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Subject: What We Learned this Week (2343)
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View this post on the web at https://artelligence.substack.com/p/what-we-le=
arned-this-week-2343
This free Artelligence newsletter is published most Fridays throughout the =
year. Additional posts analyzing auction data provided by LiveArt or featur=
ing our own reporting are for paid subscribers only.
If you were a subscriber to this newsletter in 2018 and are having trouble =
re-subscribing, please contact us via the button below or simply reply to t=
he email. There=E2=80=99s an easy fix on our end that will allow you to sig=
n up.=20
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
Subscriptions are $12 a month or $120 for a year. For organizations, we off=
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There is also an option to get a 7-day free trial. Just choose the subscrip=
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=A0
In This Issue
To Be Seen: Basquiat x Warhol at The Brant Foundation
Lot Watch: Sotheby=E2=80=99s $40m Basquiat
Results: Sotheby=E2=80=99s South Asian Modern & Contemporary
The Pylkk=C3=A4nen Effect: A brief appreciation of Jussi Pylkk=C3=A4nen
Basquiat x Warhol at The Brant Foundation
Lot Watch
Sotheby=E2=80=99s Announces $40m Basquiat as Final Lot of Season
In a s season where the market is expecting further retrenchment, there are=
suddenly a surprising number of mid-eight-figure lots on the market. In it=
s last announcement before catalogs go live next week, Sotheby=E2=80=99s dr=
opped this Basquiat Self Portrait as a Heel (Part Two) with a $40 million e=
stimate. Painted in 1982 while Basquiat was in Los Angeles, Sotheby=E2=80=
=99s points out that the work was previously owned by St=C3=A9phane Janssen=
who also owned Versus Medici which Sotheby=E2=80=99s sold two years ago fo=
r $50.8 million.
Results
Sotheby=E2=80=99s South Asian Modern & Contemporary =3D $9.89m
South Asian Modern and Contemporary art continues to rage on the auction ma=
rket. Sotheby=E2=80=99s sale this week was an extraordinary blow out with 7=
8% of the lots selling for prices above the estimate range. Only one of the=
top ten lots by price was sold for a price within estimates. This market h=
as been quietly gaining momentum but this sale is a real wake up call. What=
happens next?
The Pylkk=C3=A4nen Effect
Jussi Pylkk=C3=A4nen announced his surprise departure from Christie=E2=80=
=99s this week after 38 years at the firm. He will take a few more high pro=
file sales later this year before becoming an independent art advisor in 20=
24.=C2=A0
The news was a surprise not only because of Pylkk=C3=A4nen=E2=80=99s long t=
enure at Christie=E2=80=99s=E2=80=94but because he was so inextricably conn=
ected to the firm, visible for taking the most important sales and gracious=
ly putting the firm before himself in all public statements. A few years ag=
o there was a rumor that Pylkk=C3=A4nen might be leaving Christie=E2=80=99s=
=2E It was met with the kind of uniq=
ue derision from Christie=E2=80=99s execu=
tives one rarely sees.=20
Now 60, it should not be a surprise that a man who has worked for the same =
company for his entire professional life might want to try something differ=
ent while he still has a significant horizon for success.
For the auction house, Pylkk=C3=A4nen=E2=80=99s departure is an opportunity=
=2E Christie=E2=80=99s CEO Guillaume Cerut=
ti has made diversity a public goal=
for the company. Auctioneers are uniquely visible to the public. Surprisin=
gly, or perhaps not, Pylkk=C3=A4nen has been accommodating about sharing th=
e auctioneer=E2=80=99s duties with others even for the most important sales=
=2E=20
What auctioneers do is very hard to see or even quantify. It is the auction=
eer=E2=80=99s job to extract the highest price for the consignor. That=E2=
=80=99s a lot harder than it looks and involves reading the tone an tenor o=
f the room which includes bidders not present who might briefly connect via=
telephone or the internet.=20
What few of us see, either in the auction room or now on the video feeds th=
at have gained very large audiences, is the amount of discretion an auction=
eer has while conducting the bidding, how much just happens through feel, s=
ense and timing. Observers tend to focus on the witty comebacks or sly teas=
ing=E2=80=94Tobias Meyer=E2=80=99s famous question to bidders =E2=80=9Cjust=
one more?=E2=80=9D=20
During the inevitable bad sale, we focus on how well an auctioneer can keep=
composed, not let us see that they=E2=80=99re rattled.=C2=A0
The next level up is how well an auctioneer handles chandelier bidding. Is =
it obvious? Then, it=E2=80=99s getting the rhythm right for bids against th=
e reserve or bids in the order book. How do you build the feeling of moment=
um that keeps a bidder engaged?=20
Before the internet, auctions were always a delicate interplay between the =
auctioneer=E2=80=99s foreknowledge=E2=80=94which auction house employee bid=
ding on a phone or important dealer or advisor in the audience had indicate=
d intention to bid on a particular lot=E2=80=94and random acts of chaos whe=
n unexpected and deep-pocketed bidders just show up determined to buy.
