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Subject: New York Mid-Season Sales Analysis, March 2023
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View this post on the web at https://artelligence.substack.com/p/new-york-m=
id-season-sales-analysis
Welcome back to the Artelligence newsletter. Combined with the Artelligence=
podcast, this is the new home for news and analysis of the global art mark=
et from Art Market Monitor and LiveArt.
If you have questions, tips or suggestions for coverage, feel free to conta=
ct us here [ mailto:maneker@artmarketmonitor.com ].
Please feel free to forward the newsletter to anyone you think would like t=
o subscribe. If you don=E2=80=99t want or need another newsletter, feel fre=
e to unsubscribe. But we hope you=E2=80=99ll stick with us.
Higher Total Sales in a Slower Market
The art market in New York showed surprising strength last week. In London=
, the week before, sale volumes and average prices were off by 30%; in New =
York, on a sale-for-sale basis, sale totals were only off by 4.5% but the a=
verage prices were down nearly 28%. On the one hand, these numbers suggest =
a serious market retreat. On the other hand, there is additional evidence t=
hat might point to London experiencing a secular shift as a sales center th=
at accounts for the 30% drop.=20
In these like-for-like sales, the three auction houses offered and sold in =
New York more lots in 2023 than they did in 2022. That kept sale totals cl=
ose to the previous year even as the average prices dropped. Another way to=
say that is that demand from art buyers did not wane. It merely shifted to=
lower value works. Buyers bought more of those lower value works to uphold=
the year-over-year sale totals.
This is an important market signal. We=E2=80=99ve discussed the presumption=
that a economic recession would prompt a =E2=80=9Cflight to quality.=E2=80=
=9D Yet in these results we=E2=80=99re seeing something slightly different.=
One sales cycle, especially one that focuses on lower value works, does no=
t determine a trend. But it is an interesting market signal.=20
The New York sales cycle had two additional single-owner sales that boosted=
the overall total for the week. Both sales were held Christie=E2=80=99s; b=
oth featured a mix of art work and design objects. Adam Lindemann was the n=
amed collector; another figure from the Pacific Islands was the other.=C2=
=A0
The additional $34 million in art works (not counting the design objects or=
photographs sold) helped increase the market activity in New York in 2023 =
over 2022. Comparing 2023 to 2022, the total money spent on art was up 31.6=
% with the number of sold lots rising 28%. When the two single-owner sales =
are added, the average prices were essentially a wash. In 2022, the sales h=
ad an average price of $161,778 but this year, with the single-owner sales,=
the average price reached $159,473.
SELL TO MEET DEMAND: There is a Trading Floor request from a pre-qualified =
LiveArt collector for an Etel Adnan landscape in the range of $200,000.
A Tepid Market with Sufficient Demand
On the basis of these sales, the Contemporary art market still has a lot of=
demand; however, these sales suggest the market has lost last year=E2=80=
=99s intensity. The hammer ratio this season reached 1.05 which suggests a =
cooling market as buyers resist estimates.
The 82% sell-through rate also reflects a retreat from 85% last year. There=
is a softening of competition for works.=20
Of the lots sold, the proportion of lots sold above, within and below the e=
stimates is evenly distributed with a slight bias toward the estimate range=
=2E A third of works sold went for prices=
above the estimate range; 39% sold =
within the estimates; and 28% were sacrificed at prices below the low estim=
ate.=C2=A0
MARKET PROOF: Cecily Brown=E2=80=99s Running Scared (2010) sold last week a=
t Christie=E2=80=99s for $2,601,000; A LiveArt collector is looking for a p=
ainting by Brown for up to $5,000,000.
Adam LIndemann Lands on Top
Without Adam Lindemann=E2=80=99s single-owner sale, the top lots would have=
been Alma Thomas=E2=80=99s Snow Reflections what was bid to more than thre=
e times the estimates and Cecily Brown=E2=80=99s Running Scared which made =
three and a half times the estimate. Those sales were driven by the demand =
for each artist=E2=80=99s work but also reflect the strong interest in work=
by women. A recent report used the art market to try to show the poor prog=
ress made in representation but it focused on the entire art market. Women =
artists remain under-represented in the Contemporary and 21st Century art m=
arkets but make up a greater portion of the market share than in the broade=
r art market.=20
The top 50 artists in the New York sales cycle contain the work of 14 femal=
e artists. Given the long lead time required to accumulate value in the art=
market, women will continue to make the most progress in 21st Century art =
sales that are biased toward the most recent work.=C2=A0
Alice Neel [ https://substack.com/redirect/9f1d85c1-05a6-49e9-8e94-a67e3db6=
182e?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]=
=E2=80=99s [ https://substack.com/redirect/9f1d85c1-05a6-49e9-8e94-a67e3db=
6182e?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]=
Abe=E2=80=99s Grandchildren [ https://substack.com/redirect/9f1d85c1-05a6-=
49e9-8e94-a67e3db6182e?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigH=
Xx6Fx_g6pp7gWdY ]made a strong sale at Sotheby=E2=80=99s [ https://substack=
=2Ecom/redirect/9f1d85c1-05a6-49e9-8e94-a=
67e3db6182e?j=3DeyJ1IjoiMjdjZXI5In0.=
nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ] to add another woman to the l=
ist of top prices. Shara Hughes=E2=80=99s continuing market strength has de=
fied expectations what her market would need a hiatus to rebuild demand.=C2=
=A0
Adam Lindemann=E2=80=99s own works were sold reasonably well against estima=
tes but the five top works=E2=80=94with Alma Thomas and Cecily Brown sandwi=
ched in between=E2=80=94all sold for prices at the low end of the estimates=
or below the low estimate. These five lots also happen to be easily tracke=
d against previous auction sales. The only work among the five that was sol=
d for a price greater than the acquisition price was the Hirst medicine cab=
inet which was originally bought in 2004.=C2=A0
The other noteworthy sale among the top 25 lots was Richard Estes=E2=80=99s=
Gifts of Nature from 1978. More than six-and-a-half feet wide, the paintin=
g made $1.28 million which is a new record for the artist by a good 50% ove=
r the last record price set in 2020 [ https://substack.com/redirect/a4cd5cb=
c-c3a5-441a-81ce-5d8d9a23c506?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe=
5iRnigHXx6Fx_g6pp7gWdY ]. Three of Estes=E2=80=99s top five prices were set=
in the last six months=E2=80=94all at Christie=E2=80=99s.
