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Date: Tue, 15 Nov 2022 09:20:24 -0500
From: LiveArt <hello@liveart.io>
Reply-To: hello@liveart.io
To: enzo@showfile.com
Message-ID: <1668521954709.b7a1b9ec-9144-43d5-8461-7ad0488f134f@bf08x.hubspotemail.net>
Subject: =?utf-8?Q?After_Action_Report:_The_Solinger_Colle?=
=?utf-8?Q?ction_and_Sotheby=E2=80=99s_Modern_Evening_Sale?=
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Solinger collection makes $137m, Paley $47m as Modern category shows signs =
of late-cycle slowing
LiveArt (https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/VWNy7m8FNpDDW7Q=
htrH7CZSs7W2VV8NG4SpBDZN5r_RQG3pdqSV1-WJV7CgzVRW241f5N7wjCjCW6lHXJT7qckcWW5=
C0K8j4-n8L9W4fvDDx1SW2byW7K68YK25wccnW60Cxtj6Wz_wFW541QK671h_CxW1xx7DM1y4ZM=
ZW1SKNMX5_YrzFN896SxWMZpdmN30_D3QYsGgDV1jF-04tzs-SN9hBlBwgkS39W36hP_g87NW8b=
W7GN2rD1f3TTwW4wxbKY6nZTsLW4lYJ486NPGF1W33rsw-4MJ6W7W76C7dR4mC9wSW5RJ5pr8mS=
gJ53jc_1 )
Sotheby's $391m Modern Evening
Sotheby's November 14 (https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/V=
WNy7m8FNpDDW7QhtrH7CZSs7W2VV8NG4SpBDZN5r_RRf3pdrrV1-WJV7CgJJYW6rMjnQ2M7xKfW=
4kTfF-15vWq0W4cwfqk4t3s7pW6BBPr81BcbmbN8G9-TxPfg0yW2xpn-F86_KpdW7tbXSc8ZxpK=
BW4kG_q36QptJYW23y6HS1vfwxLW3CgHdp7SjWsmW1hg80Y36Lz9kW4_Zv2D42JXMVW3P87SY8g=
QRZXW3X-7Zb7N3fy8W27NYQ-129GkdN1F2d4HlRdgNW56wlcY3F5v8HW5Ytd4r67m6hvW8zPqfK=
2Zzm3DW60BgmV7n1wrcW6SmqKN8YnkhxW6VdHxQ6VKyzWW5vfFSN9jGZ92W4sDhJ_8VLPhW32YL=
1 )
The David M. Solinger Collection
LiveArt After Action Report: David Sollinger Collection (Sotheby=E2=80=99s=
) (https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/VWNy7m8FNpDDW7QhtrH7C=
ZSs7W2VV8NG4SpBDZN5r_RRf3pdrrV1-WJV7CgJJYW6rMjnQ2M7xKfW4kTfF-15vWq0W4cwfqk4=
t3s7pW6BBPr81BcbmbN8G9-TxPfg0yW2xpn-F86_KpdW7tbXSc8ZxpKBW4kG_q36QptJYW23y6H=
S1vfwxLW3CgHdp7SjWsmW1hg80Y36Lz9kW4_Zv2D42JXMVW3P87SY8gQRZXW3X-7Zb7N3fy8W27=
NYQ-129GkdN1F2d4HlRdgNW56wlcY3F5v8HW5Ytd4r67m6hvW8zPqfK2Zzm3DW60BgmV7n1wrcW=
6SmqKN8YnkhxW6VdHxQ6VKyzWW5vfFSN9jGZ92W4sDhJ_8VLPhW32YL1 )
Total: $137,863,700 with 100% sold (23/23)
Composition of Results: 43% above/ 22% within/ 35% below estimates
Aggregate Low Estimate: $86,700,000
Aggregate Hammer: $116,380,000
Hammer Ratio: 1.34
Average Lot Value: $5,994,074
Solinger strategy: Laura Paulson, the Gagosian art advisor and veteran of b=
oth Sotheby=E2=80=99s and Christie=E2=80=99s, presided over the naked (ther=
e was no global guarantee or irrevocable bids) sale of David Solinger=E2=80=
=99s collection from a skybox at Sotheby=E2=80=99s. Solinger was deeply con=
nected with artists and collectors of his postwar generation. His collectio=
n showed that with numerous works from now-obscure-but-then-important artis=
ts. That may help explain the strategy. By trusting in the market appeal of=
the best works and allowing Sotheby=E2=80=99s to structure the day sales a=
ccordingly, Paulson seems to have understood that two-thirds of the sale=E2=
=80=99s value would come from the 10 works collectors competed for.
Awkward bidding: Paulson also seems to have accepted low reserves on the lo=
ts which helped sell out the collection but seemingly added one unintended =
consequence. Auctioneer Oliver Barker started many of the lots quite low wh=
ich created choppy and uneven bidding. This was most evident on the sale of=
Solinger=E2=80=99s large Joan Mir=C3=B3 painted at the end of World War 2.=
Dealer Chris Eykyn eventually pushed market backstop David Nahmad to a pri=
ce just above the low estimate. But that lackluster result took sustained a=
nd prolonged bidding.
A cheap Picasso: Solinger=E2=80=99s Picasso depicting Marie-Th=C3=A9r=C3=A8=
se Walter was sacrificed for a $9.9 million price that represented a little=
more than half the low estimate. The dark painting, one private dealer sug=
gested, might have been better sold privately which means the buyer got a g=
ood deal.
De Kooning Delivers: One of the high points of the sale was the strong bidd=
ing on Willem de Kooning=E2=80=99s Collage from 1950. Estimated at $18 mill=
ion which signaled high expectations for a small work on paper, the work so=
ld for $33.6 million. That sets the table nicely for the three works from t=
he de Kooning estate being sold later in the week and the several other de =
Kooning works appearing around town which now seem like great opportunities=
.
Three men and a patina: Solinger=E2=80=99s Giacometti Trois hommes qui marc=
hent (grand plateau) sold for $30 million after sustained bidding by Jeffre=
y Deitch. The painted example of the work triggered interest beyond the $17=
million paid for an example from the 1948 cast sold two years earlier and =
the $17 million paid 11 years ago for another. The sale came on the same da=
y that the Giacometti foundation announced plans for a major new museum in =
Paris that will open in 2026. The artist=E2=80=99s stature and legacy are b=
eing well-guarded which bodes well for long-term value.
Solinger Successes: A smaller Mir=C3=B3 offered at the end of the sale, Jea=
n Arp=E2=80=99s distinctive red stone Bad Fruit that opened the sale, a 195=
4 Pierre Soulages, a black Calder and a dark 1948 Dubuffet all sold well. O=
f Solinger=E2=80=99s three Dubuffet=E2=80=99s Sotheby=E2=80=99s had high ho=
pes for the 1967 L=E2=80=99Hourloupe work which failed to take off. The two=
lower-priced, earlier works saw strong bidding. The Dubuffet market has be=
en active for several years with most buyers satisfied. The weak Euro also =
can=E2=80=99t help the cause very much.
