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Subject: =?UTF-8?q?A_$30M_Basquiat_Whisper,_Sotheby=E2=80=99s_Economics_&_Norman_L?=
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From: Marion Maneker <marion@puck.news>
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Welcome to Wall Power. In tonight=E2=80=99s issue, I=E2=80=99ve got the bac=
kstory behind Sotheby=E2=80=99s remarkable new fee structure, which just we=
nt into effect yesterday. The new fees are a major departure from the way t=
he business has been run for many years, and a potential signal of the very=
different business models the two biggest houses seem to be perfecting.
=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=
=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=
=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=
=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=C2=A0=E2=
=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=
=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=
=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=
=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=C2=A0=E2=80=8C=C2=
=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=
=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=
=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=
=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=C2=A0=E2=80=8C=C2=A0=E2=80=
=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=
=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=
=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=
=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=
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=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=
=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=
=E2=80=8C=C2=A0=E2=80=8C=C2=A0=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=
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=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=
=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=
=C2=A0=E2=80=8C=C2=A0=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=
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=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=
=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=
=80=8C=C2=A0=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=
=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=
=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=
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=A0=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=
=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=
=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=
=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=C2=A0=
=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=
=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=
=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=
=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0
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WELCOME BACK!
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Welcome to Wall Power. I=E2=80=99m Marion Maneker and I=E2=80=99ll be your =
server tonight. If you were previously a paid subscriber of Artelligence, m=
y old Substack publication, welcome to Puck, my new home. If you=E2=80=99re=
just joining us, or coming over from the unpaid list, a friendly reminder =
that this newsletter will be free for the next four weeks=E2=80=94then we=
=E2=80=99re going behind the paywall. Sign up here ( https://puck.news/join=
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er.io&utm_term=3Df6c60615e3d301d48d28 ) to get in on the ground floor.
In tonight=E2=80=99s issue, I=E2=80=99ve got the backstory behind Sotheby=
=E2=80=99s remarkable new fee structure, which just went into effect yester=
day. The new fees are a major departure from the way the business has been =
run for many years, and a potential signal of
the very different business models the two biggest houses seem to be perfec=
ting.
$(ad4_title) ( https://ad.doubleclick.net/ddm/trackclk/N1956727.4235865PUCK=
NEWS/B31606195.393061109;dc_trk_aid=3D584829855;dc_trk_cid=3D212234273;dc_l=
at=3D;dc_rdid=3D;tag_for_child_directed_treatment=3D;tfua=3D;ltd=3D;dc_tdv=
=3D1?utm_campaign=3DWall+Power+-+LEADS+%284%2F16%2F24%29&utm_content=3DWall=
+Power+-+LEADS+%284%2F14%2F24%29&utm_medium=3Demail_action&utm_source=3Dcus=
tomer.io&utm_term=3Df6c60615e3d301d48d28 )
But first=E2=80=A6
* Basquiat espect=C3=A1culo: It looks like Jean-Michel Basquiat will be the=
king of this season, with Phillips selling three works in New York and Lon=
don this spring and summer, and Sotheby=E2=80=99s auctioning a collaboratio=
n between Basquiat and Andy Warhol (recently featured at the Fondation Loui=
s Vuitton in Paris and the Brant Study Center in the East Village). Meanwhi=
le, Christie=E2=80=99s announced late last week that it=E2=80=99s offering =
Basquiat=E2=80=99s 1982 The Italian Version of Popeye Has No Pork in His Di=
et, with no published estimate. (The whisper number is $30 million.)
Contrary to popular misunderstanding, of course, estimates are not appraisa=
ls.
(Sorry, Dmitry Rybolovlev.) Rather, they are signals about the minimum pric=
e a seller will accept at auction. If the auction house publishes an estima=
te below where the seller is willing to trade, they risk frustrating buyers=
=2E So when the auction house says t=
he estimate is upon request, they=E2=80=
=99re giving their specialists and the seller some time to be flexible. Her=
e, for example, we have a work from Basquiat=E2=80=99s prime year painted u=
pon the artist=E2=80=99s unconventional canvas, heightening the connection =
to his origins as a graffiti artist. Christie=E2=80=99s press materials cal=
l the work Basquiat=E2=80=99s =E2=80=9Cfinest stretcher bar painting=E2=80=
=9D and point out that it has not been exhibited publicly for almost 20 yea=
rs. The painting also contains some of the most appealing elements from Bas=
quiat=E2=80=99s iconography. Collectors generally prize works that include =
some, if not all, of the following: anatomical images inspired by the paint=
er=E2=80=99s childhood study of Gray=E2=80=99s Anatomy, words
and crossed-out words, and, most of all, the artist=E2=80=99s easily recogn=
izable crowns.
https://puck.news/its-not-the-movies-its-imax/https://images.scalero.io/ema=
il_assets/2176/TFVBTCZUTR2NX3ACUD1G98UQKM9VDJ8I94RIPZV7RDS88H2YYOSCU45XHIJQ=
SCX0.png
Jean-Michel Basquiat, The Italian Version of Popeye Has No Pork in His Diet=
(1982), estimate in the region of $30 million
* Norman Lear=E2=80=99s $50M trove: Strangely, among the many collectors=E2=
=80=99 estates that have come to term this season=E2=80=94the polite way of=
saying the owners died and there are taxes due=E2=80=94few have chosen to =
consign their art to auction for the May sales in New York, the art market=
=E2=80=99s premier annual event. Undoubtedly, the estates and their various=
advisors are concerned about the overall mood of the art market, which is =
fairly unprecedented.
The auction business is used to suffering through bad economic climates. It=
is rare, though, that buyers are cautious when the economy is strong. Alas=
, it=E2=80=99s hard to imagine the market being less unpredictable the foll=
owing season in New
York, right after the presidential election. As one auction executive put i=
t to me the other night, does anyone think there won=E2=80=99t be chaos and=
controversy, no matter which way the vote goes?
But everyone else=E2=80=99s caution is Lyn Davis Lear=E2=80=99s opportunity=
=2E The longest-serving of Norman Le=
ar=E2=80=99s three partners is selling se=
veral of the late producer=E2=80=99s art works, totaling a $50 million pre-=
sale value, at Christie=E2=80=99s in May. David Hockney=E2=80=99s A Lawn Be=
ing Sprinkled, from 1967, is the work with the highest estimate, at $25 mil=
lion. Ed Ruscha=E2=80=99s Truth, from 1973, has a $7 million estimate. (It =
seems the Ruscha retrospective that debuted at MoMA and has now opened in t=
he artist=E2=80=99s hometown of Los Angeles hasn=E2=80=99t further increase=
d his market momentum, which had been rising for a few years in advance of =
the show.) Willem de Kooning=E2=80=99s Man in Wainscott, from 1969, has a $=
4 million estimate.
The Lear estate also includes Robert Rauschenberg=E2=80=99s Rodeo Palace (S=
pread), a gargantuan 12- by 16-foot work, which may make it attractive only=
to institutional buyers. It is estimated at $3 million, but an institution=
might be able to get a good deal considering that an art advisor to some o=
f the spendiest collectors recently bemoaned to me the state of the Rausche=
nberg market. (A topic for another time...) There=E2=80=99s no doubt Rausch=
enberg=E2=80=99s stature as a titan of the 20th century works in the favor =
of a museum that wants/needs an impressive installation.
https://puck.news/its-not-the-movies-its-imax/https://images.scalero.io/ema=
il_assets/2176/TFVBTCZUTR2NX3ACUD1G98UQKM9VDJ8I94RIPZV7RDS88H2YYOSCU45XHIJQ=
SCX0.png
David Hockney, A Lawn Being Sprinkled (1969), estimated at $25 million
You=E2=80=99re receiving a complimentary version of Wall Power at enzo@show=
file.com as a welcome gift to new readers. For full access to Puck, and to =
each of my colleagues, you can
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The Sotheby=E2=80=99s Debt Soap Opera ( https://puck.news/wall-street-sothe=
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The Sotheby=E2=80=99s Debt Soap Opera ( https://puck.news/wall-street-sothe=
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utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 )
Facing a mountain of debt both on his private auction house and public comp=
any, Altice, Sotheby=E2=80=99s owner Patrick Drahi is implementing a neat l=
ittle trick to maximize revenue without increasing sales. Will it work? His=
competition isn=E2=80=99t sure yet=E2=80=A6
MARION MANEKER ( https://puck.news/author/marion-maneker/?utm_campaign=3DWa=
ll+Power+-+LEADS+%284%2F16%2F24%29&utm_content=3DWall+Power+-+LEADS+%284%2F=
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c60615e3d301d48d28 )
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14%2F24%29&utm_medium=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6=
c60615e3d301d48d28 )
Sotheby=E2=80=99s recently announced new fee structure officially went into=
effect yesterday. For the sales in May, the auction house is charging 26 p=
ercent on all bids up to $1 million; 20 percent on $1 million to $4.5 milli=
on; and 13.9 percent thereafter. But for anything signed up after yesterday=
and sold after May 20th, Sotheby=E2=80=99s will charge a much simpler 20 p=
ercent up to $6 million and 10 percent thereafter. To make up for the lost =
6 percent for bids up to $1 million, Sotheby=E2=80=99s will now enforce its=
vendor=E2=80=99s=E2=80=94or seller=E2=80=99s=E2=80=94commission of 10 perc=
ent on all lots up to $500,000.
