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Subject: What We Learned this Week (2332)
From: Artelligence <artelligence@substack.com>
To: enzo@showfile.com
Message-Id: <20230811123017.3.652d90dc9128561a@mg2.substack.com>
Date: Fri, 11 Aug 2023 12:30:17 +0000
sender: Artelligence <artelligence@substack.com>
References: <post-135921358@substack.com>
In-Reply-To: <post-135921358@substack.com>
Reply-To: Artelligence
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View this post on the web at https://artelligence.substack.com/p/what-we-le=
arned-this-week-2332

Welcome to Artelligence
This free Artelligence newsletter is published most Friday throughout the y=
ear. Additional newsletters analyzing auction data from LiveArt or featurin=
g our own reporting are for paid subscribers only.
Subscriptions are $12 a month or $120 for a year. For organizations, we off=
er group discounts for 30% for each subscription of two or more. Sharing a =
newsletter on occasion is fine; consistently circumventing group subscripti=
ons is not.=C2=A0
There is also an option to get a 7-day free trial. Just choose the subscrip=
tion plan you want and click on the 7-day trial option before checkout.=C2=
=A0
In This Issue
Lot Watch: La Colombe d=E2=80=99Or=E2=80=99s Rioux Family is Selling a Mir=
=C3=B3
Vox Orbis Artis (Results): The standoff in the art market continues
Notes: Brice Marden dies at 84; Clarifying =E2=80=9CBeat-Up Blue Chip=E2=80=
=9D; The $158 million question about Leon Black; the NY Times is fixated on=
 a Chuck Close painting; Patrick Drahi addresses the Altice situation
Ding Yixiao Has Been on a Buying Spree, Now That=E2=80=99s Stopped
Lot Watch
In conjunction with Art Basel=E2=80=99s Paris Plus, Christie=E2=80=99s will=
 offer Joan Mir=C3=B3=E2=80=99s Peinture (Femmes, lune, =C3=A9toiles) from =
1949 on October 20 in an Evening sale. The painting has been exhibited at t=
he Centre Pompidou, the Fondation Maeght, the Fundaci=C3=B3 Mir=C3=B3, the =
Galeries Nationales du Grand Palais and the Fondation Pierre Gianadda but i=
t comes to auction from the dining room of La Colombe d=E2=80=99Or, the fam=
ous 25-room Provencal hotel filled with art. Operated now by the third gene=
ration of the Roux family, the hotel purchased this Mir=C3=B3 in 1950 from =
Galerie Maeght. The work is being offered without a published estimate.
Vox Orbis Artis (Results)
There=E2=80=99s still a little more time to vote in Wednesday=E2=80=99s sen=
timent poll. But here are the results as off Friday morning. The more knowl=
edgable users who vote, the better the results will be so please participat=
e [ https://link.sbstck.com/redirect/de72fe3f-1156-4357-8010-e77836ab865d?j=
=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]. There=
=E2=80=99s a bit of a paradox to the definition of Beat-up Blue Chip that g=
ets discussed in the Notes section below. But it isn=E2=80=99t too much of =
a surprise to see that a plurality of respondents are sitting on the sideli=
nes. As discussed in May=E2=80=99s Too Late to Sell, Too Early to Buy post =
[ https://link.sbstck.com/redirect/6de92ce9-6122-4436-bf94-b64e44207dd6?j=
=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ], there=
=E2=80=99s an abundance of caution in the art market. Momentum has faded an=
d buyers are waiting for the works they just have to have which sometimes m=
eans taking out the marginal bidder who might really drive a strong price (=
that=E2=80=99s what seems to have happened in May for a number of lots with=
 bigger expectations.) As the poll progressed, we saw Selling for the Right=
 Price slowly increase and attract more respondents than Only Chasing New T=
alent. These two sentiments are obviously not mutually exclusive. Finally, =
the market hasn=E2=80=99t reached a point of urgency=E2=80=94or no one is w=
illing to admit it. Thus, Selling for Any Reasonable Offer scored quite low=
=2E=20
We=E2=80=99re going to try to make these polls a regular feature simply bec=
ause there is a unique group here and we can generate some information that=
 is valuable to all if enough readers participate. If you have a question a=
bout a specific artist, artwork or broader trend in the marketplace that yo=
u would like to see polled, please let us know [ mailto:maneker@artmarketmo=
nitor.com ].=20
Notes
Brice Marden Dies at 84: The cancer-stricken artist who has been one of the=
 most revered living painters died yesterday. The New York Times has a very=
 good summary of his life and remarkably successful career [ https://link.s=
bstck.com/redirect/789e6fb5-f453-4309-9f45-362c9a3d1e85?j=3DeyJ1IjoiMjdjZXI=
5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]. This video of him in hi=
s Tivoli studio [ https://link.sbstck.com/redirect/aa246a20-1177-46ab-84c3-=
e52c11f9ade8?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp=
7gWdY ] allows you to hear directly from the artist himself.=20
Clarifying =E2=80=9CBeat-Up Blue Chip=E2=80=9D: The term comes from this in=
terview with Amy Cappellazzo by Bloomberg=E2=80=99s James Tarmy [ https://l=
ink.sbstck.com/redirect/0e0e8cb3-fe8f-4134-8c02-0413a86e552b?j=3DeyJ1IjoiMj=
djZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ] talking about May=
=E2=80=99s auctions. Cappellazzo references de Kooning, Lee Krasner and Dav=
id Hockney to make clear she means artists whose markets appeared to be str=
ong but had either lost bidders or too many works had come to market to sup=
port continued strong prices. From the May results, one could easily add Wa=
yne Thiebaud and Alex Katz. The problem with anyone seeking to buy =E2=80=
=9Cbeat-up blue chip=E2=80=9D art is that term reflects a paradox. Bidders =
won=E2=80=99t know the works are beat-up until the auction ends. If enough =
buyers convince themselves a lot is =E2=80=9Cbeat-up blue chip=E2=80=9D and=
 bid, the work will no longer be beat up.
The $158 Million Question [ https://link.sbstck.com/redirect/e5c5d7ff-fca4-=
4489-b764-a90adc5019d4?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigH=
Xx6Fx_g6pp7gWdY ] (Air Mail): Air Mail goes through the public documents on=
 Leon Black=E2=80=99s involvement with Jeffrey Epstein and comes to the con=
clusion that Black=E2=80=99s public reputation won=E2=80=99t be able to wit=
hstand a slew of new revelations, including a Senate investigation into the=
ir dealings. The article is thorough and interesting. It contains one comme=
nt on Black as an art collector: =E2=80=9Csome in the insular New York art =
world refer to Black as =E2=80=9COne-offsky=E2=80=9D behind his back, on ac=
count of his penchant for buying one work of seemingly every blue-chip arti=
st.=E2=80=9D
The New York Times can=E2=80=99t quit this lame Chuck Close story [ https:/=
/link.sbstck.com/redirect/67c5936a-d113-47ad-b244-423f300f53e7?j=3DeyJ1Ijoi=
MjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]: There=E2=80=99s =
a lot to say about the New York Times=E2=80=99s coverage of art, the art wo=
rld and the art market. That=E2=80=99s probably best kept out of a public f=
orum. The paper=E2=80=99s odd decision to run a story about a work of art n=
ot acknowledged by the artist and held by someone without clear title [ htt=
ps://link.sbstck.com/redirect/6c793107-f0e3-4794-95ae-9d16b2f603ba?j=3DeyJ1=
IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ] that Sotheby=
=E2=80=99s declined to auction was curious. It involved issues of free spee=
ch, drug-induced appraisals and cantankerous lawyers with dogs that needed =
to be rescued. The story was based entirely on an interview with the posses=
sor of the painting. In all, it read like a story the Times decided was too=
 good to check. File it under human interest and quirky tales of the city. =
Few facts were verified. Glaring issues like Chuck Close=E2=80=99s supposed=
 stylistic debt to Willem de Kooning were taken at face value despite visua=
l evidence to the contrary. It=E2=80=99s hard to imagine the paper running =
the same naive story about a dog walker who came into possession of bearer =
bonds or bitcoin complaining that no one would buy his questionable asset. =
Nevertheless, the Times decided this ode to a slow news Summer in New York =
wasn=E2=80=99t enough. It had to run a second story when the work was picke=
d up by Heritage Auctions to be offered (the story doesn=E2=80=99t say when=
) with a $20,000 estimate.
Billionaire Drahi vows speedy asset sales to cut debt at Altice [ https://l=
ink.sbstck.com/redirect/4d747f1f-cbf2-4292-8ccf-36b79c69af68?j=3DeyJ1IjoiMj=
djZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ] (Reuters): Patrick =
Drahi=E2=80=99s Altice has already been impacted by its debt load. But now,=
 as the=C2=A0 extent of the kickback scheme within Altice=E2=80=99s procure=
ment process is still unknown, Drahi has made public commitments to raise a=
t least =E2=82=AC3 billion in capital, according to Reuters:=C2=A0 "=E2=80=
=99We have lots of options: one, is asset disposals, bringing cash; two, lo=
t of people are calling to be partners with us; and three, bringing cash fr=
om our other businesses,=E2=80=99 Drahi added, as analysts pressed him to p=
rovide details on the deleveraging plan.=E2=80=9D=C2=A0
Ding Yixiao Was a Big Buyer of Ultra Contemporary Art
When nine works of art were withdrawn from Sotheby=E2=80=99s London sales o=
n June 27th and 28th it drew a fair bit of attention because of the nature =
of the artists involved. Paintings by Louise Bonnet, Hilary Pecis, Emily Ma=
e Smith, Harold Ancart, KAWS, Barbara Kruger, Ed Ruscha, Dana Schutz and Ca=