Sotheby=E2=80=99s Modern Evening Sale
Sotheby's Modern Evening (https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp0=
4/VWNy7m8FNpDDW7QhtrH7CZSs7W2VV8NG4SpBDZN5r_RRf3pdrrV1-WJV7CgJJYW6rMjnQ2M7x=
KfW4kTfF-15vWq0W4cwfqk4t3s7pW6BBPr81BcbmbN8G9-TxPfg0yW2xpn-F86_KpdW7tbXSc8Z=
xpKBW4kG_q36QptJYW23y6HS1vfwxLW3CgHdp7SjWsmW1hg80Y36Lz9kW4_Zv2D42JXMVW3P87S=
Y8gQRZXW3X-7Zb7N3fy8W27NYQ-129GkdN1F2d4HlRdgNW56wlcY3F5v8HW5Ytd4r67m6hvW8zP=
qfK2Zzm3DW60BgmV7n1wrcW6SmqKN8YnkhxW6VdHxQ6VKyzWW5vfFSN9jGZ92W4sDhJ_8VLPhW3=
2YL1 )
Total: $253,821,175 with 82% sold (36/44 + 2 lots withdrawn)
Composition of Results: 11% above/ 47% within/ 42% below estimates
Aggregate Low Estimate: $232,000,000
Aggregate Hammer: $218,010,195
Hammer Ratio: 0.94
Average Lot Value: $7,050,588
Modern doubt: The organizing principle behind these sales isn=E2=80=99t hel=
ping them succeed. Sotheby=E2=80=99s had previously taken the lead to renov=
ate the Modern category by incorporating works from Latin American and Amer=
ican sales into the Modern sales. In this sale, that strategy proved more o=
f an encumbrance. Works by Joaqu=C3=ADn Torres-Garcia, Norman Rockwell and =
Bernard Boutet de Monvel all failed or were withdrawn.
Paley clout: Bill Paley was once the definition of the establishment but hi=
s name isn=E2=80=99t quite the incantation it once was. Nevertheless, his 1=
919 Picasso was the second highest lot of evening. The $47 million sale und=
erscores the importance of collectors and provenance in this category.
Bidder=E2=80=99s came out: There was strong bidding on only four lots. The =
opening lot set a new record for Elaine de Kooning at $1.07 million. Andrew=
Wyeth=E2=80=99s The Wake from 1964 made a solid $4.6 million. Paley=E2=80=
=99s Pierre Bonnard still life from 1939 sold for $4.6 million, too, which =
seemed to take its cues from the Bonnard in the Allen sale. A Thomas Hart B=
enton set a strong $4.89 million price just below the $5.5 million record s=
et last week but it sold for the low estimate. Tamara de Lempicka=E2=80=99s=
portrait of Romana de la Salle also set the second highest price for the a=
rtist at $14.1 million.
A supply drought: The challenge for the Modern market is when artists cease=
to trade frequently. Dwindling supply begets fewer collectors which reduce=
s demand and competition. Bonnard prices over the last week demonstrate tha=
t. Sales of work by Paul Klee also show the effect as well. Ten Klees were =
offered in six days. They all sold but not without work. Filling these sale=
s also seems to have motivated Sotheby=E2=80=99s to offer some works that r=
aised some eyebrows. For example, there was a posthumous Brancusi and two S=
chieles (one sold and one that did not even though it had previously been s=
old at Christie's a dozen years ago) that seemed to be reaches.
Asia about: Perhaps to help build confidence in the category, Sotheby=E2=80=
=99s was eager to point to Asian buyers in the various owner=E2=80=99s sale=
. The $51 million Mondrian that sold to the guarantor was the most prominen=
t lot. A black Calder that sold for $8.5 million, the small Mir=C3=B3 at th=
e end of the Solinger sale and Paley=E2=80=99s Rodin bronzes all went to As=
ian buyers. Sotheby=E2=80=99s says Asian underbidders were chasing the de L=
empicka, Wyeth, Picasso and Chagall.
The Nahmads eke out: The Nahmads were more active at Sotheby=E2=80=99s in t=
hese sales than they seem to have been recently. That suggests the Modern =
market is turning toward opportunistic long-term buyers. This isn=E2=80=99t=
necessarily a bad thing. The art market works in cycles that often span th=
ree years. Seller expectations rise with the market until estimates become =
off-putting. This dynamic tends to be more pronounced in the Modern market.=
Bidders were cautious at Sotheby=E2=80=99s and had to be pushed. On one lo=
t, the Nahmads threw in a late $50,000 bid that forced the buyer to pay an =
additional $100,000 on the hammer price.
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ame=3DXN_2RwhY-1.jpeg" style=3D"outline:none; text-decoration:none; -ms-int=
erpolation-mode:bicubic; border:none; max-width:100%; font-size:16px" width=
=3D"560" align=3D"middle" srcset=3D"https://email02.liveart.io/hs-fs/hubfs/=
XN_2RwhY-1.jpeg?upscale=3Dtrue&width=3D1120&upscale=3Dtrue&name=
=3DXN_2RwhY-1.jpeg 560w, https://email02.liveart.io/hs-fs/hubfs/XN_2RwhY-1.=
jpeg?upscale=3Dtrue&width=3D2240&upscale=3Dtrue&name=3DXN_2RwhY=
-1.jpeg 1120w" sizes=3D"(max-width: 560px) 100vw, 560px">
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</td>
</tr>
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<table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D"1=
00%" style=3D"border-spacing:0 !important; border-collapse:collapse; mso-ta=
ble-lspace:0pt; mso-table-rspace:0pt"><tbody><tr><td class=3D"hs_padded" st=
yle=3D"border-collapse:collapse; mso-line-height-rule:exactly; font-family:=
Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; pa=
dding:10px 20px"><div id=3D"hs_cos_wrapper_module_16611714477982" class=3D"=
hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"c=
olor: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-gener=
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100%; border-spacing:0; mso-table-lspace:0pt; mso-table-rspace:0pt; border-=
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<td width=3D"auto" style=3D"border-collapse:collapse; mso-line-height-r=
ule:exactly; font-family:Arial, sans-serif; font-size:15px; color:#000000; =
word-break:break-word; line-height:0"> </td>
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<td width=3D"30%" valign=3D"middle" style=3D"border-collapse:collapse; =
mso-line-height-rule:exactly; font-family:Arial, sans-serif; font-size:15px=
; color:#000000; word-break:break-word; line-height:0; border:transparent; =
border-bottom:1px solid #000000; mso-border-bottom-alt:2pt solid #000000; b=
order-bottom-width:1px"> </td>
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<td width=3D"auto" style=3D"border-collapse:collapse; mso-line-height-r=
ule:exactly; font-family:Arial, sans-serif; font-size:15px; color:#000000; =
word-break:break-word; line-height:0"> </td>
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</tr>
</tbody></table>
<!--[if gte mso 9]></div></v:textbox></v:rect></div><![endif]--></div></td>=
</tr></tbody></table>
<table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D"1=
00%" style=3D"border-spacing:0 !important; border-collapse:collapse; mso-ta=
ble-lspace:0pt; mso-table-rspace:0pt"><tbody><tr><td class=3D"hs_padded" st=
