critic Jonathan Jones observes, "People say 'my child could do that.' It's not conceivable that you could look at any of these artists (in that way)." He goes a bit too far, however, when he continues, "It shows there is a great deal of talent in contemporary art."

Maybe the Turner Prize will redeem itself in 2009. We'll find out on December 7.

Art auction houses are looking to protect themselves. Lacking a local "enforcer" to find once eager collectors and shake them down for every last dollar, the likes of Sotheby's and Christie's will spend the coming fortnight managing expectations while trying to eke out a living. Atop the agenda this season is the notion of protecting price levels for Impressionist, modern and contemporary pieces.

Reality has struck.

Sotheby's has revealed a sales target of $179 million to $256 million for the spring. Last fall, the auction house hit $411 million – which is paltry compared to the $742 million take at this time last year. The showpiece now is "Baroque Egg with Bow," a sculpture by Jeff Koons, which carries a Sotheby's estimate of $6 million. While this sounds rich for today's market, the house almost quadrupled that amount with a sculpture from the same artist in 2007.

For those who haven't been keeping score, 2007 for the art world was like 1999 for technology people.

By reinforcing concern through modest estimates and carefully selected lots, the major (and smaller auction houses) are subtly positioning themselves for any unexpected support. A strong spring auction – as measured by current economic conditions – could cause global art market confidence to rebound. A turn for the worse, however, would be exacerbated by already depressed hopes.

Any successful entrepreneur can tell you that tough markets are fertile ground for future success. If you can carve your piece of the world out now, an upturn later will reward you handsomely.

This sentiment must be on the mind of young British artists – such as Merlin Carpenter. London's contemporary art galleries are starting to show affordable works by newer artists. Far from investing in the future or giving the hopeful a fighting chance, this tactic is seen as a way to develop a near-term revenue stream that will help galleries survive the current financial crisis. Retrospectively, this stopgap measure could be seen as pure genius for the art galleries that discover the next Richard Prince or (blech) Damien Hirst.

Claims of forward thinking, however, will have to remain in the future. For now, dealers and galleries in London are struggling. Allsopp Contemporary shut down an exhibition space, and Yvon Lambert pulled out of London.

The market is searching to find – and exploit – some young blood, and buyers are pressing for discounts. The winners may just be the artists. Those discovered through desperation will define the market in the future.

Julia Chaplin, a chic, talented New York–based writer and editor who covers contemporary art, fashion, design, lifestyle, and travel, has identified a new substrata of international society: the Gypset. In her new book Gypset Style, due out soon from Assouline and available for pre-order on Amazon, she presents a super-stylish Baedeker to those who "fuse the wild and unconventional ethos of a gypsy with the sophistication and speed of the jet set."

Most of them are exceptionally good-looking and have money, of course, but even those with obscene amounts of the stuff are anything but ostentatious. Most are also relatively unknown, but numbered among their ranks are the likes of designer and "daughter of Mick" Jade Jagger, British fashion designer Alice Temperley, and even bad boy Brit artist Damien Hirst and his partner, Californian surfer / designer Maia Norman, who make it by virtue of their houseboat moored on the Thames in London.

Chaplin coined the term "Gypset" to refer to "an international community of artists, designers, surfers, and bon vivants who live and work around the globe." The 21st century's Bright Young Things, if you will. Gypset Style explores the "unconventional lives of these high-low cultural nomads and the bohemian enclaves they inhabit, as well as their counterculture forebears, including the Victorian explorers, the Lost Generation, beatniks, and hippies."

It's no surprise that last year's art market looked nothing like that of 2007. Last year, the top 10 artists by sales racked up $1.7 billion and accounted for 20 percent of the global art market on 1.5 percent of transactions. This slip in the big revenue number is a lot different from 2007, in which the top 10 brought in $1.8 billion, a year-over-year gain of 50 percent, according to ArtPrice.

Andy Warhol was the problem last year.

The top artist of 2007 fell substantially last year. In 2008, only $236.7 million in Warhol sales occurred – compared to $420 million the year before. As a result, Warhol slid from the #1 spot to #3, and Picasso regained the apex. Francis Bacon moved from #3 to #2 on sales of $256 million. Unbelievable growth of 514 percent in his work from January 2005 to January 2008 turned abruptly, and the artist finished last year down 48 percent ... not that he'd give a tinker's damn about it.

Despite the economic challenges, the price of admission grew. Last year, sales in a particular artist at auction had to reach $91.8 million to hit the big time, up from $87 million in 2007, $59.6 million in 2006 and a comparatively paltry $33.7 million in 2005.

Take a look at the scorecard after the jump.

Ukrainian steel billionaire Victor Pinchuk is bringing Damien Hirst to the people of Kiev. The Pinchuk Art Center is a private art museum in Ukraine's capital and it will host "Requiem," a retrospective of over 100 Hirst works borrowed from collectors around the world. Pinchuk is a Hirst collector who was one of the many buying art and filling Hirst's pockets at the solo auction in London last year.

