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Subject: What We Learned this Week (2403)
From: Artelligence <artelligence@substack.com>
To: enzo@showfile.com
Message-Id: <20240119170123.3.b9cbc66aecf5e0b9@mg-d1.substack.com>
Date: Fri, 19 Jan 2024 17:01:23 +0000
sender: Artelligence <artelligence@substack.com>
References: <post-140838777@substack.com>
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View this post on the web at https://artelligence.substack.com/p/what-we-le=
arned-this-week-2403

Welcome to Artelligence
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ontact us directly:
In This Issue
Lot Watch: A rare Winfred Rembert cache at Sotheby=E2=80=99s=20
The Rybolovlev Saga Has Villains but Is Sandy Heller the Hero of the Story?=
 The second week of the trial against Sotheby=E2=80=99s ends with the bulk =
of the testimony done except art advisor Sandy Heller.
A Winfred Rembert Collector=E2=80=99s Market Move
Last year was a breakout year for Winfred Rembert=E2=80=99s art on the auct=
ion markets with a dozen of his tooled-and-dyed leather images sold for a t=
otal of around $1.5 million, including a record price of $327,600 paid in l=
ate September after the year opened with a $302,400 sale in early January. =
Rembert, an important witness to the depredations of sharecropping and lync=
hing in rural Georgia, had been a Civil Rights activist in the 1960s which =
led to the harrowing story of his own lynching and eventual imprisonment. H=
aving learned to work with leather in prison, Rembert began excavating his =
experiences into art works starting at the age of 51 while living in Connec=
ticut. Though his work does not flinch from depicting the terrorism he  exp=
erienced for much of his early experience in rural Georgia, his imagery can=
 be joyous and celebratory of everyday life. Rembert died in 2021. His auto=
biography, =E2=80=9CChasing Me to My Grave: An Artist=E2=80=99s Memoir of t=
he Jim Crow South=E2=80=9D won the Pulitzer prize for Biography the next ye=
ar. Later in 2021, Fort Gansevoort held a show of his work that received si=
gnificant attention which, in turn, led to the gallery working with Hauser =
& Wirth to represent the artist=E2=80=99s estate. With such attention being=
 paid to the artist, it really isn=E2=80=99t a surprise to see the auction =
market respond. One of the challenges in marketing an artist like Rembert i=
s figuring out where his work will perform best. Contemporary art and the a=
uctions that cater to Contemporary collectors have latched on to artists li=
ke Rembert recently. But his work has also fits squarely in the tradition o=
f American folk art which is often sold in the Americana sales held in Janu=
ary. Tomorrow, Sotheby=E2=80=99s will sell seven Rembert works with a combi=
ned low estimate of more than $500,000 [ https://substack.com/redirect/e096=
c135-31d5-48a8-b098-0b593ca09e54?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpis=
rMe5iRnigHXx6Fx_g6pp7gWdY ]. The consignor received all seven works as gift=
s directly from the artist giving them a high-value provenance. The estimat=
es on the individual works are set well below the level of estate works. Th=
e sale has the potential to further expand the market for Rembert=E2=80=99s=
 work which is, not surprisingly considering his extraordinary life story a=
nd its important witness to American social history, much sought after by m=
useums.=20
The Rybolovlev Saga Has Villains but Is Sandy Heller the Hero of the Story?
The plaintiff=E2=80=99s case in the Rybolovlev revenge trial isn=E2=80=99t =
over yet; but, after two weeks in court, we=E2=80=99ve seen the essential c=
laims against Sotheby=E2=80=99s=E2=80=94and Bouvier=E2=80=94that Rybolovlev=
=E2=80=99s lawyers are making. We=E2=80=99ve also seen the bulk of their wi=
tnesses, including the two most important figures in Dmitry Rybolovlev hims=
elf and Sotheby=E2=80=99s Sam Vallette, the salesman who handled Yves Bouvi=
er. So while we cannot predict what a jury will decide about the case, we c=
an come to some conclusions about the broader impact of the publicity and d=
iscuss what we=E2=80=99ve learned from the evidence presented.=C2=A0
If you haven=E2=80=99t been following this drama for the nine years that it=
 has played out, you can be forgiven for asking yourself 1) why did Sotheby=
=E2=80=99s let it get this far and subject itself to the bad publicity?; 2)=
 what was Bouvier doing?; 3) why was Rybolovlev buying so much art?; and 4)=
 what has happened to the art in market terms? We=E2=80=99ve been wondering=
 about many of these questions ourselves.
Sotheby=E2=80=99s Dilemma
If you=E2=80=99re Sotheby=E2=80=99s, the public focus from the trial hasn=
=E2=80=99t been fun. One of the tricks of the trial has been to play on the=
 effects of hindsight. Rybolovlev=E2=80=99s attorney was able to present th=
e multiple instances where Yves Bouvier engaged in fictitious negotiations =
to distract Rybolovlev and the man who ran his family office from understan=
ding that they were buying works directly from Bouvier (who had purchased t=
hem ahead of Rybolovlev to make a substantial profit.) That puts everything=
 the jury hears from Sotheby=E2=80=99s in a different the light. The jury k=
nowledge that there was funny business going on in these sales. Something S=
otheby=E2=80=99s didn=E2=80=99t necessarily know at the time. Indeed, Rybol=
ovlev=E2=80=99s lawyer ended his examination of Sotheby=E2=80=99s salesman =
Sam Vallette with a series of questions about Sotheby=E2=80=99s KYC and ant=
i-money laundering procedures.  Why Vallette didn=E2=80=99t raise any quest=
ions about Bouvier=E2=80=99s purchases?, the lawyer asked. There was nothin=
g questionable, Vallette responded. But will a jury believe that knowing no=
w that Bouvier had lied to Rybolovlev? A knowledgeable person would be able=
 to see that Bouvier=E2=80=99s activities didn=E2=80=99t actually raise any=
 KYC or AML red flags. But will the jury?
Bouvier has settled with Rybolovlev without admitting that he engaged in fr=
aud. Even as late as yesterday, his lawyers are distributing press releases=
 doubling down on his insistence that all of his art transactions were prop=
erly conducted. From what we=E2=80=99ve seen in court (except for numerous =
emails that presented Bouvier=E2=80=99s fictitious negotiations) and the fa=
ct that no jurisdiction has found Bouvier guilty of fraud despite Rybolovle=
v=E2=80=99s extensive and sometimes extra-legal efforts, that certainly see=
ms to be the case. Bouvier may have been orchestrating what Rybolovlev unde=
rstood but he was careful to paper the transactions properly.
Those nuances are not coming across in the press. Which brings us back to C=
harles Stewart and the question of why Sotheby=E2=80=99s CEO hasn=E2=80=99t=
 just settled the case. Yes, it increasingly appears that even if Sotheby=
=E2=80=99s is in the right legally, it would have been better for none of t=
his to have played out in the press. Why not pay some money and consider it=
 the cost of doing business, effectively buying in the bad publicity?
The answer is that there doesn=E2=80=99t seem to be any realistic amount of=
 money that Rybolovlev would have settled for. He seems to want someone to =
admit that they were culpable for his having been out-maneuvered and he=E2=
=80=99s been willing to pay a lot of money to lawyers, investigators and ex=
perts to try to prove it.=20
There=E2=80=99s also the matter of what he says he wants in court. Accordin=
g to Judge Furman=E2=80=99s pre-trial order, the plaintiffs (Rybolovlev) ar=
e seeking $232,578,781.81 in compensatory damages. In another place in the =
same order, there=E2=80=99s an even higher number. Even using half of the $=
232 million as a starting point for negotiations, there was no possible way=
 for Sotheby=E2=80=99s to settle. Given the tough year in the art market an=
d the debt payments for the acquisition of the auction house, Sotheby=E2=80=
=99s owner doesn=E2=80=99t have anywhere near enough money to make Rybolovl=
ev just go away quietly. Because of that Sotheby=E2=80=99s simply has to ta=
ke the abuse and hope the jury sees the absurdity of Bouvier not admitting =
to fraud nor being convicted of it but Sotheby=E2=80=99s somehow being aske=
d to pay the price.
Bouvier=E2=80=99s Deception
Why wasn=E2=80=99t Bouvier committing fraud if he pretended to negotiate wi=
th others for Rybolovlev=C2=A0while secretly negotiating with himself and t=
old told the Russian fairy tales about it? It=E2=80=99s a bit of a mystery.=
 But the paperwork we=E2=80=99ve seen in court shows Rybolovlev buying work=
s from corporate entities that Bouvier controlled. We even heard in court t=
hat the head of Rybolovlev=E2=80=99s family office saw the paperwork with B=
ouvier=E2=80=99s signature as the counterparty but never seemed to understa=
nd Bouvier was on the other side of the transaction.=20
That same person testified he thought Bouvier was using a corporate entity =
to shield Rybolovlev from being revealed as the buyer. Bouvier did that too=
 well. He was also able to conceal from Rybolovlev that he had bought the w=
orks ahead of Rybolovlev for significantly lower prices.=C2=A0
One reason that Bouvier may have been so difficult to prosecute is that he =
seems to have been planning his deception well in advance. One of the trans=
actions presented in court took place in 2004, quite early in the 12-year r=
elationship between Bouvier and Rybolovlev. But the entity used by Bouvier =
to buy the artwork and sell it to Rybolovlev=E2=80=99s entity had been crea=
