Damien Hirst, The Physical Impossibility of Death in the Mind of Someone Living, 1991. Image: artchive.com

How quickly will your contemporary art disintegrate? Will your insurance cover it?

“Repairing and restoring contemporary art can pose novel problems. One example is the 1991 installation piece by Damien Hirst “The Physical Impossibility of Death in the Mind of Someone Living,” a 14-foot tiger shark suspended in a tank of formaldehyde that is considered the seminal work of the Young British Artists movement. Purchased in 2005 by hedge-fund billionaire Steven A. Cohen of Greenwich, Conn., from the collection of British advertising tycoon Charles Saatchi for a reported $8 million, the dead shark was rotting from the inside out, causing it to take on a withered appearance and clouding the fluid in the tank.

Last year, Mr. Hirst replaced the original shark with another one at his workshop in England — at Mr. Cohen’s expense, a cost well in excess of $100,000, Mr. Cohen’s spokesman confirmed. Though the centerpiece of the work has changed, it hasn’t been regarded as damaged or diminished in value, though the issue is open to question among art historians.”

Read the full article from the Wall Street Journal HERE.