The subtlest part of the auctioneer=E2=80=99s art is simply timing. Sometim=
es that comes down to when to take a =E2=80=9Csplit=E2=80=9D or =E2=80=9Cch=
opped=E2=80=9D bid, a number between the pre-set bidding patterns that are =
meant to keep the price moving along at appropriate amounts. At lower range=
s you need smaller steps before creating progressively larger jumps to keep=
up with the growing value. Of course, the bidders have something to say ab=
out this, too.=20
You can tell an auctioneer=E2=80=99s level of experience and confidence by =
how and when they refuse to accept a chopped bid. Many consignors feel stro=
ngly that the person =E2=80=9Ccrying=E2=80=9D the auction can have a substa=
ntial affect on the price that=E2=80=99s achieved. Adding internet bidding =
has only made this more complicated.=C2=A0
=E2=80=9CCrying=E2=80=9D an auction is hard. But, over the last decade, Pyl=
kk=C3=A4nen made it increasingly look easy, even fun. Christopher Burge, Py=
lkk=C3=A4nen=E2=80=99s predecessor in the role, was often described as the =
great auction talent of his time. Burge was indeed very, very good. But he =
never seemed to be relaxed and one doubts he would have described what he d=
id as enjoyable.=C2=A0
Pylkk=C3=A4nen, on the other hand, always seems to be having fun. He has de=
veloped an auction style that is congenial and unflappable. He would often =
conduct sales with such good humor=E2=80=94and teasing banter with his coll=
eagues and the clientele=E2=80=94that it seemed more like he was the dealer=
in a Friday night poker game. He had off-hand compliments for lots as they=
came up (=E2=80=9CIt=E2=80=99s a beautiful thing=E2=80=9D) or an appreciat=
ive nods=E2=80=94=E2=80=9Cthank you for your bids=E2=80=9D=E2=80=94to parti=
cipants as they dropped out.=20
What separated Pylkk=C3=A4nen from others was his ability to make the aucti=
on feel like a fun group effort with his colleagues. For a few years he had=
a running gag teasing his then colleague Andy Massad. The bit was harmless=
but it had the effect of building a team spirit inside the auction room. A=
uctions sometimes result in hard feelings between bidders or among disappoi=
nted consignors. But Pylkkanen=E2=80=99s sales felt more like team efforts =
as if the whole of the art world was just trying to get together and find t=
he right home for these pretty things.
Pylkk=C3=A4nen=E2=80=99s signature stance, a posture he often reflexively f=
ell into as the bidding reached it=E2=80=99s final moments, involved outstr=
etched arms. Pointing to a bidder on one side of the room while holding a g=
avel loosely in his open hand flung toward the other side of the room in ge=
sture welcoming yet one last potential bid, Pylkk=C3=A4nen often found hims=
elf paused with his arms raised as if he was holding the entire sale room a=
nd all the viewers across the internet aloft for just long enough to be sur=
e the could not possibly be one more bid. When he and the audience around t=
he world were finally satisfied that we had reached the final and fullest p=
rice, he would swing his gavel hand across the rostrum and then straight do=
wn. That relaxed tension, to create an oxymoron, combined with the sense of=
completeness, is the fullness of Pylkk=C3=A4nen=E2=80=99s art.