ted just the month before. We also heard testimony from Bouvier=E2=80=99s d=
eposition that he had paid Rybolovlev=E2=80=99s friend, Tania Rappo, the wi=
fe of his family=E2=80=99s dentist, $100 million over the course of the 12 =
years he did business with Rybolovlev. (That=E2=80=99s a very hefty 5% intr=
oductory commission.) The billionaire came close to tears when recalling ho=
w much he trusted Bouvier and Rappo but we never really heard why.=C2=A0
Underestimating Bouvier
Vallette answered that Bouvier always paid his bills and that Sotheby=E2=80=
=99s compliance team was satisfied that his businesses were substantial eno=
ugh to explain his buying. They were aware that he was acting as an art dea=
ler and would be reselling works. Clearly Sotheby=E2=80=99s assumed Bouvier=
 had his own KYC and AML responsibilities that didn=E2=80=99t extend to Sot=
heby=E2=80=99s.=C2=A0
Hidden in all of this finger pointing is the assumption that Rybolovlev see=
ms to have made and may explain why he trusted Bouvier too much. Sotheby=E2=
=80=99s lawyers asked Rybolovlev during their cross examination whether the=
 Russian had ever heard the term =E2=80=9Ctrust by verify.=E2=80=9D That wa=
s Ronald Reagan=E2=80=99s famous phrase from his nuclear disarmament negoti=
ations with Mikhail Gorbachev. It=E2=80=99s unclear if Sotheby=E2=80=99s la=
wyer knew the phrase comes from a Russian proverb but his point was made we=
ll enough. Rybolovlev, who outsmarted some of the world=E2=80=99s most dang=
erous competitors, fell too easily for Yves Bouvier=E2=80=99s well-construc=
ted deception.=20
Part of the reason seems to have been that Rybolovlev vastly underestimated=
 Bouvier. He was attracted to Bouvier=E2=80=99s representations=E2=80=94mos=
t likely untrue=E2=80=94that he had superior knowledge of where the world=
=E2=80=99s best art was located by virtue of his role running storage facil=
ities and freight forwarding at the Geneva freeport. But Rybolovlev assumed=
 Bouvier was not wealthy enough to be able to buy the kind of art an oligar=
ch could afford. And, it is true, one of the interesting facts not explaine=
d in this case is how Bouvier was able to buy works of art for $80 and $120=
 million dollars in advance of Rybolovlev. The risk alone that Rybolovlev m=
ight back out during his elaborately faked negotiations=E2=80=94as he had d=
one years earlier with a Gauguin=E2=80=94was real.=C2=A0
Rybolovlev=E2=80=99s collecting=E2=80=94or was it speculating?
The other revelation from the trial was that Rybolovlev was buying trophy a=
rt but didn=E2=80=99t seem to be buying trophies for himself. He and the ma=
nager of his family office both testified that they didn=E2=80=99t like the=
 Modigliani sculpture that they bought for =E2=82=AC60 million. They relied=
 on Vallette=E2=80=99s email that it was worth =E2=82=AC80 million before t=
hey agreed to go ahead with the purchase in 2012. Two years later, they wer=
e trading it for a spectacular Rothko along with the promise to pay another=
 =E2=82=AC60 million in cash. Around that same time in 2014, Rybolovlev tes=
tified that he was already trying to resell the Leonardo painting Salvatore=
 Mundi.=20
It was never asked or answered in court why Rybolovlev=E2=80=99s buying sud=
denly moved up an order of magnitude in this period. From the small slice o=
f information presented in court, it looks like Rybolovlev was speculating =
at the very top of the art market. That may seem bizarre today. But in peri=
od from 2010 to 2014 when Rybolovlev was doing so much of this buying, the =
art market was rising dramatically to near universal amazement. The last th=
ing anyone expected to come out of the global financial crisis of 2008 to 2=
010 was a robust art market. And yet that=E2=80=99s exactly what happened d=
uring the period. It seems audacious to think the either Bouvier or Rybolov=
lev could have been so confident in the rise in value of art that they were=
 willing to take the kinds of risks that each took.=C2=A0It seems almost fo=
olhardy that Rybolovlev thought he could outsmart the trophy hunters by rel=
ying entirely on the advice of Bouvier and Sotheby=E2=80=99s Vallette.=20
In the end, it has paid off for both in spectacular fashion. No one knows w=
hat Bouvier has done with the $1 billion Rybolovlev says he was overcharged=
=2E Much of it might have gone into the=
 failed freeports in Singapore and Lux=
embourg. But there=E2=80=99s no way to know that. The money may be sitting =
in a Swiss bank or investments=C2=A0making Bouvier a very rich man.=C2=A0
Did Rybolovlev Trade His Revenge for a Rothko?
Even with his complaints, Rybolovlev, too, has done quite well with his art=
 trading. We saw in last week=E2=80=99s email that the Magritte Rybolovlev =
bought for $43.5 million was later sold for $12 million. But that loss was =
offset by the profits he made on the Modigliani nude that unraveled the dec=
eption, the Leonardo that sold for more than triple what he paid and even t=
he Modigliani sculpture that he traded for Mark Rothko=E2=80=99s No. 6 from=
 1951.=C2=A0Much of the credit for this market success surely goes to his a=
dvisor Sandy Heller.
In the fall of 2014, as Rybolovlev=E2=80=99s suspicions were growing about =
Bouvier. The Russian slowed the final payments he owed on the Rothko deal. =
Rybolovlev had already surrendered the Modigliani sculpture which was sold =
at Sotheby=E2=80=99s that November for $70 million dollars which was about =
what Rybolovlev had believed it was worth. He only paid =E2=82=AC25 million=
 more in cash for the Rothko leaving the deal incomplete once Rybolovlev di=
scovered what Bouvier had been doing. Effectively, Rybolovlev paid about $1=
00 million for Rothko=E2=80=99s No. 6. He had the painting but he might not=
 have had clear title.=20
One of the unanswered questions around this trial has been why Rybolovlev a=
nnounced that he had settled all of his litigation with Bouvier in mid-Dece=
mber of last year. Bouvier did not admit to fraud. So what did Rybolovlev g=
et in return?=20
Last Friday, Jeremy Hodkin=E2=80=99s newsletter offered a very plausible an=
swer. It turns out that Christie=E2=80=99s conducted a huge private sale la=
te last year. Hodkin tracked down the details of the sale as Rothko=E2=80=
=99s No. 6 at a price close to $200 million.
Here=E2=80=99s where one can start to see Heller=E2=80=99s hand in the mix.=
 The most significant museum show of the Fall season was the Fondation Loui=
s Vuitton=E2=80=99s Rothko retrospective that opened in Paris in October. S=
eminal museum shows tend to spark sales in an artist=E2=80=99s market but R=
othko=E2=80=99s prices have been quite high for more than a decade. Even th=
ough some of the works that sold at auction made big prices they were mostl=
y for works bought previously for big prices either publicly or privately. =
There are not many Rothko sleepers out there. The one noteworthy exampel wa=
s a blue-green work on paper mounted on canvas that drastically out-perform=
ed expectations at Sotheby=E2=80=99s in November. But that was a connoisseu=
r=E2=80=99s work, not a trophy.=C2=A0
In the exhibition in Paris, there were several trophy works on display but =
one particular work stood out for its placement. No. 7 also from 1951, a wo=
rk previously owned by the Linda and Harry Macklowe and purchased from thei=
r sale for $82 million dollars by Taiwanese collector Pierre Chen, was hung=
 as the pivotal work marking the transition from the room of Rothko=E2=80=
=99s =E2=80=9Cmultiforms=E2=80=9D of the late 1940s to his mature, =E2=80=
=9Cclassic=E2=80=9D works of the 1950s and beyond.=C2=A0(See the photograph=
 on the left, above.)
Rybolovlev=E2=80=99s No. 6 shares a similar palette to No. 7=E2=80=94as wel=
l as a prominent green stripe; but it is a darker work with more gravitas. =
No. 7 also graces the cover of David Anfam=E2=80=99s authoritative monograp=
h on Rothko=E2=80=99s works on canvas.=C2=A0
Since taking over as Rybolovlev=E2=80=99s art advisor, Heller, who will tes=
tify next week, has had an unerring ability to find the right moment to sel=
l Rybolovlev=E2=80=99s works for maximum gain. He also knows his audience. =
Following the reception of the Rothko show in Paris, the sale of No. 6 in D=
ecember would have been an astute market move timed to perfection. But sinc=
e Rybolovlev had stopped making payment on the transaction, there=E2=80=99s=
 a good chance his title to the Rothko painting was in dispute.=C2=A0
This set up a perfect compromise for everyone but Sotheby=E2=80=99s. Why Ry=
bolovlev didn=E2=80=99t just decide to settle the case against Sotheby=E2=
=80=99s may simply come down to having come so far and spent so much money,=
 there was no reason not to go through with the trial. There=E2=80=99s alwa=
ys the chance he could win vindication.=20
It will be interesting to hear Heller=E2=80=99s testimony next week. It mig=
ht even be more interesting to learn of the fate of the most expensive pain=
ting that Rybolovlev bought through Bouvier. We=E2=80=99ve heard a fair bit=
 of testimony in the trial about Gustav Klimt=E2=80=99s Water Serpents II. =
Rybolovlev paid $183.5 million for it. In the last year or more than have b=
een strong prices paid for Klimts but none are of the caliber of Water Serp=
ents II.=C2=A0
There=E2=80=99s a chance Heller has already gotten a good price for it in a=
 private sale but the leaky art world tends not to be able to keep these ve=
ry, very big transactions secret. So there=E2=80=99s still room for Heller =
to add another chapter to this story.

