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Subject: After Action Report: Sotheby's The Now + Contemporary Evening + Contemporary
Day
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View this post on the web at https://artelligence.substack.com/p/after-acti=
on-report-sothebys-the
Welcome to Artelligence
The Artelligence newsletter comes out every Friday with What We Learned thi=
s Week. Depending on the art market calendar or news cycle, you will receiv=
e other emails from this account on an irregular basis.
We are eager to hear from you. If you have questions, tips or suggestions f=
or coverage, contact us here [ mailto:maneker@artmarketmonitor.com ]. Feel =
free to forward the email to anyone you think would like to subscribe.
Please check your spam folder! Some new subscribers may not have received t=
he newsletter in their inbox immediately.=20
In This Issue
Notes: Kevin Ching is Chrstie=E2=80=99s New Chairman in Asia, Programming n=
ote
The Dial: Sotheby=E2=80=99s The Now + Contemporary =3D $204 million
About Last Thursday Night: Smart withdrawals protect Sotheby=E2=80=99s numb=
ers
Results: Top Ten Lots, Most Dynamic Bidding
Advancing: Wayne Thiebaud=E2=80=99s surprise =20
The Dial: Sotheby=E2=80=99s Contemporary Day Sale =3D $83m
About Last Friday: Day sale succeeds through strong bidding
Results: Top Ten Lots, Most Dynamic Bidding
Notes: Tunji Adeniyi-Jones, Christina Ban Ban, Wolf Kahn
Notes
Former Sotheby=E2=80=99s Asia CEO Kevin Ching joins Christie=E2=80=99s Asia=
: Francis Bellin, President of Christie=E2=80=99s Asia Pacific, announced t=
oday that Kevin Ching would become Chairman, Asia at Christie=E2=80=99s. Ch=
ing=E2=80=99s 15-year tenure at Sotheby=E2=80=99s and his prior experience =
as head of legal affairs at Asian luxury retailer Dickson Concepts will hel=
p Christie=E2=80=99s deepen and expand Christie=E2=80=99s =E2=80=9Cclient r=
elationships across the region.=E2=80=9D The press release also says, he =
=E2=80=9Cwill collaborate with colleagues internationally to cultivate Asia=
n collecting in Christie=E2=80=99s salerooms worldwide.=E2=80=9D
Programming note: You=E2=80=99ll notice that we held the After Action Repor=
t on Sotheby=E2=80=99s sales of Contemporary art until today. After so many=
sales last week, readers seemed to need a break. But that doesn=E2=80=99t =
conclude our coverage of the all-important May sales. Over the next week or=
two, you=E2=80=99ll get a global analysis of the sales cycle as well as fo=
cused reports on specific artists and collections. If you have specific que=
stions, please contact us here and we=E2=80=99ll try to respond to your int=
erests [ mailto:maneker@artmarketmonitor.com ].=20
The Dial
Sotheby=E2=80=99s The Now + Contemporary =3D $204 million
The pattern of the week continued at Sotheby=E2=80=99s where a high sell-th=
rough rate (defended by judicious withdrawals) and neutral hammer ratio sug=
gest the art market can be managed down. The numbers are pulling back but t=
he $204 million achieved from the sale of 46 out of 50 works offered was a =
creditable result. Nearly half of the lots sold for prices within estimates=
=2E The average lot value in the Evening sale was $4.4 million.
About Last Thursday Night
The distinction between Sotheby=E2=80=99s The Now sale=E2=80=94$37.2m=E2=80=
=94and Sotheby=E2=80=99s Contemporary Evening sale=E2=80=94$167.5m=E2=80=94=
can be porous at times. But taken together, the two sales were a reminder t=
hat the mix of artists determines results. It was no mystery that the top l=
ot of The Now sale=E2=80=94a larger Yoshitomo Nara work from 1998=E2=80=94w=
as withdrawn in the midst of what was clearly a transitional season. Four w=
orks from that sale failed to find buyers even though three of the works ha=
d bids to within 10% of the estimates. That suggests sellers were testing t=
he market rather than in the position of needing to sell. Only three other =
lots in the 25 lot sale had to be sold at prices below the estimates. Yes, =
that=E2=80=99s nearly a third of the sale that was withdrawn, bought in or =
sold below estimate=E2=80=94a reminder that we=E2=80=99re in a market rapid=
ly re-pricing. Sotheby=E2=80=99s did a commendable job of managing that. Th=
e Contemporary portion of the sale was slightly stronger against the estima=
tes mostly because all of the lots were sold (four were withdrawn), though =
a greater proportion made prices below the estimates.=20
Results
Top Ten Lots
Sotheby=E2=80=99s Louise Bourgeois Spider from a Brazilian foundation sold =
on a single bid (likely arranged well in advance) for $32.8 million. That=
=E2=80=99s three-quarters of a million dollars or 2% more than was achieved=
four years ago for another example from the same year. The Jean-Michel Bas=
quiat that was more of a stage prop than a painting also sold on a single b=
id. One presumes there are only a few very wealthy people in the music indu=
stry who would want this particular piece. A likely candidate just bought c=
ollector Bill and Maria Bell=E2=80=99s home in Mailbu for $200 million [ ht=
tps://substack.com/redirect/f921263a-413e-43f7-8955-f651dc192e57?j=3DeyJ1Ij=
oiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]. Gerhard Richte=
r=E2=80=99s final and largest color chart painting saw bidding to a respect=
able $20.5 million hammer price. Richter, Thiebaud, Palermo and Kerry James=
Marshall all saw bidding that indicates the market is still quite lively f=
or works of significant quality from artists with lasting art historical re=
putations. The strength of bidding for two smaller Richters also suggests d=
emand for the artist is still quite deep but estimates matter a great deal.
