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Date: Thu, 10 Nov 2022 07:21:51 -0500
From: LiveArt <hello@liveart.io>
Reply-To: hello@liveart.io
To: enzo@showfile.com
Message-ID: <1668082823181.d271cbce-37cf-44c0-8708-ddf6017ca2ff@bf08.eu1.hubspotemail.net>
Subject: After Action Report: The Paul G. Allen Collection
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Record prices for 20 artists including Steichen, Signac, Sargent, Klee, Hep=
worth, Jasper Johns, Andrew Wyeth, Lucian Freud and more
LiveArt (https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/VW-JM77xVP0nW71=
V5wB8_p1g2W9k7knf4SbJn4MtGxlt3pdqSV1-WJV7CgGq7W7M_Zdm4nV0f5W75Y1mq7d9qCvW3-=
QJK-5_NQY5W1c-rny2ct7wDVbZ3Nd2-B5c_W2jz5qg8G7BLzW5ZqnPw2vD3y1N1YBqsbfvQ0qVt=
PYQP4nLhdbW4wqHKd4Wk0WgW2N-jS87y8VVFW7npsp33JWr_jW8kMD185fj_jSW6d702C8PJyRL=
N9cwDGh7JQRXN3Vf0dvCbVXVW60PLFb7M6tB9N363ZNpRtYPwW8jv7zZ3rxNhfVYg1F01GtDf_3=
jW11 )
Paul Allen Collection Makes $1.5 Billion
Christies Evening Sale 11.09.2022 10 1920x1080-1 (https://email02.liveart.i=
o/e3t/Ctc/DO+113/d2xBdp04/VW-JM77xVP0nW71V5wB8_p1g2W9k7knf4SbJn4MtGxm33pdrr=
V1-WJV7CgWFtW7qxD_V64hrmgW99Y-BQ7gYLfTVcGFwd7V3ydNN3-zJZqW1YJmN5RXjZzF0FpdW=
1_mG_K6cv8FhW5Qv-7P795FCpW8vjs8t8VrDccW92YC8K3gzMfHW4QdFqy7S8r-NN1pv0snZsPL=
lW4spr5D15myhKW56BS9p6GvWrsW1g0H8G6K--jyW8NZmJq6B6gn3W7sK9Bk66kSx0W3tFjDj5m=
XhPnW3TL12l4JFnVrW68FwHS78fnlwW55bxqh1R7D3jW2h2_lt2wkDfyVfh2Wp221x9LVcsHC32=
hc0WcW2Zr2pz82pJbP3mX61 )
Total: $1,506,386,000 with 100% sold (60/60 + 1 lot withdrawn)
Composition of Results: 52% above/ 41% within/ 7% below estimates
Aggregate Low Estimate: $1,064,900,000
Aggregate Hammer: $1,297,750,000
Hammer Ratio: 1.22
Average Lot Value: $25,106,433
The Art advisor=E2=80=99s prom: The crowd at Christie=E2=80=99s was light o=
n collectors but deep with art market professionals, mostly art advisors bu=
t also many dealers. The broad range of artists and styles of work from dif=
ferent periods on offer meant a wide range of experts were there to bid=E2=
=80=94and, one suspects, many there just to be seen.
A couple of full dance cards: Despite the who=E2=80=99s who of the art trad=
e, much of the bidding came from Christie=E2=80=99s specialists and a few k=
ey figures in the audience. One advisor bid on close to a dozen lots, winni=
ng 5-6 of them and using the same paddle for all of the purchases. That may=
not mean the very different works were all bound for the same collector. B=
ut it could also indicate bulk buying from places that prefer a strong prov=
enance over curatorial vision. That could mean end users in the Gulf or Asi=
a.
Call it a goldilocks market: The day before the Paul Allen sale, one could =
have easily expected to view the art market to be poised on a knife=E2=80=
=99s edge. After all, the election appeared to present a backlash to Bideni=
sm and financial markets witnessing double-digit drops in cryptocurrencies.=
The next morning the world awoke to stability in American politics, a vict=
ory for Ukrainian forces in Kherson, and containment in equity markets. Th=
e Allen sale followed through with strong results. Things could change befo=
re next week but it now looks like the Fall art market is taking place in a=
Goldilocks moment. It=E2=80=99s not too hot but not too cold. Next week, w=
e=E2=80=99ll see if it=E2=80=99s just right.
Guaranteed to succeed: Christie=E2=80=99s didn=E2=80=99t leave the sale=E2=
=80=99s success to chance. Laboring under what rivals believe to be a $1.3 =
billion guarantee to the Allen estate, Christie=E2=80=99s had locked in thi=
rd-party guarantees for 36 of the 60 lots before the sale. Another three lo=
ts were announced to have guarantees at the beginning of the sale. The talk=
of the art world was that Christie=E2=80=99s had laid off risk on many lot=
s to a single guarantor. That strategy worked out for everyone involved. Ch=
ristie=E2=80=99s covered their guarantee to the estate with room to spare a=
nd a second sale as a margin of safety (and profit.) The guarantor(s) made =
money or got high quality art for solid prices.
Guaranteed not to be seen: Christie=E2=80=99s also took advantage of the ch=
anges in New York City=E2=80=99s regulations governing the auction industry=
announced six months ago to report only gross sales. We can no longer see =
from the results where guarantors received a rebate for assuming the risk o=
n lots they acquired. There was also some aggressive chandelier bidding on =
lots with guarantees.
Asia was the swing money: According to Christie=E2=80=99s, Asian buyers acq=
uired 12% of the lots but 25% of the sale=E2=80=99s value. That would trans=
late into 7 lots with a value around $375 million. Xin Li was the most visi=
ble bidder with a roster of Asian clients. She bought the Van Gogh landscap=
e for one client for $117 million and the Seurat for another client for $14=
9 million. She and other Asian reps for Christie=E2=80=99s underbid several=
other works providing the swing money that made the sale successful and pr=
ofitable.
Americans bought the bulk of the sale: American buyers took home half of th=
e lots but only 30% of the value. The rest of the world had 38% of the lots=
and 45% of the value.
