As an art historian, I have little interest in Hirst's work (it simply isn't my cup of tea), but I do have to take my hat off to any artist who can fool rich art collectors (label freaks) into parting with huge sums of money for otherwise 'worthless', & often meaningless, objects.
Fool's & their money are easily parted :lol:
With regards to StevieB's question about Lehman & artsworld collapse: Artworks such as the Greats (Picasso etc.) hold their value in a similar way to gold (ie it's safe), however smaller, & certainly more contemporary artists may find their works devalued by the current economic crisis.
I think, that collectors of Hirst's work, & even moreso, Emin will be in for a shock, when this current crisis is over. Their works do seem to be priced a little on the high side for artists who are still so young. Their contribution to the annals of art history is still to be decided, but they will be judged, & I guess that they will be virtually forgotten within the next 50 years. The interesting thing from a historian's perspective, is in how Hirst bypassed the dealer/agent system to pocket every penny for himself, without losing sales money to the agent's in the form of commission charges.
As far as Gill's comment on art student's not having mastered their techniques etc. -You are correct ito a degree, for example: I found that many of the fine artists whom I knew at college, had no understanding of the theories or techniques of even their favourite artists. Worst of all they seemed to be encouraged to do as they pleased, & pass anything off as "good" art, so long as they could blag the examiners into believing their 'theory'.