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File: D:/hMailServer/Data/showfile.com/admin/37/{3728ADAB-C725-45F1-AABF-4036FAA4E6C0}.eml
Date: Sat, 18 Feb 2023 09:01:50 -0500
From: LiveArt <hello@liveart.io>
Reply-To: hello@liveart.io
To: enzo@showfile.com
Message-ID: <1676728818641.bc9fc704-1634-46af-909f-34e089678906@bf08x.hubspotemail.net>
Subject: Some of the Biggest Names in the Art Market Are Seeing Huge Demand
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Magritte, Les Lalannes and Georgia O=E2=80=99Keeffe are some of the blue-ch=
ip names who saw very strong bidding in 2022

View in browser (https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/MWQDlh8=
3r2qW6qpQqR8c1zVBVcSh174X99tNN7FnD135mNYkV3Zsc37CgZn8V_PNR_14hC-zW8wM8LW1G1=
6PyW7wy9D25vntJtW1dQ3Ks8zsZL-N6X6nk-GcM9BW188WTB6pBVcVW2Xx4dx2d19glW5_sVWr4=
mw3GHN6Lm2lB-3NGkW1JkXZd8YKMMyW4q25Xl6-bNpdW5Lq1f72mbM1kW2sk4qF56Zf5cW8Tw-j=
r7g8CY3W5XJ-fS7zrL-GW38X3nf7t0_9qW574FNm8zH_6zVk_7t24MymSVW4PXqwH7yvY9rW5zh=
gsk86jy_rW5xldsc6fCglfN94_XrZcr_p9W4bgbM71Yb1_rW7XS2RT5LwwVJW7fn8YC8qnL8-W2=
B5S-W6KplT0W50wqcb63gv5mW3hRYwf3hDR7NW4swgDC5JbqTYW7Sywvn4wFTFwVpmBLJ43v2rJ=
W52KFjM1DhJj4VNrz0V7hwTJ3W4FDjxY4rGQpRN8Zc1-4G2L7yN6qW96p_lHYzW4FcyxY3597XF=
W16K9Gz48fhgQ3kqx1 )

If this email was forwarded to you, subscribe here! (https://email02.livear=
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rrV1-WJV7CgKH5W1rslq_2wbBLwW8qhygw6lfrZfV25jlZ7cjY-LW8JJJ3s7VWRxPW182DD680B=
5ZPW2hM8T470JkytW3rzHCD3Zyt1RW8NQpPD9hYJYqN1nfpjs2ltkCW6F6KDn7lrLDgW9hgLmY4=
9rXqhW1TZzHR7Y11SPN81Hs1zl98ryV7nDdq6wKjw3W9c4gm-2sSjmrVCYtf_6NzXDZW4PL7QX2=
91DBvW2cJGcw1N81T0W3_Wxdz5DSV_vW6m-CRB6HSw1wW1b5_dF1PyYRKVhq9F539QLPWW5JnFs=
V8N5BpSW2y7HYD6CpX1D36KD1 )

LiveArt (https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/MWQDlh83r2qW6qp=
QqR8c1zVBVcSh174X99tNN7FnD0N3pdqSV1-WJV7CgL1JVlVjym5D3ZVcW2fcZVZ5mjprKW5d0_=
Tl7JSGXdW307yxH9f2P17W7c8cK98DV9T1W7_fkN54kssCfVW2-LS1BTWf7W2vj2Td1M1SH3W7Z=
_4nL18Rp6PW4C9CRw4lwG-JW4RrlDJ1SYrTpW4MTnSx4c0qm-W1XR3kY1YxYQkW4D0_SD6Bpt-y=
W298FmZ47JmgLW5bnd4x2T4b5KW2tSY982bMcjHW1dhRxD7m4r_vW8LNmRz6PCWXMW7LcCdj6X4=
xxp33pv1 )

Some of the Biggest Names in the Art Market Are Seeing Huge Demand (https:/=
/email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/MWQDlh83r2qW6qpQqR8c1zVBVcSh174=
X99tNN7FnD1Z3pds1V1-WJV7CgLNlW6JQbxf1tQ_TGW6m6rMx9lFGS7W1rY1zD3dyzGcW6D187j=
4L6k7ZW732DpL25_Dg0W2lP9J-2c0CS9W79rDNn1_JxNXW4NBTCt2DMxdLVW71Yc3bs2rnW4PFh=
mP12ywtYW4Yjhxn3ZSfz6VGYSkf2tvfDcW2hpHBm8w8FTJW1rvFHN863BhRW7YNnX28rlj0yW7B=
J8b75s5z-vW7Ljc_k4S1JkbW5HPN6S8fk1D6W2zbR4c1PkJm7W1l_Pk28w20jFW330xgs2P331S=
MZKRLn3rt7nW3nLvHG7qB4DVW8cQy_Q2yhlF5W33QpbM60cTG1W1zwBW86CqbtvN4gntV86-Gj9=
W9fpkm31sdpdn3ksr1 )

Le Pho (https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/MWQDlh83r2qW6qpQ=
qR8c1zVBVcSh174X99tNN7FnD1Z3pds1V1-WJV7CgLNlW6JQbxf1tQ_TGW6m6rMx9lFGS7W1rY1=
zD3dyzGcW6D187j4L6k7ZW732DpL25_Dg0W2lP9J-2c0CS9W79rDNn1_JxNXW4NBTCt2DMxdLVW=
71Yc3bs2rnW4PFhmP12ywtYW4Yjhxn3ZSfz6VGYSkf2tvfDcW2hpHBm8w8FTJW1rvFHN863BhRW=
7YNnX28rlj0yW7BJ8b75s5z-vW7Ljc_k4S1JkbW5HPN6S8fk1D6W2zbR4c1PkJm7W1l_Pk28w20=
jFW330xgs2P331SMZKRLn3rt7nW3nLvHG7qB4DVW8cQy_Q2yhlF5W33QpbM60cTG1W1zwBW86Cq=
btvN4gntV86-Gj9W9fpkm31sdpdn3ksr1 )

We=E2=80=99ve become so used to seeing emerging artists suddenly become the=
 name on every art advisor=E2=80=99s lips that it sometimes blinds us to th=
e market movement happening in plain sight.

It=E2=80=99s hard to move the needle for artists like Andy Warhol who sold =
nearly $546 million worth of art at auction last year. One painting, the Sh=
ot Sage Blue Marilyn (https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/MW=
QDlh83r2qW6qpQqR8c1zVBVcSh174X99tNN7FnD0N5mNY1V3Zsc37CgZctW1fW6_H49d5xQW77-=
dHz5thB01W5WGZWF2CvPx2N2jVtnkYw2vYW480Bh02PrNZNW5Xmc_Z1sxWh1W3FcDYW28lyg-W7=
zXnSX8MRp4_W2VPxt138nB_5VVskp51rF95gN2qh2xQjH6L5W6Z8rhd8vyfnnW3Ls7zr65VMzzW=
5XKbPB26Tst5W1NHpy5883yC4W8nYPM65_JTWvW73LcZF2QhBkJVKJ7Td6pTwgSN92qN2MPpG7j=
W4PVkTD7LvzHZW8yMVLc7kckbrW7Wk-Kj7tgVYpW8wg-Q23V59xrW27kH4y49TqNQW7KTBq22yv=
5h-W4j5fdg79wVvLW1GWJkh73STkbW2tfSjB1c79RDW1GGPsg5Z7jN6VGSCnM51z15WW1r3Q3k7=
9Xnd4N5kwm5wnkVHyW8Bdh1L3k2QcqW3-xFyw44FjsLW3MMNpw8x1z4_W6QBSMr8g2dMl35991 =
)  accounted for almost 40% of that total when it sold for an underwhelming=
=E2=80=94can you believe it?=E2=80=94 $195 million. The same can be said fo=
r Claude Monet who had an explosive year in 2022 selling $540 million in wo=
rk at auction. Still, Monet=E2=80=99s hammer ratio never got above the auct=
ion estimates. That=E2=80=99s because Monet=E2=80=99s market is well-priced=
 by buyers and sellers alike. Even Picasso, who sold $492 million in art at=
 auction last year at prices that reflected some greater demand that might =
have been expected, still didn=E2=80=99t have a very high overall hammer ra=
tio. Given that more than a thousand works by Picasso traded hands, we can =
trust that means the Picasso market is functioning well.

The fourth artist by total auction volume in 2022, tells a different story.=
 Ren=C3=A9 Magritte=E2=80=99s market seemed to come out of nowhere last yea=
r to achieve $224.9 million in sales. A third of that total comes from the =
top Magritte sale of the year: the $79.2 million paid for one of the larges=
t examples of the artist=E2=80=99s famous L=E2=80=99empire des lumi=C3=A8re=
s (https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/MWQDlh83r2qW6qpQqR8c1=
zVBVcSh174X99tNN7FnD1G3pdrLV1-WJV7CgXS-W5sdbTd29_3LCW3Mh_d02NjxKzN1L2z_k2Fd=
M5W3jpDTc4rRm8zW2t_ZdR49qMWJVpPFrq8rYCSwW1smRZ091VvmfW27kqCn5GtwZjW9bGCmj8f=
TXYLV4R4rm1dG18cW4kF5fz2lvRNcW9k4L3y1B23HLVFfMn07-VYDGW4VxDt12ZsHYQVkVCnm9d=
cjyvW13c4kl3k1TKrN5QrPqXf0019W8Qn-Gn32pNZzW1sCRn97dcNv0W35rM5C5y3MtrW8W0xB1=
7tvxHfW3xT6YN7vvVkjW5hq1sG75kV5GW7vL9mB2C_RJQV3C98X5TSSf6W32t-pz2Z-kc73f9S1=
 ) , this one from 1961, showing a daylit sky over a street-lamp illuminate=
d night scene. In all, 57 works were sold for an average price of $3.9 mill=
ion and a strong hammer ratio of 2.19. Unsurprisingly, more Magrittes will =
be sold in the first round of sales in London and Paris in March.

