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Subject: What We Learned This Week (2339)
From: Artelligence <artelligence@substack.com>
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View this post on the web at https://artelligence.substack.com/p/what-we-le=
arned-this-week-2339
Welcome to Artelligence
This free Artelligence newsletter is published most Fridays throughout the =
year. Additional newsletters analyzing auction data from LiveArt or featuri=
ng our own reporting are for paid subscribers only.
The long-anticipated market pullback is upon us. Phillips and Sotheby=E2=80=
=99s mid-season sales of Contemporary art fell short of expectations in bot=
h sell-through rate and hammer ratio. The shortfall could not have been a s=
urprise. As we noted in our paid-subscriber preview, there were more lots t=
his season than the year before when the market was still filled with anima=
l spirits. Those lots had a higher aggregate low estimate this year than a =
year earlier too.=20
Christie=E2=80=99s sale today will give us the full extent of the results. =
On Tuesday, we will publish results from the New York Mid-Season sales alon=
g with a detailed analysis. That report will be for paid subscribers. Until=
then, we were two for three in our presale previews: Alice Baber=E2=80=99s=
large work sold for an astonishing $698,500; and Etel Adnan=E2=80=99s unti=
tled work from the Stone collection made a solid $266,700; Vivian Springfor=
d=E2=80=99s work at Phillips sold for $82,500 which was within the estimate=
range.=20
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
Subscriptions are $12 a month or $120 for a year. For organizations, we off=
er group discounts for 30% for each subscription of two or more. Sharing a =
newsletter on occasion is fine; consistently circumventing group subscripti=
ons is not.=C2=A0
There is also an option to get a 7-day free trial. Just choose the subscrip=
tion plan you want and click on the 7-day trial option before checkout.=C2=
=A0
In This Issue
Lot Watch: Christie=E2=80=99s to sell up to three C=C3=A9zannes with a com=
bined estimate of $45 million from the collection of Villa Langmatt; Sotheb=
y=E2=80=99s to sell Chara Schreyer=E2=80=99s art; $65m Monet nymph=C3=A9as =
at Christie=E2=80=99s.=20
Notes: Abramovich=E2=80=99s art collection; Marquez opens a private art spa=
ce in Miami; Bloomberg charts the market rotation; Zwirner=E2=80=99s unchar=
acteristic PR misstep.
Lot Watch
Unseen $65m Monet Nymph=C3=A9as to Appear at Christie=E2=80=99s in November
Christie=E2=80=99s will be selling a Claude Monet Nymph=C3=A9as from 1917-1=
9 that has been in the same family collection for the last 50 years. The wo=
rk has not been previously exhibited or auctioned. The auction house thinks=
the work is comparable in size and quality to the nymph=C3=A9as sold from =
the Rockefeller collection in 2018 for $84.7 million. This work is being of=
fered with an estimate upon request but expectations above $65 million.
Chara Schreyer Collection to Sell at Sotheby=E2=80=99s
California collector Chara Schreyer=E2=80=99s extensive holdings of art=E2=
=80=94including works by Andy Warhol, Ed Ruscha, Robert Gober, Eva Hesse, J=
oseph Beuys, Mark Bradford as well as Georgia O'Keeffe, Louise Bourgeois, L=
ee Bontecou, Amy Sillman and Jacqueline Humphries=E2=80=94 will be sold by =
Sotheby=E2=80=99s starting with the Fall sales in November and continuing t=
hrough additional sales in 2024. Among the works on offer are =E2=80=A6
Frank Stella, Honduras Lottery Co. Estimate $10 million=20
Towering more than seven feet, Frank Stella=E2=80=99s 1962 Honduras Lottery=
Co. is among the earliest examples of his Concentric Square paintings. Hon=
duras Lottery Co. is one of only six Concentric Squares that Stella execute=
d in the 1960s in this monumental scale, half of which now belong to presti=
gious international museums such as the Whitney Museum of American Art, New=
York; Seibu Museum of Art, Tokyo; and the Hirshhorn Museum and Sculpture G=
arden, Washington, D.C. Acquired by Schreyer more than 20 years ago, the wo=
rk was previously in the collection of film and television producer Douglas=
S. Cramer.
Donald Judd, Untitled=C2=A0 Estimate $7 million=20
Executed in 1969, Untitled is a large-scale example of Donald Judd=E2=80=99=
s early corpus of Stack sculptures.
Eva Hesse, Top Spot Estimate $5 million=20
Created in July 1965 as the final work in a groundbreaking series that Hess=
e devised while on a residency in Germany before returning to New York late=
r that year. During her residency, Hesse created a total of 14 reliefs, Top=
Spot is the final example of the artist=E2=80=99s limited group of relief =
works. Today, more than half of these 14 reliefs are in important instituti=
onal and museum collections.
Andy Warhol, Rorschach Estimate $3 million=20
Robert Gober, Deep Basin Sink Estimate, $2 million
Dating from 1984, Deep Basin Sink is one of the earliest and most iconic Si=
nk sculptures executed by the artist. When Schreyer acquired Deep Basin Sin=
k more than 20 years ago, the work set a new auction record for the artist.=
=2E
Marcel Duchamp, De ou par Marcel Duchamp ou Rrose S=C3=A9lavy (La Bo=C3=AEt=
e-en-Valise), Series A Estimate $1.8 million
Assembled between 1941 and 1949 in a deluxe edition of only 20 plus 4 examp=
les, La Bo=C3=AEte en Valise, consists of a box within a leather suitcase c=
ontaining 69 miniature reproductions of Duchamp=E2=80=99s works, including =
one original piece by the artist. Number V/XX in the edition was assembled =
by the artist in New York in 1942 and dedicated to Bernard Reis. It contain=
s a hand-colored collotype of Duchamp=E2=80=99s Mari=C3=A9e and was previou=
sly in the collection of Andy Warhol.
