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Subject: A $60 Million Auction Boost, Venice Gossip & A Frankenthaler Glow-Up
From: Marion Maneker <marion@puck.news>
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Welcome back to Wall Power. The art market has been caught in a state of ne=
ar paralysis ever since the historic, record-obliterating $1.6 billion sale=
of Paul Allen=E2=80=99s collection in November 2022. Buyers and sellers ar=
e behaving like deer caught in the headlights, hopelessly transfixed by the=
Allen sale as it recedes into the past. The art market, after all, is noth=
ing if not backward looking.
=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=
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=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=
=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=C2=A0=
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=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0
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WELCOME BACK!
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Welcome back to Wall Power. I=E2=80=99m Marion Maneker, and I approve this =
message.
The art market has been caught in a state of near paralysis ever since the =
historic, record-obliterating $1.6 billion sale of Paul Allen=E2=80=99s col=
lection in November 2022. Buyers and sellers are behaving like deer caught =
in the headlights, hopelessly transfixed by the Allen sale as it recedes in=
to the past. The art market, after all, is nothing if not backward looking.
I cannot tell you when we will see such huge auction tallies again, but I d=
o know how it will happen. That=E2=80=99s not because I have second sight. =
It=E2=80=99s because the art market behaves like every other market: It reg=
ains momentum by turning attention toward a different group of artists, wit=
h what appear to be comparably cheaper price points. This =E2=80=9Cnew=E2=
=80=9D crop of artists seem
undervalued=E2=80=94for now=E2=80=94but buyers have a strong thesis for why=
they will become much more valuable in the future.
This week, Sotheby=E2=80=99s and Christie=E2=80=99s both announced works by=
three different artists=E2=80=94all women=E2=80=94who fit the mold. These =
lots could be the key to restoring excitement and conviction in the art mar=
ket.
More on all that, below the fold. But first=E2=80=A6
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+Power+-+LEADS+%284%2F14%2F24%29&utm_medium=3Demail_action&utm_source=3Dcus=
tomer.io&utm_term=3Df6c60615e3d301d48d28 )
* Veni, Vidi, Venice: The art world divided into two types last week: those=
who went to Venice and those who are smart. It=E2=80=99s fashionable to be=
moan having to attend an art crush event, but Venice=E2=80=94sometimes call=
ed the art world Olympics because of its reliance on national sponsorship, =
although it=E2=80=99s really more of an art world World Cup (some nations a=
re stronger than others)=E2=80=94has not solved the problem of what it mean=
s to have a biennial in the age of social media. Instead, it has become inc=
reasingly like other city-based, art world events with an emphasis on marke=
ting, sales, and tourism. One theory about why the Biennale was moved from =
its traditional June opening to April is that it
extends the tourist traffic toward early spring. Venice=E2=80=99s famously =
fragile tourist infrastructure doesn=E2=80=99t get overloaded, and the city=
benefits from additional hotel and restaurant spending. And boy does the a=
rt crowd spend on parties, dinners, and swanky digs.
With that in mind, here=E2=80=99s a brief list of what=E2=80=99s reached us=
here in the hinterlands: There hasn=E2=80=99t been a lot of love for the m=
ain curated show, Foreigners Everywhere. But Adriano Pedrosa, artistic dire=
ctor of the Sao Paulo Museum of Art and this year=E2=80=99s Biennale, has p=
ut an emphasis on indigenous art from around the world=E2=80=94including Pa=
cita Abad, an American artist born in the Philippines, who has a retrospect=
ive that just opened at MoMA PS1 in New York. Abad=E2=80=99s largely unknow=
n body of work draws from indigenous craft techniques she learned as she tr=
aveled the world with her husband, a development economist.
Lauren Halsey, an artist from South Central Los
Angeles, is also making a splash in the curated show. Among the nationally =
sponsored shows, Archie Moore=E2=80=99s Australian pavilion won the Golden =
Lion for his exploration of his own indigenous lineage going back =E2=80=9C=
2400 generations.=E2=80=9D Fran=C3=A7ois Pinault, the owner of Kering, CAA,=
and Christie=E2=80=99s, is also the owner of multiple private museum space=
s in Paris and Venice that mount meticulously curated shows. In Venice this=
week, Pinault=E2=80=99s spaces host French artist Pierre Huyghe, who got a=
rave write-up from Jason Farago in the Times. For public museum exhibition=
s, the Gallerie dell=E2=80=99Accademia has a show of Willem de Kooning=E2=
=80=99s work loosely organized around his two trips to Italy 10 years apart=
=2E During one, he learned to cast bronze sculptures.
* What=E2=80=99s holding Helen back?: Last weekend, the Journal published (=
https://www.wsj.com/arts-culture/fine-art/helen-frankenthaler-foundation-p=
ower-struggle-37f86161?utm_campaign=3DWall+Power+-+LEADS+%284%2F21%2F24%29&=
utm_content=3DWall+Power+-+LEADS+%284%2F14%2F24%29&utm_medium=3Demail_actio=
n&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 ) a long-ish sto=
ry on the bumptious board of the Helen Frankenthaler Foundation. The thrust=
of the story is that dysfunction has prevented the foundation from pulling=
off a major retrospective that would revive the artist=E2=80=99s public pe=
rception. The story makes the assumption that a retrospective has an immedi=
ate market effect. Sometimes they do; sometimes they don=E2=80=99t. Mark Ro=
thko, for example, doesn=E2=80=99t seem to have benefited much from his rec=
ent major museum show in Paris, although there was one banger of a private =
sale, which was said to be almost $200 million. Yet that painting had alrea=
dy traded in the nine-figure range a decade
earlier.
The story also makes another assumption that is worth examining: The
Journal=E2=80=99s Kelly Crow compares Frankenthaler=E2=80=99s prices to Joa=
n Mitchell=E2=80=99s and finds them lagging. But these two artists are not =
really comparable. Frankenthaler is widely credited with developing the sta=
ining technique that launched the Washington Color School painters Morris L=
ouis and Kenneth Noland. Top prices for Louis and Noland lie on either side=
of the $5 million mark. Frankenthaler has solidly performed at that level =
for the past four years and above: She has a record price of $7.8 million, =
set in 2020.
In the end, it does look like Frankenthaler will be getting her 100th anniv=
ersary show. The star of that show will be Mountains and Sea, from 1952, he=
r seminal work that hangs in the National Gallery. It turns out the foundat=
ion still owns it. If sold, it could trade for a huge price; Crow suggests =
$30 million. But that would probably happen on the private market, if at al=
l.
You=E2=80=99re receiving a complimentary version of Wall Power at enzo@show=
file.com as a welcome gift to new readers. For full access to Puck, and to =
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erm=3Df6c60615e3d301d48d28 )
A stagnant May auction season in New York just got a major jolt via six wor=
ks by O=E2=80=99Keeffe, Carrington, and Mitchell, with combined low estimat=
es of nearly $60 million.
