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Subject: What We Learned this Week (2317)
From: Artelligence <artelligence@substack.com>
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View this post on the web at https://artelligence.substack.com/p/what-we-le=
arned-this-week-2317
Welcome to the Artelligence newsletter
This is the new home for news and analysis of the global art market from Ar=
t Market Monitor and LiveArt. Combined with our Artelligence podcast [ http=
s://substack.com/redirect/1d2cf0b1-a312-45fd-959a-0ad648344d90?j=3DeyJ1Ijoi=
MjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ], it offers a uniq=
ue perspective on the global art market.
The newsletter comes out every Friday with What We Learned this Week. Depen=
ding on the art market calendar or news cycle, you will receive other email=
s from this account on an irregular basis.
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.
Some new subscribers may not have had their emails delivered. Please check =
your spam folder if you have not received your copy of the email.
In This Issue
Tip Sheet: Some thoughts on upcoming lots
Sophie Macpherson Ltd=E2=80=99s Art Market Salary Report: The art world is =
getting better compensated
Results: Prints and Multiples =3D $34 million
How to Read the Artelligence Results Dial: You=E2=80=99ll be seeing a lot m=
ore of this in the next few weeks so we=E2=80=99re explaining what it means=
=2E
Tip Sheet
There=E2=80=99s a lot of art about to be sold in New York. Whether that is =
due to the large number of estates hitting the market or the unexpected hea=
lth of the financial markets even after a significant bank failure is hard =
to tell. The several collections=E2=80=94Ostin, Newhouse, Fineberg along wi=
th many other smaller estates=E2=80=94have put work on the market that may =
or may not be in demand. There are also a significant number of trophy work=
s for sale that seem to be coming to market because the window of opportuni=
ty that opened during the pandemic does not seem to have closed yet. Is the=
re demand for these works? Two Blinky Palermo paintings are on offer with e=
stimates at $3.5 million. One is backed by a third party; it was previously=
auctioned a dozen years ago for $2.7 million. Both Palermo paintings come =
to market in response to the record price of $5.6 million set for the artis=
t last May. There=E2=80=99s been significant demand for Lee Ufan=E2=80=99s =
work on the private market. So two similar works in different sizes are on =
offer, along with two others, for prices in line with previous auction sale=
s. Three works by Morris Louis=E2=80=94one each from the artists veils, unf=
urled and stripes series=E2=80=94are offered from one collector. Multiple w=
orks by David Hockney, including three late large landscape paintings and a=
rare =E2=80=9Cpaper pool=E2=80=9D, are on offer. There are four significan=
t works by Jasper Johns, more than a dozen works by Yayoi Kusama, including=
two pumpkins, and three significant works by Yoshitomo Nara. There are nin=
e works by Keith Haring, including two that could really attract bidders. C=
ecily Brown will be well represented. Some catalogues still haven=E2=80=99t=
come out. Next week we will go into more detail on some of these artists a=
nd others not mentioned. The sheer volume of art coming to market at a time=
that most expected the climate to be far more cautious makes this a partic=
ularly interesting season to watch. More on our coverage next week.=20
Sophie Macpherson Ltd=E2=80=99s Art Market Salary Report
Art dealer Jeffrey Deitch used to speak about the art world having transfor=
med itself from a community into an industry. Headhunter Sophie Macpherson =
Ltd=E2=80=99s Art Market Salary Report for 2023 (available for download her=
e [ https://substack.com/redirect/9142e6cb-7916-43af-b287-f75a697eb94a?j=3D=
eyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]) suggests=
that the transition is still incomplete=E2=80=94but beginning to build mom=
entum.
One key issue for the art world has been the perception=E2=80=94not unreaso=
nable=E2=80=94that compensation was both unevenly distributed and suppresse=
d due to the number of employees more committed to working in the arts than=
to making money. Judging by this report, that is changing as the art world=
has a larger number of international galleries that are themselves signifi=
cant enterprises and as those and other businesses begin to employ experien=
ced professionals from outside of the art world. This is increasing the lev=
el of service provided by these companies but also the benefit and compensa=
tion expectations of employees.=20
The report is valuable for the salary insights but it also includes these d=
irectional comments on the shape of the art market in the future with more =
opportunities in Europe and across the US but particularly in Los Angeles:
We have recorded increased activity in Europe outside the UK. Between 2019 =
(a key post-Brexit and pre-pandemic reference point) and 2022, SML=E2=80=99=
s in-bound European business has markedly increased, with our placements on=
the continent increasing by 100%.
The US employment market is growing, with increased demand for exceptional =
talent beyond New York. A 200% increase in US searches managed by SML outsi=
de of New York speaks to a market currently going from strength to strength=
=2E Los Angeles stands out as a particular area of focus.