Christie=E2=80=99s to Sell Three Deaccessioned C=C3=A9zannes for $45 Millio=
n in November
The=C2=A0 Museum Langmatt in Baden, Switzerland houses the art of Sidney an=
d Jenny Brown who acquired most of the collection in a period between 1908 =
and 1919. The Brown=E2=80=99s home in Baden was finished in 1901 and became=
the family residence until the death of the last of the Brown=E2=80=99s so=
ns in 1987. All three of the Brown=E2=80=99s sons died childless leaving th=
e family home Vila Langmatt and the family collection of works by Gauguin, =
Renoir, Pissarro, Monet, Sisley, Degas, Cassatt, Cezanne and many others =
=C2=A0to the City of Baden. Unfortunately, the maintenance of the museum ou=
tstrips its resources with only 20,000 annual visitors. This Summer, the Ci=
ty of Baden voted to devote substantial public funds to the renovation of V=
illa Langmatt if the museum=E2=80=99s foundation could raise $45 million. T=
he museum selected three works by C=C3=A9zanne to be sold. The first work, =
Fruits en pot de gingembre is estimated at $35 million. If this work sells =
for a price high enough to achieve the museum=E2=80=99s fundraising goal, t=
he two additional works offered in Christie=E2=80=99s November 9th 20th Cen=
tury Evening sale will be withdrawn. Christie=E2=80=99s will continue to se=
ll another still life with C=C3=A9zanne=E2=80=99s signature apples, Quartre=
s pommes et un couteau from 1885, with an estimate of $7 million and La mer=
a L=E2=80=99Estaque estimated at $3 million until the $45 million in proce=
eds to the foundation is met.
Notes
=E2=80=98You could fill a museum with it=E2=80=99: the $963 Roman Abramovic=
h art collection [ https://substack.com/redirect/5c698b78-159a-4893-8ffd-ac=
7e89cb10fe?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7g=
WdY ]: There=E2=80=99s not much revealed in The Guardian=E2=80=99s story ab=
out the Abramovich-Zhukova art collection that we don=E2=80=99t already kno=
w. The Freud and Bacon acquisitions were well publicized; Sandy Heller=E2=
=80=99s role advising Zhukova hasn=E2=80=99t been a secret. Perhaps we lear=
n that the trust now under Zhukova=E2=80=99s majority control owns Malevich=
=E2=80=99s restituted Suprematist Composition from 1916 or that the trust o=
wns a Twombly Roma painting and a Peter Doig. We do learn that, =E2=80=9C[d=
]ocuments reviewed by the Guardian suggest that, as of 2018, Abramovich had=
amassed 367 pieces, valued at $963m.=E2=80=9D
Marquez Art Projects Opens in Miami [ https://substack.com/redirect/5c55951=
7-d4bc-4762-98fe-f02440bd28d8?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe=
5iRnigHXx6Fx_g6pp7gWdY ]: There are a handful of influential collectors in =
cities around the United States who are increasingly opening private museum=
s or exhibition spaces. Last week in Miami, real estate developer John Marq=
uez added his Marquez Art Projects in the city=E2=80=99s Allapattah neighbo=
rhood to the list. With more than a thousand works of art to show in his ne=
w 8,000 square foot space, Marquez has been very busy. One of the secrets o=
f his collecting was putting the works of art he buys on Instagram which bu=
ilt a community and gave him access to dealers. Another advantage was the d=
ecision to buy the space that now houses MAP because it freed up space with=
out having to think about where he could hang art in his home. The final pi=
ece of the puzzle was working with advisor Adam Green, whose family has the=
ir own exhibition space in Dallas, and building a relationship with ICA Mia=
mi=E2=80=99s Alex Gartenfeld.=C2=A0=C2=A0
Rotation, Rotation, Rotation: [ https://substack.com/redirect/a518dea7-a0da=
-4f3e-9f77-6ab2ee115d52?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnig=
HXx6Fx_g6pp7gWdY ] Late last week, Bloomberg=E2=80=99s James Tarmy publishe=
d a piece taking the temperature of the art market by focusing on the pullb=
ack in auction prices for previously hot artists like Aboudia and Emily Mae=
Smith. The evidence in declining resales is pretty clear that demand for t=
hose artists=E2=80=99 work is declining on the secondary market. That shoul=
d not come as a surprise. The art market, especially the auction market, is=
a distribution market. Prices rise until demand is satisfied and then pric=
es fall again. Investment markets are where prices rise based upon fundamen=
tals and trading is based upon expectations about those fundamentals. Much =
of the confusion surrounding the art market comes from thinking of art as a=
n investment market when it is a distribution market. This is one of the pr=
imary factors in the tension between galleries who manage the distribution =
of their artists=E2=80=99 work and auction houses which respond to demand f=
rom collectors. Emily Mae Smith does a great job of illustrating this while=
defending the demand for her work:=C2=A0=E2=80=9CI=E2=80=99ve sold everyth=
ing I=E2=80=99ve ever put out on the primary market since my second solo sh=
ow,=E2=80=9D she says. [=E2=80=A6] It=E2=80=99s the auction market, she con=
tinues, that=E2=80=99s in trouble. =E2=80=9CI wouldn=E2=80=99t be trying to=
auction a painting right now, personally,=E2=80=9D she says. =E2=80=9CI do=
n=E2=80=99t think it=E2=80=99s a great time.=E2=80=9D The point here is to =
recognize that auction markets are not the only measure of an artist=E2=80=
=99s long-term success. That=E2=80=99s why good dealers fight hard to manag=
e their artists=E2=80=99 exposure to auction=E2=80=94and why primary prices=
are set below temporary auction highs to maintain primary demand. In the c=
ase of Aboudia, nicely laid out by Tarmy, the artist himself was the source=
of much of the supply that boosted his sales in 2022. As we=E2=80=99ve alr=
eady seen in the New York Mid-season sales this week, the auction market ha=
s an overhang of material that is no longer in demand and needs new supply =
to meet new demand. That will come from different artists. To use a term bo=
rrowed from financial markets, we=E2=80=99re in the midst of market rotatio=
n as different artists take over sales momentum.
