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Subject: What We Learned this Week (2318)
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-2318
Welcome to the Artelligence newsletter
This is the new home for news and analysis of the global art market from Ar=
t Market Monitor and LiveArt. Combined with our Artelligence podcast [ http=
s://substack.com/redirect/ea5ebbe3-0f7d-4300-a693-3730a3a7a26e?j=3DeyJ1Ijoi=
MjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ], it offers a uniq=
ue perspective on the global art market.
The newsletter comes out every Friday with What We Learned this Week. Depen=
ding on the art market calendar or news cycle, you will receive other email=
s 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.
Some new subscribers may not receive the newsletter in their inbox immediat=
ely. Please check your spam folder.
In This Issue
Notes: $1.367bn Gigaweek looms; Coverage in coming weeks
Artelligence Podcast: S. I. Newhouse, Jr: Portrait of a Collector with Chri=
stie=E2=80=99s Alex Rotter and Max Carter
Results: Osman Hamdi Bey makes $1.4 million
Lot Watch: South Africa=E2=80=99s Straus & Co. gestures toward pan-African =
sales=20
Tip Sheet: Why Is Keith Haring So Cheap?, A Morris Louis Trifecta
Notes
Gigaweek looms: A strong US jobs report on eve of the May auctions may port=
end an unexpectedly strong auction season. There are 2067 lots on offer thi=
s season with a combined low estimate of $1.367 billion dollars. Pablo Pica=
sso remains the most valuable artist with a combined low estimate of $126 m=
illion and the largest number of lots at 41. Jean-Michel Basquiat is second=
with 11 works with a combined low estimate of $82 million. Gerhard Richter=
is third with $49 million comprising 12 lots. Willem de Kooning is also re=
presented by $49 million in work across 11 works. Louise Bourgeois has 7 wo=
rks with a combined estimate of $36 million. Ed Ruscha has 18 works that am=
ount to $34.6 million. Roy Lichtenstein has 10 works that combine for $30 m=
illion in asking price. Christopher Wool has 6 works with an estimate of $2=
8 million. Alberto Giacometti has 4 works priced at $27 million and Jasper =
Johns will see 4 works offered with an estimate of $26 million. The top ten=
artists account for just under 36% of the combined low estimate at $491 mi=
llion. There are 834 different artists represented in these sales.=20
Coverage in the coming weeks: The Artelligence podcast [ https://substack.c=
om/redirect/ea5ebbe3-0f7d-4300-a693-3730a3a7a26e?j=3DeyJ1IjoiMjdjZXI5In0.nC=
NhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ] will preview the several collec=
tions on offer this month and a preview of the various owners sales. We wil=
l publish After Action reports on the Evening sales and some of the day sal=
es. Those emails will will come out daily. What We Learned this Week won=E2=
=80=99t appear for the next two weeks as we cover the auctions. Those email=
s will resume after the sales. There will be additional emails with analysi=
s of the sales results and closer looks at individual artists=E2=80=99 mark=
ets.=20
Artelligence Podcast
S.I. Newhouse Jr. was a titan of the media business in the late 20th Centur=
y, presiding over Conde Nast but also owning with his brother Donald Advanc=
e Publication=E2=80=99s chain of newspapers and other cable television prop=
erties and networks.
He was one of the preeminent collectors of Post-war and Contemporary art. T=
hrough the painter Alexander Liberman, who served as Conde Nast=E2=80=99s E=
ditorial Director, he met the abstract expressionist Barnett Newman. Throug=
h Newman, he developed an interest in abstract expressionism and color fiel=
d painting. But Newhouse was also a restless and inquisitive collector open=
to pursuing new ideas and remaking his collection continually.
Alex Rotter, Chairman of Christie=E2=80=99s 20/21 art departments, and Max =
Carter, a Vice Chairman, sat down to talk about Newhouse as a collector and=
the important works by Picasso, Jasper Johns, Francis Bacon, Willem de Koo=
ning, that are being sold this season.
Results
Dorotheum sold a work by Osman Hamdi Bey, Ottoman Lady, Preparing for an Ou=
ting, for =E2=82=AC1.275 million in their 19th Century paintings sale this =
week. The sale is hardly the biggest price for Turkish archeologist and fou=
nder of the Middle East=E2=80=99s first Western-style art academy. In 2019,=
three the four top prices for Osman Hamdi Bey were achieved at auction. La=
dy turque de Constantinople [ https://substack.com/redirect/4c9554fc-9990-4=
f53-b4d7-ac2fb2cf6169?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHX=
x6Fx_g6pp7gWdY ] sold for $1.9m at Dorotheum [ https://substack.com/redirec=
t/4c9554fc-9990-4f53-b4d7-ac2fb2cf6169?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0j=
QmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]; another version of the same image sold f=
or $6.6 million at Sotheby=E2=80=99s [ https://substack.com/redirect/bf07ee=
0f-e62f-4fcf-b7ef-995b6184c22d?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrM=
e5iRnigHXx6Fx_g6pp7gWdY ]; and Young Woman Reading [ https://substack.com/r=
edirect/80fde1c5-7d44-4b8e-afe2-d79c4869348c?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM=
3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ] from 1880 sold at Bonhams [ https:/=
/substack.com/redirect/80fde1c5-7d44-4b8e-afe2-d79c4869348c?j=3DeyJ1IjoiMjd=
jZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ] for the record price=
of $7.7 million. This week=E2=80=99s sale is a reminder of the importance =
of an artist trained by Orientalist painters Jean-Leon Gerome and Gustave B=
oulanger, but not an Orientalist himself (simply by virtue of his status as=
an Ottoman native and official.)
Lot Watch
South African auction house Strauss & Co. will hold its Modern and Contempo=
rary sale on May 16th. [ https://substack.com/redirect/aa7ecc11-49f1-424e-9=
9c0-37ae30dcfada?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_=
g6pp7gWdY ] The high-value works are dominated by the big names of South Af=
rican art=E2=80=94Irma Stern, Jacob Hendrik Pierneef and Gerard Sekoto=E2=
=80=94but the sale includes a number of important historical black artists =
like Sekoto as well as George Pemba, Peter Clarke and Dumile Feni, a hero t=
o prominent South African artists like William Kentridge. The sale includes=
the above work by Ben Enwonwu. Although it is not a major painting, it doe=
s hint at the growing interest in pan-African collecting. Something similar=
happened in the Asian art market in just before the global financial crisi=
s when the Hong Kong Contemporary art sales began to feature a cast of pan-=
Asian artists that eventually built into the powerful Asian Contemporary ar=
t market that exists today.=20
Tip Sheet
Why is Keith Haring So Cheap?
The two great street artists of the early 1980s whose work crossed over fro=
m tagging to seminal cultural significance were Jean-Michel Basquiat and Ke=
ith Haring. Both men, though in very different ways, represented marginaliz=
ed communities seeking visibility and respect. Both created their best work=
in the first years of the 1980s and saw their work featured in Documenta 7=
in the Fall of 1982. Both died young after brief-but-brilliant careers. Ba=
squiat was 27; Haring was 31. Basquiat died of an overdose; Haring succumbe=
d to AIDs.=C2=A0
No one needs to be told that Basquiats have sold for $110 million publicly =
and much more privately. Yet the top price for a work by Haring is $6.5 mil=
lion with an asterisk. (The work was never paid for and had to be resold fo=
r $4.4 million by the auction house.) Luckily, another Haring made $5.9 mil=
lion in 2021 establishing the upper boundary of what Harings might make at =
auction.=C2=A0
That could change soon. The Broad in Los Angeles will open on May 27th an i=
mportant survey of the artist=E2=80=99s work, Keith Haring: Art is for Ever=
yone [ https://substack.com/redirect/b066d982-bd6a-4d96-9e29-0f31e0b4e54c?j=
=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]. Befor=
e that, on May 18th, Sotheby=E2=80=99s will auction [ https://substack.com=
/redirect/a1ae767a-c9d5-4d4f-95bc-d61b2a4b1ffe?j=3DeyJ1IjoiMjdjZXI5In0.nCNh=
OM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]Untitled (White Happy Face) [ http=
s://substack.com/redirect/a1ae767a-c9d5-4d4f-95bc-d61b2a4b1ffe?j=3DeyJ1Ijoi=
MjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ] from 1982 with a =
conservative estimate of $2 million [ https://substack.com/redirect/a1ae767=
a-c9d5-4d4f-95bc-d61b2a4b1ffe?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe=
5iRnigHXx6Fx_g6pp7gWdY ]. Few of these works are available to collectors. A=
nother single smiley face on a red-and-white background was sold two years =
ago for $2 million [ https://substack.com/redirect/d21d3cc8-4c4f-4a01-ad70-=
9dda1b20a397?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp=
7gWdY ] (which may explain the estimate) but that work was on tarpaulin and=
this one is one metal.=C2=A0Sotheby=E2=80=99s catalogue says there are onl=
y 10 single smiley face works on metal.=20
As a graffiti artist, Haring liked to work on found objects. This smiley fa=
ce is perhaps the largest. Sotheby=E2=80=99s shows the other nine similar w=
orks, all smaller, and points out that three of those are owned by the Bran=
t Foundation. Brant=E2=80=99s Basquiat holdings are also well-known.=20
The source of the price differential might be revealed in the title of Broa=
d show. Haring=E2=80=99s emphasis on inclusive, accessible art may have dev=
alued some of his works to collectors looking for trophies. That said, Bank=
sy=E2=80=99s works have sold for $20 million or more. It doesn=E2=80=99t se=
em unreasonable to expect a Haring, especially a strong single image, to be=
valued closer to that figure; however, the Haring market has a long way to=
go before that happens.