The Top Lots
Top Lots (https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/VW-JM77xVP0nW7=
1V5wB8_p1g2W9k7knf4SbJn4MtGxm33pdrrV1-WJV7CgWFtW7qxD_V64hrmgW99Y-BQ7gYLfTVc=
GFwd7V3ydNN3-zJZqW1YJmN5RXjZzF0FpdW1_mG_K6cv8FhW5Qv-7P795FCpW8vjs8t8VrDccW9=
2YC8K3gzMfHW4QdFqy7S8r-NN1pv0snZsPLlW4spr5D15myhKW56BS9p6GvWrsW1g0H8G6K--jy=
W8NZmJq6B6gn3W7sK9Bk66kSx0W3tFjDj5mXhPnW3TL12l4JFnVrW68FwHS78fnlwW55bxqh1R7=
D3jW2h2_lt2wkDfyVfh2Wp221x9LVcsHC32hc0WcW2Zr2pz82pJbP3mX61 )
All but one of the top ten lots were sold for the low estimate or close to =
it. Only the Seurat saw much in the way of bidding above the estimate.
There were 20 artist=E2=80=99s records set. The obvious stratospheric numbe=
rs for Seurat, van Gogh, Gaugin, Klimt and C=C3=A9zanne=E2=80=94the sale se=
t a record for having 5 works sell over $100 million (only 18 other works h=
ave auctioned at the level before)=E2=80=94but also records for Steichen, S=
ignac, Sargent, Klee, Hepworth, Sidaner, Cross, Jasper Johns, Andrew Wyeth,=
Lucian Freud, Brueghel, Diego Rivera, Max Ernst, Sam Francis and Thomas Ha=
rt Benton.
Dynamic Lots
Dynamic Lots (https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/VW-JM77xVP=
0nW71V5wB8_p1g2W9k7knf4SbJn4MtGxm33pdrrV1-WJV7CgWFtW7qxD_V64hrmgW99Y-BQ7gYL=
fTVcGFwd7V3ydNN3-zJZqW1YJmN5RXjZzF0FpdW1_mG_K6cv8FhW5Qv-7P795FCpW8vjs8t8VrD=
ccW92YC8K3gzMfHW4QdFqy7S8r-NN1pv0snZsPLlW4spr5D15myhKW56BS9p6GvWrsW1g0H8G6K=
--jyW8NZmJq6B6gn3W7sK9Bk66kSx0W3tFjDj5mXhPnW3TL12l4JFnVrW68FwHS78fnlwW55bxq=
h1R7D3jW2h2_lt2wkDfyVfh2Wp221x9LVcsHC32hc0WcW2Zr2pz82pJbP3mX61 )
Performance
Of the 31 lots that saw dynamic bidding, only three had estimates in the lo=
w eight figures.
Three works by Georgia O=E2=80=99Keeffe saw aggressive bidding along with t=
hree by David Hockney and two by Pablo Picasso.
Allen bought Paul Gauguin=E2=80=99s Maternit=C3=A9 II from 1899 in 2004 for=
$39.2 million. It was sold for $105.7 million.
There were strong gains for works like the Gustav Klimt landscape that Alle=
n bought for $40.3 million in 2006 and sold for $104.5 million after 16 yea=
rs.
The Monet Waterloo Bridge was acquired by Allen in 1997 for $8.2 million. I=
t sold tonight for $64.5 million.
Allen owned one of the nine casts of Max Ernst=E2=80=99s bronze, The King P=
laying the Queen from 1944. He bought it in 1992 for $1.2 million. Another =
cast sold in 2002 for $2.4 million. There was a big jump in 2017 when one s=
old at Sotheby=E2=80=99s for $15.9 million. But Allen=E2=80=99s eclipsed th=
em all when it resold for $24.4 million.
Gerhard Richter=E2=80=99s small abstract untitled squeegee painting was fir=
st auctioned in 2012 for $4.4 million. Allen bought it two years later for =
$9.1 million. In this sale, it only made $9.3 million after an 8 year holdi=
ng period.
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<table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D=
"100%" style=3D"border-spacing:0 !important; border-collapse:collapse; mso-=
table-lspace:0pt; mso-table-rspace:0pt"><tbody><tr><td class=3D"hs_padded" =
style=3D"border-collapse:collapse; mso-line-height-rule:exactly; font-famil=
y:Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; =
padding:10px 20px"><div id=3D"hs_cos_wrapper_module_16609334467646" class=
=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=
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olor: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-gener=
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dule_16657491070352_" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_=
wrapper_type_rich_text" style=3D"color: inherit; font-size: inherit; line-h=
eight: inherit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"ri=
ch_text"><p style=3D"mso-line-height-rule:exactly; line-height:175%"><stron=
g>Total: </strong>$1,506,386,000 with 100% sold (60/60 + 1 lot withdra=
wn)</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%"><strong>Composi=
tion of Results: </strong> <strong>52%</strong> above/ =
<strong>41%</strong> within/ <strong>7%</strong> below estim=
ates<strong> </strong><br><strong>Aggregate Low Estimate: </stron=
g>$1,064,900,000<br><strong>Aggregate Hammer:</strong> $1,297,750,000<=
br><strong>Hammer Ratio: </strong>1.22<br><strong>Average Lot Value:&n=
bsp;</strong>$25,106,433</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%"> </p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%"><strong>The Art=
advisor=E2=80=99s prom: </strong>The crowd at Christie=E2=80=99s was =
light on collectors but deep with art market professionals, mostly art advi=
sors but also many dealers. The broad range of artists and styles of work f=
rom different periods on offer meant a wide range of experts were there to =
bid=E2=80=94and, one suspects, many there just to be seen. </p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%"> </p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%"><strong>A coupl=
e of full dance cards: </strong>Despite the who=E2=80=99s who of the a=
rt trade, much of the bidding came from Christie=E2=80=99s specialists and =
a few key figures in the audience. One advisor bid on close to a dozen lots=
, winning 5-6 of them and using the same paddle for all of the purchases. T=
hat may not mean the very different works were all bound for the same colle=
ctor. But it could also indicate bulk buying from places that prefer a stro=
ng provenance over curatorial vision. That could mean end users in the Gulf=
or Asia. </p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%"> </p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%"><strong>Call it=
a goldilocks market: </strong>The day before the Paul Allen sale, one=