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body .markup .tweet {
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padding-top: 55%;
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}
@media (max-width: 650px) {
.poll-editor-modal {
min-width: calc(100% - 20px);
}
}
@media (max-width: 750px) {
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left: 8px;
top: 45px;
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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=3DeyJtIjoiPDIwMjMwOTI5MTI=
0NTEyLjMuZjk2MWIxN2IxMDJmZWQyN0BtZzIuc3Vic3RhY2suY29tPiIsInUiOjEzMzI2ODY2MS=
wiciI6ImVuem9Ac2hvd2ZpbGUuY29tIiwiZCI6Im1nMi5zdWJzdGFjay5jb20iLCJwIjoxMzc0M=
TQ2MDAsInQiOiJuZXdzbGV0dGVyIiwiYSI6ImV2ZXJ5b25lIiwicyI6MjI1OSwiYyI6InBvc3Qi=
LCJmIjp0cnVlLCJwb3NpdGlvbiI6InRvcCIsImlhdCI6MTY5NTk5MTU4MSwiZXhwIjoxNjk4NTg=
zNTgxLCJpc3MiOiJwdWItMCIsInN1YiI6ImVvIn0.JgaWJ1elNSNPkpdmqRv5QE0foaAVDOyweW=
4IfyVbRO0" alt=3D"" width=3D"1" height=3D"1" border=3D"0" style=3D"height:1=
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Swiss museum  ‌ ‌ ‌ ‌ R=
04; ‌ ‌ ‌ ‌ ‌ &=
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role=3D"presentation" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpa=
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; 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 =
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t-decoration: unset;"><span translated class=3D"pencraft frontend-pencraft-=
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gressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%=
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published" style=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smo=
othing: antialiased; -webkit-appearance: optimizelegibility; -webkit-font-s=
moothing: antialiased; appearance: optimizelegibility; color: rgb(64, 64, 6=
4); font-family: 'SF Compact Display', -apple-system, BlinkMacSystemFont, '=
Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Sego=
e UI Emoji', 'Segoe UI Symbol'; font-size: 32px; font-weight: bold; line-he=
ight: 36px; margin: 0;"><a href=3D"https://substack.com/app-link/post?publi=
cation_id=3D2259&post_id=3D137414600&utm_source=3Dpost-email-title&utm_camp=
aign=3Demail-post-title&isFreemail=3Dtrue&r=3D27cer9&token=3DeyJ1c2VyX2lkIj=
oxMzMyNjg2NjEsInBvc3RfaWQiOjEzNzQxNDYwMCwiaWF0IjoxNjk1OTkxNTgwLCJleHAiOjE2O=
Tg1ODM1ODAsImlzcyI6InB1Yi0yMjU5Iiwic3ViIjoicG9zdC1yZWFjdGlvbiJ9.720q2-5R36V=
oLiQkBHTkZLDeyNV6bl9xAf4XDeNLYT4" style=3D"color: rgb(64, 64, 64); text-dec=
oration: none;">What We Learned This Week (2339)</a></h1><h3 class=3D"subti=
tle" style=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoothing:=
antialiased; -webkit-appearance: optimizelegibility; -webkit-font-smoothin=
g: antialiased; appearance: optimizelegibility; color: #808080; font-family=
: 'SF Compact Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', Robo=
to, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'S=
egoe UI Symbol'; font-size: 18px; font-weight: normal; line-height: 24px; m=
argin: 4px 0 0; margin-top: 12px;">Christie's $65m Monet Nymphéas + So=
theby's Schreyer Collection + Cézannes Sold to Raise $45m for Swiss mu=
seum</h3><table role=3D"presentation" width=3D"100%" border=3D"0" cellspaci=
ng=3D"0" cellpadding=3D"0" class=3D"post-meta" style=3D"align-items: center=
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ole=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D"0" cellpadd=
ing=3D"0"><tr><td style=3D"vertical-align: middle;"><div class=3D"pencraft =
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=2E2px; line-height: 20px; margin: 0; t=
ext-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: .2p=
x; line-height: 20px; margin: 0; text-decoration: none; text-transform: upp=
ercase;" href=3D"https://substack.com/@artelligence" class=3D"pencraft fron=
tend-pencraft-Box-module__reset--VfQY8 frontend-pencraft-Text-module__size-=
11--k1e8b frontend-pencraft-Text-module__line-height-20--p0dP8 frontend-pen=
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le__reset--dW0zZ frontend-pencraft-Text-module__meta--jzHdd">Marion Maneker=
</a></div></td></tr></table></td></tr><tr><td><table role=3D"presentation" =
width=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td sty=
le=3D"vertical-align: middle;"><div class=3D"pencraft frontend-pencraft-Box=
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tend-pencraft-Text-module__color-secondary--WRADg frontend-pencraft-Text-mo=
dule__transform-uppercase--IDkUL frontend-pencraft-Text-module__reset--dW0z=
Z frontend-pencraft-Text-module__meta--jzHdd" style=3D"color: rgb(128, 128,=
128); font-family: 'SF Compact', -apple-system, -apple-system, -system-ui,=
BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'App=
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-weight: 500; letter-spacing: .2px; line-height: 20px; margin: 0; text-deco=
ration: unset; text-transform: uppercase;"><time dateTime=3D"2023-09-29T12:=
45:58.766Z">Sep 29</time></div></td></tr></table></td></tr></table></td></t=
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</h2><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px=