yle=3D"border-collapse:collapse; mso-line-height-rule:exactly; font-family:=
Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; pa=
dding:10px 20px"><div id=3D"hs_cos_wrapper_module_16657491070352" class=3D"=
hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"c=
olor: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-gener=
al-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"hs_cos_wrapper_mo=
dule_16657491070352_" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_=
wrapper_type_rich_text" style=3D"color: inherit; font-size: inherit; line-h=
eight: inherit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"ri=
ch_text"><h2 style=3D"margin:0; mso-line-height-rule:exactly; line-height:1=
75%; font-size:22px"><strong>The David M. Solinger Collection</strong></h2>=
</div></div></td></tr></tbody></table>
</div>
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<div id=3D"section_1664452814667" class=3D"hse-section" style=3D"padding-=
left:10px; padding-right:10px">
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<div class=3D"hse-column-container" style=3D"min-width:280px; max-wid=
th:600px; width:100%; Margin-left:auto; Margin-right:auto; border-collapse:=
collapse; border-spacing:0; background-color:#FFFFFF" bgcolor=3D"#FFFFFF">
<!--<![endif]-->
=20
<!--[if (mso)|(IE)]>
<div class=3D"hse-column-container" style=3D"min-width:280px;max-widt=
h:600px;width:100%;Margin-left:auto;Margin-right:auto;border-collapse:colla=
pse;border-spacing:0;">
<table align=3D"center" style=3D"border-collapse:collapse;mso-table-l=
space:0pt;mso-table-rspace:0pt;width:600px;" cellpadding=3D"0" cellspacing=
=3D"0" role=3D"presentation" width=3D"600" bgcolor=3D"#FFFFFF">
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<table role=3D"presentation" width=3D"600" cellpadding=3D"0" cellspacing=
=3D"0" style=3D"border-collapse:collapse;mso-table-lspace:0pt;mso-table-rsp=
ace:0pt;width:600px">
<![endif]-->
<div id=3D"column_1664452814667_0" class=3D"hse-column hse-size-12">
<div id=3D"hs_cos_wrapper_module_16680816503781" class=3D"hs_cos_wrapper =
hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"color: inherit; =
font-size: inherit; line-height: inherit;" data-hs-cos-general-type=3D"widg=
et" data-hs-cos-type=3D"module">
=09
<table class=3D"hse-image-wrapper" role=3D"presentation" width=3D"100%" cel=
lpadding=3D"0" cellspacing=3D"0" style=3D"border-spacing:0 !important; bord=
er-collapse:collapse; mso-table-lspace:0pt; mso-table-rspace:0pt">
<tbody>
<tr>
<td align=3D"center" valign=3D"top" style=3D"border-collapse:co=
llapse; mso-line-height-rule:exactly; font-family:Arial, sans-serif; color:=
#000000; word-break:break-word; text-align:center; padding:10px 20px; font-=
size:0px">
=20
<a href=3D"https://email02.liveart.io/e3t/Ctc/DO+113/d2=
xBdp04/VWNy7m8FNpDDW7QhtrH7CZSs7W2VV8NG4SpBDZN5r_RRf3q3nJV1-WJV7CgGXbW1H572=
76qrnxLW5k1zjV2hXkhZN8hx18hRxC_4W4_6_f44S5ylzN8ZNMj3mnm3xW8H52kZ7hQ-TkW1ZbC=
mn2_HDsCW51Vj1B4sFKpcVhG53d5x9y26W38LNM48_FR5-N3JW8Rsqnq08W3brbNy1c8qHhW1Cv=
Lgr59K-YrW4QBhnT7vYgp8V_lhcf1SKnXvMlPyfSw7wPvW205VBq3T0fWVW97wh3T8Sk81hW4KN=
Jjm6WNfC9W8JYBPL1VX-gmVRPHNz1n4-jcVdBg_02Gk12fW5F5DF41dRSD6W6h41Gc81-srL32n=
-1" target=3D"_blank" style=3D"color:#00a4bd; mso-line-height-rule:exactly"=
data-hs-link-id=3D"1">
=20
<img alt=3D"LiveArt After Action Report: David Sollinger C=
ollection (Sotheby=E2=80=99s)" src=3D"https://email02.liveart.io/hs-fs/hubf=
s/Screen%20Shot%202022-11-15%20at%208.58.09%20AM.png?width=3D1120&upsca=
le=3Dtrue&name=3DScreen%20Shot%202022-11-15%20at%208.58.09%20AM.png" st=
yle=3D"outline:none; text-decoration:none; -ms-interpolation-mode:bicubic; =
border:none; max-width:100%; font-size:16px" width=3D"560" align=3D"middle"=
srcset=3D"https://email02.liveart.io/hs-fs/hubfs/Screen%20Shot%202022-11-1=
5%20at%208.58.09%20AM.png?upscale=3Dtrue&width=3D1120&upscale=3Dtru=
e&name=3DScreen%20Shot%202022-11-15%20at%208.58.09%20AM.png 560w, https=
://email02.liveart.io/hs-fs/hubfs/Screen%20Shot%202022-11-15%20at%208.58.09=
%20AM.png?upscale=3Dtrue&width=3D2240&upscale=3Dtrue&name=3DScr=
een%20Shot%202022-11-15%20at%208.58.09%20AM.png 1120w" sizes=3D"(max-width:=
560px) 100vw, 560px">
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</a>
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</td>
</tr>
</tbody>
</table></div>
<table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D"1=
00%" style=3D"border-spacing:0 !important; border-collapse:collapse; mso-ta=
ble-lspace:0pt; mso-table-rspace:0pt"><tbody><tr><td class=3D"hs_padded" st=
yle=3D"border-collapse:collapse; mso-line-height-rule:exactly; font-family:=
Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; pa=
dding:10px 20px"><div id=3D"hs_cos_wrapper_module_16644528093181" class=3D"=
hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"c=
olor: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-gener=
al-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"hs_cos_wrapper_mo=
dule_16644528093181_" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_=
wrapper_type_rich_text" style=3D"color: inherit; font-size: inherit; line-h=
eight: inherit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"ri=
ch_text"><p style=3D"mso-line-height-rule:exactly; line-height:175%; font-w=
eight:normal"><strong>Total: </strong>$137,863,700 with 100% sold (23/=
23)<br><strong>Composition of Results: </strong> <strong>43%</str=
ong> above/ <strong>22%</strong> within/ <strong>35%</s=
trong> below estimates<strong> </strong><br><strong>Aggregate Low=
Estimate: </strong>$86,700,000<br><strong>Aggregate Hammer:</strong>&=
nbsp;$116,380,000<br><strong>Hammer Ratio: </strong>1.34<br><strong>Av=
erage Lot Value: </strong>$5,994,074</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%"> </p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%"><strong>Solinge=
r strategy: </strong>Laura Paulson, the Gagosian art advisor and veteran of=
both Sotheby=E2=80=99s and Christie=E2=80=99s, presided over the naked (th=
ere was no global guarantee or irrevocable bids) sale of David Solinger=E2=
=80=99s collection from a skybox at Sotheby=E2=80=99s. Solinger was deeply =
connected with artists and collectors of his postwar generation. His collec=
tion showed that with numerous works from now-obscure-but-then-important ar=
tists. That may help explain the strategy. By trusting in the market appeal=
of the best works and allowing Sotheby=E2=80=99s to structure the day sale=
s accordingly, Paulson seems to have understood that two-thirds of the sale=