In general, we have found art world salaries have increased in recent years=
, with the biggest step-changes observed in the US. The industry encompasse=
s a wide range of sectors influenced by a variety of factors including the =
state of the economy, the demand for art (or related services), and the spe=
cific location and size of the business.=20
Results
New York Prints Sales =3D $34,248,522
On a year over year basis, the New York Prints and Multiples sales at Phill=
ips, Sotheby=E2=80=99s and Christie=E2=80=99s were a huge success. In April=
of 2022, the combined total of the three houses was $24.7 million. This ye=
ar that number had jumped to $34.2 million. That=E2=80=99s a 38% rise. That=
would seem to confirm the blazing pace of the prints and multiples market =
but a large portion of that increase comes from the $14.3 million spent on =
Christie=E2=80=99s Sale of the Century, a corporate collection of prints. W=
ithout that collection, sales would be down 19%. Christie=E2=80=99s various=
-owners sale was at the same level as 2022; Sotheby=E2=80=99s was down 23% =
and Phillips saw a 28% decline. Those numbers may have reflected the presen=
ce of the massive collection at Christie=E2=80=99s.=20
Whatever the reasons, the internal numbers were fairly balanced. The hammer=
ratio was on the weak side suggesting supply is catching up with demand am=
ong prints collectors. The bidding was relatively evenly spread with 35% of=
the lots selling above estimates and a slightly worrying 29% of lots selli=
ng for compromise prices. Nevertheless, the sales were very well managed wi=
th 96% of the lots finding buyers.
As we have commented before, part of the success of the prints market has b=
een the dominance of Andy Warhol=E2=80=99s work. In these sales, Warhol acc=
ounts for an overwhelming 26% of the dollars spent even as his works accoun=
ted for only 5% of the lots. That=E2=80=99s especially impressive when ther=
e were important portfolios of Jasper Johns, Barnett Newman and David Hockn=
ey sold.=20
Looking at the hammer ratios by quintiles, we can see that the most intensi=
ve bidding took place for lots estimated below $2000 and between $4000 and =
$8000. At the upper reaches which had too broad an estimate range to be rea=
lly meaningful, the weakest bidding was for the most valuable lots by estim=
ate. This recapitulates the rest of the art market where bidding has migrat=
ed to the lower rungs of the value ladder.=20
How to Read the Artelligence Results Dial
Some of you have scratched your heads at the results dial we created to qui=
ckly convey the data from an auction or auction cycle. Since we=E2=80=99re =
going to be producing a number of these dials in the next few weeks during =
the May sales, now is a good time to give you a tour. The center is the tot=
al in local currency and dollars. At the top, you=E2=80=99ll see the overal=
l hammer ratio for the sale (the aggregate hammer price divided by the aggr=
egate low estimate of all lots including those that do not sell.) Hammer ra=
tio is the best measure of buyer demand against seller expectations. That n=
umber is color coded and there is an indicator above to show whether the sa=
le suggests an advancing or retreating market (advancing to the right; retr=
eating to the left.) At the bottom is the sell-through rate in percentage w=
ith the lots offered and sold above that. The colored bar breaks down sold =
lots by results relative to the estimates. These numbers are summed up by t=
he indicator at the bottom.=20
Thanks for reading Artelligence! Subscribe for free to receive new posts.
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</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=
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style=3D"height:1px !important;width:1px !important;border-width:0 !importa=
nt;margin-top:0 !important;margin-bottom:0 !important;margin-right:0 !impor=
tant;margin-left:0 !important;padding-top:0 !important;padding-bottom:0 !im=
portant;padding-right:0 !important;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;overflow:hidden;" class=3D"preview">Art World Sala=
ries + A Big Week for Prints + What to Look for in May ‌ &=
#8204; ‌ ‌ ‌ ‌ ‌&nbs=
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00%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" class=3D"email-body-c=
ontainer"><tbody><tr><td></td><td width=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"presentatio=
n" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tbody><=
tr><td align=3D"right" style=3D"height: 20px;"><table role=3D"presentation"=
width=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tbody><tr=
><td style=3D"vertical-align: middle;"><span class=3D"tw-font-body tw-text-=