Most Dynamic Bidding
The Evening sale lots with deep bidding display collector=E2=80=99s hunger =
for new names and identity artists. Howarda Pindell=E2=80=99s work has appe=
ared in each of the last three New York marquee seasons and sold for more t=
han $1 million in each. These three sales are far and away her top public p=
rices. This season, Sotheby=E2=80=99s was able to add 44% to the artist=E2=
=80=99s record price. Since 2021, Nicole Eisenman has seen her work sell fo=
r higher and higher prices. The $1 million mark was achieved in March of 20=
21. At Sotheby=E2=80=99s, Eisenman=E2=80=99s top price was doubled with Nig=
ht Studio from 2009. Justin Caguiat, Portia Zvavahera, Steven Shearer, Henr=
y Taylor all saw record prices in The Now sale and Ad Reinhardt, Blinky Pal=
ermo and Pindell in the Contemporary Evening sale.=20
Advancing
Wayne Thiebaud: Leading up to Thursday night=E2=80=99s sale of the 1969 Can=
dy Counter, the Thiebaud market looked as though it had gotten out way over=
its skis. Several works were withdrawn or sold tepidly=E2=80=94though pain=
tings of quality did sell against healthy estimates, too. The Candy Counter=
was in a category all its own. Few works from the 1960s are as large as th=
is one. (Sotheby=E2=80=99s says there are only five in private hands but wi=
thout a catalogue raisson=C3=A9 that=E2=80=99s likely just a well-researche=
d guess.) Nevertheless, the work has almost everything a collector would pr=
ize in a Thiebaud, confections, shadows, and deeply-etched and impastoed br=
ustrokes. The $10 million estimate could have been off-putting considering =
the apparent weakness of the Thiebaud market. Four bidders showed up and th=
ey weren=E2=80=99t shy. That pushed the hammer price to $12.5 million, hard=
ly a sea change in the market but still a strong price considering nothing =
has sold between the $10 million made in Hong Kong last year and the $19 mi=
llion paid in 2020 for the significantly larger Four Pinball Machines from =
1962. Could this price have saved some of the marginal works had it been ac=
hieved at the beginning of the week? That seems doubtful judging from the b=
roader market atmosphere of cautious choosiness.=20
The Dial
Sotheby=E2=80=99s Contemporary Day Sale =3D $83m
Sotheby=E2=80=99s Contemporary day sale saw a year-over-year improvement fr=
om the $79.1 million sale in May 2022. But the $83.1 million total was down=
substantially from the $94 million sale in November. Nevertheless, the sel=
l-through rate was a solid 84% as 291 of the 346 lots offered found buyers.=
A substantial 24% of the lots had to be sacrificed by consignors for price=
s below estimates.=20
About Last Friday
Sotheby=E2=80=99s Contemporary Day sale gave more clues to the state of the=
market. In contrast to the Contemporary Day sale held a week earlier, the =
Sotheby=E2=80=99s results were dominated by works bid up from lower estimat=
e ranges. The top ten lots in the day sale accounted for only 22% of the sa=
le total. This suggests the market remains active for discovery. Buyers are=
clearly searching for works they see as long-term opportunities. Works off=
ered at all levels were bid up to the top ten prices but the most active bi=
dding seemed to be for works estimated at $250,000 and below.=20
Results
Top Ten Lots
Two works by Fairfield Porter were bid to multiples of the estimates but Gi=
rl in a Landscape became the artist=E2=80=99s record price at auction when =
it sold for $2.8 million. Although it was guaranteed, Andy Warhol=E2=80=99s=
large, unique Birth of Venus (After Botticelli) was chased by Sotheby=E2=
=80=99s Old Master honcho George Wachter all the way up to a $2.6 million s=
elling price. Two Roy Lichtenstein works, an editioned enamel and an editio=
ned bronze, were both bid well above the estimates. One even had an irrevoc=
able bid that did not dissuade the pursuers. Ed Ruscha=E2=80=99s Golden Wor=
ds nearly doubled the estimate. Bruce Nauman=E2=80=99s study for an install=
ation owned by Jan and Maria Shrem for three decades sold for four times th=
e estimate. Sam Gilliam=E2=80=99s Orion saw active, if not intense, bidding=
before it sold to an LA advisor.
Most Dynamic Bidding
To underscore the previous point, the most-bid-upon lots were all priced at=
$350,000 or below. Half of the lots were by women artists and four of thos=
e were abstract painters from a range of historical periods including Pat P=
asslof, Alice Baber, Lynne Drexler and Michaela Yearwood-Dan.=20
Notes
Tunji Adeniyi-Jones: Vibrant Virtues at Dusk from 2021 made the artist=E2=
=80=99s second highest price at $254,000.
Christina BanBan: In the last four months, BanBan=E2=80=99s work has sold a=
t auction for a record price of $197,581 in late February and the fourth hi=
ghest price (less than 10% off the February record) at Sotheby=E2=80=99s on=
Friday. The Venus of the Lower East Side from 2019 made $176,400.=20
Wolf Kahn: Two works in the day sale by Wolf Kahn were bid to the third and=
16th highest price for the artist. These strong results come after two oth=
er works sold this year achieved prices among his top 15 sales.=20
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</style></head><body class=3D"email-body" style=3D"font-kerning: auto;"><im=
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style=3D"height:1px !important;width:1px !important;border-width:0 !importa=
nt;margin-top:0 !important;margin-bottom:0 !important;margin-right:0 !impor=
tant;margin-left:0 !important;padding-top:0 !important;padding-bottom:0 !im=
portant;padding-right:0 !important;padding-left:0 !important;"/><img src=3D=
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!important;width:1px !important;border-width:0 !important;margin-top:0 !imp=
ortant;margin-bottom:0 !important;margin-right:0 !important;margin-left:0 !=
important;padding-top:0 !important;padding-bottom:0 !important;padding-righ=
t: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;opacit=
y:0;overflow:hidden;" class=3D"preview">Sotheby's rounds out the week with =
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"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></t=
d><td align=3D"left" width=3D"550" class=3D"content"><div style=3D"font-siz=
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der=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td align=3D"right" style=
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cellspacing=3D"0" cellpadding=3D"0"><tr><td style=3D"vertical-align: middl=
e;"><span class=3D"tw-font-body tw-text-ssm tw-text-substack-secondary" sty=
le=3D"color: #808080 !important; font-family: SF Pro Text, -apple-system, B=
linkMacSystemFont, Inter, Segoe UI, Roboto, Helvetica, Arial, sans-serif, A=
