Sarah Douglas does an anatomy of the market for silver paintings by Jacob Kassay, the young artist whose work exploded last Fall during a Phillips day sale. Phillips was quick to capitalize on the demand for the work and sold three different canvasses for around $80,000 each in the weeks following the sale.
Always interested in seeing how far a market can go–and obviously having access to a number of the silver paintings–PdP put another silver work as the first lot in its sale.
In November, the rumor was that Pace Gallery was moving in on representing the painter. Marc Glimcher of the gallery denied that vehemently. Sarah Douglas picks up the action:
And yet, last night, Mr. Glimcher was spotted bidding vigorously on the Kassay, from a seat in the third row at Phillips. He dropped out at $180,000. […] So, you didn’t buy it, the Transom needled. “No,” said Mr. Glimcher. “I would have bought it for $180,000.”
Outbidding Mr. Glimcher, or so he said, was a tall fellow seated next to him, whom he claimed not to recognize. […] According to one dealer familiar with Mr. Kassay’s market, last night’s result was unexpected. Mr. Kassay’s market, said this dealer, froze up after in the wake of the November Phillips sale, after his silver paintings began trading briskly on the resale market for over $100,000.
Wunderkind Kassay Takes Phillips, Again (Observer)