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


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


@media (max-width: 650px) {
  .typography .markup .tweet a.expanded-link .expanded-link-description,
  .typography.editor .markup .tweet a.expanded-link .expanded-link-descript=
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    display: none;
  }
}


@media screen and (max-width: 650px) {
  .typography .markup .apple-podcast-container,
  .typography.editor .markup .apple-podcast-container {
    width: unset;
  }
}


@media (max-width: 420px) {
  .typography .markup .install-substack-app-embed img.install-substack-app-=
embed-img,
  .typography.editor .markup .install-substack-app-embed img.install-substa=
ck-app-embed-img {
    margin: 0 auto 16px auto;
  }
}


@media screen and (min-width: 420px) and (max-width: 600px) {
  .typography .markup .install-substack-app-embed .install-substack-app-emb=
ed-text,
  .typography.editor .markup .install-substack-app-embed .install-substack-=
app-embed-text {
    max-width: calc(100% - 100px);
    width: initial;
  }
}


@media (max-width: 420px) {
  .typography .markup .install-substack-app-embed .install-substack-app-emb=
ed-text,
  .typography.editor .markup .install-substack-app-embed .install-substack-=
app-embed-text {
    margin: 0 0 12px 0;
    max-width: 100%;
    width: auto;
    text-align: center;
  }
}


@media (max-width: 600px) {
  .typography .markup .install-substack-app-embed .install-substack-app-emb=
ed-link,
  .typography.editor .markup .install-substack-app-embed .install-substack-=
app-embed-link {
    margin-top: 16px;
    width: 100%;
  }
}


@media screen and (min-width: 481px) {
  .share-button-container {
    height: 38px;
  }
}


@media screen and (min-width: 481px) {
  .share-button-container a.comment {
    height: 38px;
    line-height: 38px;
    padding-right: 10px;
  }
}


@media screen and (max-width: 480px) {
  .share-button-container .separator {
    display: block;
    margin: 0;
    height: 8px;
    border-left: none;
  }
}


@media screen and (max-width: 480px) {
  .share-button-container a.share.first img {
    padding-left: 0;
  }
}


@media screen and (min-width: 481px) {
  .share-button-container a.mobile {
    display: none !important;
  }
}


@media screen and (max-width: 650px) {
  .social-media-share-preview__description {
    -webkit-line-clamp: 2;
  }
}


@media screen and (max-width: 1000px) {
  .congrats-box {
    flex-direction: column;
  }
  .congrats-box .congrats-box-right {
    margin-left: 38px;
    margin-top: 16px;
  }
}


@media screen and (max-width: 500px) {
  .congrats-box {
    display: none;
  }
}


@media screen and (min-width: 541px) {
  .settings-add-pub-modal-wrapper .container .add-recommending-pub-modal-co=
ntainer {
    padding: 36px;
    height: 680px;
  }
}


@media screen and (min-width: 541px) {
  .settings-add-pub-modal-wrapper .container .add-recommending-pub-modal-co=
ntainer .footer {
    position: absolute;
    bottom: 36px;
    margin: 0px;
  }
}


@media screen and (max-width: 840px) {
  .header-with-anchor-widget .header-anchor-widget,
  .header-anchor-container .header-anchor-widget {
    display: none;
  }
}


@media screen and (min-width: 768px) {
  .post {
    padding: 32px 0 0 0;
  }
}


@media screen and (max-width: 650px) {
  .post .post-header .post-label {
    margin-top: 8px;
  }
}


@media screen and (max-width: 650px) {
  .post .post-header .meta-author-wrap.alternative-meta .meta-right-column =
=2Epost-meta {
    margin-top: 6px;
  }
}


@media screen and (max-width: 650px) {
  .post .footer-facepile-container {
    height: 64px;
    padding: 0 16px;
    display: flex;
    align-items: center;
    justify-content: flex-start;
    width: 100%;
  }
}


@media screen and (max-width: 650px) {
  .post .post-footer.use-separators {
    justify-content: center;
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}


@media screen and (max-width: 650px) {
  .post .post-footer.next-prev {
    height: 64px;
    justify-content: space-between;
    box-sizing: border-box;
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}


@media screen and (max-width: 650px) {
  .post-contributor-footer .post-contributor-bio-table {
    display: block;
  }
  .post-contributor-footer .post-contributor-bio-table-row {
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    flex-direction: row;
  }
  .post-contributor-footer .post-contributor-bio-userhead-cell,
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    display: block;
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  .post-contributor-footer .post-contributor-bio-body-cell {
    flex-grow: 1;
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  .post-contributor-footer .post-contributor-bio-body-table {
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  .post-contributor-footer .post-contributor-bio-body-table-row {
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  .post-contributor-footer .post-contributor-bio-copy-cell,
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    display: block;
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  .post-contributor-footer .post-contributor-bio-copy-cell {
    margin: 0 0 16px 0;
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  .post-contributor-footer .post-contributor-bio-controls-cell {
    width: auto;
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  .post-contributor-footer .post-contributor-bio-controls {
    margin: auto;
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  .post-contributor-footer .post-contributor-bio-controls .button.primary {
    width: 100%;
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  .post-contributor-footer .post-contributor-bio-text {
    font-size: 14px;
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}


@media screen and (min-width: 768px) {
  .post-silhouette {
    padding: 16px 0;
  }
}


@media screen and (max-width: 650px) {
  .post-silhouette .post-silhouette-title {
    margin-top: 10.44225025px;
    height: 120px;
  }
}


@media screen and (max-width: 650px) {
  .post-silhouette .post-silhouette-meta {
    width: 75%;
  }
}


@media screen and (max-width: 650px) {
  .post-silhouette .post-silhouette-meta.with-byline-image {
    margin: 20px 0;
  }
}


@media screen and (max-width: 650px) {
  .use-theme-bg .post-meta.alternative-meta .post-meta-item,
  .post-meta.alternative-meta .post-meta-item {
    padding-right: 16px;
  }
}


@media screen and (max-width: 370px) {
  .use-theme-bg .post-meta.alternative-meta .post-meta-item,
  .post-meta.alternative-meta .post-meta-item {
    font-size: 14px;
  }
}


