File: D:/hMailServer/Data/showfile.com/admin/3F/{3F231916-C011-47BF-92B1-82A88DDC8B1E}.eml
Return-Path: bounce+a5401e.4d1858-enzo=showfile.com@mg2.substack.com
Delivered-To: enzo@showfile.com
Received: from m244-17.mailgun.net (m244-17.mailgun.net [159.112.244.17])
by mail.itpartnership.com with ESMTPS
(version=TLSv1.3 cipher=TLS_AES_128_GCM_SHA256 bits=128)
; Fri, 2 Jun 2023 17:17:42 +0100
DKIM-Signature: a=rsa-sha256; v=1; c=relaxed/relaxed; d=mg2.substack.com;
q=dns/txt; s=mailo; t=1685722660; x=1685729860; h=List-Post: List-Id:
List-Unsubscribe: List-Archive: List-Owner: Reply-To: In-Reply-To:
References: sender: sender: Date: Message-Id: To: To: From: From: Subject:
Subject: Content-Type: Mime-Version;
bh=x3nxkHde+mfQTmpLkOwuGg7jrjpMWMy9ui3bWxgCeMg=;
b=Y+4gL1lDF8oBA8064WIJzMH+qqGLH0IRvDFCzdbmmVTOYNmfc1VmP1I6e3MYFQuC6ux+R5+txadNQ9OQnN3bZ7iuwizDMvC+L+ApageBPdim+Q/iRXuPpLvZVi/q3RydccCvRPolLu2MAeGsoVxPap5SACvPgjfZVHmSHuk+ngM=
X-Mailgun-Sending-Ip: 159.112.244.17
X-Mailgun-Sid: WyIxNmVjNCIsImVuem9Ac2hvd2ZpbGUuY29tIiwiNGQxODU4Il0=
Received: from <unknown> (<unknown> []) by 39a833a56519 with HTTP id
647a1618201c3557f4d3d90a; Fri, 02 Jun 2023 16:17:26 GMT
X-Mailgun-Batch-Id: 647a1616a742d94bd5e14622
Mime-Version: 1.0
Content-Type: multipart/alternative;
boundary="dc29e27aa6d34c816470af5e12d2508bd22ff98d87bbfc2051cd1fc6e689"
Subject: What We Learned this Week (2322)
From: Artelligence <artelligence@substack.com>
To: enzo@showfile.com
X-Mailgun-Tag: post
X-Mailgun-Track-Clicks: false
Message-Id: <20230602161601.3.ff3b834b12718354@mg2.substack.com>
Date: Fri, 2 Jun 2023 16:16:01 +0000
sender: Artelligence <artelligence@substack.com>
References: <post-125123677@substack.com>
In-Reply-To: <post-125123677@substack.com>
Reply-To: Artelligence
<reply+22hu1p&27cer9&&e37bfac68edf8e9993720c3af9333e2ed2135e9e24fb88fbd09e042cdb3ddd8c@mg1.substack.com>
List-Owner: <mailto:artelligence@substack.com>
List-URL: <https://artelligence.substack.com/>
List-Archive: <https://artelligence.substack.com/archive>
List-Unsubscribe: <https://artelligence.substack.com/action/disable_email/disable?token=eyJ1c2VyX2lkIjoxMzMyNjg2NjEsInBvc3RfaWQiOjEyNTEyMzY3NywiaWF0IjoxNjg1NzIyNjQyLCJleHAiOjE2ODgzMTQ2NDIsImlzcyI6InB1Yi0yMjU5Iiwic3ViIjoiZGlzYWJsZV9lbWFpbCJ9.O3HoMO_y5_3u_K5DGLkc5J051ommYExrOpldw-OwPps&expires=365d>
List-Unsubscribe-Post: List-Unsubscribe=One-Click
List-Id: <artelligence.substack.com>
List-Post: <https://artelligence.substack.com/p/what-we-learned-this-week-2322>
X-Mailgun-Variables: {"category": "post", "email_generated_at": "1685722643292", "is_freemail":
"true", "post_audience": "everyone", "post_id": "125123677", "post_type":
"newsletter", "pub_community_enabled": "true", "publication_id": "2259",
"subdomain": "artelligence", "user_id": "133268661"}
--dc29e27aa6d34c816470af5e12d2508bd22ff98d87bbfc2051cd1fc6e689
Content-Type: text/plain; charset="utf-8"
Content-Transfer-Encoding: quoted-printable
View this post on the web at https://artelligence.substack.com/p/what-we-le=
arned-this-week-2322
Welcome to Artelligence
The Artelligence newsletter combines auction data from LiveArt and commenta=
ry formerly on Art Market Monitor. The newsletter comes out every Friday wi=
th What We Learned this Week. Depending on the art market calendar or news =
cycle, you will receive other emails from this account on an irregular basi=
s.
We are eager to hear from you. If you have questions, tips or suggestions f=
or coverage, contact us here [ mailto:maneker@artmarketmonitor.com ]. Feel =
free to forward the email to anyone you think would like to subscribe.
Please check your spam folder! Some new subscribers may not have received t=
he newsletter in their inbox immediately.
In This Issue
Artelligence Podcast: David Galperin on Finding the Next Big Name
Notes: Sotheby=E2=80=99s buys Whitney Breuer building; Artex launches with =
a big Bacon; Sheffer lectures but doesn=E2=80=99t listen to his own advice=
=20
What Happened in Hong Kong: Christie=E2=80=99s Hong Kong 20/21 Sales =3D $1=
58m
Artelligence Podcast
David Galperin on Finding the Next Big Name
In this podcast, David Galperin, Sotheby=E2=80=99s Head of Contemporary Art=
for the Americas talks about the success of Justin Caguiat=E2=80=99s work =
in last month=E2=80=99s The Now sale, the continuing success of Jad=C3=A9 F=
adojutimi=E2=80=99s work and how the cycle of discovery has accelerated. Wh=
y do young artists or historically overlooked artists launch so quickly int=
o auction sales cycles? How does the discovery market function and what=E2=
=80=99s the interplay between galleries and auction houses.=20
Notes
Sotheby=E2=80=99s Will Move to Madison Avenue: In what has been a poorly ke=
pt secret over the last few months=E2=80=94including Sotheby=E2=80=99s CEO =
featuring the company=E2=80=99s new back-office facilities in Long Island C=
ity on his his Instagram [ https://substack.com/redirect/5641ec0e-6cc2-4279=
-8889-2d5bbfe9762e?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6F=
x_g6pp7gWdY ]=E2=80=94the auction house officially announced that it will a=
cquire the Marcel Breuer building that formerly housed the Whitney Museum a=
nd now is the temporary home of the Frick Collection. As a New York real es=
tate play=E2=80=94there aren=E2=80=99t many buyers for a former museum spac=
e created by a mid-century starchitect=E2=80=94and a market positioning mov=
e (you don=E2=80=99t have to be a genius to get the museum-quality vibe) it=
all seems pretty smart. Sotheby=E2=80=99s has struggled for years to make =
sense of their somewhat inconvenient location in what was once warehouse sp=
ace for the auctioneer before it was renovated in 2000 to reflect the forme=
r owner and luxury mall real estate developer=E2=80=99s ideas about how to =
break down barriers between the art world and luxury. The new galleries and=
saleroom will be in a more convenient location close to museum mile but st=
ill far from the city=E2=80=99s commercial core where its rivals are locate=
d. Bloomberg prices the acquisition at $100 million but that doesn=E2=80=99=
t include the cost of the new back offices or the separate offices Sotheby=
=E2=80=99s will have to acquire near the Whitney closer to the 2025 move-in=
date. The specialists and client services folks won=E2=80=99t be commuting=
between LIC and Madison Avenue. They=E2=80=99ll be housed somewhere nearby=
(to be determined closer to the move-in date but the area has exceedingly =
few buildings with office space for the 100 or so staff who would need to b=
e near the Breuer building.) By far the most important part of this deal is=
the fact that Sotheby=E2=80=99s still owns 1334 York which has become a fa=
r more valuable asset either as a real estate play in the medical superbloc=
k extending South or a sale.=20
Stock Exchange for Art Opens with $55m Francis Bacon: [ https://substack.co=
m/redirect/bdf59e23-e9fc-4571-8e20-0aea726c49f6?j=3DeyJ1IjoiMjdjZXI5In0.nCN=
hOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ] The prince of Liechtenstein=E2=
=80=99s pet project, a fractional art platform called Artex, is launching w=
ith a Francis Bacon work bought at Christie=E2=80=99s in May 2017 for almos=
t $52 million. Artex values the work at $55 million. Artex will sell shares=
in $100 units. Artex is hardly the first fractional ownership platform. Th=
e launch doesn=E2=80=99t explain how or why shares in individual art works =
would trade and how the valuation would be established by buyers and seller=
s. But let=E2=80=99s set that aside for a moment. Fractional ownership of a=
ssets relies on the idea that buyers will value a small piece of large and =
valuable asset at a higher level than owning the asset outright. Why? It=E2=
=80=99s hard to own really expensive assets unless you have a lot of money.=
On the other side of the equation, returns from the sale of art works come=
mostly from buying objects that are undervalued and selling them once thei=
r value becomes recognized. A $52 million Francis Bacon is not an undervalu=
ed asset by any calculation. Indeed, if the evidence of Si Newhouse=E2=80=
=99s small Bacon self-portrait is any indication, Bacon=E2=80=99s value has=
remained fairly flat for a decade and a half. The challenge for a fraction=
alization platform is that investors are unlikely to buy shares in underval=
ued artists to get the potential return. So their best hope is that the ass=
et will become an inflation hedge which might make Artex=E2=80=99s shares a=
n interesting barometer of inflation expectations.=20
The art world=E2=80=99s love language is sanctimony [ https://substack.com/=
redirect/382c7f75-b229-4771-bad7-c48054a0fa09?j=3DeyJ1IjoiMjdjZXI5In0.nCNhO=
M3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]: This story about Adam Sheffer act=
ing as an expert witness in one court case on the perils of fractional owne=
rship of an art work and being cited as the unnamed victim in a filing for =
another case is worth noting. If you don=E2=80=99t want to read the article=
, here=E2=80=99s a synopsis. Sheffer submitted an affidavit that said parti=
al owners must make efforts to retain control of the works of art they buy =
and otherwise register their ownership interest in the form of UCC filings.=
Yet, Sheffer is the unnamed victim in the lawsuit that has unravelled Lisa=
Schiff=E2=80=99s art advisory business and exposed her to serious conseque=
nces. The mystery here is whether a minor exposure was the reason Sheffer=
=E2=80=99s name was not used in the Schiff filing.
The Dial
The almost $159 million spent at Christie=E2=80=99s over the last weekend d=
uring four 20th and 21st Century art sales was 27% below the equivalent thr=
ee sales last year. Despite the significant pullback, the sale statistics w=
ere fairly strong. The hammer ratio was a positive but hardly raging 1.13. =
The sell-through rate was 88% comprising 287 lots offered and 253 sold lots=
=2E Of the sold lots, 39% were bid abov=
e estimates; 40% sold within the estim=
ates; and only 16% had to be sold at compromise prices. The average price o=
f a lot in these sales was $628,061.=20
What Happened in =E2=80=A6 Hong Kong
Following so closely upon the New York sales, Christie=E2=80=99s Hong Kong =
sales cycle last weekend offered an interesting counterpoint. Not only were=
the estimates set to encourage bidding and that was accomplished but sever=
al global artists were able to establish solid, if not spectacular, prices.=
Dominated by works from Yayoi Kusama, who had a whopping 17.38% of the ove=
rall spending, Zao Wou-ki, who came in at less than half that number of 7.4=
%, Yoshitomo Nara (5.72%), Basquiat (5%) and Koons (4.9%), on the strength =
of one lot each, Nicolas Party (4.7%) and Chu Teh-Chun (4.4%), the sales re=
inforced the message of May=E2=80=94the international art market has surpri=
sing strength in the face of significant economic pressures. Throughout thi=
s Winter and Spring, sales volumes around the world have been falling at ar=
ound ~30%.