=E2=80=99s value would come from the 10 works collectors competed for. =
;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%"> </p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%"><strong>Awkward=
bidding: </strong>Paulson also seems to have accepted low reserves on=
the lots which helped sell out the collection but seemingly added one unin=
tended consequence. Auctioneer Oliver Barker started many of the lots quite=
low which created choppy and uneven bidding. This was most evident on the =
sale of Solinger=E2=80=99s large <strong>Joan Mir=C3=B3</strong> paint=
ed at the end of World War 2. Dealer Chris Eykyn eventually pushed market b=
ackstop David Nahmad to a price just above the low estimate. But that lackl=
uster result took sustained and prolonged bidding. </p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%"> </p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%"><strong>A cheap=
Picasso:</strong> Solinger=E2=80=99s <strong>Picasso</strong> de=
picting Marie-Th=C3=A9r=C3=A8se Walter was sacrificed for a $9.9 million pr=
ice that represented a little more than half the low estimate. The dark pai=
nting, one private dealer suggested, might have been better sold privately =
which means the buyer got a good deal. </p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%"> </p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%"><strong>De Koon=
ing Delivers:</strong> One of the high points of the sale was the stro=
ng bidding on <strong>Willem de Kooning</strong>=E2=80=99s <em>Co=
llage</em> from 1950. Estimated at $18 million which signaled high exp=
ectations for a small work on paper, the work sold for $33.6 million. That =
sets the table nicely for the three works from the de Kooning estate being =
sold later in the week and the several other de Kooning works appearing aro=
und town which now seem like great opportunities. </p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%"> </p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%"><strong>Three m=
en and a patina:</strong> Solinger=E2=80=99s <strong>Giacometti</stron=
g> <em>Trois hommes qui marchent (grand plateau)</em> sold for $3=
0 million after sustained bidding by Jeffrey Deitch. The painted example of=
the work triggered interest beyond the $17 million paid for an example fro=
m the 1948 cast sold two years earlier and the $17 million paid 11 years ag=
o for another. The sale came on the same day that the Giacometti foundation=
announced plans for a major new museum in Paris that will open in 2026. Th=
e artist=E2=80=99s stature and legacy are being well-guarded which bodes we=
ll for long-term value. </p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%"> </p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%"><strong>Solinge=
r Successes:</strong> A smaller <strong>Mir=C3=B3</strong> o=
ffered at the end of the sale, <strong>Jean Arp</strong>=E2=80=99s dis=
tinctive red stone <em>Bad Fruit </em>that opened the sale, a 195=
4 <strong>Pierre Soulages</strong>, a black Calder and a dark 1948&nbs=
p;<strong>Dubuffet</strong> all sold well. Of Solinger=E2=80=99s three Dubu=
ffet=E2=80=99s Sotheby=E2=80=99s had high hopes for the 1967 <em>L=E2=
=80=99Hourloupe</em> work which failed to take off. The two lower-pric=
ed, earlier works saw strong bidding. The Dubuffet market has been active f=
or several years with most buyers satisfied. The weak Euro also can=E2=80=
=99t help the cause very much. </p></div></div></td></tr></tbody></tab=
le>
<table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D"1=
00%" style=3D"border-spacing:0 !important; border-collapse:collapse; mso-ta=
ble-lspace:0pt; mso-table-rspace:0pt"><tbody><tr><td class=3D"hs_padded" st=
yle=3D"border-collapse:collapse; mso-line-height-rule:exactly; font-family:=
Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; pa=
dding:10px 20px"><div id=3D"hs_cos_wrapper_module_16645390300133" class=3D"=
hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"c=
olor: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-gener=
al-type=3D"widget" data-hs-cos-type=3D"module">
<!--[if gte mso 9]>
<div style=3D"line-height: 0; font-size: 0px">
<v:rect xmlns:v=3D"urn:schemas-microsoft-com:vml" fill=3D"true" stroke=3D=
"false" style=3D"width:560px; height:2pt;" fillcolor=3D"none">
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<v:textbox inset=3D"0,0,0,0">
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<![endif]-->
<table role=3D"presentation" width=3D"100%" align=3D"center" border=3D"0" s=
tyle=3D"position:relative; top:-1px; min-width:20px; width:100%; max-width:=
100%; border-spacing:0; mso-table-lspace:0pt; mso-table-rspace:0pt; border-=
collapse:collapse; font-size:1px">
<tbody><tr>
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<td width=3D"auto" style=3D"border-collapse:collapse; mso-line-height-r=
ule:exactly; font-family:Arial, sans-serif; font-size:15px; color:#000000; =
word-break:break-word; line-height:0"> </td>
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=20
<td width=3D"30%" valign=3D"middle" style=3D"border-collapse:collapse; =
mso-line-height-rule:exactly; font-family:Arial, sans-serif; font-size:15px=
; color:#000000; word-break:break-word; line-height:0; border:transparent; =
border-bottom:1px solid #000000; mso-border-bottom-alt:2pt solid #000000; b=
order-bottom-width:1px"> </td>
=20
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<td width=3D"auto" style=3D"border-collapse:collapse; mso-line-height-r=
ule:exactly; font-family:Arial, sans-serif; font-size:15px; color:#000000; =
word-break:break-word; line-height:0"> </td>
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</tr>
</tbody></table>
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</tr></tbody></table>
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<div id=3D"module_1668081775719" class=3D"hse-section" style=3D"padding-l=
eft:10px; padding-right:10px">
=20
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<!--[if !((mso)|(IE))]><!-- -->
<div class=3D"hse-column-container" style=3D"min-width:280px; max-wid=
th:600px; width:100%; Margin-left:auto; Margin-right:auto; border-collapse:=
collapse; border-spacing:0; background-color:#FFFFFF" bgcolor=3D"#FFFFFF">
<!--<![endif]-->
=20
<!--[if (mso)|(IE)]>
<div class=3D"hse-column-container" style=3D"min-width:280px;max-widt=
h:600px;width:100%;Margin-left:auto;Margin-right:auto;border-collapse:colla=
pse;border-spacing:0;">
<table align=3D"center" style=3D"border-collapse:collapse;mso-table-l=
space:0pt;mso-table-rspace:0pt;width:600px;" cellpadding=3D"0" cellspacing=