MARION MANEKER ( https://puck.news/author/marion-maneker/?utm_campaign=3DWa=
ll+Power+-+LEADS+%284%2F21%2F24%29&utm_content=3DWall+Power+-+LEADS+%284%2F=
14%2F24%29&utm_medium=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6=
c60615e3d301d48d28 )
MARION MANEKER ( https://puck.news/author/marion-maneker/?utm_campaign=3DWa=
ll+Power+-+LEADS+%284%2F21%2F24%29&utm_content=3DWall+Power+-+LEADS+%284%2F=
14%2F24%29&utm_medium=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6=
c60615e3d301d48d28 )
As the May auction season looms in New York, many estates have chosen to av=
oid it altogether, still fearful that buyers are not yet in the mood to spe=
nd even though the economy remains strong. And yet, those humdrum expectati=
ons were jolted last week via six works of art by three female artists, wit=
h combined low estimates of nearly $60 million. An important flower paintin=
g from the 1920s by Georgia O=E2=80=99Keeffe at Christie=E2=80=99s; a prime=
work by Leonora Carrington, the British-born Surrealist who spent most of =
her life resident in Mexico; as well as a suite of four works by the Abstra=
ct Expressionist Joan Mitchell have all the potential to generate a new nar=
rative 18 months since the market peaked.
Georgia O'Keeffe, Red Poppy (1928), estimated at $10 million
Christie=E2=80=99s eschewed the usual press release for Georgia O=E2=80=99K=
eeffe=E2=80=99s Red Poppy, from 1928, preferring to tease the work on Insta=
gram. =E2=80=9CTo me,=E2=80=9D said Emily Kaplan, who co-heads the 20th Cen=
tury Evening Sale, =E2=80=9CInstagram is the biggest reveal.=E2=80=9D
And it is a big announcement. The painting is estimated at $10 million, but=
nine of the top 15 auction prices for O=E2=80=99Keeffe were paid for her b=
otanical paintings. Close-up depictions of flowers in bloom predominate amo=
ng those works. Jimson Weed/White Flower No. 1, from 1932, set the record p=
rice for any work by a female artist at auction, a decade ago, when it made=
$44 million. White Rose With Larkspur No. 1 (1927) made $26 million in the=
Paul Allen sale eight years later. And Black Iris IV (1936), also one of A=
llen=E2=80=99s works, showed the depth of
demand for O=E2=80=99Keeffe=E2=80=99s flowers when it made $21 million last=
May.
There are no sure things in the art market. Right now, an O=E2=80=99Keeffe =
flower painting comes pretty close, though. This one is being offered by a =
savvy collector who has been following the market and knows how the game is=
played. The $10 million estimate is, frankly, bait. With those recent sale=
s, the seller is surely aiming higher=E2=80=94-though one of the quirks of =
the O=E2=80=99Keeffe market is that her work doesn=E2=80=99t get high estim=
ates. The biggest estimate ever placed on an O=E2=80=99Keeffe was only $12 =
million. (Remember, if the estimate is $10 million, the seller doesn=E2=80=
=99t get to change their mind if only one bidder hits $10 million and gets =
it.) But there=E2=80=99s a reason for the low entry point.
Estimates at this level will bring out the traditional collectors of Americ=
an paintings who might not spend $20+ million but can be counted on to take=
a flier at $10 million. (Hope is endemic to an auction.)
If Christie=E2=80=99s brings in additional bidders from institutions or pos=
twar and contemporary collectors looking for value further back in the 20th=
century, that could move the price upward toward $20 million. From there, =
it has potential to attract rich Asian buyers who would want to see that a =
high price is justified by other bids before going all in.
O=E2=80=99Keeffe is now too valuable to sell in the American art auctions. =
In her place a work by her sister, Ida Ten Eyck O=E2=80=99Keeffe ( https://=
www.christies.com/en/lot/lot-6477515?ldp_breadcrumb=3Dback&utm_campaign=3DW=
all+Power+-+LEADS+%284%2F21%2F24%29&utm_content=3DWall+Power+-+LEADS+%284%2=
F14%2F24%29&utm_medium=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df=
6c60615e3d301d48d28 ), sold at Christie=E2=80=99s for nine times its estima=
te, or $302,400, as the opening lot in an American art auction at Christie=
=E2=80=99s on Thursday. (You=E2=80=99re not the only one who didn=E2=80=99t=
know O=E2=80=99Keeffe had a sister who painted.)
So O=E2=80=99Keeffe is now promoted to 20th Century Evening Sales and treat=
ed like the global artist she really is.
What justifies this price? O=E2=80=99Keeffe only made six of these vivid po=
ppy paintings. Half of those were small scale. This one is a decent three f=
eet tall. The other two examples around this size are already in museums. A=
nd this is the last one she made of the series. (Collectors seem to go for =
firsts and lasts.) As Kaplan put it, it=E2=80=99s a painting with =E2=80=9C=
no asterisks.=E2=80=9D
$(ad4_title) ( https://ad.doubleclick.net/ddm/trackclk/N1956727.4235865PUCK=
NEWS/B31606195.393356919;dc_trk_aid=3D584829855;dc_trk_cid=3D212234273;dc_l=
at=3D;dc_rdid=3D;tag_for_child_directed_treatment=3D;tfua=3D;ltd=3D;dc_tdv=
=3D1?utm_campaign=3DWall+Power+-+LEADS+%284%2F21%2F24%29&utm_content=3DWall=
+Power+-+LEADS+%284%2F14%2F24%29&utm_medium=3Demail_action&utm_source=3Dcus=
tomer.io&utm_term=3Df6c60615e3d301d48d28 )
Surreal Appeal
Leonora Carrington, Les Distractions de Dagobert (1945), estimated at $12 m=
illion
O=E2=80=99Keeffe made the transition from American to 20th Century artist. =
Sotheby=E2=80=99s is hoping to do the same for a group of Latin American Su=
rrealists including Alice Rahon, Remedios Varo, and Leonora Carrington. Sot=
heby=E2=80=99s will offer Carrington=E2=80=99s Les Distractions de Dagobert=
, from 1945, with a $12 million estimate this May. That number is almost fo=
ur times Carrington=E2=80=99s previous auction record of $3.25 million for =
a very different sort of work. A more comparable work was sold in 2014 for =
$2.6 million. And this painting on offer was bought in 1995 for only $475,0=
00. Adjusted for inflation, that would still be just under $1 million. That=
means this Carrington will go from $1 million to at least $12 million over=
almost 30 years.
Asking four times the highest publicly recorded price isn=E2=80=99t unprece=
dented. =E2=80=9CThis
has been done before with Frida Kahlo,=E2=80=9D noted Anna Di Stasi, head o=
f Latin American art at Sotheby=E2=80=99s. In 2021, Sotheby=E2=80=99s put a=
$30 million estimate on a Kahlo self-portrait when the highest previous pr=
ice paid for a Kahlo had been a mere $8 million. In the end, a buyer paid $=
34.8 million to take the Kahlo home. This is usually a sign that Sotheby=E2=
=80=99s has sussed out the buyers=E2=80=94and maybe even has used its vast =
wingspan to locate a few that private dealers wouldn=E2=80=99t know about=
=E2=80=94and feels confident in its pricing.
