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Subject: Hot List 2024, the Middle Market
From: Artelligence <artelligence@substack.com>
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Date: Tue, 23 Jan 2024 13:30:19 +0000
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View this post on the web at https://artelligence.substack.com/p/hot-list-2=
024-the-middle-market
Welcome to Artelligence
This newsletter looking at the Hot List for 2024 based upon LiveArt=E2=80=
=99s auction data for 2023 is for paid subscribers only. Subscriptions are =
$12 a month or $120 for a year. If you are a paid subscriber, sharing a new=
sletter on occasion is fine; consistently sharing paid content within your =
organization or with others is not.
For organizations: We offer group discounts of 30% for each subscription of=
two or more. Group subscriptions [ https://substack.com/redirect/f6533784-=
f3f8-41cb-9320-a172e46df19d?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5i=
RnigHXx6Fx_g6pp7gWdY ] allow one person within an organization to manage al=
l subscriptions. You may add new subscriptions at the discounted rate whene=
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in that seat. You may also move existing subscribers into the group. Create=
group subscriptions here [ https://substack.com/redirect/f6533784-f3f8-41c=
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There is also an option to get a 7-day free trial. Just choose the subscrip=
tion plan you want and click on the 7-day trial option before checkout.=C2=
=A0
In This Issue
New Lives for Old Masters: Robert Simon introduces Jesse Mockrin to Guido R=
eni.=20
For Paid Subscribers Only
Weak Bidding, Weak Sell-Through But Still Some Strong Prices in American Ar=
t Sales: Martin Johnson Heade is the big winner with African-American and N=
ative artists also attracting strong bids=20
Hot List 2024, the Middle Market: As the market turns toward retrenchment, =
strong bidding for historical artists should be a surprise. But did anyone =
expect Renoir, Maillol and David Hockney to appear on a Hot List?
New Lives for Old Masters
Jesse Mockrin is a Contemporary artist with a strong following and great ga=
llery representation with James Cohan. Last Fall, her show of work there at=
tracted another dealer but not one who was likely to try to win Mockrin and=
her valuable waiting list away from Cohan. Robert Simon, the Old Masters d=
ealer most famous for finding a Leonardo in a Louisiana auction, invited=C2=
=A0 Mockrin to visit his gallery where she saw Guido Reni=E2=80=99s paintin=
g of a penitent Mary Magdalene from 1630. Mockrin was =E2=80=9Cmuch taken=
=E2=80=9D with the Reni and, according to Simon, =E2=80=9Cagreed to paint a=
painting inspired by it.=E2=80=9D Simon intends to sell the two paintings =
together with an asking price of $550,000. That=E2=80=99s not a terrible pr=
ice for a Reni alone. Paying that to jump the waiting list for a Mockrin, e=
ven a small 13 x 9 inch work like this one, while still getting a Reni, see=
ms like a real opportunity. You can find both paintings hanging side by sid=
e at Robert Simon=E2=80=99s booth at The Winter Show at the Park Avenue Arm=
ory all this week.
Weak Bidding, Weak Sell-Through But Still Some Strong Prices in American Ar=
t Sales
Three works by Martin Johnson Heade along with a Gilbert Stuart portrait of=
George Washington as well as works by Joshua Johnson, Edmonia Lewis, James=
Earle Fraser, David Gilmour Blythe, a book of ledger drawings and an Arapa=
ho child=E2=80=99s robe were all high value works sold at prices well above=
their estimates during the American art sales in New York this month.=C2=
=A0
Overall, the sales were anemic. We don=E2=80=99t have all of the sale data =
but the data we do have suggests sell-through rates in mid-70% range and a =
hammer ratio around .95. Those are not strong market signals for Americana =
writ large. (Though Christie=E2=80=99s did tout that it=E2=80=99s Americana=
sale, not included in the data mentioned above, was sold at a 1.22 hammer =
ratio driven by new buyers who represented more than 25% of those who took =
lots home.)...