The new structure ostensibly accomplishes a few objectives. Sotheby=E2=80=
=99s would appear to be cutting prices in a slowdown, inducing buyers to bi=
d more by mollifying their sticker shock over the house=E2=80=99s fees. Bid=
ders have already lost patience with
the add-ons that come on top of the hammer price. At Sotheby=E2=80=99s, it =
starts with a 27 percent commission=E2=80=9426 percent plus a 1 percent ove=
rhead fee=E2=80=94and then the buyer adds local sales tax and some hidden c=
osts like shipping. The house is also hoping to shift some of its fee burde=
n from the buyer to the seller, for whom it also provides significant value=
=2E On some level, this is an overdu=
e change given Sotheby=E2=80=99s extensiv=
e network and services, but it also masks a bolder move: Sotheby=E2=80=99s =
has announced it will stop giving its best clients some of the house=E2=80=
=99s fees.
This may seem like an attempt to rescue the art world from its current mark=
et purgatory, where buyers are trying to expiate the sins of pandemic-era o=
ver-spending. Notably, however, neither Christie=E2=80=99s nor Phillips has=
so much as hinted that they would follow suit. Part of their wariness may =
come from the suspicion that the new plan was concocted by executives far r=
emoved from the
selling floor. =E2=80=9CNo one who has ever sold art would have come up wit=
h that plan,=E2=80=9D one old hand told me last week. Many in the industry =
suspect the strategy was put together without enough thought. Across town, =
the feeling is that the new scheme might have been devised on the back of a=
cocktail napkin.
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Drahi=E2=80=99s Securities
The new fees may seem nonsensical to some, but if the strategy doesn=E2=80=
=99t work, Sotheby=E2=80=99s owner, Patrick Drahi, will be faced with some =
tough choices. The cable provider Altice, his primary business, is teeterin=
g atop its own mountain of debt and upside-down market valuation. Three yea=
rs ago, Altice shares traded in the U.S. at more than $37; this week they c=
losed at $2.05. A scandal involving one of the telecom=E2=80=99s co-founder=
s cannot be helping, either. Since taking Sotheby=E2=80=99s private for $3.=
7 billion, in 2019, Drahi has made some elaborate moves with the company=E2=
=80=99s real estate=E2=80=94freeing up cash to service the new back-office =
facility in Long Island City and Sotheby=E2=80=99s new East Side headquarte=
rs=E2=80=94in the Marcel Breuer-designed building that once housed the Whit=
ney=E2=80=94which will open next year. Drahi is also said to be quietly
shopping as much as a 30 percent stake in Sotheby=E2=80=99s. (The house did=
n=E2=80=99t respond to my request for comment.)
On the balance sheet side, Sotheby=E2=80=99s went to market last week with =
a $500 million securitization of a portfolio of art loans. News of the offe=
ring was picked up by most of the financial press, beguiled by the idea of =
art-backed financial instruments. The security, which divides a portfolio o=
f 89 loans against 2,484 separate works with an appraised value of $1.42 bi=
llion, isn=E2=80=99t really about the art. It=E2=80=99s about the borrowers=
and their ability to pay back those short-term loans. By dividing the inco=
me streams into tranches, $347 million of the $500 million is rated AAA by =
Morningstar DBRS, Sotheby=E2=80=99s is lowering the cost of capital for its=
lending business, thereby increasing the division=E2=80=99s margins.
Sotheby=E2=80=99s superior market intelligence=E2=80=94the specialists who =
constantly price and trade art=E2=80=94makes this all possible. These are s=
hort-term
loans: 35 percent are for less than six months; a little more than 40 perce=
nt are for seven to 12 months. For the most part, the collateral risk is fa=
irly spread out. There are some very big loans in the security, but the ave=
rage is for $15.9 million against 28 different lots. And not all of the mon=
ey is against loans. A little more than 10 percent of the outstanding princ=
ipal is backed by three loans against consignor advances covering $144 mill=
ion worth of art. That=E2=80=99s $144 million in art that Sotheby=E2=80=99s=
will sell and make commissions on (via the old fee structure) because it w=
as able to front money to the consignors.
The loans aren=E2=80=99t risk-free, but Sotheby=E2=80=99s does well either =
way. If the borrowers pay back their loans, Sotheby=E2=80=99s makes money o=
n the spread. If they don=E2=80=99t, Sotheby=E2=80=99s sells the art at fav=
orable terms for itself, pockets the fees, and makes the trust backing the =
security whole. It would take a crisis like 2009 to put these notes at real
risk. And if that happens, Sotheby=E2=80=99s securitization will be the lea=
st of investors=E2=80=99 worries.
The $500 million raised by this securitization is nothing to sneeze at, but=
it=E2=80=99s really just the beginning. Nearly a decade ago, when Sotheby=
=E2=80=99s installed new management under pressure from activist investor D=
an Loeb, expanding the loan book was a priority. But the company soon found=
its bond rating under pressure from the ballooning loan book and had to cu=
t back on its lending. As a private company, Sotheby=E2=80=99s bonds are un=
der even more pressure now. Finding a source of cheaper off-balance-sheet c=
apital was a strategic priority.
Solving that problem was the assignment for Alexander Klabin. Not long afte=
r Drahi bought Sotheby=E2=80=99s in 2019, he brought in the former hedge fu=
nd manager as an investor. Klabin had led a rival bid for the firm, but he =
really wanted Sotheby=E2=80=99s Financial Services. Instead of selling it t=
o Klabin, Drahi formed a
strategic partnership with his firm, Ancient. This securitization is the fi=
rst big step in that transformation. If it sells well, Sotheby=E2=80=99s le=
nding=E2=80=94and, by extension, its auction business=E2=80=94will get a hu=
ge jolt of working capital at advantageous rates.
The effect of all this cheaper money won=E2=80=99t be felt immediately. Whi=
le the $500 million will help increase the lending business, the money does=
n=E2=80=99t ease the pressure on Drahi, since SFS has had its own funding f=
acility for the last several years. But it might help attract an investor. =
In the meantime, to find a buyer for the stake he=E2=80=99s been shopping, =
Drahi will have to improve the firm=E2=80=99s cash flow. That=E2=80=99s whe=
re the new fee structure comes in.
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What Drahi Wants
Today=E2=80=99s situation is eerily similar to 1990s market dislocation, th=
ough nowhere near as severe, but the economic logic is still the same. Inst=
ead of engaging in brutal price competition during an art market recession,=
the two houses (Phillips was a regional auction house then) defended their=
margins by not attacking each other. That d=C3=A9tente turned out to be th=
e price-fixing scandal that sent Alfred Taubman to jail. Of course, no one =
is going to collude with the competition today. Nevertheless, auction total=
s dropped by a quarter from 2022 to 2023; so far this year, they seem to be=
trending down further. With lower sales volume and the same fixed costs=E2=
=80=94the surprise of the winter break in the auction world was the absence=
of significant personnel turnover, voluntary or forced=E2=80=94it would ma=
ke sense for all three houses to think about
raising prices.
But that isn=E2=80=99t quite what Sotheby=E2=80=99s is doing this week. Ins=
tead, they=E2=80=99re just shifting the burden slightly from buyer to selle=
r, which doesn=E2=80=99t actually help Christie=E2=80=99s or Phillips at al=
l. By waiting, the other two will see if sellers will accept the vendor=E2=
=80=99s commission. When the vendor=E2=80=99s commission fell away decades =
ago as competition for consignments increased in the expanded art market, s=
pecialists started giving away some of the buyer=E2=80=99s premium to the s=
eller.
These enhanced hammer deals started for big consignments or high-volume con=
signors as alternatives to a direct or third-party guarantee. In the hot ma=
rkets we=E2=80=99ve seen since 2015, many sellers didn=E2=80=99t want to ac=
cept guarantees that limited their downside but cut into a potential unexpe=
cted bonanza. So specialists had to use the only other inducement available=
: enhanced hammer deals. Since the pandemic, the use of enhanced hammer has=
metastasized through the
industry. Once only available to heavy hitters with marquee Evening sale pr=
operty, enhanced hammer deals began to creep into the day sales as speciali=
sts competed for property. A lot isn=E2=80=99t only valuable for the commis=
sion it makes. A strong sale will attract consignors with similar works by =
the same artists. So the logic of cutting commissions to make it up on the =
volume is almost too compelling for the ever-hopeful specialist.