roline Walker were all dropped from the Contemporary art sales. That led to=
 no small amount of worry about the potential for a softening market for th=
ese seemingly bankable artists.=C2=A0
Artnet saw the three works pulled from The Now sale and started asking ques=
tions. That led to a story yesterday about Ding Yixiao [ https://link.sbstc=
k.com/redirect/6e8f170a-e37a-4af4-932b-51046ab82e98?j=3DeyJ1IjoiMjdjZXI5In0=
=2EnCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6=
pp7gWdY ], a Chinese collector with a=20=
private museum project in China who has been very visible on Instagram [ ht=
tps://link.sbstck.com/redirect/28e02f6d-f7da-4d8a-a0d3-8cf210d5ef38?j=3DeyJ=
1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ] while operat=
ing at the cutting edge of the market both for new names and higher prices.=
 Ding even posted about setting the top price for Emily Mae Smith at $1.6 m=
illion [ https://link.sbstck.com/redirect/7ba5f549-0d50-4258-8501-86a78940f=
cb2?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ] i=
n June of 2021. Ding set the record price for Lucy Bull  in June of last ye=
ar by paying $1.449 million for 8:50.=20
Artnet=E2=80=99s story identifies the three works from The Now sale as Ding=
=E2=80=99s then goes on to say the collector has gotten himself into a sepa=
rate fight with Phillips over the proceeds from sales in Hong Kong earlier =
this year. Artnet, who refers to Ding as Xiao because of his Instagram hand=
le, adds that dealers have become concerned about the collector=E2=80=99s a=
bility to pay. =E2=80=9CWhile several art dealers and shippers told Artnet =
News that they have transacted business and art deals with Xiao without any=
 trouble, more recently sources reported requesting invoices that then went=
 unpaid. One dealer canceled a planned sale after repeated delays, while an=
other that had completed a transaction was unable to arrange for shipment o=
f the work to China and was ultimately told by an advisor that Xiao was =E2=
=80=9Cindisposed=E2=80=9D until further notice.=E2=80=9D
One reason Ding may be =E2=80=9Cindisposed=E2=80=9D is that his lawyer in a=
 totally different case said in June that Ding Yixiao, =E2=80=9Chas become =
unreachable in China due to a government action that has not yet fully been=
 explained or understood.=E2=80=9D At least, it wasn=E2=80=99t fully explai=
ned as of June. Ding=E2=80=99s lawyer didn=E2=80=99t respond to questions t=
his week about Ding=E2=80=99s possible detention.
More to the point, the nine works pulled from Sotheby=E2=80=99s sales were =
not consigned by Ding Yixiao. Through a US holding company owned by Ding an=
d his wife, 63 works of art by a range of artists including KAWS, Titus Kap=
har, Jammie Holmes, Anna Weyant, Cecily Brown, Dan Schutz, Robert Nava, Oli=
 Epp, Jonas Wood, Avery Singer, Takashi Murakami, Jordy Kerwick, Loie Hollo=
well, Jade Fadojutimi, Lucy Bull, Nathaniel Mary Quinn, Eddie Martinez, Jam=
ian Juliano-Villani and others had been pledged in January as collateral fo=
r a $12.77 million loan.=C2=A0
Actually, the lender had given Ding and his wife $8 million in May of 2022.=
 That loan was rolled into an additional $4 million plus loan agreement in =
January which is how the total got to $12.77 million.
At some point in the Spring of 2023, Ding missed a payment to the lender. F=
ilings by Ding=E2=80=99s lawyer suggest the cause was the unexplained =E2=
=80=9Cgovernment action=E2=80=9D in China that left Ding =E2=80=9Cunreachab=
le.=E2=80=9D Whatever the reason, the lender decided to sell nine of the wo=
rks in London with a combined low estimate of $1.83 million. Ding responded=
 with a lawsuit to prevent the sale claiming the lender was causing him irr=
eparable harm by selling works valued in January for $3.8 million with such=
 low estimates.=C2=A0
Of course, estimates aren=E2=80=99t sale prices (though they are prices at =
which works could sell.) Understandably, Ding and his wife were upset to se=
e their works being sold so quickly and without having the opportunity to s=
ettle their arrears on the loan. One of the problems seems to have been tha=
t the lender was concerned about the turn in the market for emerging artist=
s. What had begun as a loan against collateral with a 50% loan-to-value rat=
io was now, by the lender=E2=80=99s reckoning, a loan against collateral wi=
th a 90% loan-to-value ratio.=C2=A0
That=E2=80=99s very risky when it comes to art lending. So the lender asked=
 Ding to pay down $5 million of the loan as well as the missing interest pa=
yments.
On June 27th, the day of The Now sale that contained three of Ding=E2=80=99=
s works that were collateral for the loan, the LLC Ding used for his art fi=
led for Chapter 11 bankruptcy. Six other works cataloged for the Day sale t=
he following day were pulled. Another work offered in a different sale cent=
er was also withdrawn. That bankruptcy may be one reason that Artnet found =
dealers and vendors who were having trouble getting paid.=C2=A0
Whatever financial or political difficulties put Ding in a squeeze, the len=
der=E2=80=99s move to sell the collateral has more interesting implications=
=2E The lender has very sophisticate=
d market intelligence. So there=E2=80=99s=
 something to be learned from the lender=E2=80=99s market decisions.=C2=A0
There=E2=80=99s a good chance that the lender selected the nine works with =
the strongest market appeal and the best chance of recouping the $5 million=
 it was seeking from Ding and his wife to bring the loan back into balance.=
 The lender tried to go to market with very aggressive estimates. Although =
there was the risk the collateral could sell for only $1.83 million, there =
was also a good chance it would have yielded more than the $3.8 million the=
 loan had used to value the works. It would only take a strong sale for a c=
ouple of the works to get the lender the $5 million cushion they were seeki=
ng from Ding and his wife.=20
When the withdrawals caused such a stir=E2=80=94witness the Artnet story=E2=
=80=94it may have also confirmed the general level of interest in these wor=
ks. In other words, there=E2=80=99s still a lot of interest in the art Ding=
 acquired. After all, he was at the heart of the market for the last three =
years. Looking at the collateral and Ding=E2=80=99s instagram, the artists =
are a who=E2=80=99s who of momentum trades.=C2=A0
In addition to the artists named above, Ding bought Javier Calleja=E2=80=99=
s What for $485,000. He paid $609,000 for Mai Trung Thu=E2=80=99s Melodie i=
n October of 2022. In September, there was a Christina Quarles for $630,000=
; Stanley Whitney=E2=80=99s Midnight Hour for $655,000; Salman Toor=E2=80=
=99s The Picnic for $403,000. That same month, Ding bought Scott Kahn=E2=80=
=99s April in Old Lyme for $252,000 which was a steal compared to the $1 mi=
llion he spent in November for a painting called Griswold.=C2=A0
As aggressive and scattershot as Ding=E2=80=99s buying was in 2022=E2=80=94=
he claims on his Instagram that he bought Louis Fratino=E2=80=99s Grapefrui=
t Breakfast for $277,000 in September too=E2=80=94everything turned ugly in=
 2023. First there was the loan in January for some but nowhere near all of=
 his works. Then things seem to have gotten contentious.=C2=A0
In May, Ding made this statement in an Instagram post [ https://link.sbstck=
=2Ecom/redirect/7b9341a0-9879-4c46-811=
4-3d5b8036dbac?j=3DeyJ1IjoiMjdjZXI5In0.=
nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ], =E2=80=9CDuring the epidemic=
 period, some galleries sold me some works I didn't want and promised me I =
will get the works I wanted at a later time. However, several years have pa=
ssed, and even though there are contracts and email confirmations, they sti=
ll haven't fulfilled their promises. Some of them even started to avoid com=
munication, including several well-known large galleries. I'm giving you no=
tice that if I don't get a resolution by the end of this week, I will send =
out a letter of counsel and expose you, whatever gallery you are or whateve=
r artist you are, from the moment you intend to profit from me you will kee=
p your word to me.=E2=80=9D
Although Ding doesn=E2=80=99t seem to have followed up on the threat, the c=
onfrontations didn=E2=80=99t stop there. A week later, Ding accused Phillip=
s [ https://link.sbstck.com/redirect/35f4cdad-090d-4f2b-84d8-e888b56762ae?j=
=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ] on Ins=
tagram of =E2=80=9Csingle-handedly crashing the market.=E2=80=9D=C2=A0
Ding=E2=80=99s hyperbole aside, it is unclear how this will all play out wi=
th Ding now in conflict with a major art lender and an important auction ho=
use in the market for emerging artists. Let=E2=80=99s not forget the intima=
tions in legal papers that Ding has also come into conflict with the Chines=
e government and possibly been detained. So little is known about the sourc=
e of Ding=E2=80=99s funds that there=E2=80=99s no telling what his assets a=
re and how much of his art has been pledged for collateral. That said, it=
=E2=80=99s clear that Ding=E2=80=99s collection=C2=A0 isn=E2=80=99t=C2=A0 b=
ig enough to damage the market for any one artist or even for the Ultra Con=
temporary sector of the market either. Yet these are the kinds of events th=
at have the potential to affect the market=E2=80=99s overall mood. It could=
 be a moment when everyone stops what they are doing and suddenly looks up =
to ask what they=E2=80=99re doing and why.