could have easily expected to view the art market to be poised on a knife=
=E2=80=99s edge. After all, the election appeared to present a backlash to =
Bidenism and financial markets witnessing double-digit drops in cryptocurre=
ncies. The next morning the world awoke to stability in American politics, =
a victory for Ukrainian forces in Kherson, and containment in equity =
markets. The Allen sale followed through with strong results. Things could =
change before next week but it now looks like the Fall art market is taking=
place in a Goldilocks moment. It=E2=80=99s not too hot but not too cold. N=
ext week, we=E2=80=99ll see if it=E2=80=99s just right. </p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%"> </p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%"><strong>Guarant=
eed to succeed:</strong> Christie=E2=80=99s didn=E2=80=99t leave the s=
ale=E2=80=99s success to chance. Laboring under what rivals believe to be a=
$1.3 billion guarantee to the Allen estate, Christie=E2=80=99s had locked =
in third-party guarantees for 36 of the 60 lots before the sale. Another th=
ree lots were announced to have guarantees at the beginning of the sale. Th=
e talk of the art world was that Christie=E2=80=99s had laid off risk on ma=
ny lots to a single guarantor. That strategy worked out for everyone involv=
ed. Christie=E2=80=99s covered their guarantee to the estate with room to s=
pare and a second sale as a margin of safety (and profit.) The guarantor(s)=
made money or got high quality art for solid prices.</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%"> </p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%"><strong>Guarant=
eed not to be seen: </strong>Christie=E2=80=99s also took advantage of=
the changes in New York City=E2=80=99s regulations governing the auction i=
ndustry announced six months ago to report only gross sales. We can no long=
er see from the results where guarantors received a rebate for assuming the=
risk on lots they acquired. There was also some aggressive chandelier bidd=
ing on lots with guarantees.</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%"> </p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%"><strong>Asia wa=
s the swing money: </strong>According to Christie=E2=80=99s, Asian buy=
ers acquired 12% of the lots but 25% of the sale=E2=80=99s value. That woul=
d translate into 7 lots with a value around $375 million. Xin Li was the mo=
st visible bidder with a roster of Asian clients. She bought the <span styl=
e=3D"font-weight: bold;">Van Gogh</span> landscape for one client for $117 =
million and the Seurat for another client for $149 million. She and other A=
sian reps for Christie=E2=80=99s underbid several other works providing the=
swing money that made the sale successful and profitable. </p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%"> </p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%"><strong>America=
ns bought the bulk of the sale: </strong>American buyers took home hal=
f of the lots but only 30% of the value. The rest of the world had 38% of t=
he lots and 45% of the value. </p></div></div></td></tr></tbody></tabl=
e>
</div>
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left:10px; padding-right:10px">
=20
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<div class=3D"hse-column-container" style=3D"min-width:280px; max-wid=
th:600px; width:100%; Margin-left:auto; Margin-right:auto; border-collapse:=
collapse; border-spacing:0; background-color:#FFFFFF" bgcolor=3D"#FFFFFF">
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<div class=3D"hse-column-container" style=3D"min-width:280px;max-widt=
h:600px;width:100%;Margin-left:auto;Margin-right:auto;border-collapse:colla=
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<table align=3D"center" style=3D"border-collapse:collapse;mso-table-l=
space:0pt;mso-table-rspace:0pt;width:600px;" cellpadding=3D"0" cellspacing=
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<tr style=3D"background-color:#FFFFFF;">
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<table role=3D"presentation" width=3D"600" cellpadding=3D"0" cellspacing=
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ace:0pt;width:600px">
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<div id=3D"column_1664452814667_0" class=3D"hse-column hse-size-12">
<table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D=
"100%" style=3D"border-spacing:0 !important; border-collapse:collapse; mso-=
table-lspace:0pt; mso-table-rspace:0pt"><tbody><tr><td class=3D"hs_padded" =
style=3D"border-collapse:collapse; mso-line-height-rule:exactly; font-famil=
y:Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; =
padding:10px 20px"><div id=3D"hs_cos_wrapper_module_16611714477982" class=
=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=
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general-type=3D"widget" data-hs-cos-type=3D"module">
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<div style=3D"line-height: 0; font-size: 0px">
<v:rect xmlns:v=3D"urn:schemas-microsoft-com:vml" fill=3D"true" stroke=3D=
"false" style=3D"width:560px; height:2pt;" fillcolor=3D"none">
<v:fill type=3D"tile"/>
<v:textbox inset=3D"0,0,0,0">
<div>
<![endif]-->
<table role=3D"presentation" width=3D"100%" align=3D"center" border=3D"0" s=
tyle=3D"position:relative; top:-1px; min-width:20px; width:100%; max-width:=
100%; border-spacing:0; mso-table-lspace:0pt; mso-table-rspace:0pt; border-=
collapse:collapse; font-size:1px">
<tbody><tr>
=20
=20
<td width=3D"auto" style=3D"border-collapse:collapse; mso-line-height-r=
ule:exactly; font-family:Arial, sans-serif; font-size:15px; color:#000000; =
word-break:break-word; line-height:0"> </td>