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g src=3D"https://eotrx.substackcdn.com/open?token=3DeyJtIjoiPDIwMjQwMTIzMTM=
zMDE5LjMuMGJjNjQxNWRlYWMyN2E5MEBtZzIuc3Vic3RhY2suY29tPiIsInUiOjEzMzI2ODY2MS=
wiciI6ImVuem9Ac2hvd2ZpbGUuY29tIiwiZCI6Im1nMi5zdWJzdGFjay5jb20iLCJwIjoxNDA5N=
DA2NDQsInQiOiJuZXdzbGV0dGVyIiwiYSI6Im9ubHlfcGFpZCIsInMiOjIyNTksImMiOiJwb3N0=
IiwiZiI6dHJ1ZSwicG9zaXRpb24iOiJ0b3AiLCJpYXQiOjE3MDYwMTY2ODIsImV4cCI6MTcwODY=
wODY4MiwiaXNzIjoicHViLTAiLCJzdWIiOiJlbyJ9.VczxaKi0HolIUo5vLGeM14nG8YvbM-DIy=
uJCYPMOWMs" alt=3D"" width=3D"1" height=3D"1" border=3D"0" style=3D"height:=
1px !important;width:1px !important;border-width:0 !important;margin-top:0 =
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right:0 !important;padding-left:0 !important;"/><div style=3D"display:none;=
font-size:1px;color:#333333;line-height:1px;max-height:0px;max-width:0px;op=
acity:0;overflow:hidden;" class=3D"preview">Weak bidding and sell-through i=
n American art sales does stop a few lots from over-performing + Robert Sim=
on pairs Jesse Mockrin with Guido Reni for a rare package deal  ‌=
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dth=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" class=3D"emai=
l-body-container"><tr><td></td><td width=3D"550" class=3D"content"></td><td=
></td></tr><tr><td></td><td align=3D"left" width=3D"550" class=3D"content">=
<div style=3D"font-size: 16px; line-height: 26px; margin: 0 auto; max-width=
: 550px; overflow-wrap: break-word; width: 100%;"><table role=3D"presentati=
on" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td=
align=3D"right" style=3D"height: 20px;"><table role=3D"presentation" width=
=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td style=3D=
"vertical-align: middle;"><span class=3D"pencraft pc-reset frontend-pencraf=
t-Text-module__reset--dW0zZ tw-font-body tw-text-ssm tw-text-substack-secon=
dary" style=3D"color: rgb(128, 128, 128) !important; font-family: SF Pro Te=
xt, -apple-system, BlinkMacSystemFont, Inter, Segoe UI, Roboto, Helvetica, =
Arial, sans-serif, Apple Color Emoji, Segoe UI Emoji, Segoe UI Symbol !impo=
rtant; font-size: 13px !important; list-style: none; margin: 0; text-decora=
tion: unset;"><div class=3D"pencraft pc-reset frontend-pencraft-Text-module=
__align-right--PcYkZ frontend-pencraft-Text-module__size-12--KorQF frontend=
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; letter-spacing: 0; line-height: 16px; list-style: none; margin: 0; text-a=
lign: right; text-decoration: unset;"><span translated class=3D"pencraft pc=
-reset frontend-pencraft-Text-module__reset--dW0zZ" style=3D"color: unset; =
list-style: none; margin: 0; text-decoration: unset;">Forwarded this email?=
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1lbWFpbC1zdWJzY3JpYmUmcj0yN2NlcjkmbmV4dD1odHRwcyUzQSUyRiUyRmFydGVsbGlnZW5jZ=
S5zdWJzdGFjay5jb20lMkZwJTJGaG90LWxpc3QtMjAyNC10aGUtbWlkZGxlLW1hcmtldCIsInAi=
OjE0MDk0MDY0NCwicyI6MjI1OSwiZiI6dHJ1ZSwidSI6MTMzMjY4NjYxLCJpYXQiOjE3MDYwMTY=
2ODEsImV4cCI6MTcwODYwODY4MSwiaXNzIjoicHViLTAiLCJzdWIiOiJsaW5rLXJlZGlyZWN0In=
0.6BFNbKiVklxTacCR7sgsyuppcVnVMOK9-bvhwVqF8nA?" class=3D"pencraft pc-reset =
frontend-pencraft-Text-module__decoration-underline--sj8pE frontend-pencraf=
t-Text-module__reset--dW0zZ" style=3D"color: unset; list-style: none; margi=
n: 0; text-decoration: unset; text-decoration-line: underline;">Subscribe h=
ere</a> for more</span></div></span></td></tr></table></td></tr></table><ta=
ble role=3D"presentation" width=3D"auto" class=3D"header graphic-header" st=