Top Ten
The top lot at Christie=E2=80=99s was a curious Jean-Michel Basquiat that h=
ad been sold two and a half years earlier as part of a pair of similar work=
s [ https://substack.com/redirect/a80d9152-0fd3-415c-9c07-8e498e83ae9f?j=3D=
eyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ], acquired=
separately but sold together, for very strong prices. Black [ https://subs=
tack.com/redirect/4ad44cca-0216-4399-b74e-1a3799b648fa?j=3DeyJ1IjoiMjdjZXI5=
In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ] from 1986 made $8.1m in 2=
020 [ https://substack.com/redirect/4ad44cca-0216-4399-b74e-1a3799b648fa?j=
=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ] and $7=
=2E99m in Hong Kong last weekend.=
The consignor=E2=80=99s goals aren=E2=80=99=
t known. If it was a distress sale, the consignor got out with a haircut; i=
f it was a flip, there was no payoff. That said, what=E2=80=99s more intere=
sting about the sale isn=E2=80=99t the consignor=E2=80=99s loss but the fac=
t that a not dissimilar work sold in the Fineberg collection two weeks earl=
ier saw aggressive bidding. Brain [ https://substack.com/redirect/43c9c1c1-=
349e-4c83-93ef-b5377caea8b2?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5i=
RnigHXx6Fx_g6pp7gWdY ] from 1985 was one of the surprise bright spots in th=
e Fineberg evening sale making $5.6 million with fees against a $3m estimat=
e [ https://substack.com/redirect/43c9c1c1-349e-4c83-93ef-b5377caea8b2?j=3D=
eyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]. Jeff Koo=
ns=E2=80=99s Celebration-series work, [ https://substack.com/redirect/5234=
3ba1-f47b-4f81-9813-1d93e15d03e6?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpis=
rMe5iRnigHXx6Fx_g6pp7gWdY ]Sacred Heart [ https://substack.com/redirect/523=
43ba1-f47b-4f81-9813-1d93e15d03e6?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpi=
srMe5iRnigHXx6Fx_g6pp7gWdY ] from 2007, made estimated $7.7m [ https://subs=
tack.com/redirect/52343ba1-f47b-4f81-9813-1d93e15d03e6?j=3DeyJ1IjoiMjdjZXI5=
In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]. Koons=E2=80=99s work has=
dropped in value by half from its heights around the 2014 retrospective. T=
here are several contributing causes to that fall. But a work like this has=
proved resilient. Works of a similar size from the series have sold for ap=
proximately the same price in 2016 [ https://substack.com/redirect/9a5e8ec2=
-499e-4df0-9846-5152b755925c?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5=
iRnigHXx6Fx_g6pp7gWdY ] and 2011 [ https://substack.com/redirect/0b261678-8=
674-45a6-ac9d-431df7f13ff1?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iR=
nigHXx6Fx_g6pp7gWdY ]. As mentioned above, Yayoi Kusama is now the centerpi=
ece of the Asian Contemporary art auctions. The sheer volume $27.6 million =
and number of lots, 12, makes her the mainstay of these sales. Her average =
lot value was $2.3 million. The success of Ren=C3=A9 Magritte=E2=80=99s La =
promenoir des amants from 1930, making $6.5m with fees above the estimates,=
illustrates the growing global appeal of the most-famous Surrealist. The v=
olume of Nicolas Party sales have slowed in 2023 but the price action remai=
ns strong. Still Life from 2015 had a third-party guarantee but was still b=
id to $4.9m to achieve the artist=E2=80=99s second highest price at auction=
[ https://substack.com/redirect/e8696ab7-58a2-4991-8e9e-75efca519080?j=3De=
yJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]. A second =
work, Rocks from 2014, performed equally well [ https://substack.com/redir=
ect/fae87965-c7d7-4c59-b1da-1007232051df?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d=
0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]even though there was another third-part=
y guarantee on the work. A third lot, a work on paper, was bid to two times=
the estimate to make $385k. Avery Singer=E2=80=99s untitled work from 2016=
made her fourth highest price at auction, five works have now sold above $=
4 million publicly. [ https://substack.com/redirect/2e21a557-88de-4d68-b08f=
-444ec6ae0b5e?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6p=
p7gWdY ] The $3.1 million paid for Jean-Paul Riopelle [ https://substack.co=
m/redirect/e52b741e-bfb4-411b-9cd4-11f74cbd359d?j=3DeyJ1IjoiMjdjZXI5In0.nCN=
hOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]=E2=80=99s [ https://substack.co=
m/redirect/e52b741e-bfb4-411b-9cd4-11f74cbd359d?j=3DeyJ1IjoiMjdjZXI5In0.nCN=
hOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]Saint-Anthon [ https://substack.c=
om/redirect/e52b741e-bfb4-411b-9cd4-11f74cbd359d?j=3DeyJ1IjoiMjdjZXI5In0.nC=
NhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ] from 1954 [ https://substack.c=
om/redirect/e52b741e-bfb4-411b-9cd4-11f74cbd359d?j=3DeyJ1IjoiMjdjZXI5In0.nC=
NhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]is the artist=E2=80=99s sixth hi=
ghest price. That seems noteworthy that the sale took place in Asia where a=
bstraction remains a dominant aesthetic theme. =20
Most Dynamic Bidding
Aside from Kazuo Shiraga and Zao Wou-ki, two well established historical pa=
inters with mature markets, the most dynamic lots list is composed of lower=
value works by artists with emerging markets or continuing momentum. Carol=
ine Walker, Izumi Kato, Atushi Kaga have all been pursued over the last yea=
r. Price pops for Indonesian artist Ahmad Sadali, Indonesian sculptor But M=
ochtar, historical Japanese painter Zenzaburo Kojima, Japanese abstract pai=
nter Takesada Matsutani and young Hong Kong artist Firenze Lai suggest a ma=
rket looking for value in unexpected places.=20
Thanks for reading Artelligence! Subscribe for free to receive new posts.
Unsubscribe https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2V=
uY2Uuc3Vic3RhY2suY29tL2FjdGlvbi9kaXNhYmxlX2VtYWlsP3Rva2VuPWV5SjFjMlZ5WDJsa0=
lqb3hNek15TmpnMk5qRXNJbkJ2YzNSZmFXUWlPakV5TlRFeU16WTNOeXdpYVdGMElqb3hOamcxT=
npJeU5qUXlMQ0psZUhBaU9qRTJPRGd6TVRRMk5ESXNJbWx6Y3lJNkluQjFZaTB5TWpVNUlpd2lj=
M1ZpSWpvaVpHbHpZV0pzWlY5bGJXRnBiQ0o5Lk8zSG9NT195NV8zdV9LNURHTGtjNUowNTFvbW1=
ZRXhyT3BsZHctT3dQcHMmZXhwaXJlcz0zNjVkIiwicCI6MTI1MTIzNjc3LCJzIjoyMjU5LCJmIj=
p0cnVlLCJ1IjoxMzMyNjg2NjEsImlhdCI6MTY4NTcyMjY0MiwiZXhwIjoxNjg4MzE0NjQyLCJpc=
3MiOiJwdWItMCIsInN1YiI6ImxpbmstcmVkaXJlY3QifQ.J5qx4Kq0vxzjShgCA_tWXsKS7Bbpo=
sqZhhwQ76dVXH0?
--dc29e27aa6d34c816470af5e12d2508bd22ff98d87bbfc2051cd1fc6e689
Content-Type: text/html; charset="utf-8"
Content-Transfer-Encoding: quoted-printable
<html><head><meta charset=3D"utf-8"><title>What We Learned this Week (2322)=
</title><style>
@media all and (-ms-high-contrast: none), (-ms-high-contrast: active) {
.typography .markup table.image-wrapper img,
.typography.editor .markup table.image-wrapper img,
.typography .markup table.kindle-wrapper img,
.typography.editor .markup table.kindle-wrapper img {
max-width: 550px;
}
}
@media screen and (max-width: 650px) {
.typography .markup div.youtube-inner div.youtube-screen,
.typography.editor .markup div.youtube-inner div.youtube-screen,
.typography .markup div.vimeo-inner div.youtube-screen,
.typography.editor .markup div.vimeo-inner div.youtube-screen {
display: none !important;
}
}
@media screen and (max-width: 370px) {
.typography .markup div.tiktok-wrap,
.typography.editor .markup div.tiktok-wrap {
width: calc(95vw - 32px);
height: calc((95vw - 32px - 2px) / 0.485714);
}
}
@media screen and (max-width: 650px) {
.typography .markup div.embedded-publication-wrap .embedded-publication.s=
how-subscribe,
.typography.editor .markup div.embedded-publication-wrap .embedded-public=
ation.show-subscribe {
padding: 24px;
}
}
@media screen and (max-width: 650px) {
.typography .markup div.subscription-widget-wrap .subscription-widget.sho=
w-subscribe,
.typography.editor .markup div.subscription-widget-wrap .subscription-wid=
get.show-subscribe,
.typography .markup div.captioned-button-wrap .subscription-widget.show-s=
ubscribe,
.typography.editor .markup div.captioned-button-wrap .subscription-widget=
=2Eshow-subscribe {
padding: 24px;
}
}
@media screen and (max-width: 650px) {
.typography .markup div.subscription-widget-wrap .subscription-widget.sho=
w-subscribe .subscription-widget-subscribe .button,
.typography.editor .markup div.subscription-widget-wrap .subscription-wid=
get.show-subscribe .subscription-widget-subscribe .button,
.typography .markup div.captioned-button-wrap .subscription-widget.show-s=
ubscribe .subscription-widget-subscribe .button,
.typography.editor .markup div.captioned-button-wrap .subscription-widget=
=2Eshow-subscribe .subscription-widget-subscribe .button {
padding: 10px 12px;
min-width: 110px;
}
}
@media (max-width: 650px) {
.typography .markup .tweet,
.typography.editor .markup .tweet {
padding: 12px;
}
}
@media (max-width: 650px) {
.typography .markup .tweet .tweet-text,
.typography.editor .markup .tweet .tweet-text {
font-size: 14px;
line-height: 20px;
}
}
@media (max-width: 650px) {
.typography .markup .tweet .tweet-photos-container.two,
.typography.editor .markup .tweet .tweet-photos-container.two,
.typography .markup .tweet .tweet-photos-container.three,
.typography.editor .markup .tweet .tweet-photos-container.three,
.typography .markup .tweet .tweet-photos-container.four,
.typography.editor .markup .tweet .tweet-photos-container.four {
height: 200px;
}
}
@media (max-width: 650px) {
.typography .markup .tweet a.expanded-link .expanded-link-img,
.typography.editor .markup .tweet a.expanded-link .expanded-link-img {
max-height: 180px;
}
}
@media (max-width: 650px) {
.typography .markup .tweet a.expanded-link .expanded-link-description,
.typography.editor .markup .tweet a.expanded-link .expanded-link-descript=
ion {
display: none;
}
}
@media screen and (max-width: 650px) {
.typography .markup .apple-podcast-container,
.typography.editor .markup .apple-podcast-container {
width: unset;
}
}
@media (max-width: 420px) {
.typography .markup .install-substack-app-embed img.install-substack-app-=
embed-img,
.typography.editor .markup .install-substack-app-embed img.install-substa=
ck-app-embed-img {
margin: 0 auto 16px auto;
}
}
@media screen and (min-width: 420px) and (max-width: 600px) {
.typography .markup .install-substack-app-embed .install-substack-app-emb=
ed-text,
.typography.editor .markup .install-substack-app-embed .install-substack-=
app-embed-text {
max-width: calc(100% - 100px);
width: initial;
}
}
@media (max-width: 420px) {
.typography .markup .install-substack-app-embed .install-substack-app-emb=
ed-text,
.typography.editor .markup .install-substack-app-embed .install-substack-=
app-embed-text {
margin: 0 0 12px 0;
max-width: 100%;
width: auto;
text-align: center;
}
}
@media (max-width: 600px) {
.typography .markup .install-substack-app-embed .install-substack-app-emb=
ed-link,
.typography.editor .markup .install-substack-app-embed .install-substack-=
app-embed-link {
margin-top: 16px;
width: 100%;
}
}
@media screen and (min-width: 481px) {
.share-button-container {
height: 38px;
}
}
@media screen and (min-width: 481px) {
.share-button-container a.comment {
height: 38px;
line-height: 38px;
padding-right: 10px;
}
}
@media screen and (max-width: 480px) {
.share-button-container .separator {
display: block;
margin: 0;
height: 8px;
border-left: none;
}
}
@media screen and (max-width: 480px) {
.share-button-container a.share.first img {
padding-left: 0;
}
}
@media screen and (min-width: 481px) {
.share-button-container a.mobile {
display: none !important;
}
}
@media screen and (max-width: 650px) {
.social-media-share-preview__description {
-webkit-line-clamp: 2;
}
}
@media screen and (max-width: 1000px) {
.congrats-box {
flex-direction: column;
}
.congrats-box .congrats-box-right {
margin-left: 38px;
margin-top: 16px;
}
}
@media screen and (max-width: 500px) {
.congrats-box {
display: none;
}
}
@media screen and (min-width: 541px) {
.settings-add-pub-modal-wrapper .container .add-recommending-pub-modal-co=
ntainer {
padding: 36px;
height: 680px;
}
}
@media screen and (min-width: 541px) {
.settings-add-pub-modal-wrapper .container .add-recommending-pub-modal-co=
ntainer .footer {
position: absolute;
bottom: 36px;
margin: 0px;
}
}
@media screen and (max-width: 840px) {
.header-with-anchor-widget .header-anchor-widget,
.header-anchor-container .header-anchor-widget {
display: none;
}
}
@media screen and (min-width: 768px) {
.post {
padding: 32px 0 0 0;
}
}
@media screen and (max-width: 650px) {
.post .post-header .post-label {
margin-top: 8px;
}
}
@media screen and (max-width: 650px) {
.post .post-header .meta-author-wrap.alternative-meta .meta-right-column =
=2Epost-meta {
margin-top: 6px;
}
}
@media screen and (max-width: 650px) {
.post .footer-facepile-container {
height: 64px;
padding: 0 16px;
display: flex;
align-items: center;
justify-content: flex-start;
width: 100%;
}
}
@media screen and (max-width: 650px) {
.post .post-footer.use-separators {