The news of the exhibit by one of the world's most expensive artists comes as Ukraine is suffering major economic hardship, propelled partly by a drop in steel and aluminum exports. Oh well, at least admission to the exhibit, which starts on April 25, is free.

A one-of-a-kind Harley-Davidson Cross Bones motorcycle (above) customized by bad boy Brit artist Damien Hirst will be auctioned off for the L.A.-based Project Angel Food charity on April 23rd. Bidding for the one-off bike / sculpture, painted with Hirst's signature rainbow-hued spin design, begins at $100,000. Hirst applied his centrifugal force paint technique to individual parts of the retro-styled Cross Bones, the first model in Harley's new Dark Custom line, and then shipped them to the factory where the finished bike was assembled. The motorcycle is part of Angel Art, an event and benefit auction celebrating the 20th anniversary of the charity, which provides daily meals for people homebound or disabled by HIV/AIDS and other serious illnesses. The event, co-chaired by the likes of Tom Ford, Naomi Watts, Tobey Maguire and Robert Downey Jr., is taking place at L.A.'s Creative Artists Agency.

[via JustLuxe]

Most of the "then and now" pieces I have done so far have looked at reversals of fortune from the middle of the year, but the cult of artist Damien Hirst has taken quite a turn in just three months. It was in September that my colleague Jared Paul Stern reported that Hirst raked in a staggering $200.8 million in total over his two-day solo sale at Sotheby's in London, shattering pre-sale estimates. It was just about the last time we used those types of terms on the blog to describe the art market. The fall sales brought terms like gloomy and dismal. Now it's beginning to look more like Hirst timed his tour de force art auction perfectly, Bloomberg reveals that at Art Basel Miami Beach New York art dealer Christoph Van de Weghe had eight works by Damien Hirst in his booth and sold only two, both at a discount. And at the November sales in New York, 11 out of 17 Hirst lots failed to find buyers at three auction houses. The resale market for Hirst is considered to be especially sluggish for pieces over the $1 million mark.

The article quotes Anders Petterson, founder and managing director of London-based art-market research company ArtTactic who says that oversupply resulting from Hirst's one man sale may have flooded the market and will keep prices low for a while. It's hard to feel sorry for Hirst, whose wealth and ego seem nearly boundless but he is a also an employer. The Guardian reported last month that Hirst fired up to 17 people who make the pills for his drug cabinet pieces and three people who make his butterfly paintings.

Another day, another day of art auction misery, the third in a long week for art sellers. At the Phillips de Pury & Co.'s New York auction the sales were far below event the low estimate of $23 million, coming in at $9.6 million with two-fifths of the lots not selling. Even usual hot sellers like Damien Hirst whose `Beautiful Artemis Thor Neptune Odin Delusional Sapphic Inspirational Hypnosis Painting,'' was part of a series that appeared in September 2007 during a runway show of his collection for Levi Strauss & Co. at the Gagosian Gallery in Chelsea couldn't find a buyer at $1.8 million.

So what artists are still alluring? The star of the Phillips de Pury auction was Donald Judd's 1977 vertical progression of 10 blue, stainless steel stacks, shown at right, which sold for $3.2 million, lower than presale estimate range of $4 million to $6 million but still a good showing in this market (and a Judd sculpture also sold earlier this week to Eli Broad). While the works may have been of a lower tier than comparable Christie's and Sotheby's auctions, the risk was also smaller. Bloomberg reports that Phillips de Pury guaranteed just one work in the auction, a glowing neon text by Kendell Geers, which had a low estimate of $60,000 and sold for $56,250.

Has the craze for Japanese artist and Louis Vuitton collaborator Takashi Murakami's work become the latest victim of the looming recession? In May, art world observers were astounded when Murakami's onanistic sculpture My Lonesome Cowboy, estimated at $3 - $4 million, ended up going for $15 million at a Sotheby's auction. Many expected a similar result Saturday evening when Phillips de Pury put another major Murakami work up for auction in London. However, the 21-ft. sculpture Tongari-kun (above), estimated at $6 - $7.8 million, did not draw a single bid, Bloomberg reports.

Moreover, Murakami himself was in the auction audience, no doubt wanting to witness the windfall in person. He took the snub well, however; as nothing but silence answered the auctioneer's calls, the artist burst out laughing. Some insiders said Murakami had been considering staging a big bucks solo auction like the one so successfully run by Damien Hirst, but he may rethink that now, at least until the economic picture improves. Hirst of course looks even more brilliant for staging his $200 million sale right before the financial markets really went to hell in a handbasket.

Ukranian billionaire Viktor Pinchuk has revealed he was a major buyer at Damien Hirst's record-breaking $200 million Sotheby's sale last month, but has declined to say exactly what he purchased. Pinchuk, who's worth an estimated $5 billion, has his own museum in Kiev, the first private institution of its kind in the former Soviet Union, which already houses works by Hirst, Jeff Koons and Vuitton collaborator Takashi Murakami. He says he plans to display his new Hirst acquisitions at the Pinchuk Center in the spring.