There=E2=80=99s a good chance Sotheby=E2=80=99s is shopping what it calls a=
n =E2=80=9Cirrevocable bid,=E2=80=9D or a third-party guarantee from a buye=
r, like a museum, that knows they want the picture. Di Stasi said some inst=
itutional buyers have already paid $9 million-$10 million in the private ma=
rket for works by female Surrealists. Naturally, Sotheby=E2=80=99s hopes a =
museum or one of its benefactors will put a slightly higher floor under the=
Carrington
auction. Private dealers, who track the paintings, make the case that inter=
est has been growing in these artists for decades. In 2011, LACMA put on In=
Wonderland ( https://www.lacma.org/press/wonderland-surrealist-adventures-=
women-artists-mexico-and-united-states?utm_campaign=3DWall+Power+-+LEADS+%2=
84%2F21%2F24%29&utm_content=3DWall+Power+-+LEADS+%284%2F14%2F24%29&utm_medi=
um=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 =
), a show that caused people to take notice. Attendance was unexpectedly hi=
gh, said dealer Wendi Norris, who helped arrange a number of the loans.
In 2019, Norris held a pop-up show of Carrington=E2=80=99s work in New York=
that had 6,000 visitors in three weeks. That same year, New York=E2=80=99s=
Di Donna Gallery ( https://www.didonna.com/exhibitions/surrealism-in-mexic=
o?view=3Dslider&utm_campaign=3DWall+Power+-+LEADS+%284%2F21%2F24%29&utm_con=
tent=3DWall+Power+-+LEADS+%284%2F14%2F24%29&utm_medium=3Demail_action&utm_s=
ource=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 ) focused more broadly =
on the Mexican Surrealists while featuring the work Sotheby=E2=80=99s will =
sell in May alongside Kahlo=E2=80=99s self-portraits and works by Varo. Two=
years later, the Metropolitan Museum in New York put on Surrealism Beyond =
Borders ( https://www.metmuseum.org/exhibitions/surrealism-beyond-borders/e=
xhibition-objects?utm_campaign=3DWall+Power+-+LEADS+%284%2F21%2F24%29&utm_c=
ontent=3DWall+Power+-+LEADS+%284%2F14%2F24%29&utm_medium=3Demail_action&utm=
_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 ), a show that emphas=
ized the international breadth of the movement, with
prominent space devoted to Mexican artists as well as Carrington herself.
Last spring, Norris held a special preview of her Remedios Varo show ( http=
s://www.gallerywendinorris.com/exhibitions-collection/remedios-varo?utm_cam=
paign=3DWall+Power+-+LEADS+%284%2F21%2F24%29&utm_content=3DWall+Power+-+LEA=
DS+%284%2F14%2F24%29&utm_medium=3Demail_action&utm_source=3Dcustomer.io&utm=
_term=3Df6c60615e3d301d48d28 ) for Glenn Lowry, the director of the Museum =
of Modern Art, who flew 20 members of his board and curatorial team to San =
Francisco to see it. Norris helped build this market by connecting curators=
to scholars, mounting shows, and sharing information=E2=80=94especially ab=
out the pricing of private deals=E2=80=94with collectors attracted to these=
artists. =E2=80=9CI have a growing and increasingly diverse collector base=
=E2=80=94including accomplished female collectors, tech collectors, millenn=
ials, and buyers from Asia and Europe,=E2=80=9D Norris said. =E2=80=9CJust =
yesterday we sold a Carrington to a new tech client in Europe and last week=
we placed two Carringtons with a young, savvy fashion
designer.=E2=80=9D
Last year was also when The Art Institute of Chicago also held an important=
show of Varo=E2=80=99s work ( https://www.artic.edu/exhibitions/9935/remed=
ios-varo-science-fictions?utm_campaign=3DWall+Power+-+LEADS+%284%2F21%2F24%=
29&utm_content=3DWall+Power+-+LEADS+%284%2F14%2F24%29&utm_medium=3Demail_ac=
tion&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 ). In the pas=
t, Varo=E2=80=99s market had reached higher prices than Carrington=E2=80=99=
s, but Di Stasi hopes to see that change with this sale. =E2=80=9CI think t=
his will be the moment where that will stop being the case,=E2=80=9D Di Sta=
si said, =E2=80=9Cand she will become known as her equal or superior in ter=
ms of prices.=E2=80=9D
If Sotheby=E2=80=99s can post a final price for Carrington in the high teen=
s or low 20s, with fees, that should bring more work by the more prolific C=
arrington to market, fueling the kind of frequency that cements a reputatio=
n among buyers and builds more demand.
$(ad3_title) ( https://ad.doubleclick.net/ddm/trackclk/N1956727.4235865PUCK=
NEWS/B31606195.393358125;dc_trk_aid=3D584829855;dc_trk_cid=3D212234273;dc_l=
at=3D;dc_rdid=3D;tag_for_child_directed_treatment=3D;tfua=3D;ltd=3D;dc_tdv=
=3D1?utm_campaign=3DWall+Power+-+LEADS+%284%2F21%2F24%29&utm_content=3DWall=
+Power+-+LEADS+%284%2F14%2F24%29&utm_medium=3Demail_action&utm_source=3Dcus=
tomer.io&utm_term=3Df6c60615e3d301d48d28 )
Joan of Art
Joan Mitchell, Ground (1989), estimated at $12 million
Next to Jean-Michel Basquiat, Joan Mitchell will be one of the bigger prese=
nces on the market this season. Sotheby=E2=80=99s just announced the sale o=
f four works by one collector with a combined estimate of $36 million, and =
word in the marketplace is that Christie=E2=80=99s will have another two Mi=
tchells priced around $10 million.
It=E2=80=99s not an accident that both houses will have Mitchells priced ne=
ar the top of her previous range. In November, Christie=E2=80=99s and Sothe=
by=E2=80=99s each had a major work by the painter from different periods of=
her production. One was an untitled work from 1959 that was priced at $25 =
million and sold for $29 million; the other was Sunflowers, from 1990, that=
had been a gift from the artist to her dealer, John Cheim. That painting m=
ade $27.9 million, over a $20 million estimate. Those sales came after the
culmination of her three-city retrospective that migrated from SFMoMA to th=
e Baltimore Museum of Art to the Fondation Louis Vuitton in Paris. That las=
t stop also had a show comparing Mitchell=E2=80=99s abstracts to some of Mo=
net=E2=80=99s late waterlily paintings that are often considered important =
precursors to Abstract Expressionism.
That retrospective raised the public=E2=80=99s recognition of Mitchell=E2=
=80=99s career. It also exposed collectors to facets of her work and period=
s they might not have understood or appreciated. This was especially true f=
or the late period of Mitchell=E2=80=99s output, during the late 1980s unti=
l 1990. Without the retrospective, Cheim=E2=80=99s Sunflower might never ha=
ve been in contention for a record price. Sotheby=E2=80=99s consignment con=
tains Ground, from 1989, which is estimated at $12 million. These late work=
s, which Sotheby=E2=80=99s David Galperin compares to the once undervalued =
and misunderstood late works of Picasso and de Kooning,
have a =E2=80=9Cfreer brush, wider scale, and the whole field of vision ope=
ns up.=E2=80=9D There=E2=80=99s also an untitled work from c. 1973 that is =
estimated at $1 million; another untitled work from her prime period in aro=
und 1955 priced at $8 million; and Noon, from c. 1969, priced at $15 millio=
n.
