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Subject: What We Learned this Week (2336)
From: Artelligence <artelligence@substack.com>
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View this post on the web at https://artelligence.substack.com/p/what-we-le=
arned-this-week-2336
Welcome to Artelligence
This free Artelligence newsletter is published most Friday throughout the y=
ear. Additional newsletters analyzing auction data from LiveArt or featurin=
g our own reporting are for paid subscribers only.
Subscriptions are $12 a month or $120 for a year. For organizations, we off=
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d a full year free for 25 paid subscribers.
In This Issue
Notes: Jackson Arn=E2=80=99s Debut at The New Yorker; The Quiet Before the =
Quiet
Lot Watch: Richter double wide to anchor Phillips=E2=80=99s November Evenin=
g sale
Lot Watch: John Cheim=E2=80=99s collection Joan Mitchell and Alice Neel rea=
ch for records
Lot Watch: Pauline Karpidas sells her Hydra holdings in Paris
Notes
Jackson Arn=E2=80=99s Debut: [ https://substack.com/redirect/2c166e6d-d143-=
4863-b432-4a74096b284e?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigH=
Xx6Fx_g6pp7gWdY ] There were a number of complaints on social media last mo=
nth when Jackson Arn was named the art critic for The New Yorker. Few of th=
e objections came from any familiarity with the writer=E2=80=99s work. Inst=
ead, they focused on Arn=E2=80=99s obscurity or identity. Now that Arn has =
published a review of the Matthew Wong show at Boston=E2=80=99s MFA perhaps=
we can judge him by the quality of his prose and insight. Here=E2=80=99s a=
memorable image that poignantly captures the artist=E2=80=99s late start a=
s a painter and haunting suicide: "Once he got going, his compositions stum=
bled their way into smart choreographies, and his colors could be so dog-wh=
istle shrill as to land with an eerie hush. He was a terrifyingly fast lear=
ner, too=E2=80=94walking through this show is like watching one of those ti=
me-lapse videos of a plant exploding out of soil. In a fair world, there wo=
uld be a forest by now." Arn is just as good on close readings of individua=
l works. Here=E2=80=99s his summation using a painting from the show: =E2=
=80=9Cthere isn=E2=80=99t a single sentimental brushstroke in =E2=80=9COld =
Town=E2=80=9D (2017), let alone a nostalgic one. More than any image I can =
think of, it looks the way twenty-first-century digital isolation feels: br=
ight and draining, without the alibi of physical distance.=E2=80=9D
The Quiet Before the Quiet: Simultaneous fairs opening on opposite sides of=
the world didn=E2=80=99t do much generate excitement for the return of the=
art market. Traffic in The Armory Show was subdued yesterday making some d=
ealer statements in the press seem anything but candid. Nevertheless, the m=
arket doesn=E2=80=99t appear to be in a dire state. In the midst of a slow =
macroeconomic shift and a meaningful change in taste among collectors, ther=
e are good reasons to be skeptical about the market going forward. Below ar=
e three different auction announcements that offer some clues toward the ma=
rket=E2=80=99s potential this Fall. We can see some very different strategi=
es by sophisticated market participants who are acting on their discretion =
not out of obvious external necessity. It will take several months before w=
e learn whether these moves are successful. What they do show is that marke=
t is far from in agreement about where the direction lies.=20
Lot Watch
In November, We=E2=80=99ll See How Deep the Market Is for $30m Richter Abst=
racts
The market for large Gerhard Richter abstract paintings has had an interest=
ing revival lately. We=E2=80=99re not seeing new high prices so much as we=
=E2=80=99ve seen works previously sold at high prices getting resold for be=
nchmark high prices from an earlier market cycle. In May of 2022, Christie=
=E2=80=99s brought the 1994 Richter work once owned by Eric Clapton back to=
market to sell it for $36.5 million. That was a slight gain on the $34 mil=
lion paid a decade earlier. (Side note: Clapton=E2=80=99s trade has to be o=
ne of the great art trades of the 21st Century. He paid a healthy $3.4 mill=
ion in 2001 for a three-work lot and ended up selling one of the panels for=
$34 million in 2012 and the other two for an additional $42 million in sep=
arate sales in 2013 and 2016 . That=E2=80=99s a 22-fold increase in value o=
ver 15 years.) The peak of the Richter abstract market was the period from =
2012 (when the first Clapton painting sold for $34 million) to 2016 when ni=
ne more of these works made prices between $25 million and $46 million. Tha=
t last figure is still the record price for one of the very large abstracts=
=2E In 2018, Sotheby=E2=80=99s sold a doub=
le-panel work from 1987 for $33 mil=
lion. Two more works trickled out onto the auction market in 2020 and 2021 =
at prices in the $27 million range. Then in the Macklowe sale, a nearly eig=
ht-foot-square canvas made $33 million suggesting there were new buyers in =
the Richter abstract market. The next Spring, Christie=E2=80=99s resold the=
first Clapton work to a third-party guarantor getting the consignor his or=
her money back but not advancing the price structure. That Fall, a 1990 ab=
stract sold in Hong Kong for $25 million. That work had been sold eleven ye=
ars earlier for $11.6 million demonstrating that the +$25-million price ran=
ge has buyers and some of the few dozen very large works previously sold ar=
e being resold in this price range. This Spring in London, Sotheby=E2=80=99=
s offered a 1986 two-panel work that made $28 million, that painting had be=
en sold 15 years earlier in New York for $9.7 million following the same pa=
ttern as the Hong Kong sale. Now Phillips is bringing back the 1987 two-pan=
el work (the same size as one sold by Sotheby=E2=80=99s in the Spring) that=
was sold in 2018 for $33 million with an unpublished estimate. Clearly exp=
ectations for the sale lie in the $30 million range. Is there room for the =
work to rise in value? Sure. But there have only been seven Richter abstrac=
ts sold for more than $30 million and the work coming to Phillips on Novemb=