The first big jump in the Haring market came as late as 2004 when annual au=
ction sales (excluding prints) reached $6.59 million. There was a steady pr=
ogression to 2008 when sales reached $9.2 million. The year before, Haring=
=E2=80=99s market had exploded with his first sale over $1 million but also=
four more sales at higher prices reaching a peak of $2.8 million. With the=
aftershocks of the financial crisis, it would be another three years befor=
e a work sold in the seven figure range again.=C2=A0
Sales in 2007 reached $22 million but they quickly fell to $3 million in 20=
09. Four years of steady growth followed until 2014 when sales again maxed =
out at $36.3 million. Although there were some strong years in 2019, 2017 a=
nd 2021.=C2=A0
On the price growth scale, we saw new highs in 2014 ($4.5 and $4.8 million)=
, then in 2016 ($5.5 million) and 2019 ($5.6 million)=E2=80=94that sets asi=
de the 2017 high price of $6.5 million that had to be resold for $4.4 milli=
on. Since 2014, there have been fairly consistent sales above $2 million ev=
enly spaced along the price spectrum. But there have not been any further b=
reakout sales, nor are sales gravitating toward higher price points where w=
e might see the kind of activity that suggests future upward movement.=C2=
=A0
One suggestion from a collector who holds a lot of Haring is that the best =
works just don=E2=80=99t trade. The owners want to keep them. That=E2=80=99=
s hard to argue with. That same collector points to the seven-and-a-half fo=
ot tall DayGlo-orange-and-green work sold last November at Christie=E2=80=
=99s that made $5.8 million [ https://substack.com/redirect/60b11be0-8723-4=
008-95eb-4067f9270727?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHX=
x6Fx_g6pp7gWdY ] as an example of what a really good work can do. That same=
painting was sold in 2006 for $553,600. Sixteen years to see 10x growth is=
n=E2=80=99t bad. But that still leaves Haring trailing his peers.=20
A Morris Louis Trifecta?
With so many different art collections being offered this season, Christie=
=E2=80=99s quietly slipped in an un-attributed group of Morris Louis painti=
ngs from a single consignor. The Morris Louis catalogue raisonn=C3=A9 [ htt=
ps://substack.com/redirect/8f68ca33-3462-4533-bbec-b69792eb5873?j=3DeyJ1Ijo=
iMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ] identifies the o=
wner as Robert P. Kogod, a DC real estate developer. But the mystery isn=E2=
=80=99t who the seller is but why someone would sell three Louis paintings =
in the same season. The sale seems like a risk unless there=E2=80=99s deep =
demand for Louis=E2=80=99s distinctively stained canvases. The three works =
are conservatively estimated at $2 million for the veil and unfurled works,=
and $1.8 million for the stripes. But just last November, three similar wo=
rks were offered in the same season and sold quite well. An unfurled work s=
old in November for $1.86 million [ https://substack.com/redirect/47b34b4b-=
2199-41e5-9ba5-16380225706d?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5i=
RnigHXx6Fx_g6pp7gWdY ]. A stripe painting made a record $4.4 million [ http=
s://substack.com/redirect/f6a09b2f-155f-4f7c-a0df-e71062fd94fa?j=3DeyJ1Ijoi=
MjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]. A veil painting =
made $5.58 million [ https://substack.com/redirect/f69d4279-a790-4039-abda-=
8e73ff28fc6b?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp=
7gWdY ] surpassing the strong sale for Anne Bass=E2=80=99s veil a year ago.=
Those recent sales combined with the three works on offer now suggest the =
auction house specialists have underbidders asking for more Morris Louis. T=
heir wish has been granted.=20
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width: unset;
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@media (max-width: 420px) {
.typography .markup .install-substack-app-embed img.install-substack-app-=
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margin: 0 0 12px 0;
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margin-top: 16px;
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@media screen and (min-width: 481px) {
.share-button-container {
height: 38px;
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@media screen and (min-width: 481px) {
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height: 38px;
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padding-right: 10px;
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display: block;
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height: 8px;
border-left: none;
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padding-left: 0;
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}
@media screen and (min-width: 481px) {
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display: none !important;
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}
@media screen and (max-width: 650px) {
.social-media-share-preview__description {
-webkit-line-clamp: 2;
}
}
@media screen and (max-width: 1000px) {
.congrats-box {
flex-direction: column;
}
.congrats-box .congrats-box-right {
margin-left: 38px;
margin-top: 16px;
}
}
@media screen and (max-width: 500px) {
.congrats-box {
display: none;
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}
@media screen and (min-width: 541px) {
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padding: 36px;
height: 680px;
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}
@media screen and (min-width: 541px) {
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position: absolute;
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margin: 0px;
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@media screen and (max-width: 840px) {
.header-with-anchor-widget .header-anchor-widget,
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display: none;
}
}
@media screen and (min-width: 768px) {
.post {
padding: 32px 0 0 0;
}
}
@media screen and (max-width: 650px) {
.post .post-header .post-label {
margin-top: 8px;
}
}
@media screen and (max-width: 650px) {
.post .post-header .meta-author-wrap.alternative-meta .meta-right-column =
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margin-top: 6px;
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}
@media screen and (max-width: 650px) {
.post .footer-facepile-container {
height: 64px;
padding: 0 16px;
display: flex;
align-items: center;
justify-content: flex-start;
width: 100%;
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}
@media screen and (max-width: 650px) {
.post .post-footer.use-separators {
justify-content: center;
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}
@media screen and (max-width: 650px) {
.post .post-footer.next-prev {
height: 64px;
justify-content: space-between;
box-sizing: border-box;
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}
@media screen and (max-width: 650px) {
.post-contributor-footer .post-contributor-bio-table {
display: block;
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.post-contributor-footer .post-contributor-bio-table-row {
display: flex;
flex-direction: row;
}
.post-contributor-footer .post-contributor-bio-userhead-cell,
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display: block;
}
.post-contributor-footer .post-contributor-bio-body-cell {
flex-grow: 1;
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display: block;
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.post-contributor-footer .post-contributor-bio-body-table-row {
display: block;
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.post-contributor-footer .post-contributor-bio-copy-cell,
.post-contributor-footer .post-contributor-bio-controls-cell {
display: block;
}
.post-contributor-footer .post-contributor-bio-copy-cell {
margin: 0 0 16px 0;
}
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width: auto;
}
.post-contributor-footer .post-contributor-bio-controls {
margin: auto;
}
.post-contributor-footer .post-contributor-bio-controls .button.primary {
width: 100%;
}
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font-size: 14px;
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}
@media screen and (min-width: 768px) {
.post-silhouette {
padding: 16px 0;
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}
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margin-top: 10.44225025px;