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/p><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; =
margin: 0 0 20px 0;"><strong>The long-anticipated market pullback is upon u=
s. Phillips and Sotheby’s mid-season sales of Contemporary art fell s=
hort of expectations in both sell-through rate and hammer ratio. The shortf=
all could not have been a surprise. As we noted in our paid-subscriber prev=
iew, there were more lots this season than the year before when the market =
was still filled with animal spirits. Those lots had a higher aggregate low=
estimate this year than a year earlier too. </strong></p><p style=3D"color=
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sults. On Tuesday, we will publish results from the New York Mid-Season sal=
es along with a detailed analysis. That report will be for paid subscribers=
=2E</strong><span> Until then, we were=20=
two for three in our presale previews:=
</span><strong>Alice Baber</strong><span>’s large work sold for an a=
stonishing $698,500; and </span><strong>Etel Adnan</strong><span>’s u=
ntitled work from the Stone collection made a solid $266,700; </span><stron=
g>Vivian Springford</strong><span>’s work at Phillips sold for $82,50=
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direct/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2VuY2Uuc3Vic3RhY2suY29tL3N1YnNjcmliZT=
90b2tlbj1leUoxYzJWeVgybGtJam94TXpNeU5qZzJOakVzSW1saGRDSTZNVFk1TlRrNU1UVTRNQ=
3dpWlhod0lqb3hOams0TlRnek5UZ3dMQ0pwYzNNaU9pSndkV0l0TWpJMU9TSXNJbk4xWWlJNklt=
Tm9aV05yYjNWMEluMC5DSWVuMHZLbEtaOURseVZaMjVmcGR4aUpTYzg5RkItbkhOYzZFNWhFUUV=
JJnV0bV9zb3VyY2U9cG9zdCZ1dG1fY2FtcGFpZ249ZW1haWwtY2hlY2tvdXQmcj0yN2NlcjkiLC=
JwIjoxMzc0MTQ2MDAsInMiOjIyNTksImYiOnRydWUsInUiOjEzMzI2ODY2MSwiaWF0IjoxNjk1O=
TkxNTgwLCJleHAiOjE2OTg1ODM1ODAsImlzcyI6InB1Yi0wIiwic3ViIjoibGluay1yZWRpcmVj=
dCJ9.pMTWIqQSgxIljxD1i4baNwyLH-NCS52af8ijw_ckFx4?&utm_medium=3Demail&utm_so=
urce=3Dsubscribe-widget&utm_content=3D137414600" class=3D"button subscribe-=
btn primary" style=3D"background-color: #653366; border: none; border-radiu=
s: 6px; box-sizing: border-box; color: #ffffff !important; cursor: pointer;=
display: inline-block; font-family: -apple-system, BlinkMacSystemFont, 'Se=
goe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe =
UI Emoji', 'Segoe UI Symbol'; font-size: 14px; font-weight: 600; height: au=
to; line-height: 20px; margin: 0 auto; opacity: 1; outline: none; padding: =
12px 20px; text-align: center; text-decoration: none !important; white-spac=
e: nowrap;"><span style=3D"color: #ffffff; text-decoration: none;">Upgrade =
to paid</span></a></p></div><div style=3D"font-size: 16px; line-height: 26p=
x;"><hr style=3D"background: #e0e0e0; border: none; height: 1px; margin: 32=
px 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-font-smoothing: antialiased;=
appearance: optimizelegibility; color: rgb(64, 64, 64); font-family: 'SF C=
ompact Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Hel=
vetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI=
Symbol'; font-size: 1.625em; font-weight: bold; line-height: 1.16em; margi=
n: 1em 0 0.625em 0; position: relative;">In This Issue</h2><ol style=3D"mar=
gin-top: 0; padding: 0;"><li style=3D"margin: 8px 0 0 32px;"><p style=3D"bo=
x-sizing: border-box; color: rgb(64, 64, 64); font-size: 16px; line-height:=
26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><strong>Lot Watch:<=
/strong><span> Christie’s to sell up to three Cézannes with a c=
ombined estimate of $45 million from the collection of Villa Langmatt; Soth=
eby’s to sell Chara Schreyer’s art; $65m Monet nymphéas at=
Christie’s. </span></p></li><li style=3D"margin: 8px 0 0 32px;"><p s=
tyle=3D"box-sizing: border-box; color: rgb(64, 64, 64); font-size: 16px; li=
ne-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><strong>N=
otes: </strong><span>Abramovich’s art collection; Marquez opens a pri=
vate art space in Miami; Bloomberg charts the market rotation; Zwirner̵=
7;s uncharacteristic PR misstep.</span></p></li></ol><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;">Lot Watch=
</h2><h4 class=3D"header-with-anchor-widget" style=3D"-moz-appearance: opti=
mizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-appearance: o=
ptimizelegibility; -webkit-font-smoothing: antialiased; appearance: optimiz=
elegibility; color: rgb(64, 64, 64); font-family: 'SF Compact Display', -ap=
ple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-=
serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size:=
1.125em; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; =
position: relative;">Unseen $65m Monet Nymphéas to Appear at Christie&=
#8217;s in November</h4><div class=3D"captioned-image-container-static" sty=
le=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"1=
00%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" data-component-name=
=3D"Image2ToDOMStatic" style=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><=
td style=3D"text-align: center;"></td><td align=3D"left" class=3D"content" =
width=3D"1456" style=3D"text-align: center;"><a class=3D"image-link" target=
=3D"_blank" href=3D"https://substack.com/redirect/8fc9ff14-5013-4694-9e29-c=
fcbffb29b2d?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7=
