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Subject: After Action Report: Sotheby's The Now + Contemporary Evening & Phillips Day
sale
From: Artelligence <artelligence@substack.com>
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View this post on the web at https://artelligence.substack.com/p/after-acti=
on-report-sothebys-the-fff
Welcome to Artelligence=E2=80=99s Gigaweek Coverage
If you want to share some insights of your own, have suggestions for covera=
ge, a question you want us to poll our readers about, or simply want to ven=
t=E2=80=94feel free to =E2=80=A6
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o sign up.
In This Issue
Sotheby=E2=80=99s The Now + Contemporary Evening sale: $307m total; 1.06 ha=
mmer ratio; 95% sell-through rate
About Last Night: Sotheby=E2=80=99s closes the season with an upbeat sale
Notes: A Star Is Born; Holding Back & Chopping Bids; The Top of the Market =
Is Thin: Jad=C3=A9 Fadojutimi Almost Does It A Third Time; Bidders & BUyers=
; Records
Charts: Results, Top Ten by Premium, Top Ten by Hammer Ratio
Phillips Day sale: $19.7m total; .82 hammer ratio; 79% sell-through rate
Charts: Results, Top Ten by Premium, Top Ten by Hammer Ratio
Phillips Correction: Yesterday we published The Dial for Phillips Evening s=
ales and incorrectly presented the sell-through rate as 84%. It was 96%. He=
re is the correct chart:
The Dial
Sotheby=E2=80=99s The Now + Contemporary =3D $305,712,450
About Last Night
It was a strong final sale to a week that many approached with dread. The a=
ctive bidding on numerous lots, including substantial bidding and buying fr=
om the room, erased some of the heavily managed and staged feeling of the p=
revious two weeks. The art market seems to be on a glide path toward a soft=
landing. Much still needs to be worked out on estimates and expectations; =
and also on market leadership. Which artists are the next must-have works? =
Sotheby=E2=80=99s gave some important clues to that question last night whi=
le reinforcing confidence in both supply and demand.=20
Notes...
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</style></head><body class=3D"email-body" style=3D"font-kerning: auto;"><im=
g src=3D"https://eotrx.substackcdn.com/open?token=3DeyJtIjoiPDIwMjMxMTE2MjA=
zMDM3LjMuMjc5NTcxMzFkMTM2OGQzNEBtZy1kMC5zdWJzdGFjay5jb20-IiwidSI6MTMzMjY4Nj=
YxLCJyIjoiZW56b0BzaG93ZmlsZS5jb20iLCJkIjoibWctZDAuc3Vic3RhY2suY29tIiwicCI6M=
TM4OTIyMTMyLCJ0IjoibmV3c2xldHRlciIsImEiOiJvbmx5X3BhaWQiLCJzIjoyMjU5LCJjIjoi=
cG9zdCIsImYiOnRydWUsInBvc2l0aW9uIjoidG9wIiwiaWF0IjoxNzAwMTY2NjgxLCJleHAiOjE=
3MDI3NTg2ODEsImlzcyI6InB1Yi0wIiwic3ViIjoiZW8ifQ.Nu81KY_3mX02oxDkT7_DQ8gAZra=
udRSqo1_2BuxUeuM" alt=3D"" width=3D"1" height=3D"1" border=3D"0" style=3D"h=
eight:1px !important;width:1px !important;border-width:0 !important;margin-=
top:0 !important;margin-bottom:0 !important;margin-right:0 !important;margi=
n-left:0 !important;padding-top:0 !important;padding-bottom:0 !important;pa=
dding-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">Sotheby's closes the seas=
on with a solid sale featuring active bidding and strong evidence of a 'sof=
t landing'  ‌ ‌ ‌ ‌ ‌=
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0;‌ ‌ ‌ ‌ ‌</div><table r=
ole=3D"presentation" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadd=
ing=3D"0" class=3D"email-body-container"><tr><td></td><td width=3D"550" cla=
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rgin: 0 auto; max-width: 550px; overflow-wrap: break-word; width: 100%;"><t=
able role=3D"presentation" width=3D"100%" border=3D"0" cellspacing=3D"0" ce=
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or: rgb(128, 128, 128) !important; font-family: SF Pro Text, -apple-system,=
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coration: unset;"><span translated class=3D"pencraft frontend-pencraft-Box-=