pple Color Emoji, Segoe UI Emoji, Segoe UI Symbol !important; font-size: 13=
px !important;"><a href=3D"https://open.substack.com/pub/artelligence/p/aft=
er-action-report-sothebys-the?utm_source=3Demail&redirect=3Dapp-store" clas=
s=3D"tw-text-substack-secondary tw-underline" style=3D"-webkit-text-decorat=
ion-line: underline !important; color: #808080 !important; text-decoration-=
line: underline !important;">Open in app</a> or <a href=3D"https://substack=
=2Ecom/redirect/2/eyJlIjoiaHR0cHM6Ly9hc=
nRlbGxpZ2VuY2Uuc3Vic3RhY2suY29tL3AvYWZ=
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w-text-substack-secondary tw-underline" style=3D"-webkit-text-decoration-li=
ne: underline !important; color: #808080 !important; text-decoration-line: =
underline !important;">online</a></span></td></tr></table></td></tr></table=
><table role=3D"presentation" width=3D"auto" class=3D"header graphic-header=
" style=3D"border-spacing: 0; padding: 16px 0 32px;"><tr><td align=3D"cente=
r" style=3D"padding: 0; text-align: center;"><a href=3D"https://substack.co=
m/redirect/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2VuY2Uuc3Vic3RhY2suY29tL3AvYWZ0ZX=
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presentation" width=3D"550" height=3D"110" src=3D"https://substackcdn.com/i=
mage/fetch/w_1100,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%=
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: 550px; vertical-align: middle; width: 100%;"></a></td></tr></table><div d=
ir=3D"auto" class=3D"post typography" style=3D"font-size: 16px; line-height=
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bkit-appearance: optimizelegibility; -webkit-font-smoothing: antialiased; a=
ppearance: optimizelegibility; color: #404040; font-family: 'SF Compact Dis=
play', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Ar=
ial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; =
font-size: 32px; font-weight: bold; line-height: 36px; margin: 0;"><a href=
=3D"https://substack.com/app-link/post?publication_id=3D2259&post_id=3D1227=
54851&utm_source=3Dpost-email-title&isFreemail=3Dtrue&token=3DeyJ1c2VyX2lkI=
joxMzMyNjg2NjEsInBvc3RfaWQiOjEyMjc1NDg1MSwiaWF0IjoxNjg0NzczMzE5LCJleHAiOjE2=
ODczNjUzMTksImlzcyI6InB1Yi0yMjU5Iiwic3ViIjoicG9zdC1yZWFjdGlvbiJ9.JC1ptPtoD_=
W4aDt69v4_ZIBdMMO-nyay78AVmkFSkLs" style=3D"color: #404040; text-decoration=
: none;">After Action Report: Sotheby's The Now + Contemporary Evening + Co=
ntemporary Day </a></h1><h3 class=3D"subtitle" style=3D"-moz-appearance: op=
timizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-appearance:=
optimizelegibility; -webkit-font-smoothing: antialiased; appearance: optim=
izelegibility; color: #808080; font-family: 'SF Compact Display', -apple-sy=
stem, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif,=
'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 18px;=
font-weight: normal; line-height: 24px; margin: 4px 0 0; margin-top: 12px;=
">Sotheby's rounds out the week with solid sale management and decent resul=
ts</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; =
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"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td><table role=
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ntend-pencraft-Box-module__reset--tAIEo frontend-pencraft-Text-module__size=
-11--1-ofT frontend-pencraft-Text-module__line-height-20--1soeQ frontend-pe=
ncraft-Text-module__weight-medium--aTbx5 frontend-pencraft-Text-module__fon=
t-meta--2i-cR frontend-pencraft-Text-module__color-primary--2I-sF frontend-=
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Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'=
; font-size: 11px; font-weight: 500; letter-spacing: .2px; line-height: 20p=
x; margin: 0; text-decoration: none; text-transform: uppercase;" href=3D"ht=
tps://substack.com/profile/735466-marion-maneker" class=3D"pencraft fronten=
d-pencraft-Box-module__reset--tAIEo frontend-pencraft-Text-module__size-11-=
-1-ofT frontend-pencraft-Text-module__line-height-20--1soeQ frontend-pencra=
ft-Text-module__weight-medium--aTbx5 frontend-pencraft-Text-module__font-me=
ta--2i-cR frontend-pencraft-Text-module__color-primary--2I-sF frontend-penc=
raft-Text-module__transform-uppercase--38jbr frontend-pencraft-Text-module_=
_reset--20JLV frontend-pencraft-Text-module__meta--3RRSj">Marion Maneker</a=
></div></td></tr></table></td></tr><tr><td><table role=3D"presentation" wid=
th=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td style=
=3D"vertical-align: middle;"><div class=3D"pencraft frontend-pencraft-Box-m=
odule__reset--tAIEo frontend-pencraft-Text-module__size-11--1-ofT frontend-=
pencraft-Text-module__line-height-20--1soeQ frontend-pencraft-Text-module__=
weight-medium--aTbx5 frontend-pencraft-Text-module__font-meta--2i-cR fronte=
nd-pencraft-Text-module__color-secondary--XjVGl frontend-pencraft-Text-modu=
le__transform-uppercase--38jbr frontend-pencraft-Text-module__reset--20JLV =
frontend-pencraft-Text-module__meta--3RRSj" style=3D"color: #808080; font-f=
amily: 'SF Compact', -apple-system, -apple-system, -system-ui, BlinkMacSyst=
emFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoj=
i', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 11px; font-weight: 500;=
letter-spacing: .2px; line-height: 20px; margin: 0; text-decoration: unset=
; text-transform: uppercase;"><time dateTime=3D"2023-05-22T16:35:07.379Z">M=
ay 22</time></div></td></tr></table></td></tr></table></td></tr></table><ta=
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ance: optimizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-app=
earance: optimizelegibility; -webkit-font-smoothing: antialiased; appearanc=
e: optimizelegibility; color: #404040; font-family: 'SF Compact Display', -=
apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, san=
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; position: relative;"><strong>In This Issue</strong></h2><ol style=3D"marg=
in-top: 0; padding: 0;"><li style=3D"margin: 8px 0 0 32px;"><p style=3D"box=
-sizing: border-box; color: #404040; font-size: 16px; line-height: 26px; ma=
rgin: 0; margin-bottom: 0; padding-left: 4px;"><strong>Notes: </strong><spa=
n>Kevin Ching is Chrstie’s New Chairman in Asia, Programming note</sp=
an></p></li><li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: bor=
der-box; color: #404040; font-size: 16px; line-height: 26px; margin: 0; mar=
gin-bottom: 0; padding-left: 4px;"><strong>The Dial: </strong><span>Sotheby=
’s The Now + Contemporary =3D $204 million</span></p></li><li style=
=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; color: #4040=
40; font-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0; paddin=