In fact, one of the biggest problems with managing an auction business is t=
hat your sales force=E2=80=94the specialists and marketers who bring in con=
signments=E2=80=94have an incentive to undercut the business by giving away=
too many deal sweeteners to get the art works in the door. There=E2=80=99s=
no incentive to turn away business, even if that business won=E2=80=99t ma=
ke the house any money. (No one ever got promoted for turning down a great =
work of art from a very greedy consignor.) And, of course, once word gets o=
ut among the gossipy network of art advisors
and dealers, everyone demands the same terms. It=E2=80=99s simply a matter =
of status.
Sotheby=E2=80=99s isn=E2=80=99t the only firm bridling at their own excesse=
s. Christie=E2=80=99s is said to have clamped down on enhanced hammer deals=
last fall, even to the point of turning away good business. But Sotheby=E2=
=80=99s is using the launch of this new buyer-friendly fee structure to als=
o announce the end of enhanced hammer deals across the board. Can the house=
win back margin from its own customers without losing them to the other gu=
ys? The back-channel communications with art advisors and heavy traders hav=
e been filled with mixed signals on that point. There have also been no rep=
orts of sales training or a company offsite that might suggest the rollout =
is coming from a unified front, and that it has real muscle behind it.
We probably won=E2=80=99t begin to hear how it is going until after the May=
sales, but property gathering for the June sales in London has already beg=
un. Phillips and
Christie=E2=80=99s have no incentive to move too quickly. If Sotheby=E2=80=
=99s really holds the line, as they say they will, Christie=E2=80=99s (and =
Phillips) can cut deals that are better than the ones they made last fall b=
ut still more advantageous to sellers. If Sotheby=E2=80=99s doesn=E2=80=99t=
hold the line, Phillips and Christie=E2=80=99s are not stuck defending Sot=
heby=E2=80=99s miscalculation. The much smaller Phillips really cannot move=
until Christie=E2=80=99s does. They=E2=80=99ll put themselves in an imposs=
ible position.
There=E2=80=99s one other hidden explanation for the new fee structure that=
might give the other houses good reason to hold back: Drahi wants to show =
potential investors an optimized business model for the industry where his =
success depends on much more than art. Today, Sotheby=E2=80=99s makes a lot=
of money from selling high-end real estate (both through its license for S=
otheby=E2=80=99s International Realty and its concierge real estate auction=
business), classic cars, jewelry, and other fashion items.
Luxury is supposed to be the future at Sotheby=E2=80=99s. Standardizing the=
seller=E2=80=99s commission across all of those categories may do enough t=
o improve Sotheby=E2=80=99s financial projections over the next few years t=
o land that investment Drahi wants, or perhaps needs.
Even if it doesn=E2=80=99t, Drahi has shown his competitors that he=E2=80=
=99s willing to take big bet-the-firm risks. That leaves his rivals with on=
ly one real option: Watch and marvel.
Get Full Access with a Free Trial ( https://puck.news/wall-street-sothebys-=
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FOUR STORIES WE=E2=80=99RE TALKING ABOUT
Bibi=E2=80=99s Cabinet Crisis ( https://puck.news/will-bibi-netanyahu-escal=
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Inside Israel=E2=80=99s national security nightmare.
JULIA IOFFE
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Dissecting the superstar litigator=E2=80=99s potential billion-dollar windf=
all.
ERIQ GARDNER
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On the burbling speculation surrounding the designer=E2=80=99s next move.
LAUREN SHERMAN
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A close look at Diamond Sports=E2=80=99 R.S.N. negotiation gauntlet.
JOHN OURAND
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<title>A $30M Basquiat Whisper, Sotheby=E2=80=99s Economics & Norman =
Lear=E2=80=99s $50M Trove</title>
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<div style=3D"display: none; max-height: 0px; overflow: hidden;">Welcome =
to Wall Power. In tonight=E2=80=99s issue, I=E2=80=99ve got the backstory b=
ehind Sotheby=E2=80=99s remarkable new fee structure, which just went into =
effect yesterday. The new fees are a major departure from the way the busin=
ess has been run for many years, and a potential signal of the very differe=
nt business models the two biggest houses seem to be perfecting.=20
=20
=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=
=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=
=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=
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<p style=3D"margin: 0; color: #000000; font-size: 16px; line-hei=
ght: 30px; margin-top: 0px; margin-bottom: 0;">Welcome to Wall Power. I=E2=
=80=99m <b>Marion Maneker</b> and I=E2=80=99ll be your server tonight. If y=
ou were previously a paid subscriber of Artelligence, my old Substack publi=
cation, welcome to Puck, my new home. If you=E2=80=99re just joining us, or=
coming over from the unpaid list, a friendly reminder that this newsletter=
will be <i>free for the next four weeks</i>=E2=80=94then we=E2=80=99re goi=
ng behind the paywall. <u><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF=
9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdPNlNVM3lSbFhwR1FtdDVqT1dnQT0iLCJocmVmIjoia=
HR0cHM6Ly9wdWNrLm5ld3Mvam9pbi8_dXRtX2NhbXBhaWduPVdhbGwrUG93ZXIrLStMRUFEUysl=
Mjg0JTJGMTYlMkYyNCUyOVx1MDAyNnV0bV9jb250ZW50PVdhbGwrUG93ZXIrLStMRUFEUyslMjg=
0JTJGMTQlMkYyNCUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdX=
JjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50Z=
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0;text-decoration:none;font-weight:bold" class=3D"sdf">Sign up here</a></u>=
to get in on the ground floor.<br/><br/>In tonight=E2=80=99s issue, I=E2=
=80=99ve got the backstory behind Sotheby=E2=80=99s remarkable new fee stru=
cture, which just went into effect yesterday. The new fees are a major depa=
rture from the way the business has been run for many years, and a potentia=
l signal of
the very different business models the two biggest houses seem to be perfec=
ting. <br/></p>
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<td style=3D"padding-bottom: 32px; color: #000000; font-size: 16p=
x; line-height: 30px; margin-top: 0; margin-bottom: 0;"><i>But first=E2=80=
=A6 </i><br/><br/><ul style=3D"margin:0;color:#000000;font-size:16px;line-h=
eight:30px;margin-top:0;margin-bottom:0;list-style-type:square;mso-special-=
format:bullet"><li><i>Basquiat espect=C3=A1culo</i>: It looks like <b>Jean-=
Michel Basquiat </b>will be the king of this season, with Phillips selling =
three works in New York and London this spring and summer, and Sotheby=E2=
=80=99s auctioning a collaboration between Basquiat and <b>Andy Warhol</b> =
(recently featured at the Fondation Louis Vuitton in Paris and the Brant St=
udy Center in the East Village). Meanwhile, Christie=E2=80=99s announced la=
te last week that it=E2=80=99s offering Basquiat=E2=80=99s 1982 <i>The Ital=
ian Version of Popeye Has No Pork in His Diet</i>, with no published estima=
te. (The whisper number is $30 million.)<br/><br/>Contrary to popular misun=
derstanding, of course, estimates are not appraisals.
