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Subject: After Action Report: Christie's Day Sales
From: Artelligence <artelligence@substack.com>
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View this post on the web at https://artelligence.substack.com/p/after-acti=
on-report-christies-day
Welcome to Artelligence=E2=80=99s Gigaweek Coverage
Continuing this week you will receive this email after every significant au=
ction. Today=E2=80=99s email provides top line results for each of Christie=
=E2=80=99s day sales held last week and over the weekend. Sotheby=E2=80=99s=
Emily Fisher Landau day sale (which did quite well) won=E2=80=99t fit in t=
his issue. We=E2=80=99ll include those charts in tomorrow=E2=80=99s email a=
fter tonight=E2=80=99s Modern Evening auction which has some very compellin=
g works on offer. There will be an email after the sales cycle analyzing th=
e full auction results using data provided by LiveArt.
If you want to share some insights of your own, have suggestions for covera=
ge, a question you want us to poll our readers about, or simply want to ven=
t=E2=80=94feel free to =E2=80=A6
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o sign up.
In This Issue
About Last Week: The art market is holding up better than many expected
Christie=E2=80=99s Day Sale Charts:
Christie=E2=80=99s Contemporary Day sale: $66.5m total; 1.00 hammer ratio; =
84% sell through rate
Charts: Results, Top Ten by Premium, Top Ten by Hammer Ratio
Christie=E2=80=99s Modern Day sale: $35m total; .97 hammer ratio; 78% sell =
through rate
Charts: Results, Top Ten by Premium, Top Ten by Hammer Ratio
Christie=E2=80=99s Modern Works on Paper sale: $10.6m total; .91 hammer rat=
io; 78% sell through rate
Charts: Results, Top Ten by Premium, Top Ten by Hammer Ratio
About Last Week
Last week, we saw two different strategies for managing a market in a down =
cycle. Interest rates are having an effect on the volume of sales as is the=
size of the estates coming to market. In a down cycle, competition between=
the auction houses gets fiercer. Last week we saw two different strategies=
=2E Sotheby=E2=80=99s relied on collection=
s this season and they sold Emily F=
isher Landau well. Christie=E2=80=99s assembled their sales through smaller=
collections and identifying specific lots to guarantee. Both houses worked=
hard behind the scenes to place all of the works they guaranteed posting v=
ery high sell-through rates. Both houses were just able to meet estimates (=
though Christie=E2=80=99s showed slightly more strength.)=20
Christie=E2=80=99s Day sale results were slightly stronger on Contemporary =
than Modern. Christie=E2=80=99s marquee week is now over with $860,824,352 =
in sales.=20
Sotheby=E2=80=99s and Phillips share the stage this week. Sotheby=E2=80=99s=
has a running head start having already sold $424,744,876 in Fisher Landau=
works. The pre-sale low estimate for Sotheby=E2=80=99s was close to one bi=
llion dollars with Phillips the week should be able to cross the $2 billion=
barrier...