ssm tw-text-substack-secondary" style=3D"color: #808080 !important; font-fa=
mily: SF Pro Text, -apple-system, BlinkMacSystemFont, Inter, Segoe UI, Robo=
to, Helvetica, Arial, sans-serif, Apple Color Emoji, Segoe UI Emoji, Segoe =
UI Symbol !important; font-size: 13px !important;"><a href=3D"https://open.=
substack.com/pub/artelligence/p/what-we-learned-this-week-2317?utm_source=
=3Demail&redirect=3Dapp-store" class=3D"tw-text-substack-secondary tw-under=
line" style=3D"-webkit-text-decoration-line: underline !important; color: #=
808080 !important; text-decoration-line: underline !important;">Open in app=
</a> or <a href=3D"https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9hcnRl=
bGxpZ2VuY2Uuc3Vic3RhY2suY29tL3Avd2hhdC13ZS1sZWFybmVkLXRoaXMtd2Vlay0yMzE3P3R=
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WJZoFGlOcmaCzb5Lf3g?" class=3D"tw-text-substack-secondary tw-underline" sty=
le=3D"-webkit-text-decoration-line: underline !important; color: #808080 !i=
mportant; text-decoration-line: underline !important;">online</a></span></t=
d></tr></tbody></table></td></tr></tbody></table><table role=3D"presentatio=
n" width=3D"auto" class=3D"header graphic-header" style=3D"border-spacing: =
0; padding: 16px 0 32px;"><tbody><tr><td align=3D"center" style=3D"padding:=
0; text-align: center;"><a href=3D"https://substack.com/redirect/2/eyJlIjo=
iaHR0cHM6Ly9hcnRlbGxpZ2VuY2Uuc3Vic3RhY2suY29tL3Avd2hhdC13ZS1sZWFybmVkLXRoaX=
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qGKLSGGL2EwN1cvpnWJZoFGlOcmaCzb5Lf3g?"><img role=3D"presentation" width=3D"=
550" height=3D"110" src=3D"https://substackcdn.com/image/fetch/w_1100,c_lim=
it,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-medi=
a.s3.amazonaws.com%2Fpublic%2Fimages%2Fe3cfc2fc-ffba-4eae-8c1a-7c9381cc0cef=
_1100x220.png" class=3D"header-image" style=3D"border: none !important; dis=
play: block; height: auto; margin: 0 auto; max-width: 550px; vertical-align=
: middle; width: 100%;"></a></td></tr></tbody></table><div dir=3D"auto" cla=
ss=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-he=
ight: 26px;"><h1 class=3D"post-title published" style=3D"-moz-osx-font-smoo=
thing: subpixel-antialiased; -webkit-font-smoothing: subpixel-antialiased; =
color: #404040; font-family: 'SF Compact Display', -apple-system, BlinkMacS=
ystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color E=
moji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 32px; font-weight: b=
old; line-height: 36px; margin: 0;"><a href=3D"https://substack.com/app-lin=
k/post?publication_id=3D2259&post_id=3D117295539&utm_source=3Dpost-email-ti=
tle&isFreemail=3Dtrue&token=3DeyJ1c2VyX2lkIjoxMzMyNjg2NjEsInBvc3RfaWQiOjExN=
zI5NTUzOSwiaWF0IjoxNjgyNjgzMzc0LCJleHAiOjE2ODUyNzUzNzQsImlzcyI6InB1Yi0yMjU5=
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Q" style=3D"color: #404040; text-decoration: none;">What We Learned this We=
ek (2317)</a></h1><h3 class=3D"subtitle" style=3D"-moz-osx-font-smoothing: =
subpixel-antialiased; -webkit-font-smoothing: subpixel-antialiased; color: =
#808080; font-family: 'SF Compact Display', -apple-system, BlinkMacSystemFo=
nt, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', =
'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 18px; font-weight: normal; =
line-height: 24px; margin: 4px 0 0; margin-top: 12px;">Art World Salaries +=
A Big Week for Prints + What to Look for in May</h3><table role=3D"present=
ation" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" clas=
s=3D"post-meta" style=3D"align-items: center; height: 20px; margin: 1em 0;"=
><tbody><tr><td><table role=3D"presentation" width=3D"auto" border=3D"0" ce=
llspacing=3D"0" cellpadding=3D"0"><tbody><tr><td><table role=3D"presentatio=
n" width=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tbody><=
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ta--3RRSj custom-css-email-post-author" style=3D"color: #404040; font-famil=
y: 'SF Compact', -apple-system, -apple-system, -system-ui, BlinkMacSystemFo=
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'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 11px; font-weight: 500; let=
ter-spacing: .2px; line-height: 20px; margin: 0; text-decoration: unset; te=
xt-transform: uppercase;"><a href=3D"https://substack.com/profile/735466-ma=
rion-maneker" style=3D"color: #404040; font-family: 'SF Compact', -apple-sy=
stem, -apple-system, -system-ui, BlinkMacSystemFont, 'Segoe UI', Roboto, He=
lvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe U=
I Symbol'; font-size: 11px; font-weight: 500; letter-spacing: .2px; line-he=
ight: 20px; margin: 0; text-decoration: none; text-transform: uppercase;" c=
lass=3D"pencraft frontend-pencraft-Text-module__reset--20JLV frontend-pencr=