er 14th is already one of them.=20
A Late Joan Mitchell Slated for a New Record Price
Just as the Richter sale discussed above has the potential to give us infor=
mation on demand for the most valuable works, the announcement yesterday th=
at Sotheby=E2=80=99s will sell the collection of art dealer John Cheim also=
offers an interesting data point around market sentiment. One of the conce=
rns surrounding the art market has been whether owners of high-quality work=
s by in-demand artists would be willing to make discretionary sales. The ma=
jor inflection points in the market since the global pandemic have come fro=
m estate sales where market timing is compressed into a shorter window. Thi=
s Autumn=E2=80=99s auctions will continue to see large estate sales, though=
they have yet to be announced. The decision by Cheim to sell his collecti=
on now is worth considering. The marketing for Cheim=E2=80=99s collection w=
ill rightly focus on his role as an innovator in catalogue design and his g=
allery career. The value of the collection, though, is dominated by a singl=
e work by Joan Mitchell that was a standout in the Joan Mitchell retrospect=
ive that traveled from San Francisco to Baltimore to Paris over the last tw=
o years. Cheim had received Sunflowers (1990) as a gift from the artist in =
1991, a year before he death in 1992. In addition to those two strong drive=
rs of market value, there was a sale last year of another strong late work =
of a similar size by Mitchell that was bid up from its impressive $10 milli=
on estimate to a $14 million selling price. That number was getting awfully=
close to the record Mitchell price of $16.6 million set five years ago. Si=
nce that record was set, only two other paintings had made more than $14 mi=
llion. Last year=E2=80=99s untitled 1989 work was the only very-late-career=
painting by Mitchell to achieve a high price let alone break the eight-fig=
ure barrier. That seems to have set up the Cheim sale. Sotheby=E2=80=99s ha=
s put a record-setting estimate of $20 million on Sunflowers. These are all=
signs of market confidence that pour cold water on the idea that we=E2=80=
=99re in a =E2=80=9Cbuyer=E2=80=99s market.=E2=80=9D=20
Cheim=E2=80=99s collection is very personal and contains a number of very g=
ood works on paper. But the other important work owned by the dealer is Ali=
ce Neel=E2=80=99s Jackie Curtis as a Boy from 1972 that was prominently fea=
tured in the recent Alice Neel retrospective that captivated audiences. Two=
strong Neel portraits sold well in May from the Gerald Fineberg collection=
=2E The de Vegh Twins from 1975 became=20=
the second-highest Neel price at aucti=
on by making nearly $2.6 million and Pregnant Bette Homitzky from 1968 sold=
for $1.8 million in the same sale. Fineberg had owned both works for more =
than 30 years. Neither of those works have the appeal of Jackie Curtis as a=
subject. One of Neel=E2=80=99s seminal works is a dual portrait, Jackie Cu=
rtis and Rita Red from 1970, that sold in 2009 for only $1.65 million. This=
Curtis portrait is estimated conservatively at $1.5 million but Neel=E2=80=
=99s record auction price is just $3 million achieved two years ago. This p=
ainting seems like a good candidate to challenge that record.=20
Pauline Karpidas Sells in Paris
Since we=E2=80=99re talking about market timing, we should acknowledge that=
Pauline Karpidas sold a significant work in the trough of the global finan=
cial crisis that contributed to market confidence in that dire period. In N=
ovember of 2009, Sotheby=E2=80=99s sold Karpidas=E2=80=99s Andy Warhol, 200=
One Dollar Bills from 1962, for $43.7 million over an $8 million estimate.=
(That=E2=80=99ll boost confidence.) With that track record, it=E2=80=99s n=
otable that Sotheby=E2=80=99s has announced a sale of Karpidas art works fr=
om her home on the Greek island of Hydra. Although Karpidas has been based =
in Dallas for several years and recently opened her own exhibition space th=
ere, the sale will take place in Paris on October 30th. The choice of venue=
is a result of several factors: the importance of work by Fran=C3=A7ois-Xa=
vier and Claude Lalanne in Karpidas=E2=80=99s holdings and the shifting cen=
ter of gravity in the European market from London to Paris. The Lalanne mar=
ket is anything but a =E2=80=9Cbuyer=E2=80=99s market=E2=80=9D with Sotheby=
=E2=80=99s holding an important sale of works from the couple=E2=80=99s far=
m-and-workshop at the beginning of the month in Paris. Nevertheless, there =
are some works that will be worth watching to gauge market sentiment. Jacqu=
eline Humphries=E2=80=99s abstracts have been rising in value on the auctio=
n market since the Wexner Center in Ohio held the =E2=80=9Cfirst large-scal=
e museum exhibition=E2=80=9D of her work in late 2021. Six works have sold =
for more than $300,000, including a record price for =CE=A9:) from 2017 tha=
t made $850,500 a year ago. That price isn=E2=80=99t much higher than prima=
ry market prices for the artist=E2=80=99s current work. Earlier works, lik=
e the untitled 2011 work being sold by Karpidas, sell publicly and privatel=
y for prices around $300,000 which makes the estimate on the Humphries in t=
he Karpidas sale attractive though by no means a fire sale.=20
One artist who has arguably been in a buyer=E2=80=99s market for many years=
is Francesco Clemente. Although widely exhibited in museum shows, Clemente=
=E2=80=99s work has generated little market momentum. The only two strong s=
ales in recent years were for a work from the Doris Ammann collection sale =
that made $1.8 million and a companion piece that sold the next season for =
a third of the price. Otherwise, Clemente isn=E2=80=99t a market artist. St=
ill, the Karpidas provenance is likely to be a real draw. Christie=E2=80=99=
s is doing something similar in Paris the week before with the Titze collec=
tion. In both cases, the collectors=E2=80=99 provenance should attract inte=
rest from other collectors and advisors. If these sales do well, we will kn=
ow a bit more about what undergirds demand for art globally which might con=
tinue to set the agenda for sales next year.