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<html><head><meta charset=3D"utf-8"><title>After Action Report: Christie's =
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</style></head><body class=3D"email-body" style=3D"font-kerning: auto;"><im=
g src=3D"https://eotrx.substackcdn.com/open?token=3DeyJtIjoiPDIwMjMxMTEzMTk=
zMDQxLjMuZWVjY2I2YWQ2ODVjMjBiM0BtZy1kMS5zdWJzdGFjay5jb20-IiwidSI6MTMzMjY4Nj=
YxLCJyIjoiZW56b0BzaG93ZmlsZS5jb20iLCJkIjoibWctZDEuc3Vic3RhY2suY29tIiwicCI6M=
TM4ODMwMTgxLCJ0IjoibmV3c2xldHRlciIsImEiOiJvbmx5X3BhaWQiLCJzIjoyMjU5LCJjIjoi=
cG9zdCIsImYiOnRydWUsInBvc2l0aW9uIjoidG9wIiwiaWF0IjoxNjk5OTAzODU5LCJleHAiOjE=
3MDI0OTU4NTksImlzcyI6InB1Yi0wIiwic3ViIjoiZW8ifQ.ng-5KTFVOGAPzDt11YGUD0Y0gen=
2st0SH01InmCERIA" alt=3D"" width=3D"1" height=3D"1" border=3D"0" style=3D"h=
eight:1px !important;width:1px !important;border-width:0 !important;margin-=
top:0 !important;margin-bottom:0 !important;margin-right:0 !important;margi=
n-left:0 !important;padding-top:0 !important;padding-bottom:0 !important;pa=
dding-right:0 !important;padding-left:0 !important;"/><div style=3D"display=
:none;font-size:1px;color:#333333;line-height:1px;max-height:0px;max-width:=
0px;opacity:0;overflow:hidden;" class=3D"preview">Estimates remain a proble=
m for Day sales but Contemporary market holds up better than Modern at Chri=
stie's  ‌ ‌ ‌ ‌ ‌=
60;‌ ‌ ‌ ‌ ‌ ‌=
 ‌ ‌ ‌ ‌ ‌ R=
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8204; ‌ ‌ ‌ ‌</div><table role=
=3D"presentation" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=
=3D"0" class=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"55=
0" class=3D"content"><div style=3D"font-size: 16px; line-height: 26px; marg=
in: 0 auto; max-width: 550px; overflow-wrap: break-word; width: 100%;"><tab=
le role=3D"presentation" width=3D"100%" border=3D"0" cellspacing=3D"0" cell=
padding=3D"0"><tr><td align=3D"right" style=3D"height: 20px;"><table role=
=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=
=3D"0"><tr><td style=3D"vertical-align: middle;"><span class=3D"pencraft fr=
ontend-pencraft-Box-module__reset--VfQY8 frontend-pencraft-Text-module__res=
et--dW0zZ tw-font-body tw-text-ssm tw-text-substack-secondary" style=3D"col=
or: rgb(128, 128, 128) !important; font-family: SF Pro Text, -apple-system,=
BlinkMacSystemFont, Inter, Segoe UI, Roboto, Helvetica, Arial, sans-serif,=
Apple Color Emoji, Segoe UI Emoji, Segoe UI Symbol !important; font-size: =
13px !important; margin: 0; text-decoration: unset;"><div class=3D"pencraft=
frontend-pencraft-Box-module__reset--VfQY8 frontend-pencraft-Text-module__=
align-right--PcYkZ frontend-pencraft-Text-module__size-12--KorQF frontend-p=
encraft-Text-module__reset--dW0zZ" style=3D"color: unset; font-size: 12px; =
letter-spacing: 0; line-height: 16px; margin: 0; text-align: right; text-de=
coration: unset;"><span translated class=3D"pencraft frontend-pencraft-Box-=
module__reset--VfQY8 frontend-pencraft-Text-module__reset--dW0zZ" style=3D"=
color: unset; margin: 0; text-decoration: unset;">Forwarded this email? <a =
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FpbC1zdWJzY3JpYmUmcj0yN2NlcjkmbmV4dD1odHRwcyUzQSUyRiUyRmFydGVsbGlnZW5jZS5zd=
WJzdGFjay5jb20lMkZwJTJGYWZ0ZXItYWN0aW9uLXJlcG9ydC1jaHJpc3RpZXMtZGF5IiwicCI6=
MTM4ODMwMTgxLCJzIjoyMjU5LCJmIjp0cnVlLCJ1IjoxMzMyNjg2NjEsImlhdCI6MTY5OTkwMzg=
1OCwiZXhwIjoxNzAyNDk1ODU4LCJpc3MiOiJwdWItMCIsInN1YiI6ImxpbmstcmVkaXJlY3QifQ=
=2E9mwiWUz8gnDniVsxRmSgGKIN-cgOzbx1kc0=
3FGLokTE?" class=3D"pencraft frontend-p=
encraft-Box-module__reset--VfQY8 frontend-pencraft-Text-module__decoration-=