@media screen and (max-width: 650px) {
  .use-theme-bg .post-meta.alternative-meta .post-meta-item.guest-author-pu=
blication,
  .post-meta.alternative-meta .post-meta-item.guest-author-publication {
    display: none;
  }
}


@media screen and (max-width: 370px) {
  .post-meta .post-meta-item .post-meta-button {
    height: 36px !important;
  }
  .post-meta .post-meta-item .post-meta-button .meta-button-label {
    display: none;
  }
  .post-meta .post-meta-item .post-meta-button > svg {
    margin-right: 0;
  }
}


@media screen and (max-width: 370px) {
  .post-meta .post-meta-item {
    font-size: 12px;
  }
}


@media screen and (max-width: 650px) {
  .post .floating-subscribe-button {
    bottom: 20px;
    right: 20px;
  }
}


@media all and (-ms-high-contrast: none), (-ms-high-contrast: active) {
  body .markup table.image-wrapper img,
  body .markup table.kindle-wrapper img {
    max-width: 550px;
  }
}


@media screen and (max-width: 650px) {
  body .markup div.youtube-inner div.youtube-screen,
  body .markup div.vimeo-inner div.youtube-screen {
    display: none !important;
  }
}


@media screen and (max-width: 370px) {
  body .markup div.tiktok-wrap {
    width: calc(95vw - 32px);
    height: calc((95vw - 32px - 2px) / 0.485714);
  }
}


@media screen and (max-width: 650px) {
  body .markup div.embedded-publication-wrap .embedded-publication.show-sub=
scribe {
    padding: 24px;
  }
}


@media screen and (max-width: 650px) {
  body .markup div.subscription-widget-wrap .subscription-widget.show-subsc=
ribe,
  body .markup div.captioned-button-wrap .subscription-widget.show-subscrib=
e {
    padding: 24px;
  }
}


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


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


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


@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 {
    display: none;
  }
}


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


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


@media screen and (min-width: 420px) and (max-width: 600px) {
  body .markup .install-substack-app-embed .install-substack-app-embed-text=
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    max-width: calc(100% - 100px);
    width: initial;
  }
}


@media (max-width: 420px) {
  body .markup .install-substack-app-embed .install-substack-app-embed-text=
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    margin: 0 0 12px 0;
    max-width: 100%;
    width: auto;
    text-align: center;
  }
}


@media (max-width: 600px) {
  body .markup .install-substack-app-embed .install-substack-app-embed-link=
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    margin-top: 16px;
    width: 100%;
  }
}


@media screen and (min-width: 500px) {
  body .header a.logo {
    width: 42px;
    height: 42px;
    border-radius: 12px;
  }
}


@media screen and (max-width: 420px) {
  body .subscription-receipt table:first-of-type .subscription-amount .subs=
cription-discount {
    width: 72px !important;
  }
}


@media screen and (min-width: 481px) {
  body .share-button-container {
    height: auto;
  }
}


@media screen and (max-width: 480px) {
  body .share-button-container .separator {
    display: block !important;
    margin: 0 !important;
    height: 8px !important;
    border-left: none !important;
  }
}


@media screen and (max-width: 650px) {
  .digest .item .post-meta-item.audience {
    display: none;
  }
}


@media screen and (min-width: 500px) {
  .digest-publication .logo img {
    width: 42px;
    height: 42px;
    border-radius: 6px;
  }
}


@media screen and (max-width: 650px) {
  .comments-page .container .comment-list .collapsed-reply {
    margin-left: 17px;
  }
}


@media screen and (max-width: 650px) {
  .comment > .comment-list {
    padding-left: 25px;
  }
}


@media screen and (max-width: 650px) {
  .finish-magic-login-modal .modal-content .container {
    padding: 24px 0;
  }
}


@media (max-width: 650px) {
  .reader2-text-b3 {
    line-height: 24px;
  }
}


@media screen and (max-width: 650px) {
  .reader2-text-h4 {
    line-height: 24px;
  }
}


@media screen and (min-width: 541px) {
  .user-profile-modal {
    padding-left: 12px;
    padding-right: 12px;
  }
}


@media screen and (max-width: 650px) {
  .subscribe-widget form.form .sideBySideWrap button.rightButton {
    padding: 10px 12px;
  }
}


@media screen and (min-width: 541px) {
  .pub-icon:hover .logo-hover,
  .feed-item-icon:hover .logo-hover {
    display: block;
  }
}


@media screen and (max-width: 650px) {
  .post-ufi.single-full-width-button .post-ufi-button-wrapper {
    width: 100%;
    padding: 16px;
  }
  .post-ufi.single-full-width-button .post-ufi-button-wrapper:empty {
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  .post-ufi.single-full-width-button .post-ufi-button {
    width: 100%;
    justify-content: center;
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}


@media screen and (max-width: 768px) {
  .file-embed-wrapper {
    padding: 0;
  }
}


@media screen and (max-width: 768px) {
  .file-embed-wrapper-editor {
    padding: 0;
  }
}


@media screen and (max-width: 768px) {
  .file-embed-wrapper-editor:active {
    padding: 0;
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}


@media only screen and (max-width: 650px) {
  .file-embed-button.wide,
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    display: none;
  }
}


@media only screen and (min-width: 630px) {
  .file-embed-button.narrow,
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    display: none;
  }
}


@media screen and (min-width: 541px) {
  .audio-player-wrapper .audio-player {
    min-width: 500px;
  }
}


@media screen and (max-width: 650px) {
  .audio-player-wrapper .audio-player .audio-player-progress {
    border-left-width: 16px;
    border-right-width: 16px;
  }
}


@media screen and (max-width: 650px) {
  .audio-player-wrapper .audio-player .audio-player-progress .audio-player-=
progress-bar .audio-player-progress-bar-popup {
    top: -54px;
  }
}


@media screen and (max-width: 650px) {
  .audio-player-wrapper-fancy .audio-player .audio-player-progress {
    border-left-width: 16px;
    border-right-width: 16px;
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}


@media screen and (max-width: 650px) {
  .audio-player-wrapper-fancy .audio-player .audio-player-progress .audio-p=
layer-progress-bar .audio-player-progress-bar-popup {
    top: -54px;
  }
}


@media (min-width: 250px) {
  .audio-player-wrapper-fancy .audio-player {
    padding: 32px;
  }
  .audio-player-wrapper-fancy .audio-player .btn-group {
    display: flex;
  }
  .audio-player-wrapper-fancy .audio-player .btn-group .button:last-of-type=
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    display: block;
  }
}


@media (min-width: 300px) {
  .audio-player-wrapper-fancy .audio-player .btn-group {
    display: block;
  }
  .audio-player-wrapper-fancy .audio-player .btn-group .button:first-of-typ=
e {
    display: block;
  }
}


@media (min-width: 350px) {
  .audio-player-wrapper-fancy .audio-player .audio-player-substack-logo {
    display: block;
  }
  .audio-player-wrapper-fancy .audio-player .audio-player-title {
    margin-top: 16px;
  }
  .audio-player-wrapper-fancy .audio-player .audio-player-hero-image-contai=
ner {
    padding-top: 15%;
    width: 15%;
    display: block;
  }
  .audio-player-wrapper-fancy .audio-player .btn-group .button:first-of-typ=
e {
    display: block;
  }
  .audio-player-wrapper-fancy .audio-player .audio-player-substack-logo {
    display: block;
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}


@media (min-width: 350px) {
  .audio-player-wrapper-fancy .audio-player .audio-player-hero-image-contai=
ner {
    padding-top: 25%;
    width: 25%;
    display: block;
  }
  .audio-player-wrapper-fancy .audio-player .btn-group {
    display: flex;
  }
  .audio-player-wrapper-fancy .audio-player .btn-group .button:first-of-typ=
e {
    display: block;
  }
}


@media (min-width: 400px) {
  .audio-player-wrapper-fancy .audio-player .audio-player-hero-image-contai=
ner {
    padding-top: 40%;
    width: 40%;
  }
}


@media (max-width: 400px) {
  .audio-player-wrapper-fancy .audio-player .btn-group {
    margin-top: 12px;
  }
  .audio-player-wrapper-fancy .audio-player .btn-group .button {
    font-size: 13px;
    padding: 6px 12px;
    height: auto;
    margin-top: 10px;
  }
}


