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Subject: What We Learned this Week (2411)
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-2411
Welcome to Artelligence
If you have comments, complaints, tips or just want to vent, feel free to c=
ontact us directly:
In This Issue
Results: Christie=E2=80=99s Post War & Contemporary =3D $21.48m; Phillips N=
ew Now =3D $5.48m
Notes: Roberta Smith retires; Artforum hires Buffalo AKG curator as EIC; Wh=
itney=E2=80=99s Biennial is a bit blah; Ruth Asawa result at Wright
Clare McAndrew=E2=80=99s Report on 2023: $65bn in sales; 4% drop year over =
year
Results
Christie=E2=80=99s Post War & Contemporary =3D $21.48m
Christie=E2=80=99s mid-season sale of Post War and Contemporary art struggl=
ed to make $21.48 million. The top lot was a Cy Twombly work on paper that =
sold for a discount to the estimate. The next highest lot was a pink Alma T=
homas painting that saw very active bidding to more than twice the estimate=
=2E Other strong sales were for works b=
y Elaine de Kooning, Richard Hunt (who=
had an opening at White Cube this week), Salvo, Lois Dodd, Yuan Fang, Caro=
line Walker and Izumi Kato. Four works with estimates totaling $850,000 wer=
e withdrawn from the sale.
Phillips New Now =3D $5.4m
Wade Guyton=E2=80=99s work topped the sales at Phillips New Now auction whe=
re there was strong bidding on his work, a late Andy Warhol, and works by G=
hada Amer, Richard Mayhew, Diana Al-Hadid, Maja Ruznic (whose work is featu=
red in the Whitney Biennial), Celeste Rapone, Alighiero Boetti, Keith Harin=
g and others. The sale total was $5.48 million.
Both of these sales suffered from a pullback in demand. Hammer ratios and s=
ell-through rates for both sales were well below previous editions. I=E2=80=
=99ll have a more detailed analysis of the data for all three New York mid-=
season sales on Tuesday.=20
Notes
Roberta Smith Is Retiring [ https://substack.com/redirect/dd03ee7c-4b50-4de=
b-aa3a-614064787f07?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6=
Fx_g6pp7gWdY ]: The NYTimes and Roberta Smith announced this week that the =
76-year-old art critic would no longer regularly review shows and step down=
from her position as co-chief art critic for the newspaper. She will conti=
nue to write for the paper on occasion. The news brings to an end her 32-ye=
ar staff position. A limpid writer, Smith has been one of the most consiste=
nt critical voices in the art market. Holland Cotter, a year older than Smi=
th, remains in his role. The Times has a stable of younger critics who sure=
ly relish the chance to write more about the biggest shows.=C2=A0
Artforum hires Tina Rivers Ryan as Editor in Chief [ https://substack.com/r=
edirect/e2baa1a2-eac1-4ec2-9cb4-8a2b4bda5c0d?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM=
3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]: Artforum announced Buffalo AKG cur=
ator Tina Rivers Ryan as the magazine=E2=80=99s new editor. Hiring an acade=
mic as editor is consistent with Artforum=E2=80=99s past but is a curious c=
hoice for the future when the magazine=E2=80=99s role remains in flux. Side=
stepping the distraction of the previous editor=E2=80=99s ouster for a mome=
nt, Artforum=E2=80=99s role as the central venue for gallery advertising ha=
s been under pressure for years. Knight Landesman=E2=80=99s ouster for misc=
onduct eroded that position as secular forces reduced the value of print ad=
vertising. The political minefield surrounding David Velasco=E2=80=99s depa=
rture only made it easier for gallery=E2=80=99s to use the fraught circumst=
ances as an excuse to stop advertising. There=E2=80=99s little indication t=
hat those ads will return under new editorial leadership. More to the point=
, Rivers Ryan will have to figure out how to build a new venue for criticis=
m that provides value to galleries. Although there is no clear business mod=
el around, say, using the convening power of Artforum=E2=80=99s reputation =
to create gallery talks and events that burnish the importance of an artist=
=E2=80=99s work in a way that galleries increasingly seem to need. All of w=
hich is to say, Artforum=E2=80=99s model was broken long before its editor =
decided to try to mask his misunderstanding of journalistic ethics as a pol=
itical position.