justify-content: center;
}
}
@media screen and (max-width: 650px) {
.post .post-footer.next-prev {
height: 64px;
justify-content: space-between;
box-sizing: border-box;
}
}
@media screen and (max-width: 650px) {
.post-contributor-footer .post-contributor-bio-table {
display: block;
}
.post-contributor-footer .post-contributor-bio-table-row {
display: flex;
flex-direction: row;
}
.post-contributor-footer .post-contributor-bio-userhead-cell,
.post-contributor-footer .post-contributor-bio-body-cell {
display: block;
}
.post-contributor-footer .post-contributor-bio-body-cell {
flex-grow: 1;
}
.post-contributor-footer .post-contributor-bio-body-table {
display: block;
}
.post-contributor-footer .post-contributor-bio-body-table-row {
display: block;
}
.post-contributor-footer .post-contributor-bio-copy-cell,
.post-contributor-footer .post-contributor-bio-controls-cell {
display: block;
}
.post-contributor-footer .post-contributor-bio-copy-cell {
margin: 0 0 16px 0;
}
.post-contributor-footer .post-contributor-bio-controls-cell {
width: auto;
}
.post-contributor-footer .post-contributor-bio-controls {
margin: auto;
}
.post-contributor-footer .post-contributor-bio-controls .button.primary {
width: 100%;
}
.post-contributor-footer .post-contributor-bio-text {
font-size: 14px;
}
}
@media screen and (min-width: 768px) {
.post-silhouette {
padding: 16px 0;
}
}
@media screen and (max-width: 650px) {
.post-silhouette .post-silhouette-title {
margin-top: 10.44225025px;
height: 120px;
}
}
@media screen and (max-width: 650px) {
.post-silhouette .post-silhouette-meta {
width: 75%;
}
}
@media screen and (max-width: 650px) {
.post-silhouette .post-silhouette-meta.with-byline-image {
margin: 20px 0;
}
}
@media screen and (max-width: 650px) {
.use-theme-bg .post-meta.alternative-meta .post-meta-item,
.post-meta.alternative-meta .post-meta-item {
padding-right: 16px;
}
}
@media screen and (max-width: 370px) {
.use-theme-bg .post-meta.alternative-meta .post-meta-item,
.post-meta.alternative-meta .post-meta-item {
font-size: 14px;
}
}
@media screen and (max-width: 650px) {
.use-theme-bg .post-meta.alternative-meta .post-meta-item.guest-author-pu=
blication,
.post-meta.alternative-meta .post-meta-item.guest-author-publication {
display: none;
}
}
@media screen and (max-width: 370px) {
.post-meta .post-meta-item .post-meta-button {
height: 36px !important;
}
.post-meta .post-meta-item .post-meta-button .meta-button-label {
display: none;
}
.post-meta .post-meta-item .post-meta-button > svg {
margin-right: 0;
}
}
@media screen and (max-width: 370px) {
.post-meta .post-meta-item {
font-size: 12px;
}
}
@media screen and (max-width: 650px) {
.post-preview .post-preview-content .post-preview-meta {
margin-top: 12px 0;
}
}
@media screen and (max-width: 650px) {
.post-preview .post-preview-image {
display: none;
}
}
@media screen and (max-width: 650px) {
.post-preview-silhouette .post-preview-silhouette-image {
display: none;
}
}
@media screen and (max-width: 650px) {
.post .floating-subscribe-button {
bottom: 20px;
right: 20px;
}
}
@media all and (-ms-high-contrast: none), (-ms-high-contrast: active) {
body .markup table.image-wrapper img,
body .markup table.kindle-wrapper img {
max-width: 550px;
}
}
@media screen and (max-width: 650px) {
body .markup div.youtube-inner div.youtube-screen,
body .markup div.vimeo-inner div.youtube-screen {
display: none !important;
}
}
@media screen and (max-width: 370px) {
body .markup div.tiktok-wrap {
width: calc(95vw - 32px);
height: calc((95vw - 32px - 2px) / 0.485714);
}
}
@media screen and (max-width: 650px) {
body .markup div.embedded-publication-wrap .embedded-publication.show-sub=
scribe {
padding: 24px;
}
}
@media screen and (max-width: 650px) {
body .markup div.subscription-widget-wrap .subscription-widget.show-subsc=
ribe,
body .markup div.captioned-button-wrap .subscription-widget.show-subscrib=
e {
padding: 24px;
}
}
@media screen and (max-width: 650px) {
body .markup div.subscription-widget-wrap .subscription-widget.show-subsc=
ribe .subscription-widget-subscribe .button,
body .markup div.captioned-button-wrap .subscription-widget.show-subscrib=
e .subscription-widget-subscribe .button {
padding: 10px 12px;
min-width: 110px;
}
}
@media (max-width: 650px) {
body .markup .tweet {
padding: 12px;
}
}
@media (max-width: 650px) {
body .markup .tweet .tweet-text {
font-size: 14px;
line-height: 20px;
}
}
@media (max-width: 650px) {
body .markup .tweet .tweet-photos-container.two,
body .markup .tweet .tweet-photos-container.three,
body .markup .tweet .tweet-photos-container.four {
height: 200px;
}
}
@media (max-width: 650px) {
body .markup .tweet a.expanded-link .expanded-link-img {
max-height: 180px;
}
}
@media (max-width: 650px) {
body .markup .tweet a.expanded-link .expanded-link-description {
display: none;
}
}
@media screen and (max-width: 650px) {
body .markup .apple-podcast-container {
width: unset;
}
}
@media (max-width: 420px) {
body .markup .install-substack-app-embed img.install-substack-app-embed-i=
mg {
margin: 0 auto 16px auto;
}
}
@media screen and (min-width: 420px) and (max-width: 600px) {
body .markup .install-substack-app-embed .install-substack-app-embed-text=
{
max-width: calc(100% - 100px);
width: initial;
}
}
@media (max-width: 420px) {
body .markup .install-substack-app-embed .install-substack-app-embed-text=
{
margin: 0 0 12px 0;
max-width: 100%;
width: auto;
text-align: center;
}
}
@media (max-width: 600px) {
body .markup .install-substack-app-embed .install-substack-app-embed-link=
{
margin-top: 16px;
width: 100%;
}
}
@media screen and (min-width: 500px) {
body .header a.logo {
width: 42px;
height: 42px;
border-radius: 8px;
}
}
@media screen and (max-width: 420px) {
body .subscription-receipt table:first-of-type .subscription-amount .subs=
cription-discount {
width: 72px !important;
}
}
@media screen and (min-width: 481px) {
body .share-button-container {
height: auto;
}
}
@media screen and (max-width: 480px) {
body .share-button-container .separator {
display: block !important;
margin: 0 !important;
height: 8px !important;
border-left: none !important;
}
}
@media screen and (max-width: 650px) {
.digest .item .post-meta-item.audience {
display: none;
}
}
@media screen and (min-width: 500px) {
.digest-publication .logo img {
width: 42px;
height: 42px;
border-radius: 4px;
}
}
@media screen and (max-width: 650px) {
.comments-page .container .comment-list .collapsed-reply {
margin-left: 17px;
}
}
@media screen and (max-width: 650px) {
.comment > .comment-list {
padding-left: 25px;
}
}
@media screen and (max-width: 650px) {
.finish-magic-login-modal .modal-content .container {
padding: 24px 0;
}
}
@media (max-width: 650px) {
.reader2-text-b3 {
line-height: 24px;
}
}
@media screen and (max-width: 650px) {
.reader2-text-h4 {
line-height: 24px;
}
}
@media screen and (min-width: 541px) {
.user-profile-modal {
padding-left: 12px;
padding-right: 12px;
}
}
@media screen and (max-width: 650px) {
.subscribe-widget form.form .sideBySideWrap button.rightButton {
padding: 10px 12px;
}
}
@media screen and (min-width: 541px) {
.pub-icon:hover .logo-hover,
.feed-item-icon:hover .logo-hover {
display: block;
}
}
@media screen and (max-width: 650px) {
.post-ufi.single-full-width-button .post-ufi-button-wrapper {
width: 100%;
padding: 16px;
}
.post-ufi.single-full-width-button .post-ufi-button-wrapper:empty {
display: none;
}
.post-ufi.single-full-width-button .post-ufi-button {
width: 100%;
justify-content: center;
}
}
@media screen and (max-width: 768px) {
.file-embed-wrapper {
padding: 0;
}
}
@media screen and (max-width: 768px) {
.file-embed-wrapper-editor {
padding: 0;
}
}
@media screen and (max-width: 768px) {
.file-embed-wrapper-editor:active {
padding: 0;
}
}
@media only screen and (max-width: 650px) {
.file-embed-button.wide,
.file-embed-error-button.wide {
display: none;
}
}
@media only screen and (min-width: 630px) {
.file-embed-button.narrow,
.file-embed-error-button.narrow {
display: none;
}
}
@media screen and (min-width: 541px) {
.audio-player-wrapper .audio-player {
min-width: 500px;
}
}
@media screen and (max-width: 650px) {
.audio-player-wrapper .audio-player .audio-player-progress {
border-left-width: 16px;
border-right-width: 16px;
}
}
@media screen and (max-width: 650px) {
.audio-player-wrapper .audio-player .audio-player-progress .audio-player-=
progress-bar .audio-player-progress-bar-popup {
top: -54px;
}
}
@media screen and (max-width: 650px) {
.audio-player-wrapper-fancy .audio-player .audio-player-progress {
border-left-width: 16px;
border-right-width: 16px;
}
}
@media screen and (max-width: 650px) {
.audio-player-wrapper-fancy .audio-player .audio-player-progress .audio-p=
layer-progress-bar .audio-player-progress-bar-popup {
top: -54px;
}
}
@media (min-width: 250px) {
.audio-player-wrapper-fancy .audio-player {
padding: 32px;
}
.audio-player-wrapper-fancy .audio-player .btn-group {
display: flex;
}
.audio-player-wrapper-fancy .audio-player .btn-group .button:last-of-type=
{
display: block;
}
}
@media (min-width: 300px) {
.audio-player-wrapper-fancy .audio-player .btn-group {
display: block;
}
.audio-player-wrapper-fancy .audio-player .btn-group .button:first-of-typ=
e {
display: block;
}
}
@media (min-width: 350px) {
.audio-player-wrapper-fancy .audio-player .audio-player-substack-logo {
display: block;
}
.audio-player-wrapper-fancy .audio-player .audio-player-title {
margin-top: 16px;
}
.audio-player-wrapper-fancy .audio-player .audio-player-hero-image-contai=
ner {
padding-top: 15%;
width: 15%;
display: block;
}
.audio-player-wrapper-fancy .audio-player .btn-group .button:first-of-typ=
e {
display: block;
}
.audio-player-wrapper-fancy .audio-player .audio-player-substack-logo {
display: block;
}
}
@media (min-width: 350px) {
.audio-player-wrapper-fancy .audio-player .audio-player-hero-image-contai=
ner {
padding-top: 25%;
width: 25%;
display: block;
}
.audio-player-wrapper-fancy .audio-player .btn-group {
display: flex;
}
.audio-player-wrapper-fancy .audio-player .btn-group .button:first-of-typ=
e {
display: block;
}
}
@media (min-width: 400px) {
.audio-player-wrapper-fancy .audio-player .audio-player-hero-image-contai=
ner {
padding-top: 40%;
width: 40%;
}
}
@media (max-width: 400px) {
.audio-player-wrapper-fancy .audio-player .btn-group {
margin-top: 12px;
}
.audio-player-wrapper-fancy .audio-player .btn-group .button {
font-size: 13px;
padding: 6px 12px;
height: auto;
margin-top: 10px;
}
}
@media (min-width: 600px) {
.audio-player-wrapper-fancy .audio-player .audio-player-hero-image-contai=
ner {
padding-top: 55%;
width: 55%;
}
}
@media (max-width: 650px) {
.poll-editor-modal {
min-width: calc(100% - 20px);
}
}
@media (max-width: 750px) {
.poll-embed .poll-anchor-target .poll-anchor-copy-button {
left: 8px;
top: 45px;
}
}
@media screen and (min-width: 541px) {
.poll-embed .poll-wrapper.poll-web .poll-dialog .modal-table .modal-row .=
modal-content > .container {
width: 552px;
padding: 26px 24px;
}
}
@media screen and (max-width: 650px) {
.poll-embed .poll-wrapper.poll-web .poll-dialog .modal-table .modal-row .=
modal-content > .container {
padding: 40px 0;
}
}
@media screen and (max-width: 650px) {
.poll-embed .poll-wrapper.poll-web .poll-dialog .modal-row .modal-cell .m=
odal-exit-btn {
margin-right: -20px;
}
}
</style></head><body class=3D"email-body" style=3D"font-kerning: auto;"><im=
g src=3D"https://mailgun.substack.com/api/v1/email/open?token=3DeyJtIjoiPDI=
wMjMwNjAyMTYxNjAxLjMuZmYzYjgzNGIxMjcxODM1NEBtZzIuc3Vic3RhY2suY29tPiIsInUiOj=
EzMzI2ODY2MSwiciI6ImVuem9Ac2hvd2ZpbGUuY29tIiwiZCI6Im1nMi5zdWJzdGFjay5jb20iL=
CJwIjoxMjUxMjM2NzcsInQiOiJuZXdzbGV0dGVyIiwiYSI6ImV2ZXJ5b25lIiwicyI6MjI1OSwi=
YyI6InBvc3QiLCJmIjp0cnVlLCJwb3NpdGlvbiI6InRvcCIsImlhdCI6MTY4NTcyMjY0MywiZXh=
wIjoxNjg4MzE0NjQzLCJpc3MiOiJwdWItMCIsInN1YiI6ImVvIn0.vnQaBBdL7QCUWyb0T7Gn9U=
09DeVBUsrUDOBeFR8odXg" alt=3D"" width=3D"1" height=3D"1" border=3D"0" style=
=3D"height:1px !important;width:1px !important;border-width:0 !important;ma=
rgin-top:0 !important;margin-bottom:0 !important;margin-right:0 !important;=
margin-left:0 !important;padding-top:0 !important;padding-bottom:0 !importa=
nt;padding-right:0 !important;padding-left:0 !important;"/><img src=3D"http=
s://eotrx.substackcdn.com/open?token=3DeyJtIjoiPDIwMjMwNjAyMTYxNjAxLjMuZmYz=
YjgzNGIxMjcxODM1NEBtZzIuc3Vic3RhY2suY29tPiIsInUiOjEzMzI2ODY2MSwiciI6ImVuem9=
Ac2hvd2ZpbGUuY29tIiwiZCI6Im1nMi5zdWJzdGFjay5jb20iLCJwIjoxMjUxMjM2NzcsInQiOi=
JuZXdzbGV0dGVyIiwiYSI6ImV2ZXJ5b25lIiwicyI6MjI1OSwiYyI6InBvc3QiLCJmIjp0cnVlL=
CJwb3NpdGlvbiI6InRvcCIsImlhdCI6MTY4NTcyMjY0MywiZXhwIjoxNjg4MzE0NjQzLCJpc3Mi=
OiJwdWItMCIsInN1YiI6ImVvIn0.vnQaBBdL7QCUWyb0T7Gn9U09DeVBUsrUDOBeFR8odXg" al=
t=3D"" width=3D"1" height=3D"1" border=3D"0" style=3D"height:1px !important=
;width:1px !important;border-width:0 !important;margin-top:0 !important;mar=
gin-bottom:0 !important;margin-right:0 !important;margin-left:0 !important;=