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rline;">Subscribe here</a> for more</span></div></span></td></tr></table></=
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align=3D"center" style=3D"padding: 0; text-align: center;"><a href=3D"http=
s://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2VuY2Uuc3Vic3RhY2s=
uY29tL3AvYWZ0ZXItYWN0aW9uLXJlcG9ydC1zb3RoZWJ5cy10aGUtZmZmP3V0bV9jYW1wYWlnbj=
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A4byIsInAiOjEzODkyMjEzMiwicyI6MjI1OSwiZiI6dHJ1ZSwidSI6MTMzMjY4NjYxLCJpYXQiO=
jE3MDAxNjY2ODAsImV4cCI6MTcwMjc1ODY4MCwiaXNzIjoicHViLTAiLCJzdWIiOiJsaW5rLXJl=
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entation" width=3D"550" height=3D"117" src=3D"https://substackcdn.com/image=
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4-bfac-acb56639185e_2800x591.png" class=3D"header-image" style=3D"border: n=
one !important; display: block; height: auto; margin: 0 auto; max-width: 55=
0px; vertical-align: middle; width: 100%;"></a></td></tr></table><div dir=
=3D"auto" class=3D"post typography" style=3D"font-size: 16px; line-height: =
26px; padding: 16px 0 0 0;"><div class=3D"post-header" style=3D"font-size: =
16px; line-height: 26px;"><h1 class=3D"post-title published" style=3D"-moz-=
appearance: optimizelegibility; -moz-osx-font-smoothing: antialiased; -webk=
it-appearance: optimizelegibility; -webkit-font-smoothing: antialiased; app=
earance: optimizelegibility; color: rgb(64, 64, 64); font-family: 'SF Compa=
ct Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helveti=
ca, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Sym=
bol'; font-size: 32px; font-weight: bold; line-height: 36px; margin: 0;"><a=
href=3D"https://substack.com/app-link/post?publication_id=3D2259&post_id=
=3D138922132&utm_source=3Dpost-email-title&utm_campaign=3Demail-post-title&=
isFreemail=3Dtrue&r=3D27cer9&token=3DeyJ1c2VyX2lkIjoxMzMyNjg2NjEsInBvc3RfaW=
QiOjEzODkyMjEzMiwiaWF0IjoxNzAwMTY2NjgwLCJleHAiOjE3MDI3NTg2ODAsImlzcyI6InB1Y=
i0yMjU5Iiwic3ViIjoicG9zdC1yZWFjdGlvbiJ9.sCPFzA_BqJdgyVWcIgd2dPpZ2N8UcSnd4SK=
zV6Qlp8o" style=3D"color: rgb(64, 64, 64); text-decoration: none;">After Ac=
tion Report: Sotheby's The Now + Contemporary Evening & Phillips Day sa=
le </a></h1><h3 class=3D"subtitle" style=3D"-moz-appearance: optimizelegibi=
lity; -moz-osx-font-smoothing: antialiased; -webkit-appearance: optimizeleg=
ibility; -webkit-font-smoothing: antialiased; appearance: optimizelegibilit=
y; color: #808080; font-family: 'SF Compact Display', -apple-system, BlinkM=
acSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Colo=
r Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 18px; font-weight=
: normal; line-height: 24px; margin: 4px 0 0; margin-top: 12px;">Sotheby's =
closes the season with a solid sale featuring active bidding and strong evi=
dence of a 'soft landing'</h3><table role=3D"presentation" width=3D"100%" b=
order=3D"0" cellspacing=3D"0" cellpadding=3D"0" class=3D"post-meta" style=
=3D"align-items: center; height: 20px; margin: 1em 0;"><tr><td><table role=
=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=
=3D"0"><tr><td><table role=3D"presentation" width=3D"auto" border=3D"0" cel=
lspacing=3D"0" cellpadding=3D"0"><tr><td style=3D"vertical-align: middle;">=
<div class=3D"pencraft frontend-pencraft-Box-module__reset--VfQY8 frontend-=
pencraft-Text-module__size-11--k1e8b frontend-pencraft-Text-module__line-he=
ight-20--p0dP8 frontend-pencraft-Text-module__weight-medium--x7khA frontend=
-pencraft-Text-module__font-meta--U_nxy frontend-pencraft-Text-module__colo=
r-primary--ud4Z0 frontend-pencraft-Text-module__transform-uppercase--IDkUL =
frontend-pencraft-Text-module__reset--dW0zZ frontend-pencraft-Text-module__=
meta--jzHdd custom-css-email-post-author" style=3D"color: rgb(64, 64, 64); =
font-family: 'SF Compact', -apple-system, -apple-system, -system-ui, BlinkM=
acSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Colo=
r Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 11px; font-weight=