GET (PHOTO)REAL: Richard Estes=E2=80=99 record was reset by a particularly =
large painting last week, and 3 of his top 5 prices were paid in the past c=
alendar year; On the Trading Floor, a collector is seeking a painting by Ri=
chard Estes for $400,000.
Market Share
Andy Warhol=E2=80=99s market share in these sales was boosted by Lindemann=
=E2=80=99s Little Electric Chair =C2=A0which accounted for half of the tota=
l for the artist. The additional boost of a new top price for a set of Warh=
ol=E2=80=99s Campbell=E2=80=99s Soup I from 1968. At $1.8 million, the comp=
lete set of prints sold for nearly 50% more than a set auctioned at the end=
of October for $1.26 million. That=E2=80=99s a big rise for a work made in=
an edition of 250.=C2=A0
Alexander Calder usually provides these sales with ample material. This sea=
son, there were only five lots from the artist and one, a mobile sold by Li=
ndemann, made up the vast majority of the total. Jeff Koons made the market=
share list with the one work from the Banality series sold by Lindemann. =
Alma Thomas=E2=80=99s one runaway sale was enough to account for nearly 4% =
of the sale totals. At $3.3m with premium it is now Thomas=E2=80=99s highes=
t priced auction sale. Cecily Brown had only two works on offer this time. =
Both sold for more than three times their estimates. Alex Katz=E2=80=99s wo=
rk seems to be having a strong doppler effect from the Guggenheim retrospec=
tive. Seven works sold at a wide range of price points mostly within estima=
tes but with one work making 2.5 times the low estimate for a 1985 work. Ri=
chard Prince also saw the benefits of the Lindemann sale to make the market=
share list with three works, two from Lindemann. Damien Hirst, too. Four J=
osef Albers lots, all selling within the estimates or near the low estimate=
s, made solid prices based on the recent strong sales for the artist. Ed Ru=
scha actually had a tough auction cycle with 40% of the lots offered gettin=
g bought in. The bulk of the value came from the cover lot of the Pacific I=
slander=E2=80=99s single-owner sale. That work sold below the low estimate =
but it was still enough to account for 2.23% of the spending. Wayne Thiebau=
d had a similar trajectory: three lots offered, two sold but still enough f=
rom a single lot to make nearly 2% of the money spent. Wade Guyton=E2=80=99=
s work from the Lindemann sale also vaulted it into the top 12 names by mar=
ket share.=C2=A0
HANG TIGHT: Alexander Calder=E2=80=99s Black Disc with Flags (1939) sold in=
the ADAM sale for $5,460,000; There is a Trading Floor request for a Calde=
r mobile in the realm of =C2=A33,000,000.
The Affordable Art Fair
The weakness at the top of the market is evident in the bidding quintiles. =
We divided the 730 lots offered into quintiles. The top 146 works had an av=
erage estimate of over $380,000 but a hammer ratio of only .99. Those works=
sold for an average price of $624,018. (**Average premium prices are much =
higher than the hammer ratio due to the survivorship bias. That means we av=
erage the estimates for the quintile but only use the sold lots from that g=
roup to calculate the average premium price.) The second quintile had an av=
erage estimate of just under $65,000. The bidding was a healthy 1.25 hammer=
ratio for an average selling price of $125,000. In real world terms, that =
means if you=E2=80=99re bidding on a lot that sells around $125,000 you=E2=
=80=99re going to face some competition but not too much. The middle quinti=
le was stronger than the quintile. There a 1.32 hammer ratio was seen for w=
orks estimated around $30,000 and selling for an average of $60,000. The mi=
ddle low quintile was slightly weaker than both of the above with a 1.20 ha=
mmer ratio for works estimated around $15,000 and selling for an average of=
$26,000. But the strongest bidding was seen in the bottom quintile where l=
ots with an average estimate of $6500 got bid to a 1.38 hammer ratio. Those=
works sold for an average of $13,000.=C2=A0
Think about that: the most intense bidding this sales cycle was for works i=
n the low five-figure range. These are the most affordable art works the au=
ction houses sell.=C2=A0
YES SIREE BOB: Last week, Bob Thompson=E2=80=99s Tree of Engulfers, 1960 so=
ld for $69,300 with a hammer ratio of 4.62, indicating strong collector dem=
and; A LiveArt collector is looking for a painting by Thomas with a tentati=
ve budget cap of $200,000 but some flexibility for particularly spectacular=
works.
Hammered Hard
The list of the works with the most dynamic bidding was a potpourri of arti=
sts, especially female artists who made up more than half of the list. At a=
range of price points, buyers were chasing after a range of historical art=
ists like Bob Thompson and Ethel Schwabacher, as well as Contemporary paint=
ers like Daisy Dodd-Noble and Jason Boyd Kinsella.=C2=A0
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padding-top: 55%;
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@media (max-width: 650px) {
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min-width: calc(100% - 20px);
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left: 8px;
top: 45px;
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g src=3D"https://mailgun.substack.com/api/v1/email/open?token=3DeyJtIjoiPDI=
wMjMwMzE0MTIwMDM5LjMuMjAzMTJiNDk5MDVkMjc3YUBtZzIuc3Vic3RhY2suY29tPiIsInUiOj=
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vJgl89Lo0oRVQ7mQn2cuU" alt=3D"" width=3D"1" height=3D"1" border=3D"0" style=
=3D"height:1px !important;width:1px !important;border-width:0 !important;ma=
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tation" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" cla=
ss=3D"email-body-container"><tr><td></td><td width=3D"550" class=3D"content=
"></td><td></td></tr><tr><td></td><td align=3D"left" 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"=
presentation" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"=
0"><tr><td align=3D"right" style=3D"height: 20px;"><table role=3D"presentat=
ion" width=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><t=
d style=3D"vertical-align: middle;"><span class=3D"tw-font-body tw-text-ssm=
tw-text-substack-secondary" style=3D"color: #808080 !important; font-famil=
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=3Demail&redirect=3Dapp-store" class=3D"tw-text-substack-secondary tw-under=