yle=3D"border-spacing: 0; padding: 16px 0 32px;"><tr><td align=3D"center" s=
tyle=3D"padding: 0; text-align: center;"><a href=3D"https://substack.com/re=
direct/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2VuY2Uuc3Vic3RhY2suY29tL3AvaG90LWxpc3=
QtMjAyNC10aGUtbWlkZGxlLW1hcmtldD91dG1fY2FtcGFpZ249ZW1haWwtaGFsZi1wb3N0JnI9M=
jdjZXI5JnRva2VuPWV5SjFjMlZ5WDJsa0lqb3hNek15TmpnMk5qRXNJbkJ2YzNSZmFXUWlPakUw=
TURrME1EWTBOQ3dpYVdGMElqb3hOekEyTURFMk5qZ3hMQ0psZUhBaU9qRTNNRGcyTURnMk9ERXN=
JbWx6Y3lJNkluQjFZaTB5TWpVNUlpd2ljM1ZpSWpvaWNHOXpkQzF5WldGamRHbHZiaUo5Lnh2aG=
EyY3hCUm4ycGpMVE1nY1JQV0dxalYwV1BDRDBOZnpiQy1QMUxyclkiLCJwIjoxNDA5NDA2NDQsI=
nMiOjIyNTksImYiOnRydWUsInUiOjEzMzI2ODY2MSwiaWF0IjoxNzA2MDE2NjgxLCJleHAiOjE3=
MDg2MDg2ODEsImlzcyI6InB1Yi0wIiwic3ViIjoibGluay1yZWRpcmVjdCJ9.acPEk2KqoNtd8_=
u3kpIlc5la6Og2nBZMRsUtMHDomfo?"><img role=3D"presentation" width=3D"550" he=
ight=3D"117" src=3D"https://substackcdn.com/image/fetch/w_1100,c_limit,f_au=
to,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.am=
azonaws.com%2Fpublic%2Fimages%2Fecde5dbd-aa76-4984-bfac-acb56639185e_2800x5=
91.png" class=3D"header-image" style=3D"border: none !important; display: b=
lock; height: auto; margin: 0 auto; max-width: 550px; vertical-align: middl=
e; width: 100%;"></a></td></tr></table><div dir=3D"auto" class=3D"post typo=
graphy" style=3D"font-size: 16px; line-height: 26px; padding: 16px 0 0 0;">=
<div class=3D"post-header" style=3D"font-size: 16px; line-height: 26px;"><h=
1 class=3D"post-title published" style=3D"-moz-appearance: optimizelegibili=
ty; -moz-osx-font-smoothing: antialiased; -webkit-appearance: optimizelegib=
ility; -webkit-font-smoothing: antialiased; appearance: optimizelegibility;=
color: rgb(64, 64, 64); font-family: 'SF Compact Display', -apple-system, =
BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Appl=
e Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 32px; font-=
weight: bold; line-height: 36px; margin: 0;"><a href=3D"https://substack.co=
m/app-link/post?publication_id=3D2259&post_id=3D140940644&utm_source=3Dpost=
-email-title&utm_campaign=3Demail-post-title&isFreemail=3Dtrue&r=3D27cer9&t=
oken=3DeyJ1c2VyX2lkIjoxMzMyNjg2NjEsInBvc3RfaWQiOjE0MDk0MDY0NCwiaWF0IjoxNzA2=
MDE2NjgxLCJleHAiOjE3MDg2MDg2ODEsImlzcyI6InB1Yi0yMjU5Iiwic3ViIjoicG9zdC1yZWF=
jdGlvbiJ9.xvha2cxBRn2pjLTMgcRPWGqjV0WPCD0NfzbC-P1LrrY" style=3D"color: rgb(=
64, 64, 64); text-decoration: none;">Hot List 2024, the Middle Market</a></=
h1><h3 class=3D"subtitle" style=3D"-moz-appearance: optimizelegibility; -mo=
z-osx-font-smoothing: antialiased; -webkit-appearance: optimizelegibility; =
-webkit-font-smoothing: antialiased; appearance: optimizelegibility; color:=
#808080; font-family: 'SF Compact Display', -apple-system, BlinkMacSystemF=
ont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji',=
'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 18px; font-weight: normal;=
line-height: 24px; margin: 4px 0 0; margin-top: 12px;">Weak bidding and se=
ll-through in American art sales does stop a few lots from over-performing =
+ Robert Simon pairs Jesse Mockrin with Guido Reni for a rare package deal<=
/h3><table role=3D"presentation" width=3D"100%" border=3D"0" cellspacing=3D=
"0" cellpadding=3D"0" class=3D"post-meta" style=3D"align-items: center; hei=
ght: 20px; margin: 1em 0;"><tr><td><table role=3D"presentation" width=3D"au=
to" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td><table role=3D=
"presentation" width=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D=
