Damian Hirst appeared on Charlie Rose on Wednesday to discusses his involvement with the RED auction which consists of U2's Bono inviting him out on his yacht, getting him drunk and having him agree to writing 100 personal letters to artists, begging their involvement. I particularly like the mention of his involvement in other auctions:
"Whenever I get asked to do an auction it's always a printed letter, you know, where they change the name, they don't really bother. So you give them an old drawing from the back of the studio and you hope they go away."
full interview: http://www.charlierose.com/shows/2008/02/13/2/a-conversation-with-artist-damien-hirst
Update: the Valentines Day auction raised over twenty million pounds.