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@media (max-width: 650px) {
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@media (max-width: 650px) {
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}


@media screen and (min-width: 420px) and (max-width: 600px) {
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@media (max-width: 420px) {
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@media (max-width: 600px) {
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@media screen and (max-width: 480px) {
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@media screen and (max-width: 650px) {
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@media screen and (max-width: 1000px) {
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@media screen and (max-width: 500px) {
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@media screen and (max-width: 840px) {
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@media screen and (min-width: 768px) {
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}


@media screen and (max-width: 650px) {
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@media screen and (max-width: 650px) {
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@media screen and (max-width: 650px) {
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}


@media screen and (max-width: 650px) {
  .post .post-footer.use-separators {
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@media screen and (max-width: 650px) {
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@media screen and (max-width: 650px) {
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@media screen and (min-width: 768px) {
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@media screen and (max-width: 650px) {
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@media screen and (max-width: 650px) {
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@media screen and (max-width: 650px) {
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@media screen and (max-width: 650px) {
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@media screen and (max-width: 650px) {
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@media screen and (max-width: 370px) {
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}


@media screen and (max-width: 650px) {
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}


@media screen and (max-width: 650px) {
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}


@media screen and (max-width: 650px) {
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@media all and (-ms-high-contrast: none), (-ms-high-contrast: active) {
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}


@media screen and (max-width: 650px) {
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}


@media screen and (max-width: 370px) {
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@media screen and (max-width: 650px) {
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}


@media screen and (max-width: 650px) {
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}


@media screen and (max-width: 650px) {
  body .markup div.subscription-widget-wrap .subscription-widget.show-subsc=
ribe .subscription-widget-subscribe .button,
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e .subscription-widget-subscribe .button {
    padding: 10px 12px;
    min-width: 110px;
  }
}


@media (max-width: 650px) {
  body .markup .tweet {
    padding: 12px;
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}


@media (max-width: 650px) {
  body .markup .tweet .tweet-text {
    font-size: 14px;
    line-height: 20px;
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}


@media (max-width: 650px) {
  body .markup .tweet .tweet-photos-container.two,
  body .markup .tweet .tweet-photos-container.three,
  body .markup .tweet .tweet-photos-container.four {
    height: 200px;
  }
}


@media (max-width: 650px) {
  body .markup .tweet a.expanded-link .expanded-link-img {
    max-height: 180px;
  }
}


@media (max-width: 650px) {
  body .markup .tweet a.expanded-link .expanded-link-description {
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  }
}


@media screen and (max-width: 650px) {
  body .markup .apple-podcast-container {
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}


@media (max-width: 420px) {
  body .markup .install-substack-app-embed img.install-substack-app-embed-i=
mg {
    margin: 0 auto 16px auto;
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}


@media screen and (min-width: 420px) and (max-width: 600px) {
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    max-width: calc(100% - 100px);
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}


@media (max-width: 420px) {
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    max-width: 100%;
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}


@media (max-width: 600px) {
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}


@media screen and (min-width: 500px) {
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    height: 42px;
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}


@media screen and (max-width: 420px) {
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cription-discount {
    width: 72px !important;
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}


@media screen and (min-width: 481px) {
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}


@media screen and (max-width: 480px) {
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}


@media screen and (max-width: 650px) {
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}


@media screen and (min-width: 500px) {
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}


@media screen and (max-width: 650px) {
  .comments-page .container .comment-list .collapsed-reply {
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}


@media screen and (max-width: 650px) {
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}


@media screen and (max-width: 650px) {
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}


@media (max-width: 650px) {
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}


@media screen and (max-width: 650px) {
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}


@media screen and (min-width: 541px) {
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}


@media screen and (max-width: 650px) {
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}


@media screen and (min-width: 541px) {
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}


@media screen and (max-width: 650px) {
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@media screen and (max-width: 768px) {
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}


@media screen and (max-width: 768px) {
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}


@media screen and (max-width: 768px) {
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}


@media only screen and (max-width: 650px) {
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}


@media only screen and (min-width: 630px) {
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}


@media screen and (min-width: 541px) {
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}


@media screen and (max-width: 650px) {
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    border-right-width: 16px;
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}


@media screen and (max-width: 650px) {
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progress-bar .audio-player-progress-bar-popup {
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}


@media screen and (max-width: 650px) {
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}


@media screen and (max-width: 650px) {
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layer-progress-bar .audio-player-progress-bar-popup {
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}


@media (min-width: 250px) {
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}


@media (min-width: 300px) {
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}


@media (min-width: 350px) {
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}


@media (min-width: 350px) {
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}


@media (min-width: 400px) {
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    padding-top: 40%;
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}


@media (max-width: 400px) {
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  .audio-player-wrapper-fancy .audio-player .btn-group .button {
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    padding: 6px 12px;
    height: auto;
    margin-top: 10px;
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}


@media (min-width: 600px) {
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    padding-top: 55%;
    width: 55%;
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}


@media (max-width: 650px) {
  .poll-editor-modal {
    min-width: calc(100% - 20px);
  }
}