underline--sj8pE frontend-pencraft-Text-module__reset--dW0zZ" style=3D"colo=
r: unset; margin: 0; text-decoration: unset; text-decoration-line: underlin=
e;">Subscribe here</a> for more</span></div></span></td></tr></table></td><=
/tr></table><table role=3D"presentation" width=3D"auto" class=3D"header gra=
phic-header" style=3D"border-spacing: 0; padding: 16px 0 32px;"><tr><td ali=
gn=3D"center" style=3D"padding: 0; text-align: center;"><a href=3D"https://=
substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2VuY2Uuc3Vic3RhY2suY29=
tL3AvYWZ0ZXItYWN0aW9uLXJlcG9ydC1jaHJpc3RpZXMtZGF5P3V0bV9jYW1wYWlnbj1lbWFpbC=
1oYWxmLXBvc3Qmcj0yN2NlcjkmdG9rZW49ZXlKMWMyVnlYMmxrSWpveE16TXlOamcyTmpFc0luQ=
nZjM1JmYVdRaU9qRXpPRGd6TURFNE1Td2lhV0YwSWpveE5qazVPVEF6T0RVNExDSmxlSEFpT2pF=
M01ESTBPVFU0TlRnc0ltbHpjeUk2SW5CMVlpMHlNalU1SWl3aWMzVmlJam9pY0c5emRDMXlaV0Z=
qZEdsdmJpSjkucjRFU0NxUEJ5S2V3Q2NMSEtfUjdibXpvWnFaQlpyRE9QekVvX01VcDllZyIsIn=
AiOjEzODgzMDE4MSwicyI6MjI1OSwiZiI6dHJ1ZSwidSI6MTMzMjY4NjYxLCJpYXQiOjE2OTk5M=
DM4NTgsImV4cCI6MTcwMjQ5NTg1OCwiaXNzIjoicHViLTAiLCJzdWIiOiJsaW5rLXJlZGlyZWN0=
In0.xvZmYnJgWTgIryKPfoyiNSdM-4wTLVJueVrvt3DNTiI?"><img role=3D"presentation=
" width=3D"550" height=3D"117" src=3D"https://substackcdn.com/image/fetch/w=
_1100,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstac=
k-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fecde5dbd-aa76-4984-bfac-a=
cb56639185e_2800x591.png" class=3D"header-image" style=3D"border: none !imp=
ortant; display: block; height: auto; margin: 0 auto; max-width: 550px; ver=
tical-align: middle; width: 100%;"></a></td></tr></table><div dir=3D"auto" =
class=3D"post typography" style=3D"font-size: 16px; line-height: 26px; padd=
ing: 16px 0 0 0;"><div class=3D"post-header" style=3D"font-size: 16px; line=
-height: 26px;"><h1 class=3D"post-title published" style=3D"-moz-appearance=
: optimizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-appeara=
nce: optimizelegibility; -webkit-font-smoothing: antialiased; appearance: o=
ptimizelegibility; color: rgb(64, 64, 64); font-family: 'SF Compact Display=
', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial,=
sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font=
-size: 32px; font-weight: bold; line-height: 36px; margin: 0;"><a href=3D"h=
ttps://substack.com/app-link/post?publication_id=3D2259&post_id=3D138830181=
&utm_source=3Dpost-email-title&utm_campaign=3Demail-post-title&isFreemail=
=3Dtrue&r=3D27cer9&token=3DeyJ1c2VyX2lkIjoxMzMyNjg2NjEsInBvc3RfaWQiOjEzODgz=
MDE4MSwiaWF0IjoxNjk5OTAzODU4LCJleHAiOjE3MDI0OTU4NTgsImlzcyI6InB1Yi0yMjU5Iiw=
ic3ViIjoicG9zdC1yZWFjdGlvbiJ9.r4ESCqPByKewCcLHK_R7bmzoZqZBZrDOPzEo_MUp9eg" =
style=3D"color: rgb(64, 64, 64); text-decoration: none;">After Action Repor=
t: Christie's Day Sales </a></h1><h3 class=3D"subtitle" style=3D"-moz-appea=
rance: optimizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-ap=
pearance: optimizelegibility; -webkit-font-smoothing: antialiased; appearan=
ce: optimizelegibility; color: #808080; font-family: 'SF Compact Display', =
-apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sa=
ns-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-si=
ze: 18px; font-weight: normal; line-height: 24px; margin: 4px 0 0; margin-t=
op: 12px;">Estimates remain a problem for Day sales but Contemporary market=
holds up better than Modern at Christie's</h3><table role=3D"presentation"=
width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" class=3D"p=
ost-meta" style=3D"align-items: center; height: 20px; margin: 1em 0;"><tr><=