: 500; letter-spacing: .2px; line-height: 20px; margin: 0; text-decoration:=
unset; text-transform: uppercase;"><a style=3D"color: rgb(64, 64, 64); fon=
t-family: 'SF Compact', -apple-system, -apple-system, -system-ui, BlinkMacS=
ystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color E=
moji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 11px; font-weight: 5=
00; letter-spacing: .2px; line-height: 20px; margin: 0; text-decoration: no=
ne; text-transform: uppercase;" href=3D"https://substack.com/@artelligence"=
class=3D"pencraft frontend-pencraft-Box-module__reset--VfQY8 frontend-penc=
raft-Text-module__size-11--k1e8b frontend-pencraft-Text-module__line-height=
-20--p0dP8 frontend-pencraft-Text-module__weight-medium--x7khA frontend-pen=
craft-Text-module__font-meta--U_nxy frontend-pencraft-Text-module__color-pr=
imary--ud4Z0 frontend-pencraft-Text-module__transform-uppercase--IDkUL fron=
tend-pencraft-Text-module__reset--dW0zZ frontend-pencraft-Text-module__meta=
--jzHdd">Marion Maneker</a></div></td></tr></table></td></tr><tr><td><table=
role=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D"0" cellpa=
dding=3D"0"><tr><td style=3D"vertical-align: middle;"><div class=3D"pencraf=
t frontend-pencraft-Box-module__reset--VfQY8 frontend-pencraft-Text-module_=
_size-11--k1e8b frontend-pencraft-Text-module__line-height-20--p0dP8 fronte=
nd-pencraft-Text-module__weight-medium--x7khA frontend-pencraft-Text-module=
__font-meta--U_nxy frontend-pencraft-Text-module__color-secondary--WRADg fr=
ontend-pencraft-Text-module__transform-uppercase--IDkUL frontend-pencraft-T=
ext-module__reset--dW0zZ frontend-pencraft-Text-module__meta--jzHdd" style=
=3D"color: rgb(128, 128, 128); font-family: 'SF Compact', -apple-system, -a=
pple-system, -system-ui, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica,=
Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol=
'; font-size: 11px; font-weight: 500; letter-spacing: .2px; line-height: 20=
px; margin: 0; text-decoration: unset; text-transform: uppercase;"><time da=
teTime=3D"2023-11-16T20:30:59.709Z">Nov 16</time></div></td><td width=3D"4"=
style=3D"min-width: 4px"></td><td style=3D"vertical-align: middle;"><table=
role=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D"0" cellpa=
dding=3D"0"><tr><td style=3D"vertical-align: middle;"><div class=3D"pencraf=
t frontend-pencraft-Box-module__reset--VfQY8 frontend-pencraft-Text-module_=
_size-11--k1e8b frontend-pencraft-Text-module__line-height-20--p0dP8 fronte=
nd-pencraft-Text-module__weight-medium--x7khA frontend-pencraft-Text-module=
__font-meta--U_nxy frontend-pencraft-Text-module__color-secondary--WRADg fr=
ontend-pencraft-Text-module__transform-uppercase--IDkUL frontend-pencraft-T=
ext-module__reset--dW0zZ frontend-pencraft-Text-module__meta--jzHdd" style=
=3D"color: rgb(128, 128, 128); font-family: 'SF Compact', -apple-system, -a=
pple-system, -system-ui, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica,=
Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol=
'; font-size: 11px; font-weight: 500; letter-spacing: .2px; line-height: 20=
px; margin: 0; text-decoration: unset; text-transform: uppercase;">∙<=
/div></td><td width=3D"4" style=3D"min-width: 4px"></td><td style=3D"vertic=
al-align: middle;"><div class=3D"pencraft frontend-pencraft-Box-module__res=
et--VfQY8 frontend-pencraft-Text-module__size-11--k1e8b frontend-pencraft-T=
ext-module__line-height-20--p0dP8 frontend-pencraft-Text-module__weight-med=
ium--x7khA frontend-pencraft-Text-module__font-meta--U_nxy frontend-pencraf=
t-Text-module__color-accent-purple--XfjiI frontend-pencraft-Text-module__tr=
ansform-uppercase--IDkUL frontend-pencraft-Text-module__reset--dW0zZ fronte=
nd-pencraft-Text-module__meta--jzHdd" style=3D"color: #702dff; font-family:=
'SF Compact', -apple-system, -apple-system, -system-ui, BlinkMacSystemFont=
, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'S=