@media (min-width: 600px) {
  .audio-player-wrapper-fancy .audio-player .audio-player-hero-image-contai=
ner {
    padding-top: 55%;
    width: 55%;
  }
}


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


@media (max-width: 750px) {
  .poll-embed .poll-anchor-target .poll-anchor-copy-button {
    left: 8px;
    top: 45px;
  }
}


@media screen and (min-width: 541px) {
  .poll-embed .poll-wrapper.poll-web .poll-dialog .modal-table .modal-row .=
modal-content > .container {
    width: 552px;
    padding: 26px 24px;
  }
}


@media screen and (max-width: 650px) {
  .poll-embed .poll-wrapper.poll-web .poll-dialog .modal-table .modal-row .=
modal-content > .container {
    padding: 40px 0;
  }
}


@media screen and (max-width: 650px) {
  .poll-embed .poll-wrapper.poll-web .poll-dialog .modal-row .modal-cell .m=
odal-exit-btn {
    margin-right: -20px;
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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=3DeyJtIjoiPDIwMjQwMTE5MTc=
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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">Winfred Rembert Opens the Y=
ear at Sotheby's + What We Learned at the Rybolovlev Trial &#160;&#8204;&#1=
60;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;=
&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#82=
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8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160=
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160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204=
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ass=3D"post-title published" style=3D"-moz-appearance: optimizelegibility; =
-moz-osx-font-smoothing: antialiased; -webkit-appearance: optimizelegibilit=
y; -webkit-font-smoothing: antialiased; appearance: optimizelegibility; col=
or: rgb(64, 64, 64); font-family: 'SF Compact Display', -apple-system, Blin=
kMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Co=
lor Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 32px; font-weig=
ht: bold; line-height: 36px; margin: 0;"><a href=3D"https://substack.com/ap=
p-link/post?publication_id=3D2259&post_id=3D140838777&utm_source=3Dpost-ema=
il-title&utm_campaign=3Demail-post-title&isFreemail=3Dtrue&r=3D27cer9&token=
=3DeyJ1c2VyX2lkIjoxMzMyNjg2NjEsInBvc3RfaWQiOjE0MDgzODc3NywiaWF0IjoxNzA1Njgz=
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vbiJ9.c2wRtPM-P8AiTgEFq0DwiT_sfuytNcM3UPnuKd6RUS0" style=3D"color: rgb(64, =
64, 64); text-decoration: none;">What We Learned this Week (2403)</a></h1><=
h3 class=3D"subtitle" style=3D"-moz-appearance: optimizelegibility; -moz-os=
x-font-smoothing: antialiased; -webkit-appearance: optimizelegibility; -web=
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8080; font-family: 'SF Compact Display', -apple-system, BlinkMacSystemFont,=
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goe UI Emoji', 'Segoe UI Symbol'; font-size: 18px; font-weight: normal; lin=
e-height: 24px; margin: 4px 0 0; margin-top: 12px;">Winfred Rembert Opens t=
he Year at Sotheby's + What We Learned at the Rybolovlev Trial</h3><table r=
ole=3D"presentation" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadd=
ing=3D"0" class=3D"post-meta" style=3D"align-items: center; height: 20px; m=
argin: 1em 0;"><tr><td><table role=3D"presentation" width=3D"auto" border=
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d style=3D"vertical-align: middle;"><div class=3D"pencraft pc-reset fronten=
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ht: 500; letter-spacing: .2px; line-height: 20px; list-style: none; 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-ui, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-s=
erif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: =
11px; font-weight: 500; letter-spacing: .2px; line-height: 20px; list-style=
: none; margin: 0; text-decoration: none; text-transform: uppercase;" href=
=3D"https://substack.com/@artelligence" class=3D"pencraft pc-reset frontend=
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 frontend-pencraft-Text-module__reset--dW0zZ frontend-pencraft-Text-module_=
_meta--jzHdd">Marion Maneker</a></div></td></tr></table></td></tr><tr><td><=
table role=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D"0" c=
ellpadding=3D"0"><tr><td style=3D"vertical-align: middle;"><div class=3D"pe=
ncraft pc-reset frontend-pencraft-Text-module__color-secondary--WRADg front=
end-pencraft-Text-module__line-height-20--p0dP8 frontend-pencraft-Text-modu=
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tend-pencraft-Text-module__meta--jzHdd" style=3D"color: rgb(128, 128, 128);=
 font-family: 'SF Compact', -apple-system, -apple-system, -system-ui, Blink=
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or Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 11px; font-weigh=
t: 500; letter-spacing: .2px; line-height: 20px; list-style: none; margin: =
0; text-decoration: unset; text-transform: uppercase;"><time dateTime=3D"20=
24-01-19T17:04:49.430Z">Jan 19</time></div></td></tr></table></td></tr></ta=
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"font-size: 16px; line-height: 26px;"><hr style=3D"background: #e0e0e0; bor=
der: none; height: 1px; margin: 32px 0; padding: 0;"></div><h2 class=3D"hea=
der-with-anchor-widget" style=3D"-moz-appearance: optimizelegibility; -moz-=
osx-font-smoothing: antialiased; -webkit-appearance: optimizelegibility; -w=
ebkit-font-smoothing: antialiased; appearance: optimizelegibility; color: r=
gb(64, 64, 64); font-family: 'SF Compact Display', -apple-system, BlinkMacS=
ystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color E=
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: 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"mar=
gin: 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; paddi=
ng-left: 4px;"><strong>Lot Watch: </strong><span>A rare Winfred Rembert cac=
he at Sotheby&#8217;s </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;"><stron=
g>The Rybolovlev Saga Has Villains but Is Sandy Heller the Hero of the Stor=
y?</strong><span> The second week of the trial against Sotheby&#8217;s ends=
 with the bulk of the testimony done except art advisor Sandy Heller.</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><h2 class=3D"header-with-anchor-widget" style=3D"-moz-appearanc=
e: optimizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-appear=
ance: optimizelegibility; -webkit-font-smoothing: antialiased; appearance: =
optimizelegibility; color: rgb(64, 64, 64); font-family: 'SF Compact Displa=
y', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial=
, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; fon=
t-size: 1.625em; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.62=
5em 0; position: relative;">A Winfred Rembert Collector&#8217;s Market Move=
</h2><div class=3D"captioned-image-container-static" style=3D"font-size: 16=
px; line-height: 26px; margin: 32px auto;"><figure style=3D"margin: 0 auto;=
 width: 100%;"><table class=3D"image-wrapper" width=3D"100%" border=3D"0" c=
ellspacing=3D"0" cellpadding=3D"0" data-component-name=3D"Image2ToDOMStatic=
" style=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-alig=
n: center;"></td><td align=3D"left" class=3D"content" width=3D"1456" style=
=3D"text-align: center;"><a class=3D"image-link" target=3D"_blank" href=3D"=
https://substack.com/redirect/e19769f4-aaef-4787-8721-dbf463359799?j=3DeyJ1=
IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"a=
lign-items: center; border: none; display: block; flex-direction: column; h=
eight: auto; margin: 0; padding: 0; position: relative; text-decoration: no=
ne; width: auto;"><img data-attrs=3D"{&quot;src&quot;:&quot;https://substac=
k-post-media.s3.amazonaws.com/public/images/98d10fde-55bd-40bc-a571-75237c8=
e5640_5292x3331.jpeg&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen=
&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:916,&quot;width&q=
uot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:16266019,&quot;alt=
&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/jpeg&quot;,=
&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:fa=
lse,&quot;internalRedirect&quot;:null}" alt width=3D"550" height=3D"346.016=
4835164835" class=3D"wide-image" src=3D"https://substackcdn.com/image/fetch=
/w_2912,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubst=
ack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F98d10fde-55bd-40bc-a571=
-75237c8e5640_5292x3331.jpeg" style=3D"-ms-interpolation-mode: bicubic; bor=
der: none !important; display: block; height: auto; margin: 0 auto; margin-=
bottom: 0; max-width: 100% !important; vertical-align: middle; width: auto =
!important;"></a></td><td style=3D"text-align: center;"></td></tr></tbody><=