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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=3DeyJtIjoiPDIwMjMxMDI3MTU=
0NTIwLjMuNWE3MDliMmRhNDc3NjllZEBtZy1kMS5zdWJzdGFjay5jb20-IiwidSI6MTMzMjY4Nj=
YxLCJyIjoiZW56b0BzaG93ZmlsZS5jb20iLCJkIjoibWctZDEuc3Vic3RhY2suY29tIiwicCI6M=
TM4MzAwNzk3LCJ0IjoibmV3c2xldHRlciIsImEiOiJldmVyeW9uZSIsInMiOjIyNTksImMiOiJw=
b3N0IiwiZiI6dHJ1ZSwicG9zaXRpb24iOiJ0b3AiLCJpYXQiOjE2OTg0MjE1NDUsImV4cCI6MTc=
wMTAxMzU0NSwiaXNzIjoicHViLTAiLCJzdWIiOiJlbyJ9.SXFdl25x0lN87dNTybSujzsbEjYZV=
_HLp14yyTaNcqM" alt=3D"" width=3D"1" height=3D"1" border=3D"0" style=3D"hei=
ght:1px !important;width:1px !important;border-width:0 !important;margin-to=
p:0 !important;margin-bottom:0 !important;margin-right:0 !important;margin-=
left:0 !important;padding-top:0 !important;padding-bottom:0 !important;padd=
ing-right:0 !important;padding-left:0 !important;"/><div style=3D"display:n=
one;font-size:1px;color:#333333;line-height:1px;max-height:0px;max-width:0p=
x;opacity:0;overflow:hidden;" class=3D"preview">South Asian Modern & Co=
ntemporary art is on fire! + Basquiat x Warhol Opens in the East Village + =
Farewell, Jussi  ‌ ‌ ‌ ‌ &=
#8204; ‌ ‌ ‌ ‌ ‌=
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‌ ‌ ‌ ‌ ‌ ‌=
60;‌ ‌ ‌ ‌ ‌ ‌=
 ‌ ‌ ‌ ‌ ‌ R=
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#160;‌ ‌ ‌ ‌ ‌ ̴=
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8204; ‌ ‌ ‌ ‌ ‌ =
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; ‌ ‌ ‌ ‌ ‌</div><ta=
ble role=3D"presentation" width=3D"100%" border=3D"0" cellspacing=3D"0" cel=
lpadding=3D"0" class=3D"email-body-container"><tr><td></td><td width=3D"550=
" class=3D"content"></td><td></td></tr><tr><td></td><td align=3D"left" widt=
h=3D"550" class=3D"content"><div style=3D"font-size: 16px; line-height: 26p=
x; margin: 0 auto; max-width: 550px; overflow-wrap: break-word; width: 100%=
;"><table role=3D"presentation" width=3D"100%" border=3D"0" cellspacing=3D"=
0" cellpadding=3D"0"><tr><td align=3D"right" style=3D"height: 20px;"><table=
role=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D"0" cellpa=
dding=3D"0"><tr><td style=3D"vertical-align: middle;"><span class=3D"pencra=
ft frontend-pencraft-Box-module__reset--VfQY8 frontend-pencraft-Text-module=
__reset--dW0zZ tw-font-body tw-text-ssm tw-text-substack-secondary" style=
=3D"color: rgb(128, 128, 128) !important; font-family: SF Pro Text, -apple-=
system, BlinkMacSystemFont, Inter, Segoe UI, Roboto, Helvetica, Arial, sans=
-serif, Apple Color Emoji, Segoe UI Emoji, Segoe UI Symbol !important; font=
-size: 13px !important; margin: 0; text-decoration: unset;"><div class=3D"p=
encraft frontend-pencraft-Box-module__reset--VfQY8 frontend-pencraft-Text-m=
odule__align-right--PcYkZ frontend-pencraft-Text-module__size-12--KorQF fro=
ntend-pencraft-Text-module__reset--dW0zZ" style=3D"color: unset; font-size:=
12px; letter-spacing: 0; line-height: 16px; margin: 0; text-align: right; =
text-decoration: unset;"><span translated class=3D"pencraft frontend-pencra=
ft-Box-module__reset--VfQY8 frontend-pencraft-Text-module__reset--dW0zZ" st=
yle=3D"color: unset; margin: 0; text-decoration: unset;">Forwarded this ema=
il? <a href=3D"https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxp=
Z2VuY2Uuc3Vic3RhY2suY29tL3N1YnNjcmliZT91dG1fc291cmNlPWVtYWlsJnV0bV9jYW1wYWl=
nbj1lbWFpbC1zdWJzY3JpYmUmcj0yN2NlcjkmbmV4dD1odHRwcyUzQSUyRiUyRmFydGVsbGlnZW=
5jZS5zdWJzdGFjay5jb20lMkZwJTJGd2hhdC13ZS1sZWFybmVkLXRoaXMtd2Vlay0yMzQzIiwic=
CI6MTM4MzAwNzk3LCJzIjoyMjU5LCJmIjp0cnVlLCJ1IjoxMzMyNjg2NjEsImlhdCI6MTY5ODQy=
MTU0NSwiZXhwIjoxNzAxMDEzNTQ1LCJpc3MiOiJwdWItMCIsInN1YiI6ImxpbmstcmVkaXJlY3Q=
ifQ.W70HNf7PGtJXij-JP7MvqtCCVTfUkQQEgPJQaiT8a8o?" class=3D"pencraft fronten=
d-pencraft-Box-module__reset--VfQY8 frontend-pencraft-Text-module__decorati=
on-underline--sj8pE frontend-pencraft-Text-module__reset--dW0zZ" style=3D"c=
olor: unset; margin: 0; text-decoration: unset; text-decoration-line: under=
line;">Subscribe here</a> for more</span></div></span></td></tr></table></t=
d></tr></table><table role=3D"presentation" width=3D"auto" class=3D"header =
graphic-header" style=3D"border-spacing: 0; padding: 16px 0 32px;"><tr><td =
align=3D"center" style=3D"padding: 0; text-align: center;"><a href=3D"https=
://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2VuY2Uuc3Vic3RhY2su=
Y29tL3Avd2hhdC13ZS1sZWFybmVkLXRoaXMtd2Vlay0yMzQzP3V0bV9jYW1wYWlnbj1lbWFpbC1=
oYWxmLXBvc3Qmcj0yN2NlcjkmdG9rZW49ZXlKMWMyVnlYMmxrSWpveE16TXlOamcyTmpFc0luQn=
ZjM1JmYVdRaU9qRXpPRE13TURjNU55d2lhV0YwSWpveE5qazROREl4TlRRMUxDSmxlSEFpT2pFM=
