A painting by British artist Damien Hirst which sold for a meagre €380 at an anonymous Irish art auction last year is expected to make some €150,000 when it goes under the hammer in Dublin next month.
The prized painting, which is part of Hirst's highly sought-after Spin series, left experts frustrated by their judgment when it slipped past them in a discreet 42-piece bargain auction. The work was initially bought for €380 by film producer Allan Moloney during the Flatlake Arts and Literary Festival in Clones, Co Monaghan, last August. It was immediately put up for sale again at the same auction.
Art dealer Kevin Spillane, who missed out on the item first time around, paid €95,000 for the piece. "I thought the Hirst piece would be a later lot in the auction but I soon realised it had sold. I managed to buy it for my client second time round and they have decided to reintroduce it at auction because, at the moment, Damien Hirst is hot," Mr Spillane said.
The signed 25-in circular painting will be the first work by Hirst to go for official auction in the Republic. It will be sold as part of an Irish and international art auction, in Dublin's Merrion Hotel on March 3rd.
The painting will have a guide price this time of €150,000, but Mr Spillane expects the story around the work and the notoriety it has gained will result in some fiercely contested bidding.
He said the price would put the painting out of range for most private Irish art collectors, but its history would make it "a good choice for a corporate buyer" such as a hotel.
Hirst is a former Turner Prize winner and his art often focuses on the theme of death. His work has achieved prices in excess of €10 million at auction.