(Sorry, <b>Dmitry Rybolovlev</b>.) Rather, they are signals about the minim=
um price a seller will accept at auction. If the auction house publishes an=
estimate below where the seller is willing to trade, they risk frustrating=
buyers. So when the auction house says the estimate is upon request, they=
=E2=80=99re giving their specialists and the seller some time to be flexibl=
e. Here, for example, we have a work from Basquiat=E2=80=99s prime year pai=
nted upon the artist=E2=80=99s unconventional canvas, heightening the conne=
ction to his origins as a graffiti artist. Christie=E2=80=99s press materia=
ls call the work Basquiat=E2=80=99s =E2=80=9Cfinest stretcher bar painting=
=E2=80=9D and point out that it has not been exhibited publicly for almost =
20 years. The painting also contains some of the most appealing elements fr=
om Basquiat=E2=80=99s iconography. Collectors generally prize works that in=
clude some, if not all, of the following: anatomical images inspired by the=
painter=E2=80=99s childhood study of <i>Gray=E2=80=99s Anatomy</i>, words
and crossed-out words, and, most of all, the artist=E2=80=99s easily recogn=
izable crowns. </li></ul></td>
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=20
<img border=3D"0" src=3D"https://images.sc=
alero.io/email_assets/4014/J0DR7HT7W09S353V9WW523T8SO8CWKXB10VS2I9RAJVSY9GO=
1HF78AXNC6N712QJ.jpg" alt=3D"https://puck.news/its-not-the-movies-its-imax/=
https://images.scalero.io/email_assets/2176/TFVBTCZUTR2NX3ACUD1G98UQKM9VDJ8=
I94RIPZV7RDS88H2YYOSCU45XHIJQSCX0.png" style=3D"width: 540px;" width=3D"540=
" class=3D"w100pct"/>
=20
</td>
</tr>
<tr class=3D"replica" name=3D"image_caption">
<td align=3D"left" style=3D"padding-top: 10p=
x; color: #5E5E5E; font-size: 10px; line-height: 20px; font-weight: 700">
Jean-Michel Basquiat, The Italian Version=
of Popeye Has No Pork in His Diet (1982), estimate in the region of $30 mi=
llion
</td>
</tr>
</tbody></table>
</td>
</tr>
</tbody></table>
</td>
</tr>
<!-- END OF IMAGE -->
<!-- DIVIDER -->
<!-- DIVIDER -->
<!-- REGULAR CONTENT -->
<tr class=3D"replica" name=3D"s6">
<td style=3D"padding-bottom: 22px; color: #000000; font-size: 16p=
x; line-height: 30px; margin-top: 0; margin-bottom: 0;"><ul style=3D"margin=
:0;color:#000000;font-size:16px;line-height:30px;margin-top:0;margin-bottom=
:0;list-style-type:square;mso-special-format:bullet"><li><i>Norman Lear=E2=
=80=99s $50M trove</i>: Strangely, among the many collectors=E2=80=99 estat=
es that have come to term this season=E2=80=94the polite way of saying the =
owners died and there are taxes due=E2=80=94few have chosen to consign thei=
r art to auction for the May sales in New York, the art market=E2=80=99s pr=
emier annual event. Undoubtedly, the estates and their various advisors are=
concerned about the overall mood of the art market, which is fairly unprec=
edented. <br/><br/>The auction business is used to suffering through bad ec=
onomic climates. It is rare, though, that buyers are cautious when the econ=
omy is <i>strong</i>. Alas, it=E2=80=99s hard to imagine the market being <=
i>less</i> unpredictable the following season in New
York, right after the presidential election. As one auction executive put i=
t to me the other night, does anyone think there <i>won=E2=80=99t</i> be ch=
aos and controversy, no matter which way the vote goes? <br/><br/>But every=
one else=E2=80=99s caution is <b>Lyn Davis Lear</b>=E2=80=99s opportunity. =
The longest-serving of <b>Norman Lear</b>=E2=80=99s three partners is selli=
ng several of the late producer=E2=80=99s art works, totaling a $50 million=
pre-sale value, at Christie=E2=80=99s in May. <b>David Hockney</b>=E2=80=
=99s <i>A Lawn Being Sprinkled</i>, from 1967, is the work with the highest=
estimate, at $25 million. <b>Ed Ruscha</b>=E2=80=99s <i>Truth</i>, from 19=
73, has a $7 million estimate. (It seems the Ruscha retrospective that debu=
ted at MoMA and has now opened in the artist=E2=80=99s hometown of Los Ange=
les <i>hasn=E2=80=99t</i> further increased his market momentum, which had =
been rising for a few years in advance of the show.) <b>Willem de Kooning</=
b>=E2=80=99s <i>Man in Wainscott</i>, from 1969, has a $4 million estimate.
<br/><br/>The Lear estate also includes <b>Robert Rauschenberg</b>=E2=80=99=
s <i>Rodeo Palace (Spread)</i>, a gargantuan 12- by 16-foot work, which may=
make it attractive only to institutional buyers. It is estimated at $3 mil=
lion, but an institution might be able to get a good deal considering that =
an art advisor to some of the spendiest collectors recently bemoaned to me =
the state of the Rauschenberg market. (A topic for another time...) There=
=E2=80=99s no doubt Rauschenberg=E2=80=99s stature as a titan of the 20th c=
entury works in the favor of a museum that wants/needs an impressive instal=
lation. </li></ul></td>
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<table cellpadding=3D"0" cellspacing=3D"0" width=3D"100%=
" border=3D"0" role=3D"presentation" style=3D"width: 100%;" class=3D"w100pc=
t">
<tbody><tr>
<td align=3D"center" style=3D"padding: 16px 0;">
<table cellpadding=3D"0" cellspacing=3D"0" width=
=3D"100%" border=3D"0" role=3D"presentation" style=3D"width: 100%;">
<tbody><tr>
<td>
=20
<img border=3D"0" src=3D"https://images.sc=
alero.io/email_assets/4014/S3EJPIEZQSYZ9B1JLU2QVAYBA2FZLEM7R787IXYWS4MVR8P2=
TGK5GDQEV4ANHW4V.jpg" alt=3D"https://puck.news/its-not-the-movies-its-imax/=
https://images.scalero.io/email_assets/2176/TFVBTCZUTR2NX3ACUD1G98UQKM9VDJ8=
I94RIPZV7RDS88H2YYOSCU45XHIJQSCX0.png" style=3D"width: 540px;" width=3D"540=
" class=3D"w100pct"/>
=20
</td>
</tr>
<tr class=3D"replica" name=3D"image_caption">
<td align=3D"left" style=3D"padding-top: 10p=
x; color: #5E5E5E; font-size: 10px; line-height: 20px; font-weight: 700">
David Hockney, A Lawn Being Sprinkled (19=
69), estimated at $25 million
</td>
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</td>
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</tbody></table>
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<b>You=E2=80=99re receiving a complimentary version of Wall Po=
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W50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjU1ODY3OX0/4d7a0702=
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NkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiO=
jU1ODY3OX0/4d7a070250035dbfbc6bb6e1ecfe07e31149b331c1e3601991c48e442703cb5f=
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wrUG93ZXIrLStMRUFEUyslMjg0JTJGMTYlMkYyNCUyOVx1MDAyNnV0bV9jb250ZW50PVdhbGwrU=
G93ZXIrLStMRUFEUyslMjg0JTJGMTQlMkYyNCUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0=
aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTN=
kMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOj=
U1ODY3OX0/4d7a070250035dbfbc6bb6e1ecfe07e31149b331c1e3601991c48e442703cb5f"=
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t;text-decoration:none!important;display:inline-block;font-family:sans-seri=
f;font-size:13px;font-weight:bold;line-height:44px;text-align:center;text-d=
ecoration:none;width:220px;-webkit-text-size-adjust:none;">Learn More</a><!=
--[if mso]>
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<!-- STORY HERO -->
<tr class=3D"replica" name=3D"hero1">
<td>
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" class=3D=
"w100pct" role=3D"presentation" style=3D"width: 100%;" width=3D"100%">
<tbody><tr>
<td style=3D"padding-bottom: 10px;"><a href=3D"https://email.p=
uck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdPNlNVM3lSbFhwR1FtdD=
VqT1dnQT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvd2FsbC1zdHJlZXQtc290aGVieXMtZ=
GVidC1zb2FwLW9wZXJhLz91dG1fY2FtcGFpZ249V2FsbCtQb3dlcistK0xFQURTKyUyODQlMkYx=
NiUyRjI0JTI5XHUwMDI2dXRtX2NvbnRlbnQ9V2FsbCtQb3dlcistK0xFQURTKyUyODQlMkYxNCU=
yRjI0JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3=
RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6I=
mY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6ODUwMjUwfQ/9e863c6ae477738f1f89d=
6da60550a11c0bb9a37ed0db12d2cc7d3dc5fb2a777" target=3D"_blank"><img alt=3D"=
The Sotheby=E2=80=99s Debt Soap Opera" class=3D"w100pct" src=3D"https://ima=
ges.scalero.io/email_assets/4014/918GMFN4S5EWSAPCO2MQ1U5R64GZIQZ8KGVIFU6UQP=
0798J47EQCFPBPKC52KDKE.png" style=3D"width:540px;" width=3D"540"/></a></td>
</tr>
<tr>
<td style=3D"padding-bottom: 10px;"><a href=3D"https://email.p=
uck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdPNlNVM3lSbFhwR1FtdD=
VqT1dnQT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvd2FsbC1zdHJlZXQtc290aGVieXMtZ=