The Whitney Biennial opens next week [ https://substack.com/redirect/d3045d=
f0-f330-4312-affa-08bfd5fd2619?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrM=
e5iRnigHXx6Fx_g6pp7gWdY ]: A flood of Instagram posts and reviews have take=
n the wind out of the Whitney Biennial even before it opens. The Times=E2=
=80=99s trio of reviewers found plenty of interesting art works to discuss =
but no one seems to be buying the conceit. Calling the show small in the nu=
mber of artists and in other ways, Jason Farago said it is [ https://substa=
ck.com/redirect/1f0ec259-9238-41ad-848e-fc8efaa8721c?j=3DeyJ1IjoiMjdjZXI5In=
0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ] =E2=80=9Cresolutely low-ris=
k, visually polite, and never letting the wrong image get in the way of the=
right position.=E2=80=9D His colleague Travis Diehl wrote [ https://substa=
ck.com/redirect/1f0ec259-9238-41ad-848e-fc8efaa8721c?j=3DeyJ1IjoiMjdjZXI5In=
0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ] that it is =E2=80=9Ca show =
that can=E2=80=99t seem to decide who or where its audience is, who needs t=
o hear its message, or whether it should have a message at all.=E2=80=9D In=
cidentally, that last one could equally apply to the whole enterprise of ar=
t criticism today. With so much art visible through social media, the role =
of a biennial is diminished. Farago adds [ https://substack.com/redirect/1f=
0ec259-9238-41ad-848e-fc8efaa8721c?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMp=
isrMe5iRnigHXx6Fx_g6pp7gWdY ] that the mission of summarizing =E2=80=9Cwher=
e art stands in the US=E2=80=9D is impossible within a static culture that =
has all but given up on the idea of progress, societal or cultural. Even th=
ough the Whitney=E2=80=99s new director is not new to the museum, this migh=
t be a good moment to start formulating a different idea for what the Bienn=
ial might be.=C2=A0
That Ruth Asawa at Wright made $144,900 [ https://substack.com/redirect/e36=
42971-f335-42ff-a815-e49e9c94593f?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpi=
srMe5iRnigHXx6Fx_g6pp7gWdY ]: We now know what registration with the Ruth A=
sawa estate is worth to the art market, about half the value. Wright=E2=80=
=99s restored Asawa work was sold for $144,900 this week which is about hal=
f the price of what comparable works have made at auction in recent years. =
Three tied-wire Asawa hanging sculptures have sold for between $315,000 and=
$375,000 in the last decade. A much larger work sold for $884,000 five yea=
rs ago and other, smaller works have sold for prices closer to the $144,900=
paid this week.=20
Clare McAndrew: Art Market =3D $65bn; Transactions Rise at Low End=20
It=E2=80=99s that time of the year again, Art Basel and UBS have released C=
lare McAndrew=E2=80=99s annual report on the state of the art market [ http=
s://substack.com/redirect/0401dd93-a7ec-42c4-998d-224aba776360?j=3DeyJ1Ijoi=
MjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ] just before Art B=
asel in Hong Kong. The headline number in the report=E2=80=94which will be =
repeated widely=E2=80=94is that the art market only fell by 4% in 2023 to a=
total of $65 billion. Considering the fairly tight range that McAndrew rep=
orts each year, the average for the last ten years was $63.7 billion and th=
e last year before the pandemic disrupted the art market=E2=80=99s full fun=
ctioning for several years was $64.4 billion, the $65 billion number is str=
onger than expected.=C2=A0=C2=A0
Among other interesting data points presented were that auction sales fell =
by 7% with private sales at the auction houses up 2%. Dealers=E2=80=99 over=
all sales were down only 3%, according to McAndrew=E2=80=99s calculations.=
=C2=A0
Global sales continued to shift toward North America with 42% of the value =
in the US, 19% in China (boosted by pent-up pandemic sales), 17% in the UK =
and 7% in France. Sales in China were up on the re-opening of Asian markets=
after Covid. They were down in the UK and France. The US has become the d=
efault global seller of high value art work. US dominance is also a reflect=
ion of the relative health of the American economy in relation to the rest =
of the world. American buyers simply have more wealth to spend on art. Thes=
e are my observations, not McAndrews.=C2=A0
One problem with McAndrew=E2=80=99s report, through no fault of her own, is=
that her findings get blurted out and repeated without much attention paid=
to the nuanced detail in her data. For structural reasons, the art market =
is more valetudinarian than most other markets. That means it=E2=80=99s a m=
arket that worries endlessly about its own health with a bias toward sickne=
ss. A substantial portion of the commenters from within and without the art=
market seem to want to believe disaster is looming around every turn of ev=
ents. Thus, the sedulous research and calibrated opinions in McAndrew=E2=80=
=99s report often get overlooked.=C2=A0
For example, although the value of transactions in 2023 fell by 4%=E2=80=94=
less than most feared=E2=80=94the number of transactions rose to 39.3 milli=
on or by 4%. That=E2=80=99s the highest number of transactions in four year=
s but below the period of 2017-19. If volume rose by 4% why didn=E2=80=99t =
that offset the 4% fall in value? That=E2=80=99s because there was a substa=
ntial shift in composition of works sold. The number of high value works fe=
ll and the number of low value works rose but not enough to compensate. The=
rise and fall were on the opposite ends of the price spectrum. To make up =
for the drop in works above $10 million would require a geometric rise in t=
he number of works sold below $50,000.=C2=A0
There=E2=80=99s good news in this shift. If you=E2=80=99ve been reading my =
auction analysis, you=E2=80=99ll know that I=E2=80=99ve been seeing indicat=
ions of a focus on lower-value lots in the major auction house sales. McAnd=
rew=E2=80=99s data goes much further to show that dealers saw an 11% rise i=
n sales below $50,000.=20
Overall, lower-value works are increasing in sales volume while the top wor=
ks are slowing. This is important. Over the last decade, ther have been a v=
ariety of schemes aimed at =E2=80=9Cdemocratizing the art market.=E2=80=9D =
These range from fractionalization of art to NFTs=E2=80=94and include a wid=
e range of other strategies to capture the value of the art market=E2=80=99=
s victories which are not evenly distributed or accessible to anyone who is=
interested in making a bet on the value of art. Democratization of the art=
market too often comes down to greed and FOMO.
Centripetal force is the governing law of motion in the art market. Buyers =
crowd into the few artists that are currently in fashion. This magnifies va=
lue for a few artists and a few works. We can see this, McAndrew points out=
, in the huge increase over the last several years in works that sell for p=
rices over $10 million. Since the global financial crisis, even adjusting f=
or inflation, the value of works sold for $10 million or more has increased=
by two and a half times while the value of works priced under $50,000 has =
contracted.=C2=A0=C2=A0
During that 14-year period, the composition of the global art market has ch=
anged dramatically with a shift toward Contemporary art and away from lower=
-value antiques and collectibles. Is there a new generation of buyers picki=
ng up more individual works by a greater number of artists at lower prices?=
In other worlds, has that centripetal force reversed itself or, at least, =
produced a temporary countervailing force?