"Victor Pinchuk is having a great impact on the [art] market," Simon de Pury, chairman of auction house Phillips de Pury & Co., who credits him with starting the oligarch art collecting trend, tells Bloomberg. "The contemporary art market in both Ukraine and Russia has really taken off in the past two years, and I expect this growth to continue." Earlier this year Pinchuk paid a record $150 million for a house in London, the world's most expensive at the time.

Art world provocateur Damien Hirst just raked in a staggering $200.8 million in total over his two-day solo sale at Sotheby's in London, shattering pre-sale estimates. The dollar figure set a new world record for an auction dedicated to a single artist, Reuters reports. Fittingly enough since Hirst recently compared himself to Picasso, the previous solo sale record was set in 1993 at a Picasso auction; Hirst's total is ten times as large.

Although buyers of works such as the gold-dipped bull which went for nearly $18 million have not been identified, we're guessing the name of one Roman Abramovich will soon surface, especially since his hot young gallery-owning girlfriend Dasha Zhukova was given a personal, private tour of the Sotheby's inventory by Hirst himself prior to the event. In any case the jackpot should help shore up Hirst's claim that he is now a bona fide billionaire.

Bad boy Brit artist Damien Hirst smashed his previous auction record with the $18.5 million sale of a gold tipped bull in formaldehyde on the first day of his major solo sale at Sotheby's in London Monday. Entitled The Golden Calf, the controversial artist's work exceeded the top end of its estimate by over $4 million, and toppled the previous record of $17.4 million paid for a Hirst work last summer, Bloomberg reports. The buyer's identity is unknown at this time.

Elsewhere in day one of the sale, a shark in formaldehyde work entitled The Kingdom was hammered down for $17.2 million - over $7 million above the high end of its pre-sale estimate. The piece in question is about half the size of the pickled shark which was sold to billionaire Steven Cohen for $8 million in 2005. The figures have many in the contemporary art world breathing a sigh of relief, as the landmark auction is seen as a bellwether of the much-hyped market's prospects in an uncertain economy.

On the eve of a major auction of his work at Sotheby's in London, Damien Hirst's manager says the controversial Brit artist has become a billionaire - while one of the world's foremost art critics says he's little more than a no-talent huckster. Hirst's business manager Frank Dunphy says he is now the "biggest dollar earner in the history of art" with a net worth of $1 billion, which would make him one of the richest men in the UK, the London Times reports.

Dunphy says that in addition to his art, Hirst has invested heavily in real estate, and now has so many properties he's lost track of the exact number, which he estimates at between 30 and 40. These include a $5 million country house in Gloucester and a couple of Georgian houses in London's chic Mayfair district. If accurate, the $1 billion figure means Hirst's wealth has been vastly underestimated to date. The London Sunday Times 2008 Rich List calculated his fortune at only $350 million.

The Sotheby's sale today is expected to bring in at least $120 million. And like Picasso, Hirst says his signature alone is now worth a lot of money. "Someone in a gallery in New York told me the other day that my signature is worth $350," he tells the London Evening Standard. "It's actually something they can define. That means if I sign a check in a restaurant and it's for $250 the check is actually worth more than the bill comes to. On that level, yeah, maybe I am in the same position as Picasso. If you believe all that shit."

One person who emphatically does not believe "all that shit" is world-renowned art critic Robert Hughes. He has labeled Hirst's work "absurd" and "tacky commodities" in a new art world documentary airing in the UK later this month, the London Telegraph reports. Hughes singled out Hirst's famed shark in formaldehyde, entitled The Physical Impossibility of Death in the Mind of Someone Living, for particular criticism, calling it "the world's most overrated marine organism."

As we reported earlier this month, Hirst himself has said he's sick of some of the work he's become rich and famous for and plans to pursue other artistic avenues. In any case, Hirst has at least garnered the admiration of Vanity Fair which ranks him at No. 31 on their new list of the world's most powerful and influential people, putting him ahead of moguls like Sumner Redstone.

British art world bad boy Damien Hirst, probably the world's most successful living artist, says he's getting sick of his own work. Hirst says the upcoming major auction of his work at Sotheby's in London later this month, which is expected to bring in about $120 million, will mark the end of some of his signature techniques, including ones that brought him fame and fortune in the first place. (Some cynics say the pieces aren't selling as well as they used to).

Except for a few pieces he's currently finishing up, Hirst says he will no longer be producing any of his famed formaldehyde works, such as the shark and cow series, nor will he continue with the spot and spin paintings he's so well known for. Explaining the change, Hirst credits his friend Joe Strummer, late frontman of The Clash: "It's like [Joe] once told me about writing songs," the artists says. "If you can guess what the rhyme's gonna be in the next line, then it's shit and you've gotta change it."