GVidC1zb2FwLW9wZXJhLz91dG1fY2FtcGFpZ249V2FsbCtQb3dlcistK0xFQURTKyUyODQlMkYx=
NiUyRjI0JTI5XHUwMDI2dXRtX2NvbnRlbnQ9V2FsbCtQb3dlcistK0xFQURTKyUyODQlMkYxNCU=
yRjI0JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3=
RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6I=
mY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6ODUwMjUwfQ/9e863c6ae477738f1f89d=
6da60550a11c0bb9a37ed0db12d2cc7d3dc5fb2a777" rel=3D"noopener" style=3D"text=
-decoration: none; color: #d70a09; font-family: Beskerville, Georgia, '=
Times New Roman', Times, serif; font-size:30px; line-height:36px;" targ=
et=3D"_blank">The Sotheby=E2=80=99s Debt Soap Opera</a></td>
</tr>
<tr>
<td style=3D"font-size:18px; color:#000000;line-height:30px; p=
adding-bottom: 10px;">Facing a mountain of debt both on his private auction=
house and public company, Altice, Sotheby=E2=80=99s owner Patrick Drahi is=
implementing a neat little trick to maximize revenue without increasing sa=
les. Will it work? His competition isn=E2=80=99t sure yet=E2=80=A6</td>
</tr>
<tr class=3D"replica" name=3D"author">
<td style=3D"padding-bottom: 24px;">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" class=
=3D"w100pct" role=3D"presentation" style=3D"width: 100%;" width=3D"100%">
<tbody><tr>
<td width=3D"80"><a href=3D"https://email.puck.news/e/c/eyJ=
lbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdPNlNVM3lSbFhwR1FtdDVqT1dnQT0iLCJocm=
VmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvYXV0aG9yL21hcmlvbi1tYW5la2VyLz91dG1fY2FtcGFpZ=
249V2FsbCtQb3dlcistK0xFQURTKyUyODQlMkYxNiUyRjI0JTI5XHUwMDI2dXRtX2NvbnRlbnQ9=
V2FsbCtQb3dlcistK0xFQURTKyUyODQlMkYxNCUyRjI0JTI5XHUwMDI2dXRtX21lZGl1bT1lbWF=
pbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNj=
A2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua=
19pZCI6ODQ3ODE3fQ/af33098928458e1a7a9e26392e17c844d96e491034e079718ca9d8156=
43eab27" target=3D"_blank"><img alt=3D"MARION MANEKER" src=3D"https://image=
s.scalero.io/email_assets/4014/5U91RL8QH35FF9HGFOAQOSQW8H4C5DPTZ2B6X3OWH55F=
47VW83M55HOB5IFV2UDZ.png" style=3D"width:45px;" width=3D"45"/></a></td>
<td style=3D"font-size:18px; color:#555555;line-height:22px=
; border-bottom: 1px solid #bbbbbb;"><a href=3D"https://email.puck.news/e/c=
/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdPNlNVM3lSbFhwR1FtdDVqT1dnQT0iLC=
JocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvYXV0aG9yL21hcmlvbi1tYW5la2VyLz91dG1fY2Ftc=
GFpZ249V2FsbCtQb3dlcistK0xFQURTKyUyODQlMkYxNiUyRjI0JTI5XHUwMDI2dXRtX2NvbnRl=
bnQ9V2FsbCtQb3dlcistK0xFQURTKyUyODQlMkYxNCUyRjI0JTI5XHUwMDI2dXRtX21lZGl1bT1=
lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09Zj=
ZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4Iiwib=
Glua19pZCI6ODQ3ODE3fQ/af33098928458e1a7a9e26392e17c844d96e491034e079718ca9d=
815643eab27" rel=3D"noopener" style=3D"text-decoration: none; color: #d70a0=
9;" target=3D"_blank"> <strong>MARION MANEKER</strong></a></td>
</tr>
</tbody></table>
</td>
</tr>
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<td style=3D"padding-bottom: 36px; color: #000000; font-size: 16p=
x; line-height: 30px; margin-top: 0; margin-bottom: 0;">Sotheby=E2=80=99s r=
ecently announced new fee structure officially went into effect yesterday. =
For the sales in May, the auction house is charging 26 percent on all bids =
up to $1 million; 20 percent on $1 million to $4.5 million; and 13.9 percen=
t thereafter. But for anything signed up <i>after </i>yesterday and sold <i=
>after May 20th</i>, Sotheby=E2=80=99s will charge a much simpler 20 percen=
t up to $6 million and 10 percent thereafter. To make up for the lost 6 per=
cent for bids up to $1 million, Sotheby=E2=80=99s will now enforce its vend=
or=E2=80=99s=E2=80=94or seller=E2=80=99s=E2=80=94commission of 10 percent o=
n all lots up to $500,000. <br/><br/>The new structure ostensibly accomplis=
hes a few objectives. Sotheby=E2=80=99s would appear to be cutting prices i=
n a slowdown, inducing buyers to bid more by mollifying their sticker shock=
over the house=E2=80=99s fees. Bidders have already lost patience with
the add-ons that come on top of the hammer price. At Sotheby=E2=80=99s, it =
starts with a 27 percent commission=E2=80=9426 percent plus a 1 percent ove=
rhead fee=E2=80=94and <i>then</i> the buyer adds local sales tax and some h=
idden costs like shipping. The house is also hoping to shift some of its fe=
e burden from the buyer to <i>the seller,</i> for whom it also provides sig=
nificant value. On some level, this is an overdue change given Sotheby=E2=
=80=99s extensive network and services, but it also masks a bolder move: So=
theby=E2=80=99s has announced it will stop giving its best clients some of =
the house=E2=80=99s fees. <br/><br/>This may seem like an attempt to rescue=
the art world from its current market purgatory, where buyers are trying t=
o expiate the sins of pandemic-era over-spending. Notably, however, neither=
Christie=E2=80=99s nor Phillips has so much as hinted that they would foll=
ow suit. Part of their wariness may come from the suspicion that the new pl=
an was concocted by executives far removed from the
selling floor. =E2=80=9CNo one who has ever sold art would have come up wit=
h that plan,=E2=80=9D one old hand told me last week. Many in the industry =
suspect the strategy was put together without enough thought. Across town, =
the feeling is that the new scheme might have been devised on the back of a=
cocktail napkin. <br/></td>
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<td style=3D"padding-bottom: 10px;"><a href=3D"https://emai=
l.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdPNlNVM3lSbFhwR1F=
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<td align=3D"center" style=3D"font-size:20px; line-height:34px=
; border-top:0px solid #d40000; padding: 24px 0;"><b>Drahi=E2=80=99s Securi=
ties</b></td>
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<td style=3D"padding-bottom: 36px; color: #000000; font-size: 16p=
x; line-height: 30px; margin-top: 0; margin-bottom: 0;">The new fees may se=
em nonsensical to some, but if the strategy doesn=E2=80=99t work, Sotheby=
=E2=80=99s owner, <b>Patrick Drahi</b>, will be faced with some tough choic=
es. The cable provider Altice, his primary business, is teetering atop its =
own mountain of debt and upside-down market valuation. Three years ago, Alt=
ice shares traded in the U.S. at more than $37; this week they closed at $2=
=2E05. A scandal involving one of th=
e telecom=E2=80=99s co-founders cannot be=
helping, either. Since taking Sotheby=E2=80=99s private for $3.7 billion, =
in 2019, Drahi has made some elaborate moves with the company=E2=80=99s rea=
l estate=E2=80=94freeing up cash to service the new back-office facility in=
Long Island City and Sotheby=E2=80=99s new East Side headquarters=E2=80=94=
in the <b>Marcel Breuer</b>-designed building that once housed the Whitney=
=E2=80=94which will open next year. Drahi is also said to be quietly
shopping as much as a 30 percent stake in Sotheby=E2=80=99s. (The house did=
n=E2=80=99t respond to my request for comment.)<br/><br/>On the balance she=
et side, Sotheby=E2=80=99s went to market last week with a $500 million sec=
uritization of a portfolio of art loans. News of the offering was picked up=
by most of the financial press, beguiled by the idea of art-backed financi=
al instruments. The security, which divides a portfolio of 89 loans against=
2,484 separate works with an appraised value of $1.42 billion, isn=E2=80=
=99t really about the art. It=E2=80=99s about the borrowers and their abili=
ty to pay back those short-term loans. By dividing the income streams into =
tranches, $347 million of the $500 million is rated AAA by Morningstar DBRS=
, Sotheby=E2=80=99s is lowering the cost of capital for its lending busines=
s, thereby increasing the division=E2=80=99s margins. <br/><br/>Sotheby=E2=
=80=99s superior market intelligence=E2=80=94the specialists who constantly=
price and trade art=E2=80=94makes this all possible. These are short-term
loans: 35 percent are for less than six months; a little more than 40 perce=
nt are for seven to 12 months. For the most part, the collateral risk is fa=
irly spread out. There are some very big loans in the security, but the ave=
rage is for $15.9 million against 28 different lots. And not all of the mon=
ey is against loans. A little more than 10 percent of the outstanding princ=
ipal is backed by three loans against consignor advances covering $144 mill=
ion worth of art. That=E2=80=99s $144 million in art that Sotheby=E2=80=99s=
will sell and make commissions on (via the old fee structure) because it w=