=20
=20
<td width=3D"30%" valign=3D"middle" style=3D"border-collapse:collapse; =
mso-line-height-rule:exactly; font-family:Arial, sans-serif; font-size:15px=
; color:#000000; word-break:break-word; line-height:0; border:transparent; =
border-bottom:1px solid #000000; mso-border-bottom-alt:2pt solid #000000; b=
order-bottom-width:1px"> </td>
=20
=20
<td width=3D"auto" style=3D"border-collapse:collapse; mso-line-height-r=
ule:exactly; font-family:Arial, sans-serif; font-size:15px; color:#000000; =
word-break:break-word; line-height:0"> </td>
=20
</tr>
</tbody></table>
<!--[if gte mso 9]></div></v:textbox></v:rect></div><![endif]--></div></td>=
</tr></tbody></table>
<table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D"1=
00%" style=3D"border-spacing:0 !important; border-collapse:collapse; mso-ta=
ble-lspace:0pt; mso-table-rspace:0pt"><tbody><tr><td class=3D"hs_padded" st=
yle=3D"border-collapse:collapse; mso-line-height-rule:exactly; font-family:=
Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; pa=
dding:10px 20px"><div id=3D"hs_cos_wrapper_module_16680816735452" class=3D"=
hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"c=
olor: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-gener=
al-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"hs_cos_wrapper_mo=
dule_16680816735452_" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_=
wrapper_type_rich_text" style=3D"color: inherit; font-size: inherit; line-h=
eight: inherit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"ri=
ch_text"><h2 style=3D"margin:0; mso-line-height-rule:exactly; line-height:1=
75%; font-size:22px">The Top Lots</h2></div></div></td></tr></tbody></table=
>
<div id=3D"hs_cos_wrapper_module_16680816503781" class=3D"hs_cos_wrapper hs=
_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"color: inherit; fo=
nt-size: inherit; line-height: inherit;" data-hs-cos-general-type=3D"widget=
" data-hs-cos-type=3D"module">
=09
<table class=3D"hse-image-wrapper" role=3D"presentation" width=3D"100%" cel=
lpadding=3D"0" cellspacing=3D"0" style=3D"border-spacing:0 !important; bord=
er-collapse:collapse; mso-table-lspace:0pt; mso-table-rspace:0pt">
<tbody>
<tr>
<td align=3D"center" valign=3D"top" style=3D"border-collapse:co=
llapse; mso-line-height-rule:exactly; font-family:Arial, sans-serif; color:=
#000000; word-break:break-word; text-align:center; padding:10px 20px; font-=
size:0px">
=20
<a href=3D"https://email02.liveart.io/e3t/Ctc/DO+113/d2=
xBdp04/VW-JM77xVP0nW71V5wB8_p1g2W9k7knf4SbJn4MtGxmm3q3n_V1-WJV7CgBfLW20Q7qd=
1bFVjyN6d9jGXfmTRlW1b-jQ71H19gNW9hNxxD2GCt3pW4Bt6Xm871T9sVsQJ-Q2skqpyV1lVHV=
3BR0jdW3BlC-t8SXBYkN5NVPKH5s3NfW4dhYjD3ljzwbW4S8Gp51Zw7pwW51NB1y4YpG1DW1JPC=
4B5tjrPDW6nlrh52nD5XzW7nGlZ-4d4dg2W1B2zn64R5Hq_W4j1qqN6z8W5CW2m9_q08BN55pW2=
S6gPW8qt896V98VZ_6MyschW3Y1R6P1MDG7hW4Mj0XQ8MC1Q1W62zXhJ3fHDW6N8yNNdQKvlGZW=
6VNY6T91MNFBVQ1qqQ7tR74X3grw1" target=3D"_blank" style=3D"color:#00a4bd; ms=
o-line-height-rule:exactly" data-hs-link-id=3D"1">
=20
<img alt=3D"Top Lots" src=3D"https://email02.liveart.io/hs-=
fs/hubfs/Screen%20Shot%202022-11-10%20at%201.57.08%20AM.png?width=3D1120&am=
p;upscale=3Dtrue&name=3DScreen%20Shot%202022-11-10%20at%201.57.08%20AM.=
png" style=3D"outline:none; text-decoration:none; -ms-interpolation-mode:bi=
cubic; border:none; max-width:100%; font-size:16px" width=3D"560" align=3D"=
middle" srcset=3D"https://email02.liveart.io/hs-fs/hubfs/Screen%20Shot%2020=
22-11-10%20at%201.57.08%20AM.png?upscale=3Dtrue&width=3D1120&upscal=
e=3Dtrue&name=3DScreen%20Shot%202022-11-10%20at%201.57.08%20AM.png 560w=
, https://email02.liveart.io/hs-fs/hubfs/Screen%20Shot%202022-11-10%20at%20=
1.57.08%20AM.png?upscale=3Dtrue&width=3D2240&upscale=3Dtrue&nam=
e=3DScreen%20Shot%202022-11-10%20at%201.57.08%20AM.png 1120w" sizes=3D"(max=
-width: 560px) 100vw, 560px">
=20
</a>
=20
</td>
</tr>
</tbody>
</table></div>
<table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D"1=
00%" style=3D"border-spacing:0 !important; border-collapse:collapse; mso-ta=
ble-lspace:0pt; mso-table-rspace:0pt"><tbody><tr><td class=3D"hs_padded" st=
yle=3D"border-collapse:collapse; mso-line-height-rule:exactly; font-family:=
Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; pa=
dding:10px 20px"><div id=3D"hs_cos_wrapper_module_16644528093181" class=3D"=
hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"c=
olor: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-gener=
al-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"hs_cos_wrapper_mo=
dule_16644528093181_" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_=
wrapper_type_rich_text" style=3D"color: inherit; font-size: inherit; line-h=
eight: inherit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"ri=
ch_text"><p style=3D"mso-line-height-rule:exactly; line-height:175%">All bu=
t one of the top ten lots were sold for the low estimate or close to it. On=
ly the Seurat saw much in the way of bidding above the estimate. </p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%"> </p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">There were 20 a=
rtist=E2=80=99s records set. The obvious stratospheric numbers for <sp=
an style=3D"font-weight: bold;">Seurat</span>, <span style=3D"font-weight: =
bold;">van Gogh</span>, <span style=3D"font-weight: bold;">Gaugin</span>, <=
span style=3D"font-weight: bold;">Klimt</span> and <span style=3D"font-weig=
ht: bold;">C=C3=A9zanne</span>=E2=80=94the sale set a record for having 5 w=
orks sell over $100 million (only 18 other works have auctioned at the leve=
l before)=E2=80=94but also records for <span style=3D"font-weight: bol=
d;">Steichen</span>, <span style=3D"font-weight: bold;">Signac</span>, <spa=