g-left: 4px;"><strong>About Last Thursday Night:</strong><span> Smart withd=
rawals protect Sotheby’s numbers</span></p></li><li style=3D"margin: =
8px 0 0 32px;"><p style=3D"box-sizing: border-box; color: #404040; font-siz=
e: 16px; line-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;=
"><strong>Results: </strong><span>Top Ten Lots, Most Dynamic Bidding</span>=
</p></li><li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: border=
-box; color: #404040; font-size: 16px; line-height: 26px; margin: 0; margin=
-bottom: 0; padding-left: 4px;"><strong>Advancing: </strong><span>Wayne Thi=
ebaud’s surprise </span></p></li><li style=3D"margin: 8px 0 0 32px;"=
><p style=3D"box-sizing: border-box; color: #404040; font-size: 16px; line-=
height: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><strong>The =
Dial: </strong><span>Sotheby’s Contemporary Day Sale =3D $83m</span><=
/p></li><li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: border-=
box; color: #404040; font-size: 16px; line-height: 26px; margin: 0; margin-=
bottom: 0; padding-left: 4px;"><strong>About Last Friday:</strong><span> Da=
y sale succeeds through strong bidding</span></p></li><li style=3D"margin: =
8px 0 0 32px;"><p style=3D"box-sizing: border-box; color: #404040; font-siz=
e: 16px; line-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;=
"><strong>Results: </strong><span>Top Ten Lots, Most Dynamic Bidding</span>=
</p></li><li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: border=
-box; color: #404040; font-size: 16px; line-height: 26px; margin: 0; margin=
-bottom: 0; padding-left: 4px;"><strong>Notes: </strong><span>Tunji Adeniyi=
-Jones, Christina Ban Ban, Wolf Kahn</span></p></li></ol><div style=3D"font=
-size: 16px; line-height: 26px;"><hr style=3D"background: #e0e0e0; border: =
none; height: 1px; margin: 32px 0; padding: 0;"></div><h2 class=3D"header-w=
ith-anchor-widget" style=3D"-moz-appearance: optimizelegibility; -moz-osx-f=
ont-smoothing: antialiased; -webkit-appearance: optimizelegibility; -webkit=
-font-smoothing: antialiased; appearance: optimizelegibility; color: #40404=
0; font-family: 'SF Compact Display', -apple-system, BlinkMacSystemFont, 'S=
egoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', '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: #404040; font-size: 16px; line-he=
ight: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><strong>Former=
Sotheby’s Asia CEO Kevin Ching joins Christie’s Asia: </strong=
><span>Francis Bellin, President of Christie’s Asia Pacific, announce=
d today that Kevin Ching would become Chairman, Asia at Christie’s. C=
hing’s 15-year tenure at Sotheby’s and his prior experience as =
head of legal affairs at Asian luxury retailer Dickson Concepts will help C=
hristie’s deepen and expand Christie’s “client relationsh=
ips across the region.” The press release also says, he “will c=
ollaborate with colleagues internationally to cultivate Asian collecting in=
Christie’s salerooms worldwide.”</span></p></li><li style=3D"m=
argin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; color: #404040; f=
ont-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0; padding-lef=
t: 4px;"><strong>Programming note: </strong><span>You’ll notice that =
we held the After Action Report on Sotheby’s sales of Contemporary ar=
t until today. After so many sales last week, readers seemed to need a brea=
k. But that doesn’t conclude our coverage of the all-important May sa=
les. Over the next week or two, you’ll get a global analysis of the s=
ales cycle as well as focused reports on specific artists and collections. =
If you have specific questions, </span><a href=3D"https://substack.com/redi=
rect/34e04e3f-be21-4798-a05f-f20d9f5bcbcc?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1=
d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: #404040; text-decor=
ation: underline;">please contact us here and we’ll try to respond to=
your interests</a><span>. </span></p></li></ol><div style=3D"font-size: 16=
px; line-height: 26px;"><hr style=3D"background: #e0e0e0; border: none; hei=
ght: 1px; margin: 32px 0; padding: 0;"></div><h2 class=3D"header-with-ancho=
r-widget" style=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoot=
hing: antialiased; -webkit-appearance: optimizelegibility; -webkit-font-smo=
othing: antialiased; appearance: optimizelegibility; color: #404040; font-f=
amily: 'SF Compact Display', -apple-system, BlinkMacSystemFont, 'Segoe UI',=
Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji=
', 'Segoe UI Symbol'; font-size: 1.625em; font-weight: bold; line-height: 1=
=2E16em; margin: 1em 0 0.625em 0; posit=
ion: relative;">The Dial</h2><h4 class=
=3D"header-with-anchor-widget" style=3D"-moz-appearance: optimizelegibility=
; -moz-osx-font-smoothing: antialiased; -webkit-appearance: optimizelegibil=
ity; -webkit-font-smoothing: antialiased; appearance: optimizelegibility; c=
olor: #404040; font-family: 'SF Compact Display', -apple-system, BlinkMacSy=
stemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Em=
oji', '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;">S=
otheby’s The Now + Contemporary =3D $204 million</h4><div class=3D"ca=
ptioned-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" cell=
padding=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=
"402" style=3D"text-align: center;"><a class=3D"image-link" target=3D"_blan=
k" href=3D"https://substack.com/redirect/2512dff1-7c8b-469b-915e-626eea636f=
7c?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel=
style=3D"align-items: center; border: none; display: block; flex-direction=
: column; height: auto; margin: 0; padding: 0; position: relative; text-dec=
oration: none; width: auto;"><img data-attrs=3D"{"src":"http=
s://substack-post-media.s3.amazonaws.com/public/images/4f3855f7-06a0-4d30-a=
bda-a6e347e73a00_1024x1024.jpeg","fullscreen":null,"ima=
geSize":null,"height":1024,"width":1024,"resi=
zeWidth":402,"bytes":245329,"alt":null,"title=
":null,"type":"image/jpeg","href":null,&=
quot;belowTheFold":true,"topImage":false,"internalRedir=
ect":null}" alt width=3D"402" height=3D"402" class src=3D"https://subs=
tackcdn.com/image/fetch/w_402,c_limit,f_auto,q_auto:good,fl_progressive:ste=
ep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4=
f3855f7-06a0-4d30-abda-a6e347e73a00_1024x1024.jpeg" style=3D"-ms-interpolat=
ion-mode: bicubic; border: none !important; display: block; height: auto; m=
argin: 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></figure></div><p style=3D"color: #404040; fon=
t-size: 16px; line-height: 26px; margin: 0 0 20px 0;">The pattern of the we=
ek continued at Sotheby’s where a high sell-through rate (defended by=