"0"><tr><td style=3D"vertical-align: middle;"><div class=3D"pencraft pc-res=
et frontend-pencraft-Text-module__color-primary--ud4Z0 frontend-pencraft-Te=
xt-module__line-height-20--p0dP8 frontend-pencraft-Text-module__font-meta--=
U_nxy frontend-pencraft-Text-module__size-11--k1e8b frontend-pencraft-Text-=
module__weight-medium--x7khA frontend-pencraft-Text-module__transform-upper=
case--IDkUL frontend-pencraft-Text-module__reset--dW0zZ frontend-pencraft-T=
ext-module__meta--jzHdd custom-css-email-post-author" style=3D"color: rgb(6=
4, 64, 64); font-family: 'SF Compact', -apple-system, -apple-system, -syste=
m-ui, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif,=
'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 11px;=
font-weight: 500; letter-spacing: .2px; line-height: 20px; list-style: non=
e; margin: 0; text-decoration: unset; text-transform: uppercase;"><a style=
=3D"color: rgb(64, 64, 64); font-family: 'SF Compact', -apple-system, -appl=
e-system, -system-ui, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Ar=
ial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; =
font-size: 11px; font-weight: 500; letter-spacing: .2px; line-height: 20px;=
list-style: none; margin: 0; text-decoration: none; text-transform: upperc=
ase;" href=3D"https://substack.com/@artelligence" class=3D"pencraft pc-rese=
t frontend-pencraft-Text-module__color-primary--ud4Z0 frontend-pencraft-Tex=
t-module__line-height-20--p0dP8 frontend-pencraft-Text-module__font-meta--U=
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odule__weight-medium--x7khA frontend-pencraft-Text-module__transform-upperc=
ase--IDkUL frontend-pencraft-Text-module__reset--dW0zZ frontend-pencraft-Te=
xt-module__meta--jzHdd">Marion Maneker</a></div></td></tr></table></td></tr=
><tr><td><table role=3D"presentation" width=3D"auto" border=3D"0" cellspaci=
ng=3D"0" cellpadding=3D"0"><tr><td style=3D"vertical-align: middle;"><div c=
lass=3D"pencraft pc-reset frontend-pencraft-Text-module__color-secondary--W=
RADg frontend-pencraft-Text-module__line-height-20--p0dP8 frontend-pencraft=
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b frontend-pencraft-Text-module__weight-medium--x7khA frontend-pencraft-Tex=
t-module__transform-uppercase--IDkUL frontend-pencraft-Text-module__reset--=
dW0zZ frontend-pencraft-Text-module__meta--jzHdd" style=3D"color: rgb(128, =
128, 128); font-family: 'SF Compact', -apple-system, -apple-system, -system=
-ui, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, =
'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 11px; =
font-weight: 500; letter-spacing: .2px; line-height: 20px; list-style: none=
; margin: 0; text-decoration: unset; text-transform: uppercase;"><time date=
Time=3D"2024-01-23T13:30:23.488Z">Jan 23</time></div></td><td width=3D"4" s=
tyle=3D"min-width: 4px"></td><td style=3D"vertical-align: middle;"><table r=
ole=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D"0" cellpadd=
ing=3D"0"><tr><td style=3D"vertical-align: middle;"><div class=3D"pencraft =
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craft-Text-module__line-height-20--p0dP8 frontend-pencraft-Text-module__fon=
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ncraft-Text-module__meta--jzHdd" style=3D"color: rgb(128, 128, 128); font-f=
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emFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoj=
i', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 11px; font-weight: 500;=
letter-spacing: .2px; line-height: 20px; list-style: none; margin: 0; text=