n style=3D"font-weight: bold;">Sargent</span>, <span style=3D"font-weight: =
bold;">Klee</span>, <span style=3D"font-weight: bold;">Hepworth</span>, <sp=
an style=3D"font-weight: bold;">Sidaner</span>, <span style=3D"font-weight:=
bold;">Cross</span>, <span style=3D"font-weight: bold;">Jasper</span> <spa=
n style=3D"font-weight: bold;">Johns</span>, <span style=3D"font-weight: bo=
ld;">Andrew</span> <span style=3D"font-weight: bold;">Wyeth</span>, <span s=
tyle=3D"font-weight: bold;">Lucian</span> <span style=3D"font-weight: bold;=
">Freud</span>, <span style=3D"font-weight: bold;">Brueghel</span>, <span s=
tyle=3D"font-weight: bold;">Diego</span> <span style=3D"font-weight: bold;"=
>Rivera</span>, <span style=3D"font-weight: bold;">Max</span> <span style=
=3D"font-weight: bold;">Ernst</span>, <span style=3D"font-weight: bold;">Sa=
m</span> <span style=3D"font-weight: bold;">Francis</span> and <span style=
=3D"font-weight: bold;">Thomas</span> <span style=3D"font-weight: bold;">Ha=
rt</span> <span style=3D"font-weight: bold;">Benton</span>.</p></div></div>=
</td></tr></tbody></table>
<table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D"1=
00%" style=3D"border-spacing:0 !important; border-collapse:collapse; mso-ta=
ble-lspace:0pt; mso-table-rspace:0pt"><tbody><tr><td class=3D"hs_padded" st=
yle=3D"border-collapse:collapse; mso-line-height-rule:exactly; font-family:=
Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; pa=
dding:10px 20px"><div id=3D"hs_cos_wrapper_module_16645390300133" class=3D"=
hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"c=
olor: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-gener=
al-type=3D"widget" data-hs-cos-type=3D"module">
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<div style=3D"line-height: 0; font-size: 0px">
<v:rect xmlns:v=3D"urn:schemas-microsoft-com:vml" fill=3D"true" stroke=3D=
"false" style=3D"width:560px; height:2pt;" fillcolor=3D"none">
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<v:textbox inset=3D"0,0,0,0">
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<![endif]-->
<table role=3D"presentation" width=3D"100%" align=3D"center" border=3D"0" s=
tyle=3D"position:relative; top:-1px; min-width:20px; width:100%; max-width:=
100%; border-spacing:0; mso-table-lspace:0pt; mso-table-rspace:0pt; border-=
collapse:collapse; font-size:1px">
<tbody><tr>
=20
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<td width=3D"auto" style=3D"border-collapse:collapse; mso-line-height-r=
ule:exactly; font-family:Arial, sans-serif; font-size:15px; color:#000000; =
word-break:break-word; line-height:0"> </td>
=20
=20
<td width=3D"30%" valign=3D"middle" style=3D"border-collapse:collapse; =
mso-line-height-rule:exactly; font-family:Arial, sans-serif; font-size:15px=
; color:#000000; word-break:break-word; line-height:0; border:transparent; =
border-bottom:1px solid #000000; mso-border-bottom-alt:2pt solid #000000; b=
order-bottom-width:1px"> </td>
=20
=20
<td width=3D"auto" style=3D"border-collapse:collapse; mso-line-height-r=
ule:exactly; font-family:Arial, sans-serif; font-size:15px; color:#000000; =
word-break:break-word; line-height:0"> </td>
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</tbody></table>
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<div class=3D"hse-column-container" style=3D"min-width:280px; max-wid=
th:600px; width:100%; Margin-left:auto; Margin-right:auto; border-collapse:=
collapse; border-spacing:0; background-color:#FFFFFF" bgcolor=3D"#FFFFFF">
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<div class=3D"hse-column-container" style=3D"min-width:280px;max-widt=
h:600px;width:100%;Margin-left:auto;Margin-right:auto;border-collapse:colla=
pse;border-spacing:0;">
<table align=3D"center" style=3D"border-collapse:collapse;mso-table-l=
space:0pt;mso-table-rspace:0pt;width:600px;" cellpadding=3D"0" cellspacing=
=3D"0" role=3D"presentation" width=3D"600" bgcolor=3D"#FFFFFF">
<tr style=3D"background-color:#FFFFFF;">
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ace:0pt;width:600px">
<![endif]-->
<div id=3D"module_1668081775719_0" class=3D"hse-column hse-size-12">
<table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D=
"100%" style=3D"border-spacing:0 !important; border-collapse:collapse; mso-=
table-lspace:0pt; mso-table-rspace:0pt"><tbody><tr><td class=3D"hs_padded" =
style=3D"border-collapse:collapse; mso-line-height-rule:exactly; font-famil=
y:Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; =
padding:10px 20px"><div id=3D"hs_cos_wrapper_module_16680817756704" class=
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=3D"color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-=
general-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"hs_cos_wrapp=
er_module_16680817756704_" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs=
_cos_wrapper_type_rich_text" style=3D"color: inherit; font-size: inherit; l=
ine-height: inherit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=
=3D"rich_text"><h2 style=3D"margin:0; mso-line-height-rule:exactly; line-he=
ight:175%; font-size:22px">Dynamic Lots</h2></div></div></td></tr></tbody><=
/table>
<div id=3D"hs_cos_wrapper_module_16680817756705" class=3D"hs_cos_wrapper hs=
_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"color: inherit; fo=
nt-size: inherit; line-height: inherit;" data-hs-cos-general-type=3D"widget=
" data-hs-cos-type=3D"module">
=09
<table class=3D"hse-image-wrapper" role=3D"presentation" width=3D"100%" cel=
lpadding=3D"0" cellspacing=3D"0" style=3D"border-spacing:0 !important; bord=
er-collapse:collapse; mso-table-lspace:0pt; mso-table-rspace:0pt">
<tbody>
<tr>
<td align=3D"center" valign=3D"top" style=3D"border-collapse:co=