A more democratic art market isn=E2=80=99t one where more individuals acces=
s the financial gains of art collecting. It=E2=80=99s a market where there =
is demand for a wider range of works by a greater number=E2=80=94and more d=
iverse selection=E2=80=94of artists, periods and styles.=C2=A0
Again and again in her data, McAndrew presents evidence that this is happen=
ing=E2=80=94in all collecting categories=E2=80=94and not just because the t=
op of the market is going into hibernation but because the number of low va=
lue works sold grew substantially. In the dealer sector is was by as much a=
s 11%.=C2=A0
Having said that, in 2023 55% of the value in global auctions lay in works =
that sell for more than $1 million. Drop the price bar down to $250,000=E2=
=80=94an enormous sum to most people=E2=80=94and that figure rises to more =
than 74% of the value. So perhaps democratizing is as strong word to use. N=
evertheless, it will take time to see whether the art market is developing =
a stronger, more stable base in a wider distribution of lower-value sales. =
Until then, the nervous market can take some consolation that, for once, th=
e table is turned in the market and the vibrancy lies in the often overlook=
ed.
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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=3DeyJtIjoiPDIwMjQwMzE1MjE=
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LCJmIjp0cnVlLCJwb3NpdGlvbiI6InRvcCIsImlhdCI6MTcxMDUzODMyMiwiZXhwIjoxNzEzMTM=
wMzIyLCJpc3MiOiJwdWItMCIsInN1YiI6ImVvIn0.fwNdr-xuHOGkhj36Rsa0pjprDoxMiXkiSn=
c2iiOO-kU" alt=3D"" width=3D"1" height=3D"1" border=3D"0" style=3D"height:1=
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ont-size:1px;color:#333333;line-height:1px;max-height:0px;max-width:0px;opa=
city:0;overflow:hidden;" class=3D"preview">Has the art market actually begu=
n to democratize? + Whitney Biennial fails to impress + Roberta Smith retir=
es + Artforum chooses Tina Rivers Ryan for editor</div><div style=3D"displa=
y:none;font-size:1px;color:#333333;line-height:1px;max-height:0px;max-width=
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sentation" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" =
class=3D"email-body-container"><tr><td></td><td width=3D"550" class=3D"cont=
ent"></td><td></td></tr><tr><td></td><td align=3D"left" width=3D"550" class=
=3D"content"><div style=3D"font-size: 16px; line-height: 26px; margin: 0 au=
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=3D"presentation" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=
=3D"0"><tr><td align=3D"right" style=3D"height: 20px;"><table role=3D"prese=
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t; font-size: 13px !important; list-style: none; margin: 0; text-decoration=
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a18_40 _reset_13a18_1" style=3D"color: unset; font-size: 12px; letter-spaci=
ng: 0px; line-height: 16px; list-style: none; margin: 0; text-align: right;=
text-decoration: unset;"><span translated class=3D"pencraft pc-reset _rese=
t_13a18_1" style=3D"color: unset; list-style: none; margin: 0; text-decorat=
ion: unset;">Forwarded this email? <a href=3D"https://substack.com/redirect=
/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2VuY2Uuc3Vic3RhY2suY29tL3N1YnNjcmliZT91dG1f=
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FybmVkLXRoaXMtd2Vlay0yNDExIiwicCI6MTQyNjUyODA5LCJzIjoyMjU5LCJmIjp0cnVlLCJ1I=
joxMzMyNjg2NjEsImlhdCI6MTcxMDUzODMyMiwiZXhwIjoxNzEzMTMwMzIyLCJpc3MiOiJwdWIt=
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ubc?" class=3D"pencraft pc-reset _decoration-underline_13a18_282 _reset_13a=
18_1" style=3D"color: unset; list-style: none; margin: 0; text-decoration: =
unset; text-decoration-line: underline;">Subscribe here</a> for more</span>=
</div></span></td></tr></table></td></tr></table><table role=3D"presentatio=
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0; padding: 16px 0 32px;"><tr><td align=3D"center" style=3D"padding: 0; tex=
t-align: center;"><a href=3D"https://substack.com/redirect/2/eyJlIjoiaHR0cH=
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blished" style=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smooth=
ing: antialiased; -webkit-appearance: optimizelegibility; -webkit-font-smoo=
thing: antialiased; appearance: optimizelegibility; color: rgb(54, 55, 55);=
font-family: 'SF Pro Display', -apple-system-headline, system-ui, -apple-s=
ystem, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif=
, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 32px=
; font-weight: bold; line-height: 36px; margin: 0;"><a href=3D"https://subs=
tack.com/app-link/post?publication_id=3D2259&post_id=3D142652809&utm_source=
=3Dpost-email-title&utm_campaign=3Demail-post-title&isFreemail=3Dtrue&r=3D2=
7cer9&token=3DeyJ1c2VyX2lkIjoxMzMyNjg2NjEsInBvc3RfaWQiOjE0MjY1MjgwOSwiaWF0I=
joxNzEwNTM4MzIyLCJleHAiOjE3MTMxMzAzMjIsImlzcyI6InB1Yi0yMjU5Iiwic3ViIjoicG9z=
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r: rgb(54, 55, 55); text-decoration: none;">What We Learned this Week (2411=
)</a></h1><h3 class=3D"subtitle" style=3D"-moz-appearance: optimizelegibili=
ty; -moz-osx-font-smoothing: antialiased; -webkit-appearance: optimizelegib=
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color: #808080; font-family: 'SF Pro Display', -apple-system-headline, sys=
tem-ui, -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, A=
rial, 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;">Has the art market actually begun to democratize? + Whit=
ney Biennial fails to impress + Roberta Smith retires + Artforum chooses Ti=
na Rivers Ryan for editor</h3><table role=3D"presentation" width=3D"100%" b=
order=3D"0" cellspacing=3D"0" cellpadding=3D"0" class=3D"post-meta" style=
