Damien Hirst. 'Enclosing Doors, 2016' from the Currency Series on sale on 7th December
The Currency by Damien Hirst is the artist’s first NFT drop. The Currency is a collection of 10,000 NFTs, also known as Tenders, which correspond to 10,000 unique physical artworks by Damien Hirst, with the NFTs containing high resolution images of the front and back of each of the 10,000 artworks. Each work is a unique series of dots, with titles randomly derived from song lyrics. In theory any one is the same as another, hence the concept of them as 'currency'. In practice buyers have attributed higher value to the works with one or two word names. There was an open application of one week, from 14 – 21 July 2021, with successful applicants able to buy an NFT for $2,000. During this time, 32,472 people applied for a total of 67,023 NFTs. The sale of all 10,000 works was worth $US20 million. But, since the artworks went on sale, there have been more than 1,800 resales, for almost US$40 million. The highest price paid so far is US$120,000, for No. 6272, titled “Yes”. Buyers have the option to choose the NFT or the physical work. The unselected version will be destroyed by the artist. This example is an early opportunity to buy at auction in our Fine Sale on 7th December.