aft-Text-module__size-11--1-ofT frontend-pencraft-Text-module__line-height-=
20--1soeQ frontend-pencraft-Text-module__weight-medium--aTbx5 frontend-penc=
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mary--2I-sF frontend-pencraft-Text-module__transform-uppercase--38jbr front=
end-pencraft-Text-module__meta--3RRSj">Marion Maneker</a></div></td></tr></=
tbody></table></td></tr><tr><td><table role=3D"presentation" width=3D"auto"=
border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tbody><tr><td style=3D"v=
ertical-align: middle;"><div class=3D"pencraft frontend-pencraft-Text-modul=
e__reset--20JLV frontend-pencraft-Text-module__size-11--1-ofT frontend-penc=
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transform-uppercase--38jbr frontend-pencraft-Text-module__meta--3RRSj" styl=
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ze: 11px; font-weight: 500; letter-spacing: .2px; line-height: 20px; margin=
: 0; text-decoration: unset; text-transform: uppercase;"><time datetime=3D"=
2023-04-28T12:02:07.366Z">Apr 28</time></div></td></tr></tbody></table></td=
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nt-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><span>This is the ne=
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rt Market Monitor</strong><span> and </span><strong>LiveArt</strong><span>.=
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border: none; height: 1px; margin: 32px 0; padding: 0;"></div><h2 class=3D=
"header-with-anchor-widget" style=3D"-moz-osx-font-smoothing: subpixel-anti=
aliased; -webkit-font-smoothing: subpixel-antialiased; color: #404040; font=
-family: 'SF Compact Display', -apple-system, BlinkMacSystemFont, 'Segoe UI=
', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emo=
ji', 'Segoe UI Symbol'; font-size: 1.625em; font-weight: bold; line-height:=
1.16em; margin: 1em 0 0.625em 0; position: relative;"><strong>In This Issu=
e</strong></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-s=
ize: 16px; line-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4p=
x;"><strong>Tip Sheet: </strong><span>Some thoughts on upcoming lots</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-left: 4px;"><strong>Sophie Macpherson Ltd’s Art M=
arket Salary Report: </strong><span>The art world is getting better compens=
ated</span></p></li><li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-siz=
ing: border-box; color: #404040; font-size: 16px; line-height: 26px; margin=
: 0; margin-bottom: 0; padding-left: 4px;"><strong>Results: </strong><span>=
Prints and Multiples =3D $34 million</span></p></li><li style=3D"margin: 8p=
x 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>How to Read the Artelligence Results Dial: </strong><span>You’=
;ll be seeing a lot more of this in the next few weeks so we’re expla=
ining what it means.</span></p></li></ol><div style=3D"font-size: 16px; lin=
e-height: 26px;"><hr style=3D"background: #e0e0e0; border: none; height: 1p=
x; margin: 32px 0; padding: 0;"></div><h2 class=3D"header-with-anchor-widge=
t" style=3D"-moz-osx-font-smoothing: subpixel-antialiased; -webkit-font-smo=
othing: subpixel-antialiased; color: #404040; font-family: 'SF Compact Disp=
lay', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Ari=
al, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; f=
ont-size: 1.625em; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.=
625em 0; position: relative;"><strong>Tip Sheet</strong></h2><p style=3D"co=
lor: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><spa=
n>There’s a lot of art about to be sold in New York. Whether that is =
due to the large number of estates hitting the market or the unexpected hea=
lth of the financial markets even after a significant bank failure is hard =
to tell. The several collections—Ostin, Newhouse, Fineberg along with=
many other smaller estates—have put work on the market that may or m=
ay not be in demand. There are also a significant number of trophy works fo=
r sale that seem to be coming to market because the window of opportunity t=
hat opened during the pandemic does not seem to have closed yet. Is there d=
emand for these works? Two </span><strong>Blinky Palermo</strong><span> pai=
ntings are on offer with estimates at $3.5 million. One is backed by a thir=
d party; it was previously auctioned a dozen years ago for $2.7 million. Bo=
th Palermo paintings come to market in response to the record price of $5.6=
million set for the artist last May. There’s been significant demand=
for </span><strong>Lee Ufan</strong><span>’s work on the private mar=
ket. So two similar works in different sizes are on offer, along with two o=
thers, for prices in line with previous auction sales. Three works by Morri=
s Louis—one each from the artists veils, unfurled and stripes series&=
