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Subject: Hot List for H1 2023: by bidding intensity
From: Artelligence <artelligence@substack.com>
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View this post on the web at https://artelligence.substack.com/p/hot-list-f=
or-h1-2023-by-bidding-intensity
Welcome to the Artelligence=C2=A0
This Artelligence newsletter analyzing the results from the first half of 2=
023=E2=80=94using data provided by LiveArt=E2=80=94is for paid subscribers =
only.
Subscriptions are $12 a month or $120 for a year. For organizations, we off=
er group discounts of 30% for each subscription of two or more. Please do n=
ot use a single subscription to circulate through an organization. Sharing =
a newsletter on occasion is fine; continually circumventing group subscript=
ions is not.
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.
In This Issue
Notes: Surprising numbers from fractionalization platforms
Hot List H1 2023: 11 artists with the highest hammer ratios this year
Notes
The Fractional Art Market Keeps On Expanding [ https://link.sbstck.com/redi=
rect/3e059ca1-3a60-4879-bb48-8b9cd38c89ae?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1=
d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ] (Barron=E2=80=99s): Fractionalization =
has been discussed endlessly in recent years but now the talk is fading and=
we=E2=80=99re beginning to see some action. Details are emerging with real=
numbers behind them. Barron=E2=80=99s quotes ArtTactic=E2=80=99s report on=
fractionalization. ArtTactic claims that only 9% of collectors they contac=
ted had bought fractional shares but 61% said they were likely to do so in =
the next year. Half of those contacted were active collectors in the last 1=
0 years but Barron=E2=80=99s gives us no details on the sample size. =E2=80=
=A2 Whatever you think of =E2=80=9Clikely to do so=E2=80=9D as an indicatio=
n of actual intent, Barron=E2=80=99s did publish some valuable numbers. Mas=
terworks was a major buyer this year with $180 million spent on 73 works. T=
hat means the overall average price paid was $2.5 million, =E2=80=9Cthough =
the company bought Jean-Michel Basquiat=E2=80=99s Untitled (Pollo Frito), 1=
982, for US$33.05 million in May and an untitled Basquiat work from 1983 fo=
r US$14.1 million in April, the report said.=E2=80=9D If you remove the Bas=
quiats, the average price drops to $1.87 million. =E2=80=A2 One of the para=
doxes of the fractionalization market is that higher value works are more l=
ikely to attract fractional buyers but established works of a lower value m=
ay have more room to appreciate. =E2=80=A2 Barron=E2=80=99s also has some d=
ata on what what kind of returns Masterworks has been able to generate. The=
firm has sold 14 works through July 10 that =E2=80=9Chave realized net ret=
urns to investors ranging from 3% for Andy Warhol=E2=80=99s Flowers, 1964-6=
5=E2=80=94which the company bought for US$3 million and sold for US$3.5 mil=
lion=E2=80=94to 86% for Sam Gilliam=E2=80=99s Tracing, 1971, which it bough=
t for US$700,000 and sold for US$1.65 million.=E2=80=9D =E2=80=A2 Masterwor=
ks isn=E2=80=99t the only firm to have realized gains, according to Barron=
=E2=80=99s, =E2=80=9CA collaboration between Delaware-based investment comp=
any Artemundi and Sygnum Bank, a digital asset bank based in Zurich, which =
sold Pablo Picasso=E2=80=99s Fillette au b=C3=A9ret in October 2021, recent=
ly sold the 1964 painting and returned 20% to investors, ArtTactic said.=E2=
=80=9D...