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lspacing=3D"0" cellpadding=3D"0"><tr><td style=3D"vertical-align: middle;">=
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-transform: uppercase;"><a style=3D"color: rgb(54, 55, 55); font-family: 'S=
F Compact', -apple-system, system-ui, -apple-system, BlinkMacSystemFont, 'S=
egoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe=
UI Emoji', 'Segoe UI Symbol'; font-size: 11px; font-weight: 500; letter-sp=
acing: .2px; line-height: 20px; list-style: none; margin: 0; text-decoratio=
n: none; text-transform: uppercase;" href=3D"https://substack.com/@artellig=
ence" class=3D"pencraft pc-reset _color-primary_13a18_183 _line-height-20_1=
3a18_95 _font-meta_13a18_131 _size-11_13a18_35 _weight-medium_13a18_162 _tr=
ansform-uppercase_13a18_239 _reset_13a18_1 _meta_13a18_439">Marion Maneker<=
/a></div></td></tr></table></td></tr><tr><td><table role=3D"presentation" w=
idth=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td styl=
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meta_13a18_439" style=3D"color: rgb(119, 119, 119); font-family: 'SF Compac=
t', -apple-system, system-ui, -apple-system, BlinkMacSystemFont, 'Segoe UI'=
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i', 'Segoe UI Symbol'; font-size: 11px; font-weight: 500; letter-spacing: .=
2px; line-height: 20px; list-style: none; margin: 0; text-decoration: unset=
; text-transform: uppercase;"><time dateTime=3D"2024-03-15T21:31:34.146Z">M=
ar 15</time></div></td></tr></table></td></tr></table></td></tr></table><ta=
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der-radius: 8px; box-sizing: border-box; color: #ffffff !important; cursor:=
pointer; display: inline-block; font-family: system-ui, -apple-system, Bli=
nkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple C=
olor Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 14px; font-wei=
ght: 600; height: auto; line-height: 20px; margin: 0; opacity: 1; outline: =
none; padding: 12px 20px; text-align: center; text-decoration: none !import=
ant; white-space: nowrap;"><span style=3D"color: #ffffff; text-decoration: =
none;">Contact Us!</span></a></p><div style=3D"font-size: 16px; line-height=
: 26px;"><hr style=3D"background: #e0e0e0; border: none; height: 1px; margi=
n: 32px 0; padding: 0;"></div><h2 class=3D"header-with-anchor-widget" style=
=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoothing: antialias=
ed; -webkit-appearance: optimizelegibility; -webkit-font-smoothing: antiali=
ased; appearance: optimizelegibility; color: rgb(54, 55, 55); font-family: =
'SF Pro Display', -apple-system-headline, system-ui, -apple-system, BlinkMa=
cSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color=
Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.625em; font-weig=
ht: bold; line-height: 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"m=
argin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; color: rgb(54, 55=
, 55); font-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0; pad=
ding-left: 4px;"><strong>Results: </strong><span>Christie’s Post War =
& Contemporary =3D $21.48m; Phillips New Now =3D $5.48m</span></p></li>=
<li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; col=
or: rgb(54, 55, 55); font-size: 16px; line-height: 26px; margin: 0; margin-=
bottom: 0; padding-left: 4px;"><strong>Notes:</strong><span> Roberta Smith =
retires; Artforum hires Buffalo AKG curator as EIC; Whitney’s Biennia=
l is a bit blah; Ruth Asawa result at Wright</span></p></li><li style=3D"ma=
rgin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; color: rgb(54, 55,=
55); font-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0; padd=
ing-left: 4px;"><strong>Clare McAndrew’s Report on 2023: </strong><sp=
an>$65bn in sales; 4% drop year over year</span></p></li></ol><div style=3D=
"font-size: 16px; line-height: 26px;"><hr style=3D"background: #e0e0e0; bor=
der: none; height: 1px; margin: 32px 0; padding: 0;"></div><h2 class=3D"hea=
der-with-anchor-widget" style=3D"-moz-appearance: optimizelegibility; -moz-=
osx-font-smoothing: antialiased; -webkit-appearance: optimizelegibility; -w=
ebkit-font-smoothing: antialiased; appearance: optimizelegibility; color: r=
gb(54, 55, 55); font-family: 'SF Pro Display', -apple-system-headline, syst=
em-ui, -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Ar=
ial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; =
font-size: 1.625em; font-weight: bold; line-height: 1.16em; margin: 1em 0 0=
=2E625em 0; position: relative;">Resul=
ts</h2><h4 class=3D"header-with-anchor-=
widget" style=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoothi=
ng: antialiased; -webkit-appearance: optimizelegibility; -webkit-font-smoot=
hing: antialiased; appearance: optimizelegibility; color: rgb(54, 55, 55); =
font-family: 'SF Pro Display', -apple-system-headline, system-ui, -apple-sy=
stem, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif,=
'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.125=
em; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; positi=
on: relative;">Christie’s Post War & Contemporary =3D $21.48m</h4=
><div class=3D"captioned-image-container-static" style=3D"font-size: 16px; =
line-height: 26px; margin: 32px auto;"><figure style=3D"margin: 0 auto; wid=
th: 100%;"><table class=3D"image-wrapper" width=3D"100%" border=3D"0" cells=
pacing=3D"0" cellpadding=3D"0" data-component-name=3D"Image2ToDOMStatic" st=
yle=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align: c=
enter;"></td><td align=3D"left" class=3D"content" width=3D"489" style=3D"te=
xt-align: center;"><a class=3D"image-link" target=3D"_blank" href=3D"https:=
//substack.com/redirect/9afab61e-3c3f-499b-b796-ce77f0da5125?j=3DeyJ1IjoiMj=
djZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"align-i=