#8212;are offered from one collector. Multiple works by </span><strong>Davi=
d Hockney</strong><span>, including three late large landscape paintings an=
d a rare “paper pool”, are on offer. There are four significant=
works by </span><strong>Jasper Johns</strong><span>, more than a dozen wor=
ks by </span><strong>Yayoi Kusama</strong><span>, including two pumpkins, a=
nd three significant works by </span><strong>Yoshitomo Nara</strong><span>.=
There are nine works by </span><strong>Keith Haring</strong><span>, includ=
ing two that could really attract bidders. </span><strong>Cecily Brown</str=
ong><span> will be well represented. Some catalogues still haven’t co=
me out. Next week we will go into more detail on some of these artists and =
others not mentioned. The sheer volume of art coming to market at a time th=
at most expected the climate to be far more cautious makes this a particula=
rly interesting season to watch. More on our coverage next week. </span></p=
><div style=3D"font-size: 16px; line-height: 26px;"><hr style=3D"background=
: #e0e0e0; border: none; height: 1px; margin: 32px 0; padding: 0;"></div><h=
4 class=3D"header-with-anchor-widget" style=3D"-moz-osx-font-smoothing: sub=
pixel-antialiased; -webkit-font-smoothing: subpixel-antialiased; color: #40=
4040; font-family: 'SF Compact Display', -apple-system, BlinkMacSystemFont,=
'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Se=
goe UI Emoji', 'Segoe UI Symbol'; font-size: 1.125em; font-weight: bold; li=
ne-height: 1.16em; margin: 1em 0 0.625em 0; position: relative;">Sophie Mac=
pherson Ltd’s Art Market Salary Report</h4><p style=3D"color: #404040=
; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><span>Art dealer=
Jeffrey Deitch used to speak about the art world having transformed itself=
from a community into an industry. Headhunter Sophie Macpherson Ltd’=
s Art Market Salary Report for 2023 (</span><a href=3D"https://substack.com=
/redirect/9142e6cb-7916-43af-b287-f75a697eb94a?j=3DeyJ1IjoiMjdjZXI5In0.nCNh=
OM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel=3D"" style=3D"color: #404040; =
text-decoration: underline;">available for download here</a><span>) suggest=
s that the transition is still incomplete—but beginning to build mome=
ntum.</span></p><p style=3D"color: #404040; font-size: 16px; line-height: 2=
6px; margin: 0 0 20px 0;">One key issue for the art world has been the perc=
eption—not unreasonable—that compensation was both unevenly dis=
tributed and suppressed due to the number of employees more committed to wo=
rking in the arts than to making money. Judging by this report, that is cha=
nging as the art world has a larger number of international galleries that =
are themselves significant enterprises and as those and other businesses be=
gin to employ experienced professionals from outside of the art world. This=
is increasing the level of service provided by these companies but also th=
e benefit and compensation expectations of employees. </p><p style=3D"color=
: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">The rep=
ort is valuable for the salary insights but it also includes these directio=
nal comments on the shape of the art market in the future with more opportu=
nities in Europe and across the US but particularly in Los Angeles:</p><ul =
style=3D"margin-top: 0; padding: 0;"><li style=3D"margin: 8px 0 0 32px; mso=
-special-format: bullet;"><p style=3D"box-sizing: border-box; color: #40404=
0; font-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0; padding=
-left: 4px;"><strong>We have recorded increased activity in Europe outside =
the UK. </strong><span>Between 2019 (a key post-Brexit and pre-pandemic ref=
erence point) and 2022, SML’s in-bound European business has markedly=
increased, with our placements on the continent increasing by 100%.</span>=
</p></li><li style=3D"margin: 8px 0 0 32px; mso-special-format: bullet;"><p=
style=3D"box-sizing: border-box; color: #404040; font-size: 16px; line-hei=
ght: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><strong>The US =
employment market is growing, with increased demand for exceptional talent =
beyond New York. </strong><span>A 200% increase in US searches managed by S=
ML outside of New York speaks to a market currently going from strength to =
strength. Los Angeles stands out as a particular area of focus.</span></p><=
/li><li style=3D"margin: 8px 0 0 32px; mso-special-format: bullet;"><p styl=
e=3D"box-sizing: border-box; color: #404040; font-size: 16px; line-height: =
26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><strong>In general, =
we have found art world salaries have increased in recent years, with the b=
iggest step-changes observed in the US. </strong><span>The industry encompa=