=3D"0" role=3D"presentation" width=3D"600" bgcolor=3D"#FFFFFF">
<tr style=3D"background-color:#FFFFFF;">
<![endif]-->
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<td valign=3D"top" style=3D"width:600px;">
<![endif]-->
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<table role=3D"presentation" width=3D"600" cellpadding=3D"0" cellspacing=
=3D"0" style=3D"border-collapse:collapse;mso-table-lspace:0pt;mso-table-rsp=
ace:0pt;width:600px">
<![endif]-->
<div id=3D"module_1668081775719_0" class=3D"hse-column hse-size-12">
<table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D=
"100%" style=3D"border-spacing:0 !important; border-collapse:collapse; mso-=
table-lspace:0pt; mso-table-rspace:0pt"><tbody><tr><td class=3D"hs_padded" =
style=3D"border-collapse:collapse; mso-line-height-rule:exactly; font-famil=
y:Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; =
padding:10px 20px"><div id=3D"hs_cos_wrapper_module_16680817756704" class=
=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=
=3D"color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-=
general-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"hs_cos_wrapp=
er_module_16680817756704_" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs=
_cos_wrapper_type_rich_text" style=3D"color: inherit; font-size: inherit; l=
ine-height: inherit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=
=3D"rich_text"><h2 style=3D"margin:0; mso-line-height-rule:exactly; line-he=
ight:175%; font-size:22px">Sotheby=E2=80=99s Modern Evening Sale</h2></div>=
</div></td></tr></tbody></table>
<div id=3D"hs_cos_wrapper_module_16680817756705" class=3D"hs_cos_wrapper hs=
_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"color: inherit; fo=
nt-size: inherit; line-height: inherit;" data-hs-cos-general-type=3D"widget=
" data-hs-cos-type=3D"module">
=09
<table class=3D"hse-image-wrapper" role=3D"presentation" width=3D"100%" cel=
lpadding=3D"0" cellspacing=3D"0" style=3D"border-spacing:0 !important; bord=
er-collapse:collapse; mso-table-lspace:0pt; mso-table-rspace:0pt">
<tbody>
<tr>
<td align=3D"center" valign=3D"top" style=3D"border-collapse:co=
llapse; mso-line-height-rule:exactly; font-family:Arial, sans-serif; color:=
#000000; word-break:break-word; text-align:center; padding:10px 20px; font-=
size:0px">
=20
<a href=3D"https://email02.liveart.io/e3t/Ctc/DO+113/d2=
xBdp04/VWNy7m8FNpDDW7QhtrH7CZSs7W2VV8NG4SpBDZN5r_RRf3q3nJV1-WJV7CgQ_rW32xD2=
v941xQqW2pxqNm7pZccDW7_RQ_31yf0VxW8lS6Tt1Z1LfFW2YKG8r2-2L9CW8Vg3Pd43nHYBW1r=
7DkY6SPJhbVrknyC34zJ84VPYM295xYmVGW64CcLS5R0HJ-W2wW43B2FBbfFW6wQcHF1W3JDFVR=
Cxg38gqYG3W8Z9fqx8G-8WLW2sGXhj2qbHb_W7Yqvjy20V6zLW5xWskV686mZjW88jN6B7wb4x3=
VMl-z_3BfGF_W6dDwW77H1QgXW76nm8L6rt_QdW4Mr42F1X5T-HW2n13p089NLhSW4NwZvx6SlN=
pp3qbd1" target=3D"_blank" style=3D"color:#00a4bd; mso-line-height-rule:exa=
ctly" data-hs-link-id=3D"2">
=20
<img alt=3D"Sotheby's Modern Evening" src=3D"https://email0=
2.liveart.io/hs-fs/hubfs/Screen%20Shot%202022-11-15%20at%208.57.08%20AM.png=
?width=3D1120&upscale=3Dtrue&name=3DScreen%20Shot%202022-11-15%20at=
%208.57.08%20AM.png" style=3D"outline:none; text-decoration:none; -ms-inter=
polation-mode:bicubic; border:none; max-width:100%; font-size:16px" width=
=3D"560" align=3D"middle" srcset=3D"https://email02.liveart.io/hs-fs/hubfs/=
Screen%20Shot%202022-11-15%20at%208.57.08%20AM.png?upscale=3Dtrue&width=
=3D1120&upscale=3Dtrue&name=3DScreen%20Shot%202022-11-15%20at%208.5=
7.08%20AM.png 560w, https://email02.liveart.io/hs-fs/hubfs/Screen%20Shot%20=
2022-11-15%20at%208.57.08%20AM.png?upscale=3Dtrue&width=3D2240&upsc=
ale=3Dtrue&name=3DScreen%20Shot%202022-11-15%20at%208.57.08%20AM.png 11=
20w" sizes=3D"(max-width: 560px) 100vw, 560px">
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</a>
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</td>
</tr>
</tbody>
</table></div>
<table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D"1=
00%" style=3D"border-spacing:0 !important; border-collapse:collapse; mso-ta=
ble-lspace:0pt; mso-table-rspace:0pt"><tbody><tr><td class=3D"hs_padded" st=
yle=3D"border-collapse:collapse; mso-line-height-rule:exactly; font-family:=
Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; pa=
dding:10px 20px"><div id=3D"hs_cos_wrapper_module_16680817756706" class=3D"=
hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"c=
olor: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-gener=
al-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"hs_cos_wrapper_mo=
dule_16680817756706_" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_=
wrapper_type_rich_text" style=3D"color: inherit; font-size: inherit; line-h=
eight: inherit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"ri=
ch_text"><p style=3D"mso-line-height-rule:exactly; line-height:175%; font-w=
eight:normal"><strong>Total: </strong>$253,821,175 with 82% sold (36/4=
4 + 2 lots withdrawn)<br><strong>Composition of Results: </strong>&nbs=
p;<strong>11%</strong> above/ <strong>47%</strong> within/&n=
bsp;<strong>42%</strong> below estimates<strong> </strong><br><st=
rong>Aggregate Low Estimate: </strong>$232,000,000<br><strong>Aggregat=
e Hammer:</strong> $218,010,195<br><strong>Hammer Ratio: </strong=
>0.94<br><strong>Average Lot Value: </strong>$7,050,588</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%"> </p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%"><strong>Modern =
doubt: </strong>The organizing principle behind these sales isn=E2=80=
=99t helping them succeed. Sotheby=E2=80=99s had previously taken the lead =
to renovate the Modern category by incorporating works from Latin American =
and American sales into the Modern sales. In this sale, that strategy prove=
d more of an encumbrance. Works by <span style=3D"font-weight: bold;">Joaqu=
=C3=ADn Torres-Garcia</span>, <span style=3D"font-weight: bold;">Norman Roc=
kwell</span> and <span style=3D"font-weight: bold;">Bernard Boutet de Monve=
l</span> all failed or were withdrawn.</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%"> </p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%"><strong>Paley c=
lout: </strong>Bill Paley was once the definition of the establishment=
but his name isn=E2=80=99t quite the incantation it once was. Nevertheless=
, his 1919 <span style=3D"font-weight: bold;">Picasso</span> was the second=
highest lot of evening. The $47 million sale underscores the importance of=
collectors and provenance in this category. </p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%"> </p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%"><strong>Bidder=