padding-top:0 !important;padding-bottom:0 !important;padding-right:0 !impor=
tant;padding-left:0 !important;"/><div style=3D"display:none;font-size:1px;=
color:#333333;line-height:1px;max-height:0px;max-width:0px;opacity:0;overfl=
ow:hidden;" class=3D"preview">Sotheby's buys the Whitney Breuer Building + =
What Happened in Hong Kong  ‌ ‌ ‌ =
204; ‌ ‌ ‌ ‌ ‌ =
‌ ‌ ‌ ‌ ‌ ‌=
60;‌ ‌ ‌ ‌ ‌ ‌=
 ‌ ‌ ‌ ‌ ‌ R=
04; ‌ ‌ ‌ ‌ ‌ &=
#8204; ‌ ‌ ‌ ‌ ‌=
0;‌ ‌ ‌ ‌ ‌ ‌&=
#160;‌ ‌ ‌ ‌ ‌ ̴=
4; ‌ ‌ ‌ ‌ ‌ &#=
8204; ‌ ‌ ‌ ‌ ‌ =
;‌ ‌ ‌ ‌ ‌ ‌&#=
160;‌ ‌ ‌ ‌ ‌ ‌=
; ‌ ‌ ‌ ‌ ‌ =
204; ‌ ‌ ‌ ‌ ‌ =
‌ ‌ ‌ ‌ ‌ ‌=
60;‌ ‌ ‌ ‌ ‌ ‌=
 ‌ ‌ ‌ ‌ ‌ R=
04; ‌ ‌ ‌ ‌ ‌ &=
#8204; ‌ ‌ ‌ ‌ ‌=
0;‌ ‌ ‌ ‌ ‌ ‌&=
#160;‌ ‌ ‌ ‌ ‌ ̴=
4; ‌ ‌ ‌ ‌ ‌ &#=
8204; ‌ ‌ ‌ ‌ ‌ =
;‌ ‌ ‌ ‌ ‌ ‌&#=
160;‌ ‌ ‌ ‌ ‌ ‌=
; ‌ ‌ ‌ ‌ ‌ =
204; ‌ ‌ ‌ ‌ ‌ =
‌ ‌ ‌ ‌ ‌ ‌=
60;‌ ‌ ‌ ‌ ‌ ‌=
 ‌ ‌ ‌ ‌ ‌ R=
04; ‌ ‌ ‌ ‌ ‌ &=
#8204; ‌ ‌ ‌ ‌ ‌=
0;‌ ‌ ‌ ‌ ‌ ‌&=
#160;‌ ‌ ‌ ‌ ‌ ̴=
4;</div><table role=3D"presentation" width=3D"100%" border=3D"0" cellspacin=
g=3D"0" cellpadding=3D"0" class=3D"email-body-container"><tr><td></td><td w=
idth=3D"550" class=3D"content"></td><td></td></tr><tr><td></td><td align=3D=
"left" width=3D"550" class=3D"content"><div style=3D"font-size: 16px; line-=
height: 26px; margin: 0 auto; max-width: 550px; overflow-wrap: break-word; =
width: 100%;"><table role=3D"presentation" width=3D"100%" border=3D"0" cell=
spacing=3D"0" cellpadding=3D"0"><tr><td align=3D"right" style=3D"height: 20=
px;"><table role=3D"presentation" width=3D"auto" border=3D"0" cellspacing=
=3D"0" cellpadding=3D"0"><tr><td style=3D"vertical-align: middle;"><span cl=
ass=3D"tw-font-body tw-text-ssm tw-text-substack-secondary" style=3D"color:=
#808080 !important; font-family: SF Pro Text, -apple-system, BlinkMacSyste=
mFont, Inter, Segoe UI, Roboto, Helvetica, Arial, sans-serif, Apple Color E=
moji, Segoe UI Emoji, Segoe UI Symbol !important; font-size: 13px !importan=
t;"><a href=3D"https://open.substack.com/pub/artelligence/p/what-we-learned=
-this-week-2322?utm_source=3Demail&redirect=3Dapp-store" class=3D"tw-text-s=
ubstack-secondary tw-underline" style=3D"-webkit-text-decoration-line: unde=
rline !important; color: #808080 !important; text-decoration-line: underlin=
e !important;">Open in app</a> or <a href=3D"https://substack.com/redirect/=
2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2VuY2Uuc3Vic3RhY2suY29tL3Avd2hhdC13ZS1sZWFyb=
mVkLXRoaXMtd2Vlay0yMzIyP3Rva2VuPWV5SjFjMlZ5WDJsa0lqb3hNek15TmpnMk5qRXNJbkJ2=
YzNSZmFXUWlPakV5TlRFeU16WTNOeXdpYVdGMElqb3hOamcxTnpJeU5qUXlMQ0psZUhBaU9qRTJ=
PRGd6TVRRMk5ESXNJbWx6Y3lJNkluQjFZaTB5TWpVNUlpd2ljM1ZpSWpvaWNHOXpkQzF5WldGam=
RHbHZiaUo5LnRZbFJVUkFUQldITVc5WG55U2hZWjU3NGFyN3pma2RVUFFEMzczU1Q5b3ciLCJwI=
joxMjUxMjM2NzcsInMiOjIyNTksImYiOnRydWUsInUiOjEzMzI2ODY2MSwiaWF0IjoxNjg1NzIy=
NjQyLCJleHAiOjE2ODgzMTQ2NDIsImlzcyI6InB1Yi0wIiwic3ViIjoibGluay1yZWRpcmVjdCJ=
9.sw_hmR_t928oGFxQw_jlchcrQ3f4JJ3btR9yDV21F58?" class=3D"tw-text-substack-s=
econdary tw-underline" style=3D"-webkit-text-decoration-line: underline !im=
portant; color: #808080 !important; text-decoration-line: underline !import=
ant;">online</a></span></td></tr></table></td></tr></table><table role=3D"p=
resentation" width=3D"auto" class=3D"header graphic-header" style=3D"border=
-spacing: 0; padding: 16px 0 32px;"><tr><td align=3D"center" style=3D"paddi=
ng: 0; text-align: center;"><a href=3D"https://substack.com/redirect/2/eyJl=
IjoiaHR0cHM6Ly9hcnRlbGxpZ2VuY2Uuc3Vic3RhY2suY29tL3Avd2hhdC13ZS1sZWFybmVkLXR=
oaXMtd2Vlay0yMzIyP3Rva2VuPWV5SjFjMlZ5WDJsa0lqb3hNek15TmpnMk5qRXNJbkJ2YzNSZm=
FXUWlPakV5TlRFeU16WTNOeXdpYVdGMElqb3hOamcxTnpJeU5qUXlMQ0psZUhBaU9qRTJPRGd6T=
VRRMk5ESXNJbWx6Y3lJNkluQjFZaTB5TWpVNUlpd2ljM1ZpSWpvaWNHOXpkQzF5WldGamRHbHZi=
aUo5LnRZbFJVUkFUQldITVc5WG55U2hZWjU3NGFyN3pma2RVUFFEMzczU1Q5b3ciLCJwIjoxMjU=
xMjM2NzcsInMiOjIyNTksImYiOnRydWUsInUiOjEzMzI2ODY2MSwiaWF0IjoxNjg1NzIyNjQyLC=
JleHAiOjE2ODgzMTQ2NDIsImlzcyI6InB1Yi0wIiwic3ViIjoibGluay1yZWRpcmVjdCJ9.sw_h=
mR_t928oGFxQw_jlchcrQ3f4JJ3btR9yDV21F58?"><img role=3D"presentation" width=
=3D"550" height=3D"110" src=3D"https://substackcdn.com/image/fetch/w_1100,c=
_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-=
media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe3cfc2fc-ffba-4eae-8c1a-7c9381cc=
0cef_1100x220.png" class=3D"header-image" style=3D"border: none !important;=
display: block; height: auto; margin: 0 auto; max-width: 550px; vertical-a=
lign: 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-header" style=3D"font-size: 16px; line-heig=
ht: 26px;"><h1 class=3D"post-title published" style=3D"-moz-appearance: opt=
imizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-appearance: =
optimizelegibility; -webkit-font-smoothing: antialiased; appearance: optimi=
zelegibility; color: #404040; font-family: 'SF Compact Display', -apple-sys=
tem, 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://substa=
ck.com/app-link/post?publication_id=3D2259&post_id=3D125123677&utm_source=
=3Dpost-email-title&isFreemail=3Dtrue&token=3DeyJ1c2VyX2lkIjoxMzMyNjg2NjEsI=
nBvc3RfaWQiOjEyNTEyMzY3NywiaWF0IjoxNjg1NzIyNjQyLCJleHAiOjE2ODgzMTQ2NDIsImlz=
cyI6InB1Yi0yMjU5Iiwic3ViIjoicG9zdC1yZWFjdGlvbiJ9.tYlRURATBWHMW9XnyShYZ574ar=
7zfkdUPQD373ST9ow" style=3D"color: #404040; text-decoration: none;">What We=
Learned this Week (2322)</a></h1><h3 class=3D"subtitle" style=3D"-moz-appe=
arance: optimizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-a=
ppearance: optimizelegibility; -webkit-font-smoothing: antialiased; appeara=
nce: optimizelegibility; color: #808080; font-family: 'SF Compact Display',=
-apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, s=
ans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-s=
ize: 18px; font-weight: normal; line-height: 24px; margin: 4px 0 0; margin-=
top: 12px;">Sotheby's buys the Whitney Breuer Building + What Happened in H=
ong Kong</h3><table role=3D"presentation" width=3D"100%" border=3D"0" cells=
pacing=3D"0" cellpadding=3D"0" class=3D"post-meta" style=3D"align-items: ce=
nter; height: 20px; margin: 1em 0;"><tr><td><table role=3D"presentation" wi=
dth=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td><tabl=
e role=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D"0" cellp=
adding=3D"0"><tr><td style=3D"vertical-align: middle;"><div class=3D"pencra=
ft frontend-pencraft-Box-module__reset--tAIEo frontend-pencraft-Text-module=
__size-11--1-ofT frontend-pencraft-Text-module__line-height-20--1soeQ front=
end-pencraft-Text-module__weight-medium--aTbx5 frontend-pencraft-Text-modul=
e__font-meta--2i-cR frontend-pencraft-Text-module__color-primary--2I-sF fro=
ntend-pencraft-Text-module__transform-uppercase--38jbr frontend-pencraft-Te=
xt-module__reset--20JLV frontend-pencraft-Text-module__meta--3RRSj custom-c=
ss-email-post-author" style=3D"color: #404040; font-family: 'SF Compact', -=
apple-system, -apple-system, -system-ui, BlinkMacSystemFont, 'Segoe UI', Ro=
boto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', =
'Segoe UI Symbol'; font-size: 11px; font-weight: 500; letter-spacing: .2px;=
line-height: 20px; margin: 0; text-decoration: unset; text-transform: uppe=
rcase;"><a style=3D"color: #404040; font-family: 'SF Compact', -apple-syste=
m, -apple-system, -system-ui, BlinkMacSystemFont, 'Segoe UI', Roboto, Helve=
tica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI S=
ymbol'; font-size: 11px; font-weight: 500; letter-spacing: .2px; line-heigh=
t: 20px; margin: 0; text-decoration: none; text-transform: uppercase;" href=
=3D"https://substack.com/redirect/56a9f37b-e55a-4427-ae25-6e2031c4cba2?j=3D=
eyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" class=3D"p=
encraft frontend-pencraft-Box-module__reset--tAIEo frontend-pencraft-Text-m=
odule__size-11--1-ofT frontend-pencraft-Text-module__line-height-20--1soeQ =
frontend-pencraft-Text-module__weight-medium--aTbx5 frontend-pencraft-Text-=
module__font-meta--2i-cR frontend-pencraft-Text-module__color-primary--2I-s=
F frontend-pencraft-Text-module__transform-uppercase--38jbr frontend-pencra=
ft-Text-module__reset--20JLV frontend-pencraft-Text-module__meta--3RRSj">Ma=
rion Maneker</a></div></td></tr></table></td></tr><tr><td><table role=3D"pr=
esentation" width=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"=
><tr><td style=3D"vertical-align: middle;"><div class=3D"pencraft frontend-=
pencraft-Box-module__reset--tAIEo frontend-pencraft-Text-module__size-11--1=
-ofT frontend-pencraft-Text-module__line-height-20--1soeQ frontend-pencraft=
-Text-module__weight-medium--aTbx5 frontend-pencraft-Text-module__font-meta=
--2i-cR frontend-pencraft-Text-module__color-secondary--XjVGl frontend-penc=
raft-Text-module__transform-uppercase--38jbr frontend-pencraft-Text-module_=
_reset--20JLV frontend-pencraft-Text-module__meta--3RRSj" style=3D"color: #=
808080; font-family: 'SF Compact', -apple-system, -apple-system, -system-ui=
, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Ap=
ple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 11px; fon=
t-weight: 500; letter-spacing: .2px; line-height: 20px; margin: 0; text-dec=
oration: unset; text-transform: uppercase;"><time dateTime=3D"2023-06-02T16=
:16:46.260Z">Jun 2</time></div></td></tr></table></td></tr></table></td></t=
r></table><table role=3D"presentation" width=3D"100%" border=3D"0" cellspac=
ing=3D"0" cellpadding=3D"0" class=3D"email-ufi-2-top" style=3D"border-botto=
m: 1px solid rgba(0, 0, 0, .13); border-top: 1px solid rgba(0, 0, 0, .13); =
min-width: 100%;"><tr height=3D"16"><td height=3D"16" style=3D"font-size: 0=
px; line-height: 0;"> </td></tr><tr><td><table role=3D"presentation" w=
idth=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td><tab=
le role=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D"0" cell=
padding=3D"0"><tr><td style=3D"vertical-align: middle;"><table role=3D"pres=
entation" width=3D"38" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr=
><td align=3D"center"><a href=3D"https://substack.com/app-link/post?publica=
tion_id=3D2259&post_id=3D125123677&utm_source=3Dsubstack&isFreemail=3Dtrue&=
submitLike=3Dtrue&token=3DeyJ1c2VyX2lkIjoxMzMyNjg2NjEsInBvc3RfaWQiOjEyNTEyM=
zY3NywicmVhY3Rpb24iOiLinaQiLCJpYXQiOjE2ODU3MjI2NDIsImV4cCI6MTY4ODMxNDY0Miwi=
aXNzIjoicHViLTIyNTkiLCJzdWIiOiJyZWFjdGlvbiJ9.5uT8gOI4Orp5rahbCzzRIsSKs-jjRY=
6dLx7-VOUieV8&utm_medium=3Demail" style=3D"border: 1px solid rgba(0, 0, 0, =
=2E13); border-radius: 100000px; box-si=
zing: border-box; color: #808080; disp=
lay: inline-block; font-family: 'SF Pro Text', -apple-system, ui-sans-serif=
, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Ap=
ple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 12px; fon=
t-weight: 500; line-height: 1; min-width: 38px; padding: 9px 0; text-decora=
tion: none; text-transform: uppercase; width: 38px;" class=3D"email-icon-bu=
tton"><img src=3D"https://substackcdn.com/image/fetch/w_36,c_scale,f_png,q_=
auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack.com%2Ficon%2FLucideHe=
art%3Fv%3D4%26height%3D36%26fill%3Dnone%26stroke%3D%2523808080%26strokeWidt=
h%3D2" width=3D"18" height=3D"18" style=3D"border: none !important; max-wid=
th: 18px; vertical-align: middle;" alt class=3D"icon"></a></td></tr></table=
></td><td width=3D"8" style=3D"min-width: 8px"></td><td style=3D"vertical-a=
lign: middle;"><table role=3D"presentation" width=3D"38" border=3D"0" cells=
pacing=3D"0" cellpadding=3D"0"><tr><td align=3D"center"><a href=3D"https://=
substack.com/app-link/post?publication_id=3D2259&post_id=3D125123677&utm_so=
urce=3Dsubstack&utm_medium=3Demail&isFreemail=3Dtrue&comments=3Dtrue&token=
=3DeyJ1c2VyX2lkIjoxMzMyNjg2NjEsInBvc3RfaWQiOjEyNTEyMzY3NywiaWF0IjoxNjg1NzIy=
NjQyLCJleHAiOjE2ODgzMTQ2NDIsImlzcyI6InB1Yi0yMjU5Iiwic3ViIjoicG9zdC1yZWFjdGl=
vbiJ9.tYlRURATBWHMW9XnyShYZ574ar7zfkdUPQD373ST9ow&utm_source=3Dsubstack&utm=
_medium=3Demail" style=3D"border: 1px solid rgba(0, 0, 0, .13); border-radi=
us: 100000px; box-sizing: border-box; color: #808080; display: inline-block=
; font-family: 'SF Pro Text', -apple-system, ui-sans-serif, BlinkMacSystemF=
ont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji',=
'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 12px; font-weight: 500; li=
ne-height: 1; min-width: 38px; padding: 9px 0; text-decoration: none; text-=
transform: uppercase; width: 38px;" class=3D"email-icon-button"><img src=3D=
"https://substackcdn.com/image/fetch/w_36,c_scale,f_png,q_auto:good,fl_prog=
ressive:steep/https%3A%2F%2Fsubstack.com%2Ficon%2FLucideComments%3Fv%3D4%26=
height%3D36%26fill%3Dnone%26stroke%3D%2523808080%26strokeWidth%3D2" width=
=3D"18" height=3D"18" style=3D"border: none !important; max-width: 18px; ve=
rtical-align: middle;" alt class=3D"icon"></a></td></tr></table></td><td wi=
dth=3D"8" style=3D"min-width: 8px"></td><td style=3D"vertical-align: middle=
;"><table role=3D"presentation" width=3D"38" border=3D"0" cellspacing=3D"0"=