Even though the broader market is facing pricing pressure, these works are =
not being offered at come-hither prices. =E2=80=9CNo other artist,=E2=80=9D=
Galperin said, =E2=80=9Cdo we get more requests for.=E2=80=9D And one of t=
he head fakes of having so many Mitchells available in one season is that i=
t may lull buyers into thinking there=E2=80=99s more supply out there than =
really exists. =E2=80=9CI hope that doesn=E2=80=99t give people the wrong i=
mpression,=E2=80=9D said Saara Pritchard, a former auction house specialist=
who is one of the recognized experts in mid-century female artists. =E2=80=
=9CThere are not a lot of works out there of this caliber, and they are not=
easy to find.=E2=80=9D
The previous record for a
Mitchell was set six years ago by the sale of Blueberry (1969), which made =
$16.6 million. Note that Noon is estimated at just below the all-in price f=
or Blueberry in 2018. (Estimates are for hammer prices, not what the buyer =
pays with auction house fees.) Two years before, Noon had sold to the colle=
ctor, who is now consigning for almost $9.8 million. Noon is taller than Bl=
ueberry, it=E2=80=99s nearly eight and a half feet tall, which limits who c=
an buy it. You have to hang the thing somewhere, and not everyone has 10-fo=
ot ceilings, preferably much taller. (This is what art advisors do, by the =
way. They think through all of these kinds of headaches for their clients. =
I know you love it, but where are you going to put it?)
Art market math says Noon is comparable to Blueberry, plus a boost for infl=
ation and Mitchell=E2=80=99s reputation upgrade. Does that make it another =
$20 million painting? Yeah, sure. In a
different market moment, the estimate for Noon would have been more aggress=
ive, maybe as high as $20 million. Right now, the auction houses are lookin=
g to keep estimates down so as not to scare off the punters.
If Noon were the only Mitchell on the market this season, there=E2=80=99s g=
ood reason to believe much of the momentum would be channeled into that one=
work. The result could set a new record price. It already did that once in=
2016. That would be a $30 million painting. But we=E2=80=99re going to hav=
e at least six Mitchells competing for the attention of bidders. Does that =
split the bidders among the six works? There are collectors who are looking=
for Mitchells only from the 1950s, or ones only from the late period or ev=
en from the late 60s. There are also buyers who just want a Mitchell and mi=
ght bid on multiple works until they get one they want.
Recent history gives us plenty of examples when flooding the market with ma=
terial from one artist
inflamed the market=E2=80=99s animal spirits. There was the Donald Judd fou=
ndation sale in 2006, or when eight of Gerhard Richter=E2=80=99s large abst=
ract paintings were sold in one night at Sotheby=E2=80=99s in November of 2=
011, or when Christie=E2=80=99s sold 22 works by Richard Diebenkorn in May =
of 2018. When there=E2=80=99s demand, supply gets absorbed. But there have =
also been a number of counter examples, especially recently, where a cache =
of de Kooning paintings from the estate or a pile of Ed Ruscha works rocked=
up in the marketplace all at once. Don=E2=80=99t get me wrong, the art sol=
d. But the markets were weighed down by the sales.
That leaves someone like Pritchard conflicted. She believes in Mitchell=E2=
=80=99s market long-term and is gratified by the progress that=E2=80=99s be=
en achieved so far. But she hopes that progress is not derailed by this mas=
s sale. =E2=80=9CPerhaps,=E2=80=9D said Pritchard, an art advisor who can=
=E2=80=99t help but see the possibilities of the situation, =E2=80=9Cit
means opportunities for savvy buyers.=E2=80=9D
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Charting the eruption of G.O.P. dark money groups.
TARA PALMERI
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The skinny on=C2=A0Rebecca Minkoff=E2=80=99s=C2=A0Real Housewives=C2=A0revi=
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<div style=3D"display: none; max-height: 0px; overflow: hidden;">Welcome =
back to Wall Power. The art market has been caught in a state of near paral=
ysis ever since the historic, record-obliterating $1.6 billion sale of Paul=
Allen=E2=80=99s collection in November 2022. Buyers and sellers are behavi=
ng like deer caught in the headlights, hopelessly transfixed by the Allen s=
ale as it recedes into the past. The art market, after all, is nothing if n=
ot backward looking.
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<p style=3D"margin: 0; color: #000000; font-size: 16px; line-hei=
ght: 30px; margin-top: 0px; margin-bottom: 0;">Welcome back to Wall Power. =
I=E2=80=99m <b>Marion Maneker</b>, and I approve this message. <br/><br/>Th=
e art market has been caught in a state of near paralysis ever since the hi=
storic, record-obliterating $1.6 billion sale of <b>Paul Allen</b>=E2=80=99=
s collection in November 2022. Buyers and sellers are behaving like deer ca=
ught in the headlights, hopelessly transfixed by the Allen sale as it reced=
es into the past. The art market, after all, is nothing if not backward loo=
king.<br/><br/>I cannot tell you when we will see such huge auction tallies=
again, but I do know <i>how</i> it will happen. That=E2=80=99s not because=
I have second sight. It=E2=80=99s because the art market behaves like ever=
y other market: It regains momentum by turning attention toward a different=
group of artists, with what appear to be comparably cheaper price points. =
This =E2=80=9Cnew=E2=80=9D crop of artists seem
undervalued=E2=80=94<i>for now</i>=E2=80=94but buyers have a strong thesis =
for why they will become much more valuable in the future. <br/><br/>This w=
eek, Sotheby=E2=80=99s and Christie=E2=80=99s both announced works by three=
different artists=E2=80=94all women=E2=80=94who fit the mold. These lots c=
ould be the key to restoring excitement and conviction in the art market. <=
br/><br/>More on all that, below the fold. <i>But first=E2=80=A6</i><br/></=
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<td style=3D"padding-bottom: 36px; color: #000000; font-size: 16p=
x; line-height: 30px; margin-top: 0; margin-bottom: 0;"><ul style=3D"margin=
:0;color:#000000;font-size:16px;line-height:30px;margin-top:0;margin-bottom=
:0;list-style-type:square;mso-special-format:bullet"><li><i>Veni, Vidi, Ven=
ice</i>: The art world divided into two types last week: those who went to =
Venice and those who are smart. It=E2=80=99s fashionable to bemoan <i>havin=