as able to front money to the consignors. <br/><br/>The loans aren=E2=80=99=
t risk-free, but Sotheby=E2=80=99s does well either way. If the borrowers p=
ay back their loans, Sotheby=E2=80=99s makes money on the spread. If they d=
on=E2=80=99t, Sotheby=E2=80=99s sells the art at favorable terms for itself=
, pockets the fees, and makes the trust backing the security whole. It woul=
d take a crisis like 2009 to put these notes at real
risk. And if that happens, Sotheby=E2=80=99s securitization will be the lea=
st of investors=E2=80=99 worries. <br/><br/>The $500 million raised by this=
securitization is nothing to sneeze at, but it=E2=80=99s really just the b=
eginning. Nearly a decade ago, when Sotheby=E2=80=99s installed new managem=
ent under pressure from activist investor <b>Dan Loeb</b>, expanding the lo=
an book was a priority. But the company soon found its bond rating under pr=
essure from the ballooning loan book and had to cut back on its lending. As=
a private company, Sotheby=E2=80=99s bonds are under even more pressure no=
w. Finding a source of cheaper off-balance-sheet capital was a strategic pr=
iority. <br/><br/>Solving that problem was the assignment for <b>Alexander =
Klabin</b>. Not long after Drahi bought Sotheby=E2=80=99s in 2019, he broug=
ht in the former hedge fund manager as an investor. Klabin had led a rival =
bid for the firm, but he really wanted Sotheby=E2=80=99s Financial Services=
=2E Instead of selling it to Klabin, Drahi formed a
strategic partnership with his firm, Ancient. This securitization is the fi=
rst big step in that transformation. If it sells well, Sotheby=E2=80=99s le=
nding=E2=80=94and, by extension, its auction business=E2=80=94will get a hu=
ge jolt of working capital at advantageous rates. <br/><br/>The effect of a=
ll this cheaper money won=E2=80=99t be felt immediately. While the $500 mil=
lion will help increase the lending business, the money doesn=E2=80=99t eas=
e the pressure on Drahi, since SFS has had its own funding facility for the=
last several years. But it might help attract an investor. In the meantime=
, to find a buyer for the stake he=E2=80=99s been shopping, Drahi will have=
to improve the firm=E2=80=99s cash flow. That=E2=80=99s where the new fee =
structure comes in. <br/></td>
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<td><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6=
ImRnVDJ4Z1lEQU5TTktOT05LQUdPNlNVM3lSbFhwR1FtdDVqT1dnQT0iLCJocmVmIjoiaHR0cHM=
6Ly9hZC5kb3VibGVjbGljay5uZXQvZGRtL3RyYWNrY2xrL04xOTU2NzI3LjQyMzU4NjVQVUNLTk=
VXUy9CMzE2MDYxOTUuMzkzMzU4Mzc3O2RjX3Rya19haWQ9NTg0ODI5ODU1O2RjX3Rya19jaWQ9M=
jEyMjM0MjczO2RjX2xhdD07ZGNfcmRpZD07dGFnX2Zvcl9jaGlsZF9kaXJlY3RlZF90cmVhdG1l=
bnQ9O3RmdWE9O2x0ZD07ZGNfdGR2PTE_dXRtX2NhbXBhaWduPVdhbGwrUG93ZXIrLStMRUFEUys=
lMjg0JTJGMTYlMkYyNCUyOVx1MDAyNnV0bV9jb250ZW50PVdhbGwrUG93ZXIrLStMRUFEUyslMj=
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XJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50=
ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjg1MDI1MX0/3010316531b=
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<td align=3D"center" style=3D"font-size:20px; line-height:34px=
; border-top:0px solid #d40000; padding: 24px 0;"><b>What Drahi Wants</b></=
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<tr class=3D"replica" name=3D"s11">
<td style=3D"padding-bottom: 36px; color: #000000; font-size: 16p=
x; line-height: 30px; margin-top: 0; margin-bottom: 0;">Today=E2=80=99s sit=
uation is eerily similar to 1990s market dislocation, though nowhere near a=
s severe, but the economic logic is still the same. Instead of engaging in =
brutal price competition during an art market recession, the two houses (Ph=
illips was a regional auction house then) defended their margins by not att=
acking each other. That d=C3=A9tente turned out to be the price-fixing scan=
dal that sent <b>Alfred Taubman</b> to jail. Of course, no one is going to =
collude with the competition today. Nevertheless, auction totals dropped by=
a quarter from 2022 to 2023; so far this year, they seem to be trending do=
wn further. With lower sales volume and the same fixed costs=E2=80=94the su=
rprise of the winter break in the auction world was the absence of signific=
ant personnel turnover, voluntary or forced=E2=80=94it would make sense for=
all three houses to think about
raising prices. <br/><br/>But that isn=E2=80=99t quite what Sotheby=E2=80=
=99s is doing this week. Instead, they=E2=80=99re just shifting the burden =
slightly from buyer to seller, which doesn=E2=80=99t actually help Christie=
=E2=80=99s or Phillips at all. By waiting, the other two will see if seller=
s will accept the vendor=E2=80=99s commission. When the vendor=E2=80=99s co=
mmission fell away decades ago as competition for consignments increased in=
the expanded art market, specialists started giving away some of the buyer=
=E2=80=99s premium to the seller. <br/><br/>These enhanced hammer deals sta=
rted for big consignments or high-volume consignors as alternatives to a di=
rect or third-party guarantee. In the hot markets we=E2=80=99ve seen since =
2015, many sellers didn=E2=80=99t want to accept guarantees that limited th=
eir downside but cut into a potential unexpected bonanza. So specialists ha=
d to use the only other inducement available: enhanced hammer deals. Since =
the pandemic, the use of enhanced hammer has metastasized through the
industry. Once only available to heavy hitters with marquee Evening sale pr=
operty, enhanced hammer deals began to creep into the day sales as speciali=
sts competed for property. A lot isn=E2=80=99t only valuable for the commis=
sion it makes. A strong sale will attract consignors with similar works by =
the same artists. So the logic of cutting commissions to make it up on the =
volume is almost too compelling for the ever-hopeful specialist. <br/><br/>=
In fact, one of the biggest problems with managing an auction business is t=
hat your sales force=E2=80=94the specialists and marketers who bring in con=
signments=E2=80=94have an incentive to undercut the business by giving away=
too many deal sweeteners to get the art works in the door. There=E2=80=99s=
no incentive to turn away business, even if that business won=E2=80=99t ma=
ke the house any money. (No one ever got promoted for turning down a great =
work of art from a very greedy consignor.) And, of course, once word gets o=
ut among the gossipy network of art advisors
and dealers, everyone demands the same terms. It=E2=80=99s simply a matter =
of status. <br/><br/>Sotheby=E2=80=99s isn=E2=80=99t the only firm bridling=
at their own excesses. Christie=E2=80=99s is said to have clamped down on =
enhanced hammer deals last fall, even to the point of turning away good bus=
iness. But Sotheby=E2=80=99s is using the launch of this new buyer-friendly=
fee structure to also announce the end of enhanced hammer deals across the=
board. Can the house win back margin from its own customers without losing=
them to the other guys? The back-channel communications with art advisors =
and heavy traders have been filled with mixed signals on that point. There =
have also been no reports of sales training or a company offsite that might=
suggest the rollout is coming from a unified front, and that it has real m=
uscle behind it. <br/><br/>We probably won=E2=80=99t begin to hear how it i=
s going until after the May sales, but property gathering for the June sale=
s in London has already begun. Phillips and
Christie=E2=80=99s have no incentive to move too quickly. If Sotheby=E2=80=
=99s really holds the line, as they say they will, Christie=E2=80=99s (and =
Phillips) can cut deals that are better than the ones they made last fall b=
ut still more advantageous to sellers. If Sotheby=E2=80=99s doesn=E2=80=99t=
hold the line, Phillips and Christie=E2=80=99s are not stuck defending Sot=
heby=E2=80=99s miscalculation. The much smaller Phillips really cannot move=
until Christie=E2=80=99s does. They=E2=80=99ll put themselves in an imposs=
ible position.<br/><br/>There=E2=80=99s one other hidden explanation for th=
e new fee structure that might give the other houses good reason to hold ba=
ck: Drahi wants to show potential investors an optimized business model for=
the industry where his success depends on much more than art. Today, Sothe=
by=E2=80=99s makes a lot of money from selling high-end real estate (both t=
hrough its license for Sotheby=E2=80=99s International Realty and its conci=
erge real estate auction business), classic cars, jewelry, and other fashio=
n items.