gWdY" rel 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":&=
quot;https://substack-post-media.s3.amazonaws.com/public/images/c28ba841-05=
07-4638-8c9d-2f4a30449d9b_4000x1969.jpeg","srcNoWatermark":n=
ull,"fullscreen":null,"imageSize":null,"height&quo=
t;:717,"width":1456,"resizeWidth":null,"bytes"=
;:5301252,"alt":"","title":null,"type&qu=
ot;:"image/jpeg","href":null,"belowTheFold":t=
rue,"topImage":false,"internalRedirect":null}" alt titl=
e width=3D"550" height=3D"270.8447802197802" class=3D"wide-image" src=3D"ht=
tps://substackcdn.com/image/fetch/w_2912,c_limit,f_auto,q_auto:good,fl_prog=
ressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2=
Fimages%2Fc28ba841-0507-4638-8c9d-2f4a30449d9b_4000x1969.jpeg" style=3D"-ms=
-interpolation-mode: bicubic; border: none !important; display: block; heig=
ht: auto; margin: 0 auto; margin-bottom: 0; max-width: 100% !important; ver=
tical-align: middle; width: auto !important;"></a></td><td style=3D"text-al=
ign: center;"></td></tr></tbody></table></figure></div><p style=3D"color: r=
gb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><s=
pan>Christie’s will be selling a Claude Monet </span><em>Nymphéa=
s</em><span> from 1917-19 that has been in the same family collection for t=
he last 50 years. The work has not been previously exhibited or auctioned. =
The auction house thinks the work is comparable in size and quality to the =
nymphéas sold from the Rockefeller collection in 2018 for $84.7 millio=
n. This work is being offered with an estimate upon request but expectation=
s above $65 million.</span></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><h4 class=3D"header-with-anchor-widget" style=
=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoothing: antialias=
ed; -webkit-appearance: optimizelegibility; -webkit-font-smoothing: antiali=
ased; appearance: optimizelegibility; color: rgb(64, 64, 64); font-family: =
'SF Compact Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto=
, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Seg=
oe UI Symbol'; font-size: 1.125em; font-weight: bold; line-height: 1.16em; =
margin: 1em 0 0.625em 0; position: relative;">Chara Schreyer Collection to =
Sell at Sotheby’s</h4><div class=3D"captioned-image-container-static"=
style=3D"font-size: 16px; line-height: 26px; margin: 32px auto;"><figure s=
tyle=3D"margin: 0 auto; width: 100%;"><table class=3D"image-wrapper" width=
=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" data-component-n=
ame=3D"Image2ToDOMStatic" style=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><t=
r><td style=3D"text-align: center;"></td><td align=3D"left" class=3D"conten=
t" width=3D"1456" style=3D"text-align: center;"><a class=3D"image-link" tar=
get=3D"_blank" href=3D"https://substack.com/redirect/3d14f36c-7c18-4e31-a10=
0-6f46bfc0c3a1?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6=
pp7gWdY" rel style=3D"align-items: center; border: none; display: block; fl=
ex-direction: column; height: auto; margin: 0; padding: 0; position: relati=
ve; text-decoration: none; width: auto;"><img data-attrs=3D"{"src"=
;:"https://substack-post-media.s3.amazonaws.com/public/images/a6466f42=
-4af4-4ce0-946e-57e525bb6553_2500x2502.jpeg","srcNoWatermark"=
;:null,"fullscreen":null,"imageSize":null,"height&=
quot;:1457,"width":1456,"resizeWidth":null,"bytes&=
quot;:2427491,"alt":null,"title":null,"type":=
"image/jpeg","href":null,"belowTheFold":true,=
"topImage":false,"internalRedirect":null}" alt width=3D=
"550" height=3D"550.3777472527472" class=3D"wide-image" src=3D"https://subs=
tackcdn.com/image/fetch/w_2912,c_limit,f_auto,q_auto:good,fl_progressive:st=
eep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F=
a6466f42-4af4-4ce0-946e-57e525bb6553_2500x2502.jpeg" style=3D"-ms-interpola=
tion-mode: bicubic; border: none !important; display: block; height: auto; =
margin: 0 auto; margin-bottom: 0; max-width: 100% !important; vertical-alig=
n: middle; width: auto !important;"></a></td><td style=3D"text-align: cente=
r;"></td></tr></tbody></table><figcaption class=3D"image-caption" style=3D"=
box-sizing: content-box; color: #808080; font-size: 14px; font-weight: 400;=
letter-spacing: -.15px; line-height: 20px; margin-top: 8px; padding-left: =
15%; padding-right: 15%; text-align: center; width: 70%;"><span>Frank Stell=
a, </span><em>Honduras Lottery Co. </em><span>Estimate $10 million</span><s=
trong> </strong></figcaption></figure></div><p style=3D"color: rgb(64, 64, =
64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">California co=
llector Chara Schreyer’s extensive holdings of art—including wo=
rks by Andy Warhol, Ed Ruscha, Robert Gober, Eva Hesse, Joseph Beuys, Mark =
Bradford as well as Georgia O'Keeffe, Louise Bourgeois, Lee Bontecou, Amy S=
illman and Jacqueline Humphries— will be sold by Sotheby’s star=
ting with the Fall sales in November and continuing through additional sale=
s in 2024. Among the works on offer are …</p><p style=3D"color: rgb(6=
4, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><stron=
g>Frank Stella, </strong><em><strong>Honduras Lottery Co. </strong></em><sp=
an>Estimate $10 million </span><strong><br><br></strong><span>Towering more=
than seven feet, Frank Stella’s 1962 </span><em>Honduras Lottery Co.=