judicious withdrawals) and neutral hammer ratio suggest the art market can=
be managed down. The numbers are pulling back but the $204 million achieve=
d from the sale of 46 out of 50 works offered was a creditable result. Near=
ly half of the lots sold for prices within estimates. The average lot value=
in the Evening sale was $4.4 million.</p><div class=3D"captioned-image-con=
tainer-static" style=3D"font-size: 16px; line-height: 26px; margin: 32px au=
to;"><figure style=3D"margin: 0 auto; width: 100%;"><table class=3D"image-w=
rapper" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" sty=
le=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align: ce=
nter;"></td><td align=3D"left" class=3D"content" width=3D"402" style=3D"tex=
t-align: center;"><a class=3D"image-link" target=3D"_blank" href=3D"https:/=
/substack.com/redirect/74adc009-8d3c-43c2-8f64-d9c803a0cf4c?j=3DeyJ1IjoiMjd=
jZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"align-it=
ems: center; border: none; display: block; flex-direction: column; height: =
auto; margin: 0; padding: 0; position: relative; text-decoration: none; wid=
th: auto;"><img data-attrs=3D"{"src":"https://substack-post-=
media.s3.amazonaws.com/public/images/63ccbdb1-d740-41aa-9178-e902f75216f7_1=
024x1024.jpeg","fullscreen":null,"imageSize":null,=
"height":1024,"width":1024,"resizeWidth":402,=
"bytes":368330,"alt":null,"title":null,"=
type":"image/jpeg","href":null,"belowTheFold&=
quot;:true,"topImage":false,"internalRedirect":null}" a=
lt width=3D"402" height=3D"402" class src=3D"https://substackcdn.com/image/=
fetch/w_402,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fs=
ubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F63ccbdb1-d740-41aa-=
9178-e902f75216f7_1024x1024.jpeg" style=3D"-ms-interpolation-mode: bicubic;=
border: none !important; display: block; height: auto; margin: 0 auto; mar=
gin-bottom: 0; max-width: 100% !important; vertical-align: middle; width: a=
uto !important;"></a></td><td style=3D"text-align: center;"></td></tr></tbo=
dy></table></figure></div><div style=3D"font-size: 16px; line-height: 26px;=
"><hr style=3D"background: #e0e0e0; border: none; height: 1px; margin: 32px=
0; padding: 0;"></div><h2 class=3D"header-with-anchor-widget" style=3D"-mo=
z-appearance: optimizelegibility; -moz-osx-font-smoothing: antialiased; -we=
bkit-appearance: optimizelegibility; -webkit-font-smoothing: antialiased; a=
ppearance: optimizelegibility; color: #404040; font-family: 'SF Compact Dis=
play', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Ar=
ial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; =
font-size: 1.625em; font-weight: bold; line-height: 1.16em; margin: 1em 0 0=
=2E625em 0; position: relative;">About=
Last Thursday Night</h2><p style=3D"co=
lor: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">The =
distinction between Sotheby’s The Now sale—$37.2m—and Sot=
heby’s Contemporary Evening sale—$167.5m—can be porous at=
times. But taken together, the two sales were a reminder that the mix of a=
rtists determines results. It was no mystery that the top lot of The Now sa=
le—a larger Yoshitomo Nara work from 1998—was withdrawn in the =
midst of what was clearly a transitional season. Four works from that sale =
failed to find buyers even though three of the works had bids to within 10%=
of the estimates. That suggests sellers were testing the market rather tha=
n in the position of needing to sell. Only three other lots in the 25 lot s=
ale had to be sold at prices below the estimates. Yes, that’s nearly =
a third of the sale that was withdrawn, bought in or sold below estimate=
212;a reminder that we’re in a market rapidly re-pricing. SothebyR=
17;s did a commendable job of managing that. The Contemporary portion of th=
e sale was slightly stronger against the estimates mostly because all of th=
e lots were sold (four were withdrawn), though a greater proportion made pr=
ices below the estimates. </p><div style=3D"font-size: 16px; line-height: 2=
6px;"><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-font-smoothing: antialiase=
d; appearance: optimizelegibility; color: #404040; font-family: 'SF Compact=
Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica=
, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbo=
l'; font-size: 1.625em; font-weight: bold; line-height: 1.16em; margin: 1em=
0 0.625em 0; position: relative;">Results</h2><h4 class=3D"header-with-anc=
hor-widget" style=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smo=
othing: antialiased; -webkit-appearance: optimizelegibility; -webkit-font-s=
moothing: antialiased; appearance: optimizelegibility; color: #404040; font=
-family: 'SF Compact Display', -apple-system, BlinkMacSystemFont, 'Segoe UI=
', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emo=
ji', 'Segoe UI Symbol'; font-size: 1.125em; font-weight: bold; line-height:=
1.16em; margin: 1em 0 0.625em 0; position: relative;">Top Ten Lots</h4><di=
v 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" cellspaci=
ng=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"conte=
nt" width=3D"1298" style=3D"text-align: center;"><a class=3D"image-link" ta=
rget=3D"_blank" href=3D"https://substack.com/redirect/c973b691-effb-4180-b6=
4b-24656b5059c2?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g=
6pp7gWdY" rel style=3D"align-items: center; border: none; display: block; f=
lex-direction: column; height: auto; margin: 0; padding: 0; position: relat=
ive; text-decoration: none; width: auto;"><img data-attrs=3D"{"src&quo=
t;:"https://substack-post-media.s3.amazonaws.com/public/images/bb8f335=
f-7870-45b5-b68f-68dcaac47526_1298x498.png","fullscreen":nul=
l,"imageSize":null,"height":498,"width":1298,=
"resizeWidth":null,"bytes":166267,"alt":null,=
"title":null,"type":"image/png","href&qu=
ot;:null,"belowTheFold":true,"topImage":false,"int=
ernalRedirect":null}" alt width=3D"550" height=3D"211.01694915254237" =
class=3D"wide-image" src=3D"https://substackcdn.com/image/fetch/w_2596,c_li=
mit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-med=
ia.s3.amazonaws.com%2Fpublic%2Fimages%2Fbb8f335f-7870-45b5-b68f-68dcaac4752=
6_1298x498.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>Sotheby’s Louise Bourgeois </span><em>Spider<=
/em><span> from a Brazilian foundation sold on a single bid (likely arrange=
d well in advance) for $32.8 million. That’s three-quarters of a mill=
ion dollars or 2% more than was achieved four years ago for another example=
from the same year. The Jean-Michel Basquiat that was more of a stage prop=
than a painting also sold on a single bid. One presumes there are only a f=
ew very wealthy people in the music industry who would want this particular=
piece. </span><a href=3D"https://substack.com/redirect/f921263a-413e-43f7-=
