LONDON, Sept 15, 2008 (AFP) - An unprecedented auction of works by British artist Damien Hirst was headed for the record books Monday, making 70.5 million pounds (89 million euros, 127 million dollars) with more than 150 lots to go.

Sotheby's auction house in London said that after 54 of the total 223 lots were sold Monday -- the first of two days of sales -- it had made a spectacular 70.5 million pounds, more than the 62.4 million top estimate for the evening.

The auction, entitled 'Beautiful Inside My Head Forever', broke new ground as the first time an artist has sold a bulk of work directly, bypassing art galleries who charge commission of up to 50 percent of the sale price.

And it proved there is no shortage of buyers even in the current economic gloom, which hit new lows Monday after the collapse of US investment giant Lehman Brothers plunged the financial markets into turmoil.

"I think the market is bigger than anyone knows," Hirst said after the sale. "I love art and this proves I'm not alone and the future looks great for everyone!"

The top selling item Monday was The Golden Calf, where Hirst returned to the style that made him famous and put a real calf in a tank of formaldehyde, adding 18-carat gold hoofs and horns and a gold disc on its head.

It had been estimated at between eight and 12 million pounds, but in the end sold for 10.3 million, establishing a new record for a Hirst work.

Another highlight was The Kingdom, a tiger shark in formaldehyde, which easily beat its estimate of four to six million pounds by selling for a spectacular 9.5 million pounds.

However, one lot comprising two glass tanks each with two bull sharks preserved in formaldehyde failed to sell, as did a work made up of millions of flies pasted onto canvas in the shape of a star.

Although the preserved animals were out in force, the collection -- which Hirst has said was "probably the most amazing show I've put on" -- also expanded on his other classic themes, including butterflies and spot paintings.

Passion, an arrangement of red butterfly wings on an oval canvas, sold for 848,000 pounds, while Rose Window, Durham Cathedral, where multicoloured butterfly wings were arranged as a stained glass, went for 1.27 million.

Memories of / Moments with You, two gold-plated steel frames set with shelves bearing manufactured diamonds, went for 2.6 million pounds -- more than double its estimate price.

Hirst, 43, is already one of the best-selling modern artists in the world.

Last year the artist, who works with a team of about 200, sold a platinum skull encrusted with 8,601 diamonds for 50 million pounds. It is thought to be the world's most expensive piece of contemporary art.