01ERXdNVE0xTkRVc0ltbHpjeUk2SW5CMVlpMHlNalU1SWl3aWMzVmlJam9pY0c5emRDMXlaV0Zq=
ZEdsdmJpSjkuVFRWbXl6Tzl4Z0M1M0M5UEhMdElsN1pCYWQ4aFlQcExGZURCZ1JQNkZ4USIsInA=
iOjEzODMwMDc5NywicyI6MjI1OSwiZiI6dHJ1ZSwidSI6MTMzMjY4NjYxLCJpYXQiOjE2OTg0Mj=
E1NDUsImV4cCI6MTcwMTAxMzU0NSwiaXNzIjoicHViLTAiLCJzdWIiOiJsaW5rLXJlZGlyZWN0I=
n0.MorDAeSzAkRdUA4xYvQ3gmSL8Pte6QNqXwQiqxqE2rA?"><img role=3D"presentation"=
width=3D"550" height=3D"117" src=3D"https://substackcdn.com/image/fetch/w_=
1100,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack=
-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fecde5dbd-aa76-4984-bfac-ac=
b56639185e_2800x591.png" class=3D"header-image" style=3D"border: none !impo=
rtant; display: block; height: auto; margin: 0 auto; max-width: 550px; vert=
ical-align: middle; width: 100%;"></a></td></tr></table><div dir=3D"auto" c=
lass=3D"post typography" style=3D"font-size: 16px; line-height: 26px; paddi=
ng: 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; -webkit-appearan=
ce: optimizelegibility; -webkit-font-smoothing: antialiased; appearance: op=
timizelegibility; 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 Emoji', 'Segoe UI Symbol'; font-=
size: 32px; font-weight: bold; line-height: 36px; margin: 0;"><a href=3D"ht=
tps://substack.com/app-link/post?publication_id=3D2259&post_id=3D138300797&=
utm_source=3Dpost-email-title&utm_campaign=3Demail-post-title&isFreemail=3D=
true&r=3D27cer9&token=3DeyJ1c2VyX2lkIjoxMzMyNjg2NjEsInBvc3RfaWQiOjEzODMwMDc=
5NywiaWF0IjoxNjk4NDIxNTQ1LCJleHAiOjE3MDEwMTM1NDUsImlzcyI6InB1Yi0yMjU5Iiwic3=
ViIjoicG9zdC1yZWFjdGlvbiJ9.TTVmyzO9xgC53C9PHLtIl7ZBad8hYPpLFeDBgRP6FxQ" sty=
le=3D"color: rgb(64, 64, 64); text-decoration: none;">What We Learned this =
Week (2343)</a></h1><h3 class=3D"subtitle" style=3D"-moz-appearance: optimi=
zelegibility; -moz-osx-font-smoothing: antialiased; -webkit-appearance: opt=
imizelegibility; -webkit-font-smoothing: antialiased; appearance: optimizel=
egibility; color: #808080; font-family: 'SF Compact Display', -apple-system=
, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Ap=
ple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 18px; fon=
t-weight: normal; line-height: 24px; margin: 4px 0 0; margin-top: 12px;">So=
uth Asian Modern & Contemporary art is on fire! + Basquiat x Warhol Ope=
ns in the East Village + Farewell, Jussi</h3><table role=3D"presentation" w=
idth=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" class=3D"pos=
t-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" bord=
er=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td style=3D"vertical-alig=
n: middle;"><div class=3D"pencraft frontend-pencraft-Box-module__reset--VfQ=
Y8 frontend-pencraft-Text-module__size-11--k1e8b frontend-pencraft-Text-mod=
ule__line-height-20--p0dP8 frontend-pencraft-Text-module__weight-medium--x7=
khA frontend-pencraft-Text-module__font-meta--U_nxy frontend-pencraft-Text-=
module__color-primary--ud4Z0 frontend-pencraft-Text-module__transform-upper=
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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); font-family: 'SF Compact', -apple-system, -apple-system, -system-u=
i, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'A=
pple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 11px; fo=
nt-weight: 500; letter-spacing: .2px; line-height: 20px; margin: 0; text-de=
coration: none; text-transform: uppercase;" href=3D"https://substack.com/@a=
rtelligence" class=3D"pencraft frontend-pencraft-Box-module__reset--VfQY8 f=
rontend-pencraft-Text-module__size-11--k1e8b frontend-pencraft-Text-module_=
_line-height-20--p0dP8 frontend-pencraft-Text-module__weight-medium--x7khA =
frontend-pencraft-Text-module__font-meta--U_nxy frontend-pencraft-Text-modu=
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--IDkUL frontend-pencraft-Text-module__reset--dW0zZ frontend-pencraft-Text-=
module__meta--jzHdd">Marion Maneker</a></div></td></tr></table></td></tr><t=
r><td><table role=3D"presentation" width=3D"auto" border=3D"0" cellspacing=
=3D"0" cellpadding=3D"0"><tr><td style=3D"vertical-align: middle;"><div cla=
ss=3D"pencraft frontend-pencraft-Box-module__reset--VfQY8 frontend-pencraft=
-Text-module__size-11--k1e8b frontend-pencraft-Text-module__line-height-20-=
-p0dP8 frontend-pencraft-Text-module__weight-medium--x7khA frontend-pencraf=
t-Text-module__font-meta--U_nxy frontend-pencraft-Text-module__color-second=
ary--WRADg frontend-pencraft-Text-module__transform-uppercase--IDkUL fronte=