height: 120px;
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width: 75%;
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margin: 20px 0;
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@media screen and (max-width: 650px) {
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@media screen and (max-width: 650px) {
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display: none;
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}
@media screen and (max-width: 370px) {
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height: 36px !important;
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display: none;
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margin-right: 0;
}
}
@media screen and (max-width: 370px) {
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font-size: 12px;
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}
@media screen and (max-width: 650px) {
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margin-top: 12px 0;
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}
@media screen and (max-width: 650px) {
.post-preview > .post-preview-image {
display: none;
}
}
@media screen and (max-width: 650px) {
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display: none;
}
}
@media screen and (max-width: 650px) {
.post .floating-subscribe-button {
bottom: 20px;
right: 20px;
}
}
@media all and (-ms-high-contrast: none), (-ms-high-contrast: active) {
body .markup table.image-wrapper img,
body .markup table.kindle-wrapper img {
max-width: 550px;
}
}
@media screen and (max-width: 650px) {
body .markup div.youtube-inner div.youtube-screen,
body .markup div.vimeo-inner div.youtube-screen {
display: none !important;
}
}
@media screen and (max-width: 370px) {
body .markup div.tiktok-wrap {
width: calc(95vw - 32px);
height: calc((95vw - 32px - 2px) / 0.485714);
}
}
@media screen and (max-width: 650px) {
body .markup div.embedded-publication-wrap .embedded-publication.show-sub=
scribe {
padding: 24px;
}
}
@media screen and (max-width: 650px) {
body .markup div.subscription-widget-wrap .subscription-widget.show-subsc=
ribe,
body .markup div.captioned-button-wrap .subscription-widget.show-subscrib=
e {
padding: 24px;
}
}
@media screen and (max-width: 650px) {
body .markup div.subscription-widget-wrap .subscription-widget.show-subsc=
ribe .subscription-widget-subscribe .button,
body .markup div.captioned-button-wrap .subscription-widget.show-subscrib=
e .subscription-widget-subscribe .button {
padding: 10px 12px;
min-width: 110px;
}
}
@media (max-width: 650px) {
body .markup .tweet {
padding: 12px;
}
}
@media (max-width: 650px) {
body .markup .tweet .tweet-text {
font-size: 14px;
line-height: 20px;
}
}
@media (max-width: 650px) {
body .markup .tweet .tweet-photos-container.two,
body .markup .tweet .tweet-photos-container.three,
body .markup .tweet .tweet-photos-container.four {
height: 200px;
}
}
@media (max-width: 650px) {
body .markup .tweet a.expanded-link .expanded-link-img {
max-height: 180px;
}
}
@media (max-width: 650px) {
body .markup .tweet a.expanded-link .expanded-link-description {
display: none;
}
}
@media screen and (max-width: 650px) {
body .markup .apple-podcast-container {
width: unset;
}
}
@media (max-width: 420px) {
body .markup .install-substack-app-embed img.install-substack-app-embed-i=
mg {
margin: 0 auto 16px auto;
}
}
@media screen and (min-width: 420px) and (max-width: 600px) {
body .markup .install-substack-app-embed .install-substack-app-embed-text=
{
max-width: calc(100% - 100px);
width: initial;
}
}
@media (max-width: 420px) {
body .markup .install-substack-app-embed .install-substack-app-embed-text=
{
margin: 0 0 12px 0;
max-width: 100%;
width: auto;
text-align: center;
}
}
@media (max-width: 600px) {
body .markup .install-substack-app-embed .install-substack-app-embed-link=
{
margin-top: 16px;
width: 100%;
}
}
@media screen and (min-width: 500px) {
body .header a.logo {
width: 42px;
height: 42px;
border-radius: 8px;
}
}
@media screen and (max-width: 420px) {
body .subscription-receipt table:first-of-type .subscription-amount .subs=
cription-discount {
width: 72px !important;
}
}
@media screen and (min-width: 481px) {
body .share-button-container {
height: auto;
}
}
@media screen and (max-width: 480px) {
body .share-button-container .separator {
display: block !important;
margin: 0 !important;
height: 8px !important;
border-left: none !important;
}
}
@media screen and (max-width: 650px) {
.digest .item .post-meta-item.audience {
display: none;
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}
@media screen and (min-width: 500px) {
.digest-publication .logo img {
width: 42px;
height: 42px;
border-radius: 4px;
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}
@media screen and (max-width: 650px) {
.comments-page .container .comment-list .collapsed-reply {
margin-left: 17px;
}
}
@media screen and (max-width: 650px) {
.comment > .comment-list {
padding-left: 25px;
}
}
@media screen and (max-width: 650px) {
.finish-magic-login-modal .modal-content .container {
padding: 24px 0;
}
}
@media (max-width: 650px) {
.reader2-text-b3 {
line-height: 24px;
}
}
@media screen and (max-width: 650px) {
.reader2-text-h4 {
line-height: 24px;
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}
@media screen and (min-width: 541px) {
.user-profile-modal {
padding-left: 12px;
padding-right: 12px;
}
}
@media screen and (max-width: 650px) {
.subscribe-widget form.form .sideBySideWrap button.rightButton {
padding: 10px 12px;
}
}
@media screen and (min-width: 541px) {
.pub-icon:hover .logo-hover,
.feed-item-icon:hover .logo-hover {
display: block;
}
}
@media screen and (max-width: 650px) {
.post-ufi.single-full-width-button .post-ufi-button-wrapper {
width: 100%;
padding: 16px;
}
.post-ufi.single-full-width-button .post-ufi-button-wrapper:empty {
display: none;
}
.post-ufi.single-full-width-button .post-ufi-button {
width: 100%;
justify-content: center;
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}
@media screen and (max-width: 768px) {
.file-embed-wrapper {
padding: 0;
}
}
@media screen and (max-width: 768px) {
.file-embed-wrapper-editor {
padding: 0;
}
}
@media screen and (max-width: 768px) {
.file-embed-wrapper-editor:active {
padding: 0;
}
}
@media only screen and (max-width: 650px) {
.file-embed-button.wide,
.file-embed-error-button.wide {
display: none;
}
}
@media only screen and (min-width: 630px) {
.file-embed-button.narrow,
.file-embed-error-button.narrow {
display: none;
}
}
@media screen and (min-width: 541px) {
.audio-player-wrapper .audio-player {
min-width: 500px;
}
}
@media screen and (max-width: 650px) {
.audio-player-wrapper .audio-player .audio-player-progress {
border-left-width: 16px;
border-right-width: 16px;
}
}
@media screen and (max-width: 650px) {
.audio-player-wrapper .audio-player .audio-player-progress .audio-player-=
progress-bar .audio-player-progress-bar-popup {
top: -54px;
}
}
@media screen and (max-width: 650px) {
.audio-player-wrapper-fancy .audio-player .audio-player-progress {
border-left-width: 16px;
border-right-width: 16px;
}
}
@media screen and (max-width: 650px) {
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top: -54px;
}
}
@media (min-width: 250px) {
.audio-player-wrapper-fancy .audio-player {
padding: 32px;
}
.audio-player-wrapper-fancy .audio-player .btn-group {
display: flex;
}
.audio-player-wrapper-fancy .audio-player .btn-group .button:last-of-type=
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display: block;
}
}
@media (min-width: 300px) {
.audio-player-wrapper-fancy .audio-player .btn-group {
display: block;
}
.audio-player-wrapper-fancy .audio-player .btn-group .button:first-of-typ=
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display: block;
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}
@media (min-width: 350px) {
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display: block;
}
.audio-player-wrapper-fancy .audio-player .audio-player-title {
margin-top: 16px;
}
.audio-player-wrapper-fancy .audio-player .audio-player-hero-image-contai=
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padding-top: 15%;
width: 15%;
display: block;
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display: block;
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.audio-player-wrapper-fancy .audio-player .audio-player-substack-logo {
display: block;