</em><span> is among the earliest examples of his Concentric Square paintin=
gs. </span><em>Honduras Lottery Co.</em><span> is one of only six Concentri=
c Squares that Stella executed in the 1960s in this monumental scale, half =
of which now belong to prestigious international museums such as the Whitne=
y Museum of American Art, New York; Seibu Museum of Art, Tokyo; and the Hir=
shhorn Museum and Sculpture Garden, Washington, D.C. Acquired by Schreyer m=
ore than 20 years ago, the work was previously in the collection of film an=
d television producer Douglas S. Cramer.</span></p><p style=3D"color: rgb(6=
4, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><stron=
g>Donald Judd, </strong><em><strong>Untitled  </strong></em><span>Esti=
mate $7 million </span><strong><br><br></strong><span>Executed in 1969, </s=
pan><em>Untitled </em><span>is a large-scale example of Donald Judd’s=
early corpus of Stack sculptures.</span></p><p style=3D"color: rgb(64, 64=
, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><strong>Eva=
Hesse, </strong><em><strong>Top Spot</strong></em><strong> </strong><span>=
Estimate $5 million </span><br><br><span>Created in July 1965 as the final =
work in a groundbreaking series that Hesse devised while on a residency in =
Germany before returning to New York later that year. During her residency,=
Hesse created a total of 14 reliefs, </span><em>Top Spot</em><span> is the=
final example of the artist’s limited group of relief works. Today, =
more than half of these 14 reliefs are in important institutional and museu=
m collections.</span></p><p style=3D"color: rgb(64, 64, 64); font-size: 16p=
x; line-height: 26px; margin: 0 0 20px 0;"><strong>Andy Warhol, </strong><e=
m><strong>Rorschach </strong></em><span>Estimate $3 million </span></p><p s=
tyle=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin:=
0 0 20px 0;"><strong>Robert Gober, </strong><em><strong>Deep Basin Sink</s=
trong></em><strong> </strong><span>Estimate, $2 million</span><strong><br><=
br></strong><span>Dating from 1984, Deep Basin Sink is one of the earliest =
and most iconic Sink sculptures executed by the artist. When Schreyer acqui=
red </span><em>Deep Basin Sink</em><span> more than 20 years ago, the work =
set a new auction record for the artist..</span></p><p style=3D"color: rgb(=
64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><stro=
ng>Marcel Duchamp, </strong><em><strong>De ou par Marcel Duchamp ou Rrose S=
élavy (La Boîte-en-Valise), Series A </strong></em><span>Estimate=
$1.8 million</span><br><br><span>Assembled between 1941 and 1949 in a delu=
xe edition of only 20 plus 4 examples, </span><em>La Boîte en Valise</=
em><span>, consists of a box within a leather suitcase containing 69 miniat=
ure reproductions of Duchamp’s works, including one original piece by=
the artist. Number V/XX in the edition was assembled by the artist in New =
York in 1942 and dedicated to Bernard Reis. It contains a hand-colored coll=
otype of Duchamp’s </span><em>Mariée</em><span> and was previous=
ly in the collection of Andy Warhol.</span></p><div style=3D"font-size: 16p=
x; line-height: 26px;"><hr style=3D"background: #e0e0e0; border: none; heig=
ht: 1px; margin: 32px 0; padding: 0;"></div><h4 class=3D"header-with-anchor=
-widget" style=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smooth=
ing: antialiased; -webkit-appearance: optimizelegibility; -webkit-font-smoo=
thing: antialiased; appearance: optimizelegibility; color: rgb(64, 64, 64);=
font-family: 'SF Compact Display', -apple-system, BlinkMacSystemFont, 'Seg=
oe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe U=
I Emoji', 'Segoe UI Symbol'; font-size: 1.125em; font-weight: bold; line-he=
ight: 1.16em; margin: 1em 0 0.625em 0; position: relative;">Christie’=
s to Sell Three Deaccessioned Cézannes for $45 Million in November</h4=
><div class=3D"captioned-image-container-static" style=3D"font-size: 16px; =
line-height: 26px; margin: 32px auto;"><figure style=3D"margin: 0 auto; wid=
th: 100%;"><table class=3D"image-wrapper" width=3D"100%" border=3D"0" cells=
pacing=3D"0" cellpadding=3D"0" data-component-name=3D"Image2ToDOMStatic" st=
yle=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align: c=
enter;"></td><td align=3D"left" class=3D"content" width=3D"1456" style=3D"t=
ext-align: center;"><a class=3D"image-link" target=3D"_blank" href=3D"https=
://substack.com/redirect/a1a54cbb-2d1e-44f6-9477-af6292d7cc21?j=3DeyJ1IjoiM=
jdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"align-=
items: center; border: none; display: block; flex-direction: column; height=
: auto; margin: 0; padding: 0; position: relative; text-decoration: none; w=
idth: auto;"><img data-attrs=3D"{"src":"https://substack-pos=
t-media.s3.amazonaws.com/public/images/bdb4cbe3-9821-4a42-b882-7a890cddfe50=
_4000x2795.jpeg","srcNoWatermark":null,"fullscreen"=
;:null,"imageSize":null,"height":1017,"width"=
:1456,"resizeWidth":null,"bytes":5542766,"alt"=
;:"","title":null,"type":"image/jpeg&quo=
t;,"href":null,"belowTheFold":true,"topImage"=
:false,"internalRedirect":null}" alt title width=3D"550" height=
=3D"384.16895604395603" class=3D"wide-image" src=3D"https://substackcdn.com=