egoe UI Emoji', 'Segoe UI Symbol'; font-size: 11px; font-weight: 500; lette=
r-spacing: .2px; line-height: 20px; margin: 0; text-decoration: unset; text=
-transform: uppercase;">Preview</div></td></tr></table></td></tr></table></=
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ffffff; text-decoration: none;">Upgrade to paid</span></a></p></div><div st=
yle=3D"font-size: 16px; line-height: 26px;"><hr style=3D"background: #e0e0e=
0; border: none; height: 1px; margin: 32px 0; padding: 0;"></div><h2 class=
=3D"header-with-anchor-widget" style=3D"-moz-appearance: optimizelegibility=
; -moz-osx-font-smoothing: antialiased; -webkit-appearance: optimizelegibil=
ity; -webkit-font-smoothing: antialiased; appearance: optimizelegibility; c=
olor: rgb(64, 64, 64); font-family: 'SF Compact Display', -apple-system, Bl=
inkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple =
Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.625em; font=
-weight: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; position: rela=
tive;">In This Issue</h2><ol style=3D"margin-top: 0; padding: 0;"><li style=
=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; color: rgb(6=
4, 64, 64); font-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0=
; padding-left: 4px;"><strong>Sotheby’s The Now + Contemporary Evenin=
g sale</strong><span>: $307m total; 1.06 hammer ratio; 95% sell-through rat=
e</span></p></li><li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing=
: border-box; color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; m=
argin: 0; margin-bottom: 0; padding-left: 4px;"><strong>About Last Night: <=
/strong><span>Sotheby’s closes the season with an upbeat sale</span><=
/p></li><li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: border-=
box; color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0;=
margin-bottom: 0; padding-left: 4px;"><strong>Notes: </strong><span>A Star=
Is Born; Holding Back & Chopping Bids; The Top of the Market Is Thin: =
Jadé Fadojutimi Almost Does It A Third Time; Bidders & BUyers; Rec=
ords</span></p></li><li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-siz=
ing: border-box; color: rgb(64, 64, 64); font-size: 16px; line-height: 26px=
; margin: 0; margin-bottom: 0; padding-left: 4px;"><strong>Charts: </strong=
><span>Results, Top Ten by Premium, Top Ten by Hammer Ratio</span></p></li>=
<li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; col=
or: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0; margin-=
bottom: 0; padding-left: 4px;"><strong>Phillips Day sale: </strong><span>$1=
9.7m total; .82 hammer ratio; 79% sell-through rate</span></p></li><li styl=
e=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; color: rgb(=
64, 64, 64); font-size: 16px; line-height: 26px; margin: 0; margin-bottom: =
0; padding-left: 4px;"><strong>Charts:</strong><span> Results, Top Ten by P=
remium, Top Ten by Hammer Ratio</span></p></li><li style=3D"margin: 8px 0 0=
32px;"><p style=3D"box-sizing: border-box; color: rgb(64, 64, 64); font-si=
ze: 16px; line-height: 26px; margin: 0 0 20px 0; margin-bottom: 0; padding-=
left: 4px;"><strong>Phillips Correction:</strong><span> Yesterday we publis=
hed The Dial for Phillips Evening sales and incorrectly presented the sell-=
through rate as 84%. It was 96%. Here is the correct chart:</span></p><div =
class=3D"captioned-image-container-static" style=3D"font-size: 16px; line-h=
eight: 26px; margin: 32px auto; margin-bottom: 0;"><figure style=3D"margin:=
0 auto; width: 100%;"><table class=3D"image-wrapper" width=3D"100%" border=
=3D"0" cellspacing=3D"0" cellpadding=3D"0" data-component-name=3D"Image2ToD=
OMStatic" style=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"t=
ext-align: center;"></td><td align=3D"left" class=3D"content" width=3D"1456=
" style=3D"text-align: center;"><a class=3D"image-link" target=3D"_blank" h=