nd-pencraft-Text-module__reset--dW0zZ frontend-pencraft-Text-module__meta--=
jzHdd" style=3D"color: rgb(128, 128, 128); font-family: 'SF Compact', -appl=
e-system, -apple-system, -system-ui, BlinkMacSystemFont, 'Segoe UI', Roboto=
, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Seg=
oe UI Symbol'; font-size: 11px; font-weight: 500; letter-spacing: .2px; lin=
e-height: 20px; margin: 0; text-decoration: unset; text-transform: uppercas=
e;"><time dateTime=3D"2023-10-27T15:45:25.245Z">Oct 27</time></div></td></t=
r></table></td></tr></table></td></tr></table><table role=3D"presentation" =
width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" class=3D"em=
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none; height: 1px; margin: 32px 0; padding: 0;"></div><h2 class=3D"header-w=
ith-anchor-widget" style=3D"-moz-appearance: optimizelegibility; -moz-osx-f=
ont-smoothing: antialiased; -webkit-appearance: optimizelegibility; -webkit=
-font-smoothing: antialiased; appearance: optimizelegibility; color: rgb(64=
, 64, 64); font-family: 'SF Compact Display', -apple-system, BlinkMacSystem=
Font, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji'=
, 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.625em; font-weight: bol=
d; line-height: 1.16em; margin: 1em 0 0.625em 0; position: relative;">In Th=
is 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(64, 64, 64); =
font-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0; padding-le=
ft: 4px;"><strong>To Be Seen:</strong><span> Basquiat x Warhol at The Brant=
Foundation</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-heigh=
t: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><strong>Lot Watch=
:</strong><span> Sotheby’s $40m Basquiat</span></p></li><li style=3D"=
margin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; color: rgb(64, 6=
4, 64); font-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0; pa=
dding-left: 4px;"><strong>Results: </strong><span>Sotheby’s South Asi=
an Modern & Contemporary</span></p></li><li style=3D"margin: 8px 0 0 32=
px;"><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>The Pylkkänen Effect: </strong><span>A brief appreciation of J=
ussi Pylkkänen</span></p></li></ol><div style=3D"font-size: 16px; line=
-height: 26px;"><hr style=3D"background: #e0e0e0; border: none; height: 1px=
; margin: 32px 0; padding: 0;"></div><p style=3D"color: rgb(64, 64, 64); fo=
nt-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><strong>Basquiat x W=
arhol at The Brant Foundation</strong></p><a href=3D"https://substack.com/r=
edirect/ff0f7be2-5ccb-4b2b-90c6-4c328da59741?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM=
3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" target=3D"_blank" class=3D"youtube-w=
rap" data-component-name=3D"Youtube2ToDOMStatic" style=3D"display: block; m=
argin: 1.6em 0;"><img src=3D"https://substackcdn.com/image/youtube/w_550,c_=
limit/l_youtube_play_qyqt8q,w_120/5Wua6SIONwU" style=3D"-ms-interpolation-m=
ode: bicubic; border: none !important; display: block; height: auto; margin=
: 0 auto; max-width: 100%; vertical-align: middle; width: 100%;"></a><div s=
tyle=3D"font-size: 16px; line-height: 26px;"><hr style=3D"background: #e0e0=
e0; 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;">Lot Watch</h2><h4 class=3D"header-with-anchor-widget" 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: 1.125em; font-weight: bold; line-height: 1.16em; margin: 1=
em 0 0.625em 0; position: relative;">Sotheby’s Announces $40m Basquia=
t as Final Lot of Season</h4><div class=3D"captioned-image-container-static=
" style=3D"font-size: 16px; line-height: 26px; margin: 32px auto;"><figure =
style=3D"margin: 0 auto; width: 100%;"><table class=3D"image-wrapper" width=
=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" data-component-n=
ame=3D"Image2ToDOMStatic" style=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><t=
r><td style=3D"text-align: center;"></td><td align=3D"left" class=3D"conten=
t" width=3D"494" style=3D"text-align: center;"><a class=3D"image-link" targ=
et=3D"_blank" href=3D"https://substack.com/redirect/92b76595-d3c2-43d4-8d38=
-2bed816bd96b?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6p=
p7gWdY" rel style=3D"align-items: center; border: none; display: block; fle=
x-direction: column; height: auto; margin: 0; padding: 0; position: relativ=
e; text-decoration: none; width: auto;"><img data-attrs=3D"{"src"=
:"https://substack-post-media.s3.amazonaws.com/public/images/6bf4334f-=