@media (max-width: 750px) {
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    top: 45px;
  }
}


@media screen and (min-width: 541px) {
  .poll-embed .poll-wrapper.poll-web .poll-dialog .modal-table .modal-row .=
modal-content > .container {
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    padding: 26px 24px;
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}


@media screen and (max-width: 650px) {
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modal-content > .container {
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}


@media screen and (max-width: 650px) {
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}
</style></head><body class=3D"email-body" style=3D"font-kerning: auto;"><im=
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important;margin-bottom:0 !important;margin-right:0 !important;margin-left:=
0 !important;padding-top:0 !important;padding-bottom:0 !important;padding-r=
ight:0 !important;padding-left:0 !important;"/><div style=3D"display:none;f=
ont-size:1px;color:#333333;line-height:1px;max-height:0px;max-width:0px;opa=
city:0;overflow:hidden;" class=3D"preview">La Colombe d'Or deaccessions a M=
ir&#243; + The Chinese Collector at the Center of the Ultra-Contemporary ar=
t market + Results of Our Poll &#160;&#8204;&#160;&#8204;&#160;&#8204;&#160=
;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#=
160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204=
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204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;=
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#8204;</div><table role=3D"presentation" width=3D"100%" border=3D"0" cellsp=
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n=3D"left" width=3D"550" class=3D"content"><div style=3D"font-size: 16px; l=
ine-height: 26px; margin: 0 auto; max-width: 550px; overflow-wrap: break-wo=
rd; 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" cellspaci=
ng=3D"0" cellpadding=3D"0"><tr><td style=3D"vertical-align: middle;"><span =
class=3D"tw-font-body tw-text-ssm tw-text-substack-secondary" style=3D"colo=
r: rgb(128, 128, 128) !important; font-family: SF Pro Text, -apple-system, =
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3px !important;"><a href=3D"https://open.substack.com/pub/artelligence/p/wh=
at-we-learned-this-week-2332?utm_source=3Demail&redirect=3Dapp-store" class=
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on-line: underline !important; color: rgb(128, 128, 128) !important; text-d=
ecoration-line: underline !important;">Open in app</a> or <a href=3D"https:=
//substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2VuY2Uuc3Vic3RhY2suY=
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VM016QTJMQ0psZUhBaU9qRTJPVFF6TkRrek1EWXNJbWx6Y3lJNkluQjFZaTB5TWpVNUlpd2ljM1=
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ODY2MSwiaWF0IjoxNjkxNzU3MzA2LCJleHAiOjE2OTQzNDkzMDYsImlzcyI6InB1Yi0wIiwic3V=
iIjoibGluay1yZWRpcmVjdCJ9.s48s0nJDzx8RGvqjSM8_IIpM2L3o83g4DesLsLzp5m4?" cla=
ss=3D"tw-text-substack-secondary tw-underline" style=3D"-webkit-text-decora=
tion-line: underline !important; color: rgb(128, 128, 128) !important; text=
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></td></tr></table><table role=3D"presentation" width=3D"auto" class=3D"hea=
der 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"h=
ttps://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2VuY2Uuc3Vic3Rh=
Y2suY29tL3Avd2hhdC13ZS1sZWFybmVkLXRoaXMtd2Vlay0yMzMyP3Rva2VuPWV5SjFjMlZ5WDJ=
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QTNqVTZVME5XWnFWbDgxVWciLCJwIjoxMzU5MjEzNTgsInMiOjIyNTksImYiOnRydWUsInUiOjE=
zMzI2ODY2MSwiaWF0IjoxNjkxNzU3MzA2LCJleHAiOjE2OTQzNDkzMDYsImlzcyI6InB1Yi0wIi=
wic3ViIjoibGluay1yZWRpcmVjdCJ9.s48s0nJDzx8RGvqjSM8_IIpM2L3o83g4DesLsLzp5m4?=
"><img role=3D"presentation" width=3D"550" height=3D"117" src=3D"https://su=
bstackcdn.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-acb56639185e_2800x591.png" class=3D"header-image"=
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auto; max-width: 550px; vertical-align: middle; width: 100%;"></a></td></tr=
></table><div dir=3D"auto" class=3D"post typography" style=3D"font-size: 16=
px; line-height: 26px; padding: 16px 0 0 0;"><div class=3D"post-header" sty=
le=3D"font-size: 16px; line-height: 26px;"><h1 class=3D"post-title publishe=
d" 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: 32px; font-weight: bold; line-height: 36p=
x; margin: 0;"><a href=3D"https://substack.com/app-link/post?publication_id=
=3D2259&post_id=3D135921358&utm_source=3Dpost-email-title&isFreemail=3Dtrue=
&token=3DeyJ1c2VyX2lkIjoxMzMyNjg2NjEsInBvc3RfaWQiOjEzNTkyMTM1OCwiaWF0IjoxNj=
kxNzU3MzA2LCJleHAiOjE2OTQzNDkzMDYsImlzcyI6InB1Yi0yMjU5Iiwic3ViIjoicG9zdC1yZ=
WFjdGlvbiJ9.vEFmAY89XDdpT-QMIAgLOEzHUoA3jU6U0NWZqVl81Ug" style=3D"color: rg=
b(64, 64, 64); text-decoration: none;">What We Learned this Week (2332)</a>=
</h1><h3 class=3D"subtitle" style=3D"-moz-appearance: optimizelegibility; -=
moz-osx-font-smoothing: antialiased; -webkit-appearance: optimizelegibility=
; -webkit-font-smoothing: antialiased; appearance: optimizelegibility; colo=
r: #808080; font-family: 'SF Compact Display', -apple-system, BlinkMacSyste=
mFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji=
', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 18px; font-weight: norma=
l; line-height: 24px; margin: 4px 0 0; margin-top: 12px;">La Colombe d'Or d=
eaccessions a Mir&#243; + The Chinese Collector at the Center of the Ultra-=
Contemporary art market + Results of Our Poll</h3><table role=3D"presentati=
on" width=3D"100%" border=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" cellspacin=
g=3D"0" cellpadding=3D"0"><tr><td><table role=3D"presentation" width=3D"aut=
o" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><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=
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-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size=
: 11px; font-weight: 500; letter-spacing: .2px; line-height: 20px; margin: =
0; text-decoration: unset; text-transform: uppercase;"><a style=3D"color: r=
gb(64, 64, 64); font-family: 'SF Compact', -apple-system, -apple-system, -s=
ystem-ui, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-se=
rif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1=
1px; font-weight: 500; letter-spacing: .2px; line-height: 20px; margin: 0; =
text-decoration: none; text-transform: uppercase;" href=3D"https://substack=
=2Ecom/@artelligence" class=3D"pencraft=20=
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-=
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xt-module__color-primary--ud4Z0 frontend-pencraft-Text-module__transform-up=
percase--IDkUL frontend-pencraft-Text-module__reset--dW0zZ frontend-pencraf=
t-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" cells=
pacing=3D"0" cellpadding=3D"0"><tr><td style=3D"vertical-align: middle;"><d=
iv class=3D"pencraft frontend-pencraft-Box-module__reset--VfQY8 frontend-pe=
ncraft-Text-module__size-11--k1e8b frontend-pencraft-Text-module__line-heig=
ht-20--p0dP8 frontend-pencraft-Text-module__weight-medium--x7khA frontend-p=
encraft-Text-module__font-meta--U_nxy frontend-pencraft-Text-module__color-=
secondary--WRADg frontend-pencraft-Text-module__transform-uppercase--IDkUL =
frontend-pencraft-Text-module__reset--dW0zZ frontend-pencraft-Text-module__=
meta--jzHdd" style=3D"color: rgb(128, 128, 128); font-family: 'SF Compact',=
 -apple-system, -apple-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: .2p=
x; line-height: 20px; margin: 0; text-decoration: unset; text-transform: up=
percase;"><time dateTime=3D"2023-08-11T12:31:32.161Z">Aug 11</time></div></=
td></tr></table></td></tr></table></td></tr></table><table role=3D"presenta=
tion" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" class=
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border-top: 1px solid rgba(0, 0, 0, .13); min-width: 100%;"><tr height=3D"1=
6"><td height=3D"16" style=3D"font-size: 0px; line-height: 0;">&#160;</td><=
/tr><tr><td><table role=3D"presentation" width=3D"100%" border=3D"0" cellsp=
acing=3D"0" cellpadding=3D"0"><tr><td><table role=3D"presentation" width=3D=