Sterling Ruby (https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/MWQDlh83r=
2qW6qpQqR8c1zVBVcSh174X99tNN7FnD133pdr7V1-WJV7CgXB2N3_bjVgKssLzW37HgHQ8lnq0=
BW68j0bY2sC_q_W7hCGgm4K1K9YW2Pcgm58DGgSFW2184ww6bV132N2g_1K4CbF9kW3Gntg89dm=
Nc5W5mVYQy6D5Ht5W1txlsf6rSPnnW5FBFFR637wKTW4hT5Qq1LDRZBW61RwbK84Ql7dW5dK4b4=
7SwKMNVzL6DS75bYHZW4cw8DK30DFGMVd0YjF488yNmW2pJ-fM7pXrhjVw9pby54cVqMW2jbqQW=
2zxkS3W50sxGn26-sZhW3Rr2Zr9882B53j7m1 )

Eliot Greenwald (https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/MWQDlh8=
3r2qW6qpQqR8c1zVBVcSh174X99tNN7FnD1m3pdrrV1-WJV7CgPBpW4G6VKm8m_j6jVSDVdy413=
bZLW8pnq6G8P4bCpW18q31S3K04nRW6SGv2b3_Ff4LN4Gl8fd-J0sTW1Kg4CZ6dbQ9KW2DdfCk7=
C0CZsW4fB-vv6mWm61W6TlKz41sPPg5W43q1hh7w-TpKW1BM93d75q_L1W2s19zQ6_P_n4W4k0G=
pv4Gp7C0W1Tz_f13Xm-9_W1SmpNz93S-b9W7xK3Z91WMLqPW7XgxHh4lNcRYVrTM4x6vvf-fW2-=
b7Hn1Ns0lVW5kld5S3gM67CW2-gLS24pSc2wW3wBM215jTwpYW4r2ZWZ8CfwG13mdk1 )

View all requests (https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/MWQDl=
h83r2qW6qpQqR8c1zVBVcSh174X99tNN7FnD0N3pdqSV1-WJV7CgV8fW2F7Z9G4ttxYDW40JQsT=
2hj_GNN8p6fZVPK4jzW31g72P6-Zhr2W3LCPtD8zMW79N86kL5ZV29BGW4h6wvb6XCr2ZW2lQDL=
w2dY36dW4Y2y-W4Q5j21W97XD1J7RXw3RW8yjXNk2-L_09W7Vx5qR4FMQY4W2jw7tB6MfsJWW6H=
DSKg82D7VCW6prCSq3dpRcJV7k45M6fp__pW6sWBb_5rWb28VSs4Dz8kT9dGW62QtCP3PpTD9W5=
83BqL2VHjcD2RQ1 )

Les Lalannes, the artist couple often mentioned in the same breath, actuall=
y collaborated on few works. Instead, their discrete practices both saw inc=
redibly strong bidding as two of the four heirs sold work in 2022. Fran=C3=
=A7ois-Xavier Lalanne saw 173 lots totaling $117.6 million sell at a hot 2.=
88 hammer ratio. Claude Lalanne came in a little further down the list of t=
op artists with 125 works selling for $35.5 million and a strong 2.29 hamme=
r ratio.

How much of the differential between the market value of the male Lalanne a=
nd the female Lalanne=E2=80=99s work is the product of a bias against women=
 artists is difficult to isolate; however, between the two Lalannes on the =
list is Georgia O=E2=80=99Keeffe whose strong showing in the sale of Paul A=
llen=E2=80=99s art collection raised her hammer ratio for the year to a rob=
ust 2.82. Georgia O=E2=80=99Keeffe=E2=80=99s work doesn=E2=80=99t come to m=
arket too often. Last year, $62 million of her art was sold at auction but =
not without a false start. In May, A Sunflower from Maggie was bought in af=
ter failing to reach the $6 million low estimate (https://email02.liveart.i=
o/e3t/Ctc/DO+113/d2xBdp04/MWQDlh83r2qW6qpQqR8c1zVBVcSh174X99tNN7FnD1Z3pds1V=
1-WJV7CgDGDW3tQ4XZ1b1wffW7tyz1_3My26xW5JPrcy5R7zFlW7LPR1_5YXg82VkDZGt6dqP_T=
N1sBWCVRw3VqW67CVVS4h_jP-W848wT131ztFrW91T-Bh3N391zW23R2Q75qKnwsW2FVgFp56Gm=
NPV-T3r_82d9nTW9lp7dm6-wPSKW14tDb145_crrVmpdMr5_tSLHW21rkg99jyFNyW8nfKdP1Hy=
f7YW73Y0P65B83PNW7BWLGj5ZZylTVLtkM66VgKLTW6NyY556VFFS1W2kC0ZB16Mg79W8x2V9J7=
KGN1-W5Bnl6y6XGqt6W1DPbwh2g02SkW7vytR-1SvPxyW7MNg884ht8M1W3PJd1Q8Vw2r133W91=
 ) . That doesn=E2=80=99t mean the market was against O=E2=80=99Keeffe. Dur=
ing the same sales cycle, Waterfall, No. 2, Iao Valley, 1939 came to market=
 with a conservative $800,000 estimate. The final price was $2.4 million (h=
ttps://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/MWQDlh83r2qW6qpQqR8c1zVBV=
cSh174X99tNN7FnD1Z3pds1V1-WJV7CgBg0W1hrYbd1H7TqKW1FtTgn9ljy9SV4dWkK7Fh_xwW1=
nnpPG1_92tCW59B_bs76CkfPMm65Dc_n2N_W9dwTCj5CPHv6N366skTVcSV9W4yx_yb6HLYm1W8=
YXTWf39lx7GW8Syk1L38RrSbVQph2M8twcGwW7Rp_gD4KS7hnW6n0N433wwB83W989Wwq1q22GV=
W20qW3f1VHfShW49XCD-1xFkHWW3BXwQl8F1nD6MZjC3gtH4MVN5VW52jMQdLCW3HBMJ93f7z3x=
W8p26wq5-6NXyF2tVPcxhBB7W5sVDpT10bB9fW2LV9Kw1v3QX_W7j1hrV86Nr2lN8_yTxmLzB35=
W5Bv6ls3RxYgQ3pJr1 ) . That sale would be a harbinger of November=E2=80=99s=
 action. The top lot among the O=E2=80=99Keeffes in the Allen collection wa=
s White Rose with Larkspur No. 1 that Allen had bought privately. It was es=
timated conservatively at $6 million but would eventually sell for more tha=
n $26 million (https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/MWQDlh83r=
2qW6qpQqR8c1zVBVcSh174X99tNN7FnD1Z3pds1V1-WJV7CgzKlW7vw8314bvKNkV7m9l447R0F=
vW2GG4nf4bQqGzV9PtCc43BZl6W3SzMkV7ys3KRW4JYFj25WsbR_VDKqyx4j-NZbW5mHC2g2Ld0=
ScW6N4BNK35THsRW8M42VP9h0mmYW3lJShf3xHQsVW6Hg9K47zc9tPW8R1fFk86xwx5W8bRgjB6=
_vX7QVQ96vj10hZ89W8Z0Ppf8w8MNCW873BN85hYRL-W69GdBh7XbS8WW50596z1-QF0xN8FTDq=
8GFQ8JW48CsDB53YyTmW87zHjB6r_B0KW30g27l3n0zdDW2yn1yS6RfN2pW5nxjht7lG_FnW12K=
tlP9kTSt8W5kZbZW8qRzqXW5gX0yz3SPkFp353K1 ) . Autumn Leaf II from 1927 had b=
een bought in 2012 for $4.2 million. It was sold for $15.2 million, nearly =
quadrupling in 10 years (https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04=
/MWQDlh83r2qW6qpQqR8c1zVBVcSh174X99tNN7FnD1G3pdrLV1-WJV7CgB8HW8FgJKT3CZjWRN=
5pM50-J6yWTW7R67Xy9dqFLGW8HD3YV4Qh3WKW9f_JpW98t6sDN93P0lPcp-T3W6CC4q93Jv6pC=
N4WV9S5nsTkPW5tmkGl1G3Gn4N4lgCTZFjqdyW6tpgng63D49tW9d0y0z4tDVHZN2kyls255SPJ=
W1RRR066PCzqqW901t_S1yl8HbW5QthR148r93JVPY39Z5s1QmSW2kJdNT7-SyRTW6Tt-0M9jm5=
pWN49sQ771FztlW3h8WmL2kGZtyV298r63QGMjwW5MlFZ07pHh0FW6YPVZ480bVV9W5nBRnh1Ty=
9NwVrBdpr5JXKHG36SK1 ) . Red Hills with Pedernal, White Clouds was bought f=
or $1.3 million in 2003 but sold for almost 10 times that amount at $12.2 m=
illion in the Allen sale (https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp0=
4/MWQDlh83r2qW6qpQqR8c1zVBVcSh174X99tNN7FnD1Z3pds1V1-WJV7CgLbSW8F2XDW66h_kN=
VFL7rb8VXvn9W51PlhK74D6BFW503L5w4_rjsSN4kHPS8_mx5PW71bDN08kvPY9W8HNCQn6jpcs=
zW8QMKBg6v5xNfW29PSJg2mf2r5W2pRN2d8m-RV3VRt7147JDTfxVrbl3P8Q_f2qW9jnNpg6NDx=
twW2_4xSW7j0BrsW1_Dm5T3BdNlLW7Mj9Jq2lRrb1W93zn737MdCBmW1lv70-2Lw_13W7Vj8tB1=
bvrrwW89X7Hn6KjdDWW4LLrq911DppmW2JSbJ04-q8xDW18LKzm89N3kKW4ylL9L1pJPLpW36vy=
FK7T5XxLVG2R4W6cSb3gN7gz4QTmtdM7W5SHm8q3gT2LW3k3J1 ) . Of course, that last=
 work was bought in a sale of American art but sold in the pre-eminent sing=
le-owner sale of our time which gives you a sense of how O=E2=80=99Keeffe=
=E2=80=99s work has moved from the periphery to the center of the market.

O=E2=80=99Keeffe had the benefit of an international reputation and it stil=
l took many years for her work to be sold in the marquee auctions. Ernie Ba=
rnes was consigned to relative obscurity until a Houston oil trader and an =
LA-based museum patron put his work on the map by bidding it up to $15 mill=
ion. A total of $31 million in Barnes=E2=80=99s art was sold at auction las=
t year with a blistering 6.19 hammer ratio. That number won=E2=80=99t be su=
stainable as Barnes becomes more recognized. UTA, the talent agency in Los =
Angeles, threw a big party for Barnes at Frieze LA (https://email02.liveart=
.io/e3t/Ctc/DO+113/d2xBdp04/MWQDlh83r2qW6qpQqR8c1zVBVcSh174X99tNN7FnD133pdr=
7V1-WJV7CgZdpW4Pxfr39jzF48VFJp1S4Ssf7ZVCRTCv94CfG9W8jnG3_4TSlSMW7NW_gp4jdf8=
lW1l0fZ-5-BQXtW9k3kVl1d2sj4W6SRln66dS7d8W82M8vc9kKJLwW2wh07d5wZpNwW8M_TgX5B=
1BLRW49jBM_3CKn5WW7g94rr7dGBlKW2jdHz_1dr6ntW86Tyxw2qXd3zW3VZPJX2VW-sKW3cYWL=
G4xq5PKW4qyqt58cQ512W5drstm7PFNgQW3wnsNG4Fmx6JW57XXQ15jnnWpW1qTYC75wQljp39s=
01 ) . Unless prices shift dramatically, there=E2=80=99s a good chance this=
 market moves to private sales for the foreseeable future.

Shara Hughes has seen remarkably persistent demand for her art over the las=
t two years. In 2022, auction totals reached $30.6 million with 60 works se=
lling. A hammer ratio of 2.3 suggests the auction houses are still able to =
estimate the works well below where the market actually is.

