Damien Steven Hirst is an English artist and the most prominent member of the group known as "Young British Artists", he dominated the art scene in Britain during the 1990s. He is well known for his contemporary art and has been claimed to be 'the richest living artist to date' according to Wikipedia.
His work became iconic in Britain, including dead animals (a shark, a sheep and a cow) preserved and sometimes dissected, e.g. "The Physical Impossibility of Death in the Mind of Someone Living" , works in which the themes centered Death.

It had taken 18 months to have the skull fully covered in 8,601 diamonds, with the teeth as an exception, for it to be fully ready to be displayed.
As said by Wikipedia the skull was inspired by when Hirst's mother had asked "for the love of god, what are you going to do next?"
Mercantilism in the Renaissance era was when wealth had been measured by your possession of gold, silver and other precious metal as such. Aspects of the Mercantilism ideas and the increase of Damien Hirsts status is evident through this particular piece, as it is counted as one of the most expensive pieces of art so far, heightening or elevating his status as a high class contemporary artist.
This art work is now held at the White Cube gallery in London, this work costs fourteen million pounds ($30.4m NZD) to make, and was sold for fifty million pounds ($108m NZD)
"I think most people would agree that their skulls are a priceless asset. But what artist Damien Hirst has done to the following skull has actually made a nondescript skull into one of the most expensive pieces of art ever."
Referencing: http://anthropology.net/2007/06/01/damien-hirsts-diamond-encrusted-skull-jeweled-skulls-in-archaeology/
http://en.wikipedia.org/wiki/Damien_Hirst