line" style=3D"-webkit-text-decoration-line: underline !important; color: #=
808080 !important; text-decoration-line: underline !important;">Open in app=
</a> or <a href=3D"https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9hcnRl=
bGxpZ2VuY2Uuc3Vic3RhY2suY29tL3AvbmV3LXlvcmstbWlkLXNlYXNvbi1zYWxlcy1hbmFseXN=
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4fbylEv-FS7XDV8TSDAxWa2tM?" class=3D"tw-text-substack-secondary tw-underlin=
e" style=3D"-webkit-text-decoration-line: underline !important; color: #808=
080 !important; text-decoration-line: underline !important;">online</a></sp=
an></td></tr></table></td></tr></table><table role=3D"presentation" width=
=3D"auto" class=3D"header graphic-header" style=3D"border-spacing: 0; paddi=
ng: 16px 0 32px;"><tr><td align=3D"center" style=3D"padding: 0; text-align:=
center;"><a href=3D"https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9hcn=
RlbGxpZ2VuY2Uuc3Vic3RhY2suY29tL3AvbmV3LXlvcmstbWlkLXNlYXNvbi1zYWxlcy1hbmFse=
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Mzg3MzQ0LCJpc3MiOiJwdWItMCIsInN1YiI6ImxpbmstcmVkaXJlY3QifQ.X2n-TW-KSLOD_fS_=
ql4fbylEv-FS7XDV8TSDAxWa2tM?"><img role=3D"presentation" width=3D"550" heig=
ht=3D"110" src=3D"https://substackcdn.com/image/fetch/w_1100,c_limit,f_auto=
,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amaz=
onaws.com%2Fpublic%2Fimages%2Fe3cfc2fc-ffba-4eae-8c1a-7c9381cc0cef_1100x220=
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order: none !important; display: blo=
ck; height: auto; margin: 0 auto; max-width: 550px; vertical-align: middle;=
width: 100%;"></a></td></tr></table><div dir=3D"auto" class=3D"post typogr=
aphy" style=3D"font-size: 16px; line-height: 26px; padding: 16px 0 0 0;"><d=
iv class=3D"post-header" style=3D"font-size: 16px; line-height: 26px;"><h1 =
class=3D"post-title published" style=3D"-moz-osx-font-smoothing: subpixel-a=
ntialiased; -webkit-font-smoothing: subpixel-antialiased; color: #404040; f=
ont-family: 'SF Compact Display', -apple-system, BlinkMacSystemFont, 'Segoe=
UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI =
Emoji', 'Segoe UI Symbol'; font-size: 32px; font-weight: bold; line-height:=
36px; margin: 0;"><a href=3D"https://substack.com/app-link/post?publicatio=
n_id=3D2259&post_id=3D108223818&utm_source=3Dpost-email-title&isFreemail=3D=
true&token=3DeyJ1c2VyX2lkIjoxMzMyNjg2NjEsInBvc3RfaWQiOjEwODIyMzgxOCwiaWF0Ij=
oxNjc4Nzk1MzQ0LCJleHAiOjE2ODEzODczNDQsImlzcyI6InB1Yi0yMjU5Iiwic3ViIjoicG9zd=
C1yZWFjdGlvbiJ9.F0Gmo9eO_7iwRO7rvyhZxl7hr1gWePAw8fM-To2uw30" style=3D"color=
: #404040; text-decoration: none;">New York Mid-Season Sales Analysis, Marc=
h 2023</a></h1><h3 class=3D"subtitle" style=3D"-moz-osx-font-smoothing: sub=
pixel-antialiased; -webkit-font-smoothing: subpixel-antialiased; color: #80=
8080; font-family: 'SF Compact Display', -apple-system, BlinkMacSystemFont,=
'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Se=
goe UI Emoji', 'Segoe UI Symbol'; font-size: 18px; font-weight: normal; lin=
e-height: 24px; margin: 4px 0 0; margin-top: 12px;">21st Century art at low=
er price points is buoying a market that everyone thought would fade. </h3>=
<table role=3D"presentation" width=3D"100%" border=3D"0" cellspacing=3D"0" =
cellpadding=3D"0" class=3D"post-meta" style=3D"align-items: center; height:=
20px; margin: 1em 0;"><tr><td><table role=3D"presentation" width=3D"auto" =
border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td><table role=3D"pre=
sentation" width=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0">=
<tr><td style=3D"vertical-align: middle;"><div class=3D"frontend-pencraft-T=
ext-module__reset--20JLV frontend-pencraft-Text-module__size-12--2onFT fron=
tend-pencraft-Text-module__line-height-20--1soeQ frontend-pencraft-Text-mod=
ule__weight-medium--aTbx5 frontend-pencraft-Text-module__font-meta--2i-cR f=
rontend-pencraft-Text-module__color-primary--2I-sF frontend-pencraft-Text-m=
odule__meta--3RRSj custom-css-email-post-author" style=3D"color: #404040; f=
ont-family: 'SF Compact Text', 'SF Pro Text', -apple-system, BlinkMacSystem=
Font, 'Inter', 'Segoe UI', Roboto,
Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'S=
egoe UI Symbol'; font-size: 12px; font-weight: 500; letter-spacing: 0.2px; =
line-height: 20px; margin: 0; text-decoration: unset; text-transform: upper=
case;"><a href=3D"https://substack.com/redirect/856bc0e5-4b9b-4d2e-9c7b-183=
05bce0cc7?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gW=
dY" style=3D"color: #404040; font-family: 'SF Compact Text', 'SF Pro Text',=
-apple-system, BlinkMacSystemFont, 'Inter', 'Segoe UI', Roboto,
Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'S=
egoe UI Symbol'; font-size: 12px; font-weight: 500; letter-spacing: 0.2px; =
line-height: 20px; margin: 0; text-decoration: none; text-transform: upperc=
ase;" class=3D"frontend-pencraft-Text-module__reset--20JLV frontend-pencraf=
t-Text-module__size-12--2onFT frontend-pencraft-Text-module__line-height-20=
--1soeQ frontend-pencraft-Text-module__weight-medium--aTbx5 frontend-pencra=
ft-Text-module__font-meta--2i-cR frontend-pencraft-Text-module__color-prima=
ry--2I-sF frontend-pencraft-Text-module__meta--3RRSj">Marion Maneker</a></d=
iv></td></tr></table></td></tr><tr><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 class=3D"frontend-pencraft-Text-module__rese=
t--20JLV frontend-pencraft-Text-module__size-12--2onFT frontend-pencraft-Te=
xt-module__line-height-20--1soeQ frontend-pencraft-Text-module__weight-medi=
um--aTbx5 frontend-pencraft-Text-module__font-meta--2i-cR frontend-pencraft=
-Text-module__color-secondary--XjVGl frontend-pencraft-Text-module__meta--3=
RRSj" style=3D"color: #808080; font-family: 'SF Compact Text', 'SF Pro Text=
', -apple-system, BlinkMacSystemFont, 'Inter', 'Segoe UI', Roboto,
Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'S=
egoe UI Symbol'; font-size: 12px; font-weight: 500; letter-spacing: 0.2px; =
line-height: 20px; margin: 0; text-decoration: unset; text-transform: upper=
case;"><time dateTime=3D"2023-03-14T12:01:37.012Z">Mar 14</time></div></td>=
</tr></table></td></tr></table></td></tr></table><table role=3D"presentatio=
n" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" class=3D=
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e=3D"font-size: 0px; line-height: 0;"> </td></tr><tr><td><table role=