Another artist normally offered in American art sales, Andrew Wyeth, also w=
as a great beneficiary of the Paul Allen effect. Wyeth saw 13 works sell at=
 auction for $29.9 million at a hammer ratio of 4.2. Most of that upside ca=
me from the surprise bidding on Paul Allen=E2=80=99s Day Dream which carrie=
d a $2 million estimate and sold for $23.2 million (https://email02.liveart=
.io/e3t/Ctc/DO+113/d2xBdp04/MWQDlh83r2qW6qpQqR8c1zVBVcSh174X99tNN7FnD1m3pdr=
rV1-WJV7CgVsfW2rmFLM8MMxrcW2vhpZ368tr_LW7KgL7X6Km668W2LJxg-1Vd-hSW35JMdm2jC=
g5pW58QBrY82sSl5W44wvBx7Q8nwpW4nbj3j87PvlFW2JFMxv8nygkrW7qY-zv2TTTsrW8CwV1r=
40y3WVW6vBBX87qvKqnW5S-kg72LC7_zM4XrSRJdMhgW4VKnrb5ljPnbN3tJh6Q1fb7-VXWKsr9=
4nyH3W3VJgGx3CVMmvW70yfJh5j6KC5W86ld2D3NRQP2W4Pmj0Q1701nJW4qBXbN7Tr9FsW6Yhw=
d16JQcwPW1MgQ5X6Whk7p3gzL1 ) . Four days later, The Wake was sold at Sotheb=
y=E2=80=99s for $4.6 million over a $2.5 million estimate (https://email02.=
liveart.io/e3t/Ctc/DO+113/d2xBdp04/MWQDlh83r2qW6qpQqR8c1zVBVcSh174X99tNN7Fn=
D1m3pdrrV1-WJV7CgYBLW4lJ8hZ80FKVqW137mq977pXXQV3bCnY94CDGNW27HRCK8vt_SvW5g6=
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qGsKW15JN_Z5wkCXhW7BRmqr1DhrCp3d8J1 ) .

Kara Walker (https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/MWQDlh83r2q=
W6qpQqR8c1zVBVcSh174X99tNN7FnD1m3pdrrV1-WJV7CgPdjW6qpnpf78Vx1lN3vnGzdmt27tW=
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P-W7W01Gp3q4BxFW6L87G_6g0Cb4W279YfB8yNCB1W5RXthl8rkSJxN2qpcnLgmwQDW8FXMcq9k=
_PQyW7bdNB36Cv4S-W7-9GP62Mc20zW4fs3312l_XlcW6NHK6k8VqldxN1gbzk7g5svwN3RKN3j=
YTyHCW3vVMx71kzWp4VgBVD070pRSrW2Bnn_z4lskFQW6KF-rh3glYdg3m3V1 )

Alexander Calder (https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/MWQDlh=
83r2qW6qpQqR8c1zVBVcSh174X99tNN7FnD133pdr7V1-WJV7CgLCfW2PXJSM7PVnnsW1QwTLq6=
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9dxczzbW6PK2t247fzPXW608QbJ3qlVFxW144K068C1rzVN5sqsSkl48RnW3P410P4Yx9YpW1GC=
-wb47RzG3W4ZN46p7xVhnmW8l-C5g2WBnpg3fX91 )

View all requests (https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/MWQDl=
h83r2qW6qpQqR8c1zVBVcSh174X99tNN7FnD0N3pdqSV1-WJV7CgV8fW2F7Z9G4ttxYDW40JQsT=
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w2dY36dW4Y2y-W4Q5j21W97XD1J7RXw3RW8yjXNk2-L_09W7Vx5qR4FMQY4W2jw7tB6MfsJWW6H=
DSKg82D7VCW6prCSq3dpRcJV7k45M6fp__pW6sWBb_5rWb28VSs4Dz8kT9dGW62QtCP3PpTD9W5=
83BqL2VHjcD2RQ1 )

Asian markets have been driving the sales of Ayako Rokkaku, the naive paint=
er who has racked up more than $26 million in sales in 2022. Her hammer rat=
io is a solid 2.16 across a substantial market of 153 lots sold.

The Chinese-Canadian painter Matthew Wong has seen his own market go throug=
h two cycles of sales and rising prices. The first came not long after his =
unfortunate suicide in 2019. But 2022 saw another leg of sales totaling $21=
.3 million. His 2.03 hammer ratio belies the fact that 2022 also saw his tw=
o top auction prices of $5.8 and $5.3 million. Wong also played an importan=
t role in Scott Kahn=E2=80=99s market which took off in 2022 with sales of =
$10 million and a hammer ratio of 2.78.

Finally, a historical Asian artist, Le Pho, has seen powerful market activi=
ty as 73 works sold for a total of nearly $17 million at a hammer ratio of =
2.39. Asian buyers continue to seek out artists who migrated to Europe in t=
he 20th Century. Le Pho went from Vietnam to Paris following a path similar=
 to market stars Sanyu and Zao Wou-ki. Two of the top three Le Pho prices w=
ere set in 2022 with the high-water mark now reaching $2.2 million.

The vibrancy of these markets only underscores the fact that some of the mo=
st dynamic bidding takes place within markets that are already well develop=
ed, easing entry from new buyers and old.