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left: 8px;
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</style></head><body class=3D"email-body" style=3D"font-kerning: auto;"><im=
g src=3D"https://eotrx.substackcdn.com/open?token=3DeyJtIjoiPDIwMjMwOTA4MTY=
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d></td></tr><tr><td></td><td align=3D"left" width=3D"550" class=3D"content"=
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ion" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><t=
d align=3D"right" style=3D"height: 20px;"><table role=3D"presentation" widt=
h=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td style=
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module__reset--VfQY8 frontend-pencraft-Text-module__reset--dW0zZ tw-font-bo=
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gin: 0; text-decoration: unset;"><a href=3D"https://substack.com/redirect/2=
/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2VuY2Uuc3Vic3RhY2suY29tL3Avd2hhdC13ZS1sZWFybm=
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-substack-secondary tw-underline" style=3D"-webkit-text-decoration-line: un=
derline !important; color: rgb(128, 128, 128) !important; text-decoration-l=
ine: underline !important;">View in browser</a></span></td></tr></table></t=
d></tr></table><table role=3D"presentation" width=3D"auto" class=3D"header =
graphic-header" style=3D"border-spacing: 0; padding: 16px 0 32px;"><tr><td =
align=3D"center" style=3D"padding: 0; text-align: center;"><a href=3D"https=
://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2VuY2Uuc3Vic3RhY2su=
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ressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2=
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rgin: 0 auto; max-width: 550px; vertical-align: middle; width: 100%;"></a><=
/td></tr></table><div dir=3D"auto" class=3D"post typography" style=3D"font-=
size: 16px; line-height: 26px; padding: 16px 0 0 0;"><div class=3D"post-hea=
der" style=3D"font-size: 16px; line-height: 26px;"><h1 class=3D"post-title =
published" style=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoo=
thing: antialiased; -webkit-appearance: optimizelegibility; -webkit-font-sm=
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UI Emoji', 'Segoe UI Symbol'; font-size: 32px; font-weight: bold; line-hei=
ght: 36px; margin: 0;"><a href=3D"https://substack.com/app-link/post?public=
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style=3D"color: rgb(64, 64, 64); text-decoration: none;">What We Learned t=
his Week (2336)</a></h1><h3 class=3D"subtitle" style=3D"-moz-appearance: op=
timizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-appearance:=
optimizelegibility; -webkit-font-smoothing: antialiased; appearance: optim=
izelegibility; color: #808080; font-family: 'SF Compact Display', -apple-sy=
stem, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif,=
'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 18px;=
font-weight: normal; line-height: 24px; margin: 4px 0 0; margin-top: 12px;=
">Fall Announcements: Big Richter at Phillips + Cheim's Mitchell at Sotheby=
's + Karpides in Paris</h3><table role=3D"presentation" width=3D"100%" bord=
er=3D"0" cellspacing=3D"0" cellpadding=3D"0" class=3D"post-meta" style=3D"a=
lign-items: center; height: 20px; margin: 1em 0;"><tr><td><table role=3D"pr=
esentation" width=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"=
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ng=3D"0" cellpadding=3D"0"><tr><td style=3D"vertical-align: middle;"><div c=
lass=3D"pencraft frontend-pencraft-Box-module__reset--VfQY8 frontend-pencra=
ft-Text-module__size-11--k1e8b frontend-pencraft-Text-module__line-height-2=
0--p0dP8 frontend-pencraft-Text-module__weight-medium--x7khA frontend-pencr=
aft-Text-module__font-meta--U_nxy frontend-pencraft-Text-module__color-prim=
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letter-spacing: .2px; line-height: 20px; margin: 0; text-decoration: unset=
; text-transform: uppercase;"><a style=3D"color: rgb(64, 64, 64); font-fami=
ly: 'SF Compact', -apple-system, -apple-system, -system-ui, BlinkMacSystemF=
ont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji',=
'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 11px; font-weight: 500; le=
tter-spacing: .2px; line-height: 20px; margin: 0; text-decoration: none; te=
xt-transform: uppercase;" href=3D"https://substack.com/@artelligence" class=
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encraft-Text-module__reset--dW0zZ frontend-pencraft-Text-module__meta--jzHd=
d">Marion Maneker</a></div></td></tr></table></td></tr><tr><td><table role=
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=3D"0"><tr><td style=3D"vertical-align: middle;"><div class=3D"pencraft fro=
ntend-pencraft-Box-module__reset--VfQY8 frontend-pencraft-Text-module__size=
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ncraft-Text-module__weight-medium--x7khA frontend-pencraft-Text-module__fon=
t-meta--U_nxy frontend-pencraft-Text-module__color-secondary--WRADg fronten=
d-pencraft-Text-module__transform-uppercase--IDkUL frontend-pencraft-Text-m=
odule__reset--dW0zZ frontend-pencraft-Text-module__meta--jzHdd" style=3D"co=
lor: rgb(128, 128, 128); font-family: 'SF Compact', -apple-system, -apple-s=
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t-size: 11px; font-weight: 500; letter-spacing: .2px; line-height: 20px; ma=
rgin: 0; text-decoration: unset; text-transform: uppercase;"><time dateTime=
=3D"2023-09-08T16:15:11.108Z">Sep 8</time></div></td></tr></table></td></tr=
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LCJwIjoxMzY4MzUzNjAsInMiOjIyNTksImYiOnRydWUsInUiOjEzMzI2ODY2MSwiaWF0IjoxNjk=