sses a wide range of sectors influenced by a variety of factors including t=
he state of the economy, the demand for art (or related services), and the =
specific location and size of the business. </span></p></li></ul><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-osx-font-smoothing: subpixel-antia=
liased; -webkit-font-smoothing: subpixel-antialiased; 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-size: 1.625em; font-weight: bold; line-height: =
1.16em; margin: 1em 0 0.625em 0; position: relative;">Results</h2><h4 class=
=3D"header-with-anchor-widget" style=3D"-moz-osx-font-smoothing: subpixel-a=
ntialiased; -webkit-font-smoothing: subpixel-antialiased; color: #404040; f=
ont-family: 'SF Compact Display', -apple-system, BlinkMacSystemFont, 'Segoe=
UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI =
Emoji', 'Segoe UI Symbol'; font-size: 1.125em; font-weight: bold; line-heig=
ht: 1.16em; margin: 1em 0 0.625em 0; position: relative;">New York Prints S=
ales =3D $34,248,522</h4><div class=3D"captioned-image-container-static" st=
yle=3D"font-size: 16px; line-height: 26px; margin: 32px auto;"><figure styl=
e=3D"margin: 0 auto; width: 100%;"><table class=3D"image-wrapper" width=3D"=
100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" style=3D"mso-padding=
-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align: center;"></td><td a=
lign=3D"left" class=3D"content" width=3D"468" style=3D"text-align: center;"=
><a class=3D"image-link" target=3D"_blank" href=3D"https://substack.com/red=
irect/cb07beb5-e520-420b-9f82-73d65a834344?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c=
1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel=3D"" style=3D"align-items: center;=
border: none; display: block; flex-direction: column; height: auto; margin=
: 0; padding: 0; position: relative; text-decoration: none; width: auto;"><=
img data-attrs=3D"{"src":"https://substack-post-media.s3.ama=
zonaws.com/public/images/f2bf5e22-5e72-4788-b709-d2745da4ad33_1024x1024.jpe=
g","fullscreen":null,"imageSize":null,"height=
":1024,"width":1024,"resizeWidth":468,"bytes&=
quot;:244883,"alt":null,"title":null,"type":&=
quot;image/jpeg","href":null,"belowTheFold":true,&=
quot;internalRedirect":null}" alt=3D"" width=3D"468" height=3D"468" cl=
ass=3D"" src=3D"https://substackcdn.com/image/fetch/w_468,c_limit,f_auto,q_=
auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazona=
ws.com%2Fpublic%2Fimages%2Ff2bf5e22-5e72-4788-b709-d2745da4ad33_1024x1024.j=
peg" style=3D"-ms-interpolation-mode: bicubic; border: none !important; dis=
play: 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-height: 26px; margin: 0 0 20=
px 0;"><span>On a year over year basis, the New York Prints and Multiples s=
ales at Phillips, Sotheby’s and Christie’s were a huge success.=
In April of 2022, the combined total of the three houses was $24.7 million=
=2E This year that number had jumped to=
$34.2 million. That’s a 38% ris=
e. That would seem to confirm the blazing pace of the prints and multiples =
market but a large portion of that increase comes from the $14.3 million sp=
ent on Christie’s </span><em>Sale of the Century</em><span>, a corpor=
ate collection of prints. Without that collection, sales would be down 19%.=
Christie’s various-owners sale was at the same level as 2022; Sotheb=
y’s was down 23% and Phillips saw a 28% decline. Those numbers may ha=
ve reflected the presence of the massive collection at Christie’s. </=
span></p><div class=3D"captioned-image-container-static" style=3D"font-size=
: 16px; line-height: 26px; margin: 32px auto;"><figure style=3D"margin: 0 a=
uto; width: 100%;"><table class=3D"image-wrapper" width=3D"100%" border=3D"=
0" cellspacing=3D"0" cellpadding=3D"0" style=3D"mso-padding-alt: 1em 0 1.6e=
m;"><tbody><tr><td style=3D"text-align: center;"></td><td align=3D"left" cl=
ass=3D"content" width=3D"450" style=3D"text-align: center;"><a class=3D"ima=
ge-link" target=3D"_blank" href=3D"https://substack.com/redirect/6deb8be7-0=
a3c-4e2f-adbe-f268b8af7230?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iR=
nigHXx6Fx_g6pp7gWdY" rel=3D"" style=3D"align-items: center; border: none; d=
isplay: block; flex-direction: column; height: auto; margin: 0; padding: 0;=
position: relative; text-decoration: none; width: auto;"><img data-attrs=
=3D"{"src":"https://substack-post-media.s3.amazonaws.com/pub=
lic/images/acc93242-020c-4e84-b5bf-1d5bdadfcdb7_1024x1024.jpeg","=
fullscreen":null,"imageSize":null,"height":1024,&q=
uot;width":1024,"resizeWidth":450,"bytes":312966,&=
quot;alt":null,"title":null,"type":"image/jpe=
g","href":null,"belowTheFold":true,"internalR=
edirect":null}" alt=3D"" width=3D"450" height=3D"450" class=3D"" src=