More Stories from LiveArt (https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp=
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   =20
<div id=3D"preview_text" style=3D"display:none!important;font-size:1px;colo=
r:#EEEEEE;line-height:1px;max-height:0px;max-width:0px;opacity:0;overflow:h=
idden;">Magritte, Les Lalannes and Georgia O=E2=80=99Keeffe are some of the=
 blue-chip names who saw very strong bidding in 2022</div>
   =20
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px 0; margin-bottom:0; line-height:135%">
                <a href=3D"https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp=
04/MWQDlh83r2qW6qpQqR8c1zVBVcSh174X99tNN7FnD135nCVBV3Zsc37CgC9LW3_LlH03RJtc=
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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_16760526734682" class=
=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=
=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_16760526734682_" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs=
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r; font-size:20px; line-height:125%" align=3D"center"><span style=3D"font-w=
eight: bold;">If this email was forwarded to you,</span> <a href=3D"https:/=
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X99tNN7FnD1m3q3nJV1-WJV7CgFk2W1F3RHz8JZXFrW3qj4xG8yw_qvW1ZJv5h1vvbCMW7WXZ4J=
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ctly; color:#ff24ff; font-weight:bold; font-style:italic" rel=3D"noopener" =
data-hs-link-id=3D"0" target=3D"_blank">subscribe here!</a></div></div></di=
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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=
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   =20
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ule:exactly; font-family:Arial, sans-serif; font-size:15px; color:#000000; =
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=09
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size:0px">
               =20
                    <a href=3D"https://email02.liveart.io/e3t/Ctc/DO+113/d2=
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               =20
                <img alt=3D"LiveArt" src=3D"https://email02.liveart.io/hs-f=
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le=3Dtrue&amp;name=3Dliveart-logo-full-color-rgb-694px@72ppi-2.png" style=
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694px@72ppi-2.png?upscale=3Dtrue&amp;width=3D370&amp;upscale=3Dtrue&amp;nam=
e=3Dliveart-logo-full-color-rgb-694px@72ppi-2.png 185w, https://email02.liv=
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               =20
                    </a>
               =20
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  =20
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   =20
   =20
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   =20
    <!--[if (mso)|(IE)]>
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<![endif]-->
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<div id=3D"column_1660933446797_0" class=3D"hse-column hse-size-12">
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hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"color: inherit; =
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=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=
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    <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/MWQDlh83r2qW6qpQqR8c1zVBVcSh174X99tNN7FnD1Z3q3phV1-WJV7CgLMTW96QHnP3=
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>
               =20
                <img alt=3D"Some of the Biggest Names in the Art Market Are=
 Seeing Huge Demand" src=3D"https://email02.liveart.io/hs-fs/hubfs/Talk%20t=
o%20the%20Team%20Jan%2011%20(12).png?width=3D1120&amp;upscale=3Dtrue&amp;na=
me=3DTalk%20to%20the%20Team%20Jan%2011%20(12).png" style=3D"outline:none; t=
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il02.liveart.io/hs-fs/hubfs/Talk%20to%20the%20Team%20Jan%2011%20(12).png?up=
scale=3Dtrue&amp;width=3D1120&amp;upscale=3Dtrue&amp;name=3DTalk%20to%20the=
%20Team%20Jan%2011%20(12).png 560w, https://email02.liveart.io/hs-fs/hubfs/=
Talk%20to%20the%20Team%20Jan%2011%20(12).png?upscale=3Dtrue&amp;width=3D224=
0&amp;upscale=3Dtrue&amp;name=3DTalk%20to%20the%20Team%20Jan%2011%20(12).pn=
g 1120w" sizes=3D"(max-width: 560px) 100vw, 560px">
               =20
                    </a>
               =20
            </td>
        </tr>
    </tbody>
</table></div>
<div id=3D"hs_cos_wrapper_module_16742516258211" 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:0px 20px 10px; f=
ont-size:0px">
               =20
                    <a href=3D"https://email02.liveart.io/e3t/Ctc/DO+113/d2=
xBdp04/MWQDlh83r2qW6qpQqR8c1zVBVcSh174X99tNN7FnD1Z3q3phV1-WJV7CgDjsW71kkqt3=
-1Wm-W5CPrYk14rsvpW3MwXdK7SSxw7W8Gj_rz81WhQvW8FQbGd8Mxg-dW2_Nt5S4J17SBW95tG=
RB4vkQfDW5QHK1J5kVjbYVC9Q2Q37WKPlW8rBTck46l47xW1L1lfH1fRHNRVlMFCT6h3pFxW2q4=
ddb1HwC_5W4qC3MG6CWMKKW89wyKH5RYFZzW2qlVSJ831NjYN66G84mJ59d0W38s3S-82mR82W6=
NvGd076_G6bW4lfW5X3Vycd_W4YXH404Bn4CxW1FNk8f1Wr6JmW2G-kQw4v59GGW2fxxsj1myVD=
2W65pQ4x7sRKryW3413zB2xptX_W5fBwDX6lqCDVW5zLzMj35sdw83dCm1" target=3D"_blan=
k" style=3D"color:#00a4bd; mso-line-height-rule:exactly" data-hs-link-id=3D=
"1">
               =20
                <img alt=3D"Le Pho" src=3D"https://email02.liveart.io/hs-fs=
/hubfs/e218279b4755772e32e4c5d45d3770d7.jpg?width=3D1000&amp;upscale=3Dtrue=
&amp;name=3De218279b4755772e32e4c5d45d3770d7.jpg" style=3D"outline:none; te=
xt-decoration:none; -ms-interpolation-mode:bicubic; border:none; max-width:=
100%; font-size:16px" width=3D"500" align=3D"middle" srcset=3D"https://emai=
l02.liveart.io/hs-fs/hubfs/e218279b4755772e32e4c5d45d3770d7.jpg?upscale=3Dt=
rue&amp;width=3D1000&amp;upscale=3Dtrue&amp;name=3De218279b4755772e32e4c5d4=
5d3770d7.jpg 500w, https://email02.liveart.io/hs-fs/hubfs/e218279b4755772e3=
2e4c5d45d3770d7.jpg?upscale=3Dtrue&amp;width=3D2000&amp;upscale=3Dtrue&amp;=
name=3De218279b4755772e32e4c5d45d3770d7.jpg 1000w" sizes=3D"(max-width: 500=
px) 100vw, 500px">
               =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_16754572759221" 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_16754572759221_" 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%">We=E2=
=80=99ve become so used to seeing emerging artists suddenly become the name=
 on every art advisor=E2=80=99s lips that it sometimes blinds us to the mar=
ket movement happening in plain sight.&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">It=E2=80=99s ha=
rd to move the needle for artists like&nbsp;<strong>Andy Warhol</strong>&nb=
sp;who sold nearly <span style=3D"font-weight: bold;">$546 million</span> w=
orth of art at auction last year. One painting, the&nbsp;<a href=3D"https:/=
/email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/MWQDlh83r2qW6qpQqR8c1zVBVcSh174=
X99tNN7FnD0N5nCVhV3Zsc37CgLVyW6DYnrT3L6F0zW6LxNr64XVsL3VY18pn823BYpW6Ph1KX7=
081JWW6bRWj77hSc-BW3sKxV653HwctW6-V9g51jhPH-W4tSY3_8VR1RsW9cw5SN7zXnPpW6y56=
4C4NmwKVW5l2gMM6J_sTtW5wcF7W6JvK3lW3d2qT48GV7L3W6kt3s31hYDSLW1X7t1_5gBZTvW1=
JbTpw71YF6nW5p0kSH1qllfGW5DysmG23LM7RN4K3Xz3-WzZ4W30QcCC26g7mhM6lHwBYvqBGW4=
LCXfw8kLxm6W3cGrJh4JznQ2N7P-Y0m2wsyKW4JvsV17PFLkzW4q9znF6l-3gbW49RnL15dNNbl=
V8Chhj6njHn2W51PLhb3HfFpHW12KyNT52-6TWW1PgdG83Sbt2yW3Ntmww6S_yqWN8pM2Yw8GJ2=
qW8PxXbr7wrVvCN7kh4S8h4XQZV5_9tb693dNL33HF1" style=3D"mso-line-height-rule:=
exactly; color:#ff24ff; font-weight:bold" rel=3D"noopener" data-hs-link-id=
=3D"0" target=3D"_blank"><em>Shot Sage Blue Marilyn</em></a>&nbsp;accounted=
 for almost <span style=3D"font-weight: bold;">40% </span>of that total whe=
n it sold for an underwhelming=E2=80=94can you believe it?=E2=80=94 <span s=
tyle=3D"font-weight: bold;">$195 million</span>. The same can be said for&n=
bsp;<strong>Claude Monet&nbsp;</strong>who had an explosive year in 2022 se=
lling <span style=3D"font-weight: bold;">$540 millio</span>n in work at auc=
tion. Still, Monet=E2=80=99s hammer ratio never got above the auction estim=
ates. That=E2=80=99s because Monet=E2=80=99s market is well-priced by buyer=
s and sellers alike. Even&nbsp;<strong>Picasso</strong>, who sold <span sty=
le=3D"font-weight: bold;">$492 million</span> in art at auction last year a=
t prices that reflected some greater demand that might have been expected, =
still didn=E2=80=99t have a very high overall hammer ratio. Given that more=
 than a thousand works by Picasso traded hands, we can trust that means the=
 Picasso market is functioning well.</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">The fourth arti=
st by total auction volume in 2022, tells a different story.&nbsp;<strong>R=
en=C3=A9 Magritte</strong>=E2=80=99s market seemed to come out of nowhere l=
ast year to achieve <span style=3D"font-weight: bold;">$224.9 million</span=
> in sales. A third of that total comes from the top Magritte sale of the y=
ear: the <span style=3D"font-weight: bold;">$79.2 million</span> paid for <=
a href=3D"https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/MWQDlh83r2qW6q=
pQqR8c1zVBVcSh174X99tNN7FnD1G3q3n_V1-WJV7CgC03W6D5l-64YjsN_W6Q7BpY1s2PJxW93=
BZq55YyR_0W1Bwz6H6QSJ-nW9ltcRS668MyFW2dgxJg98LhDRW5PvWhd5Q0R13W2M1K_-6CK9Rs=
W7SzzBk1M3gn8W66zYKr1ZjT6VW56j8Lg5LrV_pW1Cy0sS6wpylmN4wZCZxsflb_W3N41L53RCB=
2NW8rRVhX1JcVb7W2ytDbJ2lv3r0W8ftXxc7XTG6TW7ZHBy52q91QjW6kFhBr8dC8CRW5L4rxx1=
zpZBDW1Jj74q7wKH4yV1D5-D2-DvrvVFRlrL425s_rW2L_wlp2Lx6ZlVJK4tt3xctB-W3zWCJL6=
sjHJx31wJ1" style=3D"mso-line-height-rule:exactly; color:#ff24ff; font-weig=
ht:bold" rel=3D"noopener" data-hs-link-id=3D"0" target=3D"_blank">one of th=
e largest examples of the artist=E2=80=99s famous <em>L=E2=80=99empire des =
lumi=C3=A8res</em></a>, this one from 1961, showing a daylit sky over a str=
eet-lamp illuminated night scene. In all, 57 works were sold for an average=
 price of $3.9 million and a strong hammer ratio of 2.19. Unsurprisingly, m=
ore Magrittes will be sold in the first round of sales in London and Paris =
in March.&nbsp;</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_167165342448814" class=3D=
"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"=