Unsubscribe https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2V=
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0RrNU1EY3hMQ0psZUhBaU9qRTJPVE0wT1RFd056RXNJbWx6Y3lJNkluQjFZaTB5TWpVNUlpd2lj=
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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=3DeyJtIjoiPDIwMjMwODAxMTQ=
xMTAwLjMuYmNmNGM4ZDQ2YTUzMmQ2ZEBtZzIuc3Vic3RhY2suY29tPiIsInUiOjEzMzI2ODY2MS=
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5MTA3MiwiaXNzIjoicHViLTAiLCJzdWIiOiJlbyJ9.pNko0qCgEztH5Mlzy0Qorby7F3eKv1p6m=
Ex4yMaQLm8" alt=3D"" width=3D"1" height=3D"1" border=3D"0" style=3D"height:=
1px !important;width:1px !important;border-width:0 !important;margin-top:0 =
!important;margin-bottom:0 !important;margin-right:0 !important;margin-left=
:0 !important;padding-top:0 !important;padding-bottom:0 !important;padding-=
right:0 !important;padding-left:0 !important;"/><div style=3D"display:none;=
font-size:1px;color:#333333;line-height:1px;max-height:0px;max-width:0px;op=
acity:0;overflow:hidden;" class=3D"preview">Here are the 11 artists with th=
e highest hammer ratios n the first half of 2023, according to data provide=
d by LiveArt + Don't Sleep on Fractionalized Art: Some Numbers  ‌=
; ‌ ‌ ‌ ‌ ‌ =
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#160;‌ ‌ ‌</div><table role=3D"presentation" wi=
dth=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" class=3D"emai=
l-body-container"><tr><td></td><td width=3D"550" class=3D"content"></td><td=
></td></tr><tr><td></td><td align=3D"left" width=3D"550" class=3D"content">=
<div style=3D"font-size: 16px; line-height: 26px; margin: 0 auto; max-width=
: 550px; overflow-wrap: break-word; width: 100%;"><table role=3D"presentati=
on" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td=
align=3D"right" style=3D"height: 20px;"><table role=3D"presentation" width=
=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td style=3D=
"vertical-align: middle;"><span class=3D"tw-font-body tw-text-ssm tw-text-s=
ubstack-secondary" style=3D"color: rgb(128, 128, 128) !important; font-fami=
ly: SF Pro Text, -apple-system, BlinkMacSystemFont, Inter, Segoe UI, Roboto=
, Helvetica, Arial, sans-serif, Apple Color Emoji, Segoe UI Emoji, Segoe UI=
Symbol !important; font-size: 13px !important;"><a href=3D"https://open.su=
bstack.com/pub/artelligence/p/hot-list-for-h1-2023-by-bidding-intensity?utm=
_source=3Demail&redirect=3Dapp-store" class=3D"tw-text-substack-secondary t=
w-underline" style=3D"-webkit-text-decoration-line: underline !important; c=
olor: rgb(128, 128, 128) !important; text-decoration-line: underline !impor=
tant;">Open in app</a> or <a href=3D"https://substack.com/redirect/2/eyJlIj=
oiaHR0cHM6Ly9hcnRlbGxpZ2VuY2Uuc3Vic3RhY2suY29tL3AvaG90LWxpc3QtZm9yLWgxLTIwM=
jMtYnktYmlkZGluZy1pbnRlbnNpdHk_dG9rZW49ZXlKMWMyVnlYMmxrSWpveE16TXlOamcyTmpF=
c0luQnZjM1JmYVdRaU9qRXpOVFl5TlRjeU5Td2lhV0YwSWpveE5qa3dPRGs1TURjeExDSmxlSEF=
pT2pFMk9UTTBPVEV3TnpFc0ltbHpjeUk2SW5CMVlpMHlNalU1SWl3aWMzVmlJam9pY0c5emRDMX=
laV0ZqZEdsdmJpSjkuM1JldS13TmlubmNTRnBFNkEzR3BWTnhCZlZDcHhHU2lpa3pSTUUtNkZ3Q=
SIsInAiOjEzNTYyNTcyNSwicyI6MjI1OSwiZiI6dHJ1ZSwidSI6MTMzMjY4NjYxLCJpYXQiOjE2=
OTA4OTkwNzEsImV4cCI6MTY5MzQ5MTA3MSwiaXNzIjoicHViLTAiLCJzdWIiOiJsaW5rLXJlZGl=
yZWN0In0.Ac6bbqem7FKfxWiMt7L4pAWA-oaG90G8wM5IlA2lyak?" class=3D"tw-text-sub=
stack-secondary tw-underline" style=3D"-webkit-text-decoration-line: underl=
ine !important; color: rgb(128, 128, 128) !important; text-decoration-line:=
underline !important;">online</a></span></td></tr></table></td></tr></tabl=
e><table role=3D"presentation" width=3D"auto" class=3D"header graphic-heade=
r" style=3D"border-spacing: 0; padding: 16px 0 32px;"><tr><td align=3D"cent=
er" style=3D"padding: 0; text-align: center;"><a href=3D"https://substack.c=
om/redirect/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2VuY2Uuc3Vic3RhY2suY29tL3AvaG90L=
Wxpc3QtZm9yLWgxLTIwMjMtYnktYmlkZGluZy1pbnRlbnNpdHk_dG9rZW49ZXlKMWMyVnlYMmxr=