td><table role=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D"=
0" cellpadding=3D"0"><tr><td><table role=3D"presentation" width=3D"auto" bo=
rder=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td style=3D"vertical-al=
ign: middle;"><div class=3D"pencraft frontend-pencraft-Box-module__reset--V=
fQY8 frontend-pencraft-Text-module__size-11--k1e8b frontend-pencraft-Text-m=
odule__line-height-20--p0dP8 frontend-pencraft-Text-module__weight-medium--=
x7khA frontend-pencraft-Text-module__font-meta--U_nxy frontend-pencraft-Tex=
t-module__color-primary--ud4Z0 frontend-pencraft-Text-module__transform-upp=
ercase--IDkUL frontend-pencraft-Text-module__reset--dW0zZ frontend-pencraft=
-Text-module__meta--jzHdd custom-css-email-post-author" style=3D"color: rgb=
(64, 64, 64); font-family: 'SF Compact', -apple-system, -apple-system, -sys=
tem-ui, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-seri=
f, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 11p=
x; font-weight: 500; letter-spacing: .2px; line-height: 20px; margin: 0; te=
xt-decoration: unset; text-transform: uppercase;"><a style=3D"color: rgb(64=
, 64, 64); font-family: 'SF Compact', -apple-system, -apple-system, -system=
-ui, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, =
'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 11px; =
font-weight: 500; letter-spacing: .2px; line-height: 20px; margin: 0; text-=
decoration: none; text-transform: uppercase;" href=3D"https://substack.com/=
@artelligence" class=3D"pencraft frontend-pencraft-Box-module__reset--VfQY8=
frontend-pencraft-Text-module__size-11--k1e8b frontend-pencraft-Text-modul=
e__line-height-20--p0dP8 frontend-pencraft-Text-module__weight-medium--x7kh=
A frontend-pencraft-Text-module__font-meta--U_nxy frontend-pencraft-Text-mo=
dule__color-primary--ud4Z0 frontend-pencraft-Text-module__transform-upperca=
se--IDkUL frontend-pencraft-Text-module__reset--dW0zZ frontend-pencraft-Tex=
t-module__meta--jzHdd">Marion Maneker</a></div></td></tr></table></td></tr>=
<tr><td><table role=3D"presentation" width=3D"auto" border=3D"0" cellspacin=
g=3D"0" cellpadding=3D"0"><tr><td style=3D"vertical-align: middle;"><div cl=
ass=3D"pencraft frontend-pencraft-Box-module__reset--VfQY8 frontend-pencraf=
t-Text-module__size-11--k1e8b frontend-pencraft-Text-module__line-height-20=
--p0dP8 frontend-pencraft-Text-module__weight-medium--x7khA frontend-pencra=
ft-Text-module__font-meta--U_nxy frontend-pencraft-Text-module__color-secon=
dary--WRADg frontend-pencraft-Text-module__transform-uppercase--IDkUL front=
end-pencraft-Text-module__reset--dW0zZ frontend-pencraft-Text-module__meta-=
-jzHdd" style=3D"color: rgb(128, 128, 128); font-family: 'SF Compact', -app=
le-system, -apple-system, -system-ui, BlinkMacSystemFont, 'Segoe UI', Robot=
o, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Se=
goe UI Symbol'; font-size: 11px; font-weight: 500; letter-spacing: .2px; li=
ne-height: 20px; margin: 0; text-decoration: unset; text-transform: upperca=
se;"><time dateTime=3D"2023-11-13T19:30:48.074Z">Nov 13</time></div></td><t=
d width=3D"4" style=3D"min-width: 4px"></td><td style=3D"vertical-align: mi=
ddle;"><table role=3D"presentation" width=3D"auto" border=3D"0" cellspacing=
=3D"0" cellpadding=3D"0"><tr><td style=3D"vertical-align: middle;"><div cla=
ss=3D"pencraft frontend-pencraft-Box-module__reset--VfQY8 frontend-pencraft=
-Text-module__size-11--k1e8b frontend-pencraft-Text-module__line-height-20-=
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t-Text-module__font-meta--U_nxy frontend-pencraft-Text-module__color-second=