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}
@media (min-width: 350px) {
.audio-player-wrapper-fancy .audio-player .audio-player-hero-image-contai=
ner {
padding-top: 25%;
width: 25%;
display: block;
}
.audio-player-wrapper-fancy .audio-player .btn-group {
display: flex;
}
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display: block;
}
}
@media (min-width: 400px) {
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ner {
padding-top: 40%;
width: 40%;
}
}
@media (max-width: 400px) {
.audio-player-wrapper-fancy .audio-player .btn-group {
margin-top: 12px;
}
.audio-player-wrapper-fancy .audio-player .btn-group .button {
font-size: 13px;
padding: 6px 12px;
height: auto;
margin-top: 10px;
}
}
@media (min-width: 600px) {
.audio-player-wrapper-fancy .audio-player .audio-player-hero-image-contai=
ner {
padding-top: 55%;
width: 55%;
}
}
@media (max-width: 650px) {
.poll-editor-modal {
min-width: calc(100% - 20px);
}
}
@media (max-width: 750px) {
.poll-embed .poll-anchor-target .poll-anchor-copy-button {
left: 8px;
top: 45px;
}
}
@media screen and (min-width: 541px) {
.poll-embed .poll-wrapper.poll-web .poll-dialog .modal-table .modal-row .=
modal-content > .container {
width: 552px;
padding: 26px 24px;
}
}
@media screen and (max-width: 650px) {
.poll-embed .poll-wrapper.poll-web .poll-dialog .modal-table .modal-row .=
modal-content > .container {
padding: 40px 0;
}
}
@media screen and (max-width: 650px) {
.poll-embed .poll-wrapper.poll-web .poll-dialog .modal-row .modal-cell .m=
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margin-right: -20px;
}
}
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s://eotrx.substackcdn.com/open?token=3DeyJtIjoiPDIwMjMwNTA2MTMzMTA3LjMuMTg5=
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OiJwdWItMCIsInN1YiI6ImVvIn0.Vlqt9CveeoQ5MzMmfJdahjI-AhiG-vC9sXgf1iJ7Hso" al=
t=3D"" width=3D"1" height=3D"1" border=3D"0" style=3D"height:1px !important=
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gin-bottom:0 !important;margin-right:0 !important;margin-left:0 !important;=
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cing=3D"0" cellpadding=3D"0" class=3D"email-body-container"><tr><td></td><t=
d width=3D"550" class=3D"content"></td><td></td></tr><tr><td></td><td align=
=3D"left" width=3D"550" class=3D"content"><div style=3D"font-size: 16px; li=
ne-height: 26px; margin: 0 auto; max-width: 550px; overflow-wrap: break-wor=
d; width: 100%;"><table role=3D"presentation" width=3D"100%" border=3D"0" c=
ellspacing=3D"0" cellpadding=3D"0"><tr><td align=3D"right" style=3D"height:=
20px;"><table role=3D"presentation" width=3D"auto" border=3D"0" cellspacin=
g=3D"0" cellpadding=3D"0"><tr><td style=3D"vertical-align: middle;"><span c=
lass=3D"tw-font-body tw-text-ssm tw-text-substack-secondary" style=3D"color=
: #808080 !important; font-family: SF Pro Text, -apple-system, BlinkMacSyst=
emFont, Inter, Segoe UI, Roboto, Helvetica, Arial, sans-serif, Apple Color =
Emoji, Segoe UI Emoji, Segoe UI Symbol !important; font-size: 13px !importa=
nt;"><a href=3D"https://open.substack.com/pub/artelligence/p/what-we-learne=
d-this-week-2318?utm_source=3Demail&redirect=3Dapp-store" class=3D"tw-text-=
substack-secondary tw-underline" style=3D"-webkit-text-decoration-line: und=
erline !important; color: #808080 !important; text-decoration-line: underli=
ne !important;">Open in app</a> or <a href=3D"https://substack.com/redirect=
/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2VuY2Uuc3Vic3RhY2suY29tL3Avd2hhdC13ZS1sZWFy=
bmVkLXRoaXMtd2Vlay0yMzE4P3Rva2VuPWV5SjFjMlZ5WDJsa0lqb3hNek15TmpnMk5qRXNJbkJ=
2YzNSZmFXUWlPakV4T1RJMk5ETTROeXdpYVdGMElqb3hOamd6TXpjNU9UQTRMQ0psZUhBaU9qRT=
JPRFU1TnpFNU1EZ3NJbWx6Y3lJNkluQjFZaTB5TWpVNUlpd2ljM1ZpSWpvaWNHOXpkQzF5WldGa=
mRHbHZiaUo5LlZFYWtWbnVOb2J3Vmx1ODUzcUVKNFFmZVYwQ1NBU2loTjY2czRhVGQtbFkiLCJw=
IjoxMTkyNjQzODcsInMiOjIyNTksImYiOnRydWUsInUiOjEzMzI2ODY2MSwiaWF0IjoxNjgzMzc=
5OTA4LCJleHAiOjE2ODU5NzE5MDgsImlzcyI6InB1Yi0wIiwic3ViIjoibGluay1yZWRpcmVjdC=
J9.FpdDvxPgSH9TTMRWz3P5Livh83cQv_8O5y5Oh0-MG80?" class=3D"tw-text-substack-=
secondary tw-underline" style=3D"-webkit-text-decoration-line: underline !i=
mportant; color: #808080 !important; text-decoration-line: underline !impor=
tant;">online</a></span></td></tr></table></td></tr></table><table role=3D"=
presentation" width=3D"auto" class=3D"header graphic-header" style=3D"borde=
r-spacing: 0; padding: 16px 0 32px;"><tr><td align=3D"center" style=3D"padd=
ing: 0; text-align: center;"><a href=3D"https://substack.com/redirect/2/eyJ=
lIjoiaHR0cHM6Ly9hcnRlbGxpZ2VuY2Uuc3Vic3RhY2suY29tL3Avd2hhdC13ZS1sZWFybmVkLX=
RoaXMtd2Vlay0yMzE4P3Rva2VuPWV5SjFjMlZ5WDJsa0lqb3hNek15TmpnMk5qRXNJbkJ2YzNSZ=
mFXUWlPakV4T1RJMk5ETTROeXdpYVdGMElqb3hOamd6TXpjNU9UQTRMQ0psZUhBaU9qRTJPRFU1=
TnpFNU1EZ3NJbWx6Y3lJNkluQjFZaTB5TWpVNUlpd2ljM1ZpSWpvaWNHOXpkQzF5WldGamRHbHZ=
iaUo5LlZFYWtWbnVOb2J3Vmx1ODUzcUVKNFFmZVYwQ1NBU2loTjY2czRhVGQtbFkiLCJwIjoxMT=
kyNjQzODcsInMiOjIyNTksImYiOnRydWUsInUiOjEzMzI2ODY2MSwiaWF0IjoxNjgzMzc5OTA4L=
CJleHAiOjE2ODU5NzE5MDgsImlzcyI6InB1Yi0wIiwic3ViIjoibGluay1yZWRpcmVjdCJ9.Fpd=
DvxPgSH9TTMRWz3P5Livh83cQv_8O5y5Oh0-MG80?"><img role=3D"presentation" width=
=3D"550" height=3D"110" src=3D"https://substackcdn.com/image/fetch/w_1100,c=
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0cef_1100x220.png" class=3D"header-image" style=3D"border: none !important;=
display: block; height: auto; margin: 0 auto; max-width: 550px; vertical-a=
lign: middle; width: 100%;"></a></td></tr></table><div dir=3D"auto" class=
=3D"post typography" style=3D"font-size: 16px; line-height: 26px; padding: =
16px 0 0 0;"><div class=3D"post-header" style=3D"font-size: 16px; line-heig=
ht: 26px;"><h1 class=3D"post-title published" style=3D"-moz-osx-font-smooth=
ing: subpixel-antialiased; -webkit-font-smoothing: subpixel-antialiased; co=
lor: #404040; font-family: 'SF Compact Display', -apple-system, BlinkMacSys=
temFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emo=
ji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 32px; font-weight: bol=
d; line-height: 36px; margin: 0;"><a href=3D"https://substack.com/app-link/=
post?publication_id=3D2259&post_id=3D119264387&utm_source=3Dpost-email-titl=
e&isFreemail=3Dtrue&token=3DeyJ1c2VyX2lkIjoxMzMyNjg2NjEsInBvc3RfaWQiOjExOTI=
2NDM4NywiaWF0IjoxNjgzMzc5OTA4LCJleHAiOjE2ODU5NzE5MDgsImlzcyI6InB1Yi0yMjU5Ii=
wic3ViIjoicG9zdC1yZWFjdGlvbiJ9.VEakVnuNobwVlu853qEJ4QfeV0CSASihN66s4aTd-lY"=
style=3D"color: #404040; text-decoration: none;">What We Learned this Week=
(2318)</a></h1><h3 class=3D"subtitle" style=3D"-moz-osx-font-smoothing: su=
bpixel-antialiased; -webkit-font-smoothing: subpixel-antialiased; color: #8=
08080; 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: 18px; font-weight: normal; li=
ne-height: 24px; margin: 4px 0 0; margin-top: 12px;">$1.367 Billion Gigawee=
k Looms + If Basquiat is a $100m artist, why is Haring only a $5m artist? +=
Si Newhouse Super Collector + Morris Louis trifecta</h3><table role=3D"pre=
sentation" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" =
class=3D"post-meta" style=3D"align-items: center; height: 20px; margin: 1em=
0;"><tr><td><table role=3D"presentation" width=3D"auto" border=3D"0" cells=
pacing=3D"0" cellpadding=3D"0"><tr><td><table role=3D"presentation" width=
=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td style=3D=
"vertical-align: middle;"><div class=3D"pencraft frontend-pencraft-Box-modu=
le__reset--tAIEo frontend-pencraft-Text-module__size-11--1-ofT frontend-pen=
craft-Text-module__line-height-20--1soeQ frontend-pencraft-Text-module__wei=
ght-medium--aTbx5 frontend-pencraft-Text-module__font-meta--2i-cR frontend-=
pencraft-Text-module__color-primary--2I-sF frontend-pencraft-Text-module__t=
ransform-uppercase--38jbr frontend-pencraft-Text-module__reset--20JLV front=
end-pencraft-Text-module__meta--3RRSj custom-css-email-post-author" style=
=3D"color: #404040; font-family: 'SF Compact', -apple-system, -apple-system=
, -system-ui, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, san=
s-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-siz=
e: 11px; font-weight: 500; letter-spacing: .2px; line-height: 20px; margin:=
0; text-decoration: unset; text-transform: uppercase;"><a style=3D"color: =
#404040; font-family: 'SF Compact', -apple-system, -apple-system, -system-u=
i, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'A=