llapse; mso-line-height-rule:exactly; font-family:Arial, sans-serif; color:=
#000000; word-break:break-word; text-align:center; padding:10px 20px; font-=
size:0px">
=20
<a href=3D"https://email02.liveart.io/e3t/Ctc/DO+113/d2=
xBdp04/VW-JM77xVP0nW71V5wB8_p1g2W9k7knf4SbJn4MtGxmm3q3n_V1-WJV7CgGtQW6cqDMX=
3WmCfMMZHd-RQgQfmVwWNn-5XcJRRVZkNVc37Md8bW5WCMN23fFH50W11tDjN2XyFtJVKv30t77=
C_8gW9h1cXp215Yj5W97QQ3m4vXQmzN4sYcqwf3P3WN7cX9J3dbFbxW2MJ79h1M_jBKW1VZjQ47=
rtWB4W7TlcWY1wlznZW2CXGjg9j1Wf8W241shd5h-1DLW3y1-Xt3m2nXmW63xJG91tHcqcW7v6h=
8m1T4LlWN3qXNwYfyBjFW5S-jhL3yk-x9N9gpZSWvNLbYW8lD1jP5tTcLJW90q6nd4yyv6PVjfn=
_66rbKQKN6j0z1cDP7cy3k3g1" target=3D"_blank" style=3D"color:#00a4bd; mso-li=
ne-height-rule:exactly" data-hs-link-id=3D"2">
=20
<img alt=3D"Dynamic Lots" src=3D"https://email02.liveart.io=
/hs-fs/hubfs/Screen%20Shot%202022-11-10%20at%201.56.52%20AM.png?width=3D112=
0&upscale=3Dtrue&name=3DScreen%20Shot%202022-11-10%20at%201.56.52%2=
0AM.png" style=3D"outline:none; text-decoration:none; -ms-interpolation-mod=
e:bicubic; border:none; max-width:100%; font-size:16px" width=3D"560" align=
=3D"middle" srcset=3D"https://email02.liveart.io/hs-fs/hubfs/Screen%20Shot%=
202022-11-10%20at%201.56.52%20AM.png?upscale=3Dtrue&width=3D1120&up=
scale=3Dtrue&name=3DScreen%20Shot%202022-11-10%20at%201.56.52%20AM.png =
560w, https://email02.liveart.io/hs-fs/hubfs/Screen%20Shot%202022-11-10%20a=
t%201.56.52%20AM.png?upscale=3Dtrue&width=3D2240&upscale=3Dtrue&=
;name=3DScreen%20Shot%202022-11-10%20at%201.56.52%20AM.png 1120w" sizes=3D"=
(max-width: 560px) 100vw, 560px">
=20
</a>
=20
</td>
</tr>
</tbody>
</table></div>
<table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D"1=
00%" style=3D"border-spacing:0 !important; border-collapse:collapse; mso-ta=
ble-lspace:0pt; mso-table-rspace:0pt"><tbody><tr><td class=3D"hs_padded" st=
yle=3D"border-collapse:collapse; mso-line-height-rule:exactly; font-family:=
Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; pa=
dding:10px 20px"><div id=3D"hs_cos_wrapper_module_16680817756706" class=3D"=
hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"c=
olor: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-gener=
al-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"hs_cos_wrapper_mo=
dule_16680817756706_" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_=
wrapper_type_rich_text" style=3D"color: inherit; font-size: inherit; line-h=
eight: inherit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"ri=
ch_text"><p style=3D"mso-line-height-rule:exactly; line-height:175%; font-w=
eight:bold">Performance</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">Of the 31 lots =
that saw dynamic bidding, only three had estimates in the low eight figures=
. </p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%"> </p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">Three works by&=
nbsp;<span style=3D"font-weight: bold;">Georgia</span> <span style=3D"font-=
weight: bold;">O=E2=80=99Keeffe</span> saw aggressive bidding along wi=
th three by <span style=3D"font-weight: bold;">David</span> <span styl=
e=3D"font-weight: bold;">Hockney</span> and two by <span style=3D=
"font-weight: bold;">Pablo</span> <span style=3D"font-weight: bold;">Picass=
o</span>. </p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%"> </p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">Allen bought&nb=
sp;<span style=3D"font-weight: bold;">Paul</span> <span style=3D"font-weigh=
t: bold;">Gauguin=E2=80=99s</span> <em>Maternit=C3=A9 II</em> fro=
m 1899 in 2004 for $39.2 million. It was sold for $105.7 million. </p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%"> </p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">There were stro=
ng gains for works like the <span style=3D"font-weight: bold;">Gustav<=
/span> <span style=3D"font-weight: bold;">Klimt</span> landscape that =
Allen bought for $40.3 million in 2006 and sold for $104.5 million after 16=
years. </p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%"> </p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">The <span =
style=3D"font-weight: bold;">Monet</span> <em>Waterloo Bridge</em>&nbs=
p;was acquired by Allen in 1997 for $8.2 million. It sold tonight for $64.5=
million. </p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%"> </p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">Allen owned one=
of the nine casts of <span style=3D"font-weight: bold;">Max</span> <s=
pan style=3D"font-weight: bold;">Ernst=E2=80=99s</span> bronze, <em>Th=
e King Playing the Queen</em> from 1944. He bought it in 1992 for $1.2=
million. Another cast sold in 2002 for $2.4 million. There was a big jump =
in 2017 when one sold at Sotheby=E2=80=99s for $15.9 million. But Allen=E2=
=80=99s eclipsed them all when it resold for $24.4 million. </p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%"> </p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%"><span style=3D"=
font-weight: bold;">Gerhard</span> <span style=3D"font-weight: bold;">Richt=
er=E2=80=99s</span> small abstract untitled squeegee painting was first auc=
tioned in 2012 for $4.4 million. Allen bought it two years later for $9.1 m=
illion. In this sale, it only made $9.3 million after an 8 year holding per=
iod. </p></div></div></td></tr></tbody></table>
<table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D"1=
00%" style=3D"border-spacing:0 !important; border-collapse:collapse; mso-ta=
ble-lspace:0pt; mso-table-rspace:0pt"><tbody><tr><td class=3D"hs_padded" st=
yle=3D"border-collapse:collapse; mso-line-height-rule:exactly; font-family:=
Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; pa=