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=3D"0"><tr><td><table role=3D"presentation" width=3D"auto" border=3D"0" cel=
lspacing=3D"0" cellpadding=3D"0"><tr><td style=3D"vertical-align: middle;">=
<table role=3D"presentation" width=3D"38" border=3D"0" cellspacing=3D"0" ce=
llpadding=3D"0"><tr><td align=3D"center"><a href=3D"https://substack.com/ap=
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CI6MTY4MTM4NzM0NCwiaXNzIjoicHViLTIyNTkiLCJzdWIiOiJyZWFjdGlvbiJ9.mOuz3QJeAh0=
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ht: 26px; margin: 0 0 20px 0;"><strong>Higher Total Sales in a Slower Marke=
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><td style=3D"text-align: center;"></td></tr></tbody></table></figure></div=
><p style=3D"color: #404040; font-size: 16px; line-height: 26px; margin: 0 =
0 20px 0;">The art market in New York showed surprising strength last week.=
In London, the week before, sale volumes and average prices were off by 3=
0%; in New York, on a sale-for-sale basis, sale totals were only off by 4.5=
% but the average prices were down nearly 28%. On the one hand, these numbe=
rs suggest a serious market retreat. On the other hand, there is additional=
evidence that might point to London experiencing a secular shift as a sale=
s center that accounts for the 30% drop. </p><p style=3D"color: #404040; fo=
nt-size: 16px; line-height: 26px; margin: 0 0 20px 0;">In these like-for-li=
ke sales, the three auction houses offered and sold in New York more lots i=
n 2023 than they did in 2022. That kept sale totals close to the previous =
year even as the average prices dropped. Another way to say that is that de=
mand from art buyers did not wane. It merely shifted to lower value works. =
Buyers bought more of those lower value works to uphold the year-over-year =
sale totals.</p><p style=3D"color: #404040; font-size: 16px; line-height: 2=
6px; margin: 0 0 20px 0;">This is an important market signal. We’ve d=
iscussed the presumption that a economic recession would prompt a “fl=
ight to quality.” Yet in these results we’re seeing something s=
lightly different. One sales cycle, especially one that focuses on lower va=
lue works, does not determine a trend. But it is an interesting market sign=
al. </p><p style=3D"color: #404040; font-size: 16px; line-height: 26px; mar=
gin: 0 0 20px 0;">The New York sales cycle had two additional single-owner =
sales that boosted the overall total for the week. Both sales were held Chr=
istie’s; both featured a mix of art work and design objects. Adam Lin=
demann was the named collector; another figure from the Pacific Islands was=
the other. </p><p style=3D"color: #404040; font-size: 16px; line-heig=
ht: 26px; margin: 0 0 20px 0;">The additional $34 million in art works (not=
counting the design objects or photographs sold) helped increase the marke=
t activity in New York in 2023 over 2022. Comparing 2023 to 2022, the total=
money spent on art was up 31.6% with the number of sold lots rising 28%. W=
hen the two single-owner sales are added, the average prices were essential=
ly a wash. In 2022, the sales had an average price of $161,778 but this yea=
r, with the single-owner sales, the average price reached $159,473.</p><div=
style=3D"font-size: 16px; line-height: 26px;"><hr style=3D"background: #e0=
e0e0; border: none; height: 1px; margin: 32px 0; padding: 0;"></div><p styl=
e=3D"color: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0=
;"><strong>SELL TO MEET DEMAND: </strong><span>There is a Trading Floor req=
uest from a pre-qualified LiveArt collector for an </span><strong>Etel Adna=
n</strong><span> landscape in the range of $200,000.</span></p><p class=3D"=
button-wrapper" data-attrs=3D"{"url":"https://liveart.io/wis=
hes/V2lzaGxpc3RUeXBlOjExMzI=3D","text":"View on Trading=
Floor","action":null,"class":null}" style=3D"colo=
r: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0; text-al=
ign: center;"><a class=3D"button primary" href=3D"https://substack.com/redi=
rect/dd504c80-5187-4596-8624-a44e54048868?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1=
d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel=3D"" style=3D"background-color: #65=
3366; border: none; border-radius: 4px; box-sizing: border-box; color: #fff=
fff !important; cursor: pointer; display: inline-block; font-family: -apple=
-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-ser=
if, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 14=
px; font-weight: 600; height: auto; line-height: 20px; margin: 0; opacity: =
1; outline: none; padding: 12px 20px; text-align: center; text-decoration: =
none !important; white-space: nowrap;"><span style=3D"color: #ffffff; text-=
decoration: none;">View on Trading Floor</span></a></p><div style=3D"font-s=
ize: 16px; line-height: 26px;"><hr style=3D"background: #e0e0e0; border: no=
ne; height: 1px; margin: 32px 0; padding: 0;"></div><p style=3D"color: #404=
040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><strong>A Tep=
id Market with Sufficient Demand</strong></p><div class=3D"captioned-image-=
container-static" style=3D"font-size: 16px; line-height: 26px; margin: 32px=
auto;"><figure style=3D"margin: 0 auto; width: 100%;"><table class=3D"imag=
e-wrapper" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" =
style=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align:=
center;"></td><td align=3D"left" class=3D"content" width=3D"559" style=3D"=
text-align: center;"><a class=3D"image-link" target=3D"_blank" href=3D"http=
s://substack.com/redirect/8d62ffc6-a2ba-4460-81ad-1a8c54905d80?j=3DeyJ1Ijoi=
MjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel=3D"" style=3D"=
align-items: center; border: none; display: block; flex-direction: column; =
height: auto; margin: 0; padding: 0; position: relative; text-decoration: n=
one; width: auto;"><img data-attrs=3D"{"src":"https://substa=
ck-post-media.s3.amazonaws.com/public/images/1de47b05-3852-4a1b-8536-b97115=
0d8884_1024x1024.png","fullscreen":null,"imageSize"=
;:null,"height":1024,"width":1024,"resizeWidth&quo=
t;:559,"bytes":152940,"alt":null,"title":null=
,"type":"image/png","href":null,"belowTh=
eFold":true,"internalRedirect":null}" alt=3D"" width=3D"550"=
height=3D"550" class=3D"wide-image" src=3D"https://substackcdn.com/image/f=
etch/w_1118,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fs=
ubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1de47b05-3852-4a1b-=
8536-b971150d8884_1024x1024.png" style=3D"-ms-interpolation-mode: bicubic; =
border: none !important; display: block; height: auto; margin: 0 auto; marg=
in-bottom: 0; max-width: 100% !important; vertical-align: middle; width: au=
to !important;"></a></td><td style=3D"text-align: center;"></td></tr></tbod=
y></table></figure></div><p style=3D"color: #404040; font-size: 16px; line-=
height: 26px; margin: 0 0 20px 0;">On the basis of these sales, the Contemp=
orary art market still has a lot of demand; however, these sales suggest th=
e market has lost last year’s intensity. The hammer ratio this season=
reached 1.05 which suggests a cooling market as buyers resist estimates.</=
p><p style=3D"color: #404040; font-size: 16px; line-height: 26px; margin: 0=
0 20px 0;">The 82% sell-through rate also reflects a retreat from 85% last=
year. There is a softening of competition for works. </p><p style=3D"color=
: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">Of the =
lots sold, the proportion of lots sold above, within and below the estimate=
s is evenly distributed with a slight bias toward the estimate range. A thi=
rd of works sold went for prices above the estimate range; 39% sold within =
the estimates; and 28% were sacrificed at prices below the low estimate.=
60;</p><div style=3D"font-size: 16px; line-height: 26px;"><hr style=3D"back=
ground: #e0e0e0; border: none; height: 1px; margin: 32px 0; padding: 0;"></=
div><p style=3D"color: #404040; font-size: 16px; line-height: 26px; margin:=
0 0 20px 0;"><strong>MARKET PROOF:</strong><span> </span><strong>Cecily Br=
own</strong><span>’s </span><em>Running Scared</em><span> (2010) sold=
last week at Christie’s for $2,601,000; A LiveArt collector is looki=
ng for a painting by Brown for up to $5,000,000.</span></p><p class=3D"butt=
on-wrapper" data-attrs=3D"{"url":"https://liveart.io/wishes/=
V2lzaGxpc3RUeXBlOjY0NQ=3D=3D","text":"View on Trading F=
loor","action":null,"class":null}" style=3D"color:=
#404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0; text-alig=
n: center;"><a class=3D"button primary" href=3D"https://substack.com/redire=
ct/499d3c0b-56c1-4df5-b172-299cac85d343?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0=
jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel=3D"" style=3D"background-color: #6533=
66; border: none; border-radius: 4px; box-sizing: border-box; color: #fffff=
f !important; cursor: pointer; display: inline-block; font-family: -apple-s=
ystem, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif=
, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 14px=
; font-weight: 600; height: auto; line-height: 20px; margin: 0; opacity: 1;=
outline: none; padding: 12px 20px; text-align: center; text-decoration: no=
ne !important; white-space: nowrap;"><span style=3D"color: #ffffff; text-de=
coration: none;">View on Trading Floor</span></a></p><div style=3D"font-siz=
e: 16px; line-height: 26px;"><hr style=3D"background: #e0e0e0; border: none=
; height: 1px; margin: 32px 0; padding: 0;"></div><p style=3D"color: #40404=
0; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><strong>Adam LI=
ndemann Lands on Top</strong></p><div class=3D"captioned-image-container-st=
atic" style=3D"font-size: 16px; line-height: 26px; margin: 32px auto;"><fig=
ure style=3D"margin: 0 auto; width: 100%;"><table class=3D"image-wrapper" w=
idth=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" style=3D"mso=
-padding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align: center;"></=
td><td align=3D"left" class=3D"content" width=3D"725" style=3D"text-align: =
center;"><a class=3D"image-link" target=3D"_blank" href=3D"https://substack=
=2Ecom/redirect/86c7385c-68ab-4ec8-a379-7=
1deb600f294?j=3DeyJ1IjoiMjdjZXI5In0.=
nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel=3D"" style=3D"align-items:=
center; border: none; display: block; flex-direction: column; height: auto=
; margin: 0; padding: 0; position: relative; text-decoration: none; width: =
auto;"><img data-attrs=3D"{"src":"https://substack-post-medi=
a.s3.amazonaws.com/public/images/cf8e2a7a-23b4-4638-945d-70ebf811bfd7_1558x=
1248.png","fullscreen":null,"imageSize":null,"=
;height":1166,"width":1456,"resizeWidth":725,"=
;bytes":null,"alt":null,"title":null,"type&qu=
ot;:null,"href":null,"belowTheFold":true,"internal=
Redirect":null}" alt=3D"" width=3D"550" height=3D"440.4532967032967" c=
lass=3D"wide-image" src=3D"https://substackcdn.com/image/fetch/w_1450,c_lim=
it,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-medi=
a.s3.amazonaws.com%2Fpublic%2Fimages%2Fcf8e2a7a-23b4-4638-945d-70ebf811bfd7=
_1558x1248.png" style=3D"-ms-interpolation-mode: bicubic; border: none !imp=
ortant; 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></figur=
e></div><p style=3D"color: #404040; font-size: 16px; line-height: 26px; mar=
gin: 0 0 20px 0;"><span>Without Adam Lindemann’s single-owner sale, t=
he top lots would have been </span><strong>Alma Thomas</strong><span>’=
;s </span><em>Snow Reflections</em><span> what was bid to more than three t=
imes the estimates and </span><strong>Cecily Brown</strong><span>’s <=
/span><em>Running Scared</em><span> which made three and a half times the e=
stimate. Those sales were driven by the demand for each artist’s work=
but also reflect the strong interest in work by women. A recent report use=
d the art market to try to show the poor progress made in representation bu=
t it focused on the entire art market. Women artists remain under-represent=
ed in the Contemporary and 21st Century art markets but make up a greater p=
ortion of the market share than in the broader art market. </span></p><p st=
yle=3D"color: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px=
0;">The top 50 artists in the New York sales cycle contain the work of 14 =
female artists. Given the long lead time required to accumulate value in th=
e art market, women will continue to make the most progress in 21st Century=
art sales that are biased toward the most recent work. </p><p style=
=3D"color: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;=
"><strong><a href=3D"https://substack.com/redirect/9f1d85c1-05a6-49e9-8e94-=
a67e3db6182e?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp=