cellpadding=3D"0"><tr><td align=3D"center"><a href=3D"https://substack.com=
/redirect/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2VuY2Uuc3Vic3RhY2suY29tL3Avd2hhdC1=
3ZS1sZWFybmVkLXRoaXMtd2Vlay0yMzIyP3V0bV9zb3VyY2U9c3Vic3RhY2smdXRtX21lZGl1bT=
1lbWFpbCZhY3Rpb249cmVzdGFjay1jb21tZW50IiwicCI6MTI1MTIzNjc3LCJzIjoyMjU5LCJmI=
jp0cnVlLCJ1IjoxMzMyNjg2NjEsImlhdCI6MTY4NTcyMjY0MiwiZXhwIjoxNjg4MzE0NjQyLCJp=
c3MiOiJwdWItMCIsInN1YiI6ImxpbmstcmVkaXJlY3QifQ.eo482E_PLpSGhV6xEhOdXCyVe1mC=
LLXyBwx7DSiM8ZE?&utm_source=3Dsubstack&utm_medium=3Demail" style=3D"border:=
1px solid rgba(0, 0, 0, .13); border-radius: 100000px; box-sizing: border-=
box; color: #808080; display: inline-block; font-family: 'SF Pro Text', -ap=
ple-system, ui-sans-serif, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetic=
a, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symb=
ol'; font-size: 12px; font-weight: 500; line-height: 1; min-width: 38px; pa=
dding: 9px 0; text-decoration: none; text-transform: uppercase; width: 38px=
;" class=3D"email-icon-button"><img src=3D"https://substackcdn.com/image/fe=
tch/w_36,c_scale,f_png,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubst=
ack.com%2Ficon%2FNoteForwardIcon%3Fv%3D4%26height%3D36%26fill%3Dnone%26stro=
ke%3D%2523808080%26strokeWidth%3D2" width=3D"18" height=3D"18" style=3D"bor=
der: none !important; max-width: 18px; vertical-align: middle;" alt class=
=3D"icon"></a></td></tr></table></td></tr></table></td><td align=3D"right">=
<table role=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D"0" =
cellpadding=3D"0"><tr><td style=3D"vertical-align: middle;"><table role=3D"=
presentation" width=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"=
0"><tr><td align=3D"center"><a href=3D"https://substack.com/app-link/post?p=
ublication_id=3D2259&post_id=3D125123677&utm_source=3Dsubstack&utm_medium=
=3Demail&utm_content=3Dshare&action=3Dshare&triggerShare=3Dtrue&isFreemail=
=3Dtrue&token=3DeyJ1c2VyX2lkIjoxMzMyNjg2NjEsInBvc3RfaWQiOjEyNTEyMzY3NywiaWF=
0IjoxNjg1NzIyNjQyLCJleHAiOjE2ODgzMTQ2NDIsImlzcyI6InB1Yi0yMjU5Iiwic3ViIjoicG=
9zdC1yZWFjdGlvbiJ9.tYlRURATBWHMW9XnyShYZ574ar7zfkdUPQD373ST9ow" class=3D"em=
ail-button-outline" style=3D"border: 1px solid rgba(0, 0, 0, .13); border-r=
adius: 100000px; color: #808080; display: inline-block; font-family: 'SF Pr=
o Text', -apple-system, ui-sans-serif, BlinkMacSystemFont, 'Segoe UI', Robo=
to, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'S=
egoe UI Symbol'; font-size: 12px; font-weight: 500; line-height: 12px; padd=
ing: 9px 14px; text-decoration: none; text-transform: uppercase;"><div clas=
s=3D"email-button-spacer" style=3D"display: inline-block; font-size: 16px; =
line-height: 26px; max-width: 0; min-height: 18px; vertical-align: middle;"=
></div><span class=3D"email-button-text" style=3D"vertical-align: middle;">=
Share</span></a></td></tr></table></td></tr></table></td></tr></table></td>=
</tr><tr height=3D"16"><td height=3D"16" style=3D"font-size: 0px; line-heig=
ht: 0;"> </td></tr></table></div></div><div dir=3D"auto" class=3D"post=
typography" style=3D"font-size: 16px; line-height: 26px; padding: 16px 0 0=
0;"><div dir=3D"auto" class=3D"body markup" style=3D"font-family: 'SF Pro =
Display', -apple-system, BlinkMacSystemFont, 'Inter', 'Segoe UI', Roboto, H=
elvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe =
UI Symbol'; font-size: 16px; font-weight: 400; line-height: 26px; margin-bo=
ttom: 16px; text-align: initial; width: 100%; word-break: break-word;"><p s=
tyle=3D"color: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20p=
x 0; margin-top: 0;">Welcome to Artelligence</p><h5 style=3D"-moz-appearanc=
e: optimizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-appear=
ance: optimizelegibility; -webkit-font-smoothing: antialiased; appearance: =
optimizelegibility; color: #404040; font-family: 'SF Compact Display', -app=
le-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-s=
erif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-weight=
: bold; line-height: 1.16em; margin: 1em 0 0.625em 0;"><span>The Artelligen=
ce newsletter combines auction data from LiveArt and commentary formerly on=
Art Market Monitor. The newsletter comes out every Friday with </span><str=
ong>What We Learned this Week</strong><span>. Depending on the art market c=
alendar or news cycle, you will receive other emails from this account on a=
n irregular basis.</span></h5><h5 style=3D"-moz-appearance: optimizelegibil=
ity; -moz-osx-font-smoothing: antialiased; -webkit-appearance: optimizelegi=
bility; -webkit-font-smoothing: antialiased; appearance: optimizelegibility=
; color: #404040; font-family: 'SF Compact Display', -apple-system, BlinkMa=
cSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color=
Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-weight: bold; line-heigh=
t: 1.16em; margin: 1em 0 0.625em 0;"><span>We are eager to hear from you. I=
f you have questions, tips or suggestions for coverage, </span><a href=3D"h=
ttps://substack.com/redirect/9c107a1b-468d-4b3f-8553-c1debc430950?j=3DeyJ1I=
joiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"co=
lor: #404040; text-decoration: underline;">contact us here</a><span>. Feel =
free to forward the email to anyone you think would like to subscribe.</spa=
n></h5><h5 style=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoo=
thing: antialiased; -webkit-appearance: optimizelegibility; -webkit-font-sm=
oothing: antialiased; appearance: optimizelegibility; color: #404040; 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-weight: bold; line-height: 1.16em; margin: 1em =
0 0.625em 0;"><span>Please check your spam folder! </span><strong>Some new =
subscribers may not have received the newsletter in their inbox immediately=
=2E</strong></h5><div data-component-=
name=3D"SubscribeWidget" class=3D"subscr=
ibe-widget is-signed-up is-fully-subscribed" style=3D"direction: ltr; font-=
size: 16px; line-height: 26px; margin: 0 0 1em;"><p class=3D"button-wrapper=
" style=3D"color: #404040; font-size: 16px; line-height: 26px; margin: 0 0 =
20px 0; text-align: center;"><a href=3D"https://substack.com/redirect/2/eyJ=
lIjoiaHR0cHM6Ly9hcnRlbGxpZ2VuY2Uuc3Vic3RhY2suY29tL2FjY291bnQiLCJwIjoxMjUxMj=
M2NzcsInMiOjIyNTksImYiOnRydWUsInUiOjEzMzI2ODY2MSwiaWF0IjoxNjg1NzIyNjQyLCJle=
HAiOjE2ODgzMTQ2NDIsImlzcyI6InB1Yi0wIiwic3ViIjoibGluay1yZWRpcmVjdCJ9.oXS6p98=
w_ofDrvBMmdYsIHyqoNq2Ea85uyOyaDvu7tg?" class=3D"button subscribe-btn outlin=
e" style=3D"background: transparent; background-color: transparent; border:=
1px solid #653366; border-radius: 4px; box-sizing: border-box; color: #653=
366; cursor: pointer; display: inline-block; font-family: -apple-system, Bl=
inkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple =
Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 14px; font-we=
ight: 600; height: auto; line-height: 20px; margin: 0 auto; opacity: 1; out=
line: none; padding: 12px 20px; text-align: center; text-decoration: none !=
important; white-space: nowrap;"><img src=3D"https://substackcdn.com/image/=
fetch/w_40,c_scale,f_png,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsub=
stack.com%2Ficon%2FLucideCheck%3Fv%3D4%26height%3D40%26fill%3Dtransparent%2=
6stroke%3D%2523653366%26strokeWidth%3D3.6" width=3D"20" height=3D"20" style=
=3D"-ms-interpolation-mode: bicubic; border: none !important; display: inli=
ne-block; height: auto; margin: -2px 8px 0 0; max-width: 20px; vertical-ali=
gn: middle;" alt class=3D"check-icon static"><span style=3D"text-decoration=
: none;">Subscribe</span></a></p></div><div style=3D"font-size: 16px; line-=
height: 26px;"><hr style=3D"background: #e0e0e0; border: none; height: 1px;=
margin: 32px 0; padding: 0;"></div><h2 class=3D"header-with-anchor-widget"=
style=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoothing: ant=
ialiased; -webkit-appearance: optimizelegibility; -webkit-font-smoothing: a=
ntialiased; appearance: optimizelegibility; color: #404040; font-family: 'S=
F Compact Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, =
Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe=
UI Symbol'; font-size: 1.625em; font-weight: bold; line-height: 1.16em; ma=
rgin: 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 32px;"><p style=3D=
"box-sizing: border-box; color: #404040; font-size: 16px; line-height: 26px=
; margin: 0; margin-bottom: 0; padding-left: 4px;"><strong>Artelligence Pod=
cast: </strong><span>David Galperin on Finding the Next Big Name</span></p>=
</li><li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box=
; color: #404040; font-size: 16px; line-height: 26px; margin: 0; margin-bot=
tom: 0; padding-left: 4px;"><strong>Notes: </strong><span>Sotheby’s b=
uys Whitney Breuer building; Artex launches with a big Bacon; Sheffer lectu=
res but doesn’t listen to his own advice </span></p></li><li style=3D=
"margin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; color: #404040;=
font-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0; padding-l=
eft: 4px;"><strong>What Happened in Hong Kong: </strong><span>Christie̵=
7;s Hong Kong 20/21 Sales =3D $158m</span></p></li></ol><div style=3D"font-=
size: 16px; line-height: 26px;"><hr style=3D"background: #e0e0e0; border: n=
one; height: 1px; margin: 32px 0; padding: 0;"></div><h2 class=3D"header-wi=
th-anchor-widget" style=3D"-moz-appearance: optimizelegibility; -moz-osx-fo=
nt-smoothing: antialiased; -webkit-appearance: optimizelegibility; -webkit-=
font-smoothing: antialiased; appearance: optimizelegibility; color: #404040=
; font-family: 'SF Compact Display', -apple-system, BlinkMacSystemFont, 'Se=
goe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe =
UI Emoji', 'Segoe UI Symbol'; font-size: 1.625em; font-weight: bold; line-h=
eight: 1.16em; margin: 1em 0 0.625em 0; position: relative;">Artelligence P=
odcast</h2><h4 class=3D"header-with-anchor-widget" style=3D"-moz-appearance=
: optimizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-appeara=
nce: optimizelegibility; -webkit-font-smoothing: antialiased; appearance: o=
ptimizelegibility; color: #404040; font-family: 'SF Compact Display', -appl=
e-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-se=
rif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1=
=2E125em; font-weight: bold; line-heigh=
t: 1.16em; margin: 1em 0 0.625em 0; po=
sition: relative;">David Galperin on Finding the Next Big Name</h4><div cla=
ss=3D"captioned-image-container-static" style=3D"font-size: 16px; line-heig=
ht: 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"ms=
o-padding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align: center;"><=
/td><td align=3D"left" class=3D"content" width=3D"1250" style=3D"text-align=
: center;"><a class=3D"image-link" target=3D"_blank" href=3D"https://substa=
ck.com/redirect/8d48ab6e-0083-40e1-b1b6-52ad2361559a?j=3DeyJ1IjoiMjdjZXI5In=
0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"align-items: ce=
nter; border: none; display: block; flex-direction: column; height: auto; m=
argin: 0; padding: 0; position: relative; text-decoration: none; width: aut=
o;"><img data-attrs=3D"{"src":"https://substack-post-media.s=
3.amazonaws.com/public/images/de7bad1c-691f-4717-91c1-02ca8cfd09bf_1250x125=
1.jpeg","fullscreen":null,"imageSize":null,"h=
eight":1251,"width":1250,"resizeWidth":null,"=
bytes":272438,"alt":"","title":null,&quo=
t;type":"image/jpeg","href":null,"belowTheFol=
d":true,"topImage":false,"internalRedirect":null}"=
alt title width=3D"550" height=3D"550.44" class=3D"wide-image" src=3D"http=
s://substackcdn.com/image/fetch/w_2500,c_limit,f_auto,q_auto:good,fl_progre=
ssive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fi=
mages%2Fde7bad1c-691f-4717-91c1-02ca8cfd09bf_1250x1251.jpeg" style=3D"-ms-i=
nterpolation-mode: bicubic; border: none !important; display: block; height=
: auto; margin: 0 auto; margin-bottom: 0; max-width: 100% !important; verti=
cal-align: middle; width: auto !important;"></a></td><td style=3D"text-alig=
n: center;"></td></tr></tbody></table></figure></div><p style=3D"color: #40=
4040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">In this podc=
ast, David Galperin, Sotheby’s Head of Contemporary Art for the Ameri=
cas talks about the success of Justin Caguiat’s work in last month=
217;s The Now sale, the continuing success of Jadé Fadojutimi’s =
work and how the cycle of discovery has accelerated. Why do young artists o=
r historically overlooked artists launch so quickly into auction sales cycl=
es? How does the discovery market function and what’s the interplay b=
etween galleries and auction houses. </p><p class=3D"button-wrapper" data-a=
ttrs=3D"{"url":"https://soundcloud.com/artelligence/sothebys=
-david-galperin-on-finding-the-next-big-name/s-N4LrLzvtJCu?si=3Dc79fdad6d45=
846d5a2ed83e4cab71d10&utm_source=3Dclipboard&utm_medium=3Dtext&=
