What the Turner Prize does to prices

From The Telegraph…

This year’s Turner Prize, which opens at Tate Liverpool on Oct 19, might be a two-horse race between previous contenders: Mark Wallinger (odds-on favourite at 8/11, according to William Hill) and Mike Nelson (3/1).

But the lesser-known outsiders, Nathan Coley (5/1) and Zarina Bhimji (11/2), will not be dismayed. They are already experiencing what a nomination for this most illustrious of art prizes can do to their markets.

“Since the announcement of the shortlist, we’ve had considerable interest from clients in Europe and America, who were not familiar with the artists, and have made some sales as a result,” says Matthew Carey-Williams, a director of London’s Haunch of Venison gallery, which represents both artists….

….During the ’90s, the first work by Damien Hirst to sell at auction was in the year after he won the prize, and it trebled estimates. Chris Ofili’s prices raced from £10,000 to £72,000 within a year of his winning. Both artists had been collected in depth by Charles Saatchi, who had second-guessed the juries and the market. Between 1984 and 1998, he had already collected nine of the 14 winning artists in depth.

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