-decoration: unset; text-transform: uppercase;">∙</div></td><td width=
=3D"4" style=3D"min-width: 4px"></td><td style=3D"vertical-align: middle;">=
<div translated class=3D"pencraft pc-reset frontend-pencraft-Text-module__c=
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;"></div><h2 class=3D"header-with-anchor-widget" style=3D"-moz-appearance: =
optimizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-appearanc=
e: optimizelegibility; -webkit-font-smoothing: antialiased; appearance: opt=
imizelegibility; color: rgb(64, 64, 64); font-family: 'SF Compact Display',=
-apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, s=
ans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-s=
ize: 1.625em; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.625em=
0; position: relative;">In This Issue</h2><ol style=3D"margin-top: 0; padd=
ing: 0;"><li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: border=
-box; color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0=
; margin-bottom: 0; padding-left: 4px;"><strong>New Lives for Old Masters</=
strong><span>: Robert Simon introduces Jesse Mockrin to Guido Reni. </span>=
</p></li></ol><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-hei=
ght: 26px; margin: 0 0 20px 0;"><strong>For Paid Subscribers Only</strong><=
/p><ol style=3D"margin-top: 0; padding: 0;"><li style=3D"margin: 8px 0 0 32=
px;"><p style=3D"box-sizing: border-box; color: rgb(64, 64, 64); font-size:=
16px; line-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;">=
<strong>Weak Bidding, Weak Sell-Through But Still Some Strong Prices in Ame=
rican Art Sales: </strong><span>Martin Johnson Heade is the big winner with=
</span><strong> </strong><span>African-American and Native artists also att=
racting strong bids </span></p></li><li style=3D"margin: 8px 0 0 32px;"><p =
style=3D"box-sizing: border-box; color: rgb(64, 64, 64); font-size: 16px; l=
ine-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><strong>=
Hot List 2024, the Middle Market:</strong><span> As the market turns toward=
retrenchment, strong bidding for historical artists should be a surprise. =
But did anyone expect Renoir, Maillol and David Hockney to appear on a Hot =
List?</span></p></li></ol><div style=3D"font-size: 16px; line-height: 26px;=
"><hr style=3D"background: #e0e0e0; border: none; height: 1px; margin: 32px=
0; padding: 0;"></div><h2 class=3D"header-with-anchor-widget" style=3D"-mo=
z-appearance: optimizelegibility; -moz-osx-font-smoothing: antialiased; -we=
bkit-appearance: optimizelegibility; -webkit-font-smoothing: antialiased; a=
ppearance: optimizelegibility; color: rgb(64, 64, 64); font-family: 'SF Com=
pact Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helve=
tica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI S=
ymbol'; font-size: 1.625em; font-weight: bold; line-height: 1.16em; margin:=
1em 0 0.625em 0; position: relative;">New Lives for Old Masters</h2><div c=
lass=3D"captioned-image-container-static" style=3D"font-size: 16px; line-he=
ight: 26px; margin: 32px auto;"><figure style=3D"margin: 0 auto; width: 100=
%;"><table class=3D"image-wrapper" width=3D"100%" border=3D"0" cellspacing=
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"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align: center;=
"></td><td align=3D"left" class=3D"content" width=3D"1456" style=3D"text-al=
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stack.com/redirect/1ed817c2-92f3-4438-85e3-474a5fe7b7f3?j=3DeyJ1IjoiMjdjZXI=