g to attend</i> an art crush event, but Venice=E2=80=94sometimes called the=
art world Olympics because of its reliance on national sponsorship, althou=
gh it=E2=80=99s really more of an art world World Cup (some nations are str=
onger than others)=E2=80=94has not solved the problem of what it means to h=
ave a biennial in the age of social media. Instead, it has become increasin=
gly like other city-based, art world events with an emphasis on marketing, =
sales, and tourism. One theory about why the Biennale was moved from its tr=
aditional June opening to April is that it
extends the tourist traffic toward early spring. Venice=E2=80=99s famously =
fragile tourist infrastructure doesn=E2=80=99t get overloaded, and the city=
benefits from additional hotel and restaurant spending. And boy does the a=
rt crowd spend on parties, dinners, and swanky digs. <br/><br/>With that in=
mind, here=E2=80=99s a brief list of what=E2=80=99s reached us here in the=
hinterlands: There hasn=E2=80=99t been a lot of love for the main curated =
show, <i>Foreigners Everywhere</i>. But <b>Adriano Pedrosa</b>, artistic di=
rector of the Sao Paulo Museum of Art and this year=E2=80=99s Biennale, has=
put an emphasis on indigenous art from around the world=E2=80=94including =
<b>Pacita Abad</b>, an American artist born in the Philippines, who has a r=
etrospective that just opened at MoMA PS1 in New York. Abad=E2=80=99s large=
ly unknown body of work draws from indigenous craft techniques she learned =
as she traveled the world with her husband, a development economist. <br/><=
br/><b>Lauren Halsey</b>, an artist from South Central Los
Angeles, is also making a splash in the curated show. Among the nationally =
sponsored shows, <b>Archie Moore</b>=E2=80=99s Australian pavilion won the =
Golden Lion for his exploration of his own indigenous lineage going back =
=E2=80=9C2400 generations.=E2=80=9D <b>Fran=C3=A7ois Pinault</b>, the owner=
of Kering, CAA, and Christie=E2=80=99s, is also the owner of multiple priv=
ate museum spaces in Paris and Venice that mount meticulously curated shows=
=2E In Venice this week, Pinault=E2=80=99s=
spaces host French artist <b>Pierr=
e Huyghe</b>, who got a rave write-up from <b>Jason Farago</b> in the <i>Ti=
mes</i>. For public museum exhibitions, the Gallerie dell=E2=80=99Accademia=
has a show of <b>Willem de Kooning</b>=E2=80=99s work loosely organized ar=
ound his two trips to Italy 10 years apart. During one, he learned to cast =
bronze sculptures.</li><br/><li><i>What=E2=80=99s holding Helen back?</i>: =
Last weekend, the <i>Journal </i><u><a href=3D"https://email.puck.news/e/c/=
eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdQQXF4cGVybDNIZThySFVmR0pYTT0iLCJ=
ocmVmIjoiaHR0cHM6Ly93d3cud3NqLmNvbS9hcnRzLWN1bHR1cmUvZmluZS1hcnQvaGVsZW4tZn=
JhbmtlbnRoYWxlci1mb3VuZGF0aW9uLXBvd2VyLXN0cnVnZ2xlLTM3Zjg2MTYxP3V0bV9jYW1wY=
Wlnbj1XYWxsK1Bvd2VyKy0rTEVBRFMrJTI4NCUyRjIxJTJGMjQlMjlcdTAwMjZ1dG1fY29udGVu=
dD1XYWxsK1Bvd2VyKy0rTEVBRFMrJTI4NCUyRjE0JTJGMjQlMjlcdTAwMjZ1dG1fbWVkaXVtPWV=
tYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNm=
M2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsa=
W5rX2lkIjo4NTUxMjJ9/df96a2b1bd84c410457cf175509e523ad1cf7ece89bc05359cf4320=
8b7958933" style=3D"color:#d40000;text-decoration:none;font-weight:bold" cl=
ass=3D"sdf">published</a></u> a long-ish story on the bumptious board of th=
e Helen Frankenthaler Foundation. The thrust of the story is that dysfuncti=
on has prevented the foundation from pulling off a major retrospective that=
would revive the artist=E2=80=99s public perception. The story makes the a=
ssumption that a retrospective has an immediate market effect. Sometimes th=
ey do; sometimes they don=E2=80=99t. <b>Mark</b> <b>Rothko</b>, for example=
, doesn=E2=80=99t seem to have benefited much from his recent major museum =
show in Paris, although there was one banger of a private sale, which was s=
aid to be almost $200 million. Yet that painting had already traded in the =
nine-figure range a decade earlier. <br/><br/>The story also makes <i>anoth=
er</i> assumption that is worth examining: The
<i>Journal</i>=E2=80=99s <b>Kelly Crow</b> compares <b>Frankenthaler</b>=E2=
=80=99s prices to <b>Joan Mitchell</b>=E2=80=99s and finds them lagging. Bu=
t these two artists are not really comparable. Frankenthaler is widely cred=
ited with developing the staining technique that launched the Washington Co=
lor School painters <b>Morris</b> <b>Louis</b> and <b>Kenneth</b> <b>Noland=
</b>. Top prices for Louis and Noland lie on either side of the $5 million =
mark. Frankenthaler has solidly performed at that level for the past four y=
ears and above: She has a record price of $7.8 million, set in 2020. <br/><=
br/>In the end, it does look like Frankenthaler will be getting her 100th a=
nniversary show. The star of that show will be <i>Mountains and Sea</i>, fr=
om 1952, her seminal work that hangs in the National Gallery. It turns out =
the foundation still owns it. If sold, it could trade for a huge price; Cro=
w suggests $30 million. But that would probably happen on the private marke=
t, if at all. </li></ul></td>
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<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" class=3D=
"w100pct" role=3D"presentation" style=3D"width: 100%;" width=3D"100%">
<tbody><tr>
<td style=3D"padding-bottom: 10px;"><a href=3D"https://email.p=
uck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdQQXF4cGVybDNIZThySF=
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MjQlMjlcdTAwMjZ1dG1fY29udGVudD1XYWxsK1Bvd2VyKy0rTEVBRFMrJTI4NCUyRjE0JTJGMjQ=
lMjlcdTAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZX=
IuaW9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjN=
jA2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjo4NTUxMjN9/12fe468f691b86d939150c8edc1=
f54e026b0f880d57bdc6a412e5dc13198893d" target=3D"_blank"><img alt=3D"Three =
Women" class=3D"w100pct" src=3D"https://images.scalero.io/email_assets/4014=
/N6OUVKUFAMFHRIVCPP9FDFL97O1S2W9DN60C4KK5N111CSZBEQUTGLUKR95PP2D6.png" styl=
e=3D"width:540px;" width=3D"540"/></a></td>
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<tr>
<td style=3D"padding-bottom: 10px;"><a href=3D"https://email.p=
uck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdQQXF4cGVybDNIZThySF=
VmR0pYTT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvd2FsbC1wb3dlci1ubzMtbGFkaWVzL=
WluLXdhaXRpbmcvP3V0bV9jYW1wYWlnbj1XYWxsK1Bvd2VyKy0rTEVBRFMrJTI4NCUyRjIxJTJG=
MjQlMjlcdTAwMjZ1dG1fY29udGVudD1XYWxsK1Bvd2VyKy0rTEVBRFMrJTI4NCUyRjE0JTJGMjQ=
lMjlcdTAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZX=
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jA2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjo4NTUxMjN9/12fe468f691b86d939150c8edc1=
f54e026b0f880d57bdc6a412e5dc13198893d" rel=3D"noopener" style=3D"text-decor=
ation: none; color: #d70a09; font-family: Beskerville, Georgia, 'Times =
New Roman', Times, serif; font-size:30px; line-height:36px;" target=3D"=
_blank">Three Women</a></td>
</tr>
<tr>
<td style=3D"font-size:18px; color:#000000;line-height:30px; p=
adding-bottom: 10px;">A stagnant May auction season in New York just got a =
major jolt via six works by O=E2=80=99Keeffe, Carrington, and Mitchell, wit=
h combined low estimates of nearly $60 million.</td>
</tr>
<tr class=3D"replica" name=3D"author">
<td style=3D"padding-bottom: 24px;">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" class=
=3D"w100pct" role=3D"presentation" style=3D"width: 100%;" width=3D"100%">
<tbody><tr>
<td width=3D"80"><a href=3D"https://email.puck.news/e/c/eyJ=
lbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdQQXF4cGVybDNIZThySFVmR0pYTT0iLCJocm=
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A2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua=
19pZCI6ODQ3ODE3fQ/4c6fb945037490988b31fc9b53fd077ea2fa581676a525672dbc1369f=
dd11491" target=3D"_blank"><img alt=3D"MARION MANEKER" src=3D"https://image=
s.scalero.io/email_assets/4014/5U91RL8QH35FF9HGFOAQOSQW8H4C5DPTZ2B6X3OWH55F=
47VW83M55HOB5IFV2UDZ.png" style=3D"width:45px;" width=3D"45"/></a></td>
<td style=3D"font-size:18px; color:#555555;line-height:22px=
; border-bottom: 1px solid #bbbbbb;"><a href=3D"https://email.puck.news/e/c=
/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdQQXF4cGVybDNIZThySFVmR0pYTT0iLC=
JocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvYXV0aG9yL21hcmlvbi1tYW5la2VyLz91dG1fY2Ftc=
GFpZ249V2FsbCtQb3dlcistK0xFQURTKyUyODQlMkYyMSUyRjI0JTI5XHUwMDI2dXRtX2NvbnRl=
bnQ9V2FsbCtQb3dlcistK0xFQURTKyUyODQlMkYxNCUyRjI0JTI5XHUwMDI2dXRtX21lZGl1bT1=
lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09Zj=
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369fdd11491" rel=3D"noopener" style=3D"text-decoration: none; color: #d70a0=
9;" target=3D"_blank"> <strong>MARION MANEKER</strong></a></td>
</tr>
</tbody></table>
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</td>
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<tr class=3D"replica" name=3D"s1">
<td style=3D"padding-bottom: 26px; color: #000000; font-size: 16p=
x; line-height: 30px; margin-top: 0; margin-bottom: 0;">As the May auction =
season looms in New York, many estates have chosen to avoid it altogether, =
still fearful that buyers are not yet in the mood to spend even though the =
economy remains strong. And yet, those humdrum expectations were jolted las=
t week via six works of art by three female artists, with combined low esti=
mates of nearly $60 million. An important flower painting from the 1920s by=
<b>Georgia O=E2=80=99Keeffe</b> at Christie=E2=80=99s; a prime work by <b>=
Leonora Carrington</b>, the British-born Surrealist who spent most of her l=
ife resident in Mexico; as well as a suite of four works by the Abstract Ex=
pressionist <b>Joan Mitchell</b> have all the potential to generate a new n=
arrative 18 months since the market peaked.</td>
</tr>
<!-- END OF REGULAR CONTENT -->
<!-- IMAGE -->
<tr class=3D"replica" name=3D"image">
<td align=3D"center" style=3D"padding-bottom: 20px;">
<table cellpadding=3D"0" cellspacing=3D"0" width=3D"100%=
" border=3D"0" role=3D"presentation" style=3D"width: 100%;" class=3D"w100pc=
t">
<tbody><tr>
<td align=3D"center" style=3D"padding: 10px 0;">
<table cellpadding=3D"0" cellspacing=3D"0" width=
=3D"100%" border=3D"0" role=3D"presentation" style=3D"width: 100%;">
<tbody><tr>
<td>
=20
<img border=3D"0" src=3D"https://images.sc=
alero.io/email_assets/4014/7L7HZWIWWIQOTQXUH3NLWFUF0WGJSRR8IE56619XOGVACI5C=
6W8QCKGQWLAG1FNZ.jpg" style=3D"width: 540px;" width=3D"540" class=3D"w100pc=
t"/>
=20
</td>
</tr>
<tr class=3D"replica" name=3D"image_caption">
<td align=3D"left" style=3D"padding-top: 10p=
x; color: #5E5E5E; font-size: 10px; line-height: 20px; font-weight: 700">
Georgia O'Keeffe, Red Poppy (1928), es=
timated at $10 million
</td>
</tr>
</tbody></table>
</td>
</tr>
</tbody></table>
</td>
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<!-- END OF IMAGE -->
<!-- REGULAR CONTENT -->
<tr class=3D"replica" name=3D"s2">
<td style=3D"padding-bottom: 36px; color: #000000; font-size: 16p=
x; line-height: 30px; margin-top: 0; margin-bottom: 0;">Christie=E2=80=99s =
eschewed the usual press release for Georgia O=E2=80=99Keeffe=E2=80=99s<i> =
Red Poppy</i>, from 1928, preferring to tease the work on Instagram. =E2=80=
=9CTo me,=E2=80=9D said <b>Emily Kaplan</b>, who co-heads the 20th Century =
Evening Sale, =E2=80=9CInstagram is the biggest reveal.=E2=80=9D <br/><br/>=
And it is a big announcement. The painting is estimated at $10 million, but=
nine of the top 15 auction prices for O=E2=80=99Keeffe were paid for her b=
otanical paintings. Close-up depictions of flowers in bloom predominate amo=
ng those works. <i>Jimson Weed/White Flower No. 1</i>, from 1932, set the r=
ecord price for any work by a female artist at auction, a decade ago, when =
it made $44 million. <i>White Rose With Larkspur No. 1</i> (1927) made $26 =
million in the <b>Paul Allen</b> sale eight years later. And <i>Black Iris =
IV</i> (1936), also one of Allen=E2=80=99s works, showed the depth of
demand for O=E2=80=99Keeffe=E2=80=99s flowers when it made $21 million last=
May. <br/><br/>There are no sure things in the art market. Right now, an =
O=E2=80=99Keeffe flower painting comes pretty close, though. This one is be=
ing offered by a savvy collector who has been following the market and know=
s how the game is played. The $10 million estimate is, frankly, bait. With =
those recent sales, the seller is surely aiming higher=E2=80=94-though one =
of the quirks of the O=E2=80=99Keeffe market is that her work doesn=E2=80=
=99t get high estimates. The biggest estimate ever placed on an O=E2=80=99K=
eeffe was only $12 million. (Remember, if the estimate is $10 million, the =
seller doesn=E2=80=99t get to change their mind if only one bidder hits $10=
million and gets it.) But there=E2=80=99s a reason for the low entry point=
=2E <br/><br/>Estimates at this level w=
ill bring out the traditional collecto=
rs of American paintings who might not spend $20+ million but can be counte=
d on to take a flier at $10 million. (Hope is endemic to an auction.)