0MTg5NzM1LCJleHAiOjE2OTY3ODE3MzUsImlzcyI6InB1Yi0wIiwic3ViIjoibGluay1yZWRpcm=
VjdCJ9.HkzMtb-S7uIx5wbDalxXtCvepup3gsPFDCP12Baagyc?&utm_source=3Dpost&q=
uot;,"text":"Refer a friend","action":null,&q=
uot;class":null}" data-component-name=3D"ButtonCreateButton" style=3D"=
color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20p=
x 0; text-align: center;"><a class=3D"button primary" href=3D"https://subst=
ack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2VuY2Uuc3Vic3RhY2suY29tL2xl=
YWRlcmJvYXJkPyZyZWZlcnJlcl90b2tlbj0yN2NlcjkiLCJwIjoxMzY4MzUzNjAsInMiOjIyNTk=
sImYiOnRydWUsInUiOjEzMzI2ODY2MSwiaWF0IjoxNjk0MTg5NzM1LCJleHAiOjE2OTY3ODE3Mz=
UsImlzcyI6InB1Yi0wIiwic3ViIjoibGluay1yZWRpcmVjdCJ9.HkzMtb-S7uIx5wbDalxXtCve=
pup3gsPFDCP12Baagyc?&utm_source=3Dpost" rel style=3D"background-color: #653=
366; border: none; border-radius: 6px; box-sizing: border-box; color: #ffff=
ff !important; cursor: pointer; display: inline-block; font-family: -apple-=
system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-seri=
f, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 14p=
x; font-weight: 600; height: auto; line-height: 20px; margin: 0; opacity: 1=
; outline: none; padding: 12px 20px; text-align: center; text-decoration: n=
one !important; white-space: nowrap;"><span style=3D"color: #ffffff; text-d=
ecoration: none;">Refer a friend</span></a></p><div style=3D"font-size: 16p=
x; line-height: 26px;"><hr style=3D"background: #e0e0e0; border: none; heig=
ht: 1px; margin: 32px 0; padding: 0;"></div><h2 class=3D"header-with-anchor=
-widget" style=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smooth=
ing: antialiased; -webkit-appearance: optimizelegibility; -webkit-font-smoo=
thing: antialiased; appearance: optimizelegibility; color: rgb(64, 64, 64);=
font-family: 'SF Compact Display', -apple-system, BlinkMacSystemFont, 'Seg=
oe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe U=
I Emoji', 'Segoe UI Symbol'; font-size: 1.625em; font-weight: bold; line-he=
ight: 1.16em; margin: 1em 0 0.625em 0; position: relative;">In This Issue</=
h2><ol style=3D"margin-top: 0; padding: 0;"><li style=3D"margin: 8px 0 0 32=
px;"><p style=3D"box-sizing: border-box; color: rgb(64, 64, 64); font-size:=
16px; line-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;">=
<strong>Notes: </strong><span>Jackson Arn’s Debut at The New Yorker; =
The Quiet Before the Quiet</span></p></li><li style=3D"margin: 8px 0 0 32px=
;"><p style=3D"box-sizing: border-box; color: rgb(64, 64, 64); font-size: 1=
6px; line-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><s=
trong>Lot Watch:</strong><span> Richter double wide to anchor Phillips̵=
7;s November Evening sale</span></p></li><li style=3D"margin: 8px 0 0 32px;=
"><p style=3D"box-sizing: border-box; color: rgb(64, 64, 64); font-size: 16=
px; line-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><st=
rong>Lot Watch:</strong><span> John Cheim’s collection Joan Mitchell =
and Alice Neel reach for records</span></p></li><li style=3D"margin: 8px 0 =
0 32px;"><p style=3D"box-sizing: border-box; color: rgb(64, 64, 64); font-s=
ize: 16px; line-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4p=
x;"><strong>Lot Watch:</strong><span> Pauline Karpidas sells her Hydra hold=
ings in Paris</span></p></li></ol><div style=3D"font-size: 16px; line-heigh=
t: 26px;"><hr style=3D"background: #e0e0e0; border: none; height: 1px; marg=
in: 32px 0; padding: 0;"></div><h2 class=3D"header-with-anchor-widget" styl=
e=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoothing: antialia=
sed; -webkit-appearance: optimizelegibility; -webkit-font-smoothing: antial=
iased; appearance: optimizelegibility; color: rgb(64, 64, 64); font-family:=
'SF Compact Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', Robot=
o, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Se=
goe UI Symbol'; font-size: 1.625em; font-weight: bold; line-height: 1.16em;=
margin: 1em 0 0.625em 0; position: relative;">Notes</h2><ol style=3D"margi=
n-top: 0; padding: 0;"><li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-=
sizing: border-box; color: rgb(64, 64, 64); font-size: 16px; line-height: 2=
6px; margin: 0; margin-bottom: 0; padding-left: 4px;"><strong><a href=3D"ht=
tps://substack.com/redirect/2c166e6d-d143-4863-b432-4a74096b284e?j=3DeyJ1Ij=
oiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"col=
or: rgb(64, 64, 64); text-decoration: underline;">Jackson Arn’s Debut=
:</a></strong><span> There were a number of complaints on social media last=
month when Jackson Arn was named the art critic for </span><em>The New Yor=
ker</em><span>. Few of the objections came from any familiarity with the wr=
iter’s work. Instead, they focused on Arn’s obscurity or identi=
ty. Now that Arn has published a review of the Matthew Wong show at Boston&=
#8217;s MFA perhaps we can judge him by the quality of his prose and insigh=
t. Here’s a memorable image that poignantly captures the artist’=
;s late start as a painter and haunting suicide: "Once he got going, h=
is compositions stumbled their way into smart choreographies, and his color=
s could be so dog-whistle shrill as to land with an eerie hush. He was a te=
rrifyingly fast learner, too—walking through this show is like watchi=
ng one of those time-lapse videos of a plant exploding out of soil. In a fa=
ir world, there would be a forest by now." Arn is just as good on clos=
e readings of individual works. Here’s his summation using a painting=
from the show: “there isn’t a single sentimental brushstroke i=
n “Old Town” (2017), let alone a nostalgic one. More than any i=
mage I can think of, it looks the way twenty-first-century digital isolatio=
n feels: bright and draining, without the alibi of physical distance.”=
;</span></p></li><li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing=