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HhHU2lpa3pSTUUtNkZ3QSIsInAiOjEzNTYyNTcyNSwicyI6MjI1OSwiZiI6dHJ1ZSwidSI6MTMz=
MjY4NjYxLCJpYXQiOjE2OTA4OTkwNzEsImV4cCI6MTY5MzQ5MTA3MSwiaXNzIjoicHViLTAiLCJ=
zdWIiOiJsaW5rLXJlZGlyZWN0In0.Ac6bbqem7FKfxWiMt7L4pAWA-oaG90G8wM5IlA2lyak?">=
<img role=3D"presentation" width=3D"550" height=3D"117" src=3D"https://subs=
tackcdn.com/image/fetch/w_1100,c_limit,f_auto,q_auto:good,fl_progressive:st=
eep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F=
ecde5dbd-aa76-4984-bfac-acb56639185e_2800x591.png" class=3D"header-image" s=
tyle=3D"border: none !important; display: block; height: auto; margin: 0 au=
to; max-width: 550px; vertical-align: middle; width: 100%;"></a></td></tr><=
/table><div dir=3D"auto" class=3D"post typography" style=3D"font-size: 16px=
; line-height: 26px; padding: 16px 0 0 0;"><div class=3D"post-header" style=
=3D"font-size: 16px; line-height: 26px;"><h1 class=3D"post-title published"=
style=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoothing: ant=
ialiased; -webkit-appearance: optimizelegibility; -webkit-font-smoothing: a=
ntialiased; appearance: optimizelegibility; color: rgb(64, 64, 64); font-fa=
mily: 'SF Compact Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', =
Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji'=
, 'Segoe UI Symbol'; font-size: 32px; font-weight: bold; line-height: 36px;=
margin: 0;"><a href=3D"https://substack.com/app-link/post?publication_id=
=3D2259&post_id=3D135625725&utm_source=3Dpost-email-title&isFreemail=3Dtrue=
&token=3DeyJ1c2VyX2lkIjoxMzMyNjg2NjEsInBvc3RfaWQiOjEzNTYyNTcyNSwiaWF0IjoxNj=
kwODk5MDcxLCJleHAiOjE2OTM0OTEwNzEsImlzcyI6InB1Yi0yMjU5Iiwic3ViIjoicG9zdC1yZ=
WFjdGlvbiJ9.3Reu-wNinncSFpE6A3GpVNxBfVCpxGSiikzRME-6FwA" style=3D"color: rg=
b(64, 64, 64); text-decoration: none;">Hot List for H1 2023: by bidding int=
ensity </a></h1><h3 class=3D"subtitle" style=3D"-moz-appearance: optimizele=
gibility; -moz-osx-font-smoothing: antialiased; -webkit-appearance: optimiz=
elegibility; -webkit-font-smoothing: antialiased; appearance: optimizelegib=
ility; color: #808080; font-family: 'SF Compact Display', -apple-system, Bl=
inkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple =
Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 18px; font-we=
ight: normal; line-height: 24px; margin: 4px 0 0; margin-top: 12px;">Here a=
re the 11 artists with the highest hammer ratios n the first half of 2023, =
according to data provided by LiveArt + Don't Sleep on Fractionalized Art: =
Some Numbers</h3><table role=3D"presentation" width=3D"100%" border=3D"0" c=
ellspacing=3D"0" cellpadding=3D"0" class=3D"post-meta" style=3D"align-items=
: center; height: 20px; margin: 1em 0;"><tr><td><table role=3D"presentation=
" width=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td><=
table role=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D"0" c=
ellpadding=3D"0"><tr><td style=3D"vertical-align: middle;"><div class=3D"pe=
ncraft frontend-pencraft-Box-module__reset--VfQY8 frontend-pencraft-Text-mo=
dule__size-11--k1e8b frontend-pencraft-Text-module__line-height-20--p0dP8 f=
rontend-pencraft-Text-module__weight-medium--x7khA frontend-pencraft-Text-m=
odule__font-meta--U_nxy frontend-pencraft-Text-module__color-primary--ud4Z0=
frontend-pencraft-Text-module__transform-uppercase--IDkUL frontend-pencraf=
t-Text-module__reset--dW0zZ frontend-pencraft-Text-module__meta--jzHdd cust=
om-css-email-post-author" style=3D"color: rgb(64, 64, 64); font-family: 'SF=
Compact', -apple-system, -apple-system, -system-ui, BlinkMacSystemFont, 'S=
egoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe=
UI Emoji', 'Segoe UI Symbol'; font-size: 11px; font-weight: 500; letter-sp=
acing: .2px; line-height: 20px; margin: 0; text-decoration: unset; text-tra=
nsform: uppercase;"><a style=3D"color: rgb(64, 64, 64); font-family: 'SF Co=
mpact', -apple-system, -apple-system, -system-ui, BlinkMacSystemFont, 'Sego=
e UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI=
Emoji', 'Segoe UI Symbol'; font-size: 11px; font-weight: 500; letter-spaci=
ng: .2px; line-height: 20px; margin: 0; text-decoration: none; text-transfo=
rm: uppercase;" href=3D"https://link.sbstck.com/redirect/255b68a3-2e4f-45f8=
-a16b-bdbc75d204ca?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6F=
x_g6pp7gWdY" class=3D"pencraft frontend-pencraft-Box-module__reset--VfQY8 f=
rontend-pencraft-Text-module__size-11--k1e8b frontend-pencraft-Text-module_=
_line-height-20--p0dP8 frontend-pencraft-Text-module__weight-medium--x7khA =
frontend-pencraft-Text-module__font-meta--U_nxy frontend-pencraft-Text-modu=
le__color-primary--ud4Z0 frontend-pencraft-Text-module__transform-uppercase=
--IDkUL frontend-pencraft-Text-module__reset--dW0zZ frontend-pencraft-Text-=
module__meta--jzHdd">Marion Maneker</a></div></td></tr></table></td></tr><t=
r><td><table role=3D"presentation" width=3D"auto" border=3D"0" cellspacing=
=3D"0" cellpadding=3D"0"><tr><td style=3D"vertical-align: middle;"><div cla=
ss=3D"pencraft frontend-pencraft-Box-module__reset--VfQY8 frontend-pencraft=
-Text-module__size-11--k1e8b frontend-pencraft-Text-module__line-height-20-=
-p0dP8 frontend-pencraft-Text-module__weight-medium--x7khA frontend-pencraf=
t-Text-module__font-meta--U_nxy frontend-pencraft-Text-module__color-second=
ary--WRADg frontend-pencraft-Text-module__transform-uppercase--IDkUL fronte=
nd-pencraft-Text-module__reset--dW0zZ frontend-pencraft-Text-module__meta--=
jzHdd" style=3D"color: rgb(128, 128, 128); font-family: 'SF Compact', -appl=
e-system, -apple-system, -system-ui, BlinkMacSystemFont, 'Segoe UI', Roboto=
, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Seg=
oe UI Symbol'; font-size: 11px; font-weight: 500; letter-spacing: .2px; lin=
e-height: 20px; margin: 0; text-decoration: unset; text-transform: uppercas=
e;"><time dateTime=3D"2023-08-01T14:11:01.779Z">Aug 1</time></div></td><td =
width=3D"4" style=3D"min-width: 4px"></td><td style=3D"vertical-align: midd=
le;"><table role=3D"presentation" width=3D"auto" border=3D"0" cellspacing=
=3D"0" cellpadding=3D"0"><tr><td style=3D"vertical-align: middle;"><div cla=
ss=3D"pencraft frontend-pencraft-Box-module__reset--VfQY8 frontend-pencraft=
-Text-module__size-11--k1e8b frontend-pencraft-Text-module__line-height-20-=
-p0dP8 frontend-pencraft-Text-module__weight-medium--x7khA frontend-pencraf=
t-Text-module__font-meta--U_nxy frontend-pencraft-Text-module__color-second=
ary--WRADg frontend-pencraft-Text-module__transform-uppercase--IDkUL fronte=
nd-pencraft-Text-module__reset--dW0zZ frontend-pencraft-Text-module__meta--=
jzHdd" style=3D"color: rgb(128, 128, 128); font-family: 'SF Compact', -appl=
e-system, -apple-system, -system-ui, BlinkMacSystemFont, 'Segoe UI', Roboto=
, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Seg=
oe UI Symbol'; font-size: 11px; font-weight: 500; letter-spacing: .2px; lin=
e-height: 20px; margin: 0; text-decoration: unset; text-transform: uppercas=
e;">∙</div></td><td width=3D"4" style=3D"min-width: 4px"></td><td sty=
le=3D"vertical-align: middle;"><div class=3D"pencraft frontend-pencraft-Box=
-module__reset--VfQY8 frontend-pencraft-Text-module__size-11--k1e8b fronten=
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dW0zZ frontend-pencraft-Text-module__meta--jzHdd" style=3D"color: #702dff; =
font-family: 'SF Compact', -apple-system, -apple-system, -system-ui, BlinkM=
acSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Colo=
r Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 11px; font-weight=
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unset; text-transform: uppercase;">Preview</div></td></tr></table></td></t=
r></table></td></tr></table></td></tr></table><table role=3D"presentation" =
width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" class=3D"em=
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1px; margin: 32px 0; padding: 0;"></div><h2 class=3D"header-with-anchor-wid=