8955-f651dc192e57?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx=
_g6pp7gWdY" rel style=3D"color: #404040; text-decoration: underline;">A lik=
ely candidate just bought collector Bill and Maria Bell’s home in Mai=
lbu for $200 million</a><span>. Gerhard Richter’s final and largest c=
olor chart painting saw bidding to a respectable $20.5 million hammer price=
=2E Richter, Thiebaud, Palermo and Kerr=
y James Marshall all saw bidding that=20=
indicates the market is still quite lively for works of significant quality=
from artists with lasting art historical reputations. The strength of bidd=
ing for two smaller Richters also suggests demand for the artist is still q=
uite deep but estimates matter a great deal.</span></p><h4 class=3D"header-=
with-anchor-widget" style=3D"-moz-appearance: optimizelegibility; -moz-osx-=
font-smoothing: antialiased; -webkit-appearance: optimizelegibility; -webki=
t-font-smoothing: antialiased; appearance: optimizelegibility; color: #4040=
40; 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: 1.125em; font-weight: bold; line=
-height: 1.16em; margin: 1em 0 0.625em 0; position: relative;">Most Dynamic=
Bidding</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; 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"1298" style=3D"text-align: center;"><a class=
=3D"image-link" target=3D"_blank" href=3D"https://substack.com/redirect/b2f=
6c1c8-6220-4a48-8cbf-cfacabaadb15?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpi=
srMe5iRnigHXx6Fx_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; width: auto;"><img data-attrs=
=3D"{"src":"https://substack-post-media.s3.amazonaws.com/pub=
lic/images/4aa47741-4a65-4854-a097-156d908535ec_1298x592.png","fu=
llscreen":null,"imageSize":null,"height":592,"=
;width":1298,"resizeWidth":null,"bytes":194308,&qu=
ot;alt":null,"title":null,"type":"image/png&q=
uot;,"href":null,"belowTheFold":true,"topImage&quo=
t;:false,"internalRedirect":null}" alt width=3D"550" height=3D"25=
0.84745762711864" class=3D"wide-image" src=3D"https://substackcdn.com/image=
/fetch/w_2596,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2=
Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4aa47741-4a65-485=
4-a097-156d908535ec_1298x592.png" style=3D"-ms-interpolation-mode: bicubic;=
border: none !important; display: block; height: auto; margin: 0 auto; mar=
gin-bottom: 0; max-width: 100% !important; vertical-align: middle; width: a=
uto !important;"></a></td><td style=3D"text-align: center;"></td></tr></tbo=
dy></table></figure></div><p style=3D"color: #404040; font-size: 16px; line=
-height: 26px; margin: 0 0 20px 0;"><span>The Evening sale lots with deep b=
idding display collector’s hunger for new names and identity artists.=
Howarda Pindell’s work has appeared in each of the last three New Yo=
rk marquee seasons and sold for more than $1 million in each. These three s=
ales are far and away her top public prices. This season, Sotheby’s w=
as able to add 44% to the artist’s record price. Since 2021, Nicole E=
isenman has seen her work sell for higher and higher prices. The $1 million=
mark was achieved in March of 2021. At Sotheby’s, Eisenman’s t=
op price was doubled with </span><em>Night Studio</em><span> from 2009. Jus=
tin Caguiat, Portia Zvavahera, Steven Shearer, Henry Taylor all saw record =
prices in The Now sale and Ad Reinhardt, Blinky Palermo and Pindell in the =
Contemporary Evening sale. </span></p><div style=3D"font-size: 16px; line-h=
eight: 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: anti=
aliased; -webkit-appearance: optimizelegibility; -webkit-font-smoothing: an=
tialiased; appearance: optimizelegibility; color: #404040; font-family: 'SF=
Compact Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, H=
elvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe =
UI Symbol'; font-size: 1.625em; font-weight: bold; line-height: 1.16em; mar=
gin: 1em 0 0.625em 0; position: relative;">Advancing</h2><ol style=3D"margi=
n-top: 0; padding: 0;"><li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-=
sizing: border-box; color: #404040; font-size: 16px; line-height: 26px; mar=
gin: 0; margin-bottom: 0; padding-left: 4px;"><strong>Wayne Thiebaud: </str=
ong><span>Leading up to Thursday night’s sale of the 1969 </span><em>=
Candy Counter</em><span>, the Thiebaud market looked as though it had gotte=
n out way over its skis. Several works were withdrawn or sold tepidly—=
;though paintings of quality did sell against healthy estimates, too. The <=
/span><em>Candy Counter</em><span> was in a category all its own. Few works=
from the 1960s are as large as this one. (Sotheby’s says there are o=
nly five in private hands but without a catalogue raissoné that’=
s likely just a well-researched guess.) Nevertheless, the work has almost e=
verything a collector would prize in a Thiebaud, confections, shadows, and =
deeply-etched and impastoed brustrokes. The $10 million estimate could have=
been off-putting considering the apparent weakness of the Thiebaud market.=
Four bidders showed up and they weren’t shy. That pushed the hammer =
price to $12.5 million, hardly a sea change in the market but still a stron=
g price considering nothing has sold between the $10 million made in Hong K=
ong last year and the $19 million paid in 2020 for the significantly larger=
</span><em>Four Pinball Machines</em><span> from 1962. Could this price ha=
ve saved some of the marginal works had it been achieved at the beginning o=
f the week? That seems doubtful judging from the broader market atmosphere =
of cautious choosiness. </span></p></li></ol><div style=3D"font-size: 16px;=
line-height: 26px;"><hr style=3D"background: #e0e0e0; border: none; height=
: 1px; margin: 32px 0; padding: 0;"></div><h2 class=3D"header-with-anchor-w=
idget" style=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoothin=
g: antialiased; -webkit-appearance: optimizelegibility; -webkit-font-smooth=
ing: antialiased; appearance: optimizelegibility; color: #404040; font-fami=
ly: 'SF Compact Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', Ro=
boto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', =
'Segoe UI Symbol'; font-size: 1.625em; font-weight: bold; line-height: 1.16=
em; margin: 1em 0 0.625em 0; position: relative;">The Dial</h2><h4 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; colo=
r: #404040; font-family: 'SF Compact Display', -apple-system, BlinkMacSyste=
mFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji=
', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.125em; font-weight: bo=
ld; line-height: 1.16em; margin: 1em 0 0.625em 0; position: relative;">Soth=
eby’s Contemporary Day Sale =3D $83m</h4><div class=3D"captioned-imag=
