Art Market Monitor

Global Coverage ~ Unique Analysis

  • AMMpro
  • AMM Fantasy Collecting Game
  • Podcast
  • Contact Us

Kassay Prices Explained

November 24, 2010 by Marion Maneker

In a victory of reporting over speculation, Sarah Douglas offers a detailed anaysis of Jacob Kassay’s explosive emergence on the secondary market at Phillips de Pury’s day sale. Rather than being the product of an art dealer’s plot to boost the artist’s price, the sales seem to be little more than a rush of demand meeting a very limited supply with the artist already having a waiting list 80 names long.

Instead of relying on hearsay, Douglas spoke to all the relevant players from Pace Galleries Marc Glimcher to Kassay’s dealer, Oliver Antoine:

Antoine says he was surprised by the $86,500 price at Phillips. “I thought it would go to $30,000 or $40,000,” he says. “This was a lot. We then understood that people were excited about the work and would pay this amount.” In the immediate aftermath of the sale, Antoine first received, then placed, a series of phone calls. “Just after the hammer went down, I got calls and emails from people I had never heard of,” he says. “They were asking for work, and I had to tell them that our priority is on museums, and people who are on the boards of museums.” He then called all of the clients who had purchased pieces from the show in May, and asked if they had any intention of selling their paintings. “They are all very good collectors,” he says. “None of them wanted to sell.” […]

One dealer, who spoke on condition of anonymity, claimed that that no fewer than seven Kassays — three large paintings going for prices around $120,000, and smaller pieces for around $20,000 — had passed through his hands after the two sales. At least one collector is known to have been offered $80,000 for a Kassay he purchased in the low five figures.

Through the Looking Glass: Behind Jacob Kassay’s Meteoric Auction Rise (ArtInfo.com)

More from Art Market Monitor

  • Can Kassay Thrive Without Collectors?Can Kassay Thrive Without Collectors?
  • Kassay Bids for Museums at ArtBasel UnlimitedKassay Bids for Museums at ArtBasel Unlimited
  • Kassay: Then and NowKassay: Then and Now
  • Pollock: Jacob Kassay's Prices UnrealPollock: Jacob Kassay's Prices Unreal
  • Will We Ever See $700m in Guarantees Again?Will We Ever See $700m in Guarantees Again?
  • Arp on the MarchArp on the March

Filed Under: Micro-markets Tagged With: Jacob Kassay

About Marion Maneker

LiveArt

Want to get Art Market Monitor‘s posts sent to you in our email? Sign up below by clicking on the Subscribe button.

  • About Us/ Contact
  • Podcast
  • AMMpro
  • Newsletter
  • FAQ

twitterfacebooksoundcloud
Privacy Policy
Terms & Conditions
California Privacy Rights
Do Not Sell My Personal Information
Advertise on Art Market Monitor