/table><figcaption class=3D"image-caption" style=3D"box-sizing: content-box=
; color: #808080; font-size: 14px; font-weight: 400; letter-spacing: -.15px=
; line-height: 20px; margin-top: 8px; padding-left: 15%; padding-right: 15%=
; text-align: center; width: 70%;">Winfred Rembert, Untitled (Eleven on the=
 Chain Gang), (2011) estimated at $120,000</figcaption></figure></div><p st=
yle=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: =
0 0 20px 0;"><span>Last year was a breakout year for Winfred Rembert&#8217;=
s art on the auction markets with a dozen of his tooled-and-dyed leather im=
ages sold for a total of around $1.5 million, including a record price of $=
327,600 paid in late September after the year opened with a $302,400 sale i=
n early January. Rembert, an important witness to the depredations of share=
cropping and lynching in rural Georgia, had been a Civil Rights activist in=
 the 1960s which led to the harrowing story of his own lynching and eventua=
l imprisonment. Having learned to work with leather in prison, Rembert bega=
n excavating his experiences into art works starting at the age of 51 while=
 living in Connecticut. Though his work does not flinch from depicting the =
terrorism he  experienced for much of his early experience in rural Georgia=
, his imagery can be joyous and celebratory of everyday life. Rembert died =
in 2021. His autobiography, &#8220;Chasing Me to My Grave: An Artist&#8217;=
s Memoir of the Jim Crow South&#8221; won the Pulitzer prize for Biography =
the next year. Later in 2021, Fort Gansevoort held a show of his work that =
received significant attention which, in turn, led to the gallery working w=
ith Hauser &amp; Wirth to represent the artist&#8217;s estate. With such at=
tention being paid to the artist, it really isn&#8217;t a surprise to see t=
he auction market respond. One of the challenges in marketing an artist lik=
e Rembert is figuring out where his work will perform best. Contemporary ar=
t and the auctions that cater to Contemporary collectors have latched on to=
 artists like Rembert recently. But his work has also fits squarely in the =
tradition of American folk art which is often sold in the Americana sales h=
eld in January. Tomorrow, </span><a href=3D"https://substack.com/redirect/e=
096c135-31d5-48a8-b098-0b593ca09e54?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmM=
pisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: rgb(64, 64, 64); text-dec=
oration: underline;">Sotheby&#8217;s will sell seven Rembert works with a c=
ombined low estimate of more than $500,000</a><span>. The consignor receive=
d all seven works as gifts directly from the artist giving them a high-valu=
e provenance. The estimates on the individual works are set well below the =
level of estate works. The sale has the potential to further expand the mar=
ket for Rembert&#8217;s work which is, not surprisingly considering his ext=
raordinary life story and its important witness to American social history,=
 much sought after by museums. </span></p><div style=3D"font-size: 16px; li=
ne-height: 26px;"><hr style=3D"background: #e0e0e0; border: none; height: 1=
px; margin: 32px 0; padding: 0;"></div><h2 class=3D"header-with-anchor-widg=
et" style=3D"-moz-appearance: optimizelegibility; -moz-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, BlinkMacSystemFont, 'Segoe UI=
', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emo=
ji', 'Segoe UI Symbol'; font-size: 1.625em; font-weight: bold; line-height:=
 1.16em; margin: 1em 0 0.625em 0; position: relative;">The Rybolovlev Saga =
Has Villains but Is Sandy Heller the Hero of the Story?</h2><div class=3D"c=
aptioned-image-container-static" style=3D"font-size: 16px; line-height: 26p=
x; margin: 32px auto;"><figure style=3D"margin: 0 auto; width: 100%;"><tabl=
e class=3D"image-wrapper" width=3D"100%" border=3D"0" cellspacing=3D"0" cel=
lpadding=3D"0" data-component-name=3D"Image2ToDOMStatic" style=3D"mso-paddi=
ng-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align: center;"></td><td=
 align=3D"left" class=3D"content" width=3D"1456" style=3D"text-align: cente=
r;"><a class=3D"image-link" target=3D"_blank" href=3D"https://substack.com/=
redirect/79402003-daab-49e6-b0c8-fe1754d905be?j=3DeyJ1IjoiMjdjZXI5In0.nCNhO=
M3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"align-items: center; b=
order: none; display: block; flex-direction: column; height: auto; margin: =
0; padding: 0; position: relative; text-decoration: none; width: auto;"><im=
g data-attrs=3D"{&quot;src&quot;:&quot;https://substack-post-media.s3.amazo=
naws.com/public/images/b96f4b31-1b8a-41d9-bc03-babcd5c7d6e3_1920x1080.png&q=
uot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imag=
eSize&quot;:null,&quot;height&quot;:819,&quot;width&quot;:1456,&quot;resize=
Width&quot;:null,&quot;bytes&quot;:1593102,&quot;alt&quot;:null,&quot;title=
&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&q=
uot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedire=
ct&quot;:null}" alt width=3D"550" height=3D"309.375" class=3D"wide-image" s=
rc=3D"https://substackcdn.com/image/fetch/w_2912,c_limit,f_auto,q_auto:good=
,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2F=
public%2Fimages%2Fb96f4b31-1b8a-41d9-bc03-babcd5c7d6e3_1920x1080.png" style=
=3D"-ms-interpolation-mode: bicubic; border: none !important; display: bloc=
k; height: auto; margin: 0 auto; margin-bottom: 0; max-width: 100% !importa=
nt; vertical-align: middle; width: auto !important;"></a></td><td style=3D"=
text-align: center;"></td></tr></tbody></table><figcaption class=3D"image-c=
aption" style=3D"box-sizing: content-box; color: #808080; font-size: 14px; =
font-weight: 400; letter-spacing: -.15px; line-height: 20px; margin-top: 8p=
x; padding-left: 15%; padding-right: 15%; text-align: center; width: 70%;">=
Mark Rothko, No. 7 (1951) at the Fondation Louis Vuitton retrospective, lef=
t; Mark Rothko, No. 6 (1951), right</figcaption></figure></div><p style=3D"=
color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20p=
x 0;">The plaintiff&#8217;s case in the Rybolovlev revenge trial isn&#8217;=
t over yet; but, after two weeks in court, we&#8217;ve seen the essential c=
laims against Sotheby&#8217;s&#8212;and Bouvier&#8212;that Rybolovlev&#8217=
;s lawyers are making. We&#8217;ve also seen the bulk of their witnesses, i=
ncluding the two most important figures in Dmitry Rybolovlev himself and So=
theby&#8217;s Sam Vallette, the salesman who handled Yves Bouvier. So while=
 we cannot predict what a jury will decide about the case, we can come to s=
ome conclusions about the broader impact of the publicity and discuss what =
we&#8217;ve learned from the evidence presented.&#160;</p><p style=3D"color=
: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"=
>If you haven&#8217;t been following this drama for the nine years that it =
has played out, you can be forgiven for asking yourself 1) why did Sotheby&=
#8217;s let it get this far and subject itself to the bad publicity?; 2) wh=
at was Bouvier doing?; 3) why was Rybolovlev buying so much art?; and 4) wh=
at has happened to the art in market terms? We&#8217;ve been wondering abou=
t many of these questions ourselves.</p><h5 style=3D"-moz-appearance: optim=
izelegibility; -moz-osx-font-smoothing: antialiased; -webkit-appearance: op=
timizelegibility; -webkit-font-smoothing: antialiased; appearance: optimize=
legibility; color: rgb(64, 64, 64); font-family: 'SF Compact Display', -app=
le-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-s=
erif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-weight=
: bold; line-height: 1.16em; margin: 1em 0 0.625em 0;">Sotheby&#8217;s Dile=
mma</h5><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 2=
6px; margin: 0 0 20px 0;">If you&#8217;re Sotheby&#8217;s, the public focus=
 from the trial hasn&#8217;t been fun. One of the tricks of the trial has b=
een to play on the effects of hindsight. Rybolovlev&#8217;s attorney was ab=
le to present the multiple instances where Yves Bouvier engaged in fictitio=
us negotiations to distract Rybolovlev and the man who ran his family offic=
e from understanding that they were buying works directly from Bouvier (who=
 had purchased them ahead of Rybolovlev to make a substantial profit.) That=
 puts everything the jury hears from Sotheby&#8217;s in a different the lig=
ht. The jury knowledge that there was funny business going on in these sale=
s. Something Sotheby&#8217;s didn&#8217;t necessarily know at the time. Ind=
eed, Rybolovlev&#8217;s lawyer ended his examination of Sotheby&#8217;s sal=
esman Sam Vallette with a series of questions about Sotheby&#8217;s KYC and=
 anti-money laundering procedures.  Why Vallette didn&#8217;t raise any que=
stions about Bouvier&#8217;s purchases?, the lawyer asked. There was nothin=
