The price dwarfs the £7m Hirst received for his shark in a tank, which was sold to Steve Cohen, an American financier, two years ago - and far exceeds the £4m which Lucian Freud, the American Jeff Koons and the German Gerhard Richter can command for a single work of art.
It will make use of 8,500 jewels, including £10m-worth of diamonds. One of them alone, weighing 55 carats, is valued at about £4m.
The Bond Street jewellers Bentley & Skinner have worked with Hirst on assembling the piece, which is called For the Love of God. It goes on show in early June at White Cube’s new gallery in London’s West End as part of a new exhibition of work by the former enfant terrible of the Young British Artist movement.
Until now, only dead artists have broken through the £50m barrier. The record came last autumn with the £70m achieved for Jackson Pollock’s No 5, 1948.
Update: There are more photos and videos here.
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