tems: center; border: none; display: block; flex-direction: column; height:=
auto; margin: 0; padding: 0; position: relative; text-decoration: none; wi=
dth: auto;"><img data-attrs=3D"{"src":"https://substack-post=
-media.s3.amazonaws.com/public/images/e5489abb-32f5-4a65-91cf-1124aa42d7e0_=
1024x1024.png","srcNoWatermark":null,"fullscreen":=
null,"imageSize":null,"height":1024,"width":1=
024,"resizeWidth":489,"bytes":114836,"alt":nu=
ll,"title":null,"type":"image/png","href=
":null,"belowTheFold":true,"topImage":false,"=
internalRedirect":null}" alt width=3D"489" height=3D"489" class src=3D=
"https://substackcdn.com/image/fetch/w_489,c_limit,f_auto,q_auto:good,fl_pr=
ogressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic=
%2Fimages%2Fe5489abb-32f5-4a65-91cf-1124aa42d7e0_1024x1024.png" style=3D"-m=
s-interpolation-mode: bicubic; border: none !important; display: block; hei=
ght: auto; margin: 0 auto; margin-bottom: 0; max-width: 100% !important; ve=
rtical-align: middle; width: auto !important;"></a></td><td style=3D"text-a=
lign: center;"></td></tr></tbody></table></figure></div><p style=3D"color: =
rgb(54, 55, 55); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><=
span>Christie’s mid-season sale of Post War and Contemporary art stru=
ggled to make $21.48 million. The top lot was a </span><strong>Cy Twombly</=
strong><span> work on paper that sold for a discount to the estimate. The n=
ext highest lot was a pink </span><strong>Alma Thomas</strong><span> painti=
ng that saw very active bidding to more than twice the estimate. Other stro=
ng sales were for works by </span><strong>Elaine de Kooning</strong><span>,=
</span><strong>Richard Hunt</strong><span> (who had an opening at White Cu=
be this week), </span><strong>Salvo</strong><span>, </span><strong>Lois Dod=
d</strong><span>,</span><strong> Yuan Fang, Caroline Walker </strong><span>=
and</span><strong> Izumi Kato. </strong><span>Four works with estimates tot=
aling $850,000 were withdrawn from the sale.</span></p><h4 class=3D"header-=
with-anchor-widget" style=3D"-moz-appearance: optimizelegibility; -moz-osx-=
font-smoothing: antialiased; -webkit-appearance: optimizelegibility; -webki=
t-font-smoothing: antialiased; appearance: optimizelegibility; color: rgb(5=
4, 55, 55); font-family: 'SF Pro Display', -apple-system-headline, system-u=
i, -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial,=
sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font=
-size: 1.125em; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.625=
em 0; position: relative;">Phillips New Now =3D $5.4m</h4><div class=3D"cap=
tioned-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" cellspacing=3D"0" cellp=
adding=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 a=
lign=3D"left" class=3D"content" width=3D"471" style=3D"text-align: center;"=
><a class=3D"image-link" target=3D"_blank" href=3D"https://substack.com/red=
irect/a1adc851-b5ca-4ee6-99ba-7810dd31e447?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c=
1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"align-items: center; bord=
er: none; display: block; flex-direction: column; height: auto; margin: 0; =
padding: 0; position: relative; text-decoration: none; width: auto;"><img d=
ata-attrs=3D"{"src":"https://substack-post-media.s3.amazonaw=
s.com/public/images/a8991cb0-fef9-41ad-978e-5fbdcbe12b47_1024x1024.png"=
;,"srcNoWatermark":null,"fullscreen":null,"imageSi=
ze":null,"height":1024,"width":1024,"resizeWi=
dth":471,"bytes":113697,"alt":null,"title&quo=
t;:null,"type":"image/png","href":null,"=
belowTheFold":true,"topImage":false,"internalRedirect&q=
uot;:null}" alt width=3D"471" height=3D"471" class src=3D"https://substackc=
dn.com/image/fetch/w_471,c_limit,f_auto,q_auto:good,fl_progressive:steep/ht=
tps%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa8991c=
b0-fef9-41ad-978e-5fbdcbe12b47_1024x1024.png" style=3D"-ms-interpolation-mo=
de: bicubic; border: none !important; display: block; height: auto; margin:=
0 auto; margin-bottom: 0; max-width: 100% !important; vertical-align: midd=
le; width: auto !important;"></a></td><td style=3D"text-align: center;"></t=
d></tr></tbody></table></figure></div><p style=3D"color: rgb(54, 55, 55); f=
ont-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><strong>Wade Guyton=
</strong><span>’s work topped the sales at Phillips New Now auction w=
here there was strong bidding on his work, a late </span><strong>Andy Warho=
l</strong><span>, and works by </span><strong>Ghada Amer</strong><span>, </=
span><strong>Richard Mayhew</strong><span>, </span><strong>Diana Al-Hadid</=
strong><span>, </span><strong>Maja Ruznic</strong><span> (whose work is fea=
tured in the Whitney Biennial), </span><strong>Celeste Rapone</strong><span=
>, </span><strong>Alighiero Boetti,</strong><span> </span><strong>Keith Har=
ing</strong><span> and others. The sale total was $5.48 million.</span></p>=
<p style=3D"color: rgb(54, 55, 55); font-size: 16px; line-height: 26px; mar=
gin: 0 0 20px 0;">Both of these sales suffered from a pullback in demand. H=
ammer ratios and sell-through rates for both sales were well below previous=
editions. I’ll have a more detailed analysis of the data for all thr=
ee New York mid-season sales on Tuesday. </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><h2 class=3D"header-with-anchor-w=
idget" style=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoothin=
g: antialiased; -webkit-appearance: optimizelegibility; -webkit-font-smooth=
ing: antialiased; appearance: optimizelegibility; color: rgb(54, 55, 55); f=
ont-family: 'SF Pro Display', -apple-system-headline, system-ui, -apple-sys=
tem, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, =
'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.625e=
m; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; positio=
n: relative;">Notes</h2><ol style=3D"margin-top: 0; padding: 0;"><li style=
=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; color: rgb(5=
4, 55, 55); font-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0=
; padding-left: 4px;"><strong><a href=3D"https://substack.com/redirect/dd03=
ee7c-4b50-4deb-aa3a-614064787f07?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpis=
rMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: rgb(54, 55, 55); text-decora=
tion: underline;">Roberta Smith Is Retiring</a><span>: </span></strong><spa=
n>The NYTimes and Roberta Smith announced this week that the 76-year-old ar=
t critic would no longer regularly review shows and step down from her posi=
tion as co-chief art critic for the newspaper. She will continue to write f=
or the paper on occasion. The news brings to an end her 32-year staff posit=
ion. A limpid writer, Smith has been one of the most consistent critical vo=
ices in the art market. Holland Cotter, a year older than Smith, remains in=
his role. The Times has a stable of younger critics who surely relish the =
chance to write more about the biggest shows. </span></p></li><li styl=
e=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; color: rgb(=
54, 55, 55); font-size: 16px; line-height: 26px; margin: 0; margin-bottom: =
0; padding-left: 4px;"><strong><a href=3D"https://substack.com/redirect/e2b=
aa1a2-eac1-4ec2-9cb4-8a2b4bda5c0d?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpi=
srMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: rgb(54, 55, 55); text-decor=
ation: underline;">Artforum hires Tina Rivers Ryan as Editor in Chief</a><s=
pan>: </span></strong><span>Artforum announced Buffalo AKG curator Tina Riv=
ers Ryan as the magazine’s new editor. Hiring an academic as editor i=
s consistent with Artforum’s past but is a curious choice for the fut=
ure when the magazine’s role remains in flux. Sidestepping the distra=
ction of the previous editor’s ouster for a moment, Artforum’s =
role as the central venue for gallery advertising has been under pressure f=
or years. Knight Landesman’s ouster for misconduct eroded that positi=
on as secular forces reduced the value of print advertising. The political =
minefield surrounding David Velasco’s departure only made it easier f=
or gallery’s to use the fraught circumstances as an excuse to stop ad=
vertising. There’s little indication that those ads will return under=
new editorial leadership. More to the point, Rivers Ryan will have to figu=
re out how to build a new venue for criticism that provides value to galler=
ies. Although there is no clear business model around, say, using the conve=
ning power of Artforum’s reputation to create gallery talks and event=
s that burnish the importance of an artist’s work in a way that galle=
ries increasingly seem to need. All of which is to say, Artforum’s mo=
del was broken long before its editor decided to try to mask his misunderst=
anding of journalistic ethics as a political position.</span></p></li><li s=
tyle=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; color: r=
gb(54, 55, 55); font-size: 16px; line-height: 26px; margin: 0; margin-botto=
m: 0; padding-left: 4px;"><strong><a href=3D"https://substack.com/redirect/=
d3045df0-f330-4312-affa-08bfd5fd2619?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQm=
MpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: rgb(54, 55, 55); text-de=
coration: underline;">The Whitney Biennial opens next week</a><span>: </spa=
n></strong><span>A flood of Instagram posts and reviews have taken the wind=
out of the Whitney Biennial even before it opens. The Times’s trio o=
f reviewers found plenty of interesting art works to discuss but no one see=
ms to be buying the conceit. Calling the show small in the number of artist=
s and in other ways, </span><a href=3D"https://substack.com/redirect/1f0ec2=
59-9238-41ad-848e-fc8efaa8721c?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrM=
e5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: rgb(54, 55, 55); text-decorati=
on: underline;">Jason Farago said it is</a><span> “resolutely low-ris=
k, visually polite, and never letting the wrong image get in the way of the=
right position.” His colleague </span><a href=3D"https://substack.co=
m/redirect/1f0ec259-9238-41ad-848e-fc8efaa8721c?j=3DeyJ1IjoiMjdjZXI5In0.nCN=
hOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: rgb(54, 55, 5=
5); text-decoration: underline;">Travis Diehl wrote</a><span> that it is &#=
8220;a show that can’t seem to decide who or where its audience is, w=
ho needs to hear its message, or whether it should have a message at all.&#=
8221; Incidentally, that last one could equally apply to the whole enterpri=
se of art criticism today. With so much art visible through social media, t=
he role of a biennial is diminished. </span><a href=3D"https://substack.com=
/redirect/1f0ec259-9238-41ad-848e-fc8efaa8721c?j=3DeyJ1IjoiMjdjZXI5In0.nCNh=
OM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: rgb(54, 55, 55=
); text-decoration: underline;">Farago adds</a><span> that the mission of s=
ummarizing “where art stands in the US” is impossible within a =
static culture that has all but given up on the idea of progress, societal =
or cultural. Even though the Whitney’s new director is not new to the=
museum, this might be a good moment to start formulating a different idea =
for what the Biennial might be. </span></p></li><li style=3D"margin: 8=
px 0 0 32px;"><p style=3D"box-sizing: border-box; color: rgb(54, 55, 55); f=
ont-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0; padding-lef=
t: 4px;"><strong><a href=3D"https://substack.com/redirect/e3642971-f335-42f=