ary--WRADg frontend-pencraft-Text-module__transform-uppercase--IDkUL fronte=
nd-pencraft-Text-module__reset--dW0zZ frontend-pencraft-Text-module__meta--=
jzHdd" style=3D"color: rgb(128, 128, 128); font-family: 'SF Compact', -appl=
e-system, -apple-system, -system-ui, BlinkMacSystemFont, 'Segoe UI', Roboto=
, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Seg=
oe UI Symbol'; font-size: 11px; font-weight: 500; letter-spacing: .2px; lin=
e-height: 20px; margin: 0; text-decoration: unset; text-transform: uppercas=
e;">∙</div></td><td width=3D"4" style=3D"min-width: 4px"></td><td sty=
le=3D"vertical-align: middle;"><div class=3D"pencraft frontend-pencraft-Box=
-module__reset--VfQY8 frontend-pencraft-Text-module__size-11--k1e8b fronten=
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style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin=
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h of Christie’s day sales held last week and over the weekend. Sotheb=
y’s Emily Fisher Landau day sale (which did quite well) won’t f=
it in this issue. We’ll include those charts in tomorrow’s emai=
l after tonight’s Modern Evening auction which has some very compelli=
ng works on offer. There will be an email after the sales cycle analyzing t=
he full auction results using data provided by LiveArt.</p><p style=3D"colo=
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ne !important; white-space: nowrap;"><span style=3D"color: #ffffff; text-de=
coration: none;">Upgrade to paid</span></a></p></div><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><h2 class=3D"header-with-=
anchor-widget" style=3D"-moz-appearance: optimizelegibility; -moz-osx-font-=
smoothing: antialiased; -webkit-appearance: optimizelegibility; -webkit-fon=
t-smoothing: antialiased; appearance: optimizelegibility; color: rgb(64, 64=
, 64); font-family: 'SF Compact Display', -apple-system, BlinkMacSystemFont=
, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'S=
egoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.625em; font-weight: bold; l=
ine-height: 1.16em; margin: 1em 0 0.625em 0; position: relative;">In This I=
ssue</h2><ol style=3D"margin-top: 0; padding: 0;"><li style=3D"margin: 8px =
0 0 32px;"><p style=3D"box-sizing: border-box; color: rgb(64, 64, 64); font=
-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0; padding-left: =
4px;"><strong>About Last Week: </strong><span>The art market is holding up =
better than many expected</span></p></li><li style=3D"margin: 8px 0 0 32px;=
"><p style=3D"box-sizing: border-box; color: rgb(64, 64, 64); font-size: 16=
px; line-height: 26px; margin: 0 0 20px 0; margin-bottom: 0; padding-left: =
4px;"><strong>Christie’s Day Sale Charts:</strong></p><ol style=3D"li=
st-style-type: lower-alpha; margin-top: 0; padding: 0;"><li style=3D"margin=
: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; color: rgb(64, 64, 64)=
; font-size: 16px; line-height: 26px; margin: 0 0 20px 0; margin-bottom: 0;=
padding-left: 4px;"><strong>Christie’s Contemporary Day sale</strong=
><span>: $66.5m total; 1.00 hammer ratio; 84% sell through rate</span></p><=
ol style=3D"list-style-type: lower-roman; margin-top: 0; padding: 0;"><li s=
tyle=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; color: r=
gb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0; margin-botto=
m: 0; padding-left: 4px;"><strong>Charts: </strong><span>Results, Top Ten b=
y Premium, Top Ten by Hammer Ratio</span></p></li></ol></li><li style=3D"ma=
rgin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; color: rgb(64, 64,=