g questionable, Vallette responded. But will a jury believe that knowing no=
w that Bouvier had lied to Rybolovlev? A knowledgeable person would be able=
 to see that Bouvier&#8217;s activities didn&#8217;t actually raise any KYC=
 or AML red flags. But will the jury?</p><p style=3D"color: rgb(64, 64, 64)=
; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">Bouvier has sett=
led with Rybolovlev without admitting that he engaged in fraud. Even as lat=
e as yesterday, his lawyers are distributing press releases doubling down o=
n his insistence that all of his art transactions were properly conducted. =
From what we&#8217;ve seen in court (except for numerous emails that presen=
ted Bouvier&#8217;s fictitious negotiations) and the fact that no jurisdict=
ion has found Bouvier guilty of fraud despite Rybolovlev&#8217;s extensive =
and sometimes extra-legal efforts, that certainly seems to be the case. Bou=
vier may have been orchestrating what Rybolovlev understood but he was care=
ful to paper the transactions properly.</p><p style=3D"color: rgb(64, 64, 6=
4); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">Those nuances =
are not coming across in the press. Which brings us back to Charles Stewart=
 and the question of why Sotheby&#8217;s CEO hasn&#8217;t just settled the =
case. Yes, it increasingly appears that even if Sotheby&#8217;s is in the r=
ight legally, it would have been better for none of this to have played out=
 in the press. Why not pay some money and consider it the cost of doing bus=
iness, effectively buying in the bad publicity?</p><p style=3D"color: rgb(6=
4, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">The an=
swer is that there doesn&#8217;t seem to be any realistic amount of money t=
hat Rybolovlev would have settled for. He seems to want someone to admit th=
at they were culpable for his having been out-maneuvered and he&#8217;s bee=
n willing to pay a lot of money to lawyers, investigators and experts to tr=
y to prove it. </p><p style=3D"color: rgb(64, 64, 64); font-size: 16px; lin=
e-height: 26px; margin: 0 0 20px 0;">There&#8217;s also the matter of what =
he says he wants in court. According to Judge Furman&#8217;s pre-trial orde=
r, the plaintiffs (Rybolovlev) are seeking $232,578,781.81 in compensatory =
damages. In another place in the same order, there&#8217;s an even higher n=
umber. Even using half of the $232 million as a starting point for negotiat=
ions, there was no possible way for Sotheby&#8217;s to settle. Given the to=
ugh year in the art market and the debt payments for the acquisition of the=
 auction house, Sotheby&#8217;s owner doesn&#8217;t have anywhere near enou=
gh money to make Rybolovlev just go away quietly. Because of that Sotheby&#=
8217;s simply has to take the abuse and hope the jury sees the absurdity of=
 Bouvier not admitting to fraud nor being convicted of it but Sotheby&#8217=
;s somehow being asked to pay the price.</p><h5 style=3D"-moz-appearance: o=
ptimizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-appearance=
: optimizelegibility; -webkit-font-smoothing: antialiased; appearance: opti=
mizelegibility; color: rgb(64, 64, 64); font-family: 'SF Compact Display', =
-apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sa=
ns-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-we=
ight: bold; line-height: 1.16em; margin: 1em 0 0.625em 0;">Bouvier&#8217;s =
Deception</h5><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-hei=
ght: 26px; margin: 0 0 20px 0;">Why wasn&#8217;t Bouvier committing fraud i=
f he pretended to negotiate with others for Rybolovlev&#160;while secretly =
negotiating with himself and told told the Russian fairy tales about it? It=
&#8217;s a bit of a mystery. But the paperwork we&#8217;ve seen in court sh=
ows Rybolovlev buying works from corporate entities that Bouvier controlled=
=2E We even heard in court that the hea=
d of Rybolovlev&#8217;s family office=20=
saw the paperwork with Bouvier&#8217;s signature as the counterparty but ne=
ver seemed to understand Bouvier was on the other side of the transaction. =
</p><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px;=
 margin: 0 0 20px 0;">That same person testified he thought Bouvier was usi=
ng a corporate entity to shield Rybolovlev from being revealed as the buyer=
=2E Bouvier did that too well. He was a=
lso able to conceal from Rybolovlev th=
at he had bought the works ahead of Rybolovlev for significantly lower pric=
es.&#160;</p><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-heig=
ht: 26px; margin: 0 0 20px 0;">One reason that Bouvier may have been so dif=
ficult to prosecute is that he seems to have been planning his deception we=
ll in advance. One of the transactions presented in court took place in 200=
4, quite early in the 12-year relationship between Bouvier and Rybolovlev. =
But the entity used by Bouvier to buy the artwork and sell it to Rybolovlev=
&#8217;s entity had been created just the month before. We also heard testi=
mony from Bouvier&#8217;s deposition that he had paid Rybolovlev&#8217;s fr=
iend, Tania Rappo, the wife of his family&#8217;s dentist, $100 million ove=
r the course of the 12 years he did business with Rybolovlev. (That&#8217;s=
 a very hefty 5% introductory commission.) The billionaire came close to te=
ars when recalling how much he trusted Bouvier and Rappo but we never reall=
y heard why.&#160;</p><h5 style=3D"-moz-appearance: optimizelegibility; -mo=
z-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, BlinkMa=
cSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color=
 Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-weight: bold; line-heigh=
t: 1.16em; margin: 1em 0 0.625em 0;">Underestimating Bouvier</h5><p style=
=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0=
 20px 0;">Vallette answered that Bouvier always paid his bills and that Sot=
heby&#8217;s compliance team was satisfied that his businesses were substan=
tial enough to explain his buying. They were aware that he was acting as an=
 art dealer and would be reselling works. Clearly Sotheby&#8217;s assumed B=
ouvier had his own KYC and AML responsibilities that didn&#8217;t extend to=
 Sotheby&#8217;s.&#160;</p><p style=3D"color: rgb(64, 64, 64); font-size: 1=
6px; line-height: 26px; margin: 0 0 20px 0;">Hidden in all of this finger p=
ointing is the assumption that Rybolovlev seems to have made and may explai=
n why he trusted Bouvier too much. Sotheby&#8217;s lawyers asked Rybolovlev=
 during their cross examination whether the Russian had ever heard the term=
 &#8220;trust by verify.&#8221; That was Ronald Reagan&#8217;s famous phras=
e from his nuclear disarmament negotiations with Mikhail Gorbachev. It&#821=
7;s unclear if Sotheby&#8217;s lawyer knew the phrase comes from a Russian =
proverb but his point was made well enough. Rybolovlev, who outsmarted some=
 of the world&#8217;s most dangerous competitors, fell too easily for Yves =
Bouvier&#8217;s well-constructed deception. </p><p style=3D"color: rgb(64, =
64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">Part of t=
he reason seems to have been that Rybolovlev vastly underestimated Bouvier.=
 He was attracted to Bouvier&#8217;s representations&#8212;most likely untr=
ue&#8212;that he had superior knowledge of where the world&#8217;s best art=
 was located by virtue of his role running storage facilities and freight f=
orwarding at the Geneva freeport. But Rybolovlev assumed Bouvier was not we=
althy enough to be able to buy the kind of art an oligarch could afford. An=
d, it is true, one of the interesting facts not explained in this case is h=
ow Bouvier was able to buy works of art for $80 and $120 million dollars in=
 advance of Rybolovlev. The risk alone that Rybolovlev might back out durin=
g his elaborately faked negotiations&#8212;as he had done years earlier wit=
h a Gauguin&#8212;was real.&#160;</p><h5 style=3D"-moz-appearance: optimize=
legibility; -moz-osx-font-smoothing: antialiased; -webkit-appearance: optim=
izelegibility; -webkit-font-smoothing: antialiased; appearance: optimizeleg=
ibility; color: rgb(64, 64, 64); font-family: 'SF Compact Display', -apple-=
system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-seri=
f, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-weight: b=
old; line-height: 1.16em; margin: 1em 0 0.625em 0;">Rybolovlev&#8217;s coll=
ecting&#8212;or was it speculating?</h5><p style=3D"color: rgb(64, 64, 64);=
 font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><span>The other r=
evelation from the trial was that Rybolovlev was buying trophy art but didn=
&#8217;t seem to be buying trophies for himself. He and the manager of his =
family office both testified that they didn&#8217;t like the Modigliani scu=