ref=3D"https://substack.com/redirect/a5b8053a-ce91-47eb-ab05-20d09dbbe2f2?j=
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le=3D"align-items: center; border: none; display: block; flex-direction: co=
lumn; height: auto; margin: 0; padding: 0; position: relative; text-decorat=
ion: none; width: auto;"><img data-attrs=3D"{"src":"https://=
substack-post-media.s3.amazonaws.com/public/images/8df61a89-4c1f-4199-9ff7-=
4a9c89155741_1954x1024.png","srcNoWatermark":null,"full=
screen":null,"imageSize":null,"height":763,"w=
idth":1456,"resizeWidth":null,"bytes":298979,"=
;alt":null,"title":null,"type":"image/png&quo=
t;,"href":null,"belowTheFold":false,"topImage"=
;:true,"internalRedirect":null}" alt width=3D"550" height=3D"288.=
22115384615387" class=3D"wide-image" src=3D"https://substackcdn.com/image/f=
etch/w_2912,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fs=
ubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8df61a89-4c1f-4199-=
9ff7-4a9c89155741_1954x1024.png" style=3D"-ms-interpolation-mode: bicubic; =
border: none !important; display: block; height: auto; margin: 0 auto; marg=
in-bottom: 0; max-width: 100% !important; vertical-align: middle; width: au=
to !important;"></a></td><td style=3D"text-align: center;"></td></tr></tbod=
y></table></figure></div></li></ol><div style=3D"font-size: 16px; line-heig=
ht: 26px;"><hr style=3D"background: #e0e0e0; border: none; height: 1px; mar=
gin: 32px 0; padding: 0;"></div><h2 class=3D"header-with-anchor-widget" sty=
le=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoothing: antiali=
ased; -webkit-appearance: optimizelegibility; -webkit-font-smoothing: antia=
liased; appearance: optimizelegibility; color: rgb(64, 64, 64); font-family=
: 'SF Compact Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', Robo=
to, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'S=
egoe UI Symbol'; font-size: 1.625em; font-weight: bold; line-height: 1.16em=
; margin: 1em 0 0.625em 0; position: relative;">The Dial</h2><p style=3D"co=
lor: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px =
0;"><strong>Sotheby’s The Now + Contemporary =3D $305,712,450</strong=
></p><div class=3D"captioned-image-container-static" style=3D"font-size: 16=
px; line-height: 26px; margin: 32px auto;"><figure style=3D"margin: 0 auto;=
width: 100%;"><table class=3D"image-wrapper" width=3D"100%" border=3D"0" c=
ellspacing=3D"0" cellpadding=3D"0" data-component-name=3D"Image2ToDOMStatic=
" style=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-alig=
n: center;"></td><td align=3D"left" class=3D"content" width=3D"420" style=
=3D"text-align: center;"><a class=3D"image-link" target=3D"_blank" href=3D"=
https://substack.com/redirect/f40abfd2-0b05-4009-8ed2-cc209e7e8e8c?j=3DeyJ1=
IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"a=
lign-items: center; border: none; display: block; flex-direction: column; h=
eight: auto; margin: 0; padding: 0; position: relative; text-decoration: no=
ne; width: auto;"><img data-attrs=3D"{"src":"https://substac=
k-post-media.s3.amazonaws.com/public/images/6944fd53-97c3-4abd-b7bf-918e1ea=
51a8e_1024x1024.png","srcNoWatermark":null,"fullscreen&=
quot;:null,"imageSize":null,"height":1024,"width&q=
uot;:1024,"resizeWidth":420,"bytes":121865,"alt&qu=
ot;:null,"title":null,"type":"image/png",&quo=
t;href":null,"belowTheFold":true,"topImage":false,=
"internalRedirect":null}" alt width=3D"420" height=3D"420" class =
src=3D"https://substackcdn.com/image/fetch/w_420,c_limit,f_auto,q_auto:good=
,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2F=
public%2Fimages%2F6944fd53-97c3-4abd-b7bf-918e1ea51a8e_1024x1024.png" 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: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px=
0;"></p><div style=3D"font-size: 16px; line-height: 26px;"><hr style=3D"ba=
ckground: #e0e0e0; border: none; height: 1px; margin: 32px 0; padding: 0;">=
</div><h2 class=3D"header-with-anchor-widget" style=3D"-moz-appearance: opt=
imizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-appearance: =
optimizelegibility; -webkit-font-smoothing: antialiased; appearance: optimi=
zelegibility; color: rgb(64, 64, 64); font-family: 'SF Compact Display', -a=
pple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans=
-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size=
: 1.625em; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.625em 0;=
position: relative;">About Last Night</h2><p style=3D"color: rgb(64, 64, 6=
4); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">It was a stron=
g final sale to a week that many approached with dread. The active bidding =
on numerous lots, including substantial bidding and buying from the room, e=
rased some of the heavily managed and staged feeling of the previous two we=
eks. The art market seems to be on a glide path toward a soft landing. Much=
still needs to be worked out on estimates and expectations; and also on ma=
rket leadership. Which artists are the next must-have works? Sotheby’=
s gave some important clues to that question last night while reinforcing c=
onfidence in both supply and demand. </p><div style=3D"font-size: 16px; lin=
e-height: 26px;"><hr style=3D"background: #e0e0e0; border: none; height: 1p=
x; margin: 32px 0; padding: 0;"></div><h2 class=3D"header-with-anchor-widge=
t" style=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoothing: a=
ntialiased; -webkit-appearance: optimizelegibility; -webkit-font-smoothing:=
antialiased; appearance: optimizelegibility; color: rgb(64, 64, 64); font-=
family: 'SF Compact Display', -apple-system, BlinkMacSystemFont, 'Segoe UI'=
, Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoj=
i', 'Segoe UI Symbol'; font-size: 1.625em; font-weight: bold; line-height: =
1.16em; margin: 1em 0 0.625em 0; margin-bottom: 0; position: relative;">Not=
es...</h2></div></div><div data-testid=3D"paywall" data-component-name=3D"P=
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ign: center; user-select: none;"><h2 class=3D"paywall-title" style=3D"-moz-=
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Symbol'; font-size: 22px; font-weight: 700; line-height: 33px; margin: 0 au=
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aft-Box-module__reset--VfQY8 frontend-pencraft-Text-module__reset--dW0zZ pa=
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XRtX2NhbXBhaWduPWVtYWlsLWNoZWNrb3V0Jm5leHQ9aHR0cHMlM0ElMkYlMkZhcnRlbGxpZ2Vu=
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6px; margin-bottom: 32px;"><h3 style=3D"-moz-appearance: optimizelegibility=
; -moz-osx-font-smoothing: antialiased; -webkit-appearance: optimizelegibil=
ity; -webkit-font-smoothing: antialiased; appearance: optimizelegibility; c=
olor: rgb(64, 64, 64); font-family: 'SF Compact Display', -apple-system, Bl=
inkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple =
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ight: 600; line-height: 1.16em; margin: 1em 0 0.625em 0; margin-bottom: 26p=
x;">A subscription gets you:</h3><table><tr style=3D"height: 28.8px;"><td c=
lass=3D"check" style=3D"color: #4c3; font-weight: light; padding-right: 4px=
;"><img src=3D"https://substackcdn.com/image/fetch/w_32,c_scale,f_png,q_aut=
o:good,fl_progressive:steep/https%3A%2F%2Fsubstack.com%2Ficon%2FSimpleCheck=
markIcon%3Fv%3D4%26height%3D32%26fill%3D%2523187F22%26stroke%3D%2523187F22%=
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rtant; max-width: 16px; vertical-align: middle;" alt></td><td style=3D"font=
-weight: light;">Detailed, Data-Driven Auction Analysis</td></tr><tr style=
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light; padding-right: 4px;"><img src=3D"https://substackcdn.com/image/fetc=
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k.com%2Ficon%2FSimpleCheckmarkIcon%3Fv%3D4%26height%3D32%26fill%3D%2523187F=
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