2636-46ac-8cdc-2ffaa65e0733_1047x1600.jpeg","srcNoWatermark"=
:null,"fullscreen":null,"imageSize":null,"height&q=
uot;:1600,"width":1047,"resizeWidth":494,"bytes&qu=
ot;:null,"alt":null,"title":null,"type":null,=
"href":null,"belowTheFold":true,"topImage":fa=
lse,"internalRedirect":null}" alt width=3D"494" height=3D"754.918=
8156638013" class src=3D"https://substackcdn.com/image/fetch/w_494,c_limit,=
f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s=
3.amazonaws.com%2Fpublic%2Fimages%2F6bf4334f-2636-46ac-8cdc-2ffaa65e0733_10=
47x1600.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: rgb(64, 64, 64); font-size: 16px; line-height: 26p=
x; margin: 0 0 20px 0;"><span>In a s season where the market is expecting f=
urther retrenchment, there are suddenly a surprising number of mid-eight-fi=
gure lots on the market. In its last announcement before catalogs go live n=
ext week, Sotheby’s dropped this Basquiat </span><em>Self Portrait as=
a Heel (Part Two) with a $40 million</em><span> estimate. Painted in 1982 =
while Basquiat was in Los Angeles, Sotheby’s points out that the work=
was previously owned by Stéphane Janssen who also owned</span><em> Ve=
rsus Medici </em><span>which Sotheby’s sold two years ago for $50.8 m=
illion.</span></p><div style=3D"font-size: 16px; line-height: 26px;"><hr st=
yle=3D"background: #e0e0e0; border: none; height: 1px; margin: 32px 0; padd=
ing: 0;"></div><h2 class=3D"header-with-anchor-widget" style=3D"-moz-appear=
ance: optimizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-app=
earance: optimizelegibility; -webkit-font-smoothing: antialiased; appearanc=
e: optimizelegibility; color: rgb(64, 64, 64); font-family: 'SF Compact Dis=
play', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Ar=
ial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; =
font-size: 1.625em; font-weight: bold; line-height: 1.16em; margin: 1em 0 0=
=2E625em 0; position: relative;">Resul=
ts</h2><p style=3D"color: rgb(64, 64, 6=
4); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><strong>Sotheb=
y’s South Asian Modern & Contemporary =3D $9.89m</strong></p><div=
class=3D"captioned-image-container-static" style=3D"font-size: 16px; line-=
height: 26px; margin: 32px auto;"><figure style=3D"margin: 0 auto; width: 1=
00%;"><table class=3D"image-wrapper" width=3D"100%" border=3D"0" cellspacin=
g=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-align: cent=
er;"></td><td align=3D"left" class=3D"content" width=3D"418" style=3D"text-=
align: center;"><a class=3D"image-link" target=3D"_blank" href=3D"https://s=
ubstack.com/redirect/de3e5945-e482-4e03-9415-4481b5234cd4?j=3DeyJ1IjoiMjdjZ=
XI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel 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/2033516f-4f3b-4df8-8d64-5d71dd3854e6_102=
4x1024.png","srcNoWatermark":null,"fullscreen":nul=
l,"imageSize":null,"height":1024,"width":1024=
,"resizeWidth":418,"bytes":130917,"alt":null,=
"title":null,"type":"image/png","href&qu=
ot;:null,"belowTheFold":true,"topImage":false,"int=
ernalRedirect":null}" alt width=3D"418" height=3D"418" class src=3D"ht=
tps://substackcdn.com/image/fetch/w_418,c_limit,f_auto,q_auto:good,fl_progr=
essive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2F=
images%2F2033516f-4f3b-4df8-8d64-5d71dd3854e6_1024x1024.png" style=3D"-ms-i=
nterpolation-mode: bicubic; border: none !important; display: block; height=
: auto; margin: 0 auto; margin-bottom: 0; max-width: 100% !important; verti=
cal-align: middle; width: auto !important;"></a></td><td style=3D"text-alig=
n: center;"></td></tr></tbody></table></figure></div><p style=3D"color: rgb=
(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">Sout=
h Asian Modern and Contemporary art continues to rage on the auction market=
=2E Sotheby’s sale this week was=20=
an extraordinary blow out with 78% of=20=
the lots selling for prices above the estimate range. Only one of the top t=
en lots by price was sold for a price within estimates. This market has bee=
n quietly gaining momentum but this sale is a real wake up call. What happe=
ns next?</p><div style=3D"font-size: 16px; line-height: 26px;"><hr style=3D=
"background: #e0e0e0; border: none; height: 1px; margin: 32px 0; padding: 0=
;"></div><h2 class=3D"header-with-anchor-widget" style=3D"-moz-appearance: =
optimizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-appearanc=
e: optimizelegibility; -webkit-font-smoothing: antialiased; appearance: opt=
imizelegibility; color: rgb(64, 64, 64); font-family: 'SF Compact Display',=
-apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, s=
ans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-s=
ize: 1.625em; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.625em=
0; position: relative;">The Pylkkänen Effect</h2><div class=3D"captio=
ned-image-container-static" style=3D"font-size: 16px; line-height: 26px; ma=
rgin: 32px auto;"><figure style=3D"margin: 0 auto; width: 100%;"><table cla=
ss=3D"image-wrapper" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadd=
ing=3D"0" data-component-name=3D"Image2ToDOMStatic" style=3D"mso-padding-al=
t: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align: center;"></td><td alig=
n=3D"left" class=3D"content" width=3D"638" style=3D"text-align: center;"><a=
class=3D"image-link" target=3D"_blank" href=3D"https://substack.com/redire=
ct/7ff32e22-d39b-42df-a918-4923946413ae?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0=
jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"align-items: center; border:=
none; display: block; flex-direction: column; height: auto; margin: 0; pad=
ding: 0; position: relative; text-decoration: none; width: auto;"><img data=
-attrs=3D"{"src":"https://substack-post-media.s3.amazonaws.c=
om/public/images/adc2077c-5779-4e93-b2c8-d51cf8580e94_638x428.jpeg",&q=
uot;srcNoWatermark":null,"fullscreen":null,"imageSize&q=
uot;:null,"height":428,"width":638,"resizeWidth&qu=
ot;:null,"bytes":33873,"alt":null,"title":nul=
l,"type":"image/jpeg","href":null,"below=
TheFold":true,"topImage":false,"internalRedirect":=
null}" alt width=3D"550" height=3D"368.9655172413793" class=3D"wide-image" =
src=3D"https://substackcdn.com/image/fetch/w_1276,c_limit,f_auto,q_auto:goo=
d,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2=
Fpublic%2Fimages%2Fadc2077c-5779-4e93-b2c8-d51cf8580e94_638x428.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: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px=
0;">Jussi Pylkkänen announced his surprise departure from Christie=
217;s this week after 38 years at the firm. He will take a few more high pr=
ofile sales later this year before becoming an independent art advisor in 2=
024. </p><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-hei=
ght: 26px; margin: 0 0 20px 0;">The news was a surprise not only because of=
Pylkkänen’s long tenure at Christie’s—but because h=
e was so inextricably connected to the firm, visible for taking the most im=
portant sales and graciously putting the firm before himself in all public =
statements. A few years ago there was a rumor that Pylkkänen might be =
leaving Christie’s. It was met with the kind of unique derision from =
Christie’s executives one rarely sees. </p><p style=3D"color: rgb(64,=
64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">Now 60, =
it should not be a surprise that a man who has worked for the same company =
for his entire professional life might want to try something different whil=
e he still has a significant horizon for success.</p><p style=3D"color: rgb=
(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">For =
the auction house, Pylkkänen’s departure is an opportunity. Chri=
stie’s CEO Guillaume Cerutti has made diversity a public goal for the=
company. Auctioneers are uniquely visible to the public. Surprisingly, or =
perhaps not, Pylkkänen has been accommodating about sharing the auctio=
neer’s duties with others even for the most important sales. </p><p s=
tyle=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin:=
0 0 20px 0;">What auctioneers do is very hard to see or even quantify. It =
is the auctioneer’s job to extract the highest price for the consigno=
r. That’s a lot harder than it looks and involves reading the tone an=
tenor of the room which includes bidders not present who might briefly con=
nect via telephone or the internet. </p><p style=3D"color: rgb(64, 64, 64);=
font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">What few of us se=
e, either in the auction room or now on the video feeds that have gained ve=
ry large audiences, is the amount of discretion an auctioneer has while con=
ducting the bidding, how much just happens through feel, sense and timing. =
Observers tend to focus on the witty comebacks or sly teasing—Tobias =
Meyer’s famous question to bidders “just one more?” </p><=
p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; marg=
in: 0 0 20px 0;">During the inevitable bad sale, we focus on how well an au=
ctioneer can keep composed, not let us see that they’re rattled. =