=3D"https://substackcdn.com/image/fetch/w_450,c_limit,f_auto,q_auto:good,fl=
_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpub=
lic%2Fimages%2Facc93242-020c-4e84-b5bf-1d5bdadfcdb7_1024x1024.jpeg" style=
=3D"-ms-interpolation-mode: bicubic; border: none !important; display: bloc=
k; height: auto; margin: 0 auto; margin-bottom: 0; max-width: 100% !importa=
nt; vertical-align: middle; width: auto !important;"></a></td><td style=3D"=
text-align: center;"></td></tr></tbody></table></figure></div><p style=3D"c=
olor: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">Wha=
tever the reasons, the internal numbers were fairly balanced. The hammer ra=
tio was on the weak side suggesting supply is catching up with demand among=
prints collectors. The bidding was relatively evenly spread with 35% of th=
e lots selling above estimates and a slightly worrying 29% of lots selling =
for compromise prices. Nevertheless, the sales were very well managed with =
96% of the lots finding buyers.</p><div class=3D"captioned-image-container-=
static" style=3D"font-size: 16px; line-height: 26px; margin: 32px auto;"><f=
igure style=3D"margin: 0 auto; width: 100%;"><table class=3D"image-wrapper"=
width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" style=3D"m=
so-padding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align: center;">=
</td><td align=3D"left" class=3D"content" width=3D"464" style=3D"text-align=
: center;"><a class=3D"image-link" target=3D"_blank" href=3D"https://substa=
ck.com/redirect/4576538f-7658-4afc-804f-a5e7accb5c2d?j=3DeyJ1IjoiMjdjZXI5In=
0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel=3D"" style=3D"align-item=
s: center; border: none; display: block; flex-direction: column; height: au=
to; margin: 0; padding: 0; position: relative; text-decoration: none; width=
: auto;"><img data-attrs=3D"{"src":"https://substack-post-me=
dia.s3.amazonaws.com/public/images/55cf98a2-7c3c-4a25-b398-bc7168665f61_102=
4x1024.jpeg","fullscreen":null,"imageSize":null,&q=
uot;height":1024,"width":1024,"resizeWidth":464,&q=
uot;bytes":541100,"alt":null,"title":null,"ty=
pe":"image/jpeg","href":null,"belowTheFold&qu=
ot;:true,"internalRedirect":null}" alt=3D"" width=3D"464" height=
=3D"464" class=3D"" src=3D"https://substackcdn.com/image/fetch/w_464,c_limi=
t,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media=
=2Es3.amazonaws.com%2Fpublic%2Fimages%2=
F55cf98a2-7c3c-4a25-b398-bc7168665f61_=
1024x1024.jpeg" style=3D"-ms-interpolation-mode: bicubic; border: none !imp=
ortant; 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></figur=
e></div><p style=3D"color: #404040; font-size: 16px; line-height: 26px; mar=
gin: 0 0 20px 0;">As we have commented before, part of the success of the p=
rints market has been the dominance of Andy Warhol’s work. In these s=
ales, Warhol accounts for an overwhelming 26% of the dollars spent even as =
his works accounted for only 5% of the lots. That’s especially impres=
sive when there were important portfolios of Jasper Johns, Barnett Newman a=
nd David Hockney sold. </p><div class=3D"captioned-image-container-static" =
style=3D"font-size: 16px; line-height: 26px; margin: 32px auto;"><figure st=
yle=3D"margin: 0 auto; width: 100%;"><table class=3D"image-wrapper" width=
=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" style=3D"mso-pad=
ding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align: center;"></td><=
td align=3D"left" class=3D"content" width=3D"478" style=3D"text-align: cent=
er;"><a class=3D"image-link" target=3D"_blank" href=3D"https://substack.com=
/redirect/d12e28cb-b703-4891-a0bb-4f9531f40815?j=3DeyJ1IjoiMjdjZXI5In0.nCNh=
OM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel=3D"" style=3D"align-items: cen=
ter; border: none; display: block; flex-direction: column; height: auto; ma=
rgin: 0; padding: 0; position: relative; text-decoration: none; width: auto=
;"><img data-attrs=3D"{"src":"https://substack-post-media.s3=
=2Eamazonaws.com/public/images/6c5e2ef7=
-2221-4edc-915b-59ea04199963_1024x1024=
=2Ejpeg","fullscreen":nu=
ll,"imageSize":null,"he=
ight":1024,"width":1024,"resizeWidth":478,"by=
tes":357514,"alt":null,"title":null,"type&quo=
t;:"image/jpeg","href":null,"belowTheFold":tr=
ue,"internalRedirect":null}" alt=3D"" width=3D"478" height=3D"478=
" class=3D"" src=3D"https://substackcdn.com/image/fetch/w_478,c_limit,f_aut=
o,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.ama=
zonaws.com%2Fpublic%2Fimages%2F6c5e2ef7-2221-4edc-915b-59ea04199963_1024x10=
24.jpeg" style=3D"-ms-interpolation-mode: bicubic; border: none !important;=
display: block; height: auto; margin: 0 auto; margin-bottom: 0; max-width:=
100% !important; vertical-align: middle; width: auto !important;"></a></td=
