Photo by Billie Scheepers, © Damien Hirst

Damien Hirst poses at the Wallace Collection exhibition of his new paintings.

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The magazine says that its 2009 ratings reflect the "financial tumult" the art world has experienced in the past year and that about a third of last year's entries have been replaced. Hirst, who was No. 1 last year and in 2005, and has a new exhibition of paintings in London, took a dive down the rankings after stepping away from the limelight, the magazine says.

Another famous name that took a plunge is Charles Saatchi, who plummeted from No. 14 in 2008 to 72nd place this year. The reason, ArtReview says, is that the collector and gallery owner's influence has diminished because of some poorly received shows in the past 12 months. In general, collectors have suffered considerably from tough economic conditions in the art market, the magazine notes. One significant beneficiary was Germany, whose entrants increased this year, reflecting Berlin's growing importance as an art center.

Entrants are judged on such criteria as influence over the production of art, relevance to the art market, and contribution to the art world over the past year.

Read more at BBC News. For the full list, click here.