: border-box; color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; m=
argin: 0; margin-bottom: 0; padding-left: 4px;"><strong>The Quiet Before th=
e Quiet: </strong><span>Simultaneous fairs opening on opposite sides of the=
world didn’t do much generate excitement for the return of the art m=
arket. Traffic in The Armory Show was subdued yesterday making some dealer =
statements in the press seem anything but candid. Nevertheless, the market =
doesn’t appear to be in a dire state. In the midst of a slow macroeco=
nomic shift and a meaningful change in taste among collectors, there are go=
od reasons to be skeptical about the market going forward. Below are three =
different auction announcements that offer some clues toward the marketR=
17;s potential this Fall. We can see some very different strategies by soph=
isticated market participants who are acting on their discretion not out of=
obvious external necessity. It will take several months before we learn wh=
ether these moves are successful. What they do show is that market is far f=
rom in agreement about where the direction lies. </span></p></li></ol><h2 c=
lass=3D"header-with-anchor-widget" style=3D"-moz-appearance: optimizelegibi=
lity; -moz-osx-font-smoothing: antialiased; -webkit-appearance: optimizeleg=
ibility; -webkit-font-smoothing: antialiased; appearance: optimizelegibilit=
y; color: rgb(64, 64, 64); font-family: 'SF Compact Display', -apple-system=
, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Ap=
ple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.625em; =
font-weight: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; position: =
relative;">Lot Watch</h2><h4 class=3D"header-with-anchor-widget" style=3D"-=
moz-appearance: optimizelegibility; -moz-osx-font-smoothing: antialiased; -=
webkit-appearance: optimizelegibility; -webkit-font-smoothing: antialiased;=
appearance: optimizelegibility; color: rgb(64, 64, 64); font-family: 'SF C=
ompact Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Hel=
vetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI=
Symbol'; font-size: 1.125em; font-weight: bold; line-height: 1.16em; margi=
n: 1em 0 0.625em 0; position: relative;">In November, We’ll See How D=
eep the Market Is for $30m Richter Abstracts</h4><div class=3D"captioned-im=
age-container-static" style=3D"font-size: 16px; line-height: 26px; margin: =
32px auto;"><figure style=3D"margin: 0 auto; width: 100%;"><table class=3D"=
image-wrapper" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D=
"0" data-component-name=3D"Image2ToDOMStatic" style=3D"mso-padding-alt: 1em=
0 1.6em;"><tbody><tr><td style=3D"text-align: center;"></td><td align=3D"l=
eft" class=3D"content" width=3D"653" style=3D"text-align: center;"><a class=
=3D"image-link" target=3D"_blank" href=3D"https://substack.com/redirect/0eb=
3eeb8-c263-45b6-ab7e-4844f21aee9e?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpi=
srMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"align-items: center; border: none;=
display: block; flex-direction: column; height: auto; margin: 0; padding: =
0; position: relative; text-decoration: none; width: auto;"><img data-attrs=
=3D"{"src":"https://substack-post-media.s3.amazonaws.com/pub=
lic/images/ebb9d281-1eab-4403-a288-d09e7be7e184_653x425.jpeg","sr=
cNoWatermark":null,"fullscreen":null,"imageSize":n=
ull,"height":425,"width":653,"resizeWidth":nu=
ll,"bytes":375607,"alt":null,"title":null,&qu=
ot;type":"image/jpeg","href":null,"belowTheFo=
ld":true,"topImage":false,"internalRedirect":null}=
" alt width=3D"550" height=3D"357.96324655436445" class=3D"wide-image" src=
=3D"https://substackcdn.com/image/fetch/w_1306,c_limit,f_auto,q_auto:good,f=
l_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpu=
blic%2Fimages%2Febb9d281-1eab-4403-a288-d09e7be7e184_653x425.jpeg" style=3D=
"-ms-interpolation-mode: bicubic; border: none !important; display: block; =
height: auto; margin: 0 auto; margin-bottom: 0; max-width: 100% !important;=
vertical-align: middle; width: auto !important;"></a></td><td style=3D"tex=
t-align: center;"></td></tr></tbody></table><figcaption class=3D"image-capt=
ion" style=3D"box-sizing: content-box; color: #808080; font-size: 14px; fon=
t-weight: 400; letter-spacing: -.15px; line-height: 20px; margin-top: 8px; =
padding-left: 15%; padding-right: 15%; text-align: center; width: 70%;">Ger=
hard Richter, Abstraktes Bild (1987)</figcaption></figure></div><p style=3D=
"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20=
px 0;">The market for large Gerhard Richter abstract paintings has had an i=
nteresting revival lately. We’re not seeing new high prices so much a=
s we’ve seen works previously sold at high prices getting resold for =
benchmark high prices from an earlier market cycle. In May of 2022, Christi=
e’s brought the 1994 Richter work once owned by Eric Clapton back to =
market to sell it for $36.5 million. That was a slight gain on the $34 mill=
ion paid a decade earlier. (Side note: Clapton’s trade has to be one =
of the great art trades of the 21st Century. He paid a healthy $3.4 million=
in 2001 for a three-work lot and ended up selling one of the panels for $3=
4 million in 2012 and the other two for an additional $42 million in separa=
te sales in 2013 and 2016 . That’s a 22-fold increase in value over 1=
5 years.) The peak of the Richter abstract market was the period from 2012 =
(when the first Clapton painting sold for $34 million) to 2016 when nine mo=
re of these works made prices between $25 million and $46 million. That las=
t figure is still the record price for one of the very large abstracts. In =
2018, Sotheby’s sold a double-panel work from 1987 for $33 million. T=
wo more works trickled out onto the auction market in 2020 and 2021 at pric=
