Hirst admits his art is ‘overpriced’

Damien Hirst, who made close to £110m at a sale of his work at Sotheby's in September, only to see the market for contemporary art collapse a month later, has admitted that his paintings and sculptures are overpriced.

The 44-year-old artist, who is said to be a dollar billionaire, told the Independent that his future work would be priced according to market forces. "If people have got less money, you can either just shut your door and say 'screw everybody', or I can wait until everyone can afford my work or price it cheaper."

His comments follow a poor response to his works at an auction in New York last week. A painting of four skulls executed in his trademark "spin-painting" style, which auctioneers Phillips de Pury expected to make $3m, failed to attract a single bid. Hirst, 44, admitted it "was over-priced" .