7gWdY" rel=3D"" style=3D"color: #404040; text-decoration: underline;">Alice=
Neel</a></strong><a href=3D"https://substack.com/redirect/9f1d85c1-05a6-49=
e9-8e94-a67e3db6182e?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx=
6Fx_g6pp7gWdY" rel=3D"" style=3D"color: #404040; text-decoration: underline=
;">’s </a><em><a href=3D"https://substack.com/redirect/9f1d85c1-05a6-=
49e9-8e94-a67e3db6182e?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigH=
Xx6Fx_g6pp7gWdY" rel=3D"" style=3D"color: #404040; text-decoration: underli=
ne;">Abe’s Grandchildren </a></em><a href=3D"https://substack.com/red=
irect/9f1d85c1-05a6-49e9-8e94-a67e3db6182e?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c=
1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel=3D"" style=3D"color: #404040; text=
-decoration: underline;">made a strong sale at Sotheby’s</a><span> to=
add another woman to the list of top prices. </span><strong>Shara Hughes</=
strong><span>’s continuing market strength has defied expectations wh=
at her market would need a hiatus to rebuild demand. </span></p><p sty=
le=3D"color: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px =
0;">Adam Lindemann’s own works were sold reasonably well against esti=
mates but the five top works—with Alma Thomas and Cecily Brown sandwi=
ched in between—all sold for prices at the low end of the estimates o=
r below the low estimate. These five lots also happen to be easily tracked =
against previous auction sales. The only work among the five that was sold =
for a price greater than the acquisition price was the Hirst medicine cabin=
et which was originally bought in 2004. </p><p style=3D"color: #404040=
; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><span>The other =
noteworthy sale among the top 25 lots was </span><strong>Richard Estes̵=
7;s</strong><span> </span><em>Gifts of Nature</em><span> from 1978. More th=
an six-and-a-half feet wide, </span><a href=3D"https://substack.com/redirec=
t/a4cd5cbc-c3a5-441a-81ce-5d8d9a23c506?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0j=
QmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel=3D"" style=3D"color: #404040; text-dec=
oration: underline;">the painting made $1.28 million which is a new record =
for the artist by a good 50% over the last record price set in 2020</a><spa=
n>. Three of Estes’s top five prices were set in the last six months&=
#8212;all at Christie’s.</span></p><div style=3D"font-size: 16px; lin=
e-height: 26px;"><hr style=3D"background: #e0e0e0; border: none; height: 1p=
x; margin: 32px 0; padding: 0;"></div><p style=3D"color: #404040; font-size=
: 16px; line-height: 26px; margin: 0 0 20px 0;"><strong>GET (PHOTO)REAL: Ri=
chard Estes</strong><span>’ record was reset by a particularly large =
painting last week, and 3 of his top 5 prices were paid in the past calenda=
r year; On the Trading Floor, a collector is seeking a painting by Richard =
Estes for $400,000.</span></p><p class=3D"button-wrapper" data-attrs=3D"{&q=
uot;url":"https://liveart.io/wishes/V2lzaGxpc3RUeXBlOjc5NA=3D=3D&=
quot;,"text":"View on Trading Floor","action"=
:null,"class":null}" style=3D"color: #404040; font-size: 16px; li=
ne-height: 26px; margin: 0 0 20px 0; text-align: center;"><a class=3D"butto=
n primary" href=3D"https://substack.com/redirect/f406c30e-803d-4dca-a433-28=
4f60049ee8?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7g=
WdY" rel=3D"" style=3D"background-color: #653366; border: none; border-radi=
us: 4px; box-sizing: border-box; color: #ffffff !important; cursor: pointer=
; display: inline-block; font-family: -apple-system, BlinkMacSystemFont, 'S=
egoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe=
UI Emoji', 'Segoe UI Symbol'; font-size: 14px; font-weight: 600; height: a=
uto; line-height: 20px; margin: 0; opacity: 1; outline: none; padding: 12px=
20px; text-align: center; text-decoration: none !important; white-space: n=
owrap;"><span style=3D"color: #ffffff; text-decoration: none;">View on Trad=
ing Floor</span></a></p><div style=3D"font-size: 16px; line-height: 26px;">=
<hr style=3D"background: #e0e0e0; border: none; height: 1px; margin: 32px 0=
; padding: 0;"></div><p style=3D"color: #404040; font-size: 16px; line-heig=
ht: 26px; margin: 0 0 20px 0;"><strong>Market Share</strong></p><div class=
=3D"captioned-image-container-static" style=3D"font-size: 16px; line-height=
: 26px; margin: 32px auto;"><figure style=3D"margin: 0 auto; width: 100%;">=
<table class=3D"image-wrapper" width=3D"100%" border=3D"0" cellspacing=3D"0=
" cellpadding=3D"0" style=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td =
style=3D"text-align: center;"></td><td align=3D"left" class=3D"content" wid=
th=3D"539" style=3D"text-align: center;"><a class=3D"image-link" target=3D"=
_blank" href=3D"https://substack.com/redirect/f6c59403-7cb3-4d55-ad24-9d0f0=
6f69886?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY=
" rel=3D"" style=3D"align-items: center; border: none; display: block; flex=
-direction: column; height: auto; margin: 0; padding: 0; position: relative=
; text-decoration: none; width: auto;"><img data-attrs=3D"{"src":=
"https://substack-post-media.s3.amazonaws.com/public/images/7642dd16-3=
9f1-4df4-bc29-8af92ca116c8_1024x1024.png","fullscreen":null,=
"imageSize":null,"height":1024,"width":1024,&=
quot;resizeWidth":539,"bytes":null,"alt":null,&quo=
t;title":null,"type":null,"href":null,"belowT=
heFold":true,"internalRedirect":null}" alt=3D"" width=3D"539=
" height=3D"539" class=3D"" src=3D"https://substackcdn.com/image/fetch/w_53=
9,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-po=
st-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7642dd16-39f1-4df4-bc29-8af92=
ca116c8_1024x1024.png" style=3D"-ms-interpolation-mode: bicubic; border: no=
ne !important; display: block; height: auto; margin: 0 auto; margin-bottom:=
0; max-width: 100% !important; vertical-align: middle; width: auto !import=
ant;"></a></td><td style=3D"text-align: center;"></td></tr></tbody></table>=
</figure></div><p style=3D"color: #404040; font-size: 16px; line-height: 26=
px; margin: 0 0 20px 0;"><strong>Andy Warhol</strong><span>’s market =
share in these sales was boosted by Lindemann’s </span><em>Little Ele=
ctric Chair </em><span> which accounted for half of the total for the =
artist. The additional boost of a new top price for a set of Warhol’s=
</span><em>Campbell’s Soup I</em><span> from 1968. At $1.8 million, =