"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td style=3D"ve=
rtical-align: middle;"><table role=3D"presentation" width=3D"38" border=3D"=
0" cellspacing=3D"0" cellpadding=3D"0"><tr><td align=3D"center"><a href=3D"=
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QiOjE2OTE3NTczMDYsImV4cCI6MTY5NDM0OTMwNiwiaXNzIjoicHViLTIyNTkiLCJzdWIiOiJyZ=
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ng: border-box; color: rgb(128, 128, 128); display: inline-block; font-fami=
ly: 'SF Pro Text', -apple-system, ui-sans-serif, BlinkMacSystemFont, 'Segoe=
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Emoji', 'Segoe UI Symbol'; font-size: 12px; font-weight: 500; line-height: =
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%26fill%3Dnone%26stroke%3D%2523808080%26strokeWidth%3D2" width=3D"18" heigh=
t=3D"18" style=3D"border: none !important; max-width: 18px; vertical-align:=
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le=3D"min-width: 8px"></td><td style=3D"vertical-align: middle;"><table rol=
e=3D"presentation" width=3D"38" border=3D"0" cellspacing=3D"0" cellpadding=
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kLXRoaXMtd2Vlay0yMzMyP3V0bV9zb3VyY2U9c3Vic3RhY2smdXRtX21lZGl1bT1lbWFpbCZhY3=
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MCIsInN1YiI6ImxpbmstcmVkaXJlY3QifQ.2-42UlGjGOqscfUUQ_Jp8lQbwzAJx4rYAVn0u8Ff=
bYk?&utm_source=3Dsubstack&utm_medium=3Demail" style=3D"border: 1px solid r=
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le-system, ui-sans-serif, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica=
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l'; font-size: 12px; font-weight: 500; line-height: 1; min-width: 38px; pad=
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ble role=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D"0" cel=
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sentation" width=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0">=
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ication_id=3D2259&post_id=3D135921358&utm_source=3Dsubstack&utm_medium=3Dem=
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ion: none !important; white-space: nowrap;"><span style=3D"color: #ffffff; =
text-decoration: none;">Upgrade to paid</span></a></p></div><div style=3D"f=
ont-size: 16px; line-height: 26px;"><hr style=3D"background: #e0e0e0; borde=
r: none; height: 1px; margin: 32px 0; padding: 0;"></div><h2 class=3D"heade=
r-with-anchor-widget" style=3D"-moz-appearance: optimizelegibility; -moz-os=
x-font-smoothing: antialiased; -webkit-appearance: optimizelegibility; -web=
kit-font-smoothing: antialiased; appearance: optimizelegibility; color: rgb=
(64, 64, 64); font-family: 'SF Compact Display', -apple-system, BlinkMacSys=
temFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emo=
ji', '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;">In=
 This Issue</h2><ol style=3D"margin-top: 0; padding: 0;"><li style=3D"margi=
n: 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>Lot Watch: </strong><span>La Colombe d&#8217;Or&#8217;=
s Rioux Family is Selling a Mir&#243;</span></p></li><li style=3D"margin: 8=
px 0 0 32px;"><p style=3D"box-sizing: border-box; color: rgb(64, 64, 64); f=
ont-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0; padding-lef=
t: 4px;"><strong>Vox Orbis Artis</strong><span> (Results): The standoff in =
the art market continues</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: 16p=
x; line-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><str=
ong>Notes: </strong><span>Brice Marden dies at 84; Clarifying &#8220;Beat-U=
p Blue Chip&#8221;; The $158 million question about Leon Black; the NY Time=
s is fixated on a Chuck Close painting; Patrick Drahi addresses the Altice =
situation</span></p></li><li style=3D"margin: 8px 0 0 32px;"><p style=3D"bo=
x-sizing: border-box; color: rgb(64, 64, 64); font-size: 16px; line-height:=
 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><strong>Ding Yixiao=
 Has Been on a Buying Spree, Now That&#8217;s Stopped</strong></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><h=
2 class=3D"header-with-anchor-widget" style=3D"-moz-appearance: optimizeleg=
ibility; -moz-osx-font-smoothing: antialiased; -webkit-appearance: optimize=
legibility; -webkit-font-smoothing: antialiased; appearance: optimizelegibi=
lity; color: rgb(64, 64, 64); font-family: 'SF Compact Display', -apple-sys=
tem, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, =
'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.625e=
m; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; positio=
n: relative;"><strong>Lot Watch</strong></h2><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"imag=
e-wrapper" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" =
data-component-name=3D"Image2ToDOMStatic" style=3D"mso-padding-alt: 1em 0 1=
=2E6em;"><tbody><tr><td style=3D"text-a=
lign: center;"></td><td align=3D"left"=
 class=3D"content" width=3D"1456" style=3D"text-align: center;"><a class=3D=
"image-link" target=3D"_blank" href=3D"https://link.sbstck.com/redirect/1eb=
f56de-9303-45c6-87e9-5176a7021d05?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpi=
srMe5iRnigHXx6Fx_g6pp7gWdY" rel 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"{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/pub=
lic/images/2309c960-2028-4a7e-a9c4-cee880cd343d_1600x1267.jpeg&quot;,&quot;=
srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;=
:null,&quot;height&quot;:1153,&quot;width&quot;:1456,&quot;resizeWidth&quot=
;:null,&quot;bytes&quot;:null,&quot;alt&quot;:&quot;&quot;,&quot;title&quot=
;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;=
:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null}" alt ti=
tle width=3D"550" height=3D"435.5425824175824" class=3D"wide-image" src=3D"=
https://substackcdn.com/image/fetch/w_2912,c_limit,f_auto,q_auto:good,fl_pr=
ogressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic=
%2Fimages%2F2309c960-2028-4a7e-a9c4-cee880cd343d_1600x1267.jpeg" style=3D"-=
ms-interpolation-mode: bicubic; border: none !important; display: block; he=
ight: auto; margin: 0 auto; margin-bottom: 0; max-width: 100% !important; v=
ertical-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: 26px; margin: 0 0 20px 0;">=
<span>In conjunction with Art Basel&#8217;s Paris Plus, Christie&#8217;s wi=
ll offer Joan Mir&#243;&#8217;s </span><em>Peinture (Femmes, lune, &#233;to=
iles) </em><span>from 1949 on October 20 in an Evening sale. The painting h=
as been exhibited at the Centre Pompidou, the Fondation Maeght, the Fundaci=
&#243; Mir&#243;, the Galeries Nationales du Grand Palais and the Fondation=
 Pierre Gianadda but it comes to auction from the dining room of La Colombe=
 d&#8217;Or, the famous 25-room Provencal hotel filled with art. Operated n=
ow by the third generation of the Roux family, the hotel purchased this Mir=
&#243; in 1950 from Galerie Maeght. The work is being offered without a pub=
lished estimate.</span></p><div style=3D"font-size: 16px; line-height: 26px=
;"><hr style=3D"background: #e0e0e0; border: none; height: 1px; margin: 32p=
x 0; padding: 0;"></div><h2 class=3D"header-with-anchor-widget" style=3D"-m=
oz-appearance: optimizelegibility; -moz-osx-font-smoothing: antialiased; -w=
ebkit-appearance: optimizelegibility; -webkit-font-smoothing: antialiased; =
appearance: optimizelegibility; color: rgb(64, 64, 64); font-family: 'SF Co=
mpact Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helv=
etica, 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;">Vox Orbis Artis (Results)</h2><div =
class=3D"captioned-image-container-static" style=3D"font-size: 16px; line-h=
eight: 26px; margin: 32px auto;"><figure style=3D"margin: 0 auto; width: 10=
0%;"><table class=3D"image-wrapper" width=3D"100%" border=3D"0" cellspacing=
=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: center;=
"></td><td align=3D"left" class=3D"content" width=3D"932" style=3D"text-ali=
gn: center;"><a class=3D"image-link" target=3D"_blank" href=3D"https://link=
=2Esbstck.com/redirect/c7b236cc-4619-4=
29b-8bc7-13d119cb3089?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"{&quot;src&quot;:&quot;https://substack-post-me=
