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The incredible story of the $12 million shark in formaldehyde
In 1991, Damien Hirst created a preserved tiger shark immersed in formaldehyde, titling it "The Physical Impossibility of Death in the Mind of Someone Living". Financed by collector Charles Saatchi, the work became an icon of contemporary art, a symbol of provocation and marketing. In 2005, the work was sold to Steve Cohen for 12 million dollars, the highest price ever paid for a work by a living artist up until then. But the original shark was decomposing: it was replaced with another. In 2006, Hirst created a second version, sold for 4 million. The value was not in the shark, but in the brand, the idea, the title, the ability to create debate. The decomposing shark was replaced, but its value was not.
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