e-container-static" style=3D"font-size: 16px; line-height: 26px; margin: 32=
px auto;"><figure style=3D"margin: 0 auto; width: 100%;"><table class=3D"im=
age-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-alig=
n: center;"></td><td align=3D"left" class=3D"content" width=3D"436" style=
=3D"text-align: center;"><a class=3D"image-link" target=3D"_blank" href=3D"=
https://substack.com/redirect/158df20b-9d4c-4d00-b355-a94931b495de?j=3DeyJ1=
IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"a=
lign-items: center; border: none; display: block; flex-direction: column; h=
eight: auto; margin: 0; padding: 0; position: relative; text-decoration: no=
ne; width: auto;"><img data-attrs=3D"{"src":"https://substac=
k-post-media.s3.amazonaws.com/public/images/02994d34-4e94-4cdf-8567-10da3cb=
035fc_1024x1024.jpeg","fullscreen":null,"imageSize"=
;:null,"height":1024,"width":1024,"resizeWidth&quo=
t;:436,"bytes":244313,"alt":null,"title":null=
,"type":"image/jpeg","href":null,"belowT=
heFold":true,"topImage":false,"internalRedirect":n=
ull}" alt width=3D"436" height=3D"436" class src=3D"https://substackcdn.com=
/image/fetch/w_436,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A=
%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F02994d34-4e9=
4-4cdf-8567-10da3cb035fc_1024x1024.jpeg" style=3D"-ms-interpolation-mode: b=
icubic; border: none !important; display: block; height: auto; margin: 0 au=
to; margin-bottom: 0; max-width: 100% !important; vertical-align: middle; w=
idth: auto !important;"></a></td><td style=3D"text-align: center;"></td></t=
r></tbody></table></figure></div><p style=3D"color: #404040; font-size: 16p=
x; line-height: 26px; margin: 0 0 20px 0;">Sotheby’s Contemporary day=
sale saw a year-over-year improvement from the $79.1 million sale in May 2=
022. But the $83.1 million total was down substantially from the $94 millio=
n sale in November. Nevertheless, the sell-through rate was a solid 84% as =
291 of the 346 lots offered found buyers. A substantial 24% of the lots had=
to be sacrificed by consignors for prices below estimates. </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"434" style=3D"text-align: center;"><a class=3D"image-link" target=3D"=
_blank" href=3D"https://substack.com/redirect/bdcafcd7-2f6c-4eac-9ec1-5d585=
465f3bf?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY=
" rel style=3D"align-items: center; border: none; display: block; flex-dire=
ction: column; height: auto; margin: 0; padding: 0; position: relative; tex=
t-decoration: none; width: auto;"><img data-attrs=3D"{"src":"=
;https://substack-post-media.s3.amazonaws.com/public/images/6a1d8122-83a6-4=
b56-ae06-0510ad59cf75_1024x1024.jpeg","fullscreen":null,&quo=
t;imageSize":null,"height":1024,"width":1024,"=
;resizeWidth":434,"bytes":360091,"alt":null,"=
title":null,"type":"image/jpeg","href":n=
ull,"belowTheFold":true,"topImage":false,"internal=
Redirect":null}" alt width=3D"434" height=3D"434" class src=3D"https:/=
/substackcdn.com/image/fetch/w_434,c_limit,f_auto,q_auto:good,fl_progressiv=
e:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimage=
s%2F6a1d8122-83a6-4b56-ae06-0510ad59cf75_1024x1024.jpeg" 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><div style=3D"font-size: 1=
6px; line-height: 26px;"><hr style=3D"background: #e0e0e0; border: none; he=
ight: 1px; margin: 32px 0; padding: 0;"></div><h2 class=3D"header-with-anch=
or-widget" style=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoo=
thing: antialiased; -webkit-appearance: optimizelegibility; -webkit-font-sm=
oothing: antialiased; appearance: optimizelegibility; color: #404040; font-=
family: 'SF Compact Display', -apple-system, BlinkMacSystemFont, 'Segoe UI'=
, Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoj=
i', 'Segoe UI Symbol'; font-size: 1.625em; font-weight: bold; line-height: =
1.16em; margin: 1em 0 0.625em 0; position: relative;">About Last Friday</h2=
><p style=3D"color: #404040; font-size: 16px; line-height: 26px; margin: 0 =
0 20px 0;">Sotheby’s Contemporary Day sale gave more clues to the sta=
te of the market. In contrast to the Contemporary Day sale held a week earl=
ier, the Sotheby’s results were dominated by works bid up from lower =
estimate ranges. The top ten lots in the day sale accounted for only 22% of=
the sale total. This suggests the market remains active for discovery. Buy=
ers are clearly searching for works they see as long-term opportunities. Wo=
rks offered at all levels were bid up to the top ten prices but the most ac=
tive bidding seemed to be for works estimated at $250,000 and below. </p><d=
iv style=3D"font-size: 16px; line-height: 26px;"><hr style=3D"background: #=
e0e0e0; border: none; height: 1px; margin: 32px 0; padding: 0;"></div><h2 c=
lass=3D"header-with-anchor-widget" style=3D"-moz-appearance: optimizelegibi=
lity; -moz-osx-font-smoothing: antialiased; -webkit-appearance: optimizeleg=
ibility; -webkit-font-smoothing: antialiased; appearance: optimizelegibilit=
y; color: #404040; font-family: 'SF Compact Display', -apple-system, BlinkM=
acSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Colo=
r Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.625em; font-wei=
ght: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; position: relative=
;">Results</h2><h4 class=3D"header-with-anchor-widget" style=3D"-moz-appear=
ance: optimizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-app=
earance: optimizelegibility; -webkit-font-smoothing: antialiased; appearanc=
e: optimizelegibility; color: #404040; font-family: 'SF Compact Display', -=
apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, san=
s-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-siz=
e: 1.125em; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.625em 0=
; position: relative;">Top Ten Lots</h4><div class=3D"captioned-image-conta=
iner-static" style=3D"font-size: 16px; line-height: 26px; margin: 32px auto=
;"><figure style=3D"margin: 0 auto; width: 100%;"><table class=3D"image-wra=
pper" 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: cent=
er;"></td><td align=3D"left" class=3D"content" width=3D"1276" style=3D"text=
-align: center;"><a class=3D"image-link" target=3D"_blank" href=3D"https://=
substack.com/redirect/26c84875-3342-4a98-948f-5f0edc6bb988?j=3DeyJ1IjoiMjdj=
ZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"align-ite=
ms: center; border: none; display: block; flex-direction: column; height: a=
uto; margin: 0; padding: 0; position: relative; text-decoration: none; widt=
h: auto;"><img data-attrs=3D"{"src":"https://substack-post-m=
edia.s3.amazonaws.com/public/images/9a32066a-c346-4bf1-b0f7-eb522c6c5c18_12=
76x490.png","fullscreen":null,"imageSize":null,&qu=