utm_campaign=3Dsocial_sharing","text":"Listen Now!"=
;,"action":null,"class":null}" data-component-name=3D"B=
uttonCreateButton" style=3D"color: #404040; font-size: 16px; line-height: 2=
6px; margin: 0 0 20px 0; text-align: center;"><a class=3D"button primary" h=
ref=3D"https://substack.com/redirect/86715414-d544-4683-9ead-048f2dacb990?j=
=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel sty=
le=3D"background-color: #653366; border: none; border-radius: 4px; box-sizi=
ng: border-box; color: #ffffff !important; cursor: pointer; display: inline=
-block; font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto,=
Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Sego=
e UI Symbol'; font-size: 14px; font-weight: 600; height: auto; line-height:=
20px; margin: 0; opacity: 1; outline: none; padding: 12px 20px; text-align=
: center; text-decoration: none !important; white-space: nowrap;"><span sty=
le=3D"color: #ffffff; text-decoration: none;">Listen Now!</span></a></p><di=
v style=3D"font-size: 16px; line-height: 26px;"><hr style=3D"background: #e=
0e0e0; border: none; height: 1px; margin: 32px 0; padding: 0;"></div><h2 cl=
ass=3D"header-with-anchor-widget" style=3D"-moz-appearance: optimizelegibil=
ity; -moz-osx-font-smoothing: antialiased; -webkit-appearance: optimizelegi=
bility; -webkit-font-smoothing: antialiased; appearance: optimizelegibility=
; color: #404040; font-family: 'SF Compact Display', -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;=
">Notes</h2><ol style=3D"margin-top: 0; padding: 0;"><li style=3D"margin: 8=
px 0 0 32px;"><p style=3D"box-sizing: border-box; color: #404040; font-size=
: 16px; line-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"=
><strong>Sotheby’s Will Move to Madison Avenue: </strong><span>In wha=
t has been a poorly kept secret over the last few months—including </=
span><a href=3D"https://substack.com/redirect/5641ec0e-6cc2-4279-8889-2d5bb=
fe9762e?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY=
" rel style=3D"color: #404040; text-decoration: underline;">Sotheby’s=
CEO featuring the company’s new back-office facilities in Long Islan=
d City on his his Instagram</a><span>—the auction house officially an=
nounced that it will acquire the Marcel Breuer building that formerly house=
d the Whitney Museum and now is the temporary home of the Frick Collection.=
As a New York real estate play—there aren’t many buyers for a =
former museum space created by a mid-century starchitect—and a market=
positioning move (you don’t have to be a genius to get the museum-qu=
ality vibe) it all seems pretty smart. Sotheby’s has struggled for ye=
ars to make sense of their somewhat inconvenient location in what was once =
warehouse space for the auctioneer before it was renovated in 2000 to refle=
ct the former owner and luxury mall real estate developer’s ideas abo=
ut how to break down barriers between the art world and luxury. The new gal=
leries and saleroom will be in a more convenient location close to museum m=
ile but still far from the city’s commercial core where its rivals ar=
e located. Bloomberg prices the acquisition at $100 million but that doesn&=
#8217;t include the cost of the new back offices or the separate offices So=
theby’s will have to acquire near the Whitney closer to the 2025 move=
-in date. The specialists and client services folks won’t be commutin=
g between LIC and Madison Avenue. They’ll be housed somewhere nearby =
(to be determined closer to the move-in date but the area has exceedingly f=
ew buildings with office space for the 100 or so staff who would need to be=
near the Breuer building.) By far the most important part of this deal is =
the fact that Sotheby’s still owns 1334 York which has become a far m=
ore valuable asset either as a real estate play in the medical superblock e=
xtending South or a sale. </span></p></li><li style=3D"margin: 8px 0 0 32px=
;"><p style=3D"box-sizing: border-box; color: #404040; font-size: 16px; lin=
e-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><strong><a=
href=3D"https://substack.com/redirect/bdf59e23-e9fc-4571-8e20-0aea726c49f6=
?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel s=
tyle=3D"color: #404040; text-decoration: underline;">Stock Exchange for Art=
Opens with $55m Francis Bacon:</a><span> </span></strong><span>The prince =
of Liechtenstein’s pet project, a fractional art platform called Arte=
x, is launching with a Francis Bacon work bought at Christie’s in May=
2017 for almost $52 million. Artex values the work at $55 million. Artex w=
ill sell shares in $100 units. Artex is hardly the first fractional ownersh=
ip platform. The launch doesn’t explain how or why shares in individu=
al art works would trade and how the valuation would be established by buye=
rs and sellers. But let’s set that aside for a moment. Fractional own=
ership of assets relies on the idea that buyers will value a small piece of=
large and valuable asset at a higher level than owning the asset outright.=
Why? It’s hard to own really expensive assets unless you have a lot =
of money. On the other side of the equation, returns from the sale of art w=
orks come mostly from buying objects that are undervalued and selling them =
once their value becomes recognized. A $52 million Francis Bacon is not an =
undervalued asset by any calculation. Indeed, if the evidence of Si Newhous=
e’s small Bacon self-portrait is any indication, Bacon’s value =
has remained fairly flat for a decade and a half. The challenge for a fract=
ionalization platform is that investors are unlikely to buy shares in under=
valued artists to get the potential return. So their best hope is that the =
asset will become an inflation hedge which might make Artex’s shares =
an interesting barometer of inflation expectations. </span></p></li><li sty=
le=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; color: #40=
4040; font-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0; padd=
ing-left: 4px;"><strong><a href=3D"https://substack.com/redirect/382c7f75-b=
229-4771-bad7-c48054a0fa09?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iR=
nigHXx6Fx_g6pp7gWdY" rel style=3D"color: #404040; text-decoration: underlin=
e;">The art world’s love language is sanctimony</a><span>: </span></s=
trong><span>This story about Adam Sheffer acting as an expert witness in on=
e court case on the perils of fractional ownership of an art work and being=
cited as the unnamed victim in a filing for another case is worth noting. =
If you don’t want to read the article, here’s a synopsis. Sheff=
er submitted an affidavit that said partial owners must make efforts to ret=
ain control of the works of art they buy and otherwise register their owner=
ship interest in the form of UCC filings. Yet, Sheffer is the unnamed victi=
m in the lawsuit that has unravelled Lisa Schiff’s art advisory busin=
ess and exposed her to serious consequences. The mystery here is whether a =
minor exposure was the reason Sheffer’s name was not used in the Schi=
ff filing.</span></p></li></ol><div style=3D"font-size: 16px; line-height: =
26px;"><hr style=3D"background: #e0e0e0; border: none; height: 1px; margin:=
32px 0; padding: 0;"></div><h4 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: #404040; font-family: 'SF Comp=
act Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvet=
ica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Sy=
mbol'; font-size: 1.125em; font-weight: bold; line-height: 1.16em; margin: =
1em 0 0.625em 0; position: relative;">The Dial</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" cellpaddin=
g=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"492" style=3D"text-align: center;"><a =
class=3D"image-link" target=3D"_blank" href=3D"https://substack.com/redirec=
t/4ef89a01-d8b2-4ee3-95a9-22ecc259228b?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0j=
QmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"align-items: center; border: =
none; display: block; flex-direction: column; height: auto; margin: 0; padd=
ing: 0; position: relative; text-decoration: none; width: auto;"><img data-=
attrs=3D"{"src":"https://substack-post-media.s3.amazonaws.co=
m/public/images/ef63b79a-50d0-477a-8121-54839485b235_1024x1024.jpeg",&=
quot;fullscreen":null,"imageSize":null,"height":10=
24,"width":1024,"resizeWidth":492,"bytes":253=
837,"alt":null,"title":null,"type":"imag=
e/jpeg","href":null,"belowTheFold":true,"topI=
mage":false,"internalRedirect":null}" alt width=3D"492" heig=
ht=3D"492" class src=3D"https://substackcdn.com/image/fetch/w_492,c_limit,f=
_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3=
=2Eamazonaws.com%2Fpublic%2Fimages%2Fef=
63b79a-50d0-477a-8121-54839485b235_102=
4x1024.jpeg" style=3D"-ms-interpolation-mode: bicubic; border: none !import=
ant; display: block; height: auto; margin: 0 auto; margin-bottom: 0; max-wi=
dth: 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: #404040; font-size: 16px; line-height: 26px; margin=
: 0 0 20px 0;">The almost $159 million spent at Christie’s over the l=
ast weekend during four 20th and 21st Century art sales was 27% below the e=
quivalent three sales last year. Despite the significant pullback, the sale=
statistics were fairly strong. The hammer ratio was a positive but hardly =
raging 1.13. The sell-through rate was 88% comprising 287 lots offered and =
253 sold lots. Of the sold lots, 39% were bid above estimates; 40% sold wit=
hin the estimates; and only 16% had to be sold at compromise prices. The av=
erage price of a lot in these sales was $628,061. </p><div class=3D"caption=
ed-image-container-static" style=3D"font-size: 16px; line-height: 26px; mar=
gin: 32px auto;"><figure style=3D"margin: 0 auto; width: 100%;"><table clas=
s=3D"image-wrapper" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpaddi=
ng=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"496" style=3D"text-align: center;"><a =
class=3D"image-link" target=3D"_blank" href=3D"https://substack.com/redirec=
t/45cf12b8-c751-4db2-97f3-880c04119f88?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0j=
QmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"align-items: center; border: =
none; display: block; flex-direction: column; height: auto; margin: 0; padd=
ing: 0; position: relative; text-decoration: none; width: auto;"><img data-=
attrs=3D"{"src":"https://substack-post-media.s3.amazonaws.co=
m/public/images/fa202aed-8438-4cfa-9454-722369b488d0_1024x1024.jpeg",&=
quot;fullscreen":null,"imageSize":null,"height":10=
24,"width":1024,"resizeWidth":496,"bytes":373=
848,"alt":null,"title":null,"type":"imag=
e/jpeg","href":null,"belowTheFold":true,"topI=
mage":false,"internalRedirect":null}" alt width=3D"496" heig=
ht=3D"496" class src=3D"https://substackcdn.com/image/fetch/w_496,c_limit,f=
_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3=
=2Eamazonaws.com%2Fpublic%2Fimages%2Ffa=
202aed-8438-4cfa-9454-722369b488d0_102=
4x1024.jpeg" style=3D"-ms-interpolation-mode: bicubic; border: none !import=
ant; display: block; height: auto; margin: 0 auto; margin-bottom: 0; max-wi=
dth: 100% !important; vertical-align: middle; width: auto !important;"></a>=
</td><td style=3D"text-align: center;"></td></tr></tbody></table></figure><=
/div><div style=3D"font-size: 16px; line-height: 26px;"><hr style=3D"backgr=
ound: #e0e0e0; border: none; height: 1px; margin: 32px 0; padding: 0;"></di=
v><h4 class=3D"header-with-anchor-widget" style=3D"-moz-appearance: optimiz=
elegibility; -moz-osx-font-smoothing: antialiased; -webkit-appearance: opti=
mizelegibility; -webkit-font-smoothing: antialiased; appearance: optimizele=
gibility; color: #404040; font-family: 'SF Compact Display', -apple-system,=
BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'App=
le Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.125em; f=
ont-weight: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; position: r=
elative;">What Happened in … Hong Kong</h4><p style=3D"color: #404040=
; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">Following so clo=
sely upon the New York sales, Christie’s Hong Kong sales cycle last w=
eekend offered an interesting counterpoint. Not only were the estimates set=
to encourage bidding and that was accomplished but several global artists =
were able to establish solid, if not spectacular, prices. Dominated by work=
s from Yayoi Kusama, who had a whopping 17.38% of the overall spending, Zao=
Wou-ki, who came in at less than half that number of 7.4%, Yoshitomo Nara =
(5.72%), Basquiat (5%) and Koons (4.9%), on the strength of one lot each, N=
icolas Party (4.7%) and Chu Teh-Chun (4.4%), the sales reinforced the messa=
ge of May—the international art market has surprising strength in the=
face of significant economic pressures. Throughout this Winter and Spring,=
sales volumes around the world have been falling at around ~30%.</p><h4 cl=
