London - Even star artists are not insulated from the effects of the spreading global financial crisis it seems, as British artist Damien Hirst announced that his company will be shedding jobs in response to the economic downturn, the Guardian reported on Saturday.

Hirst, 43, who sold a whole collection of works in September for a sum of 111 million pounds (164 million dollars), has told 17 workers who make the "pills" for the artist's drug-cabinet series, that their contracts will not be renewed.