dding:10px 20px"><div id=3D"hs_cos_wrapper_module_16680817756707" class=3D"=
hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"c=
olor: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-gener=
al-type=3D"widget" data-hs-cos-type=3D"module">
<!--[if gte mso 9]>
<div style=3D"line-height: 0; font-size: 0px">
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tyle=3D"position:relative; top:-1px; min-width:20px; width:100%; max-width:=
100%; border-spacing:0; mso-table-lspace:0pt; mso-table-rspace:0pt; border-=
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=20
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ule:exactly; font-family:Arial, sans-serif; font-size:15px; color:#000000; =
word-break:break-word; line-height:0"> </td>
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<td width=3D"30%" valign=3D"middle" style=3D"border-collapse:collapse; =
mso-line-height-rule:exactly; font-family:Arial, sans-serif; font-size:15px=
; color:#000000; word-break:break-word; line-height:0; border:transparent; =
border-bottom:1px solid #000000; mso-border-bottom-alt:2pt solid #000000; b=
order-bottom-width:1px"> </td>
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ule:exactly; font-family:Arial, sans-serif; font-size:15px; color:#000000; =
word-break:break-word; line-height:0"> </td>
=20
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adding-right:10px">
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<div class=3D"hse-column-container" style=3D"min-width:280px; max-wid=
th:600px; width:100%; Margin-left:auto; Margin-right:auto; border-collapse:=
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pse;border-spacing:0;">
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style=3D"border-collapse:collapse; mso-line-height-rule:exactly; font-famil=
y:Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; =
padding:10px 20px"><div id=3D"hs_cos_wrapper_module_16614615803261" class=
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e:0pt; mso-table-rspace:0pt; border-collapse:separate!important">
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ht-rule:exactly; font-size:16px; font-family:Arial, sans-serif; Margin:0; t=
ext-transform:none; text-decoration:none; padding:12px 18px; display:block"=
data-hs-link-id=3D"0">
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<table role=3D"presentation" align=3D"center" style=3D"border-spaci=
ng:0 !important; border-collapse:collapse; mso-table-lspace:0pt; mso-table-=
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ial_module_single" width=3D"auto">
<tbody>
<tr align=3D"center">
=20
<td class=3D"display_block_on_small_screens" style=3D"border-=
collapse:collapse; mso-line-height-rule:exactly; font-family:Arial, sans-se=
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=20
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</table>
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<td class=3D"social-network-cell" style=3D"border-collapse:collapse; =
mso-line-height-rule:exactly; font-family:Arial, sans-serif; font-size:15px=
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<table role=3D"presentation" align=3D"center" style=3D"border-spaci=
ng:0 !important; border-collapse:collapse; mso-table-lspace:0pt; mso-table-=
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ial_module_single" width=3D"auto">
<tbody>
<tr align=3D"center">
=20
<td class=3D"display_block_on_small_screens" style=3D"border-=
collapse:collapse; mso-line-height-rule:exactly; font-family:Arial, sans-se=
rif; font-size:15px; color:#000000; word-break:break-word; padding:8px 5px;=
line-height:1; vertical-align:middle" valign=3D"middle">
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04/VW-JM77xVP0nW71V5wB8_p1g2W9k7knf4SbJn4MtGxlN3q3npV1-WJV7CgYrnW61xlrt40Mz=
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mso-line-height-rule:exactly; text-decoration:none !important" data-hs-link=
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ng:0 !important; border-collapse:collapse; mso-table-lspace:0pt; mso-table-=
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one; -ms-interpolation-mode:bicubic; border:none; width:auto!important; hei=
ght:30px!important; vertical-align:middle" valign=3D"middle" width=3D"auto"=
>
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</a>
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</tbody>
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=20
<td class=3D"social-network-cell" style=3D"border-collapse:collapse; =
mso-line-height-rule:exactly; font-family:Arial, sans-serif; font-size:15px=
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<table role=3D"presentation" align=3D"center" style=3D"border-spaci=
ng:0 !important; border-collapse:collapse; mso-table-lspace:0pt; mso-table-=
rspace:0pt; width:auto; text-align:center" class=3D"hs_cos_wrapper_type_soc=
ial_module_single" width=3D"auto">
<tbody>
<tr align=3D"center">
=20
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collapse:collapse; mso-line-height-rule:exactly; font-family:Arial, sans-se=
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ont-size: inherit; line-height: inherit;" data-hs-cos-general-type=3D"widge=
t" data-hs-cos-type=3D"module">
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llapse; mso-line-height-rule:exactly; font-family:Arial, sans-serif; color:=
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SH6ZKV-nW2mdzBB8Y37YJW4-18yN2CJF33W37c3Yp8vtdRQW8qMxWX3xHQzwW6WPqpP2lbj3tW8=
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Y1V4L3wkSnKW3CCrtl8vLk3tW3-McpT1_CzpTW6vFCCJ4V2B3-390f1" target=3D"_blank" =
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=20
</a>
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</td>