es in the $27 million range. Then in the Macklowe sale, a nearly eight-foot=
-square canvas made $33 million suggesting there were new buyers in the Ric=
hter abstract market. The next Spring, Christie’s resold the first Cl=
apton work to a third-party guarantor getting the consignor his or her mone=
y back but not advancing the price structure. That Fall, a 1990 abstract so=
ld in Hong Kong for $25 million. That work had been sold eleven years earli=
er for $11.6 million demonstrating that the +$25-million price range has bu=
yers and some of the few dozen very large works previously sold are being r=
esold in this price range. This Spring in London, Sotheby’s offered a=
1986 two-panel work that made $28 million, that painting had been sold 15 =
years earlier in New York for $9.7 million following the same pattern as th=
e Hong Kong sale. Now Phillips is bringing back the 1987 two-panel work (th=
e same size as one sold by Sotheby’s in the Spring) that was sold in =
2018 for $33 million with an unpublished estimate. Clearly expectations for=
the sale lie in the $30 million range. Is there room for the work to rise =
in value? Sure. But there have only been seven Richter abstracts sold for m=
ore than $30 million and the work coming to Phillips on November 14th is al=
ready one of them. </p><div style=3D"font-size: 16px; line-height: 26px;"><=
hr style=3D"background: #e0e0e0; border: none; height: 1px; margin: 32px 0;=
padding: 0;"></div><h4 class=3D"header-with-anchor-widget" style=3D"-moz-a=
ppearance: optimizelegibility; -moz-osx-font-smoothing: antialiased; -webki=
t-appearance: optimizelegibility; -webkit-font-smoothing: antialiased; appe=
arance: optimizelegibility; color: rgb(64, 64, 64); font-family: 'SF Compac=
t Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetic=
a, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symb=
ol'; font-size: 1.125em; font-weight: bold; line-height: 1.16em; margin: 1e=
m 0 0.625em 0; position: relative;">A Late Joan Mitchell Slated for a New R=
ecord Price</h4><div class=3D"captioned-image-container-static" style=3D"fo=
nt-size: 16px; line-height: 26px; margin: 32px auto;"><figure style=3D"marg=
in: 0 auto; width: 100%;"><table class=3D"image-wrapper" width=3D"100%" bor=
der=3D"0" cellspacing=3D"0" cellpadding=3D"0" data-component-name=3D"Image2=
ToDOMStatic" style=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td style=
=3D"text-align: center;"></td><td align=3D"left" class=3D"content" width=3D=
"1456" style=3D"text-align: center;"><a class=3D"image-link" target=3D"_bla=
nk" href=3D"https://substack.com/redirect/a13b0571-2a46-433a-b982-ffb57fd15=
6dc?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" re=
l style=3D"align-items: center; border: none; display: block; flex-directio=
n: column; height: auto; margin: 0; padding: 0; position: relative; text-de=
coration: none; width: auto;"><img data-attrs=3D"{"src":"htt=
ps://substack-post-media.s3.amazonaws.com/public/images/f45a33d1-17b2-4ead-=
9c3e-e894df062ca7_2500x1790.jpeg","srcNoWatermark":null,&quo=
t;fullscreen":null,"imageSize":null,"height":1042,=
"width":1456,"resizeWidth":null,"bytes":12971=
44,"alt":null,"title":null,"type":"image=
/jpeg","href":null,"belowTheFold":true,"topIm=
age":false,"internalRedirect":null}" alt width=3D"550" heigh=
t=3D"393.6126373626374" class=3D"wide-image" src=3D"https://substackcdn.com=
/image/fetch/w_2912,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3=
A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff45a33d1-17=
b2-4ead-9c3e-e894df062ca7_2500x1790.jpeg" style=3D"-ms-interpolation-mode: =
bicubic; border: none !important; display: block; height: auto; margin: 0 a=
uto; margin-bottom: 0; max-width: 100% !important; vertical-align: middle; =
width: auto !important;"></a></td><td style=3D"text-align: center;"></td></=
tr></tbody></table></figure></div><p style=3D"color: rgb(64, 64, 64); font-=
size: 16px; line-height: 26px; margin: 0 0 20px 0;"><span>Just as the Richt=
er sale discussed above has the potential to give us information on demand =
for the most valuable works, the announcement yesterday that Sotheby’=
s will sell the collection of art dealer John Cheim also offers an interest=
ing data point around market sentiment. One of the concerns surrounding the=
art market has been whether owners of high-quality works by in-demand arti=
sts would be willing to make discretionary sales. The major inflection poin=
ts in the market since the global pandemic have come from estate sales wher=
e market timing is compressed into a shorter window. This Autumn’s au=
ctions will continue to see large estate sales, though they have yet to be =
announced. The decision by Cheim to sell his collection now is worth consi=
dering. The marketing for Cheim’s collection will rightly focus on hi=
s role as an innovator in catalogue design and his gallery career. The valu=
e of the collection, though, is dominated by a single work by Joan Mitchell=
that was a standout in the Joan Mitchell retrospective that traveled from =
San Francisco to Baltimore to Paris over the last two years. Cheim had rece=
ived </span><em>Sunflowers</em><span> (1990) as a gift from the artist in 1=
991, a year before he death in 1992. In addition to those two strong driver=
s of market value, there was a sale last year of another strong late work o=
f a similar size by Mitchell that was bid up from its impressive $10 millio=
n estimate to a $14 million selling price. That number was getting awfully =
close to the record Mitchell price of $16.6 million set five years ago. Sin=
ce that record was set, only two other paintings had made more than $14 mil=
lion. Last year’s untitled 1989 work was the only very-late-career pa=