dia.s3.amazonaws.com/public/images/631daef5-ca24-41d5-bba9-06f22bd61a9f_932=
x688.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,=
&quot;imageSize&quot;:null,&quot;height&quot;:688,&quot;width&quot;:932,&qu=
ot;resizeWidth&quot;:null,&quot;bytes&quot;:74252,&quot;alt&quot;:null,&quo=
t;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:=
null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;interna=
lRedirect&quot;:null}" alt width=3D"550" height=3D"406.0085836909871" class=
=3D"wide-image" src=3D"https://substackcdn.com/image/fetch/w_1864,c_limit,f=
_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3=
=2Eamazonaws.com%2Fpublic%2Fimages%2F63=
1daef5-ca24-41d5-bba9-06f22bd61a9f_932=
x688.png" 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></t=
d><td style=3D"text-align: center;"></td></tr></tbody></table></figure></di=
v><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; m=
argin: 0 0 20px 0;"><span>There&#8217;s still a little more time to vote in=
 Wednesday&#8217;s sentiment poll. But here are the results as off Friday m=
orning. The more knowledgable users who vote, the better the results will b=
e </span><a href=3D"https://link.sbstck.com/redirect/de72fe3f-1156-4357-801=
0-e77836ab865d?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6=
pp7gWdY" rel style=3D"color: rgb(64, 64, 64); text-decoration: underline;">=
so please participate</a><span>. There&#8217;s a bit of a paradox to the de=
finition of Beat-up Blue Chip that gets discussed in the Notes section belo=
w. But it isn&#8217;t too much of a surprise to see that a plurality of res=
pondents are sitting on the sidelines. As discussed in </span><a href=3D"ht=
tps://link.sbstck.com/redirect/6de92ce9-6122-4436-bf94-b64e44207dd6?j=3DeyJ=
1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"=
color: rgb(64, 64, 64); text-decoration: underline;">May&#8217;s Too Late t=
o Sell, Too Early to Buy post</a><span>, there&#8217;s an abundance of caut=
ion in the art market. Momentum has faded and buyers are waiting for the wo=
rks they just have to have which sometimes means taking out the marginal bi=
dder who might really drive a strong price (that&#8217;s what seems to have=
 happened in May for a number of lots with bigger expectations.) As the pol=
l progressed, we saw Selling for the Right Price slowly increase and attrac=
t more respondents than Only Chasing New Talent. These two sentiments are o=
bviously not mutually exclusive. Finally, the market hasn&#8217;t reached a=
 point of urgency&#8212;or no one is willing to admit it. Thus, Selling for=
 Any Reasonable Offer scored quite low. </span></p><p style=3D"color: rgb(6=
4, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><span>=
We&#8217;re going to try to make these polls a regular feature simply becau=
se there is a unique group here and we can generate some information that i=
s valuable to all if enough readers participate. If you have a question abo=
ut a specific artist, artwork or broader trend in the marketplace that you =
would like to see polled, </span><a href=3D"https://link.sbstck.com/redirec=
t/324b4d0f-d5c0-4f9f-bb8f-e61ae321a8e3?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0j=
QmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: rgb(64, 64, 64); text-=
decoration: underline;">please let us know</a><span>. </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><h2 class=3D"=
header-with-anchor-widget" style=3D"-moz-appearance: optimizelegibility; -m=
oz-osx-font-smoothing: antialiased; -webkit-appearance: optimizelegibility;=
 -webkit-font-smoothing: antialiased; appearance: optimizelegibility; color=
: rgb(64, 64, 64); 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: 1.625em; font-wei=
ght: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; position: relative=
;">Notes</h2><ol style=3D"margin-top: 0; padding: 0;"><li style=3D"margin: =
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>Brice Marden Dies at 84: </strong><span>The cancer-strick=
en artist who has been one of the most revered living painters died yesterd=
ay. The New York Times has </span><a href=3D"https://link.sbstck.com/redire=
ct/789e6fb5-f453-4309-9f45-362c9a3d1e85?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0=
jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: rgb(64, 64, 64); text=
-decoration: underline;">a very good summary of his life and remarkably suc=
cessful career</a><span>. </span><a href=3D"https://link.sbstck.com/redirec=
t/aa246a20-1177-46ab-84c3-e52c11f9ade8?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0j=
QmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: rgb(64, 64, 64); text-=
decoration: underline;">This video of him in his Tivoli studio</a><span> al=
lows you to hear directly from the artist himself. </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>Clarifying &#8220;Beat-Up Blue Chip&#8221;: =
</strong><a href=3D"https://link.sbstck.com/redirect/0e0e8cb3-fe8f-4134-8c0=
2-0413a86e552b?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6=
pp7gWdY" rel style=3D"color: rgb(64, 64, 64); text-decoration: underline;">=
The term comes from this interview with Amy Cappellazzo by Bloomberg&#8217;=
s James Tarmy</a><span> talking about May&#8217;s auctions. Cappellazzo ref=
erences de Kooning, Lee Krasner and David Hockney to make clear she means a=
rtists whose markets appeared to be strong but had either lost bidders or t=
oo many works had come to market to support continued strong prices. From t=
he May results, one could easily add Wayne Thiebaud and Alex Katz. The prob=
lem with anyone seeking to buy &#8220;beat-up blue chip&#8221; art is that =
term reflects a paradox. Bidders won&#8217;t know the works are beat-up unt=
il the auction ends. If enough buyers convince themselves a lot is &#8220;b=
eat-up blue chip&#8221; and bid, the work will no longer be beat up.</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><a href=3D"https://link.sbs=
tck.com/redirect/e5c5d7ff-fca4-4489-b764-a90adc5019d4?j=3DeyJ1IjoiMjdjZXI5I=
n0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: rgb(64,=
 64, 64); text-decoration: underline;">The $158 Million Question</a><span> =
</span></strong><span>(Air Mail): Air Mail goes through the public document=
s on Leon Black&#8217;s involvement with Jeffrey Epstein and comes to the c=
onclusion that Black&#8217;s public reputation won&#8217;t be able to withs=
tand a slew of new revelations, including a Senate investigation into their=
 dealings. The article is thorough and interesting. It contains one comment=
 on Black as an art collector: &#8220;some in the insular New York art worl=
d refer to Black as &#8220;One-offsky&#8221; behind his back, on account of=
 his penchant for buying one work of seemingly every blue-chip artist.&#822=
1;</span></p></li><li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizin=
g: border-box; color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; =
margin: 0; margin-bottom: 0; padding-left: 4px;"><strong><a href=3D"https:/=
/link.sbstck.com/redirect/67c5936a-d113-47ad-b244-423f300f53e7?j=3DeyJ1Ijoi=
MjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color=
: rgb(64, 64, 64); text-decoration: underline;">The New York Times can&#821=
7;t quit this lame Chuck Close story</a><span>: </span></strong><span>There=
&#8217;s a lot to say about the New York Times&#8217;s coverage of art, the=
 art world and the art market. That&#8217;s probably best kept out of a pub=
lic forum. The paper&#8217;s odd decision to run</span><a href=3D"https://l=
ink.sbstck.com/redirect/6c793107-f0e3-4794-95ae-9d16b2f603ba?j=3DeyJ1IjoiMj=
djZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: =
rgb(64, 64, 64); text-decoration: underline;"> a story about a work of art =
not acknowledged by the artist and held by someone without clear title</a><=
span> that Sotheby&#8217;s declined to auction was curious. It involved iss=
ues of free speech, drug-induced appraisals and cantankerous lawyers with d=
ogs that needed to be rescued. The story was based entirely on an interview=
 with the possessor of the painting. In all, it read like a story the Times=
 decided was too good to check. File it under human interest and quirky tal=
es of the city. Few facts were verified. Glaring issues like Chuck Close&#8=