ass=3D"header-with-anchor-widget" style=3D"-moz-appearance: optimizelegibil=
ity; -moz-osx-font-smoothing: antialiased; -webkit-appearance: optimizelegi=
bility; -webkit-font-smoothing: antialiased; appearance: optimizelegibility=
; color: #404040; font-family: 'SF Compact Display', -apple-system, BlinkMa=
cSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color=
Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.125em; font-weig=
ht: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; position: relative;=
">Top Ten</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%" borde=
r=3D"0" cellspacing=3D"0" cellpadding=3D"0" data-component-name=3D"Image2To=
DOMStatic" 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"145=
6" style=3D"text-align: center;"><a class=3D"image-link" target=3D"_blank" =
href=3D"https://substack.com/redirect/339483a8-5984-428f-b2f5-e9cb9b1f6bc0?=
j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel st=
yle=3D"align-items: center; border: none; display: block; flex-direction: c=
olumn; height: auto; margin: 0; padding: 0; position: relative; text-decora=
tion: none; width: auto;"><img data-attrs=3D"{"src":"https:/=
/substack-post-media.s3.amazonaws.com/public/images/12f94a26-c673-4e85-8903=
-2bc714b8d2af_1654x500.png","fullscreen":null,"imageSiz=
e":null,"height":440,"width":1456,"resizeWidt=
h":null,"bytes":182497,"alt":null,"title"=
;:null,"type":"image/png","href":null,"b=
elowTheFold":true,"topImage":false,"internalRedirect&qu=
ot;:null}" alt width=3D"550" height=3D"166.2087912087912" 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%2F12f94a26-c673-4e85-8903-2bc714b8d2af_1654x500.png" s=
tyle=3D"-ms-interpolation-mode: bicubic; border: none !important; display: =
block; height: auto; margin: 0 auto; margin-bottom: 0; max-width: 100% !imp=
ortant; vertical-align: middle; width: auto !important;"></a></td><td style=
=3D"text-align: center;"></td></tr></tbody></table></figure></div><p style=
=3D"color: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;=
"><span>The top lot at Christie’s was a curious </span><strong>Jean-M=
ichel Basquiat</strong><span> that had been sold two and a half years earli=
er as part of </span><a href=3D"https://substack.com/redirect/a80d9152-0fd3=
-415c-9c07-8e498e83ae9f?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnig=
HXx6Fx_g6pp7gWdY" rel style=3D"color: #404040; text-decoration: underline;"=
>a pair of similar works</a><span>, acquired separately but sold together, =
for very strong prices. </span><em><a href=3D"https://substack.com/redirect=
/4ad44cca-0216-4399-b74e-1a3799b648fa?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQ=
mMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: #404040; text-decoratio=
n: underline;">Black</a></em><a href=3D"https://substack.com/redirect/4ad44=
cca-0216-4399-b74e-1a3799b648fa?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisr=
Me5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: #404040; text-decoration: und=
erline;"> from 1986 made $8.1m in 2020</a><span> and $7.99m in Hong Kong la=
st weekend. The consignor’s goals aren’t known. If it was a dis=
tress sale, the consignor got out with a haircut; if it was a flip, there w=
as no payoff. That said, what’s more interesting about the sale isn&#=
8217;t the consignor’s loss but the fact that a not dissimilar work s=
old in the Fineberg collection two weeks earlier saw aggressive bidding. </=
span><em><a href=3D"https://substack.com/redirect/43c9c1c1-349e-4c83-93ef-b=
5377caea8b2?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7=
gWdY" rel style=3D"color: #404040; text-decoration: underline;">Brain</a></=
em><a href=3D"https://substack.com/redirect/43c9c1c1-349e-4c83-93ef-b5377ca=
ea8b2?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" =
rel style=3D"color: #404040; text-decoration: underline;"> from 1985 was on=
e of the surprise bright spots in the Fineberg evening sale making $5.6 mil=
lion with fees against a $3m estimate</a><span>. J</span><strong>eff Koons<=
/strong><span>’s Celebration-series work,</span><a href=3D"https://su=
bstack.com/redirect/52343ba1-f47b-4f81-9813-1d93e15d03e6?j=3DeyJ1IjoiMjdjZX=
I5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: #404=
040; text-decoration: underline;"> </a><em><a href=3D"https://substack.com/=
redirect/52343ba1-f47b-4f81-9813-1d93e15d03e6?j=3DeyJ1IjoiMjdjZXI5In0.nCNhO=
M3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: #404040; text-d=
ecoration: underline;">Sacred Heart</a></em><a href=3D"https://substack.com=
/redirect/52343ba1-f47b-4f81-9813-1d93e15d03e6?j=3DeyJ1IjoiMjdjZXI5In0.nCNh=
OM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: #404040; text-=
decoration: underline;"> from 2007, made estimated $7.7m</a><span>. Koons&#=
8217;s work has dropped in value by half from its heights around the 2014 r=
etrospective. There are several contributing causes to that fall. But a wor=
k like this has proved resilient. Works of a similar size from the series h=
ave sold for approximately the</span><a href=3D"https://substack.com/redire=
ct/9a5e8ec2-499e-4df0-9846-5152b755925c?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0=
jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: #404040; text-decorat=
ion: underline;"> same price in 2016</a><span> and </span><a href=3D"https:=
//substack.com/redirect/0b261678-8674-45a6-ac9d-431df7f13ff1?j=3DeyJ1IjoiMj=
djZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: =
#404040; text-decoration: underline;">2011</a><span>. As mentioned above, <=
/span><strong>Yayoi Kusama</strong><span> is now the centerpiece of the Asi=
an Contemporary art auctions. The sheer volume $27.6 million and number of =
lots, 12, makes her the mainstay of these sales. Her average lot value was =
$2.3 million. The success of </span><strong>René Magritte</strong><spa=
n>’s </span><em>La promenoir des amants</em><span> from 1930, making =
$6.5m with fees above the estimates, illustrates the growing global appeal =
of the most-famous Surrealist. The volume of </span><strong>Nicolas Party</=
strong><span> sales have slowed in 2023 but the price action remains strong=
=2E </span><em>Still Life</em><span> fr=
om 2015 had a third-party guarantee bu=
t was still bid </span><a href=3D"https://substack.com/redirect/e8696ab7-58=
a2-4991-8e9e-75efca519080?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRn=
igHXx6Fx_g6pp7gWdY" rel style=3D"color: #404040; text-decoration: underline=
;">to $4.9m to achieve the artist’s second highest price at auction</=
a><span>. A second work, </span><em>Rocks</em><span> from 2014, </span><a h=
ref=3D"https://substack.com/redirect/fae87965-c7d7-4c59-b1da-1007232051df?j=
=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel sty=
le=3D"color: #404040; text-decoration: underline;">performed equally well <=
/a><span>even though there was another third-party guarantee on the work. A=
third lot, a work on paper, was bid to two times the estimate to make $385=
k. </span><strong>Avery Singer</strong><span>’s untitled work from 20=
16 made her fourth highest price at auction, </span><a href=3D"https://subs=
tack.com/redirect/2e21a557-88de-4d68-b08f-444ec6ae0b5e?j=3DeyJ1IjoiMjdjZXI5=
In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: #40404=
0; text-decoration: underline;">five works have now sold above $4 million p=
ublicly.</a><span> The $3.1 million paid for </span><strong><a href=3D"http=
s://substack.com/redirect/e52b741e-bfb4-411b-9cd4-11f74cbd359d?j=3DeyJ1Ijoi=
MjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color=
: #404040; text-decoration: underline;">Jean-Paul Riopelle</a></strong><a h=
ref=3D"https://substack.com/redirect/e52b741e-bfb4-411b-9cd4-11f74cbd359d?j=
=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel sty=
le=3D"color: #404040; text-decoration: underline;">’s </a><em><a href=
=3D"https://substack.com/redirect/e52b741e-bfb4-411b-9cd4-11f74cbd359d?j=3D=
eyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=
=3D"color: #404040; text-decoration: underline;">Saint-Anthon</a></em><a hr=
ef=3D"https://substack.com/redirect/e52b741e-bfb4-411b-9cd4-11f74cbd359d?j=
=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel sty=
le=3D"color: #404040; text-decoration: underline;"> from 1954 </a><span>is =
the artist’s sixth highest price. That seems noteworthy that the sale=
took place in Asia where abstraction remains a dominant aesthetic theme. =
</span></p><h4 class=3D"header-with-anchor-widget" style=3D"-moz-appearance=
: optimizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-appeara=
nce: optimizelegibility; -webkit-font-smoothing: antialiased; appearance: o=
ptimizelegibility; color: #404040; font-family: 'SF Compact Display', -appl=
e-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-se=
rif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1=
=2E125em; font-weight: bold; line-heigh=
t: 1.16em; margin: 1em 0 0.625em 0; po=
sition: relative;">Most Dynamic Bidding</h4><div class=3D"captioned-image-c=
ontainer-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" d=
ata-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/5ff9ba2=
a-71ab-4161-87d8-6c7c389f1a3c?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe=
5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"align-items: center; border: none; dis=
play: block; flex-direction: column; height: auto; margin: 0; padding: 0; p=
osition: relative; text-decoration: none; width: auto;"><img data-attrs=3D"=
{"src":"https://substack-post-media.s3.amazonaws.com/public/=
images/8096c76b-2e54-4375-8aa3-2ea353bfe891_1654x464.png","fullsc=
reen":null,"imageSize":null,"height":408,"wid=
th":1456,"resizeWidth":null,"bytes":164656,"a=
lt":null,"title":null,"type":"image/png"=
,"href":null,"belowTheFold":true,"topImage":f=
alse,"internalRedirect":null}" alt width=3D"550" height=3D"154.12=
087912087912" class=3D"wide-image" src=3D"https://substackcdn.com/image/fet=
ch/w_2912,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsub=
stack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8096c76b-2e54-4375-8a=
a3-2ea353bfe891_1654x464.png" style=3D"-ms-interpolation-mode: bicubic; bor=
der: 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: #404040; font-size: 16px; line-hei=
ght: 26px; margin: 0 0 20px 0;"><span>Aside from </span><strong>Kazuo Shira=
ga</strong><span> and </span><strong>Zao Wou-ki</strong><span>, two well es=
tablished historical painters with mature markets, the most dynamic lots li=
st is composed of lower value works by artists with emerging markets or con=
tinuing momentum. </span><strong>Caroline Walker</strong><span>, </span><st=
rong>Izumi Kato</strong><span>, </span><strong>Atushi Kaga</strong><span> h=
ave all been pursued over the last year. Price pops for Indonesian artist <=
/span><strong>Ahmad Sadali</strong><span>, Indonesian sculptor </span><stro=
ng>But Mochtar</strong><span>, historical Japanese painter </span><strong>Z=
enzaburo Kojima</strong><span>, Japanese abstract painter </span><strong>Ta=
kesada Matsutani</strong><span> and young Hong Kong artist </span><strong>F=
irenze Lai</strong><span> suggest a market looking for value in unexpected =
places. </span></p><div style=3D"font-size: 16px; line-height: 26px;"><hr s=
tyle=3D"background: #e0e0e0; border: none; height: 1px; margin: 32px 0; pad=
ding: 0;"></div><div class=3D"subscription-widget-wrap" style=3D"font-size:=
16px; line-height: 26px;"><div class=3D"subscription-widget show-subscribe=
" style=3D"align-items: flex-start; color: #404040; direction: ltr !importa=
nt; display: block; font-family: -apple-system, BlinkMacSystemFont, 'Segoe =
UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI E=
moji', 'Segoe UI Symbol'; font-size: 16px; font-weight: 400; line-height: 1=
=2E5; margin: 24px auto; max-width: 560=
px; padding: 32px; text-align: center;=
text-decoration: none;"><div class=3D"preamble" style=3D"align-items: cent=
er; display: flex; font-family: -apple-system, BlinkMacSystemFont, 'Segoe U=
I', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Em=
oji', 'Segoe UI Symbol'; font-size: 18px; font-weight: 400; line-height: 22=
px; margin-left: auto; margin-right: auto; margin-top: 16px; max-width: 384=
px; text-align: center; width: fit-content;"><p style=3D"color: #404040; fo=
nt-size: 16px; line-height: 26px; margin: 0 0 20px 0;">Thanks for reading A=
rtelligence! Subscribe for free to receive new posts.</p></div><div data-co=
mponent-name=3D"SubscribeWidget" class=3D"subscribe-widget is-signed-up is-=
fully-subscribed" style=3D"direction: ltr; font-size: 16px; line-height: 26=
px; margin: 0 0 1em;"><p class=3D"button-wrapper" style=3D"color: #404040; =
font-size: 16px; line-height: 26px; margin: 0 0 20px 0; text-align: center;=
"><a href=3D"https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2=