inting by Mitchell to achieve a high price let alone break the eight-figure=
barrier. That seems to have set up the Cheim sale. Sotheby’s has put=
a record-setting estimate of $20 million on </span><em>Sunflowers</em><spa=
n>. These are all signs of market confidence that pour cold water on the id=
ea that we’re in a “buyer’s market.” </span></p><di=
v class=3D"captioned-image-container-static" style=3D"font-size: 16px; line=
-height: 26px; margin: 32px auto;"><figure style=3D"margin: 0 auto; width: =
100%;"><table class=3D"image-wrapper" width=3D"100%" border=3D"0" cellspaci=
ng=3D"0" cellpadding=3D"0" data-component-name=3D"Image2ToDOMStatic" style=
=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align: cent=
er;"></td><td align=3D"left" class=3D"content" width=3D"1456" style=3D"text=
-align: center;"><a class=3D"image-link" target=3D"_blank" href=3D"https://=
substack.com/redirect/3ca5cf93-d34f-4901-b8d2-65b4c63fd116?j=3DeyJ1IjoiMjdj=
ZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"align-ite=
ms: center; border: none; display: block; flex-direction: column; height: a=
uto; margin: 0; padding: 0; position: relative; text-decoration: none; widt=
h: auto;"><img data-attrs=3D"{"src":"https://substack-post-m=
edia.s3.amazonaws.com/public/images/baa52db4-cd0a-4c2d-9fd0-989423e17447_25=
00x3494.jpeg","srcNoWatermark":null,"fullscreen":n=
ull,"imageSize":null,"height":2035,"width":14=
56,"resizeWidth":null,"bytes":1119139,"alt":n=
ull,"title":null,"type":"image/jpeg","hr=
ef":null,"belowTheFold":true,"topImage":false,&quo=
t;internalRedirect":null}" alt width=3D"550" height=3D"768.71565934065=
94" class=3D"wide-image" src=3D"https://substackcdn.com/image/fetch/w_2912,=
c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post=
-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbaa52db4-cd0a-4c2d-9fd0-989423e=
17447_2500x3494.jpeg" style=3D"-ms-interpolation-mode: bicubic; border: non=
e !important; display: block; height: auto; margin: 0 auto; margin-bottom: =
0; max-width: 100% !important; vertical-align: middle; width: auto !importa=
nt;"></a></td><td style=3D"text-align: center;"></td></tr></tbody></table><=
/figure></div><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-hei=
ght: 26px; margin: 0 0 20px 0;"><span>Cheim’s collection is very pers=
onal and contains a number of very good works on paper. But the other impor=
tant work owned by the dealer is Alice Neel’s </span><em>Jackie Curti=
s as a Boy</em><span> from 1972 that was prominently featured in the recent=
Alice Neel retrospective that captivated audiences. Two strong Neel portra=
its sold well in May from the Gerald Fineberg collection. The </span><em>de=
Vegh Twins</em><span> from 1975 became the second-highest Neel price at au=
ction by making nearly $2.6 million and </span><em>Pregnant Bette Homitzky<=
/em><span> from 1968 sold for $1.8 million in the same sale. Fineberg had o=
wned both works for more than 30 years. Neither of those works have the app=
eal of Jackie Curtis as a subject. One of Neel’s seminal works is a d=
ual portrait, </span><em>Jackie Curtis and Rita Red</em><span> from 1970, t=
hat sold in 2009 for only $1.65 million. This Curtis portrait is estimated =
conservatively at $1.5 million but Neel’s record auction price is jus=
t $3 million achieved two years ago. This painting seems like a good candid=
ate to challenge that record. </span></p><div style=3D"font-size: 16px; lin=
e-height: 26px;"><hr style=3D"background: #e0e0e0; border: none; height: 1p=
x; margin: 32px 0; padding: 0;"></div><h4 class=3D"header-with-anchor-widge=
t" style=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoothing: a=
ntialiased; -webkit-appearance: optimizelegibility; -webkit-font-smoothing:=
antialiased; appearance: optimizelegibility; color: rgb(64, 64, 64); font-=
family: 'SF Compact Display', -apple-system, BlinkMacSystemFont, 'Segoe UI'=
, Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoj=
i', 'Segoe UI Symbol'; font-size: 1.125em; font-weight: bold; line-height: =
1.16em; margin: 1em 0 0.625em 0; position: relative;">Pauline Karpidas Sell=
s in Paris</h4><div class=3D"captioned-image-container-static" style=3D"fon=
t-size: 16px; line-height: 26px; margin: 32px auto;"><figure style=3D"margi=
n: 0 auto; width: 100%;"><table class=3D"image-wrapper" width=3D"100%" bord=
er=3D"0" cellspacing=3D"0" cellpadding=3D"0" data-component-name=3D"Image2T=
oDOMStatic" style=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D=
"text-align: center;"></td><td align=3D"left" class=3D"content" width=3D"14=
56" style=3D"text-align: center;"><a class=3D"image-link" target=3D"_blank"=
href=3D"https://substack.com/redirect/4027f4a0-95e9-42d0-af10-02d9cdb3b798=
?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel s=
tyle=3D"align-items: center; border: none; display: block; flex-direction: =
column; height: auto; margin: 0; padding: 0; position: relative; text-decor=
ation: none; width: auto;"><img data-attrs=3D"{"src":"https:=
//substack-post-media.s3.amazonaws.com/public/images/f65f263f-677f-4d79-94a=
a-2e0e4425dae8_6021x5530.jpeg","srcNoWatermark":null,"f=
ullscreen":null,"imageSize":null,"height":1337,&qu=
ot;width":1456,"resizeWidth":null,"bytes":7627915,=
"alt":null,"title":null,"type":"image/jp=
eg","href":null,"belowTheFold":true,"topImage=
":false,"internalRedirect":null}" alt width=3D"550" height=
=3D"505.0480769230769" class=3D"wide-image" src=3D"https://substackcdn.com/=
image/fetch/w_2912,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A=
%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff65f263f-677=
f-4d79-94aa-2e0e4425dae8_6021x5530.jpeg" style=3D"-ms-interpolation-mode: b=
icubic; border: none !important; display: block; height: auto; margin: 0 au=