f-a815-e49e9c94593f?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6=
Fx_g6pp7gWdY" rel style=3D"color: rgb(54, 55, 55); text-decoration: underli=
ne;">That Ruth Asawa at Wright made $144,900</a></strong><span>: We now kno=
w what registration with the Ruth Asawa estate is worth to the art market, =
about half the value. Wright’s restored Asawa work was sold for $144,=
900 this week which is about half the price of what comparable works have m=
ade at auction in recent years. Three tied-wire Asawa hanging sculptures ha=
ve sold for between $315,000 and $375,000 in the last decade. A much larger=
work sold for $884,000 five years ago and other, smaller works have sold f=
or prices closer to the $144,900 paid this week. </span></p></li></ol><div =
style=3D"font-size: 16px; line-height: 26px;"><hr style=3D"background: #e0e=
0e0; border: none; height: 1px; margin: 32px 0; padding: 0;"></div><h4 clas=
s=3D"header-with-anchor-widget" style=3D"-moz-appearance: optimizelegibilit=
y; -moz-osx-font-smoothing: antialiased; -webkit-appearance: optimizelegibi=
lity; -webkit-font-smoothing: antialiased; appearance: optimizelegibility; =
color: rgb(54, 55, 55); font-family: 'SF Pro Display', -apple-system-headli=
ne, system-ui, -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helve=
tica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI S=
ymbol'; font-size: 1.125em; font-weight: bold; line-height: 1.16em; margin:=
1em 0 0.625em 0; position: relative;">Clare McAndrew: Art Market =3D $65bn=
; Transactions Rise at Low End </h4><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"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" data-comp=
onent-name=3D"Image2ToDOMStatic" style=3D"mso-padding-alt: 1em 0 1.6em;"><t=
body><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-li=
nk" target=3D"_blank" href=3D"https://substack.com/redirect/a89f4795-d70d-4=
c90-8099-70198a52476a?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHX=
x6Fx_g6pp7gWdY" rel style=3D"align-items: center; border: none; display: bl=
ock; flex-direction: column; height: auto; margin: 0; padding: 0; position:=
relative; text-decoration: none; width: auto;"><img data-attrs=3D"{"s=
rc":"https://substack-post-media.s3.amazonaws.com/public/images/2=
b94593f-6102-4a7a-9098-149019864da8_1600x1027.png","srcNoWatermar=
k":null,"fullscreen":null,"imageSize":null,"h=
eight":935,"width":1456,"resizeWidth":null,"b=
ytes":null,"alt":null,"title":null,"type"=
;:null,"href":null,"belowTheFold":true,"topImage&q=
uot;:false,"internalRedirect":null}" alt width=3D"550" height=3D"=
353.19368131868134" class=3D"wide-image" src=3D"https://substackcdn.com/ima=
ge/fetch/w_2912,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F=
%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2b94593f-6102-4=
a7a-9098-149019864da8_1600x1027.png" style=3D"-ms-interpolation-mode: bicub=
ic; 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"text-align: center;"></td></tr></=
tbody></table></figure></div><p style=3D"color: rgb(54, 55, 55); font-size:=
16px; line-height: 26px; margin: 0 0 20px 0;"><span>It’s that time o=
f the year again, </span><a href=3D"https://substack.com/redirect/0401dd93-=
a7ec-42c4-998d-224aba776360?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5i=
RnigHXx6Fx_g6pp7gWdY" rel style=3D"color: rgb(54, 55, 55); text-decoration:=
underline;">Art Basel and UBS have released Clare McAndrew’s annual =
report on the state of the art market</a><span> just before Art Basel in Ho=
ng Kong. The headline number in the report—which will be repeated wid=
ely—is that the art market only fell by 4% in 2023 to a total of $65 =
billion. Considering the fairly tight range that McAndrew reports each year=
, the average for the last ten years was $63.7 billion and the last year be=
fore the pandemic disrupted the art market’s full functioning for sev=
eral years was $64.4 billion, the $65 billion number is stronger than expec=
ted.  </span></p><p style=3D"color: rgb(54, 55, 55); font-size: 1=
6px; line-height: 26px; margin: 0 0 20px 0;">Among other interesting data p=
oints presented were that auction sales fell by 7% with private sales at th=
e auction houses up 2%. Dealers’ overall sales were down only 3%, acc=
ording to McAndrew’s calculations. </p><p style=3D"color: rgb(54=
, 55, 55); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">Global =
sales continued to shift toward North America with 42% of the value in the =
US, 19% in China (boosted by pent-up pandemic sales), 17% in the UK and 7% =
in France. Sales in China were up on the re-opening of Asian markets after =
Covid. They were down in the UK and France. The US has become the default =
global seller of high value art work. US dominance is also a reflection of =
the relative health of the American economy in relation to the rest of the =
world. American buyers simply have more wealth to spend on art. These are m=
y observations, not McAndrews. </p><p style=3D"color: rgb(54, 55, 55);=
font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">One problem with =
McAndrew’s report, through no fault of her own, is that her findings =
get blurted out and repeated without much attention paid to the nuanced det=
ail in her data. For structural reasons, the art market is more valetudinar=
ian than most other markets. That means it’s a market that worries en=
dlessly about its own health with a bias toward sickness. A substantial por=
tion of the commenters from within and without the art market seem to want =
to believe disaster is looming around every turn of events. Thus, the sedul=
ous research and calibrated opinions in McAndrew’s report often get o=
verlooked. </p><p style=3D"color: rgb(54, 55, 55); font-size: 16px; li=
ne-height: 26px; margin: 0 0 20px 0;">For example, although the value of tr=