VuY2Uuc3Vic3RhY2suY29tL2FjY291bnQiLCJwIjoxMjUxMjM2NzcsInMiOjIyNTksImYiOnRyd=
WUsInUiOjEzMzI2ODY2MSwiaWF0IjoxNjg1NzIyNjQyLCJleHAiOjE2ODgzMTQ2NDIsImlzcyI6=
InB1Yi0wIiwic3ViIjoibGluay1yZWRpcmVjdCJ9.oXS6p98w_ofDrvBMmdYsIHyqoNq2Ea85uy=
OyaDvu7tg?" class=3D"button subscribe-btn outline" style=3D"background: tra=
nsparent; background-color: transparent; border: 1px solid #653366; border-=
radius: 4px; box-sizing: border-box; color: #653366; cursor: pointer; displ=
ay: inline-block; font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI=
', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emo=
ji', 'Segoe UI Symbol'; font-size: 14px; font-weight: 600; height: auto; li=
ne-height: 20px; margin: 0 auto; opacity: 1; outline: none; padding: 12px 2=
0px; text-align: center; text-decoration: none !important; white-space: now=
rap;"><img src=3D"https://substackcdn.com/image/fetch/w_40,c_scale,f_png,q_=
auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack.com%2Ficon%2FLucideCh=
eck%3Fv%3D4%26height%3D40%26fill%3Dtransparent%26stroke%3D%2523653366%26str=
okeWidth%3D3.6" width=3D"20" height=3D"20" style=3D"-ms-interpolation-mode:=
bicubic; border: none !important; display: inline-block; height: auto; mar=
gin: -2px 8px 0 0; max-width: 20px; vertical-align: middle;" alt class=3D"c=
heck-icon static"><span style=3D"text-decoration: none;">Subscribe</span></=
a></p></div></div></div><p style=3D"color: #404040; font-size: 16px; line-h=
eight: 26px; margin: 0 0 20px 0; margin-bottom: 0;"></p></div></div><div cl=
ass=3D"postscript-placeholder" style=3D"box-sizing: border-box; font-size: =
16px; line-height: 26px; margin: 32px 0 0; width: 100%;"></div><table role=
=3D"presentation" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=
=3D"0" class=3D"email-ufi-2-bottom" style=3D"border-bottom: 1px solid rgba(=
0, 0, 0, .13); border-top: 1px solid rgba(0, 0, 0, .13); min-width: 100%;">=
<tr height=3D"16"><td height=3D"16" style=3D"font-size: 0px; line-height: 0=
;"> </td></tr><tr><td><table role=3D"presentation" width=3D"100%" bord=
er=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td><table role=3D"present=
ation" width=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" styl=
e=3D"margin: 0 auto;"><tr><td style=3D"vertical-align: middle;"><table role=
=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=
=3D"0"><tr><td align=3D"center"><a href=3D"https://substack.com/app-link/po=
st?publication_id=3D2259&post_id=3D125123677&utm_source=3Dsubstack&isFreema=
il=3Dtrue&submitLike=3Dtrue&token=3DeyJ1c2VyX2lkIjoxMzMyNjg2NjEsInBvc3RfaWQ=
iOjEyNTEyMzY3NywicmVhY3Rpb24iOiLinaQiLCJpYXQiOjE2ODU3MjI2NDIsImV4cCI6MTY4OD=
MxNDY0MiwiaXNzIjoicHViLTIyNTkiLCJzdWIiOiJyZWFjdGlvbiJ9.5uT8gOI4Orp5rahbCzzR=
IsSKs-jjRY6dLx7-VOUieV8&utm_medium=3Demail" class=3D"email-button-outline" =
style=3D"border: 1px solid rgba(0, 0, 0, .13); border-radius: 100000px; col=
or: #808080; display: inline-block; font-family: 'SF Pro Text', -apple-syst=
em, ui-sans-serif, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial=
, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; fon=
t-size: 12px; font-weight: 500; line-height: 12px; padding: 9px 14px; text-=
decoration: none; text-transform: uppercase;"><img src=3D"https://substackc=
dn.com/image/fetch/w_36,c_scale,f_png,q_auto:good,fl_progressive:steep/http=
s%3A%2F%2Fsubstack.com%2Ficon%2FLucideHeart%3Fv%3D4%26height%3D36%26fill%3D=
none%26stroke%3D%2523808080%26strokeWidth%3D2" width=3D"18" height=3D"18" s=
tyle=3D"border: none !important; margin-right: 8px; max-width: 18px; min-he=
ight: 18px; min-width: 18px; vertical-align: middle;" alt class=3D"icon"><s=
pan class=3D"email-button-text" style=3D"vertical-align: middle;">Like</spa=
n></a></td></tr></table></td><td width=3D"8" style=3D"min-width: 8px"></td>=
<td style=3D"vertical-align: middle;"><table role=3D"presentation" width=3D=
"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td align=3D"ce=
nter"><a href=3D"https://substack.com/app-link/post?publication_id=3D2259&p=
ost_id=3D125123677&utm_source=3Dsubstack&utm_medium=3Demail&isFreemail=3Dtr=
ue&comments=3Dtrue&token=3DeyJ1c2VyX2lkIjoxMzMyNjg2NjEsInBvc3RfaWQiOjEyNTEy=
MzY3NywiaWF0IjoxNjg1NzIyNjQyLCJleHAiOjE2ODgzMTQ2NDIsImlzcyI6InB1Yi0yMjU5Iiw=
ic3ViIjoicG9zdC1yZWFjdGlvbiJ9.tYlRURATBWHMW9XnyShYZ574ar7zfkdUPQD373ST9ow&u=
tm_source=3Dsubstack&utm_medium=3Demail" class=3D"email-button-outline" sty=
le=3D"border: 1px solid rgba(0, 0, 0, .13); border-radius: 100000px; color:=
#808080; display: inline-block; font-family: 'SF Pro Text', -apple-system,=
ui-sans-serif, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, s=
ans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-s=
ize: 12px; font-weight: 500; line-height: 12px; padding: 9px 14px; text-dec=
oration: none; text-transform: uppercase;"><img src=3D"https://substackcdn.=
com/image/fetch/w_36,c_scale,f_png,q_auto:good,fl_progressive:steep/https%3=
A%2F%2Fsubstack.com%2Ficon%2FLucideComments%3Fv%3D4%26height%3D36%26fill%3D=
none%26stroke%3D%2523808080%26strokeWidth%3D2" width=3D"18" height=3D"18" s=
tyle=3D"border: none !important; margin-right: 8px; max-width: 18px; min-he=
ight: 18px; min-width: 18px; vertical-align: middle;" alt class=3D"icon"><s=
pan class=3D"email-button-text" style=3D"vertical-align: middle;">Comment</=
span></a></td></tr></table></td><td width=3D"8" style=3D"min-width: 8px"></=
td><td style=3D"vertical-align: middle;"><table role=3D"presentation" width=
=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td align=3D=
"center"><a href=3D"https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9hcnR=
lbGxpZ2VuY2Uuc3Vic3RhY2suY29tL3Avd2hhdC13ZS1sZWFybmVkLXRoaXMtd2Vlay0yMzIyP3=
V0bV9zb3VyY2U9c3Vic3RhY2smdXRtX21lZGl1bT1lbWFpbCZhY3Rpb249cmVzdGFjay1jb21tZ=
W50IiwicCI6MTI1MTIzNjc3LCJzIjoyMjU5LCJmIjp0cnVlLCJ1IjoxMzMyNjg2NjEsImlhdCI6=
MTY4NTcyMjY0MiwiZXhwIjoxNjg4MzE0NjQyLCJpc3MiOiJwdWItMCIsInN1YiI6ImxpbmstcmV=
kaXJlY3QifQ.eo482E_PLpSGhV6xEhOdXCyVe1mCLLXyBwx7DSiM8ZE?&utm_source=3Dsubst=
ack&utm_medium=3Demail" class=3D"email-button-outline" style=3D"border: 1px=
solid rgba(0, 0, 0, .13); border-radius: 100000px; color: #808080; display=
: inline-block; font-family: 'SF Pro Text', -apple-system, ui-sans-serif, B=
linkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple=
Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 12px; font-w=
eight: 500; line-height: 12px; padding: 9px 14px; text-decoration: none; te=
xt-transform: uppercase;"><img src=3D"https://substackcdn.com/image/fetch/w=
_36,c_scale,f_png,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack.c=
om%2Ficon%2FNoteForwardIcon%3Fv%3D4%26height%3D36%26fill%3Dnone%26stroke%3D=
%2523808080%26strokeWidth%3D2" width=3D"18" height=3D"18" style=3D"border: =
none !important; margin-right: 8px; max-width: 18px; min-height: 18px; min-=
width: 18px; vertical-align: middle;" alt class=3D"icon"><span class=3D"ema=
il-button-text" style=3D"vertical-align: middle;">Restack</span></a></td></=
tr></table></td></tr></table></td><td align=3D"right"><table role=3D"presen=
tation" width=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr=
></tr></table></td></tr></table></td></tr><tr height=3D"16"><td height=3D"1=
6" style=3D"font-size: 0px; line-height: 0;"> </td></tr></table><div c=
lass=3D"footer frontend-email-shared-typed-module__footer--WmMp1" style=3D"=
color: #808080; font-size: 16px; line-height: 26px; padding: 24px 0; text-a=
lign: center;"><div style=3D"font-size: 16px; line-height: 26px; padding-bo=
ttom: 24px;"><p class=3D"pencraft frontend-pencraft-Box-module__reset--tAIE=
o frontend-pencraft-Text-module__size-12--2onFT frontend-pencraft-Text-modu=
le__color-secondary--XjVGl frontend-pencraft-Text-module__reset--20JLV smal=
l frontend-email-shared-typed-module__meta--AAyPr" style=3D"color: #808080;=
font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvet=
ica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Sy=
mbol'; font-size: 12px; letter-spacing: 0; line-height: 16px; margin: 0; pa=
dding-bottom: 0; text-decoration: unset;">© 2023 <span>Marion Maneker<=
/span><br>19 Jochum Ave., Larchmont, NY 10538 <br><a href=3D"https://substa=
ck.com/redirect/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2VuY2Uuc3Vic3RhY2suY29tL2Fjd=
Glvbi9kaXNhYmxlX2VtYWlsP3Rva2VuPWV5SjFjMlZ5WDJsa0lqb3hNek15TmpnMk5qRXNJbkJ2=
YzNSZmFXUWlPakV5TlRFeU16WTNOeXdpYVdGMElqb3hOamcxTnpJeU5qUXlMQ0psZUhBaU9qRTJ=
PRGd6TVRRMk5ESXNJbWx6Y3lJNkluQjFZaTB5TWpVNUlpd2ljM1ZpSWpvaVpHbHpZV0pzWlY5bG=
JXRnBiQ0o5Lk8zSG9NT195NV8zdV9LNURHTGtjNUowNTFvbW1ZRXhyT3BsZHctT3dQcHMmZXhwa=
XJlcz0zNjVkIiwicCI6MTI1MTIzNjc3LCJzIjoyMjU5LCJmIjp0cnVlLCJ1IjoxMzMyNjg2NjEs=
ImlhdCI6MTY4NTcyMjY0MiwiZXhwIjoxNjg4MzE0NjQyLCJpc3MiOiJwdWItMCIsInN1YiI6Imx=
pbmstcmVkaXJlY3QifQ.J5qx4Kq0vxzjShgCA_tWXsKS7BbposqZhhwQ76dVXH0?" style=3D"=
color: #808080; text-decoration: underline;"><span style=3D"color: #808080;=
text-decoration: underline;">Unsubscribe</span></a></p></div><p class=3D"f=
rontend-email-shared-typed-module__footerSection--9vwqp small powered-by-su=
bstack" style=3D"color: #808080; font-family: -apple-system, BlinkMacSystem=
Font, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji'=
, 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 12px; line-height: 20px; =
margin: 0; margin-top: 0; padding: 0 24px; padding-bottom: 0;"><a href=3D"h=
ttps://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9zdWJzdGFjay5jb20vc2lnbnVw=
P3V0bV9zb3VyY2U9c3Vic3RhY2smdXRtX21lZGl1bT1lbWFpbCZ1dG1fY29udGVudD1mb290ZXI=
mdXRtX2NhbXBhaWduPWF1dG9maWxsZWQtZm9vdGVyJmZyZWVTaWdudXBFbWFpbD1lbnpvQHNob3=
dmaWxlLmNvbSIsInAiOjEyNTEyMzY3NywicyI6MjI1OSwiZiI6dHJ1ZSwidSI6MTMzMjY4NjYxL=
CJpYXQiOjE2ODU3MjI2NDIsImV4cCI6MTY4ODMxNDY0MiwiaXNzIjoicHViLTAiLCJzdWIiOiJs=
aW5rLXJlZGlyZWN0In0.KuF-UjpyYFFJxFAVeoaLy9NmzRKSIIugn7MHTsE8mA4?" style=3D"=
color: #808080; display: inline-block; margin: 0 4px; text-decoration: none=
;"><img src=3D"https://substackcdn.com/image/fetch/w_270,c_limit,f_auto,q_a=
uto:good,fl_progressive:steep/https%3A%2F%2Fsubstack.com%2Fimg%2Femail%2Fpu=
blish-button%402x.png" srcset=3D"https://substackcdn.com/image/fetch/w_135,=
c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack.com%=
2Fimg%2Femail%2Fpublish-button.png, https://substackcdn.com/image/fetch/w_2=
70,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack.c=
om%2Fimg%2Femail%2Fpublish-button%402x.png 2x, https://substackcdn.com/imag=
e/fetch/w_405,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2=
Fsubstack.com%2Fimg%2Femail%2Fpublish-button%403x.png 3x" width=3D"135" alt=
=3D"Start writing" height=3D"40" style=3D"border: none !important; max-widt=
h: 550px; vertical-align: middle;"></a></p></div></div></td><td></td></tr><=
/table><img src=3D"https://eotrx.substackcdn.com/open?token=3DeyJtIjoiPDIwM=
jMwNjAyMTYxNjAxLjMuZmYzYjgzNGIxMjcxODM1NEBtZzIuc3Vic3RhY2suY29tPiIsInUiOjEz=
MzI2ODY2MSwiciI6ImVuem9Ac2hvd2ZpbGUuY29tIiwiZCI6Im1nMi5zdWJzdGFjay5jb20iLCJ=
wIjoxMjUxMjM2NzcsInQiOiJuZXdzbGV0dGVyIiwiYSI6ImV2ZXJ5b25lIiwicyI6MjI1OSwiYy=
I6InBvc3QiLCJmIjp0cnVlLCJwb3NpdGlvbiI6ImJvdHRvbSIsImlhdCI6MTY4NTcyMjY0MywiZ=
XhwIjoxNjg4MzE0NjQzLCJpc3MiOiJwdWItMCIsInN1YiI6ImVvIn0.64bP-Dj-sQ10rNBe2YA7=
B7S3Ns18HegLlDfAyqmQVrM" alt=3D"" width=3D"1" height=3D"1" border=3D"0" sty=
le=3D"height:1px !important;width:1px !important;border-width:0 !important;=
margin-top:0 !important;margin-bottom:0 !important;margin-right:0 !importan=
t;margin-left:0 !important;padding-top:0 !important;padding-bottom:0 !impor=
tant;padding-right:0 !important;padding-left:0 !important;"/><img src=3D"ht=
tps://mailgun.substack.com/api/v1/email/open?token=3DeyJtIjoiPDIwMjMwNjAyMT=
YxNjAxLjMuZmYzYjgzNGIxMjcxODM1NEBtZzIuc3Vic3RhY2suY29tPiIsInUiOjEzMzI2ODY2M=
SwiciI6ImVuem9Ac2hvd2ZpbGUuY29tIiwiZCI6Im1nMi5zdWJzdGFjay5jb20iLCJwIjoxMjUx=
MjM2NzcsInQiOiJuZXdzbGV0dGVyIiwiYSI6ImV2ZXJ5b25lIiwicyI6MjI1OSwiYyI6InBvc3Q=
iLCJmIjp0cnVlLCJwb3NpdGlvbiI6ImJvdHRvbSIsImlhdCI6MTY4NTcyMjY0MywiZXhwIjoxNj=
g4MzE0NjQzLCJpc3MiOiJwdWItMCIsInN1YiI6ImVvIn0.64bP-Dj-sQ10rNBe2YA7B7S3Ns18H=
egLlDfAyqmQVrM" alt=3D"" width=3D"1" height=3D"1" border=3D"0" style=3D"hei=
ght:1px !important;width:1px !important;border-width:0 !important;margin-to=
p:0 !important;margin-bottom:0 !important;margin-right:0 !important;margin-=
left:0 !important;padding-top:0 !important;padding-bottom:0 !important;padd=
ing-right:0 !important;padding-left:0 !important;"/><img width=3D"1px" heig=
ht=3D"1px" alt=3D"" src=3D"https://email.mg2.substack.com/o/eJw80Euq7CAQxvH=
VtMOgZWLMwLWEUsu0XKONj9vkrP7QD870K_jzoxx2Okq9zKO0zryZvdCLZmSE0ssKoBRndGJM-0=
GZKnbyO_a_6yxhA3Y36BDVyslqrzAghOA2H1Bu6woqeMeiAQ6SKw5CCcXFJKcQpNVytgJWoeUy3=
2Z-HjC1YVtH929y5WSx7aHSG2B6HcRezB2Hj5QdGfpP9Sr5O0dvBCwCpFrXz9KvB5lMz5aod6rs=
MezuynmOHPu1U0abyH_Dw6bosMeSXyGAZWPVUP4pt5m3e3mGmOhtasP6cmLMBmunlOLxsrD-eeF=
oVN8SKUFppcRvAAAA__-SlnZp"></body></html>
--dc29e27aa6d34c816470af5e12d2508bd22ff98d87bbfc2051cd1fc6e689--