217;s supposed stylistic debt to Willem de Kooning were taken at face value=
 despite visual evidence to the contrary. It&#8217;s hard to imagine the pa=
per running the same naive story about a dog walker who came into possessio=
n of bearer bonds or bitcoin complaining that no one would buy his question=
able asset. Nevertheless, the Times decided this ode to a slow news Summer =
in New York wasn&#8217;t enough. It had to run a second story when the work=
 was picked up by Heritage Auctions to be offered (the story doesn&#8217;t =
say when) with a $20,000 estimate.</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 0 20px 0; margin-bottom: 0; paddi=
ng-left: 4px;"><strong><a href=3D"https://link.sbstck.com/redirect/4d747f1f=
-cbf2-4292-8ccf-36b79c69af68?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5=
iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: rgb(64, 64, 64); text-decoration=
: underline;">Billionaire Drahi vows speedy asset sales to cut debt at Alti=
ce</a></strong><span> (Reuters): Patrick Drahi&#8217;s Altice has already b=
een impacted by its debt load. But now, as the&#160; extent of the kickback=
 scheme within Altice&#8217;s procurement process is still unknown, Drahi h=
as made public commitments to raise at least &#8364;3 billion in capital, a=
ccording to Reuters:&#160; &quot;&#8217;We have lots of options: one, is as=
set disposals, bringing cash; two, lot of people are calling to be partners=
 with us; and three, bringing cash from our other businesses,&#8217; Drahi =
added, as analysts pressed him to provide details on the deleveraging plan.=
&#8221;&#160;</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></li></ol><h4 class=3D"header-with-anchor-widget" styl=
e=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoothing: antialia=
sed; -webkit-appearance: optimizelegibility; -webkit-font-smoothing: antial=
iased; appearance: optimizelegibility; color: rgb(64, 64, 64); 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: 1.125em; font-weight: bold; line-height: 1.16em;=
 margin: 1em 0 0.625em 0; position: relative;"><strong>Ding Yixiao Was a Bi=
g Buyer of Ultra Contemporary Art</strong></h4><div class=3D"captioned-imag=
e-container-static" style=3D"font-size: 16px; line-height: 26px; margin: 32=
px auto;"><figure style=3D"margin: 0 auto; width: 100%;"><table class=3D"im=
age-wrapper" width=3D"100%" border=3D"0" cellspacing=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: center;"></td><td align=3D"lef=
t" class=3D"content" width=3D"1174" style=3D"text-align: center;"><a class=
=3D"image-link" target=3D"_blank" href=3D"https://link.sbstck.com/redirect/=
e0495008-427e-4ae7-9a9c-8f6ee7fccb90?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQm=
MpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"align-items: center; border: no=
ne; display: block; flex-direction: column; height: auto; margin: 0; paddin=
g: 0; position: relative; text-decoration: none; width: auto;"><img data-at=
trs=3D"{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/=
public/images/cc444758-6954-44e8-8df8-42e53dd9ab54_1174x896.png&quot;,&quot=
;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot=
;:null,&quot;height&quot;:896,&quot;width&quot;:1174,&quot;resizeWidth&quot=
;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&=
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uot;topImage&quot;:false,&quot;internalRedirect&quot;:null}" alt width=3D"5=
50" height=3D"419.76149914821127" class=3D"wide-image" src=3D"https://subst=
ackcdn.com/image/fetch/w_2348,c_limit,f_auto,q_auto:good,fl_progressive:ste=
ep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc=
c444758-6954-44e8-8df8-42e53dd9ab54_1174x896.png" style=3D"-ms-interpolatio=
n-mode: bicubic; border: none !important; display: block; height: auto; mar=
gin: 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><figcaption class=3D"image-caption" style=3D"box=
-sizing: content-box; color: #808080; font-size: 14px; font-weight: 400; le=
tter-spacing: -.15px; line-height: 20px; margin-top: 8px; padding-left: 15%=
; padding-right: 15%; text-align: center; width: 70%;">Emily Mae Smith</fig=
caption></figure></div><p style=3D"color: rgb(64, 64, 64); font-size: 16px;=
 line-height: 26px; margin: 0 0 20px 0;">When nine works of art were withdr=
awn from Sotheby&#8217;s London sales on June 27th and 28th it drew a fair =
bit of attention because of the nature of the artists involved. Paintings b=
y Louise Bonnet, Hilary Pecis, Emily Mae Smith, Harold Ancart, KAWS, Barbar=
a Kruger, Ed Ruscha, Dana Schutz and Caroline Walker were all dropped from =
the Contemporary art sales. That led to no small amount of worry about the =
potential for a softening market for these seemingly bankable artists.&#160=
;</p><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px=
; margin: 0 0 20px 0;"><span>Artnet saw the three works pulled from The Now=
 sale and started asking questions. That led to </span><a href=3D"https://l=
ink.sbstck.com/redirect/6e8f170a-e37a-4af4-932b-51046ab82e98?j=3DeyJ1IjoiMj=
djZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: =
rgb(64, 64, 64); text-decoration: underline;">a story yesterday about Ding =
Yixiao</a><span>, a Chinese collector with a private museum project in Chin=
a who has been </span><a href=3D"https://link.sbstck.com/redirect/28e02f6d-=
f7da-4d8a-a0d3-8cf210d5ef38?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5i=
RnigHXx6Fx_g6pp7gWdY" rel style=3D"color: rgb(64, 64, 64); text-decoration:=
 underline;">very visible on Instagram</a><span> while operating at the cut=
ting edge of the market both for new names and higher prices. Ding </span><=
a href=3D"https://link.sbstck.com/redirect/7ba5f549-0d50-4258-8501-86a78940=
fcb2?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" r=
el style=3D"color: rgb(64, 64, 64); text-decoration: underline;">even poste=
d about setting the top price for Emily Mae Smith at $1.6 million</a><span>=
 in June of 2021. Ding set the record price for Lucy Bull  in June of last =
year by paying $1.449 million for </span><em>8:50</em><span>. </span></p><p=
 style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margi=
n: 0 0 20px 0;">Artnet&#8217;s story identifies the three works from The No=
w sale as Ding&#8217;s then goes on to say the collector has gotten himself=
 into a separate fight with Phillips over the proceeds from sales in Hong K=
ong earlier this year. Artnet, who refers to Ding as Xiao because of his In=
stagram handle, adds that dealers have become concerned about the collector=
&#8217;s ability to pay. &#8220;While several art dealers and shippers told=
 Artnet News that they have transacted business and art deals with Xiao wit=
hout any trouble, more recently sources reported requesting invoices that t=
hen went unpaid. One dealer canceled a planned sale after repeated delays, =
while another that had completed a transaction was unable to arrange for sh=
ipment of the work to China and was ultimately told by an advisor that Xiao=
 was &#8220;indisposed&#8221; until further notice.&#8221;</p><p style=3D"c=
olor: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px=
 0;">One reason Ding may be &#8220;indisposed&#8221; is that his lawyer in =
a totally different case said in June that Ding Yixiao, &#8220;has become u=
nreachable in China due to a government action that has not yet fully been =
explained or understood.&#8221; At least, it wasn&#8217;t fully explained a=
s of June. Ding&#8217;s lawyer didn&#8217;t respond to questions this week =
about Ding&#8217;s possible detention.</p><p style=3D"color: rgb(64, 64, 64=
); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">More to the poi=
nt, the nine works pulled from Sotheby&#8217;s sales were not consigned by =
Ding Yixiao. Through a US holding company owned by Ding and his wife, 63 wo=
rks of art by a range of artists including KAWS, Titus Kaphar, Jammie Holme=
s, Anna Weyant, Cecily Brown, Dan Schutz, Robert Nava, Oli Epp, Jonas Wood,=
 Avery Singer, Takashi Murakami, Jordy Kerwick, Loie Hollowell, Jade Fadoju=
timi, Lucy Bull, Nathaniel Mary Quinn, Eddie Martinez, Jamian Juliano-Villa=
ni and others had been pledged in January as collateral for a $12.77 millio=