5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"align-items:=
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rnalRedirect":null}" alt width=3D"550" height=3D"309.375" class=3D"wid=
e-image" src=3D"https://substackcdn.com/image/fetch/w_2912,c_limit,f_auto,q=
_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazon=
aws.com%2Fpublic%2Fimages%2Fdc96e57f-0f30-4dba-a35f-62229db5acae_1920x1080.=
png" style=3D"-ms-interpolation-mode: bicubic; border: none !important; dis=
play: block; height: auto; margin: 0 auto; margin-bottom: 0; max-width: 100=
% !important; vertical-align: middle; width: auto !important;"></a></td><td=
style=3D"text-align: center;"></td></tr></tbody></table><figcaption class=
=3D"image-caption" style=3D"box-sizing: content-box; color: #808080; font-s=
ize: 14px; font-weight: 400; letter-spacing: -.15px; line-height: 20px; mar=
gin-top: 8px; padding-left: 15%; padding-right: 15%; text-align: center; wi=
dth: 70%;">Guido Reni, The Penitent Magdalene, left; Jesse Mockrin, Unyield=
ing, 2023, right</figcaption></figure></div><p style=3D"color: rgb(64, 64, =
64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">Jesse Mockrin=
is a Contemporary artist with a strong following and great gallery represe=
ntation with James Cohan. Last Fall, her show of work there attracted anoth=
er dealer but not one who was likely to try to win Mockrin and her valuable=
waiting list away from Cohan. Robert Simon, the Old Masters dealer most fa=
mous for finding a Leonardo in a Louisiana auction, invited  Mockrin t=
o visit his gallery where she saw Guido Reni’s painting of a penitent=
Mary Magdalene from 1630. Mockrin was “much taken” with the Re=
ni and, according to Simon, “agreed to paint a painting inspired by i=
t.” Simon intends to sell the two paintings together with an asking p=
rice of $550,000. That’s not a terrible price for a Reni alone. Payin=
g that to jump the waiting list for a Mockrin, even a small 13 x 9 inch wor=
k like this one, while still getting a Reni, seems like a real opportunity.=
You can find both paintings hanging side by side at Robert Simon’s b=
ooth at The Winter Show at the Park Avenue Armory all this week.</p><div st=
yle=3D"font-size: 16px; line-height: 26px;"><hr style=3D"background: #e0e0e=
0; border: none; height: 1px; margin: 32px 0; padding: 0;"></div><h2 class=
=3D"header-with-anchor-widget" style=3D"-moz-appearance: optimizelegibility=
; -moz-osx-font-smoothing: antialiased; -webkit-appearance: optimizelegibil=
ity; -webkit-font-smoothing: antialiased; appearance: optimizelegibility; c=
olor: rgb(64, 64, 64); font-family: 'SF Compact Display', -apple-system, Bl=
inkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple =
Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.625em; font=
-weight: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; position: rela=
tive;">Weak Bidding, Weak Sell-Through But Still Some Strong Prices in Amer=
ican Art Sales</h2><div class=3D"captioned-image-container-static" style=3D=
"font-size: 16px; line-height: 26px; margin: 32px auto;"><figure style=3D"m=
argin: 0 auto; width: 100%;"><table class=3D"image-wrapper" width=3D"100%" =
border=3D"0" cellspacing=3D"0" cellpadding=3D"0" data-component-name=3D"Ima=
ge2ToDOMStatic" style=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td styl=
e=3D"text-align: center;"></td><td align=3D"left" class=3D"content" width=
=3D"1456" style=3D"text-align: center;"><a class=3D"image-link" target=3D"_=