pple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 11px; fo=
nt-weight: 500; letter-spacing: .2px; line-height: 20px; margin: 0; text-de=
coration: none; text-transform: uppercase;" href=3D"https://substack.com/pr=
ofile/735466-marion-maneker" class=3D"pencraft frontend-pencraft-Box-module=
__reset--tAIEo frontend-pencraft-Text-module__size-11--1-ofT frontend-pencr=
aft-Text-module__line-height-20--1soeQ frontend-pencraft-Text-module__weigh=
t-medium--aTbx5 frontend-pencraft-Text-module__font-meta--2i-cR frontend-pe=
ncraft-Text-module__color-primary--2I-sF frontend-pencraft-Text-module__tra=
nsform-uppercase--38jbr frontend-pencraft-Text-module__reset--20JLV fronten=
d-pencraft-Text-module__meta--3RRSj">Marion Maneker</a></div></td></tr></ta=
ble></td></tr><tr><td><table role=3D"presentation" width=3D"auto" border=3D=
"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td style=3D"vertical-align: mi=
ddle;"><div class=3D"pencraft frontend-pencraft-Box-module__reset--tAIEo fr=
ontend-pencraft-Text-module__size-11--1-ofT frontend-pencraft-Text-module__=
line-height-20--1soeQ frontend-pencraft-Text-module__weight-medium--aTbx5 f=
rontend-pencraft-Text-module__font-meta--2i-cR frontend-pencraft-Text-modul=
e__color-secondary--XjVGl frontend-pencraft-Text-module__transform-uppercas=
e--38jbr frontend-pencraft-Text-module__reset--20JLV frontend-pencraft-Text=
-module__meta--3RRSj" style=3D"color: #808080; font-family: 'SF Compact', -=
apple-system, -apple-system, -system-ui, BlinkMacSystemFont, 'Segoe UI', Ro=
boto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', =
'Segoe UI Symbol'; font-size: 11px; font-weight: 500; letter-spacing: .2px;=
line-height: 20px; margin: 0; text-decoration: unset; text-transform: uppe=
rcase;"><time dateTime=3D"2023-05-06T13:31:21.524Z">May 6</time></div></td>=
</tr></table></td></tr></table></td></tr></table><table role=3D"presentatio=
n" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" class=3D=
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=3D"0"><tr><td><table role=3D"presentation" width=3D"auto" border=3D"0" cel=
lspacing=3D"0" cellpadding=3D"0"><tr><td style=3D"vertical-align: middle;">=
<table role=3D"presentation" width=3D"38" border=3D"0" cellspacing=3D"0" ce=
llpadding=3D"0"><tr><td align=3D"center"><a href=3D"https://substack.com/ap=
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CI6MTY4NTk3MTkwOCwiaXNzIjoicHViLTIyNTkiLCJzdWIiOiJyZWFjdGlvbiJ9.qcIOqV0N4Pe=
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goe UI Emoji', 'Segoe UI Symbol'; font-size: 12px; font-weight: 500; line-h=
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ble role=3D"presentation" width=3D"38" border=3D"0" cellspacing=3D"0" cellp=
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ect/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2VuY2Uuc3Vic3RhY2suY29tL3Avd2hhdC13ZS1sZ=
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ns-serif, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-se=
rif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1=
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entation" width=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><=
tr><td style=3D"vertical-align: middle;"><table role=3D"presentation" width=
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0; text-align: center;"><a href=3D"https://substack.com/redirect/2/eyJlIjoi=
aHR0cHM6Ly9hcnRlbGxpZ2VuY2Uuc3Vic3RhY2suY29tL2FjY291bnQiLCJwIjoxMTkyNjQzODc=
sInMiOjIyNTksImYiOnRydWUsInUiOjEzMzI2ODY2MSwiaWF0IjoxNjgzMzc5OTA4LCJleHAiOj=
E2ODU5NzE5MDgsImlzcyI6InB1Yi0wIiwic3ViIjoibGluay1yZWRpcmVjdCJ9.4-O2LB5i2AzR=
rm-CXU4Dhj_rbk0-_wsZAFvysLt_siw?" class=3D"button subscribe-btn outline" st=
yle=3D"background: transparent; background-color: transparent; border: 1px =
solid #653366; border-radius: 4px; box-sizing: border-box; color: #653366; =
cursor: pointer; display: inline-block; font-family: -apple-system, BlinkMa=
cSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color=
Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 14px; font-weight:=
600; height: auto; line-height: 20px; margin: 0 auto; opacity: 1; outline:=
none; padding: 12px 20px; text-align: center; text-decoration: none !impor=
tant; white-space: nowrap;"><img src=3D"https://substackcdn.com/image/fetch=
/w_40,c_scale,f_png,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack=
=2Ecom%2Ficon%2FLucideCheck%3Fv%3D4%26h=
eight%3D40%26fill%3Dtransparent%26stro=
ke%3D%2523653366%26strokeWidth%3D3.6" width=3D"20" height=3D"20" style=3D"-=
ms-interpolation-mode: bicubic; border: none !important; display: inline-bl=
ock; height: auto; margin: -2px 8px 0 0; max-width: 20px; vertical-align: m=
iddle;" alt class=3D"check-icon static"><span style=3D"text-decoration: non=
e;">Subscribe</span></a></p></div><div style=3D"font-size: 16px; line-heigh=
t: 26px;"><hr style=3D"background: #e0e0e0; border: none; height: 1px; marg=
in: 32px 0; padding: 0;"></div><h2 class=3D"header-with-anchor-widget" styl=
e=3D"-moz-osx-font-smoothing: subpixel-antialiased; -webkit-font-smoothing:=
subpixel-antialiased; 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: 1.625em; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.625em 0=
; 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><span=
> $1.367bn Gigaweek looms; Coverage in coming weeks</span></p></li><li styl=
e=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; color: #404=
040; font-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0; paddi=
ng-left: 4px;"><strong>Artelligence Podcast: </strong><span>S. I. Newhouse,=
Jr: Portrait of a Collector with Christie’s Alex Rotter and Max Cart=
er</span></p></li><li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizin=
g: border-box; color: #404040; font-size: 16px; line-height: 26px; margin: =
0; margin-bottom: 0; padding-left: 4px;"><strong>Results: </strong><span>Os=
man Hamdi Bey makes $1.4 million</span></p></li><li style=3D"margin: 8px 0 =
0 32px;"><p style=3D"box-sizing: border-box; color: #404040; font-size: 16p=
x; line-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><str=
ong>Lot Watch:</strong><span> South Africa’s Straus & Co. gesture=
s toward pan-African sales </span></p></li><li style=3D"margin: 8px 0 0 32p=
x;"><p style=3D"box-sizing: border-box; color: #404040; font-size: 16px; li=
ne-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><strong>T=
ip Sheet: </strong><span>Why Is Keith Haring So Cheap?, A Morris Louis Trif=
ecta</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-widget" style=3D"-moz=
-osx-font-smoothing: subpixel-antialiased; -webkit-font-smoothing: subpixel=
-antialiased; color: #404040; font-family: 'SF Compact Display', -apple-sys=
tem, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, =
'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.625e=
m; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; positio=
n: 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: #4040=
40; font-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0; paddin=
g-left: 4px;"><strong>Gigaweek looms: </strong><span>A strong US jobs repor=
t on eve of the May auctions may portend an unexpectedly strong auction sea=
son. There are 2067 lots on offer this season with a combined low estimate =
of $1.367 billion dollars. </span><strong>Pablo Picasso</strong><span> rema=
ins the most valuable artist with a combined low estimate of $126 million a=
nd the largest number of lots at 41. </span><strong>Jean-Michel Basquiat</s=
trong><span> is second with 11 works with a combined low estimate of $82 mi=
llion. </span><strong>Gerhard Richter</strong><span> is third with $49 mill=
ion comprising 12 lots. </span><strong>Willem de Kooning</strong><span> is =
also represented by $49 million in work across 11 works. </span><strong>Lou=
ise Bourgeois</strong><span> has 7 works with a combined estimate of $36 mi=
llion. </span><strong>Ed Ruscha</strong><span> has 18 works that amount to =
$34.6 million. </span><strong>Roy Lichtenstein</strong><span> has 10 works =
that combine for $30 million in asking price. </span><strong>Christopher Wo=
ol</strong><span> has 6 works with an estimate of $28 million. </span><stro=
ng>Alberto Giacometti</strong><span> has 4 works priced at $27 million and =
</span><strong>Jasper Johns</strong><span> will see 4 works offered with an=
estimate of $26 million. The top ten artists account for just under 36% of=