;</p><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px=
; margin: 0 0 20px 0;">The next level up is how well an auctioneer handles =
chandelier bidding. Is it obvious? Then, it’s getting the rhythm righ=
t for bids against the reserve or bids in the order book. How do you build =
the feeling of momentum that keeps a bidder engaged? </p><p style=3D"color:=
rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">=
Before the internet, auctions were always a delicate interplay between the =
auctioneer’s foreknowledge—which auction house employee bidding=
on a phone or important dealer or advisor in the audience had indicated in=
tention to bid on a particular lot—and random acts of chaos when unex=
pected and deep-pocketed bidders just show up determined to buy.</p><p styl=
e=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 =
0 20px 0;">The subtlest part of the auctioneer’s art is simply timing=
=2E Sometimes that comes down to when t=
o take a “split” or “=
;chopped” bid, a number between the pre-set bidding patterns that are=
meant to keep the price moving along at appropriate amounts. At lower rang=
es you need smaller steps before creating progressively larger jumps to kee=
p up with the growing value. Of course, the bidders have something to say a=
bout this, too. </p><p style=3D"color: rgb(64, 64, 64); font-size: 16px; li=
ne-height: 26px; margin: 0 0 20px 0;">You can tell an auctioneer’s le=
vel of experience and confidence by how and when they refuse to accept a ch=
opped bid. Many consignors feel strongly that the person “crying̶=
1; the auction can have a substantial affect on the price that’s achi=
eved. Adding internet bidding has only made this more complicated. </p=
><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; ma=
rgin: 0 0 20px 0;">“Crying” an auction is hard. But, over the l=
ast decade, Pylkkänen made it increasingly look easy, even fun. Christ=
opher Burge, Pylkkänen’s predecessor in the role, was often desc=
ribed as the great auction talent of his time. Burge was indeed very, very =
good. But he never seemed to be relaxed and one doubts he would have descri=
bed what he did as enjoyable. </p><p style=3D"color: rgb(64, 64, 64); =
font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">Pylkkänen, on=
the other hand, always seems to be having fun. He has developed an auction=
style that is congenial and unflappable. He would often conduct sales with=
such good humor—and teasing banter with his colleagues and the clien=
tele—that it seemed more like he was the dealer in a Friday night pok=
er game. He had off-hand compliments for lots as they came up (“It=
217;s a beautiful thing”) or an appreciative nods—“thank =
you for your bids”—to participants as they dropped out. </p><p =
style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin=
: 0 0 20px 0;">What separated Pylkkänen from others was his ability to=
make the auction feel like a fun group effort with his colleagues. For a f=
ew years he had a running gag teasing his then colleague Andy Massad. The b=
it was harmless but it had the effect of building a team spirit inside the =
auction room. Auctions sometimes result in hard feelings between bidders or=
among disappointed consignors. But Pylkkanen’s sales felt more like =
team efforts as if the whole of the art world was just trying to get togeth=
er and find the right home for these pretty things.</p><p style=3D"color: r=
gb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0; mar=
gin-bottom: 0;">Pylkkänen’s signature stance, a posture he often=
reflexively fell into as the bidding reached it’s final moments, inv=
olved outstretched arms. Pointing to a bidder on one side of the room while=
holding a gavel loosely in his open hand flung toward the other side of th=
e room in gesture welcoming yet one last potential bid, Pylkkänen ofte=
n found himself paused with his arms raised as if he was holding the entire=
sale room and all the viewers across the internet aloft for just long enou=
gh to be sure the could not possibly be one more bid. When he and the audie=
nce around the world were finally satisfied that we had reached the final a=
nd fullest price, he would swing his gavel hand across the rostrum and then=
straight down. That relaxed tension, to create an oxymoron, combined with =
the sense of completeness, is the fullness of Pylkkänen’s art. <=
/p></div></div><div class=3D"container-border" style=3D"border-top: 1px sol=
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