/image/fetch/w_2912,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3=
A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbdb4cbe3-98=
21-4a42-b882-7a890cddfe50_4000x2795.jpeg" style=3D"-ms-interpolation-mode: =
bicubic; border: none !important; display: block; height: auto; margin: 0 a=
uto; margin-bottom: 0; max-width: 100% !important; vertical-align: middle; =
width: auto !important;"></a></td><td style=3D"text-align: center;"></td></=
tr></tbody></table><figcaption class=3D"image-caption" style=3D"box-sizing:=
content-box; color: #808080; font-size: 14px; font-weight: 400; letter-spa=
cing: -.15px; line-height: 20px; margin-top: 8px; padding-left: 15%; paddin=
g-right: 15%; text-align: center; width: 70%;"><span>Paul Cézanne, </s=
pan><em>Fruits en pot de gingembre, </em><span>estimated at $35 million</sp=
an></figcaption></figure></div><p style=3D"color: rgb(64, 64, 64); font-siz=
e: 16px; line-height: 26px; margin: 0 0 20px 0;"><span>The  Museum Lan=
gmatt in Baden, Switzerland houses the art of Sidney and Jenny Brown who ac=
quired most of the collection in a period between 1908 and 1919. The Brown&=
#8217;s home in Baden was finished in 1901 and became the family residence =
until the death of the last of the Brown’s sons in 1987. All three of=
the Brown’s sons died childless leaving the family home Vila Langmat=
t and the family collection of works by Gauguin, Renoir, Pissarro, Monet, S=
isley, Degas, Cassatt, Cezanne and many others  to the City of Baden. =
Unfortunately, the maintenance of the museum outstrips its resources with o=
nly 20,000 annual visitors. This Summer, the City of Baden voted to devote =
substantial public funds to the renovation of Villa Langmatt if the museum&=
#8217;s foundation could raise $45 million. The museum selected three works=
by Cézanne to be sold. The first work, </span><em>Fruits en pot de gi=
ngembre </em><span>is estimated at $35 million. If this work sells for a pr=
ice high enough to achieve the museum’s fundraising goal, the two add=
itional works offered in Christie’s November 9th 20th Century Evening=
sale will be withdrawn. Christie’s will continue to sell another sti=
ll life with Cézanne’s signature apples, </span><em>Quartres pom=
mes et un couteau</em><span> from 1885, with an estimate of $7 million and =
</span><em><span>La mer a L’Estaque</span><strong> </strong></em><spa=
n>estimated at $3 million until the $45 million in proceeds to the foundati=
on is met.</span></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"1=
00%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" data-component-name=
=3D"Image2ToDOMStatic" style=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><=
td style=3D"text-align: center;"></td><td align=3D"left" class=3D"content" =
width=3D"1456" style=3D"text-align: center;"><a class=3D"image-link" target=
=3D"_blank" href=3D"https://substack.com/redirect/9d2bcd30-6f5d-4ffd-b2d4-5=
112fe7b209a?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7=
gWdY" rel 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":&=
quot;https://substack-post-media.s3.amazonaws.com/public/images/7158cf05-95=
12-4b2c-9a2e-5a758b182fb8_4000x3340.jpeg","srcNoWatermark":n=
ull,"fullscreen":null,"imageSize":null,"height&quo=
t;:1216,"width":1456,"resizeWidth":null,"bytes&quo=
t;:6934872,"alt":"","title":null,"type&q=
uot;:"image/jpeg","href":null,"belowTheFold":=
true,"topImage":false,"internalRedirect":null}" alt tit=
le width=3D"550" height=3D"459.34065934065933" class=3D"wide-image" src=3D"=
https://substackcdn.com/image/fetch/w_2912,c_limit,f_auto,q_auto:good,fl_pr=
ogressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic=
%2Fimages%2F7158cf05-9512-4b2c-9a2e-5a758b182fb8_4000x3340.jpeg" style=3D"-=
ms-interpolation-mode: bicubic; border: none !important; display: block; he=
ight: auto; margin: 0 auto; margin-bottom: 0; max-width: 100% !important; v=
ertical-align: middle; width: auto !important;"></a></td><td style=3D"text-=
align: center;"></td></tr></tbody></table><figcaption class=3D"image-captio=
n" style=3D"box-sizing: content-box; color: #808080; font-size: 14px; font-=
weight: 400; letter-spacing: -.15px; line-height: 20px; margin-top: 8px; pa=
dding-left: 15%; padding-right: 15%; text-align: center; width: 70%;"><span=
>Paul Cézanne</span><em>, Quartres pommes et un couteau</em><span> (18=
85) estimated at $7 million</span></figcaption></figure></div><div style=3D=
"font-size: 16px; line-height: 26px;"><hr style=3D"background: #e0e0e0; bor=
der: none; height: 1px; margin: 32px 0; padding: 0;"></div><h2 class=3D"hea=
der-with-anchor-widget" style=3D"-moz-appearance: optimizelegibility; -moz-=
osx-font-smoothing: antialiased; -webkit-appearance: optimizelegibility; -w=
ebkit-font-smoothing: antialiased; appearance: optimizelegibility; color: r=
gb(64, 64, 64); font-family: 'SF Compact Display', -apple-system, BlinkMacS=
ystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color E=
moji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.625em; font-weight=
: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; position: relative;">=
Notes</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); fon=