the combined low estimate at $491 million. There are 834 different artists=
represented in these sales. </span></p></li><li style=3D"margin: 8px 0 0 3=
2px;"><p style=3D"box-sizing: border-box; color: #404040; font-size: 16px; =
line-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><strong=
>Coverage in the coming weeks: </strong><a href=3D"https://substack.com/red=
irect/ea5ebbe3-0f7d-4300-a693-3730a3a7a26e?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c=
1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: #404040; text-deco=
ration: underline;">The Artelligence podcast</a><span> will preview the sev=
eral collections on offer this month and a preview of the various owners sa=
les. We will publish After Action reports on the Evening sales and some of =
the day sales. Those emails will will come out daily. What We Learned this =
Week won’t appear for the next two weeks as we cover the auctions. Th=
ose emails will resume after the sales. There will be additional emails wit=
h analysis of the sales results and closer looks at individual artists̵=
7; markets. </span></p></li></ol><h2 class=3D"header-with-anchor-widget" st=
yle=3D"-moz-osx-font-smoothing: subpixel-antialiased; -webkit-font-smoothin=
g: subpixel-antialiased; color: #404040; font-family: 'SF Compact Display',=
-apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, s=
ans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-s=
ize: 1.625em; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.625em=
0; position: relative;">Artelligence Podcast</h2><div class=3D"captioned-i=
mage-container-static" style=3D"font-size: 16px; line-height: 26px; margin:=
32px auto;"><figure style=3D"margin: 0 auto; width: 100%;"><table class=3D=
"image-wrapper" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=
=3D"0" style=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text=
-align: center;"></td><td align=3D"left" class=3D"content" width=3D"500" st=
yle=3D"text-align: center;"><a class=3D"image-link" target=3D"_blank" href=
=3D"https://substack.com/redirect/c8d8a516-ddca-48f3-9e21-430d06c37360?j=3D=
eyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=
=3D"align-items: center; border: none; display: block; flex-direction: colu=
mn; height: auto; margin: 0; padding: 0; position: relative; text-decoratio=
n: none; width: auto;"><img data-attrs=3D"{"src":"https://su=
bstack-post-media.s3.amazonaws.com/public/images/68ac53d1-2330-4ccb-a295-75=
f1259bb503_500x577.jpeg","fullscreen":null,"imageSize&q=
uot;:null,"height":577,"width":500,"resizeWidth&qu=
ot;:null,"bytes":51198,"alt":null,"title":nul=
l,"type":"image/jpeg","href":"https://so=
undcloud.com/artelligence/si-newhouse-portrait-of-a-collector?si=3D91a04b1c=
1ca745d1aa3e15deba25b9bd&utm_source=3Dclipboard&utm_medium=3Dtext&a=
mp;utm_campaign=3Dsocial_sharing","belowTheFold":true,"=
internalRedirect":null}" alt width=3D"500" height=3D"577" class src=3D=
"https://substackcdn.com/image/fetch/w_500,c_limit,f_auto,q_auto:good,fl_pr=
ogressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic=
%2Fimages%2F68ac53d1-2330-4ccb-a295-75f1259bb503_500x577.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: #=
404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">S.I. Newho=
use Jr. was a titan of the media business in the late 20th Century, presidi=
ng over Conde Nast but also owning with his brother Donald Advance Publicat=
ion’s chain of newspapers and other cable television properties and n=
etworks.</p><p style=3D"color: #404040; font-size: 16px; line-height: 26px;=
margin: 0 0 20px 0;">He was one of the preeminent collectors of Post-war a=
nd Contemporary art. Through the painter Alexander Liberman, who served as =
Conde Nast’s Editorial Director, he met the abstract expressionist Ba=
rnett Newman. Through Newman, he developed an interest in abstract expressi=
onism and color field painting. But Newhouse was also a restless and inquis=
itive collector open to pursuing new ideas and remaking his collection cont=
inually.</p><p style=3D"color: #404040; font-size: 16px; line-height: 26px;=
margin: 0 0 20px 0;">Alex Rotter, Chairman of Christie’s 20/21 art d=
epartments, and Max Carter, a Vice Chairman, sat down to talk about Newhous=
e as a collector and the important works by Picasso, Jasper Johns, Francis =
Bacon, Willem de Kooning, that are being sold this season.</p><p class=3D"b=
utton-wrapper" data-attrs=3D"{"url":"https://soundcloud.com/=
artelligence/si-newhouse-portrait-of-a-collector?si=3D91a04b1c1ca745d1aa3e1=
5deba25b9bd&utm_source=3Dclipboard&utm_medium=3Dtext&utm_campai=
gn=3Dsocial_sharing","text":"Listen Now!","ac=
tion":null,"class":null}" style=3D"color: #404040; font-size=
: 16px; line-height: 26px; margin: 0 0 20px 0; text-align: center;"><a clas=
s=3D"button primary" href=3D"https://substack.com/redirect/c8d8a516-ddca-48=
f3-9e21-430d06c37360?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx=
6Fx_g6pp7gWdY" rel style=3D"background-color: #653366; border: none; border=
-radius: 4px; box-sizing: border-box; color: #ffffff !important; cursor: po=
inter; display: inline-block; font-family: -apple-system, BlinkMacSystemFon=
t, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', '=
Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 14px; font-weight: 600; heig=
ht: auto; line-height: 20px; margin: 0; opacity: 1; outline: none; padding:=
12px 20px; text-align: center; text-decoration: none !important; white-spa=
ce: nowrap;"><span style=3D"color: #ffffff; text-decoration: none;">Listen =
Now!</span></a></p><div style=3D"font-size: 16px; line-height: 26px;"><hr s=
tyle=3D"background: #e0e0e0; border: none; height: 1px; margin: 32px 0; pad=
ding: 0;"></div><h2 class=3D"header-with-anchor-widget" style=3D"-moz-osx-f=
ont-smoothing: subpixel-antialiased; -webkit-font-smoothing: subpixel-antia=
liased; color: #404040; font-family: 'SF Compact Display', -apple-system, B=
linkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple=
Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.625em; fon=
t-weight: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; position: rel=
ative;">Results</h2><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" style=3D"mso-padding-=
alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align: center;"></td><td al=
ign=3D"left" class=3D"content" width=3D"490" style=3D"text-align: center;">=
<a class=3D"image-link" target=3D"_blank" href=3D"https://substack.com/redi=
rect/ca50061c-6f1d-41d1-b412-d982d9d284f3?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1=
d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"align-items: center; borde=
r: none; display: block; flex-direction: column; height: auto; margin: 0; p=
adding: 0; position: relative; text-decoration: none; width: auto;"><img da=
ta-attrs=3D"{"src":"https://substack-post-media.s3.amazonaws=
=2Ecom/public/images/b6189f23-069d-4f2b=
-81f5-d9d4b124c6ad_4584x6899.jpeg"=
;,"fullscreen":null,"imageSize":null,"height"=
:2191,"width":1456,"resizeWidth":490,"bytes":=
4598889,"alt":null,"title":null,"type":"=
image/jpeg","href":null,"belowTheFold":true,"=
internalRedirect":null}" alt width=3D"490" height=3D"737.3557692307693=
" class src=3D"https://substackcdn.com/image/fetch/w_490,c_limit,f_auto,q_a=
uto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaw=
s.com%2Fpublic%2Fimages%2Fb6189f23-069d-4f2b-81f5-d9d4b124c6ad_4584x6899.jp=
eg" style=3D"-ms-interpolation-mode: bicubic; border: none !important; disp=
lay: 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></figure></div><p s=
tyle=3D"color: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20p=
x 0;"><span>Dorotheum sold a work by </span><strong>Osman Hamdi Bey</strong=
><span>, </span><em>Ottoman Lady, Preparing for an Outing</em><span>, for &=
#8364;1.275 million in their 19th Century paintings sale this week. The sal=
e is hardly the biggest price for Turkish archeologist and founder of the M=
iddle East’s first Western-style art academy. In 2019, three the four=
top prices for Osman Hamdi Bey were achieved at auction. </span><em><a hre=
f=3D"https://substack.com/redirect/4c9554fc-9990-4f53-b4d7-ac2fb2cf6169?j=
=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel sty=
le=3D"color: #404040; text-decoration: underline;">Lady turque de Constanti=
nople</a></em><a href=3D"https://substack.com/redirect/4c9554fc-9990-4f53-b=