lpture that they bought for &#8364;60 million. They relied on Vallette&#821=
7;s email that it was worth &#8364;80 million before they agreed to go ahea=
d with the purchase in 2012. Two years later, they were trading it for a sp=
ectacular Rothko along with the promise to pay another &#8364;60 million in=
 cash. Around that same time in 2014, Rybolovlev testified that he was alre=
ady trying to resell the Leonardo painting </span><em>Salvatore Mundi</em><=
span>. </span></p><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line=
-height: 26px; margin: 0 0 20px 0;">It was never asked or answered in court=
 why Rybolovlev&#8217;s buying suddenly moved up an order of magnitude in t=
his period. From the small slice of information presented in court, it look=
s like Rybolovlev was speculating at the very top of the art market. That m=
ay seem bizarre today. But in period from 2010 to 2014 when Rybolovlev was =
doing so much of this buying, the art market was rising dramatically to nea=
r universal amazement. The last thing anyone expected to come out of the gl=
obal financial crisis of 2008 to 2010 was a robust art market. And yet that=
&#8217;s exactly what happened during the period. It seems audacious to thi=
nk the either Bouvier or Rybolovlev could have been so confident in the ris=
e in value of art that they were willing to take the kinds of risks that ea=
ch took.&#160;It seems almost foolhardy that Rybolovlev thought he could ou=
tsmart the trophy hunters by relying entirely on the advice of Bouvier and =
Sotheby&#8217;s Vallette. </p><p style=3D"color: rgb(64, 64, 64); font-size=
: 16px; line-height: 26px; margin: 0 0 20px 0;">In the end, it has paid off=
 for both in spectacular fashion. No one knows what Bouvier has done with t=
he $1 billion Rybolovlev says he was overcharged. Much of it might have gon=
e into the failed freeports in Singapore and Luxembourg. But there&#8217;s =
no way to know that. The money may be sitting in a Swiss bank or investment=
s&#160;making Bouvier a very rich man.&#160;</p><h5 style=3D"-moz-appearanc=
e: optimizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-appear=
ance: optimizelegibility; -webkit-font-smoothing: antialiased; appearance: =
optimizelegibility; color: rgb(64, 64, 64); font-family: 'SF Compact Displa=
y', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial=
, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; fon=
t-weight: bold; line-height: 1.16em; margin: 1em 0 0.625em 0;">Did Rybolovl=
ev Trade His Revenge for a Rothko?</h5><p style=3D"color: rgb(64, 64, 64); =
font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><span>Even with hi=
s complaints, Rybolovlev, too, has done quite well with his art trading. We=
 saw in last week&#8217;s email that the Magritte Rybolovlev bought for $43=
=2E5 million was later sold for $12 mil=
lion. But that loss was offset by the=20=
profits he made on the Modigliani nude that unraveled the deception, the Le=
onardo that sold for more than triple what he paid and even the Modigliani =
sculpture that he traded for Mark Rothko&#8217;s </span><em>No. 6</em><span=
> from 1951.&#160;Much of the credit for this market success surely goes to=
 his advisor Sandy Heller.</span></p><p style=3D"color: rgb(64, 64, 64); fo=
nt-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><span>In the fall of=
 2014, as Rybolovlev&#8217;s suspicions were growing about Bouvier. The Rus=
sian slowed the final payments he owed on the Rothko deal. Rybolovlev had a=
lready surrendered the Modigliani sculpture which was sold at Sotheby&#8217=
;s that November for $70 million dollars which was about what Rybolovlev ha=
d believed it was worth. He only paid &#8364;25 million more in cash for th=
e Rothko leaving the deal incomplete once Rybolovlev discovered what Bouvie=
r had been doing. Effectively, Rybolovlev paid about $100 million for Rothk=
o&#8217;s </span><em>No. 6. </em><span>He had the painting but he might not=
 have had clear title. </span></p><p style=3D"color: rgb(64, 64, 64); font-=
size: 16px; line-height: 26px; margin: 0 0 20px 0;">One of the unanswered q=
uestions around this trial has been why Rybolovlev announced that he had se=
ttled all of his litigation with Bouvier in mid-December of last year. Bouv=
ier did not admit to fraud. So what did Rybolovlev get in return? </p><p st=
yle=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: =
0 0 20px 0;"><span>Last Friday, Jeremy Hodkin&#8217;s newsletter offered a =
very plausible answer. It turns out that Christie&#8217;s conducted a huge =
private sale late last year. Hodkin tracked down the details of the sale as=
 Rothko&#8217;s </span><em>No. 6</em><span> at a price close to $200 millio=
n.</span></p><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-heig=
ht: 26px; margin: 0 0 20px 0;">Here&#8217;s where one can start to see Hell=
er&#8217;s hand in the mix. The most significant museum show of the Fall se=
ason was the Fondation Louis Vuitton&#8217;s Rothko retrospective that open=
ed in Paris in October. Seminal museum shows tend to spark sales in an arti=
st&#8217;s market but Rothko&#8217;s prices have been quite high for more t=
han a decade. Even though some of the works that sold at auction made big p=
rices they were mostly for works bought previously for big prices either pu=
blicly or privately. There are not many Rothko sleepers out there. The one =
noteworthy exampel was a blue-green work on paper mounted on canvas that dr=
astically out-performed expectations at Sotheby&#8217;s in November. But th=
at was a connoisseur&#8217;s work, not a trophy.&#160;</p><p style=3D"color=
: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"=
><span>In the exhibition in Paris, there were several trophy works on displ=
ay but one particular work stood out for its placement. </span><em>No. 7</e=
m><span> also from 1951, a work previously owned by the Linda and Harry Mac=
klowe and purchased from their sale for $82 million dollars by Taiwanese co=
llector Pierre Chen, was hung as the pivotal work marking the transition fr=
om the room of Rothko&#8217;s &#8220;multiforms&#8221; of the late 1940s to=
 his mature, &#8220;classic&#8221; works of the 1950s and beyond.&#160;(See=
 the photograph on the left, above.)</span></p><p style=3D"color: rgb(64, 6=
4, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><span>Rybo=
lovlev&#8217;s</span><em> No. 6</em><span> shares a similar palette to </sp=
an><em>No. 7</em><span>&#8212;as well as a prominent green stripe; but it i=
s a darker work with more gravitas. </span><em>No. 7</em><span> also graces=
 the cover of David Anfam&#8217;s authoritative monograph on Rothko&#8217;s=
 works on canvas.&#160;</span></p><p style=3D"color: rgb(64, 64, 64); font-=
size: 16px; line-height: 26px; margin: 0 0 20px 0;"><span>Since taking over=
 as Rybolovlev&#8217;s art advisor, Heller, who will testify next week, has=
 had an unerring ability to find the right moment to sell Rybolovlev&#8217;=
s works for maximum gain. He also knows his audience. Following the recepti=
on of the Rothko show in Paris, the sale of</span><em> No. 6 </em><span>in =
December would have been an astute market move timed to perfection. But sin=
ce Rybolovlev had stopped making payment on the transaction, there&#8217;s =
a good chance his title to the Rothko painting was in dispute.&#160;</span>=
</p><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px;=
 margin: 0 0 20px 0;">This set up a perfect compromise for everyone but Sot=
heby&#8217;s. Why Rybolovlev didn&#8217;t just decide to settle the case ag=
ainst Sotheby&#8217;s may simply come down to having come so far and spent =
so much money, there was no reason not to go through with the trial. There&=
#8217;s always the chance he could win vindication. </p><p style=3D"color: =
rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><=
span>It will be interesting to hear Heller&#8217;s testimony next week. It =
might even be more interesting to learn of the fate of the most expensive p=
ainting that Rybolovlev bought through Bouvier. We&#8217;ve heard a fair bi=
t of testimony in the trial about Gustav Klimt&#8217;s </span><em>Water Ser=
pents II. </em><span>Rybolovlev paid $183.5 million for it. In the last yea=
r or more than have been strong prices paid for Klimts but none are of the =
caliber of </span><em>Water Serpents II</em><span>.&#160;</span></p><p styl=
e=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 =
0 20px 0; margin-bottom: 0;">There&#8217;s a chance Heller has already gott=
en a good price for it in a private sale but the leaky art world tends not =
to be able to keep these very, very big transactions secret. So there&#8217=
;s still room for Heller to add another chapter to this story. </p></div></=
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