If Christie=E2=80=99s brings in additional bidders from institutions or pos=
twar and contemporary collectors looking for value further back in the 20th=
century, that could move the price upward toward $20 million. From there, =
it has potential to attract rich Asian buyers who would want to see that a =
high price is justified by other bids before going all in. <br/><br/>O=E2=
=80=99Keeffe is now too valuable to sell in the American art auctions. In h=
er place a work by her sister, <b><u><a href=3D"https://email.puck.news/e/c=
/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdQQXF4cGVybDNIZThySFVmR0pYTT0iLC=
JocmVmIjoiaHR0cHM6Ly93d3cuY2hyaXN0aWVzLmNvbS9lbi9sb3QvbG90LTY0Nzc1MTU_bGRwX=
2JyZWFkY3J1bWI9YmFja1x1MDAyNnV0bV9jYW1wYWlnbj1XYWxsK1Bvd2VyKy0rTEVBRFMrJTI4=
NCUyRjIxJTJGMjQlMjlcdTAwMjZ1dG1fY29udGVudD1XYWxsK1Bvd2VyKy0rTEVBRFMrJTI4NCU=
yRjE0JTJGMjQlMjlcdTAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2=
U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVyb=
mFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjo4NTUxMjR9/607f883c1d634e1=
a14f551d2f1d0f15d85225916431652fc03484845bc3f927f" style=3D"color:#d40000;t=
ext-decoration:none;font-weight:bold" class=3D"sdf">Ida Ten Eyck O=E2=80=99=
Keeffe</a></u></b>, sold at Christie=E2=80=99s for nine times its estimate,=
or $302,400, as the opening lot in an American art auction at Christie=E2=
=80=99s on Thursday. (You=E2=80=99re not the only one who didn=E2=80=99t kn=
ow O=E2=80=99Keeffe had a sister who painted.)
So O=E2=80=99Keeffe is now promoted to 20th Century Evening Sales and treat=
ed like the global artist she really is. <br/><br/>What justifies this pric=
e? O=E2=80=99Keeffe only made six of these vivid poppy paintings. Half of t=
hose were small scale. This one is a decent three feet tall. The other two =
examples around this size are already in museums. And this is the last one =
she made of the series. (Collectors seem to go for firsts and lasts.) As Ka=
plan put it, it=E2=80=99s a painting with =E2=80=9Cno asterisks.=E2=80=9D<b=
r/></td>
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<td style=3D"padding-bottom: 10px;"><a href=3D"https://emai=
l.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdQQXF4cGVybDNIZTh=
ySFVmR0pYTT0iLCJocmVmIjoiaHR0cHM6Ly9hZC5kb3VibGVjbGljay5uZXQvZGRtL3RyYWNrY2=
xrL04xOTU2NzI3LjQyMzU4NjVQVUNLTkVXUy9CMzE2MDYxOTUuMzkzMzU2OTE5O2RjX3Rya19ha=
WQ9NTg0ODI5ODU1O2RjX3Rya19jaWQ9MjEyMjM0MjczO2RjX2xhdD07ZGNfcmRpZD07dGFnX2Zv=
cl9jaGlsZF9kaXJlY3RlZF90cmVhdG1lbnQ9O3RmdWE9O2x0ZD07ZGNfdGR2PTE_dXRtX2NhbXB=
haWduPVdhbGwrUG93ZXIrLStMRUFEUyslMjg0JTJGMjElMkYyNCUyOVx1MDAyNnV0bV9jb250ZW=
50PVdhbGwrUG93ZXIrLStMRUFEUyslMjg0JTJGMTQlMkYyNCUyOVx1MDAyNnV0bV9tZWRpdW09Z=
W1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2=
YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImx=
pbmtfaWQiOjg1NTEyMX0/c28244fc8721dc23dd1527935f9e18015e5f074e3e7fead556ba56=
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<td align=3D"center" style=3D"font-size:20px; line-height:34px=
; border-top:0px solid #d40000; padding: 24px 0;"><b>Surreal Appeal</b></td=
>
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=20
<img border=3D"0" src=3D"https://images.sc=
alero.io/email_assets/4014/I4EXG3J87VYB247UUNNF8GWT1LFT5700FX7NRXOTN23V07VB=
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t"/>
=20
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<td align=3D"left" style=3D"padding-top: 10p=
x; color: #5E5E5E; font-size: 10px; line-height: 20px; font-weight: 700">
Leonora Carrington, Les Distractions de Da=
gobert (1945), estimated at $12 million
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<td style=3D"padding-bottom: 36px; color: #000000; font-size: 16p=
x; line-height: 30px; margin-top: 0; margin-bottom: 0;">O=E2=80=99Keeffe ma=
de the transition from American to 20th Century artist. Sotheby=E2=80=99s i=
s hoping to do the same for a group of Latin American Surrealists including=
<b>Alice Rahon</b>, <b>Remedios Varo</b>, and Leonora Carrington. Sotheby=
=E2=80=99s will offer Carrington=E2=80=99s <i>Les Distractions de Dagobert<=
/i>, from 1945, with a $12 million estimate this May. That number is almost=
<i> four times </i>Carrington=E2=80=99s previous auction record of $3.25 mi=
llion for a very different sort of work. A more comparable work was sold in=
2014 for $2.6 million. And this painting on offer was bought in 1995 for o=
nly $475,000. Adjusted for inflation, that would still be just under $1 mil=
lion. That means this Carrington will go from $1 million to at least $12 mi=
llion over almost 30 years. <br/><br/>Asking four times the highest publicl=
y recorded price isn=E2=80=99t unprecedented. =E2=80=9CThis
has been done before with <b>Frida Kahlo</b>,=E2=80=9D noted <b>Anna Di Sta=
si</b>, head of Latin American art at Sotheby=E2=80=99s. In 2021, Sotheby=
=E2=80=99s put a $30 million estimate on a Kahlo self-portrait when the hig=
hest previous price paid for a Kahlo had been a mere $8 million. In the end=
, a buyer paid <i>$34.8 million</i> to take the Kahlo home. This is usually=
a sign that Sotheby=E2=80=99s has sussed out the buyers=E2=80=94and maybe =
even has used its vast wingspan to locate a few that private dealers wouldn=
=E2=80=99t know about=E2=80=94and feels confident in its pricing. <br/><br/=
>There=E2=80=99s a good chance Sotheby=E2=80=99s is shopping what it calls =
an =E2=80=9Cirrevocable bid,=E2=80=9D or a third-party guarantee from a buy=
er, like a museum, that knows they want the picture. Di Stasi said some ins=
titutional buyers have already paid $9 million-$10 million in the private m=
