Damien Hirst Spin Painting – A Collateral Loan Case Study Example
An interior-design consultant contacts New Bond Street Pawnbrokers about raising £2,400 against a Damien Hirst spin painting. A specialist fabricator requires a deposit for a new commission, while payment for an earlier project is expected in eight weeks. The owner considers a three-month loan to bridge the gap without immediately selling the artwork.
The proposed security is a circular spin painting on paper, approximately 52 cm in diameter and dated 2009. The owner tells us they acquired it at auction and retains the invoice, catalogue entry and photographs showing the reverse.
Hirst’s spin imagery appears across different media and formats. Some notable spin works are on lithograph, while others are paintings executed in household gloss on canvas. We ask the interested customer to send photos along with the full catalogue description so we can provide an initial indication before physical inspection.
Identifying the Workshop Painting and Its Format
The first assessment question is whether the paperwork and physical object describe the same work.
For this example, the proposed asset is a painted work on paper, not a reproductive print or a large canvas. Photographs of the front and reverse allow the appraiser to begin comparing the composition, dimensions and recorded identifying details with the earlier auction entry.
Our enquiry focuses on:
- The medium and support recorded in the catalogue.
- The dimensions of the sheet, not the framed dimensions.
- Any signatures, inscriptions, stamps or other identifying marks.
- The purchase invoice and any earlier ownership history.
- Any known reframing, conservation or changes since the auction photographs.
For this owner, the auction invoice provides a documented acquisition point. This paperwork reveals that the proposed security is a circular acrylic-on-paper spin painting, approximately 52 cm in diameter, created at the Damien Hirst Spin Workshop held for the opening of Requiem at the PinchukArtCentre in Kyiv in 2009.
Reviewing Ownership Records and the Painting’s Condition
The owner supplies the invoice recording their acquisition, together with any earlier provenance provided at the sale. These documents are important not just for identifying the work, but also for verifying details that could impact the buyer pool, such as whether the piece is personally painted by Hirst or workshop-produced.
Physical inspection then considers the painted face, paper support and presentation. Some of the factors to consider here include whether the sheet shows signs of wear, such as discolouration, fading, creasing, or even repairs.
In some situations, the owner may disclose known reframing or conservation. Some mounts conceal sheet edges and prevent the examination of the reverse. As the back of the sheet is crucial for appraisal, our specialist would discuss this with the customer and check how this might be arranged.
For this hypothetical example, the assessment finds no material discrepancy between the painting and its documentation.
Selecting Relevant Auction Comparables
Comparable selection starts with other documented 2009 workshop paintings on paper, preferably circular works of similar dimensions.
There is published evidence for this particular format. An auction listing records a 2009 Circle Spin Painting in acrylic on paper measuring 52 × 52 cm, with identifying stamps and an event inscription on the reverse. Germann Auktionen records another circular example measuring 51.5 cm in diameter, although its medium includes metallic paint as well as acrylic. That difference should remain explicit when comparing it with the owner’s work.
Wider auction evidence supplies context but requires more caution. Phillips’ London sale on 5 June 2025 includes three lots titled Untitled (Spin Painting), each estimated at £4,000–£6,000. Their published results differ, with lot 10 fetching £3,810 and lot 12 taking £5,334.
Of course, individual medium, dimensions, workshop documentation and condition must be confirmed before they can be treated as close equivalents to this sheet. For the worked example, the assumed assessed resale value is £4,000.
Considering a £2,400 Loan Against the Painting
An illustrative 60% loan-to-value ratio applied to the £4,000 assessment produces a potential £2,400 advance. Authentication, condition, comparable evidence and resale prospects influence the decision, with the strongest examples in healthy secondary markets typically achieving the upper end of this range.
The cautious assumption here reflects uncertainty about the painting’s eventual resale outcome. This situation illustrates how a lower LTV ratio is not always about condition. As the Philips auction results show, there is considerable variance in the prices of the Spin Painting series.
Hirst’s print market has also experienced softer pricing following its 2022 peak. While that market is not directly tied to this work, it does constitute a trend that an appraisal should at least be aware of. However, while wider movements in Hirst’s and the overall modern contemporary art market provide context, recent auction results would carry considerably more weight.
Matching the Borrowing Term to the Expected Payment
The owner requests three months because the earlier project payment is expected in eight weeks. The additional time provides a margin in the owner’s plan, but it does not guarantee that the client pays before the loan falls due.
The owner would review the pre-contract information and proposed agreement for the advance, interest, charges, repayment requirements and consequences of non-payment. They may also earmark another source of repayment if the commercial receipt is delayed.
The relevant affordability question is whether they can meet the full settlement amount, not simply replace the £2,400 borrowed. What’s more, if their outstanding invoice arrives early, they can contact our offices and request early repayment without any penalties or additional charges.
Recording the Painting, Arranging Storage and Redeeming It
If the owner accepts an offer and completes the agreement, the custody record would distinguish the painted sheet from its frame, glazing and accompanying documents.
Intake photographs would record the composition, visible condition and the reverse inscription and stamps. Those reverse details are particularly important here because they connect the object to its documented workshop history.
Storage and handling arrangements would reflect the paper support and the way the work is mounted, rather than treating it as an oil painting on canvas. Our team is adept at handling works on paper and other sensitive media. Any pledged artworks are stored securely in specialist art vaults with 24/7 security.
When the project payment arrives, the owner obtains a settlement figure and agrees collection or suitable return arrangements following repayment. If funds are delayed, they contact the lender before the redemption deadline rather than assuming an extension is automatic.
Preparing an Enquiry for a Similar Contemporary Artwork
Using a Damien Hirst workshop painting for a collateral loan is a multi-step process. A fruitful enquiry begins with a clear description of the catalogue wording, medium, dimensions and photographs of both sides. For accurate initial indications, images should show the whole composition and make the reverse inscription, stamps and other identifying details legible.
Where possible, the owner should supply the auction invoice and available condition or framing records. In many cases, a recognisable spin composition by itself does not provide enough content for a collateral loan.
Contact New Bond Street Pawnbrokers to discuss an assessment at our office on 5 Blenheim Street, Mayfair, or suitable transport arrangements. Any loans on assets are subject to physical inspection, assessment, acceptance, and agreed terms.
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