the complete set of prints sold for nearly 50% more than a set auctioned at=
the end of October for $1.26 million. That’s a big rise for a work m=
ade in an edition of 250. </span></p><p style=3D"color: #404040; font-=
size: 16px; line-height: 26px; margin: 0 0 20px 0;"><strong>Alexander Calde=
r</strong><span> usually provides these sales with ample material. This sea=
son, there were only five lots from the artist and one, a mobile sold by Li=
ndemann, made up the vast majority of the total. </span><strong>Jeff Koons<=
/strong><span> made the market share list with the one work from the Banal=
ity series sold by Lindemann. </span><strong>Alma Thomas</strong><span>R=
17;s one runaway sale was enough to account for nearly 4% of the sale total=
s. At $3.3m with premium it is now Thomas’s highest priced auction sa=
le. </span><strong>Cecily Brown </strong><span>had only two works on offer =
this time. Both sold for more than three times their estimates. </span><str=
ong>Alex Katz’s</strong><span> work seems to be having a strong doppl=
er effect from the Guggenheim retrospective. Seven works sold at a wide ran=
ge of price points mostly within estimates but with one work making 2.5 tim=
es the low estimate for a 1985 work. </span><strong>Richard Prince</strong>=
<span> also saw the benefits of the Lindemann sale to make the market share=
list with three works, two from Lindemann. </span><strong>Damien Hirst</st=
rong><span>, too. Four </span><strong>Josef Albers</strong><span> lots, all=
selling within the estimates or near the low estimates, made solid prices =
based on the recent strong sales for the artist. </span><strong>Ed Ruscha</=
strong><span> actually had a tough auction cycle with 40% of the lots offer=
ed getting bought in. The bulk of the value came from the cover lot of the =
Pacific Islander’s single-owner sale. That work sold below the low es=
timate but it was still enough to account for 2.23% of the spending. </span=
><strong>Wayne Thiebaud</strong><span> had a similar trajectory: three lots=
offered, two sold but still enough from a single lot to make nearly 2% of =
the money spent. </span><strong>Wade Guyton</strong><span>’s work fro=
m the Lindemann sale also vaulted it into the top 12 names by market share.=
 </span></p><div style=3D"font-size: 16px; line-height: 26px;"><hr sty=
le=3D"background: #e0e0e0; border: none; height: 1px; margin: 32px 0; paddi=
ng: 0;"></div><p style=3D"color: #404040; font-size: 16px; line-height: 26p=
x; margin: 0 0 20px 0;"><strong>HANG TIGHT:</strong><span> </span><strong>A=
lexander Calder</strong><span>’s </span><em>Black Disc with Flags</em=
><span> (1939) sold in the </span><em>ADAM</em><span> sale for $5,460,000; =
There is a Trading Floor request for a Calder mobile in the realm of £=
3,000,000.</span></p><p class=3D"button-wrapper" data-attrs=3D"{"url&q=
uot;:"https://liveart.io/wishes/V2lzaGxpc3RUeXBlOjgyNg=3D=3D",&qu=
ot;text":"View on Trading Floor","action":null,&qu=
ot;class":null}" style=3D"color: #404040; font-size: 16px; line-height=
: 26px; margin: 0 0 20px 0; text-align: center;"><a class=3D"button primary=
" href=3D"https://substack.com/redirect/f9df4532-f298-4ab9-a8ba-8e988553712=
c?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel=
=3D"" style=3D"background-color: #653366; border: none; border-radius: 4px;=
box-sizing: border-box; color: #ffffff !important; cursor: pointer; displa=
y: inline-block; font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI'=
, Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoj=
i', 'Segoe UI Symbol'; font-size: 14px; font-weight: 600; height: auto; lin=
e-height: 20px; margin: 0; opacity: 1; outline: none; padding: 12px 20px; t=
ext-align: center; text-decoration: none !important; white-space: nowrap;">=
<span style=3D"color: #ffffff; text-decoration: none;">View on Trading Floo=
r</span></a></p><div style=3D"font-size: 16px; line-height: 26px;"><hr styl=
e=3D"background: #e0e0e0; border: none; height: 1px; margin: 32px 0; paddin=
g: 0;"></div><p style=3D"color: #404040; font-size: 16px; line-height: 26px=
; margin: 0 0 20px 0;"><strong>The Affordable Art Fair</strong></p><div cla=
ss=3D"captioned-image-container-static" style=3D"font-size: 16px; line-heig=
ht: 26px; margin: 32px auto;"><figure style=3D"margin: 0 auto; width: 100%;=
"><table class=3D"image-wrapper" width=3D"100%" border=3D"0" cellspacing=3D=
"0" cellpadding=3D"0" style=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><t=
d style=3D"text-align: center;"></td><td align=3D"left" class=3D"content" w=
idth=3D"575" style=3D"text-align: center;"><a class=3D"image-link" target=
=3D"_blank" href=3D"https://substack.com/redirect/2d0bfa1c-9d51-4846-a3c4-e=
7837e16fd50?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7=
gWdY" rel=3D"" style=3D"align-items: center; border: none; display: block; =
flex-direction: column; height: auto; margin: 0; padding: 0; position: rela=
tive; text-decoration: none; width: auto;"><img data-attrs=3D"{"src&qu=
ot;:"https://substack-post-media.s3.amazonaws.com/public/images/2b5f87=
59-76c8-401f-b33b-27f71343d525_1024x1024.png","fullscreen":n=
ull,"imageSize":null,"height":1024,"width":10=
24,"resizeWidth":575,"bytes":116068,"alt":nul=
l,"title":null,"type":"image/png","href&=
quot;:null,"belowTheFold":true,"internalRedirect":null}=
" alt=3D"" width=3D"550" height=3D"550" class=3D"wide-image" src=3D"https:/=
/substackcdn.com/image/fetch/w_1150,c_limit,f_auto,q_auto:good,fl_progressi=
ve:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimag=
es%2F2b5f8759-76c8-401f-b33b-27f71343d525_1024x1024.png" style=3D"-ms-inter=
polation-mode: bicubic; border: none !important; display: block; height: au=
to; margin: 0 auto; margin-bottom: 0; max-width: 100% !important; vertical-=
align: middle; width: auto !important;"></a></td><td style=3D"text-align: c=
enter;"></td></tr></tbody></table></figure></div><p style=3D"color: #404040=
; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">The weakness at =
the top of the market is evident in the bidding quintiles. We divided the 7=
30 lots offered into quintiles. The top 146 works had an average estimate o=
f over $380,000 but a hammer ratio of only .99. Those works sold for an ave=
rage price of $624,018. (**Average premium prices are much higher than the =