t-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0; padding-left:=
4px;"><strong><a href=3D"https://substack.com/redirect/5c698b78-159a-4893-=
8ffd-ac7e89cb10fe?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx=
_g6pp7gWdY" rel style=3D"color: rgb(64, 64, 64); text-decoration: underline=
;">‘You could fill a museum with it’: the $963 Roman Abramovich=
art collection</a><span>: </span></strong><span>There’s not much rev=
ealed in </span><em>The Guardian</em><span>’s story about the Abramov=
ich-Zhukova art collection that we don’t already know. The Freud and =
Bacon acquisitions were well publicized; Sandy Heller’s role advising=
Zhukova hasn’t been a secret. Perhaps we learn that the trust now un=
der Zhukova’s majority control owns Malevich’s restituted </spa=
n><em>Suprematist Composition</em><span> from 1916 or that the trust owns a=
Twombly Roma painting and a Peter Doig. We do learn that, “[d]ocumen=
ts reviewed by the Guardian suggest that, as of 2018, Abramovich had amasse=
d 367 pieces, valued at $963m.”</span></p></li><li style=3D"margin: 8=
px 0 0 32px;"><p style=3D"box-sizing: border-box; color: rgb(64, 64, 64); f=
ont-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0; padding-lef=
t: 4px;"><strong><a href=3D"https://substack.com/redirect/5c559517-d4bc-476=
2-98fe-f02440bd28d8?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6=
Fx_g6pp7gWdY" rel style=3D"color: rgb(64, 64, 64); text-decoration: underli=
ne;">Marquez Art Projects Opens in Miami</a><span>: </span></strong><span>T=
here are a handful of influential collectors in cities around the United St=
ates who are increasingly opening private museums or exhibition spaces. Las=
t week in Miami, real estate developer John Marquez added his Marquez Art P=
rojects in the city’s Allapattah neighborhood to the list. With more =
than a thousand works of art to show in his new 8,000 square foot space, Ma=
rquez has been very busy. One of the secrets of his collecting was putting =
the works of art he buys on Instagram which built a community and gave him =
access to dealers. Another advantage was the decision to buy the space that=
now houses MAP because it freed up space without having to think about whe=
re he could hang art in his home. The final piece of the puzzle was working=
with advisor Adam Green, whose family has their own exhibition space in Da=
llas, and building a relationship with ICA Miami’s Alex Gartenfeld.&#=
160; </span></p></li><li style=3D"margin: 8px 0 0 32px;"><p style=3D"b=
ox-sizing: border-box; color: rgb(64, 64, 64); font-size: 16px; line-height=
: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><strong><a href=3D=
"https://substack.com/redirect/a518dea7-a0da-4f3e-9f77-6ab2ee115d52?j=3DeyJ=
1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"=
color: rgb(64, 64, 64); text-decoration: underline;">Rotation, Rotation, Ro=
tation:</a></strong><span> Late last week, </span><em>Bloomberg</em><span>&=
#8217;s James Tarmy published a piece taking the temperature of the art mar=
ket by focusing on the pullback in auction prices for previously hot artist=
s like Aboudia and Emily Mae Smith. The evidence in declining resales is pr=
etty clear that demand for those artists’ work is declining on the se=
condary market. That should not come as a surprise. The art market, especia=
lly the auction market, is a distribution market. Prices rise until demand =
is satisfied and then prices fall again. Investment markets are where price=
s rise based upon fundamentals and trading is based upon expectations about=
those fundamentals. Much of the confusion surrounding the art market comes=
from thinking of art as an investment market when it is a distribution mar=
ket. This is one of the primary factors in the tension between galleries wh=
o manage the distribution of their artists’ work and auction houses w=
hich respond to demand from collectors. Emily Mae Smith does a great job of=
illustrating this while defending the demand for her work: “I&#=
8217;ve sold everything I’ve ever put out on the primary market since=
my second solo show,” she says. […] It’s the auction mar=
ket, she continues, that’s in trouble. “I wouldn’t be try=
ing to auction a painting right now, personally,” she says. “I =
don’t think it’s a great time.” The point here is to reco=
gnize that auction markets are not the only measure of an artist’s lo=
ng-term success. That’s why good dealers fight hard to manage their a=
rtists’ exposure to auction—and why primary prices are set belo=
w temporary auction highs to maintain primary demand. In the case of Aboudi=
a, nicely laid out by Tarmy, the artist himself was the source of much of t=
he supply that boosted his sales in 2022. As we’ve already seen in th=
e New York Mid-season sales this week, the auction market has an overhang o=
f material that is no longer in demand and needs new supply to meet new dem=
and. That will come from different artists. To use a term borrowed from fin=
ancial markets, we’re in the midst of market rotation as different ar=
tists take over sales momentum. </span></p></li></ol><p style=3D"color=
: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0; =
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