Is the Kassay Frenzy Fading?

A Phillips de Pury another Jacob Kassay sold well above the estimate range last night and there are more silver works to sell later this week. The vigilant will notice that although the works exceed their estimates by a healthy margin, the final purchase price of $206k last night was substantially lower than the high point achieved early on this year of $290k.

Shortly after Lindsay Pollock pointed out the feeding frenzy around Kassay, the prices peaked and now have moderated. To be sure, $206,500 is a lot of money for a young artist with small body of work but the competition for works is clearly easing as each new buyer is satisfied and removed the market.

The artist doesn’t appreciate all the attention his auction prices have provoked. He’s already expressed disdain for collectors to the New Yorker. Now he’s told Art in America that he doesn’t appreciate the focus of art market journalists:

“It’s stupid. How boring. What kind of bully does that to a 26-year-old?” Kassay asks.

Update: The first of the two diptychs on offer this week sold for $104,500 at Phillips day sale today establishing a new price point in between the rapidly appreciating 14 x 10 paintings and the 48 x 36 works.

Update: Christie’s PWC day sale sees a farther decline in price for 48 x 36 works to $182,500