ansactions in 2023 fell by 4%—less than most feared—the number =
of transactions rose to 39.3 million or by 4%. That’s the highest num=
ber of transactions in four years but below the period of 2017-19. If volum=
e rose by 4% why didn’t that offset the 4% fall in value? That’=
s because there was a substantial shift in composition of works sold. The n=
umber of high value works fell and the number of low value works rose but n=
ot enough to compensate. The rise and fall were on the opposite ends of the=
price spectrum. To make up for the drop in works above $10 million would r=
equire a geometric rise in the number of works sold below $50,000. </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; wid=
th: 100%;"><table class=3D"image-wrapper" width=3D"100%" border=3D"0" cells=
pacing=3D"0" cellpadding=3D"0" data-component-name=3D"Image2ToDOMStatic" st=
yle=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align: c=
enter;"></td><td align=3D"left" class=3D"content" width=3D"1456" style=3D"t=
ext-align: center;"><a class=3D"image-link" target=3D"_blank" href=3D"https=
://substack.com/redirect/b746479b-29b3-40f0-82ff-6b8d523aab20?j=3DeyJ1IjoiM=
jdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_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; w=
idth: auto;"><img data-attrs=3D"{"src":"https://substack-pos=
t-media.s3.amazonaws.com/public/images/593c9187-7b98-464e-862e-f8dc92e99b3c=
_1600x1087.png","srcNoWatermark":null,"fullscreen"=
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uot;:null}" alt width=3D"550" height=3D"373.592032967033" class=3D"wide-ima=
ge" 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.c=
om%2Fpublic%2Fimages%2F593c9187-7b98-464e-862e-f8dc92e99b3c_1600x1087.png" =
style=3D"-ms-interpolation-mode: bicubic; border: none !important; display:=
block; height: auto; margin: 0 auto; margin-bottom: 0; max-width: 100% !im=
portant; vertical-align: middle; width: auto !important;"></a></td><td styl=
e=3D"text-align: center;"></td></tr></tbody></table></figure></div><p style=
=3D"color: rgb(54, 55, 55); font-size: 16px; line-height: 26px; margin: 0 0=
20px 0;">There’s good news in this shift. If you’ve been readi=
ng my auction analysis, you’ll know that I’ve been seeing indic=
ations of a focus on lower-value lots in the major auction house sales. McA=
ndrew’s data goes much further to show that dealers saw an 11% rise i=
n sales below $50,000. </p><p style=3D"color: rgb(54, 55, 55); font-size: 1=
6px; line-height: 26px; margin: 0 0 20px 0;">Overall, lower-value works are=
increasing in sales volume while the top works are slowing. This is import=
ant. Over the last decade, ther have been a variety of schemes aimed at =
220;democratizing the art market.” These range from fractionalization=
of art to NFTs—and include a wide range of other strategies to captu=
re the value of the art market’s victories which are not evenly distr=
ibuted or accessible to anyone who is interested in making a bet on the val=
ue of art. Democratization of the art market too often comes down to greed =
and FOMO.</p><p style=3D"color: rgb(54, 55, 55); font-size: 16px; line-heig=
ht: 26px; margin: 0 0 20px 0;">Centripetal force is the governing law of mo=
tion in the art market. Buyers crowd into the few artists that are currentl=
y in fashion. This magnifies value for a few artists and a few works. We ca=
n see this, McAndrew points out, in the huge increase over the last several=
years in works that sell for prices over $10 million. Since the global fin=
ancial crisis, even adjusting for inflation, the value of works sold for $1=
0 million or more has increased by two and a half times while the value of =
works priced under $50,000 has contracted.  </p><p style=3D"color=
: rgb(54, 55, 55); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"=
>During that 14-year period, the composition of the global art market has c=
hanged dramatically with a shift toward Contemporary art and away from lowe=
r-value antiques and collectibles. Is there a new generation of buyers pick=
ing up more individual works by a greater number of artists at lower prices=
? In other worlds, has that centripetal force reversed itself or, at least,=
produced a temporary countervailing force?</p><p style=3D"color: rgb(54, 5=
5, 55); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">A more dem=
ocratic art market isn’t one where more individuals access the financ=
ial gains of art collecting. It’s a market where there is demand for =
a wider range of works by a greater number—and more diverse selection=
—of artists, periods and styles. </p><p style=3D"color: rgb(54, =
55, 55); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">Again and=
again in her data, McAndrew presents evidence that this is happening—=
;in all collecting categories—and not just because the top of the mar=
ket is going into hibernation but because the number of low value works sol=
d grew substantially. In the dealer sector is was by as much as 11%. <=
/p><p style=3D"color: rgb(54, 55, 55); font-size: 16px; line-height: 26px; =
margin: 0 0 20px 0;">Having said that, in 2023 55% of the value in global a=
uctions lay in works that sell for more than $1 million. Drop the price bar=
down to $250,000—an enormous sum to most people—and that figur=
e rises to more than 74% of the value. So perhaps democratizing is as stron=
g word to use. Nevertheless, it will take time to see whether the art marke=
t is developing a stronger, more stable base in a wider distribution of low=
er-value sales. Until then, the nervous market can take some consolation th=
at, for once, the table is turned in the market and the vibrancy lies in th=
e often overlooked. </p><div style=3D"font-size: 16px; line-height: 26=
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