4d7-ac2fb2cf6169?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_=
g6pp7gWdY" rel style=3D"color: #404040; text-decoration: underline;"> sold =
for $1.9m at Dorotheum</a><span>; </span><a href=3D"https://substack.com/re=
direct/bf07ee0f-e62f-4fcf-b7ef-995b6184c22d?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3=
c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: #404040; text-dec=
oration: underline;">another version of the same image sold for $6.6 millio=
n at Sotheby’s</a><span>; and </span><em><a href=3D"https://substack.=
com/redirect/80fde1c5-7d44-4b8e-afe2-d79c4869348c?j=3DeyJ1IjoiMjdjZXI5In0.n=
CNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: #404040; te=
xt-decoration: underline;">Young Woman Reading</a></em><a href=3D"https://s=
ubstack.com/redirect/80fde1c5-7d44-4b8e-afe2-d79c4869348c?j=3DeyJ1IjoiMjdjZ=
XI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: #40=
4040; text-decoration: underline;"> from 1880 sold at Bonhams</a><span> for=
the record price of $7.7 million. This week’s sale is a reminder of =
the importance of an artist trained by Orientalist painters </span><strong>=
Jean-Leon Gerome</strong><span> and </span><strong>Gustave Boulanger</stron=
g><span>, but not an Orientalist himself (simply by virtue of his status as=
an Ottoman native and official.)</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><h2 class=3D"header-with-anchor-wi=
dget" style=3D"-moz-osx-font-smoothing: subpixel-antialiased; -webkit-font-=
smoothing: subpixel-antialiased; color: #404040; font-family: 'SF Compact D=
isplay', -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: 1.16em; margin: 1em 0=
0.625em 0; position: relative;">Lot Watch</h2><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"506" style=
=3D"text-align: center;"><a class=3D"image-link" target=3D"_blank" href=3D"=
https://substack.com/redirect/8c82d828-d730-443a-94a2-3bdbb446eb79?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/bfe87931-708c-4a32-87bf-b9d8e31=
af8cf_1544x1958.png","fullscreen":null,"imageSize"=
:null,"height":1846,"width":1456,"resizeWidth"=
;:506,"bytes":7355757,"alt":null,"title":null=
,"type":"image/png","href":null,"belowTh=
eFold":true,"internalRedirect":null}" alt width=3D"506" heig=
ht=3D"641.5357142857143" class src=3D"https://substackcdn.com/image/fetch/w=
_506,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack=
-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbfe87931-708c-4a32-87bf-b9=
d8e31af8cf_1544x1958.png" style=3D"-ms-interpolation-mode: bicubic; border:=
none !important; display: block; height: auto; margin: 0 auto; margin-bott=
om: 0; max-width: 100% !important; vertical-align: middle; width: auto !imp=
ortant;"></a></td><td style=3D"text-align: center;"></td></tr></tbody></tab=
le></figure></div><p style=3D"color: #404040; font-size: 16px; line-height:=
26px; margin: 0 0 20px 0;"><span>South African auction house Strauss &=
Co. will hold its </span><a href=3D"https://substack.com/redirect/aa7ecc11=
-49f1-424e-99c0-37ae30dcfada?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5=
iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: #404040; text-decoration: underl=
ine;">Modern and Contemporary sale on May 16th.</a><span> The high-value wo=
rks are dominated by the big names of South African art—</span><stron=
g>Irma Stern</strong><span>, </span><strong>Jacob Hendrik</strong><span> </=
span><strong>Pierneef</strong><span> and </span><strong>Gerard Sekoto</stro=
ng><span>—but the sale includes a number of important historical blac=
k artists like Sekoto as well as </span><strong>George Pemba</strong><span>=
, </span><strong>Peter Clarke</strong><span> and </span><strong>Dumile Feni=
</strong><span>, a hero to prominent South African artists like </span><str=
ong>William Kentridge</strong><span>. The sale includes the above work by B=
en Enwonwu. Although it is not a major painting, it does hint at the growin=
g interest in pan-African collecting. Something similar happened in the Asi=
an art market in just before the global financial crisis when the Hong Kong=
Contemporary art sales began to feature a cast of pan-Asian artists that e=
ventually built into the powerful Asian Contemporary art market that exists=
today. </span></p><div style=3D"font-size: 16px; line-height: 26px;"><hr s=
tyle=3D"background: #e0e0e0; border: none; height: 1px; margin: 32px 0; pad=
ding: 0;"></div><h2 class=3D"header-with-anchor-widget" style=3D"-moz-osx-f=
ont-smoothing: subpixel-antialiased; -webkit-font-smoothing: subpixel-antia=
liased; color: #404040; font-family: 'SF Compact Display', -apple-system, B=
linkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple=
Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.625em; fon=
t-weight: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; position: rel=
ative;">Tip Sheet</h2><h4 class=3D"header-with-anchor-widget" style=3D"-moz=
-osx-font-smoothing: subpixel-antialiased; -webkit-font-smoothing: subpixel=
-antialiased; color: #404040; font-family: 'SF Compact Display', -apple-sys=
tem, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, =
'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.125e=
m; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; positio=
n: relative;">Why is Keith Haring So Cheap?</h4><div class=3D"captioned-ima=
ge-container-static" style=3D"font-size: 16px; line-height: 26px; margin: 3=
2px auto;"><figure style=3D"margin: 0 auto; width: 100%;"><table class=3D"i=
mage-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-ali=
gn: 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/d4ce8528-e484-40e0-b8ee-64b166840c6b?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/31e8c459-f1d0-45ed-b9f9-ce5d7bc=
68367_1580x1782.png","fullscreen":null,"imageSize"=
:null,"height":1642,"width":1456,"resizeWidth"=
;:null,"bytes":3999681,"alt":null,"title":nul=
l,"type":"image/png","href":null,"belowT=
heFold":true,"internalRedirect":null}" alt width=3D"550" hei=
ght=3D"620.260989010989" class=3D"wide-image" src=3D"https://substackcdn.co=
m/image/fetch/w_2912,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%=
3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F31e8c459-f=
1d0-45ed-b9f9-ce5d7bc68367_1580x1782.png" 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></figure></div><p style=3D"color: #404040; font-size: 16=
px; line-height: 26px; margin: 0 0 20px 0;">The two great street artists of=
the early 1980s whose work crossed over from tagging to seminal cultural s=
ignificance were Jean-Michel Basquiat and Keith Haring. Both men, though in=
very different ways, represented marginalized communities seeking visibili=
ty and respect. Both created their best work in the first years of the 1980=
s and saw their work featured in Documenta 7 in the Fall of 1982. Both died=
young after brief-but-brilliant careers. Basquiat was 27; Haring was 31. B=
asquiat died of an overdose; Haring succumbed to AIDs. </p><p style=3D=
"color: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">N=
o one needs to be told that Basquiats have sold for $110 million publicly a=
nd much more privately. Yet the top price for a work by Haring is $6.5 mill=
ion with an asterisk. (The work was never paid for and had to be resold for=
$4.4 million by the auction house.) Luckily, another Haring made $5.9 mill=
ion in 2021 establishing the upper boundary of what Harings might make at a=
uction. </p><p style=3D"color: #404040; font-size: 16px; line-height: =
26px; margin: 0 0 20px 0;"><span>That could change soon. The Broad in Los A=
ngeles will open on May 27th an important survey of the artist’s work=
, </span><em><a href=3D"https://substack.com/redirect/b066d982-bd6a-4d96-9e=
29-0f31e0b4e54c?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g=
6pp7gWdY" rel style=3D"color: #404040; text-decoration: underline;">Keith H=
aring: Art is for Everyone</a></em><span>. Before that, on May 18th, </span=
><a href=3D"https://substack.com/redirect/a1ae767a-c9d5-4d4f-95bc-d61b2a4b1=
ffe?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" re=
l style=3D"color: #404040; text-decoration: underline;">Sotheby’s wil=
l auction </a><em><a href=3D"https://substack.com/redirect/a1ae767a-c9d5-4d=
4f-95bc-d61b2a4b1ffe?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx=