><td style=3D"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;">Looking at the hammer ratios by quintiles, we can see that the m=
ost intensive bidding took place for lots estimated below $2000 and between=
$4000 and $8000. At the upper reaches which had too broad an estimate rang=
e to be really meaningful, the weakest bidding was for the most valuable lo=
ts by estimate. This recapitulates the rest of the art market where bidding=
has migrated to the lower rungs of the value ladder. </p><div style=3D"fon=
t-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-osx-font-smoothing: subpixel-antialiased;=
-webkit-font-smoothing: subpixel-antialiased; color: #404040; font-family:=
'SF Compact Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', Robot=
o, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Se=
goe UI Symbol'; font-size: 1.625em; font-weight: bold; line-height: 1.16em;=
margin: 1em 0 0.625em 0; position: relative;">How to Read the Artelligence=
Results Dial</h2><div class=3D"captioned-image-container-static" style=3D"=
font-size: 16px; line-height: 26px; margin: 32px auto;"><figure style=3D"ma=
rgin: 0 auto; width: 100%;"><table class=3D"image-wrapper" width=3D"100%" b=
order=3D"0" cellspacing=3D"0" cellpadding=3D"0" style=3D"mso-padding-alt: 1=
em 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 cl=
ass=3D"image-link" target=3D"_blank" href=3D"https://substack.com/redirect/=
bad33017-0171-4c96-a9a4-8304dba6ea47?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQm=
MpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel=3D"" style=3D"align-items: center; borde=
r: none; display: block; flex-direction: column; height: auto; margin: 0; p=
adding: 0; position: relative; text-decoration: none; width: auto;"><img da=
ta-attrs=3D"{"src":"https://substack-post-media.s3.amazonaws=
=2Ecom/public/images/4972f859-4702-4abf=
-95d5-cfccf0679c33_1920x1080.jpeg"=
;,"fullscreen":null,"imageSize":null,"height"=
:819,"width":1456,"resizeWidth":null,"bytes":=
756730,"alt":null,"title":null,"type":"i=
mage/jpeg","href":null,"belowTheFold":true,"i=
nternalRedirect":null}" alt=3D"" width=3D"550" height=3D"309.375" clas=
s=3D"wide-image" src=3D"https://substackcdn.com/image/fetch/w_2912,c_limit,=
f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s=
3.amazonaws.com%2Fpublic%2Fimages%2F4972f859-4702-4abf-95d5-cfccf0679c33_19=
20x1080.jpeg" style=3D"-ms-interpolation-mode: bicubic; border: none !impor=
tant; display: block; height: auto; margin: 0 auto; margin-bottom: 0; max-w=
idth: 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; margi=
n: 0 0 20px 0;">Some of you have scratched your heads at the results dial w=
e created to quickly convey the data from an auction or auction cycle. Sinc=
e we’re going to be producing a number of these dials in the next few=
weeks during the May sales, now is a good time to give you a tour. The cen=
ter is the total in local currency and dollars. At the top, you’ll se=
e the overall hammer ratio for the sale (the aggregate hammer price divided=
by the aggregate low estimate of all lots including those that do not sell=
=2E) Hammer ratio is the best measure o=
f buyer demand against seller expectat=
ions. That number is color coded and there is an indicator above to show wh=
ether the sale suggests an advancing or retreating market (advancing to the=
right; retreating to the left.) At the bottom is the sell-through rate in =
percentage with the lots offered and sold above that. The colored bar break=
s down sold lots by results relative to the estimates. These numbers are su=
mmed up by the indicator at the bottom. </p><div style=3D"font-size: 16px; =
line-height: 26px;"><hr style=3D"background: #e0e0e0; border: none; height:=
1px; margin: 32px 0; padding: 0;"></div><div class=3D"subscription-widget-=
wrap" style=3D"font-size: 16px; line-height: 26px; margin-bottom: 0;"><div =
class=3D"subscription-widget show-subscribe" style=3D"align-items: flex-sta=
rt; color: #404040; direction: ltr !important; display: block; font-family:=
-apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, s=
ans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-s=
ize: 16px; font-weight: 400; line-height: 1.5; margin: 24px auto; max-width=
: 560px; padding: 32px; text-align: center; text-decoration: none;"><div cl=
ass=3D"preamble" style=3D"align-items: center; display: flex; font-family: =
-apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sa=
ns-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-si=
ze: 18px; font-weight: 400; line-height: 22px; margin-left: auto; margin-ri=
ght: auto; margin-top: 16px; max-width: 384px; text-align: center; width: f=
it-content;"><p style=3D"color: #404040; font-size: 16px; line-height: 26px=
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