color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-gene=
ral-type=3D"widget" data-hs-cos-type=3D"module">
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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; =
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  </tr>
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<!--[if (mso)|(IE)]></td><![endif]-->
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   =20
   =20
    <!--[if !((mso)|(IE))]><!-- -->
      <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">
    <!--<![endif]-->
   =20
    <!--[if (mso)|(IE)]>
      <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=
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ace:0pt;width:300px">
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<div id=3D"column_1673632378845_0" class=3D"hse-column hse-size-6">
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=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/MWQDlh83r2qW6qpQqR8c1zVBVcSh174X99tNN7FnD1m3q3nJV1-WJV7CgSFyW4Gm4BX2=
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Hq1" target=3D"_blank" style=3D"color:#00a4bd; mso-line-height-rule:exactly=
" data-hs-link-id=3D"0">
               =20
                <img alt=3D"Sterling Ruby" src=3D"https://email02.liveart.i=
o/hs-fs/hubfs/2-Feb-17-2023-06-29-04-2233-PM.png?width=3D520&amp;upscale=3D=
true&amp;name=3D2-Feb-17-2023-06-29-04-2233-PM.png" style=3D"outline:none; =
text-decoration:none; -ms-interpolation-mode:bicubic; border:none; max-widt=
h:100%; font-size:16px" width=3D"260" align=3D"middle" srcset=3D"https://em=
ail02.liveart.io/hs-fs/hubfs/2-Feb-17-2023-06-29-04-2233-PM.png?upscale=3Dt=
rue&amp;width=3D520&amp;upscale=3Dtrue&amp;name=3D2-Feb-17-2023-06-29-04-22=
33-PM.png 260w, https://email02.liveart.io/hs-fs/hubfs/2-Feb-17-2023-06-29-=
04-2233-PM.png?upscale=3Dtrue&amp;width=3D1040&amp;upscale=3Dtrue&amp;name=
=3D2-Feb-17-2023-06-29-04-2233-PM.png 520w" sizes=3D"(max-width: 260px) 100=
vw, 260px">
               =20
                    </a>
               =20
            </td>
        </tr>
    </tbody>
</table></div>
</div>
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ace:0pt;width:300px">
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<div id=3D"column_1673632378845_1" class=3D"hse-column hse-size-6">
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=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/MWQDlh83r2qW6qpQqR8c1zVBVcSh174X99tNN7FnD1m3q3nJV1-WJV7CgXlxW5pH91S8=
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y" data-hs-link-id=3D"0">
               =20
                <img alt=3D"Eliot Greenwald" src=3D"https://email02.liveart=
.io/hs-fs/hubfs/3-Feb-17-2023-06-29-04-2297-PM.png?width=3D520&amp;upscale=
=3Dtrue&amp;name=3D3-Feb-17-2023-06-29-04-2297-PM.png" style=3D"outline:non=
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idth:100%; font-size:16px" width=3D"260" align=3D"middle" srcset=3D"https:/=
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4-2297-PM.png 260w, https://email02.liveart.io/hs-fs/hubfs/3-Feb-17-2023-06=
-29-04-2297-PM.png?upscale=3Dtrue&amp;width=3D1040&amp;upscale=3Dtrue&amp;n=
ame=3D3-Feb-17-2023-06-29-04-2297-PM.png 520w" sizes=3D"(max-width: 260px) =
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               =20
                    </a>
               =20
            </td>
        </tr>
    </tbody>
</table></div>
</div>
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<!--[if (mso)|(IE)]></td><![endif]-->
    <!--[if (mso)|(IE)]></tr></table><![endif]-->
    </div>
  =20
  </div>
  <div id=3D"section_1671653389034" class=3D"hse-section" style=3D"padding-=
left:10px; padding-right:10px">
   =20
   =20
    <!--[if !((mso)|(IE))]><!-- -->
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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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               =20
                    <a href=3D"https://email02.liveart.io/e3t/Ctc/DO+113/d2=
xBdp04/MWQDlh83r2qW6qpQqR8c1zVBVcSh174X99tNN7FnD0N3q3n5V1-WJV7CgPJ0N8XkSKh6=
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line-height-rule:exactly" data-hs-link-id=3D"0">
               =20
                <img alt=3D"View all requests" src=3D"https://email02.livea=
rt.io/hs-fs/hubfs/View%20all%20requests%20email.png?width=3D1120&amp;upscal=
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00vw, 560px">
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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 20px"><div id=3D"hs_cos_wrapper_module_16716508967434" class=3D"=
hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"c=
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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"><!--[if mso 16]>&nbsp;<![endif]--></t=
d>
   =20
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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; =
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ule:exactly; font-family:Arial, sans-serif; font-size:15px; color:#000000; =
word-break:break-word; line-height:0"><!--[if mso 16]>&nbsp;<![endif]--></t=
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eft:10px; padding-right:10px">
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    <!--[if !((mso)|(IE))]><!-- -->
      <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">
    <!--<![endif]-->
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    <!--[if (mso)|(IE)]>
      <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=
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<!--[if gte mso 9]>
  <table role=3D"presentation" width=3D"600" cellpadding=3D"0" cellspacing=
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ace:0pt;width:600px">
<![endif]-->
<div id=3D"module_1674253105501_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 15px"><div id=3D"hs_cos_wrapper_module_16742531054423" cl=
ass=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" sty=
le=3D"color: inherit; font-size: inherit; line-height: inherit;" data-hs-co=
s-general-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"hs_cos_wra=
pper_module_16742531054423_" 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-typ=
e=3D"rich_text"><p style=3D"mso-line-height-rule:exactly; line-height:175%"=
><span style=3D"font-weight: bold;">Les Lalannes</span>, the artist couple =
often mentioned in the same breath, actually collaborated on few works. Ins=
tead, their discrete practices both saw incredibly strong bidding as two of=
 the four heirs sold work in 2022. <strong>Fran=C3=A7ois-Xavier Lalanne</st=
rong>&nbsp;saw 173 lots totaling <span style=3D"font-weight: bold;">$117.6 =
million</span> sell at a hot 2.88 hammer ratio.&nbsp;<strong>Claude Lalanne=
</strong>&nbsp;came in a little further down the list of top artists with 1=
25 works selling for <span style=3D"font-weight: bold;">$35.5 million</span=
> and a strong 2.29 hammer ratio.</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">How much of the=
 differential between the market value of the male Lalanne and the female L=
alanne=E2=80=99s work is the product of a bias against women artists is dif=
ficult to isolate; however, between the two Lalannes on the list is&nbsp;<s=
trong>Georgia O=E2=80=99Keeffe</strong>&nbsp;whose strong showing in the sa=
le of Paul Allen=E2=80=99s art collection raised her hammer ratio for the y=
ear to a robust 2.82. Georgia O=E2=80=99Keeffe=E2=80=99s work doesn=E2=80=
=99t come to market too often. Last year, <span style=3D"font-weight: bold;=
">$62 million</span> of her art was sold at auction but not without a false=
 start. In May,&nbsp;<em>A Sunflower from Maggie&nbsp;</em>was<a href=3D"ht=
tps://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/MWQDlh83r2qW6qpQqR8c1zVBVc=
Sh174X99tNN7FnD1Z3q3phV1-WJV7CgMvfW6yw1DK4K_lN5W65g7QY2b1gP-W4V1N3t3vBb7DW7=
JSfgP4zXgsQW3mB4ST6cRDCDW4ld3RQ955TSJW6CS3wp6BqS7sW6nh8Gn5txRY3W2NGrG7872k1=
8W3Clyyn4Rny2CW1mDQh13-74_vW71S5zB54bw6ZW3KksjF2yNFjQW18LxKF4PvnbYW4-3c3C1g=
VjD6W3GYmqM8hHv1-W8RCs-g7NMvg2Vc3HNK2xqWz5W3-GZJt7dwv1rW5Qk_rm1Jy0XmVgSXgp4=
lFYbLW70M26l43_qR0W1QC6MH4VPp6kW15BKrg8ggJr7N8Bn1_hNJDfgW4B5_Zn4KztqMW2bj1y=
F27kSrkW1Pq0Zr4zRXc73mf01" style=3D"mso-line-height-rule:exactly; color:#ff=
24ff; font-weight:bold" data-hs-link-id=3D"0" target=3D"_blank">&nbsp;bough=
t in after failing to reach the $6 million low estimate</a>. That doesn=E2=
=80=99t mean the market was against O=E2=80=99Keeffe. During the same sales=
 cycle,&nbsp;<em>Waterfall, No. 2, Iao Valley, 1939<span style=3D"font-weig=
ht: bold;">&nbsp;</span></em><a href=3D"https://email02.liveart.io/e3t/Ctc/=
DO+113/d2xBdp04/MWQDlh83r2qW6qpQqR8c1zVBVcSh174X99tNN7FnD1Z3q3phV1-WJV7CgYB=
pW7NDSsh3z70H-W5gt4k41hGfkrVTy0gN1TNxWTW3tVSK68mXb8DW6wpQq78Hp_04W1YNSgr8S_=
JvlW17PHXM2kWQvLVZJPFp4FG7p0W4TrWjx4VBp0YW8T9xL34J73-5W4K-SMc5MS7nRW7nMzJw4=
5j41fN34x8R9h-gVXW98h4Xp75k9m7W2gNW602gcl5hN3C5pBcSLLkBW2BFZjB4Gt3jvW6904yG=
4KRYv2VNFVMR2F4f3SW51fHH13-87pQW3x2lR78VJrYSF2VmPTfgnGgW9h7N7w4__fYsW5pQThJ=
44-xbxW427bM57vGXQtW4DV7q27k32wHM5ZBV6jLm62W5Qz9W-7nvcV9341z1" style=3D"mso=
-line-height-rule:exactly; color:#ff24ff; font-weight:bold" data-hs-link-id=
=3D"0" target=3D"_blank">came to market with a conservative $800,000 estima=
te. The final price was $2.4 million</a>. That sale would be a harbinger of=
 November=E2=80=99s action. The top lot among the O=E2=80=99Keeffes in the =
Allen collection was&nbsp;<em>White Rose with Larkspur No. 1</em>&nbsp;that=
 Allen had bought privately.&nbsp;<a href=3D"https://email02.liveart.io/e3t=
/Ctc/DO+113/d2xBdp04/MWQDlh83r2qW6qpQqR8c1zVBVcSh174X99tNN7FnD1Z3q3phV1-WJV=
7CgCThN2S5DBYv6QdvW1Vnytc1H8fD5W2qmbbl99r42RMTvVtWB4HR7VfLKWD5W7S8tW7svYBh4=
3RrGhN1Y4ggQyT4L1W73xtgR8_7QvwW81KsFc6K9MSPW871fgZ1y7Lc-V-2Wp51c_pF1W7PxGTP=
77FHZcW2xPVSM3n5lZJW1R-Ths9gP7llW9dk6232plpl3VMpJN12B8SjLW59GKJy5f5DxPW882j=
q_55Jj5_N6sZT_HXr2NVN5JMQwz4d0VjW1-zHCQ88rfttW3nTQKk2QdB-jW8FyydH6LknjnW9gr=
4856x_QlGW1J7Crw3cRvVWW5nrvJF1QVsFzW8HcrCw4HqWrlW84nr1G7YFR0C33tf1" style=
=3D"mso-line-height-rule:exactly; color:#ff24ff; font-weight:bold" data-hs-=