n loan.&#160;</p><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-=
height: 26px; margin: 0 0 20px 0;">Actually, the lender had given Ding and =
his wife $8 million in May of 2022. That loan was rolled into an additional=
 $4 million plus loan agreement in January which is how the total got to $1=
2.77 million.</p><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-=
height: 26px; margin: 0 0 20px 0;">At some point in the Spring of 2023, Din=
g missed a payment to the lender. Filings by Ding&#8217;s lawyer suggest th=
e cause was the unexplained &#8220;government action&#8221; in China that l=
eft Ding &#8220;unreachable.&#8221; Whatever the reason, the lender decided=
 to sell nine of the works in London with a combined low estimate of $1.83 =
million. Ding responded with a lawsuit to prevent the sale claiming the len=
der was causing him irreparable harm by selling works valued in January for=
 $3.8 million with such low estimates.&#160;</p><p style=3D"color: rgb(64, =
64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">Of course=
, estimates aren&#8217;t sale prices (though they are prices at which works=
 could sell.) Understandably, Ding and his wife were upset to see their wor=
ks being sold so quickly and without having the opportunity to settle their=
 arrears on the loan. One of the problems seems to have been that the lende=
r was concerned about the turn in the market for emerging artists. What had=
 begun as a loan against collateral with a 50% loan-to-value ratio was now,=
 by the lender&#8217;s reckoning, a loan against collateral with a 90% loan=
-to-value ratio.&#160;</p><p style=3D"color: rgb(64, 64, 64); font-size: 16=
px; line-height: 26px; margin: 0 0 20px 0;">That&#8217;s very risky when it=
 comes to art lending. So the lender asked Ding to pay down $5 million of t=
he loan as well as the missing interest payments.</p><p style=3D"color: rgb=
(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">On J=
une 27th, the day of The Now sale that contained three of Ding&#8217;s work=
s that were collateral for the loan, the LLC Ding used for his art filed fo=
r Chapter 11 bankruptcy. Six other works cataloged for the Day sale the fol=
lowing day were pulled. Another work offered in a different sale center was=
 also withdrawn. That bankruptcy may be one reason that Artnet found dealer=
s and vendors who were having trouble getting paid.&#160;</p><p style=3D"co=
lor: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px =
0;">Whatever financial or political difficulties put Ding in a squeeze, the=
 lender&#8217;s move to sell the collateral has more interesting implicatio=
ns. The lender has very sophisticated market intelligence. So there&#8217;s=
 something to be learned from the lender&#8217;s market decisions.&#160;</p=
><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; ma=
rgin: 0 0 20px 0;">There&#8217;s a good chance that the lender selected the=
 nine works with the strongest market appeal and the best chance of recoupi=
ng the $5 million it was seeking from Ding and his wife to bring the loan b=
ack into balance. The lender tried to go to market with very aggressive est=
imates. Although there was the risk the collateral could sell for only $1.8=
3 million, there was also a good chance it would have yielded more than the=
 $3.8 million the loan had used to value the works. It would only take a st=
rong sale for a couple of the works to get the lender the $5 million cushio=
n they were seeking from Ding and his wife. </p><p style=3D"color: rgb(64, =
64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">When the =
withdrawals caused such a stir&#8212;witness the Artnet story&#8212;it may =
have also confirmed the general level of interest in these works. In other =
words, there&#8217;s still a lot of interest in the art Ding acquired. Afte=
r all, he was at the heart of the market for the last three years. Looking =
at the collateral and Ding&#8217;s instagram, the artists are a who&#8217;s=
 who of momentum trades.&#160;</p><p style=3D"color: rgb(64, 64, 64); font-=
size: 16px; line-height: 26px; margin: 0 0 20px 0;"><span>In addition to th=
e artists named above, Ding bought Javier Calleja&#8217;s </span><em>What</=
em><span> for $485,000. He paid $609,000 for Mai Trung Thu&#8217;s </span><=
em>Melodie</em><span> in October of 2022. In September, there was a Christi=
na Quarles for $630,000; Stanley Whitney&#8217;s </span><em>Midnight Hour</=
em><span> for $655,000; Salman Toor&#8217;s </span><em>The Picnic </em><spa=
n>for $403,000. That same month, Ding bought Scott Kahn&#8217;s </span><em>=
April in Old Lyme</em><span> for $252,000 which was a steal compared to the=
 $1 million he spent in November for a painting called </span><em>Griswold<=
/em><span>.&#160;</span></p><p style=3D"color: rgb(64, 64, 64); font-size: =
16px; line-height: 26px; margin: 0 0 20px 0;"><span>As aggressive and scatt=
ershot as Ding&#8217;s buying was in 2022&#8212;he claims on his Instagram =
that he bought Louis Fratino&#8217;s </span><em>Grapefruit Breakfast </em><=
span>for $277,000 in September too&#8212;everything turned ugly in 2023. Fi=
rst there was the loan in January for some but nowhere near all of his work=
s. Then things seem to have gotten contentious.&#160;</span></p><p style=3D=
"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20=
px 0;"><span>In May, Ding made this statement</span><a href=3D"https://link=
=2Esbstck.com/redirect/7b9341a0-9879-4=
c46-8114-3d5b8036dbac?j=3DeyJ1IjoiMjdjZ=
XI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: rgb=
(64, 64, 64); text-decoration: underline;"> in an Instagram post</a><span>,=
 &#8220;During the epidemic period, some galleries sold me some works I did=
n't want and promised me I will get the works I wanted at a later time. How=
ever, several years have passed, and even though there are contracts and em=
ail confirmations, they still haven't fulfilled their promises. Some of the=
m even started to avoid communication, including several well-known large g=
alleries. I'm giving you notice that if I don't get a resolution by the end=
 of this week, I will send out a letter of counsel and expose you, whatever=
 gallery you are or whatever artist you are, from the moment you intend to =
profit from me you will keep your word to me.&#8221;</span></p><p style=3D"=
color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20p=
x 0;"><span>Although Ding doesn&#8217;t seem to have followed up on the thr=
eat, the confrontations didn&#8217;t stop there. A week later, </span><a hr=
ef=3D"https://link.sbstck.com/redirect/35f4cdad-090d-4f2b-84d8-e888b56762ae=
?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel s=
tyle=3D"color: rgb(64, 64, 64); text-decoration: underline;">Ding accused P=
hillips</a><span> on Instagram of &#8220;single-handedly crashing the marke=
t.&#8221;&#160;</span></p><p style=3D"color: rgb(64, 64, 64); font-size: 16=
px; line-height: 26px; margin: 0 0 20px 0; margin-bottom: 0;">Ding&#8217;s =
hyperbole aside, it is unclear how this will all play out with Ding now in =
conflict with a major art lender and an important auction house in the mark=
et for emerging artists. Let&#8217;s not forget the intimations in legal pa=
pers that Ding has also come into conflict with the Chinese government and =
possibly been detained. So little is known about the source of Ding&#8217;s=
 funds that there&#8217;s no telling what his assets are and how much of hi=
s art has been pledged for collateral. That said, it&#8217;s clear that Din=
g&#8217;s collection&#160; isn&#8217;t&#160; big enough to damage the marke=
t for any one artist or even for the Ultra Contemporary sector of the marke=
t either. Yet these are the kinds of events that have the potential to affe=
ct the market&#8217;s overall mood. It could be a moment when everyone stop=
s what they are doing and suddenly looks up to ask what they&#8217;re doing=
 and why.&#160;</p></div></div><div class=3D"container-border" style=3D"bor=
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 text-align: initial; word-break: break-word;"><p style=3D"color: rgb(64, 6=
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