=E2=80=99s came out:</strong> There was strong bidding on only four lo=
ts. The opening lot set a new record for <strong>Elaine de Kooning</st=
rong> at $1.07 million. <strong>Andrew Wyeth</strong>=E2=80=99s&n=
bsp;<em>The Wake</em> from 1964 made a solid $4.6 million. Paley=E2=80=
=99s <strong>Pierre Bonnard</strong> still life from 1939 sold fo=
r $4.6 million, too, which seemed to take its cues from the Bonnard in the =
Allen sale. A <strong>Thomas Hart Benton</strong> set a strong $4=
.89 million price just below the $5.5 million record set last week but it s=
old for the low estimate. <strong>Tamara de Lempicka</strong>=E2=80=99=
s portrait of Romana de la Salle also set the second highest price for the =
artist at $14.1 million. </p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%"> </p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%"><strong>A suppl=
y drought:</strong> The challenge for the Modern market is when artist=
s cease to trade frequently. Dwindling supply begets fewer collectors which=
reduces demand and competition. <span style=3D"font-weight: bold;">Bonnard=
</span> prices over the last week demonstrate that. Sales of work by <span =
style=3D"font-weight: bold;">Paul Klee</span> also show the effect as well.=
Ten Klees were offered in six days. They all sold but not without work. Fi=
lling these sales also seems to have motivated Sotheby=E2=80=99s to offer s=
ome works that raised some eyebrows. For example, there was a posthumous <s=
pan style=3D"font-weight: bold;">Brancusi</span> and two <span style=3D"fon=
t-weight: bold;">Schieles</span> (one sold and one that did not even though=
it had previously been sold at Christie's a dozen years ago) that seemed t=
o be reaches. </p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%"> </p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%"><strong>Asia ab=
out: </strong>Perhaps to help build confidence in the category, Sotheb=
y=E2=80=99s was eager to point to Asian buyers in the various owner=E2=80=
=99s sale. The $51 million <span style=3D"font-weight: bold;">Mondrian</spa=
n> that sold to the guarantor was the most prominent lot. A black <span sty=
le=3D"font-weight: bold;">Calder</span> that sold for $8.5 million, the sma=
ll <span style=3D"font-weight: bold;">Mir=C3=B3</span> at the end of the So=
linger sale and Paley=E2=80=99s <span style=3D"font-weight: bold;">Rodin</s=
pan> bronzes all went to Asian buyers. Sotheby=E2=80=99s says Asian underbi=
dders were chasing the de Lempicka, Wyeth, Picasso and Chagall. =
</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%"> </p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%"><strong>The Nah=
mads eke out:</strong> The Nahmads were more active at Sotheby=E2=80=
=99s in these sales than they seem to have been recently. That sugges=
ts the Modern market is turning toward opportunistic long-term buyers. This=
isn=E2=80=99t necessarily a bad thing. The art market works in cycles that=
often span three years. Seller expectations rise with the market until est=
imates become off-putting. This dynamic tends to be more pronounced in the =
Modern market. Bidders were cautious at Sotheby=E2=80=99s and had to be pus=
hed. On one lot, the Nahmads threw in a late $50,000 bid that forced the bu=
yer to pay an additional $100,000 on the hammer price. </p></div></div=
></td></tr></tbody></table>
<table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D"1=
00%" style=3D"border-spacing:0 !important; border-collapse:collapse; mso-ta=
ble-lspace:0pt; mso-table-rspace:0pt"><tbody><tr><td class=3D"hs_padded" st=
yle=3D"border-collapse:collapse; mso-line-height-rule:exactly; font-family:=
Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; pa=
dding:10px 20px"><div id=3D"hs_cos_wrapper_module_16680817756707" class=3D"=
hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"c=
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al-type=3D"widget" data-hs-cos-type=3D"module">
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y:Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; =
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ttps://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/VWNy7m8FNpDDW7QhtrH7CZSs7=
W2VV8NG4SpBDZN5r_RQG3q3n5V1-WJV7CgYGNW3GhsH57nPs8CW8qxGtg97gL08W973MwL6bKpH=
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n5W4cn3Wd8pFR13W8vkVBK4hZq8mVqDccy5MJ35NW9dRJH21q_zXhW2QdXqL32dPYqW7pvnTS2Q=
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le=3D"color: inherit; font-size: inherit; line-height: inherit;" data-hs-co=
s-general-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"hs_cos_wra=
pper_module_166091123325424_" class=3D"hs_cos_wrapper hs_cos_wrapper_widget=
hs_cos_wrapper_type_rich_text" style=3D"color: inherit; font-size: inherit=
; line-height: inherit;" data-hs-cos-general-type=3D"widget" data-hs-cos-ty=
pe=3D"rich_text"><h1 style=3D"margin:0; mso-line-height-rule:exactly; font-=
size:16px; line-height:183%; text-align:center" align=3D"center"><span styl=
e=3D"color: #ffffff;">Stay Connected to LiveArt</span></h1></div></div></td=
></tr></tbody></table>
<table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D"1=
00%" style=3D"border-spacing:0 !important; border-collapse:collapse; mso-ta=
ble-lspace:0pt; mso-table-rspace:0pt"><tbody><tr><td class=3D"hs_padded" st=
yle=3D"border-collapse:collapse; mso-line-height-rule:exactly; font-family:=
Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; pa=
dding:0px 20px"><div id=3D"hs_cos_wrapper_module_166091123325425" class=3D"=
hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"c=
olor: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-gener=
al-type=3D"widget" data-hs-cos-type=3D"module">
<table role=3D"presentation" align=3D"center" style=3D"border-spacing:0 !im=
portant; border-collapse:collapse; mso-table-lspace:0pt; mso-table-rspace:0=
pt; width:auto; text-align:center" class=3D"hs_cos_wrapper_type_social_modu=
le" width=3D"auto">
<tbody>
<tr align=3D"center">
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<td class=3D"social-network-cell" style=3D"border-collapse:collapse; =
mso-line-height-rule:exactly; font-family:Arial, sans-serif; font-size:15px=
; color:#000000; word-break:break-word">
<table role=3D"presentation" align=3D"center" style=3D"border-spaci=
ng:0 !important; border-collapse:collapse; mso-table-lspace:0pt; mso-table-=
rspace:0pt; width:auto; text-align:center" class=3D"hs_cos_wrapper_type_soc=
ial_module_single" width=3D"auto">
<tbody>
<tr align=3D"center">
=20
<td class=3D"display_block_on_small_screens" style=3D"border-=