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<table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D"1=
00%" style=3D"border-spacing:0 !important; border-collapse:collapse; mso-ta=
ble-lspace:0pt; mso-table-rspace:0pt"><tbody><tr><td class=3D"hs_padded" st=
yle=3D"border-collapse:collapse; mso-line-height-rule:exactly; font-family:=
Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; pa=
dding:10px 5px"><div id=3D"hs_cos_wrapper_module_166091123325427" class=3D"=
hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"c=
olor: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-gener=
al-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"hs_cos_wrapper_mo=
dule_166091123325427_" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos=
_wrapper_type_rich_text" style=3D"color: inherit; font-size: inherit; line-=
height: inherit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"r=
ich_text"><p style=3D"mso-line-height-rule:exactly; font-size:12px; line-he=
ight:125%; text-align:center; font-weight:bold" align=3D"center"><span styl=
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d2xBdp04/VW-JM77xVP0nW71V5wB8_p1g2W9k7knf4SbJn4MtGxlN3q3npV1-WJV7CgZdvW2ML0=
bB7qlgp2W88yK_p1LNwT3W8RYxSp71QbrkW7Qnyqs7Sqg1BW97KxCZ6Qg0grW6hnWf67yKGnWW1=
XTjVG3x7GknW5bfpQm2JCSW0VPVKlW3S8ZHsW3V3nFw7M6hlzW4dxcWT8zh2N0W8SdYL25FZczZ=
W8S1Dm77w8s3bW9lVlGB6JD99WW8szdbD69j4BnW3BH7k34vbcR1W1-dN3w1Ps1txW6rb1Ry8y2=
NDkW4xG2xJ380q23W7P7byY12WW2ZW1RLlQf1dTJJFW72l5VS7DGTJP31qH1" style=3D"mso-=
line-height-rule:exactly; color:#ffffff; font-weight:bold" rel=3D"noopener"=
data-hs-link-id=3D"0" target=3D"_blank">BUY</a> | <a href=3D"h=
ttps://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/VW-JM77xVP0nW71V5wB8_p1g2=
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W1ydW4X8pDpgvW4kV6Tw1d5Q7QW8xSmnL2n_1J8W5PhDh18fYwTlN2m8-RwdflmGW3QxVhl9btx=
77W25w4tg15rnm2N8r6N7v5nYyRW88DnjD2Pnp0XW4bGwzq1h2KdYW50m5r318PJWmW5SN0WD6_=
CNrTV3M7BL8n5fyXW5wlbSk8ghQkBW7pl8DX8t14N5W6sHLb41lFlxsVS18fX2vk8YJN8Jjd6xr=
7Qf8W79BpSb8b09Zp3pb61" style=3D"mso-line-height-rule:exactly; font-weight:=
bold; color:#ffffff" rel=3D"noopener" data-hs-link-id=3D"0" target=3D"_blan=
k">SELL</a> | <a href=3D"https://email02.liveart.io/e3t/Ctc/DO+113/d2=
xBdp04/VW-JM77xVP0nW71V5wB8_p1g2W9k7knf4SbJn4MtGxlN3q3npV1-WJV7Cg-CbW862KR-=
5mFvVzW2Dsg_F43KFNnW2q_fxV7784G6W96SWLP8gCTgtV_HhWF1Hkq0QN4-qcy7-vhZ_W1-tXd=
W1cNs-dW4rJxFk1Yq8PmVKP0p732HcyMW5JfkV07V4mWrW7sr_W05_RDt9V1JC1C8__lsjW2kr7=
Vp1xwy30W1pgKKb7t_sYVW4Ghk_q9dwLbsW4RNJT_3Py-LZW8R1Fvq4_k8CgW8w3Wzz5p1p9yW2=
VPf-65YvmMcW30SSYy50FczBW9c3Kff3C3zpvM-bd2r8P-Y03b7Q1" style=3D"mso-line-he=
ight-rule:exactly; color:#ffffff; font-weight:bold" rel=3D"noopener" data-h=
s-link-id=3D"0" target=3D"_blank">TRADING FLOOR</a> | <a href=3D"http=
s://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/VW-JM77xVP0nW71V5wB8_p1g2W9k=
7knf4SbJn4MtGxlN3q3npV1-WJV7CgNMyN9bGrGkp_cY0W4D199k1_1-fjW5MvQyb84Q9nDW5PK=
R7f6Y3RTpW6FB3Qq1VKnr_N4pRzHfxV4jZW2NBkkl5qYNK6W6wdP6_4RySJWW6Psq4070_H5hW2=
qC1ZD6tkGy7W2Jr3Df5rJBcmM4RyFHL-9xvN8yZ74XYY-dnN2Z5Bc7rc9xqW2HTc6c37j0t6N74=
Wnj02W9NgW4xfNyK4-J0YbW2mVypB8tt9P8W1zJ4FZ8pPdHPW1BDrX06NVBcvW2S1Zvz4hCZzsW=
39lFV05DZkRZ359L1" style=3D"mso-line-height-rule:exactly; font-weight:bold;=
color:#ffffff" rel=3D"noopener" data-hs-link-id=3D"0" target=3D"_blank">ST=
ORIES</a> | <a href=3D"https://email02.liveart.io/e3t/Ctc/DO+113/d2xB=
dp04/VW-JM77xVP0nW71V5wB8_p1g2W9k7knf4SbJn4MtGxlt3q3n5V1-WJV7CgMtyW4lRyG17n=
9NNHW3SZpmq7tQ7FnW7yrppy3S9bV9W5zt2sL4rJWBJW5RZHGd8_gT47W3FrNJr5z5xB0W8NBqK=
Z7MtRt2V1SWx52-tcsKW5wgd2q3c5BwSW42jSbG3-zS0mW2vCDyJ5NWPtVW5S-KwQ7QdqG8W6Wh=
Dfv7tM820W4sfNY_32xhggW4HQPvB7QsFX8W4_95kK7DS_wrW1lvcnJ3Kz7DsN9gwWbK3VgTXW1=
8ctbX2225vDW7WKRqv8fdtv433-B1" style=3D"mso-line-height-rule:exactly; font-=
weight:bold; color:#ffffff" rel=3D"noopener" data-hs-link-id=3D"0" target=
=3D"_blank">NFT</a></span></p></div></div></td></tr></tbody></table>
<table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D"1=
00%" style=3D"border-spacing:0 !important; border-collapse:collapse; mso-ta=
ble-lspace:0pt; mso-table-rspace:0pt"><tbody><tr><td class=3D"hs_padded" st=
yle=3D"border-collapse:collapse; mso-line-height-rule:exactly; font-family:=
Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; pa=
dding:5px 20px 0px"><div id=3D"hs_cos_wrapper_module_166091123325428" class=
=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=
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general-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"hs_cos_wrapp=
er_module_166091123325428_" class=3D"hs_cos_wrapper hs_cos_wrapper_widget h=
s_cos_wrapper_type_rich_text" style=3D"color: inherit; font-size: inherit; =
line-height: inherit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=
=3D"rich_text"><p style=3D"mso-line-height-rule:exactly; font-size:11px; li=
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ble-lspace:0pt; mso-table-rspace:0pt"><tbody><tr><td class=3D"hs_padded" st=
yle=3D"border-collapse:collapse; mso-line-height-rule:exactly; font-family:=
Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; pa=
dding:0px 20px 5px"><div id=3D"hs_cos_wrapper_module_166091123325429" class=
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general-type=3D"widget" data-hs-cos-type=3D"module">
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=C2=A92022 Live Art Market, Inc., 700 Rockland Road, Box =
153, Rockland, DE 19732
</p>
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<a data-unsubscribe=3D"true" href=3D"https://email02.live=
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id=3D"0" target=3D"_blank">Manage preferences</a>
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