get" style=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoothing:=
antialiased; -webkit-appearance: optimizelegibility; -webkit-font-smoothin=
g: antialiased; appearance: optimizelegibility; color: rgb(64, 64, 64); fon=
t-family: 'SF Compact Display', -apple-system, BlinkMacSystemFont, 'Segoe U=
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oji', '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"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> Surprising numbers from fractionalization platfor=
ms</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>Hot List H1 2023: =
</strong><span>11 artists with the highest hammer ratios this year</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-appearance: =
optimizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-appearanc=
e: optimizelegibility; -webkit-font-smoothing: antialiased; appearance: opt=
imizelegibility; color: rgb(64, 64, 64); font-family: 'SF Compact Display',=
-apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, s=
ans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-s=
ize: 1.625em; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.625em=
0; position: relative;"><strong>Notes</strong></h2><ol style=3D"margin-bot=
tom: 0; 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; l=
ine-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><strong>=
<a href=3D"https://link.sbstck.com/redirect/3e059ca1-3a60-4879-bb48-8b9cd38=
c89ae?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" =
rel style=3D"color: rgb(64, 64, 64); text-decoration: underline;">The Fract=
ional Art Market Keeps On Expanding</a></strong><span> (Barron’s): Fr=
actionalization has been discussed endlessly in recent years but now the ta=
lk is fading and we’re beginning to see some action. Details are emer=
ging with real numbers behind them. Barron’s quotes ArtTactic’s=
report on fractionalization. ArtTactic claims that only 9% of collectors t=
hey contacted had bought fractional shares but 61% said they were likely to=
do so in the next year. Half of those contacted were active collectors in =
the last 10 years but Barron’s gives us no details on the sample size=
=2E • Whatever you think of ̶=
0;likely to do so” as an indicat=
ion of actual intent, Barron’s did publish some valuable numbers. Mas=
terworks was a major buyer this year with $180 million spent on 73 works. T=
hat means the overall average price paid was $2.5 million, “though th=
e company bought Jean-Michel Basquiat’s </span><em>Untitled (Pollo Fr=
ito)</em><span>, 1982, for US$33.05 million in May and an untitled Basquiat=
work from 1983 for US$14.1 million in April, the report said.” If yo=
u remove the Basquiats, the average price drops to $1.87 million. • O=
ne of the paradoxes of the fractionalization market is that higher value wo=
rks are more likely to attract fractional buyers but established works of a=
lower value may have more room to appreciate. • Barron’s also =
has some data on what what kind of returns Masterworks has been able to gen=
erate. The firm has sold 14 works through July 10 that “have realized=
net returns to investors ranging from 3% for Andy Warhol’s </span><e=
m>Flowers</em><span>, 1964-65—which the company bought for US$3 milli=
on and sold for US$3.5 million—to 86% for Sam Gilliam’s </span>=
<em>Tracing</em><span>, 1971, which it bought for US$700,000 and sold for U=
S$1.65 million.” • Masterworks isn’t the only firm to hav=
e realized gains, according to Barron’s, “A collaboration betwe=
en Delaware-based investment company Artemundi and Sygnum Bank, a digital a=
sset bank based in Zurich, which sold Pablo Picasso’s </span><em>Fill=
ette au béret </em><span>in October 2021, recently sold the 1964 paint=
ing and returned 20% to investors, ArtTactic said.”...</span></p></li=
></ol></div></div><div data-testid=3D"paywall" data-component-name=3D"Paywa=
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