Luxury is supposed to be the future at Sotheby=E2=80=99s. Standardizing the=
seller=E2=80=99s commission across all of those categories may do enough t=
o improve Sotheby=E2=80=99s financial projections over the next few years t=
o land that investment Drahi wants, or perhaps needs. <br/><br/>Even if it =
doesn=E2=80=99t, Drahi has shown his competitors that he=E2=80=99s willing =
to take big bet-the-firm risks. That leaves his rivals with only one real o=
ption: Watch and marvel. <br/></td>
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ImRnVDJ4Z1lEQU5TTktOT05LQUdPNlNVM3lSbFhwR1FtdDVqT1dnQT0iLCJocmVmIjoiaHR0cHM=
6Ly9hZC5kb3VibGVjbGljay5uZXQvZGRtL3RyYWNrY2xrL04xOTU2NzI3LjQyMzU4NjVQVUNLTk=
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<!-- STORY ITEM -->
<tbody><tr class=3D"replica" name=3D"story1">
<td style=3D"padding-right: 10px; padding-bottom: 10px;" valig=
n=3D"top"><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1=
lEQU5TTktOT05LQUdPNlNVM3lSbFhwR1FtdDVqT1dnQT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrL=
m5ld3Mvd2lsbC1iaWJpLW5ldGFueWFodS1lc2NhbGF0ZS13aXRoLWlyYW4vP3V0bV9jYW1wYWln=
bj1XYWxsK1Bvd2VyKy0rTEVBRFMrJTI4NCUyRjE2JTJGMjQlMjlcdTAwMjZ1dG1fY29udGVudD1=
XYWxsK1Bvd2VyKy0rTEVBRFMrJTI4NCUyRjE0JTJGMjQlMjlcdTAwMjZ1dG1fbWVkaXVtPWVtYW=
lsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNmM2M=
DYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5r=
X2lkIjo4NDk2MDB9/4eda107f0d7815301335a7854a047b856b74ebc8167013c7ab2e78e770=
71de03" target=3D"_blank"><img alt=3D"Bibi=E2=80=99s Cabinet Crisis" class=
=3D"w80" src=3D"https://userimg-bee.customeriomail.com/images/client-env-10=
7382/Icon_Martini.png" style=3D"width:145px;" width=3D"145"/></a></td>
<td class=3D"padB30" style=3D"padding-bottom: 10px;">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" class=
=3D"w100pct" role=3D"presentation" style=3D"width: 100%;" width=3D"100%">
<tbody><tr>
<td class=3D"padB10" style=3D"padding-bottom: 20px;"><a cla=
ss=3D"fs22" href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1l=
EQU5TTktOT05LQUdPNlNVM3lSbFhwR1FtdDVqT1dnQT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm=
5ld3Mvd2lsbC1iaWJpLW5ldGFueWFodS1lc2NhbGF0ZS13aXRoLWlyYW4vP3V0bV9jYW1wYWlnb=
j1XYWxsK1Bvd2VyKy0rTEVBRFMrJTI4NCUyRjE2JTJGMjQlMjlcdTAwMjZ1dG1fY29udGVudD1X=
YWxsK1Bvd2VyKy0rTEVBRFMrJTI4NCUyRjE0JTJGMjQlMjlcdTAwMjZ1dG1fbWVkaXVtPWVtYWl=
sX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNmM2MD=
YxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX=
2lkIjo4NDk2MDB9/4eda107f0d7815301335a7854a047b856b74ebc8167013c7ab2e78e7707=
1de03" rel=3D"noopener" style=3D"text-decoration: none; color: #d40000; fon=
t-size: 22px; font-weight: 700; line-height: 26px; font-family: Beskerville=
,Georgia,'Times New Roman',Times,serif;" target=3D"_blank">Bibi=E2=
=80=99s Cabinet Crisis</a></td>
</tr>
<tr>
<td class=3D"padB10 fs14" style=3D"font-size:14px;color:#55=
5;line-height:16px; padding-bottom: 20px;">Inside Israel=E2=80=99s national=
security nightmare.</td>
</tr>
<tr>
<td class=3D"fs14" style=3D"font-size:14px;color:#000000;li=
ne-height:16px;"><strong>JULIA IOFFE</strong></td>
</tr>
</tbody></table>
</td>
</tr>
<!-- END OF STORY ITEM -->
<!-- STORY ITEM -->
<tr class=3D"replica" name=3D"story2">
<td style=3D"padding-right: 10px; padding-bottom: 10px;" valig=
n=3D"top"><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1=
lEQU5TTktOT05LQUdPNlNVM3lSbFhwR1FtdDVqT1dnQT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrL=
m5ld3MvYmlsbGlvbmFpcmUtYm9pZXMtY2x1Yi8_dXRtX2NhbXBhaWduPVdhbGwrUG93ZXIrLStM=
RUFEUyslMjg0JTJGMTYlMkYyNCUyOVx1MDAyNnV0bV9jb250ZW50PVdhbGwrUG93ZXIrLStMRUF=
EUyslMjg0JTJGMTQlMkYyNCUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dX=
RtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4I=
iwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjg0OTUxNH0/b4b7=
40f382f8af4d07ebbd8ffd37307fa4ee7e03de9fbddaefcbc0ff4fdf5d0a" target=3D"_bl=
ank"><img alt=3D"Billionaire Boies Club" class=3D"w80" src=3D"https://useri=
mg-bee.customeriomail.com/images/client-env-107382/Icon_MoneyBag.png" style=
=3D"width:145px;" width=3D"145"/></a></td>
<td class=3D"padB30" style=3D"padding-bottom: 10px;">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" class=
=3D"w100pct" role=3D"presentation" style=3D"width: 100%;" width=3D"100%">
<tbody><tr>
<td class=3D"padB10" style=3D"padding-bottom: 20px;"><a cla=
ss=3D"fs22" href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1l=
EQU5TTktOT05LQUdPNlNVM3lSbFhwR1FtdDVqT1dnQT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm=
5ld3MvYmlsbGlvbmFpcmUtYm9pZXMtY2x1Yi8_dXRtX2NhbXBhaWduPVdhbGwrUG93ZXIrLStMR=
UFEUyslMjg0JTJGMTYlMkYyNCUyOVx1MDAyNnV0bV9jb250ZW50PVdhbGwrUG93ZXIrLStMRUFE=
UyslMjg0JTJGMTQlMkYyNCUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXR=
tX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4Ii=
wiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjg0OTUxNH0/b4b74=
0f382f8af4d07ebbd8ffd37307fa4ee7e03de9fbddaefcbc0ff4fdf5d0a" rel=3D"noopene=
r" style=3D"text-decoration: none; color: #d40000; font-size: 22px; font-we=
ight: 700; line-height: 26px; font-family: Beskerville,Georgia,'Times N=
ew Roman',Times,serif;" target=3D"_blank">Billionaire Boies Club</a></t=
d>
</tr>
<tr>
<td class=3D"padB10 fs14" style=3D"font-size:14px;color:#55=
5;line-height:16px; padding-bottom: 20px;">Dissecting the superstar litigat=
or=E2=80=99s potential billion-dollar windfall.</td>
</tr>
<tr>
<td class=3D"fs14" style=3D"font-size:14px;color:#000000;li=
ne-height:16px;"><strong>ERIQ GARDNER</strong></td>
</tr>
</tbody></table>
</td>
</tr>
<!-- END OF STORY ITEM -->
<!-- STORY ITEM -->
<tr class=3D"replica" name=3D"story3">
<td style=3D"padding-right: 10px; padding-bottom: 10px;" valig=
n=3D"top"><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1=
lEQU5TTktOT05LQUdPNlNVM3lSbFhwR1FtdDVqT1dnQT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrL=
m5ld3MvY2FuLWpvaG4tZ2FsbGlhbm8tZ28taG9tZS1hZ2Fpbi8_dXRtX2NhbXBhaWduPVdhbGwr=
UG93ZXIrLStMRUFEUyslMjg0JTJGMTYlMkYyNCUyOVx1MDAyNnV0bV9jb250ZW50PVdhbGwrUG9=
3ZXIrLStMRUFEUyslMjg0JTJGMTQlMkYyNCUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW=
9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkM=
zAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjg0=
ODcxMH0/f596faed78df154e5787f5274c5ec1f5fa3e6b9208a011f1e5ec2543c3697a29" t=
arget=3D"_blank"><img alt=3D"Galliano=E2=80=99s LVMH Boomerang" class=3D"w8=
0" src=3D"https://userimg-bee.customeriomail.com/images/client-env-107382/I=
con_UFO.png" style=3D"width:145px;" width=3D"145"/></a></td>
<td class=3D"padB30" style=3D"padding-bottom: 10px;">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" class=
=3D"w100pct" role=3D"presentation" style=3D"width: 100%;" width=3D"100%">
<tbody><tr>
<td class=3D"padB10" style=3D"padding-bottom: 20px;"><a cla=
ss=3D"fs22" href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1l=
EQU5TTktOT05LQUdPNlNVM3lSbFhwR1FtdDVqT1dnQT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm=