link-id=3D"0" target=3D"_blank">It was estimated conservatively at $6 milli=
on but would eventually sell for more than $26 million</a>.&nbsp;<em>Autumn=
 Leaf II</em>&nbsp;from 1927 had been bought in 2012 for $4.2 million.<span=
 style=3D"font-weight: bold;">&nbsp;</span><a href=3D"https://email02.livea=
rt.io/e3t/Ctc/DO+113/d2xBdp04/MWQDlh83r2qW6qpQqR8c1zVBVcSh174X99tNN7FnD1G3q=
3n_V1-WJV7CgKLNW4gmTQr8gz9TBW42PQh216XtyCW20nVxx5Llh8_W7762qH7WyT6JW6CC76p1=
fzbrWW5cSy2F7fxW-lW3kpqZY7HmlvlW3-qlZc1b3VksW6fFd0415YMmzN7fnprLNHdpTW45_dR=
f2G-5pZW4ZPDrL2KPJPHW2m5f7q4g4d50W8lhNV65qs96DW8TTWBk2yxXfjW4_3Cz34D6zm1W20=
-0zj2gb-Y2VbD0vP2q_2dRW1PH10_1t0r6lW6GGQ6L73j7zLW2xQQLv4Zs55fN8NsXhsz_qfwW5=
1bqM61y4DH7VRlfFJ7pzxwTW4SBDk61GbYdLW67LtPN4nn5KM3pnl1" style=3D"mso-line-h=
eight-rule:exactly; color:#ff24ff; font-weight:bold" data-hs-link-id=3D"0" =
target=3D"_blank">It was sold for $15.2 million, nearly quadrupling in 10 y=
ears</a>.&nbsp;<em>Red Hills with Pedernal, White Clouds</em>&nbsp;was boug=
ht for $1.3 million in 2003 but&nbsp;<a href=3D"https://email02.liveart.io/=
e3t/Ctc/DO+113/d2xBdp04/MWQDlh83r2qW6qpQqR8c1zVBVcSh174X99tNN7FnD1Z3q3phV1-=
WJV7CgYRhW7BffBP38xxV-W5DK2pP1YcKv3W9krQQ23h4rTqW5QsyH-1PY7rLW50BVZH1sQxggW=
3xmZqM4Gn15lVb6x3-4XbDZjW3mCjF_4_9CkhW7fZNg78SyXB2W7CMsRY4YHvZsW2kMxDp2ZpdV=
4W79CWXK8XS6TGW4BGdpk80_12KN4KKZjM5P-QBW6zLZL15WTmBGW7g-VwT2V3Hm9W5VKT4T948=
Y_cW7kFTl41g807lW3DzW4y7Wr50sW5PkNN23NlYX9N5L_sFxkh_XxW7hjn9z2NKHF9N6Qhsmw6=
xZwcVK65hf2MyvKNW86q8xB8shxgjW6ssD1C5nSm2XW5FgGSt8B2ZS1W4bs14Z5d1j2z3qb21" =
style=3D"mso-line-height-rule:exactly; color:#ff24ff; font-weight:bold" dat=
a-hs-link-id=3D"0" target=3D"_blank">sold for almost 10 times that amount a=
t $12.2 million in the Allen sale</a>. Of course, that last work was bought=
 in a sale of American art but sold in the pre-eminent single-owner sale of=
 our time which gives you a sense of how O=E2=80=99Keeffe=E2=80=99s work ha=
s moved from the periphery to the center of the market.&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">O=E2=80=99Keeff=
e had the benefit of an international reputation and it still took many yea=
rs for her work to be sold in the marquee auctions.&nbsp;<strong>Ernie Barn=
es</strong>&nbsp;was consigned to relative obscurity until a Houston oil tr=
ader and an LA-based museum patron put his work on the map by bidding it up=
 to $15 million. A total of <span style=3D"font-weight: bold;">$31 million<=
/span> in Barnes=E2=80=99s art was sold at auction last year with a blister=
ing 6.19 hammer ratio. That number won=E2=80=99t be sustainable as Barnes b=
ecomes more recognized. UTA, the talent agency in Los Angeles,&nbsp;<a href=
=3D"https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/MWQDlh83r2qW6qpQqR8c=
1zVBVcSh174X99tNN7FnD133q3npV1-WJV7CgBRdW1cDZyF7v4LR8Vdk66v89964-W5H1WBR5_0=
_jvW2Fz2F-1G_d0gW1cympR6z8QPgN8HsxWnbNDb3W1YvfmS3w7FV_W7R0Nq76yslKrW7ywTLm2=
4GWWXW2t0m5s1_Chk_W5Kt5f95VRd2TW62XLTZ3Zcvh7V93HTP70tklnW8rGsxC97TLvNW5MNgD=
Y9941QfVy9gv06D3bJCW2v6_cy3-NC5zW87xT3M9lZmjcW8TNyG22l-G0sW8SDxBD73krQXW6-X=
ZpB6XM1BJW1Jt8Zl7JlVVr3csB1" style=3D"mso-line-height-rule:exactly; color:#=
ff24ff; font-weight:bold" data-hs-link-id=3D"0" target=3D"_blank">threw a b=
ig party for Barnes at Frieze LA</a>. Unless prices shift dramatically, the=
re=E2=80=99s a good chance this market moves to private sales for the fores=
eeable future.&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%"><strong>Shara H=
ughes</strong>&nbsp;has seen remarkably persistent demand for her art over =
the last two years. In 2022, auction totals reached <span style=3D"font-wei=
ght: bold;">$30.6 million</span> with 60 works selling. A hammer ratio of 2=
.3 suggests the auction houses are still able to estimate the works well be=
low where the market actually is.&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">Another artist =
normally offered in American art sales,&nbsp;<strong>Andrew Wyeth</strong>,=
 also was a great beneficiary of the Paul Allen effect. Wyeth saw 13 works =
sell at auction for <span style=3D"font-weight: bold;">$29.9 million</span>=
 at a hammer ratio of 4.2. Most of that upside came from the surprise biddi=
ng on Paul Allen=E2=80=99s&nbsp;<em>Day Dream</em>&nbsp;which&nbsp;<a href=
=3D"https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/MWQDlh83r2qW6qpQqR8c=
1zVBVcSh174X99tNN7FnD1G3q3n_V1-WJV7CgGdpN8qw6BY97dvSW7CG5Rc2VQfqFW5xPqkC6tS=
3ChW3FJYH071ZtznW5cLSLX9hNLWxW4g9dD68_x11QW4HY82Q7rnYNMW18tSHr3NjBc2W5C0lCf=
8krF3xW2HxYzV7K-sh9N6RyDl8249cgW3qYMZ92B9cpnW9hPk_T647yX2W2lSgVK2JchGtW8ff_=
t949Nb7NW56d2XF4kZP2_W944PM415qWC0VFSV0P86shBdVCQSF01Qz4PKW848P3_9dnWZMW10n=
VXt7T0JJDW1n4lgt12DmG-W8vMDXZ7mFPLWVZxVjs37tkn8W7cY64d3sd3CgW4N9-rr2F8kz837=
j81" style=3D"mso-line-height-rule:exactly; color:#ff24ff; font-weight:bold=
" data-hs-link-id=3D"0" target=3D"_blank">carried a $2 million estimate and=
 sold for $23.2 million</a>. Four days later,&nbsp;<em>The Wake</em>&nbsp;w=
as&nbsp;<a href=3D"https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/MWQDl=
h83r2qW6qpQqR8c1zVBVcSh174X99tNN7FnD1m3q3nJV1-WJV7CgVKyVGWxPW1DmNyfW3h1v301=
d08STW4gjTfG2zbqcDW73QXhv3hDLzwW1vN--Y8kzjcPW2_KWl94_GDwtW1TMBby3YqpRBW1f86=
qg7tGdT5W8yQ3gH2QwyVCW7W7XPP27sBRsW6prdRF6zxPkBW1-ZFvn98NbrNVmZnbX7vkTxtW9l=
Qnmn1BmzX_W56C6Wm1C23WxW6JMqC626v90XW65ZqXN3hj4SXW4MsS6v6b5yjSW2CtlLZ3JcNfv=
W2QY9pQ6K-CZ3W6ZVNgR6TtDMgW2Pxqdh2KHpVPW6DVNtY31YdznVH45Yh3b397Q37hG1" styl=
e=3D"mso-line-height-rule:exactly; color:#ff24ff; font-weight:bold" data-hs=
-link-id=3D"0" target=3D"_blank">sold at Sotheby=E2=80=99s for $4.6 million=
 over a $2.5 million estimate</a>.&nbsp;</p></div></div></td></tr></tbody><=
/table>
</div>
<!--[if gte mso 9]></table><![endif]-->
<!--[if (mso)|(IE)]></td><![endif]-->
    <!--[if (mso)|(IE)]></tr></table><![endif]-->
    </div>
  =20
  </div>
  <div id=3D"module_1673632357369" class=3D"hse-section" style=3D"padding-l=
eft:10px; padding-right:10px">
   =20
   =20
    <!--[if !((mso)|(IE))]><!-- -->
      <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">
    <!--<![endif]-->
   =20
    <!--[if (mso)|(IE)]>
      <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;">
    <![endif]-->
    <!--[if (mso)|(IE)]>
  <td valign=3D"top" style=3D"width:600px;">
<![endif]-->
<!--[if gte mso 9]>
  <table role=3D"presentation" width=3D"600" cellpadding=3D"0" cellspacing=
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ace:0pt;width:600px">
<![endif]-->
<div id=3D"module_1673632357369_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_167363286787023" class=
=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=
=3D"color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-=
general-type=3D"widget" data-hs-cos-type=3D"module">
<!--[if gte mso 9]>
<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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<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"><!--[if mso 16]>&nbsp;<![endif]--></t=
d>
   =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"><!--[if mso 16]>&nbsp;<![endif]--></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"><!--[if mso 16]>&nbsp;<![endif]--></t=
d>
   =20
  </tr>
</tbody></table>
<!--[if gte mso 9]></div></v:textbox></v:rect></div><![endif]--></div></td>=
</tr></tbody></table>
</div>
<!--[if gte mso 9]></table><![endif]-->
<!--[if (mso)|(IE)]></td><![endif]-->
    <!--[if (mso)|(IE)]></tr></table><![endif]-->
    </div>
  =20
  </div>
  <div id=3D"module_1673632892109" class=3D"hse-section" style=3D"padding-l=
eft:10px; padding-right:10px">
   =20
   =20
    <!--[if !((mso)|(IE))]><!-- -->
      <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">
    <!--<![endif]-->
   =20
    <!--[if (mso)|(IE)]>
      <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;">
    <![endif]-->
    <!--[if (mso)|(IE)]>
  <td valign=3D"top" style=3D"width:300px;">
<![endif]-->
<!--[if gte mso 9]>
  <table role=3D"presentation" width=3D"300" cellpadding=3D"0" cellspacing=
=3D"0" style=3D"border-collapse:collapse;mso-table-lspace:0pt;mso-table-rsp=
ace:0pt;width:300px">
<![endif]-->
<div id=3D"module_1673632892109_0" class=3D"hse-column hse-size-6">
  <div id=3D"hs_cos_wrapper_module_167363289206225" class=3D"hs_cos_wrapper=
 hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"color: inherit;=
 font-size: inherit; line-height: inherit;" data-hs-cos-general-type=3D"wid=
get" 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/MWQDlh83r2qW6qpQqR8c1zVBVcSh174X99tNN7FnD1m3q3nJV1-WJV7CgX7jW8gH2-w2=
YCtmlW5QnhpD8LHHJZW5xc7JR7kgYDvW11pw6F7zBfqVW5wCGPX1vL2CzW3B7zkD2lwCBbW7VPl=
8P8lKjX3TC_jK8FvwHGW10vh_37kqlD5VSPx5P8YS0TfW6MHfsP61mzPDW7vvXXT7zr3W_N4Kch=
rTRMSrXW1gw3JY75lp5SW8VJfFf8JsyfWW6lN6r84QK4zQW8Nq91L3ZqVxwW2Mszfy5T50tFW2n=
VG4Y3c5TvsW369JCM4NqgPQVTMnGH2CQ050N5LpggWDgZwsW7k7J8257tRlgW90LKz-52s20q3m=
-_1" target=3D"_blank" style=3D"color:#00a4bd; mso-line-height-rule:exactly=
" data-hs-link-id=3D"0">
               =20
                <img alt=3D"Kara Walker" src=3D"https://email02.liveart.io/=
hs-fs/hubfs/4-Feb-17-2023-06-29-04-2194-PM.png?width=3D520&amp;upscale=3Dtr=
ue&amp;name=3D4-Feb-17-2023-06-29-04-2194-PM.png" style=3D"outline:none; te=
xt-decoration:none; -ms-interpolation-mode:bicubic; border:none; max-width:=
100%; font-size:16px" width=3D"260" align=3D"middle" srcset=3D"https://emai=
l02.liveart.io/hs-fs/hubfs/4-Feb-17-2023-06-29-04-2194-PM.png?upscale=3Dtru=
e&amp;width=3D520&amp;upscale=3Dtrue&amp;name=3D4-Feb-17-2023-06-29-04-2194=
-PM.png 260w, https://email02.liveart.io/hs-fs/hubfs/4-Feb-17-2023-06-29-04=
-2194-PM.png?upscale=3Dtrue&amp;width=3D1040&amp;upscale=3Dtrue&amp;name=3D=
4-Feb-17-2023-06-29-04-2194-PM.png 520w" sizes=3D"(max-width: 260px) 100vw,=
 260px">
               =20
                    </a>
               =20
            </td>
        </tr>
    </tbody>
</table></div>
</div>
<!--[if gte mso 9]></table><![endif]-->
<!--[if (mso)|(IE)]></td><![endif]-->
<!--[if (mso)|(IE)]>
  <td valign=3D"top" style=3D"width:300px;">
<![endif]-->
<!--[if gte mso 9]>
  <table role=3D"presentation" width=3D"300" cellpadding=3D"0" cellspacing=
=3D"0" style=3D"border-collapse:collapse;mso-table-lspace:0pt;mso-table-rsp=