ot;height":490,"width":1276,"resizeWidth":null,&qu=
ot;bytes":174538,"alt":"","title":null,&=
quot;type":"image/png","href":null,"belowTheF=
old":true,"topImage":false,"internalRedirect":null=
}" alt title width=3D"550" height=3D"211.20689655172413" class=3D"wide-imag=
e" src=3D"https://substackcdn.com/image/fetch/w_2552,c_limit,f_auto,q_auto:=
good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.co=
m%2Fpublic%2Fimages%2F9a32066a-c346-4bf1-b0f7-eb522c6c5c18_1276x490.png" st=
yle=3D"-ms-interpolation-mode: bicubic; border: none !important; display: b=
lock; height: auto; margin: 0 auto; margin-bottom: 0; max-width: 100% !impo=
rtant; vertical-align: middle; width: auto !important;"></a></td><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;=
"><span>Two works by Fairfield Porter were bid to multiples of the estimate=
s but</span><em> Girl in a Landscape </em><span>became the artist’s r=
ecord price at auction when it sold for $2.8 million. Although it was guara=
nteed, Andy Warhol’s large, unique </span><em>Birth of Venus (After B=
otticelli)</em><span> was chased by Sotheby’s Old Master honcho Georg=
e Wachter all the way up to a $2.6 million selling price. Two Roy Lichtenst=
ein works, an editioned enamel and an editioned bronze, were both bid well =
above the estimates. One even had an irrevocable bid that did not dissuade =
the pursuers. Ed Ruscha’s </span><em>Golden Words</em><span> nearly d=
oubled the estimate. Bruce Nauman’s study for an installation owned b=
y Jan and Maria Shrem for three decades sold for four times the estimate. S=
am Gilliam’s Orion saw active, if not intense, bidding before it sold=
to an LA advisor.</span></p><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: #404040; font-family: 'SF Comp=
act Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvet=
ica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Sy=
mbol'; font-size: 1.125em; font-weight: bold; line-height: 1.16em; margin: =
1em 0 0.625em 0; position: relative;">Most Dynamic Bidding</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; 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"1280" style=3D"text-align: center;"><a class=3D"image-link" target=3D=
"_blank" href=3D"https://substack.com/redirect/70979375-e699-4874-aa08-98e1=
5a767f69?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWd=
Y" rel style=3D"align-items: center; border: none; display: block; flex-dir=
ection: column; height: auto; margin: 0; padding: 0; position: relative; te=
xt-decoration: none; width: auto;"><img data-attrs=3D"{"src":&quo=
t;https://substack-post-media.s3.amazonaws.com/public/images/875aa661-e6aa-=
4491-ab2d-7890117a992b_1280x518.png","fullscreen":null,"=
;imageSize":null,"height":518,"width":1280,"r=
esizeWidth":null,"bytes":176737,"alt":null,"t=
itle":null,"type":"image/png","href":nul=
l,"belowTheFold":true,"topImage":false,"internalRe=
direct":null}" alt width=3D"550" height=3D"222.578125" class=3D"wide-i=
mage" src=3D"https://substackcdn.com/image/fetch/w_2560,c_limit,f_auto,q_au=
to:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws=
=2Ecom%2Fpublic%2Fimages%2F875aa661-e6a=
a-4491-ab2d-7890117a992b_1280x518.png"=
style=3D"-ms-interpolation-mode: bicubic; border: none !important; display=
: block; height: auto; margin: 0 auto; margin-bottom: 0; max-width: 100% !i=
mportant; vertical-align: middle; width: auto !important;"></a></td><td sty=
le=3D"text-align: center;"></td></tr></tbody></table></figure></div><p styl=
e=3D"color: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0=
;">To underscore the previous point, the most-bid-upon lots were all priced=
at $350,000 or below. Half of the lots were by women artists and four of t=
hose were abstract painters from a range of historical periods including Pa=
t Passlof, Alice Baber, Lynne Drexler and Michaela Yearwood-Dan. </p><div s=
tyle=3D"font-size: 16px; line-height: 26px;"><hr style=3D"background: #e0e0=
e0; 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: optimizelegibil=
ity; -webkit-font-smoothing: antialiased; appearance: optimizelegibility; c=
olor: #404040; font-family: 'SF Compact Display', -apple-system, BlinkMacSy=
stemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Em=
oji', '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;">N=
otes</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: #404040; font-size: 1=
6px; line-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><s=
trong>Tunji Adeniyi-Jones: </strong><em>Vibrant Virtues at Dusk</em><span> =
from 2021 made the artist’s second highest price at $254,000.</span><=
/p></li><li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: border-=
box; color: #404040; font-size: 16px; line-height: 26px; margin: 0; margin-=
bottom: 0; padding-left: 4px;"><strong>Christina BanBan: </strong><span>In =
the last four months, BanBan’s work has sold at auction for a record =
price of $197,581 in late February and the fourth highest price (less than =
10% off the February record) at Sotheby’s on Friday. </span><em>The V=
enus of the Lower East Side</em><span> from 2019 made $176,400. </span></p>=
</li><li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box=
; color: #404040; font-size: 16px; line-height: 26px; margin: 0; margin-bot=
tom: 0; padding-left: 4px;"><strong>Wolf Kahn:</strong><span> Two works in =
the day sale by Wolf Kahn were bid to the third and 16th highest price for =
the artist. These strong results come after two other works sold this year =
achieved prices among his top 15 sales. </span></p></li></ol><div style=3D"=
font-size: 16px; line-height: 26px;"><hr style=3D"background: #e0e0e0; bord=
er: none; height: 1px; margin: 32px 0; padding: 0;"></div><div class=3D"sub=
scription-widget-wrap" style=3D"font-size: 16px; line-height: 26px;"><div c=
lass=3D"subscription-widget show-subscribe" style=3D"align-items: flex-star=
t; color: #404040; direction: ltr !important; display: block; font-family: =
-apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sa=
ns-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-si=
ze: 16px; font-weight: 400; line-height: 1.5; margin: 24px auto; max-width:=
560px; padding: 32px; text-align: center; text-decoration: none;"><div cla=
ss=3D"preamble" style=3D"align-items: center; display: flex; font-family: -=
apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, san=
s-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-siz=
e: 18px; font-weight: 400; line-height: 22px; margin-left: auto; margin-rig=
ht: auto; margin-top: 16px; max-width: 384px; text-align: center; width: fi=
t-content;"><p style=3D"color: #404040; font-size: 16px; line-height: 26px;=
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