6Fx_g6pp7gWdY" rel style=3D"color: #404040; text-decoration: underline;">Un=
titled (White Happy Face)</a></em><a href=3D"https://substack.com/redirect/=
a1ae767a-c9d5-4d4f-95bc-d61b2a4b1ffe?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQm=
MpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: #404040; text-decoration=
: underline;"> from 1982 with a conservative estimate of $2 million</a><spa=
n>. Few of these works are available to collectors. </span><a href=3D"https=
://substack.com/redirect/d21d3cc8-4c4f-4a01-ad70-9dda1b20a397?j=3DeyJ1IjoiM=
jdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color:=
#404040; text-decoration: underline;">Another single smiley face on a red-=
and-white background was sold two years ago for $2 million</a><span> (which=
may explain the estimate) but that work was on tarpaulin and this one is o=
ne metal. Sotheby’s catalogue says there are only 10 single smil=
ey face works on metal. </span></p><p style=3D"color: #404040; font-size: 1=
6px; line-height: 26px; margin: 0 0 20px 0;">As a graffiti artist, Haring l=
iked to work on found objects. This smiley face is perhaps the largest. Sot=
heby’s shows the other nine similar works, all smaller, and points ou=
t that three of those are owned by the Brant Foundation. Brant’s Basq=
uiat holdings are also well-known. </p><p style=3D"color: #404040; font-siz=
e: 16px; line-height: 26px; margin: 0 0 20px 0;">The source of the price di=
fferential might be revealed in the title of Broad show. Haring’s emp=
hasis on inclusive, accessible art may have devalued some of his works to c=
ollectors looking for trophies. That said, Banksy’s works have sold f=
or $20 million or more. It doesn’t seem unreasonable to expect a Hari=
ng, especially a strong single image, to be valued closer to that figure; h=
owever, the Haring market has a long way to go before that happens.</p><p s=
tyle=3D"color: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20p=
x 0;">The first big jump in the Haring market came as late as 2004 when ann=
ual auction sales (excluding prints) reached $6.59 million. There was a ste=
ady progression to 2008 when sales reached $9.2 million. The year before, H=
aring’s market had exploded with his first sale over $1 million but a=
lso four more sales at higher prices reaching a peak of $2.8 million. With =
the aftershocks of the financial crisis, it would be another three years be=
fore a work sold in the seven figure range again. </p><p style=3D"colo=
r: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">Sales =
in 2007 reached $22 million but they quickly fell to $3 million in 2009. Fo=
ur years of steady growth followed until 2014 when sales again maxed out at=
$36.3 million. Although there were some strong years in 2019, 2017 and 202=
1. </p><p style=3D"color: #404040; font-size: 16px; line-height: 26px;=
margin: 0 0 20px 0;">On the price growth scale, we saw new highs in 2014 (=
$4.5 and $4.8 million), then in 2016 ($5.5 million) and 2019 ($5.6 million)=
—that sets aside the 2017 high price of $6.5 million that had to be r=
esold for $4.4 million. Since 2014, there have been fairly consistent sales=
above $2 million evenly spaced along the price spectrum. But there have no=
t been any further breakout sales, nor are sales gravitating toward higher =
price points where we might see the kind of activity that suggests future u=
pward movement. </p><p style=3D"color: #404040; font-size: 16px; line-=
height: 26px; margin: 0 0 20px 0;"><span>One suggestion from a collector wh=
o holds a lot of Haring is that the best works just don’t trade. The =
owners want to keep them. That’s hard to argue with. That same collec=
tor points to </span><a href=3D"https://substack.com/redirect/60b11be0-8723=
-4008-95eb-4067f9270727?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnig=
HXx6Fx_g6pp7gWdY" rel style=3D"color: #404040; text-decoration: underline;"=
>the seven-and-a-half foot tall DayGlo-orange-and-green work sold last Nove=
mber at Christie’s that made $5.8 million</a><span> as an example of =
what a really good work can do. That same painting was sold in 2006 for $55=
3,600. Sixteen years to see 10x growth isn’t bad. But that still leav=
es Haring trailing his peers. </span></p><p style=3D"color: #404040; font-s=
ize: 16px; line-height: 26px; margin: 0 0 20px 0;"></p><h4 class=3D"header-=
with-anchor-widget" style=3D"-moz-osx-font-smoothing: subpixel-antialiased;=
-webkit-font-smoothing: subpixel-antialiased; color: #404040; font-family:=
'SF Compact Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', Robot=
o, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Se=
goe UI Symbol'; font-size: 1.125em; font-weight: bold; line-height: 1.16em;=
margin: 1em 0 0.625em 0; position: relative;">A Morris Louis Trifecta?</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" style=3D"mso-padding-alt: 1em 0 1.6em;"><tbo=
dy><tr><td style=3D"text-align: center;"></td><td align=3D"left" class=3D"c=
ontent" width=3D"1340" style=3D"text-align: center;"><a class=3D"image-link=
" target=3D"_blank" href=3D"https://substack.com/redirect/0de03d9c-7b92-426=
9-bab3-c60dcf1cce2c?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6=
Fx_g6pp7gWdY" rel style=3D"align-items: center; border: none; display: bloc=
k; flex-direction: column; height: auto; margin: 0; padding: 0; position: r=
elative; text-decoration: none; width: auto;"><img data-attrs=3D"{"src=
":"https://substack-post-media.s3.amazonaws.com/public/images/d82=
b14ba-00e3-484c-91d8-3ae5e708565a_1340x1082.png","fullscreen"=
;:null,"imageSize":null,"height":1082,"width"=
:1340,"resizeWidth":null,"bytes":2175082,"alt"=
;:null,"title":null,"type":"image/png","=
href":null,"belowTheFold":true,"internalRedirect":=
null}" alt width=3D"550" height=3D"444.1044776119403" class=3D"wide-image" =
src=3D"https://substackcdn.com/image/fetch/w_2680,c_limit,f_auto,q_auto:goo=
d,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2=
Fpublic%2Fimages%2Fd82b14ba-00e3-484c-91d8-3ae5e708565a_1340x1082.png" styl=
e=3D"-ms-interpolation-mode: bicubic; border: none !important; display: blo=
ck; height: auto; margin: 0 auto; margin-bottom: 0; max-width: 100% !import=
ant; 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;"><s=
pan>With so many different art collections being offered this season, Chris=
tie’s quietly slipped in an un-attributed group of Morris Louis paint=
ings from a single consignor. The </span><a href=3D"https://substack.com/re=
direct/8f68ca33-3462-4533-bbec-b69792eb5873?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3=
c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: #404040; text-dec=
oration: underline;">Morris Louis catalogue raisonné</a><span> identif=
ies the owner as Robert P. Kogod, a DC real estate developer. But the myste=
ry isn’t who the seller is but why someone would sell three Louis pai=
ntings in the same season. The sale seems like a risk unless there’s =
deep demand for Louis’s distinctively stained canvases. The three wor=
ks are conservatively estimated at $2 million for the veil and unfurled wor=
ks, and $1.8 million for the stripes. But just last November, three similar=
works were offered in the same season and sold quite well. An </span><a hr=
ef=3D"https://substack.com/redirect/47b34b4b-2199-41e5-9ba5-16380225706d?j=
=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel sty=
le=3D"color: #404040; text-decoration: underline;">unfurled work sold in No=
vember for $1.86 million</a><span>. A </span><a href=3D"https://substack.co=
m/redirect/f6a09b2f-155f-4f7c-a0df-e71062fd94fa?j=3DeyJ1IjoiMjdjZXI5In0.nCN=
hOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: #404040; text=
-decoration: underline;">stripe painting made a record $4.4 million</a><spa=
n>. A </span><a href=3D"https://substack.com/redirect/f69d4279-a790-4039-ab=
da-8e73ff28fc6b?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g=
6pp7gWdY" rel style=3D"color: #404040; text-decoration: underline;">veil pa=
inting made $5.58 million</a><span> surpassing the strong sale for Anne Bas=
s’s veil a year ago. Those recent sales combined with the three works=
on offer now suggest the auction house specialists have underbidders askin=
g for more Morris Louis. Their wish has been granted. </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><div class=3D=
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