hammer ratio due to the survivorship bias. That means we average the estima=
tes for the quintile but only use the sold lots from that group to calculat=
e the average premium price.) The second quintile had an average estimate o=
f just under $65,000. The bidding was a healthy 1.25 hammer ratio for an av=
erage selling price of $125,000. In real world terms, that means if youR=
17;re bidding on a lot that sells around $125,000 you’re going to fac=
e some competition but not too much. The middle quintile was stronger than =
the quintile. There a 1.32 hammer ratio was seen for works estimated around=
$30,000 and selling for an average of $60,000. The middle low quintile was=
slightly weaker than both of the above with a 1.20 hammer ratio for works =
estimated around $15,000 and selling for an average of $26,000. But the str=
ongest bidding was seen in the bottom quintile where lots with an average e=
stimate of $6500 got bid to a 1.38 hammer ratio. Those works sold for an av=
erage of $13,000. </p><p style=3D"color: #404040; font-size: 16px; lin=
e-height: 26px; margin: 0 0 20px 0;">Think about that: the most intense bid=
ding this sales cycle was for works in the low five-figure range. These are=
the most affordable art works the auction houses sell. </p><div style=
=3D"font-size: 16px; line-height: 26px;"><hr style=3D"background: #e0e0e0; =
border: none; height: 1px; margin: 32px 0; padding: 0;"></div><p style=3D"c=
olor: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><st=
rong>YES SIREE BOB:</strong><span> Last week, </span><strong>Bob Thompson</=
strong><span>’s </span><em>Tree of Engulfers</em><span>, 1960 sold fo=
r $69,300 with a hammer ratio of 4.62, indicating strong collector demand; =
A LiveArt collector is looking for a painting by Thomas with a tentative bu=
dget cap of $200,000 but some flexibility for particularly spectacular work=
s.</span></p><p class=3D"button-wrapper" data-attrs=3D"{"url":&qu=
ot;https://liveart.io/wishes/V2lzaGxpc3RUeXBlOjQyOQ=3D=3D","text&=
quot;:"View on Trading Floor","action":null,"class=
":null}" style=3D"color: #404040; font-size: 16px; line-height: 26px; =
margin: 0 0 20px 0; text-align: center;"><a class=3D"button primary" href=
=3D"https://substack.com/redirect/491d3328-7659-4442-9fef-63ffacb1362e?j=3D=
eyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel=3D"" s=
tyle=3D"background-color: #653366; border: none; border-radius: 4px; box-si=
zing: border-box; color: #ffffff !important; cursor: pointer; display: inli=
ne-block; font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Robot=
o, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Se=
goe UI Symbol'; font-size: 14px; font-weight: 600; height: auto; line-heigh=
t: 20px; margin: 0; opacity: 1; outline: none; padding: 12px 20px; text-ali=
gn: center; text-decoration: none !important; white-space: nowrap;"><span s=
tyle=3D"color: #ffffff; text-decoration: none;">View on Trading Floor</span=
></a></p><div style=3D"font-size: 16px; line-height: 26px;"><hr style=3D"ba=
ckground: #e0e0e0; border: none; height: 1px; margin: 32px 0; padding: 0;">=
</div><p style=3D"color: #404040; font-size: 16px; line-height: 26px; margi=
n: 0 0 20px 0;"><strong>Hammered Hard</strong></p><div class=3D"captioned-i=
mage-container-static" style=3D"font-size: 16px; line-height: 26px; margin:=
32px auto;"><figure style=3D"margin: 0 auto; width: 100%;"><table class=3D=
"image-wrapper" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=
=3D"0" style=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text=
-align: center;"></td><td align=3D"left" class=3D"content" width=3D"1456" s=
tyle=3D"text-align: center;"><a class=3D"image-link" target=3D"_blank" href=
=3D"https://substack.com/redirect/fbb752fc-8512-4196-8866-e33d671e1b1d?j=3D=
eyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel=3D"" s=
tyle=3D"align-items: center; border: none; display: block; flex-direction: =
column; height: auto; margin: 0; padding: 0; position: relative; text-decor=
ation: none; width: auto;"><img data-attrs=3D"{"src":"https:=
//substack-post-media.s3.amazonaws.com/public/images/dd708aad-606d-470b-9ff=
8-e232c59d1a7b_1600x1050.png","fullscreen":null,"imageS=
ize":null,"height":955,"width":1456,"resizeWi=
dth":null,"bytes":null,"alt":null,"title"=
;:null,"type":null,"href":null,"belowTheFold"=
:true,"internalRedirect":null}" alt=3D"" width=3D"550" height=3D"=
360.7486263736264" class=3D"wide-image" src=3D"https://substackcdn.com/imag=
e/fetch/w_2912,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%=
2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdd708aad-606d-47=
0b-9ff8-e232c59d1a7b_1600x1050.png" style=3D"-ms-interpolation-mode: bicubi=
c; border: none !important; display: block; height: auto; margin: 0 auto; m=
argin-bottom: 0; max-width: 100% !important; vertical-align: middle; width:=
auto !important;"></a></td><td style=3D"text-align: center;"></td></tr></t=
body></table></figure></div><p style=3D"color: #404040; font-size: 16px; li=
ne-height: 26px; margin: 0 0 20px 0;"><span>The list of the works with the =
most dynamic bidding was a potpourri of artists, especially female artists =
who made up more than half of the list. At a range of price points, buyers =
were chasing after a range of historical artists like </span><strong>Bob Th=
ompson</strong><span> and </span><strong>Ethel Schwabacher</strong><span>, =
as well as Contemporary painters like </span><strong>Daisy Dodd-Noble</stro=
ng><span> and </span><strong>Jason Boyd Kinsella</strong><span>. </spa=
n></p><div class=3D"subscription-widget-wrap" style=3D"font-size: 16px; lin=
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goe UI Emoji', 'Segoe UI Symbol'; font-size: 16px; font-weight: 400; line-h=
eight: 1.5; margin: 24px auto; max-width: 560px; padding: 32px; text-align:=
center; text-decoration: none;"><div class=3D"preamble" style=3D"align-ite=
ms: center; display: flex; font-family: -apple-system, BlinkMacSystemFont, =
'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Seg=
oe UI Emoji', 'Segoe UI Symbol'; font-size: 18px; font-weight: 400; line-he=
ight: 22px; margin-left: auto; margin-right: auto; margin-top: 16px; max-wi=
dth: 384px; text-align: center; width: fit-content;"><p style=3D"color: #40=
4040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">Thanks for r=
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