blank" href=3D"https://substack.com/redirect/32de8719-53b4-483c-b6f2-5db371=
c63e2d?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY"=
rel style=3D"align-items: center; border: none; display: block; flex-direc=
tion: column; height: auto; margin: 0; padding: 0; position: relative; text=
-decoration: none; width: auto;"><img data-attrs=3D"{"src":"=
https://substack-post-media.s3.amazonaws.com/public/images/35450087-bb67-45=
58-8afb-300c50614f3e_2386x1824.png","srcNoWatermark":null,&q=
uot;fullscreen":null,"imageSize":null,"height":111=
3,"width":1456,"resizeWidth":null,"bytes":852=
4350,"alt":null,"title":null,"type":"ima=
ge/png","href":null,"belowTheFold":true,"topI=
mage":false,"internalRedirect":null}" alt width=3D"550" heig=
ht=3D"420.4326923076923" class=3D"wide-image" src=3D"https://substackcdn.co=
m/image/fetch/w_2912,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%=
3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F35450087-b=
b67-4558-8afb-300c50614f3e_2386x1824.png" style=3D"-ms-interpolation-mode: =
bicubic; border: none !important; display: block; height: auto; margin: 0 a=
uto; margin-bottom: 0; max-width: 100% !important; vertical-align: middle; =
width: auto !important;"></a></td><td style=3D"text-align: center;"></td></=
tr></tbody></table></figure></div><p style=3D"color: rgb(64, 64, 64); font-=
size: 16px; line-height: 26px; margin: 0 0 20px 0;">Three works by Martin J=
ohnson Heade along with a Gilbert Stuart portrait of George Washington as w=
ell as works by Joshua Johnson, Edmonia Lewis, James Earle Fraser, David Gi=
lmour Blythe, a book of ledger drawings and an Arapaho child’s robe w=
ere all high value works sold at prices well above their estimates during t=
he American art sales in New York this month. </p><p style=3D"color: r=
gb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0; mar=
gin-bottom: 0;">Overall, the sales were anemic. We don’t have all of =
the sale data but the data we do have suggests sell-through rates in mid-70=
% range and a hammer ratio around .95. Those are not strong market signals =
for Americana writ large. (Though Christie’s did tout that it’s=
Americana sale, not included in the data mentioned above, was sold at a 1.=
22 hammer ratio driven by new buyers who represented more than 25% of those=
who took lots home.)...</p></div></div><div data-testid=3D"paywall" data-c=
omponent-name=3D"Paywall" class=3D"paywall paywall-white-background" style=
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font-family: 'SF Compact Display', -apple-system, BlinkMacSystemFont, 'Sego=
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raft pc-reset frontend-pencraft-Text-module__reset--dW0zZ paywall-subtitle"=
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duPWVtYWlsLWNoZWNrb3V0Jm5leHQ9aHR0cHMlM0ElMkYlMkZhcnRlbGxpZ2VuY2Uuc3Vic3RhY=
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ZW49ZXlKMWMyVnlYMmxrSWpveE16TXlOamcyTmpFc0ltbGhkQ0k2TVRjd05qQXhOalk0TVN3aVp=
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dOcmIzVjBJbjAudU04YjFITnZSVkpPbGNod0JBb0t1SWpBM3BwUzdCcEFnc292QlVMY1ZPZyIsI=
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MTY2ODEsImV4cCI6MTcwODYwODY4MSwiaXNzIjoicHViLTAiLCJzdWIiOiJsaW5rLXJlZGlyZWN=
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dth=3D"16" height=3D"16" style=3D"border: none !important; max-width: 16px;=
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class=3D"check" style=3D"color: #4c3; font-weight: light; padding-right: 4=
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