5ld3MvY2FuLWpvaG4tZ2FsbGlhbm8tZ28taG9tZS1hZ2Fpbi8_dXRtX2NhbXBhaWduPVdhbGwrU=
G93ZXIrLStMRUFEUyslMjg0JTJGMTYlMkYyNCUyOVx1MDAyNnV0bV9jb250ZW50PVdhbGwrUG93=
ZXIrLStMRUFEUyslMjg0JTJGMTQlMkYyNCUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9=
uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMz=
AxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjg0O=
DcxMH0/f596faed78df154e5787f5274c5ec1f5fa3e6b9208a011f1e5ec2543c3697a29" re=
l=3D"noopener" style=3D"text-decoration: none; color: #d40000; font-size: 2=
2px; font-weight: 700; line-height: 26px; font-family: Beskerville,Georgia,=
'Times New Roman',Times,serif;" target=3D"_blank">Galliano=E2=80=99=
s LVMH Boomerang</a></td>
</tr>
<tr>
<td class=3D"padB10 fs14" style=3D"font-size:14px;color:#55=
5;line-height:16px; padding-bottom: 20px;">On the burbling speculation surr=
ounding the designer=E2=80=99s next move.</td>
</tr>
<tr>
<td class=3D"fs14" style=3D"font-size:14px;color:#000000;li=
ne-height:16px;"><strong>LAUREN SHERMAN</strong></td>
</tr>
</tbody></table>
</td>
</tr>
<!-- END OF STORY ITEM -->
<!-- STORY ITEM -->
<tr class=3D"replica" name=3D"story4">
<td style=3D"padding-right: 10px; padding-bottom: 10px;" valig=
n=3D"top"><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1=
lEQU5TTktOT05LQUdPNlNVM3lSbFhwR1FtdDVqT1dnQT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrL=
m5ld3MvZGlhbW9uZC1zcG9ydHMtc2FnYS1uZWFycy1lbmQvP3V0bV9jYW1wYWlnbj1XYWxsK1Bv=
d2VyKy0rTEVBRFMrJTI4NCUyRjE2JTJGMjQlMjlcdTAwMjZ1dG1fY29udGVudD1XYWxsK1Bvd2V=
yKy0rTEVBRFMrJTI4NCUyRjE0JTJGMjQlMjlcdTAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvbl=
x1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwM=
WQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjo4NDk2=
NDN9/c1a743c812ce29e5858eb06073d12fc9ac306ab414dfad1b45089bec53955f57" targ=
et=3D"_blank"><img alt=3D"Diamond=E2=80=99s R.S.N. Prayers" class=3D"w80" s=
rc=3D"https://userimg-bee.customeriomail.com/images/client-env-107382/Icon_=
Ace.png" style=3D"width:145px;" width=3D"145"/></a></td>
<td class=3D"padB30" style=3D"padding-bottom: 10px;">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" class=
=3D"w100pct" role=3D"presentation" style=3D"width: 100%;" width=3D"100%">
<tbody><tr>
<td class=3D"padB10" style=3D"padding-bottom: 20px;"><a cla=
ss=3D"fs22" href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1l=
EQU5TTktOT05LQUdPNlNVM3lSbFhwR1FtdDVqT1dnQT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm=
5ld3MvZGlhbW9uZC1zcG9ydHMtc2FnYS1uZWFycy1lbmQvP3V0bV9jYW1wYWlnbj1XYWxsK1Bvd=
2VyKy0rTEVBRFMrJTI4NCUyRjE2JTJGMjQlMjlcdTAwMjZ1dG1fY29udGVudD1XYWxsK1Bvd2Vy=
Ky0rTEVBRFMrJTI4NCUyRjE0JTJGMjQlMjlcdTAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx=
1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMW=
Q0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjo4NDk2N=
DN9/c1a743c812ce29e5858eb06073d12fc9ac306ab414dfad1b45089bec53955f57" rel=
=3D"noopener" style=3D"text-decoration: none; color: #d40000; font-size: 22=
px; font-weight: 700; line-height: 26px; font-family: Beskerville,Georgia,&=
#39;Times New Roman',Times,serif;" target=3D"_blank">Diamond=E2=80=99s =
R.S.N. Prayers</a></td>
</tr>
<tr>
<td class=3D"padB10 fs14" style=3D"font-size:14px;color:#55=
5;line-height:16px; padding-bottom: 20px;">A close look at Diamond Sports=
=E2=80=99 R.S.N. negotiation gauntlet.</td>
</tr>
<tr>
<td class=3D"fs14" style=3D"font-size:14px;color:#000000;li=
ne-height:16px;"><strong>JOHN OURAND</strong></td>
</tr>
</tbody></table>
</td>
</tr>
<!-- END OF STORY ITEM -->
</tbody></table>
</td>
</tr>
</tbody></table>
</td>
</tr>
<!-- END OF OTHER STORIES -->
<!-- DIVIDER -->
<tr class=3D"replica" name=3D"quote3">
<td align=3D"center" style=3D"padding-bottom: 20px;">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" class=3D"w1=
00pct" role=3D"presentation" style=3D"width: 540px;" width=3D"540">
<tbody><tr>
<td align=3D"center" style=3D"font-size:20px; line-height:34px; b=
order-top:1px solid #BBBBBB; padding: 0px 0;">
</td>
</tr>
</tbody></table>
</td>
</tr>
<!-- DIVIDER -->
<!-- IMAGE -->
<tr>
<td align=3D"center" class=3D"padL12 padR12" style=3D"padding: 10px;=
"><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTk=
tOT05LQUdPNlNVM3lSbFhwR1FtdDVqT1dnQT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mva=
m9pbi8_dXRtX2NhbXBhaWduPVdhbGwrUG93ZXIrLStMRUFEUyslMjg0JTJGMTYlMkYyNCUyOVx1=
MDAyNnV0bV9jb250ZW50PVdhbGwrUG93ZXIrLStMRUFEUyslMjg0JTJGMTQlMkYyNCUyOVx1MDA=
yNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MD=
AyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZ=
DMwMWQ0OGQyOCIsImxpbmtfaWQiOjU1ODY3OX0/4d7a070250035dbfbc6bb6e1ecfe07e31149=
b331c1e3601991c48e442703cb5f" target=3D"_blank"><img alt=3D"Start your free=
trial today" class=3D"w100pct" src=3D"https://images.scalero.io/email_asse=
ts/2253/7RWTT0DHVQ58C08FARBHACTOFLPIIERZ38SQAJ21ZIY1UZI7QAIIR83OH81KK0QN.pn=
g" style=3D"width:540px;border: 0;" width=3D"540"/></a></td>
</tr>
<!-- END OF IMAGE -->
<!-- FOOTER -->
<tr>
<td align=3D"center" class=3D"padL20 padR20" style=3D"padding: 50px =
0 30px;">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"pre=
sentation" width=3D"100%">
<tbody><tr>
<td align=3D"center" style=3D"padding-bottom: 20px;"><a href=3D"h=
ttps://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdPNlNV=
M3lSbFhwR1FtdDVqT1dnQT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvP3V0bV9jYW1wYWl=
nbj1XYWxsK1Bvd2VyKy0rTEVBRFMrJTI4NCUyRjE2JTJGMjQlMjlcdTAwMjZ1dG1fY29udGVudD=
1XYWxsK1Bvd2VyKy0rTEVBRFMrJTI4NCUyRjE0JTJGMjQlMjlcdTAwMjZ1dG1fbWVkaXVtPWVtY=
WlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNmM2=
MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5=
rX2lkIjoxfQ/9cc2d86eae9aa930fbad0fbbba8f5ab5dc0baf860ce48cabdfe05b0eaac712b=
4" target=3D"_blank"><img alt=3D"Puck" src=3D"https://images.scalero.io/ema=
il_assets/2419/PH11UUE1DH0FLVW3ZTAP8F32P0TL01M9PHL0QR4EMT1VD8R7ZBZMSHRDZGEB=
64OU.png" style=3D"width:120px;border: 0;" width=3D"120"/></a></td>
</tr>
<!-- FOOTER SOCIAL -->
<tr>
<td align=3D"center" style=3D"padding-bottom: 16px;">
<table align=3D"center" cellpadding=3D"0" cellspacing=3D"0" role=
=3D"presentation">
<tbody><tr>
<td style=3D"padding: 0 10px;"><a href=3D"https://email.puck.n=
ews/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdPNlNVM3lSbFhwR1FtdDVqT1d=
nQT0iLCJocmVmIjoiaHR0cHM6Ly9mYWNlYm9vay5jb20vcHVja2RvdG5ld3M_dXRtX2NhbXBhaW=
duPVdhbGwrUG93ZXIrLStMRUFEUyslMjg0JTJGMTYlMkYyNCUyOVx1MDAyNnV0bV9jb250ZW50P=
VdhbGwrUG93ZXIrLStMRUFEUyslMjg0JTJGMTQlMkYyNCUyOVx1MDAyNnV0bV9tZWRpdW09ZW1h=
aWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzY=
wNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbm=
tfaWQiOjEwfQ/215501a2e17c4a7e5ab9a85b4c0d38f73e1f84a9e3771172163fbb1e993a50=
6c" target=3D"_blank"><img alt=3D"Facebook" height=3D"48" src=3D"https://im=
ages.scalero.io/email_assets/2370/JQ413334NLVVPW2HD33POEGGI8TVO1QB9OXTB1HDO=
KECZZ6WZHAW0NQTM324I4EB.png" width=3D"48"/></a></td>
<td style=3D"padding: 0 10px;"><a href=3D"https://email.puck.n=
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