collapse:collapse; mso-line-height-rule:exactly; font-family:Arial, sans-se=
rif; font-size:15px; color:#000000; word-break:break-word; padding:8px 5px;=
line-height:1; vertical-align:middle" valign=3D"middle">
<a href=3D"https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp=
04/VWNy7m8FNpDDW7QhtrH7CZSs7W2VV8NG4SpBDZN5r_RQZ3q3npV1-WJV7CgTtQW5846lk646=
xlbW1bSgmc5zKV5wW6kN6p52dW0cWW3vx85z7tbWPyW6Tp0SL82rQWKVz2sD81w4FNdW1nfZfx5=
-RYsWW3dtR-F1_2kKZW8k61hd5BmZmpVP1JfF8H47stW1XZ5L74yNP4bW7hWFhx7qS9TsW2BkZW=
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74RSVs8W6dk5sJ5rMMZyW5vZHXX8j1nDBW3kGl456_PYVX3dwy1" style=3D"color:#00a4bd=
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nk-id=3D"0" target=3D"_blank">
=20
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<img src=3D"https://email02.liveart.io/hs-fs/hubfs/Instag=
ram-alt-v02.png?height=3D60&upscale=3Dtrue&name=3DInstagram-alt-v02=
.png" alt=3D"Instagram" height=3D"30" style=3D"outline:none; text-decoratio=
n:none; -ms-interpolation-mode:bicubic; border:none; width:auto!important; =
height:30px!important; vertical-align:middle" valign=3D"middle" width=3D"au=
to">
=20
</a>
</td>
=20
=20
</tr>
</tbody>
</table>
</td>
=20
<td class=3D"social-network-cell" style=3D"border-collapse:collapse; =
mso-line-height-rule:exactly; font-family:Arial, sans-serif; font-size:15px=
; color:#000000; word-break:break-word">
<table role=3D"presentation" align=3D"center" style=3D"border-spaci=
ng:0 !important; border-collapse:collapse; mso-table-lspace:0pt; mso-table-=
rspace:0pt; width:auto; text-align:center" class=3D"hs_cos_wrapper_type_soc=
ial_module_single" width=3D"auto">
<tbody>
<tr align=3D"center">
=20
<td class=3D"display_block_on_small_screens" style=3D"border-=
collapse:collapse; mso-line-height-rule:exactly; font-family:Arial, sans-se=
rif; font-size:15px; color:#000000; word-break:break-word; padding:8px 5px;=
line-height:1; vertical-align:middle" valign=3D"middle">
<a href=3D"https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp=
04/VWNy7m8FNpDDW7QhtrH7CZSs7W2VV8NG4SpBDZN5r_RQG3q3n5V1-WJV7CgP6kW45WwxP3Dv=
NNLVsdk6M2ftQ5BW2L_wxd7LHt5YW661frL4dbq6fW8st5Zz4H9DHHN60nwTw-r-nQW2pLKmr2S=
k97jN8DWcQMV9WR3W8nGG8-47hPrBW2B-XxP4jgfCcN3c2wzmY4_FPVk6wyw5z-MW-W6dPvQP3c=
h16LW8GY30k1ctRWkW3bg4Tr62JYyqW4ByTFP3b7spTW7TvFLd5czxqLW6GzCLr52G_xRW8SF5p=
t8DfZRlW6jzWhc45rRPS3jFs1" style=3D"color:#00a4bd; mso-line-height-rule:exa=
ctly; text-decoration:none !important" data-hs-link-id=3D"0" target=3D"_bla=
nk">
=20
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<img src=3D"https://email02.liveart.io/hs-fs/hubfs/twitte=
r-alt-v02.png?height=3D60&upscale=3Dtrue&name=3Dtwitter-alt-v02.png=
" alt=3D"Twitter" height=3D"30" style=3D"outline:none; text-decoration:none=
; -ms-interpolation-mode:bicubic; border:none; width:auto!important; height=
:30px!important; vertical-align:middle" valign=3D"middle" width=3D"auto">
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</a>
</td>
=20
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</tr>
</tbody>
</table>
</td>
=20
<td class=3D"social-network-cell" style=3D"border-collapse:collapse; =
mso-line-height-rule:exactly; font-family:Arial, sans-serif; font-size:15px=
; color:#000000; word-break:break-word">
<table role=3D"presentation" align=3D"center" style=3D"border-spaci=
ng:0 !important; border-collapse:collapse; mso-table-lspace:0pt; mso-table-=
rspace:0pt; width:auto; text-align:center" class=3D"hs_cos_wrapper_type_soc=
ial_module_single" width=3D"auto">
<tbody>
<tr align=3D"center">
=20
<td class=3D"display_block_on_small_screens" style=3D"border-=
collapse:collapse; mso-line-height-rule:exactly; font-family:Arial, sans-se=
rif; font-size:15px; color:#000000; word-break:break-word; padding:8px 5px;=
line-height:1; vertical-align:middle" valign=3D"middle">
<a href=3D"https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp=
04/VWNy7m8FNpDDW7QhtrH7CZSs7W2VV8NG4SpBDZN5r_RQZ3q3npV1-WJV7CgRQbW4kb48g4hH=
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dk4CZ_0RW10whJG5v-p0vV6nvkZ5DqFCCW8B7cqH1K8RpB3mMh1" style=3D"color:#00a4bd=
; mso-line-height-rule:exactly; text-decoration:none !important" data-hs-li=
nk-id=3D"0" target=3D"_blank">
=20
=20
=20
=20
=20
<img src=3D"https://email02.liveart.io/hs-fs/hubfs/facebo=
ok-alt-v02.png?height=3D60&upscale=3Dtrue&name=3Dfacebook-alt-v02.p=
ng" alt=3D"Facebook" height=3D"30" style=3D"outline:none; text-decoration:n=
one; -ms-interpolation-mode:bicubic; border:none; width:auto!important; hei=
ght:30px!important; vertical-align:middle" valign=3D"middle" width=3D"auto"=
>
=20
</a>
</td>
=20
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</tr>
</tbody>
</table>
</td>
=20
<td class=3D"social-network-cell" style=3D"border-collapse:collapse; =
mso-line-height-rule:exactly; font-family:Arial, sans-serif; font-size:15px=
; color:#000000; word-break:break-word">
<table role=3D"presentation" align=3D"center" style=3D"border-spaci=
ng:0 !important; border-collapse:collapse; mso-table-lspace:0pt; mso-table-=
rspace:0pt; width:auto; text-align:center" class=3D"hs_cos_wrapper_type_soc=
ial_module_single" width=3D"auto">
<tbody>
<tr align=3D"center">
=20
<td class=3D"display_block_on_small_screens" style=3D"border-=
collapse:collapse; mso-line-height-rule:exactly; font-family:Arial, sans-se=
rif; font-size:15px; color:#000000; word-break:break-word; padding:8px 5px;=
line-height:1; vertical-align:middle" valign=3D"middle">
<a href=3D"https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp=
04/VWNy7m8FNpDDW7QhtrH7CZSs7W2VV8NG4SpBDZN5r_RQZ3q3npV1-WJV7CgCyWW1HDjPX4FT=
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58G4ZMVpP0tD5s852xW4DdKtQ7TJsSbW5NdcbL3Z_53D2yz1" style=3D"color:#00a4bd; m=
so-line-height-rule:exactly; text-decoration:none !important" data-hs-link-=
id=3D"0" target=3D"_blank">
=20
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<img src=3D"https://email02.liveart.io/hs-fs/hubfs/linked=
in-alt-v02.png?height=3D60&upscale=3Dtrue&name=3Dlinkedin-alt-v02.p=
ng" alt=3D"LinkedIn" height=3D"30" style=3D"outline:none; text-decoration:n=
one; -ms-interpolation-mode:bicubic; border:none; width:auto!important; hei=
ght:30px!important; vertical-align:middle" valign=3D"middle" width=3D"auto"=
>
=20
</a>
</td>
=20
=20
</tr>
</tbody>
</table>
</td>
=20
<td class=3D"social-network-cell" style=3D"border-collapse:collapse; =
mso-line-height-rule:exactly; font-family:Arial, sans-serif; font-size:15px=
; color:#000000; word-break:break-word">
<table role=3D"presentation" align=3D"center" style=3D"border-spaci=