ace:0pt;width:300px">
<![endif]-->
<div id=3D"module_1673632892109_1" class=3D"hse-column hse-size-6">
  <div id=3D"hs_cos_wrapper_module_167363289206226" class=3D"hs_cos_wrapper=
 hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"color: inherit;=
 font-size: inherit; line-height: inherit;" data-hs-cos-general-type=3D"wid=
get" 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/MWQDlh83r2qW6qpQqR8c1zVBVcSh174X99tNN7FnD1m3q3nJV1-WJV7Cg-8xW3YWTp14=
KGX8kW3_2_vm9csT6kW6nncTl8Lfy2mVbl0fB7g9g8XN3Xb_RK3Lm1HW8T58_j3wmRvcW1QbZ1V=
2RS7xmN8HQKwmvJtRVW7fYPpZ2HLNzzW14c96x4Pc-82W8kdBXL7B7XKvMpRKk5Z6Mb-N94XlsL=
ywCXwN31_C1TNdCLfW56XfT84-58ctW5sd-Ts6jN3CrW1882xw3Hdts4V2pVD193mRfxN3KPz1R=
118CMW4SD49g4ZFkSlW51CYCG2l1c0DW6T06d97vPLf4W3vnKTl1kQD_gW1BNVNW6tXC7p39Xj1=
" target=3D"_blank" style=3D"color:#00a4bd; mso-line-height-rule:exactly" d=
ata-hs-link-id=3D"0">
               =20
                <img alt=3D"Alexander Calder" src=3D"https://email02.livear=
t.io/hs-fs/hubfs/1-Feb-17-2023-06-29-04-2309-PM.png?width=3D520&amp;upscale=
=3Dtrue&amp;name=3D1-Feb-17-2023-06-29-04-2309-PM.png" style=3D"outline:non=
e; text-decoration:none; -ms-interpolation-mode:bicubic; border:none; max-w=
idth:100%; font-size:16px" width=3D"260" align=3D"middle" srcset=3D"https:/=
/email02.liveart.io/hs-fs/hubfs/1-Feb-17-2023-06-29-04-2309-PM.png?upscale=
=3Dtrue&amp;width=3D520&amp;upscale=3Dtrue&amp;name=3D1-Feb-17-2023-06-29-0=
4-2309-PM.png 260w, https://email02.liveart.io/hs-fs/hubfs/1-Feb-17-2023-06=
-29-04-2309-PM.png?upscale=3Dtrue&amp;width=3D1040&amp;upscale=3Dtrue&amp;n=
ame=3D1-Feb-17-2023-06-29-04-2309-PM.png 520w" sizes=3D"(max-width: 260px) =
100vw, 260px">
               =20
                    </a>
               =20
            </td>
        </tr>
    </tbody>
</table></div>
</div>
<!--[if gte mso 9]></table><![endif]-->
<!--[if (mso)|(IE)]></td><![endif]-->
    <!--[if (mso)|(IE)]></tr></table><![endif]-->
    </div>
  =20
  </div>
  <div id=3D"module_1673632867909" class=3D"hse-section" style=3D"padding-l=
eft:10px; padding-right:10px">
   =20
   =20
    <!--[if !((mso)|(IE))]><!-- -->
      <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">
    <!--<![endif]-->
   =20
    <!--[if (mso)|(IE)]>
      <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;">
    <![endif]-->
    <!--[if (mso)|(IE)]>
  <td valign=3D"top" style=3D"width:600px;">
<![endif]-->
<!--[if gte mso 9]>
  <table role=3D"presentation" width=3D"600" cellpadding=3D"0" cellspacing=
=3D"0" style=3D"border-collapse:collapse;mso-table-lspace:0pt;mso-table-rsp=
ace:0pt;width:600px">
<![endif]-->
<div id=3D"module_1673632867909_0" class=3D"hse-column hse-size-12">
  <div id=3D"hs_cos_wrapper_module_167363286787022" class=3D"hs_cos_wrapper=
 hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"color: inherit;=
 font-size: inherit; line-height: inherit;" data-hs-cos-general-type=3D"wid=
get" 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:0px 20px 10px; f=
ont-size:0px">
               =20
                    <a href=3D"https://email02.liveart.io/e3t/Ctc/DO+113/d2=
xBdp04/MWQDlh83r2qW6qpQqR8c1zVBVcSh174X99tNN7FnD0N3q3n5V1-WJV7CgTzFW4sl-mX3=
tRf35W7826RX3-6gQrW80d3vv311ZbGW5cwCNH3QH35cW2H1Njf2_NJ9wN3XDwB9bHKQJW1J629=
c7YsP30N5yFmhKCsj8tVfZcVs8CysCLW4G7jr43PSPyVW3ST88L8PffRmN45yc8Ltc2RRN6mHqZ=
45w9Q-W2CSg6h1PXGF3W2_CW_05pcyh2W34-8bM6TYSbzW13tsmV5P-FdJMvLshjsnl2xW4SjH_=
s5zrxzlW2BvTPC3bPV0239ld1" target=3D"_blank" style=3D"color:#00a4bd; mso-li=
ne-height-rule:exactly" data-hs-link-id=3D"1">
               =20
                <img alt=3D"View all requests" src=3D"https://email02.livea=
rt.io/hs-fs/hubfs/View%20all%20requests%20email.png?width=3D1120&amp;upscal=
e=3Dtrue&amp;name=3DView%20all%20requests%20email.png" style=3D"outline:non=
e; text-decoration:none; -ms-interpolation-mode:bicubic; border:none; max-w=
idth:100%; font-size:16px" width=3D"560" align=3D"middle" srcset=3D"https:/=
/email02.liveart.io/hs-fs/hubfs/View%20all%20requests%20email.png?upscale=
=3Dtrue&amp;width=3D1120&amp;upscale=3Dtrue&amp;name=3DView%20all%20request=
s%20email.png 560w, https://email02.liveart.io/hs-fs/hubfs/View%20all%20req=
uests%20email.png?upscale=3Dtrue&amp;width=3D2240&amp;upscale=3Dtrue&amp;na=
me=3DView%20all%20requests%20email.png 1120w" sizes=3D"(max-width: 560px) 1=
00vw, 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_167363288456824" class=3D=
"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"=
color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-gene=
ral-type=3D"widget" data-hs-cos-type=3D"module">
<!--[if gte mso 9]>
<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"><!--[if mso 16]>&nbsp;<![endif]--></t=
d>
   =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"><!--[if mso 16]>&nbsp;<![endif]--></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"><!--[if mso 16]>&nbsp;<![endif]--></t=
d>
   =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 15px"><div id=3D"hs_cos_wrapper_module_16760529626431" clas=
s=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=
=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_16760529626431_" 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"><p style=3D"mso-line-height-rule:exactly; line-height:175%">=
Asian markets have been driving the sales of&nbsp;<strong>Ayako Rokkaku</st=
rong>, the naive painter who has racked up more than <span style=3D"font-we=
ight: bold;">$26 million</span> in sales in 2022. Her hammer ratio is a sol=
id 2.16 across a substantial market of 153 lots sold.&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">The Chinese-Can=
adian painter&nbsp;<strong>Matthew Wong</strong>&nbsp;has seen his own mark=
et go through two cycles of sales and rising prices. The first came not lon=
g after his unfortunate suicide in 2019. But 2022 saw another leg of sales =
totaling <span style=3D"font-weight: bold;">$21.3 million</span>. His 2.03 =
hammer ratio belies the fact that 2022 also saw his two top auction prices =
of $5.8 and $5.3 million. Wong also played an important role in&nbsp;<stron=
g>Scott Kahn</strong>=E2=80=99s market which took off in 2022 with sales of=
 <span style=3D"font-weight: bold;">$10 million</span> and a hammer ratio o=
f 2.78.</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">Finally, a hist=
orical Asian artist,&nbsp;<strong>Le Pho</strong>, has seen powerful market=
 activity as 73 works sold for a total of nearly <span style=3D"font-weight=
: bold;">$17 million</span> at a hammer ratio of 2.39. Asian buyers continu=
e to seek out artists who migrated to Europe in the 20th Century. Le Pho we=
nt from Vietnam to Paris following a path similar to market stars Sanyu and=
 Zao Wou-ki. Two of the top three Le Pho prices were set in 2022 with the h=
igh-water mark now reaching $2.2 million.</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">The vibrancy of=
 these markets only underscores the fact that some of the most dynamic bidd=
ing takes place within markets that are already well developed, easing entr=
y from new buyers and old.&nbsp;</p></div></div></td></tr></tbody></table>
</div>
<!--[if gte mso 9]></table><![endif]-->
<!--[if (mso)|(IE)]></td><![endif]-->
    <!--[if (mso)|(IE)]></tr></table><![endif]-->
    </div>
  =20
  </div>
  <div id=3D"section_16712037777403" class=3D"hse-section" style=3D"padding=
-left:10px; padding-right:10px">
   =20
   =20
    <!--[if !((mso)|(IE))]><!-- -->
      <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">
    <!--<![endif]-->
   =20
    <!--[if (mso)|(IE)]>
      <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;">
    <![endif]-->
    <!--[if (mso)|(IE)]>
  <td valign=3D"top" style=3D"width:600px;">
<![endif]-->
<!--[if gte mso 9]>
  <table role=3D"presentation" width=3D"600" cellpadding=3D"0" cellspacing=
=3D"0" style=3D"border-collapse:collapse;mso-table-lspace:0pt;mso-table-rsp=
ace:0pt;width:600px">
<![endif]-->
<div id=3D"column-0-0" class=3D"hse-column hse-size-12">
  <div id=3D"hs_cos_wrapper_module_16766587768691" class=3D"hs_cos_wrapper =
hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"color: inherit; =
font-size: inherit; line-height: inherit;" data-hs-cos-general-type=3D"widg=
et" 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/MWQDlh83r2qW6qpQqR8c1zVBVcSh174X99tNN7FnD0N3q3n5V1-WJV7CgSnMN1zdw3ss=
0kZZW36978s4rYfgpW5RBch5305FkyW4stdyK1VkVLXN7247l_w4_LhN7Nt-k8cfv6CW99-lDr8=
JFh4NMVtF9B4NG1QW3hS46c87yV8jW6_9N-05WDQZbW2g9MCl90bg2zV3mmLm8NdzNjN2CPDVPp=
4SxVN7zKZmmLYbpLW5c72Dv8QwPkXW26VbQX8GTyYJW5p5mqf745V4fW6X9V3M8v5msXW1ch4R4=
8FjDBLVGrzSF6KVrJC36FW1" target=3D"_blank" style=3D"color:#00a4bd; mso-line=
-height-rule:exactly" data-hs-link-id=3D"0">
               =20
                <img alt=3D"More Stories from LiveArt" src=3D"https://email=
02.liveart.io/hs-fs/hubfs/More%20Stories%20from%20LiveArt-1.png?width=3D112=
0&amp;upscale=3Dtrue&amp;name=3DMore%20Stories%20from%20LiveArt-1.png" styl=
e=3D"outline:none; text-decoration:none; -ms-interpolation-mode:bicubic; bo=
rder:none; max-width:100%; font-size:16px" width=3D"560" align=3D"middle" s=
rcset=3D"https://email02.liveart.io/hs-fs/hubfs/More%20Stories%20from%20Liv=
eArt-1.png?upscale=3Dtrue&amp;width=3D1120&amp;upscale=3Dtrue&amp;name=3DMo=
re%20Stories%20from%20LiveArt-1.png 560w, https://email02.liveart.io/hs-fs/=
hubfs/More%20Stories%20from%20LiveArt-1.png?upscale=3Dtrue&amp;width=3D2240=
&amp;upscale=3Dtrue&amp;name=3DMore%20Stories%20from%20LiveArt-1.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:0px 20px 10px"><div id=3D"hs_cos_wrapper_module_16712037777402" class=
=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=
=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_16712037777402_" 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"><p style=3D"mso-line-height-rule:exactly; line-height:175%; =
text-align:center" align=3D"center"><a href=3D"mailto:?subject=3DI%20though=
t%20that%20you%20would%20be%20interested%20in%20this%20email&amp;body=3DChe=
ck%20out%20https://email02.liveart.io/some-of-the-biggest-names-in-the-art-=
market-are-seeing-huge-demand?ecid=3DACsprvuH5UTuG_tvBjTrw0gpjEFXCh3D2n-NbY=
