Jacob Kassay painting sold at Kitchen benefit on Nov. 16 for $94,000

The recession is not stifling Jacob Kassay. Prices for his elegant, minimal, silver paintings, have spiked ten-fold this month.

At his rather startling auction debut at a Phillips de Pury Nov. 9 day sale,  a 2009 acrylic and silver deposit canvas, tagged to sell for up to $8,000 went bananas, selling for $86,500.

Last week, at a Kitchen benefit auction, a silvered 2010 work zoomed above the $12,000 “retail value,” selling for $94,000 according to two sources who attended the sale.

The last time I came face to face with a few smaller Kassays, in a group show earlier this year, the work was attractively priced $2,200. They were, not surprisingly, sold.

Kassay has met plenty of critical and market acclaim in the past few years. He has participated in dozens of shows, including recent solo presentations at Art: Concept in Paris and the 8th Gwangju Biennale in South Korea.

What’s the deal? A few in-the-know dealers told me Pace Gallery is making a play for Kassay. I emailed the gallery last week, but got no response.

A dealer told me he suspected Pace may have been among the bidders or buyers at the recent auctions.

The Buffalo-born Kassay is 26-years old. Kassay’s first solo gallery show took place last year at at Eleven Rivington. (Read Andrew Russeth’s review here.)  He received his BFA from SUNY Buffalo in 2005. He is included in a group show, opening Nov. 17, at Mitchell-Innes & Nash.

Jacob Kassay painting sold at Phillips de Pury for $84,500 on Nov. 9. Photo: Via Artnet