ng:0 !important; border-collapse:collapse; mso-table-lspace:0pt; mso-table-=
rspace:0pt; width:auto; text-align:center" class=3D"hs_cos_wrapper_type_soc=
ial_module_single" width=3D"auto">
<tbody>
<tr align=3D"center">
=20
<td class=3D"display_block_on_small_screens" style=3D"border-=
collapse:collapse; mso-line-height-rule:exactly; font-family:Arial, sans-se=
rif; font-size:15px; color:#000000; word-break:break-word; padding:8px 5px;=
line-height:1; vertical-align:middle" valign=3D"middle">
<a href=3D"https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp=
04/VWNy7m8FNpDDW7QhtrH7CZSs7W2VV8NG4SpBDZN5r_RQZ3q3npV1-WJV7CgCyPW5BGPZX9hq=
ThRW2Dhc0G1tn2W_W1cHQnF2l_08xW16Rz3w8FDvjtW7Pjm9x8Tmjl1W4NyMhZ5mP40_W6-1JBc=
110FWGN1b5nCWd5lp0W5n1WCv51dV4rN6b8zdM2vyddW8ghSgz6WffjKN7YBfJVv2Z2wW21hJ2w=
4c1qR1W36kDrp475WKDN2NkJmC7PqVHW8GvL3Z3vV-gqW7Ztl003p050hW6GD7bl7r0_yRVwjPq=
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; mso-line-height-rule:exactly; text-decoration:none !important" data-hs-li=
nk-id=3D"0" target=3D"_blank">
=20
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<img src=3D"https://email02.liveart.io/hs-fs/hubfs/discor=
d-alt-v02.png?height=3D60&upscale=3Dtrue&name=3Ddiscord-alt-v02.png=
" alt=3D"Discord" height=3D"30" style=3D"outline:none; text-decoration:none=
; -ms-interpolation-mode:bicubic; border:none; width:auto!important; height=
:30px!important; vertical-align:middle" valign=3D"middle" width=3D"auto">
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</a>
</td>
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</tr>
</tbody>
</table>
</td>
=20
</tr>
</tbody>
</table>
</div></td></tr></tbody></table>
<div id=3D"hs_cos_wrapper_module_166091123325426" class=3D"hs_cos_wrapper h=
s_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"color: inherit; f=
ont-size: inherit; line-height: inherit;" data-hs-cos-general-type=3D"widge=
t" data-hs-cos-type=3D"module">
=09
<table class=3D"hse-image-wrapper" role=3D"presentation" width=3D"100%" cel=
lpadding=3D"0" cellspacing=3D"0" style=3D"border-spacing:0 !important; bord=
er-collapse:collapse; mso-table-lspace:0pt; mso-table-rspace:0pt">
<tbody>
<tr>
<td align=3D"center" valign=3D"top" style=3D"border-collapse:co=
llapse; mso-line-height-rule:exactly; font-family:Arial, sans-serif; color:=
#000000; word-break:break-word; text-align:center; padding:5px 20px; font-s=
ize:0px">
=20
<a href=3D"https://email02.liveart.io/e3t/Ctc/DO+113/d2=
xBdp04/VWNy7m8FNpDDW7QhtrH7CZSs7W2VV8NG4SpBDZN5r_RQZ3q3npV1-WJV7CgTqjW56r7S=
L6Y7D3YW2T6ty-7L85CsW1TV0KV1p_WLCVQ9Klz1GTPQMV1Qh8G8-mcc5W78klZn1VP7t8W4mTk=
lP6B-rRpW17mlPG5Hp1CsW2jwrdp8sh7bCW6QzMVf1ZrJGsN1kJ7YRH5G8yW97VYwJ73W8SCN4L=
B-CxWbJNxW47-cKn4chS_5W65psMT2_2mQ2VxjvYB5hhl5KN1Kxww9lGX4FW1NX6xx7vxRywW21=
fxdk8dpBs9W54yHLj7NDTLCW3WphTP10-JGTW4SPGCH1hKYpW351g1" target=3D"_blank" s=
tyle=3D"color:#00a4bd; mso-line-height-rule:exactly" data-hs-link-id=3D"0">
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<img alt=3D"App Store | Google Play" src=3D"https://email02=
.liveart.io/hs-fs/hubfs/20220322_Tue_Newsletter/App-Badges.png?width=3D600&=
amp;upscale=3Dtrue&name=3DApp-Badges.png" style=3D"outline:none; text-d=
ecoration:none; -ms-interpolation-mode:bicubic; border:none; max-width:100%=
; font-size:16px" width=3D"300" align=3D"middle" srcset=3D"https://email02.=
liveart.io/hs-fs/hubfs/20220322_Tue_Newsletter/App-Badges.png?upscale=3Dtru=
e&width=3D600&upscale=3Dtrue&name=3DApp-Badges.png 300w, https:=
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cale=3Dtrue&width=3D1200&upscale=3Dtrue&name=3DApp-Badges.png 6=
00w" sizes=3D"(max-width: 300px) 100vw, 300px">
=20
</a>
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</td>
</tr>
</tbody>
</table></div>
<table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D"1=
00%" style=3D"border-spacing:0 !important; border-collapse:collapse; mso-ta=
ble-lspace:0pt; mso-table-rspace:0pt"><tbody><tr><td class=3D"hs_padded" st=
yle=3D"border-collapse:collapse; mso-line-height-rule:exactly; font-family:=
Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; pa=
dding:10px 5px"><div id=3D"hs_cos_wrapper_module_166091123325427" class=3D"=
hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"c=
olor: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-gener=
al-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"hs_cos_wrapper_mo=
dule_166091123325427_" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos=
_wrapper_type_rich_text" style=3D"color: inherit; font-size: inherit; line-=
height: inherit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"r=
ich_text"><p style=3D"mso-line-height-rule:exactly; font-size:12px; line-he=
ight:125%; text-align:center; font-weight:bold" align=3D"center"><span styl=
e=3D"color: #ffffff;"><a href=3D"https://email02.liveart.io/e3t/Ctc/DO+113/=
d2xBdp04/VWNy7m8FNpDDW7QhtrH7CZSs7W2VV8NG4SpBDZN5r_RQZ3q3npV1-WJV7CgKXkW272=
_GD1rmNCmW4z2dFx1cNQgSW2czQLR7l0S85W65mDHQ7dp3PlVhSx267bCQlqW1291gM6lkh3tN8=
27522LYbNFW5n3q874kt-Z_W3X-pJG2hs1WkVHTnVh7fTt9qW7ltgMD3S8s-DW4NMLkj2LpPMLW=
5YVXl56BMCR0N4_yRVCqsD5PW2V9_Cm7NwcMvV3Cclm2FCmTpW5Xw4jT1Lf8nGW7S73Y899XY72=
W1WQbr22zQ7qHW6SF0z69bXh8GW6fTtTf1BDt0FW3K1_YR6x4KzX35c91" style=3D"mso-lin=
e-height-rule:exactly; color:#ffffff; font-weight:bold" rel=3D"noopener" da=
ta-hs-link-id=3D"0" target=3D"_blank">BUY</a> | <a href=3D"http=
s://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/VWNy7m8FNpDDW7QhtrH7CZSs7W2V=
V8NG4SpBDZN5r_RQZ3q3npV1-WJV7CgP7WW2nxZm03fx8nrW7zGx685LTSmTW2jllSx8pBMC1W7=
MJx2B2Gh0XGN6Z3LJszwnc4W7p7nBj2gJlPLVJCfW-8jv9vGW3kP6l67CCYyPW2Nd1P45SwDtXW=
8DvhjD8SPpXMW54mx-d8SG8QZW5cRTJD3yhzVcVdYz_Y4-9v1YW7889DV5GkC_zW5pG4JN8HNq1=
bW5WnhBV2bZfs4W7l48rK7pysklN193cHGMMl1LW5zdF6h81DgZcW803hVl1BYVm8W8Dx3Z85lj=
ljCW4WNH8Y2hX9k13nft1" style=3D"mso-line-height-rule:exactly; font-weight:b=
old; color:#ffffff" rel=3D"noopener" data-hs-link-id=3D"0" target=3D"_blank=
">SELL</a> | <a href=3D"https://email02.liveart.io/e3t/Ctc/DO+113/d2x=
Bdp04/VWNy7m8FNpDDW7QhtrH7CZSs7W2VV8NG4SpBDZN5r_RQZ3q3npV1-WJV7CgL33W3jvljD=
6W2LmdW3DcYs191s0pGVdyKc12J14QkN7mfTp-vsXP6W6Sn3RS3B3nhFW3nYNqN8xQrSfVctPP4=
6wmC0TW8cQnFF6HvRtlW6z-2Qn8zlYVpW21MtH73Rc17VW3wHtT22TMGPXW2tDhsK6lzcypW2LH=
rF48FyNxsW49cdVm95mTsMW8f3qG61Rlk9cW5N1Bg47P5d1jMRy3_PQmNQgW2PQpBr4yZqyTN91=
zlpcmq85zW6Wd2yD8J3R7XW7372071CHxCCM5v8D4jgJZD3d7j1" style=3D"mso-line-heig=
ht-rule:exactly; color:#ffffff; font-weight:bold" rel=3D"noopener" data-hs-=
link-id=3D"0" target=3D"_blank">TRADING FLOOR</a> | <a href=3D"https:=
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