XJqOTYfi-FKrMAF0x_uBqVFX1JMPtQJRIxDHAV" target=3D"_blank" style=3D"mso-line=
-height-rule:exactly; color:#ff24ff; font-weight:bold" rel=3D"noopener" dat=
a-hs-link-id=3D"0">Forward to a Friend</a></p></div></div></td></tr></tbody=
></table>
</div>
<!--[if gte mso 9]></table><![endif]-->
<!--[if (mso)|(IE)]></td><![endif]-->
    <!--[if (mso)|(IE)]></tr></table><![endif]-->
    </div>
  =20
  </div>
  <div id=3D"section_166091123325430" class=3D"hse-section hse-section-last=
" style=3D"padding-left:10px; padding-right:10px; padding-bottom:20px">
   =20
   =20
    <!--[if !((mso)|(IE))]><!-- -->
      <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:#000000" bgcolor=3D"#000000">
    <!--<![endif]-->
   =20
    <!--[if (mso)|(IE)]>
      <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"#000000">
      <tr style=3D"background-color:#000000;">
    <![endif]-->
    <!--[if (mso)|(IE)]>
  <td valign=3D"top" style=3D"width:600px;">
<![endif]-->
<!--[if gte mso 9]>
  <table role=3D"presentation" width=3D"600" cellpadding=3D"0" cellspacing=
=3D"0" style=3D"border-collapse:collapse;mso-table-lspace:0pt;mso-table-rsp=
ace:0pt;width:600px">
<![endif]-->
<div id=3D"column-0-0" 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:25px 20px 0px"><div id=3D"hs_cos_wrapper_module_166091123325424" cl=
ass=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" sty=
le=3D"color: inherit; font-size: inherit; line-height: inherit;" data-hs-co=
s-general-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"hs_cos_wra=
pper_module_166091123325424_" 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-ty=
pe=3D"rich_text"><h1 style=3D"margin:0; mso-line-height-rule:exactly; font-=
size:16px; line-height:183%; text-align:center" align=3D"center"><span styl=
e=3D"color: #ffffff;">Stay Connected to LiveArt</span></h1></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:0px 20px"><div id=3D"hs_cos_wrapper_module_166091123325425" 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">
<table role=3D"presentation" align=3D"center" style=3D"border-spacing:0 !im=
portant; border-collapse:collapse; mso-table-lspace:0pt; mso-table-rspace:0=
pt; width:auto; text-align:center" class=3D"hs_cos_wrapper_type_social_modu=
le" width=3D"auto">
  <tbody>
    <tr align=3D"center">
     =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=
; color:#000000; word-break:break-word">
        <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
              <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">
                <a href=3D"https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp=
04/MWQDlh83r2qW6qpQqR8c1zVBVcSh174X99tNN7FnD133q3npV1-WJV7CgV-gN2HHS6R5R0B9=
W3zRJlw4FnfCVW4v83cY4wlHWzW50lZ7k1KPL74W8VJm_N3MYtG5W2k19yC1QJ5mkN62NCwXtRx=
1gVbb2hN3slnWpW5CGpdD6rk6gzW6XLNst47_BrkW8h5G_z4f7x_jW6xQW946fzb4dN88B8BgSz=
fSmW88XbpY2YDpgSW7BXrJV8z0DQ5W76BvVS6WYg5hW1GMnvJ6Jl0G_W1rcNrV3smNNRW7rSLBd=
2Qvzh4W4B8hzn1l-ysqW2BQMWb4_C3hDW119cZY17Py1W34Hk1" style=3D"color:#00a4bd;=
 mso-line-height-rule:exactly; text-decoration:none !important" data-hs-lin=
k-id=3D"0" target=3D"_blank">
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                  <img src=3D"https://email02.liveart.io/hs-fs/hubfs/Instag=
ram-alt-v02.png?height=3D60&amp;upscale=3Dtrue&amp;name=3DInstagram-alt-v02=
.png" alt=3D"Instagram" height=3D"30" style=3D"outline:none; text-decoratio=
n:none; -ms-interpolation-mode:bicubic; border:none; width:auto!important; =
height:30px!important; vertical-align:middle" valign=3D"middle" width=3D"au=
to">
                 =20
                </a>
              </td>
             =20
             =20
            </tr>
          </tbody>
        </table>
      </td>
     =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=
; color:#000000; word-break:break-word">
        <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
              <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">
                <a href=3D"https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp=
04/MWQDlh83r2qW6qpQqR8c1zVBVcSh174X99tNN7FnD0N3q3n5V1-WJV7CgHwYW4R089Y7tc9y=
xW6MPhHd1gf1XFW5-12Br2wCP2rVmFmxm8mYZwGVj41Mj7ZK4m9W3LCXJZ924f2VVLQB_R1j6ds=
MW8bQh2Y5h01lvN3BJFjx6kxgPW863rtg31X2LqW6k2GTf4S95DNVNBXjt7x61lKMZHGpHkLZLz=
W7LLB309fjZB7W3fs-NY13pspzVhnKVP23JLl3W5Qg_NY4VsLrqW3HGvl41lz1KXN6MfvSBx-9y=
GW1p00xg1NJHjq32zK1" style=3D"color:#00a4bd; mso-line-height-rule:exactly; =
text-decoration:none !important" data-hs-link-id=3D"0" target=3D"_blank">
                 =20
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                  <img src=3D"https://email02.liveart.io/hs-fs/hubfs/twitte=
r-alt-v02.png?height=3D60&amp;upscale=3Dtrue&amp;name=3Dtwitter-alt-v02.png=
" alt=3D"Twitter" height=3D"30" style=3D"outline:none; text-decoration:none=
; -ms-interpolation-mode:bicubic; border:none; width:auto!important; height=
:30px!important; vertical-align:middle" valign=3D"middle" width=3D"auto">
                 =20
                </a>
              </td>
             =20
             =20
            </tr>
          </tbody>
        </table>
      </td>
     =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=
; color:#000000; word-break:break-word">
        <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
              <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">
                <a href=3D"https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp=
04/MWQDlh83r2qW6qpQqR8c1zVBVcSh174X99tNN7FnD133q3npV1-WJV7CgH5QW1_TTYg8kg2K=
rW5b17g85_xlF0W2vnmlH53FqbTW44Tww768s76HW1lkVx33h2BzJN5P9n2649TlwW5yyDB71tX=
TDJW6jGm7J7068q6W4Y-h3F1HYBgsW2nh5W76wY_jXVwcmN86PqV7NW7GNSjK4--CzBN5WH1SVW=
MGphW1GxGpm8dWjk2N5nrRg9RLRX1W3424Y72h4l0KW1mn6sk7FT4djW3wPZ7r7TyvQnW1pvX4h=
86ycqRW727Z8z367Dn1W2VBdMg6x0DX3W6Kzqt65ScwBm31-L1" style=3D"color:#00a4bd;=
 mso-line-height-rule:exactly; text-decoration:none !important" data-hs-lin=
k-id=3D"0" target=3D"_blank">
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                  <img src=3D"https://email02.liveart.io/hs-fs/hubfs/facebo=
ok-alt-v02.png?height=3D60&amp;upscale=3Dtrue&amp;name=3Dfacebook-alt-v02.p=
ng" alt=3D"Facebook" height=3D"30" style=3D"outline:none; text-decoration:n=
one; -ms-interpolation-mode:bicubic; border:none; width:auto!important; hei=
ght:30px!important; vertical-align:middle" valign=3D"middle" width=3D"auto"=
>
                 =20
                </a>
              </td>
             =20
             =20
            </tr>
          </tbody>
        </table>
      </td>
     =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=
; color:#000000; word-break:break-word">
        <table role=3D"presentation" align=3D"center" style=3D"border-spaci=
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mso-line-height-rule:exactly; font-family:Arial, sans-serif; font-size:15px=
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t" data-hs-cos-type=3D"module">
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<table class=3D"hse-image-wrapper" role=3D"presentation" width=3D"100%" cel=
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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=
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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=
e=3D"color: #ffffff;"><a href=3D"https://email02.liveart.io/e3t/Ctc/DO+113/=
d2xBdp04/MWQDlh83r2qW6qpQqR8c1zVBVcSh174X99tNN7FnD0N3q3n5V1-WJV7CgQ7_N6mwG1=
7S62jNN3n5TN5YnTxTW12Blp42y5cjjW54LVk_1kM5kNW91CrkD1KCrrmVfRPDs347PvNW3cWhQ=
W54ZkR9W8nK4_C1-LfFGW18-3kF61kL-WN954kstshr5VN89gxDr4-C-zW40_TNj44VQcSW8-ZL=
xp6z_wNRW56F3V97wzgQnW5dZdbj8TfbDyW8LFLWD73QSk5W6fNzNy1Rl7ykW4_xkgM89wcMGN1=
d5J-gP_yWDN9b2B8gP_gnM3pQV1" style=3D"mso-line-height-rule:exactly; color:#=
ffffff; font-weight:bold" rel=3D"noopener" data-hs-link-id=3D"2" target=3D"=
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/DO+113/d2xBdp04/MWQDlh83r2qW6qpQqR8c1zVBVcSh174X99tNN7FnD0N3q3n5V1-WJV7CgD=
sKVvKJt85FZYDrW1LRfdB1v0NLxVzkGtV5TYYGfW5GTZBp89n6cXW6Kl9dW1m5J2kW1vPr0988f=
sM2W22xpNL6hcKTXW6-G4lt4scmnbW6WzLvs75ps11W4KfNpz2nqSw0W1MCF7v23ZqzmW6pCBBk=
8yqbqQW40T8XT76SkF9VJbRKR7PY8_RW7BjVWB2m9dzrW4RRmNd5kJVvLW17R49H6TTW0RMvP7P=
ZFyNtnW6_glS47t9QQhW73YKmS496zNd353q1" style=3D"mso-line-height-rule:exactl=
y; font-weight:bold; color:#ffffff" rel=3D"noopener" data-hs-link-id=3D"3" =
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t/Ctc/DO+113/d2xBdp04/MWQDlh83r2qW6qpQqR8c1zVBVcSh174X99tNN7FnD0N3q3n5V1-WJ=
V7CgF8BVvJ75X5RVn9QW7v1CC096kt0VW3wNlHj4ZtJfFW2r9XJ95MxrKlW7Lshcy8RkkvrW3Pb=
gm71yqFypW7Y4WlP1ht0qjW4YcKFw7p7PbZN6rY67vCxt7wW5M6RwR8vmM78V5L-Kl6HfksGN7s=
TqwmFCk6vW38VZw74Ys1lYW7DQR-x13SR5pW3RBz0l3-5V_8W2xr8LF3ht2PmW7dHbpB7cFqN6N=
52Y1dBsR_pGW3YtZVh23Fws6VqGY7f6jrM4S3fvy1" style=3D"mso-line-height-rule:ex=
actly; color:#ffffff; font-weight:bold" rel=3D"noopener" data-hs-link-id=3D=
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liveart.io/e3t/Ctc/DO+113/d2xBdp04/MWQDlh83r2qW6qpQqR8c1zVBVcSh174X99tNN7Fn=
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9Dl8m_VHSW4xJrQB1NLn0fN5Cl4JzG4C-qN7f61zB7rlPCW4m89bd2M3ZH_W7Mcdfm36f_hpVR0=
3f04f02cJW4C2pgk8Dn1xjW2sbsrM1dVjG5W7z8K_H6VhD-8W3ztkNy6vxpbZW270GQ52xXcd3W=
85r12l7TDHsLW4vFnn27YSYpCW3NFzQ84-8RN-N18Gp4J6J3Gy32_y1" style=3D"mso-line-=
height-rule:exactly; font-weight:bold; color:#ffffff" rel=3D"noopener" data=
-hs-link-id=3D"0" target=3D"_blank">STORIES</a>&nbsp; | <a href=3D"https://=
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99tNN7FnD0N3q3n5V1-WJV7CgTwCN6GBwvSkvCckW8_8D8f7H9WVxW7CsfNL9d_3RFW7wtnTd5B=
N4T7W3Yskw51-JnC-W37Y3Bg5QqmSHN2BMWBHVBT49N2dY5Zg7g9f2W7tsMZ-4nZGVFN5NG3kZG=
B-3GN76W4y4MP5ytW27Zdxx4Rg7pbN3wLlZLQ-bd8N7Hy8t9KZ8BCW2Hs3tj2JCD6cN4J8dCdpr=
MxhW50yq0F55qmQWW18ZCYv2GdM3DW3TnB1R86VnqxW43y6_05LYQhj33Tt1" 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=
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ottom:0; line-height:135%; padding:10px 20px">
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t-style:normal; color:#FFFFFF; direction:lrt" dir=3D"lrt">
                  =C2=A92022 Live Art Market, Inc., 700 Rockland Road, Box =
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