Artist and acerbic art world commentator, William Powhida draws attention to this interesting trend in Jeff Koons’s market. This work is from a massive edition of 2300 works created in 1995 by Jeff Koons’s studio. Recent sales have established a fairly steady price level at around $11,000 or so. But in mid-November at Sotheby’s day sale, one of the works traded for $52,500. That’s a very big jump but the real surprise comes when one follows Powhida’s suggestion and multiplies the sale price by the edition size. Think of that as a total market capitalization for the work of $120,750,000.

Even at the previous price level of close to $11,000, the whole edition would be “worth” $25m.