64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0; margin-bottom=
: 0; padding-left: 4px;"><strong>Christie’s Modern Day sale</strong><=
span>: $35m total; .97 hammer ratio; 78% sell through rate</span></p><ol st=
yle=3D"list-style-type: lower-roman; margin-top: 0; padding: 0;"><li style=
=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; color: rgb(6=
4, 64, 64); font-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0=
; padding-left: 4px;"><strong>Charts: </strong><span>Results, Top Ten by Pr=
emium, Top Ten by Hammer Ratio</span></p></li></ol></li><li style=3D"margin=
: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; color: rgb(64, 64, 64)=
; font-size: 16px; line-height: 26px; margin: 0 0 20px 0; margin-bottom: 0;=
padding-left: 4px;"><strong>Christie’s Modern Works on Paper sale:</=
strong><span> $10.6m total; .91 hammer ratio; 78% sell through rate</span><=
/p><ol style=3D"list-style-type: lower-roman; margin-top: 0; padding: 0;"><=
li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; colo=
r: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0; margin-b=
ottom: 0; padding-left: 4px;"><strong>Charts: </strong><span>Results, Top T=
en by Premium, Top Ten by Hammer Ratio</span></p></li></ol></li></ol></li><=
/ol><div style=3D"font-size: 16px; line-height: 26px;"><hr style=3D"backgro=
und: #e0e0e0; border: none; height: 1px; margin: 32px 0; padding: 0;"></div=
><h2 class=3D"header-with-anchor-widget" style=3D"-moz-appearance: optimize=
legibility; -moz-osx-font-smoothing: antialiased; -webkit-appearance: optim=
izelegibility; -webkit-font-smoothing: antialiased; appearance: optimizeleg=
ibility; color: rgb(64, 64, 64); font-family: 'SF Compact Display', -apple-=
system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-seri=
f, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.6=
25em; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; posi=
tion: relative;">About Last Week</h2><p style=3D"color: rgb(64, 64, 64); fo=
nt-size: 16px; line-height: 26px; margin: 0 0 20px 0;">Last week, we saw tw=
o different strategies for managing a market in a down cycle. Interest rate=
s are having an effect on the volume of sales as is the size of the estates=
coming to market. In a down cycle, competition between the auction houses =
gets fiercer. Last week we saw two different strategies. Sotheby’s re=
lied on collections this season and they sold Emily Fisher Landau well. Chr=
istie’s assembled their sales through smaller collections and identif=
ying specific lots to guarantee. Both houses worked hard behind the scenes =
to place all of the works they guaranteed posting very high sell-through ra=
tes. Both houses were just able to meet estimates (though Christie’s =
showed slightly more strength.) </p><p style=3D"color: rgb(64, 64, 64); fon=
t-size: 16px; line-height: 26px; margin: 0 0 20px 0;">Christie’s Day =
sale results were slightly stronger on Contemporary than Modern. Christie&#=
8217;s marquee week is now over with $860,824,352 in sales. </p><p style=3D=
"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20=
px 0; margin-bottom: 0;">Sotheby’s and Phillips share the stage this =
week. Sotheby’s has a running head start having already sold $424,744=
,876 in Fisher Landau works. The pre-sale low estimate for Sotheby’s =
was close to one billion dollars with Phillips the week should be able to c=
ross the $2 billion barrier...</p></div></div><div data-testid=3D"paywall" =
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