to; margin-bottom: 0; max-width: 100% !important; vertical-align: middle; w=
idth: auto !important;"></a></td><td style=3D"text-align: center;"></td></t=
r></tbody></table><figcaption class=3D"image-caption" style=3D"box-sizing: =
content-box; color: #808080; font-size: 14px; font-weight: 400; letter-spac=
ing: -.15px; line-height: 20px; margin-top: 8px; padding-left: 15%; padding=
-right: 15%; text-align: center; width: 70%;">Jacqueline Humphries, Untitle=
d (2011), estimated at €180,000</figcaption></figure></div><p style=
=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0=
20px 0;"><span>Since we’re talking about market timing, we should ac=
knowledge that Pauline Karpidas sold a significant work in the trough of th=
e global financial crisis that contributed to market confidence in that dir=
e period. In November of 2009, Sotheby’s sold Karpidas’s Andy W=
arhol, </span><em>200 One Dollar Bills</em><span> from 1962, for $43.7 mill=
ion over an $8 million estimate. (That’ll boost confidence.) With tha=
t track record, it’s notable that Sotheby’s has announced a sal=
e of Karpidas art works from her home on the Greek island of Hydra. Althoug=
h Karpidas has been based in Dallas for several years and recently opened h=
er own exhibition space there, the sale will take place in Paris on October=
30th. The choice of venue is a result of several factors: the importance o=
f work by François-Xavier and Claude Lalanne in Karpidas’s holdi=
ngs and the shifting center of gravity in the European market from London t=
o Paris. The Lalanne market is anything but a “buyer’s market&#=
8221; with Sotheby’s holding an important sale of works from the coup=
le’s farm-and-workshop at the beginning of the month in Paris. Nevert=
heless, there are some works that will be worth watching to gauge market se=
ntiment. Jacqueline Humphries’s abstracts have been rising in value o=
n the auction market since the Wexner Center in Ohio held the “first =
large-scale museum exhibition” of her work in late 2021. Six works ha=
ve sold for more than $300,000, including a record price for </span><em>	=
37;:)</em><span> from 2017 that made $850,500 a year ago. That price isn=
217;t much higher than primary market prices for the artist’s curren=
t work. Earlier works, like the untitled 2011 work being sold by Karpidas, =
sell publicly and privately for prices around $300,000 which makes the esti=
mate on the Humphries in the Karpidas sale attractive though by no means a =
fire sale. </span></p><div class=3D"captioned-image-container-static" style=
=3D"font-size: 16px; line-height: 26px; margin: 32px auto;"><figure style=
=3D"margin: 0 auto; width: 100%;"><table class=3D"image-wrapper" width=3D"1=
00%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" data-component-name=
=3D"Image2ToDOMStatic" style=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><=
td style=3D"text-align: center;"></td><td align=3D"left" class=3D"content" =
width=3D"1456" style=3D"text-align: center;"><a class=3D"image-link" target=
=3D"_blank" href=3D"https://substack.com/redirect/006e62a3-5b92-4209-b861-5=
3af2a9dca32?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7=
gWdY" rel style=3D"align-items: center; border: none; display: block; flex-=
direction: column; height: auto; margin: 0; padding: 0; position: relative;=
text-decoration: none; width: auto;"><img data-attrs=3D"{"src":&=
quot;https://substack-post-media.s3.amazonaws.com/public/images/8499e588-48=
6c-47b2-aba7-dbea1c28b4dd_4153x8264.jpeg","srcNoWatermark":n=
ull,"fullscreen":null,"imageSize":null,"height&quo=
t;:2897,"width":1456,"resizeWidth":null,"bytes&quo=
t;:8375341,"alt":null,"title":null,"type":&qu=
ot;image/jpeg","href":null,"belowTheFold":true,&qu=
ot;topImage":false,"internalRedirect":null}" alt width=3D"55=
0" height=3D"1094.3337912087911" class=3D"wide-image" src=3D"https://substa=
ckcdn.com/image/fetch/w_2912,c_limit,f_auto,q_auto:good,fl_progressive:stee=
p/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F84=
99e588-486c-47b2-aba7-dbea1c28b4dd_4153x8264.jpeg" style=3D"-ms-interpolati=
on-mode: bicubic; border: none !important; display: block; height: auto; ma=
rgin: 0 auto; margin-bottom: 0; max-width: 100% !important; vertical-align:=
middle; width: auto !important;"></a></td><td style=3D"text-align: center;=
"></td></tr></tbody></table><figcaption class=3D"image-caption" style=3D"bo=
x-sizing: content-box; color: #808080; font-size: 14px; font-weight: 400; l=
etter-spacing: -.15px; line-height: 20px; margin-top: 8px; padding-left: 15=
%; padding-right: 15%; text-align: center; width: 70%;">Francesco Clemente,=
Savinio’s Island (2013) estimated at €40,000</figcaption></fig=
ure></div><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height:=
26px; margin: 0 0 20px 0; margin-bottom: 0;">One artist who has arguably b=
een in a buyer’s market for many years is Francesco Clemente. Althoug=
h widely exhibited in museum shows, Clemente’s work has generated lit=
tle market momentum. The only two strong sales in recent years were for a w=
ork from the Doris Ammann collection sale that made $1.8 million and a comp=
anion piece that sold the next season for a third of the price. Otherwise, =
Clemente isn’t a market artist. Still, the Karpidas provenance is lik=
ely to be a real draw. Christie’s is doing something similar in Paris=
the week before with the Titze collection. In both cases, the collectors&#=
8217; provenance should attract interest from other collectors and advisors=
=2E If these sales do well, we will kno=
w a bit more about what undergirds dem=
and for art globally which might continue to set the agenda for sales next =
year. </p></div></div><div class=3D"container-border" style=3D"border-top:=
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