arket for works by female Surrealists. Naturally, Sotheby=E2=80=99s hopes a=
museum or one of its benefactors will put a slightly higher floor under th=
e Carrington
auction. Private dealers, who track the paintings, make the case that inter=
est has been growing in these artists for decades. In 2011, LACMA put on <i=
><u><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5T=
TktOT05LQUdQQXF4cGVybDNIZThySFVmR0pYTT0iLCJocmVmIjoiaHR0cHM6Ly93d3cubGFjbWE=
ub3JnL3ByZXNzL3dvbmRlcmxhbmQtc3VycmVhbGlzdC1hZHZlbnR1cmVzLXdvbWVuLWFydGlzdH=
MtbWV4aWNvLWFuZC11bml0ZWQtc3RhdGVzP3V0bV9jYW1wYWlnbj1XYWxsK1Bvd2VyKy0rTEVBR=
FMrJTI4NCUyRjIxJTJGMjQlMjlcdTAwMjZ1dG1fY29udGVudD1XYWxsK1Bvd2VyKy0rTEVBRFMr=
JTI4NCUyRjE0JTJGMjQlMjlcdTAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9=
zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsIm=
ludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjo4NTUxMjV9/f0335d62=
b58875a468961d4b276f21be2d3aae179eebecd2dfab9fd11e8be2d3" style=3D"color:#d=
40000;text-decoration:none;font-weight:bold" class=3D"sdf">In Wonderland</a=
></u>,</i> a show that caused people to take notice. Attendance was unexpec=
tedly high, said dealer <b>Wendi Norris</b>, who helped arrange a number of=
the loans. <br/><br/>In 2019, Norris held a pop-up show of Carrington=E2=
=80=99s work in New York that had 6,000 visitors in three weeks. That same =
year, New York=E2=80=99s <u><a href=3D"https://email.puck.news/e/c/eyJlbWFp=
bF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdQQXF4cGVybDNIZThySFVmR0pYTT0iLCJocmVmIjo=
iaHR0cHM6Ly93d3cuZGlkb25uYS5jb20vZXhoaWJpdGlvbnMvc3VycmVhbGlzbS1pbi1tZXhpY2=
8_dmlldz1zbGlkZXJcdTAwMjZ1dG1fY2FtcGFpZ249V2FsbCtQb3dlcistK0xFQURTKyUyODQlM=
kYyMSUyRjI0JTI5XHUwMDI2dXRtX2NvbnRlbnQ9V2FsbCtQb3dlcistK0xFQURTKyUyODQlMkYx=
NCUyRjI0JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN=
1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbC=
I6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6ODU1MTI2fQ/38b4523704bf12a67b=
89b14468eb6bf5374ac66031d11ebb043763451744523d" style=3D"color:#d40000;text=
-decoration:none;font-weight:bold" class=3D"sdf">Di Donna Gallery</a></u> f=
ocused more broadly on the Mexican Surrealists while featuring the work Sot=
heby=E2=80=99s will sell in May alongside Kahlo=E2=80=99s self-portraits an=
d works by Varo. Two years later, the Metropolitan Museum in New York put o=
n <i><u><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lE=
QU5TTktOT05LQUdQQXF4cGVybDNIZThySFVmR0pYTT0iLCJocmVmIjoiaHR0cHM6Ly93d3cubWV=
0bXVzZXVtLm9yZy9leGhpYml0aW9ucy9zdXJyZWFsaXNtLWJleW9uZC1ib3JkZXJzL2V4aGliaX=
Rpb24tb2JqZWN0cz91dG1fY2FtcGFpZ249V2FsbCtQb3dlcistK0xFQURTKyUyODQlMkYyMSUyR=
jI0JTI5XHUwMDI2dXRtX2NvbnRlbnQ9V2FsbCtQb3dlcistK0xFQURTKyUyODQlMkYxNCUyRjI0=
JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWV=
yLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2Yz=
YwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6ODU1MTI3fQ/45ab982e42fec962d025bb13d5=
25c1a1b8469f037285abb8cf6ba3c2209d6bbd" style=3D"color:#d40000;text-decorat=
ion:none;font-weight:bold" class=3D"sdf">Surrealism Beyond Borders</a></u><=
/i>, a show that emphasized the international breadth of the movement, with=
prominent space devoted to Mexican artists as well as Carrington herself. =
<br/><br/>Last spring, Norris held a special preview of her <u><a href=3D"h=
ttps://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdQQXF4=
cGVybDNIZThySFVmR0pYTT0iLCJocmVmIjoiaHR0cHM6Ly93d3cuZ2FsbGVyeXdlbmRpbm9ycml=
zLmNvbS9leGhpYml0aW9ucy1jb2xsZWN0aW9uL3JlbWVkaW9zLXZhcm8_dXRtX2NhbXBhaWduPV=
dhbGwrUG93ZXIrLStMRUFEUyslMjg0JTJGMjElMkYyNCUyOVx1MDAyNnV0bV9jb250ZW50PVdhb=
GwrUG93ZXIrLStMRUFEUyslMjg0JTJGMTQlMkYyNCUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxf=
YWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE=
1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaW=
QiOjg1NTEyOH0/102f565f3e3de5621944bb79923653ff2cf47b06690770d5a33dc7c501e00=
d76" style=3D"color:#d40000;text-decoration:none;font-weight:bold" class=3D=
"sdf">Remedios Varo show</a></u> for <b>Glenn Lowry</b>, the director of th=
e Museum of Modern Art, who flew 20 members of his board and curatorial tea=
m to San Francisco to see it. Norris helped build this market by connecting=
curators to scholars, mounting shows, and sharing information=E2=80=94espe=
cially about the pricing of private deals=E2=80=94with collectors attracted=
to these artists. =E2=80=9CI have a growing and increasingly diverse colle=
ctor base=E2=80=94including accomplished female collectors, tech collectors=
, millennials, and buyers from Asia and Europe,=E2=80=9D Norris said. =E2=
=80=9CJust yesterday we sold a Carrington to a new tech client in Europe an=
d last week we placed two Carringtons with a young, savvy fashion
designer.=E2=80=9D<br/><br/>Last year was also when The Art Institute of Ch=
icago also held <u><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6I=
mRnVDJ4Z1lEQU5TTktOT05LQUdQQXF4cGVybDNIZThySFVmR0pYTT0iLCJocmVmIjoiaHR0cHM6=
Ly93d3cuYXJ0aWMuZWR1L2V4aGliaXRpb25zLzk5MzUvcmVtZWRpb3MtdmFyby1zY2llbmNlLWZ=
pY3Rpb25zP3V0bV9jYW1wYWlnbj1XYWxsK1Bvd2VyKy0rTEVBRFMrJTI4NCUyRjIxJTJGMjQlMj=
lcdTAwMjZ1dG1fY29udGVudD1XYWxsK1Bvd2VyKy0rTEVBRFMrJTI4NCUyRjE0JTJGMjQlMjlcd=
TAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9c=
dTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTV=
lM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjo4NTUxMjl9/35a4da2dad60b50ad941e20d8eb8c0fce=
3b3def6b1259d38ebf0ac148726c469" style=3D"color:#d40000;text-decoration:non=
e;font-weight:bold" class=3D"sdf">an important show of Varo=E2=80=99s work<=
/a></u>. In the past, Varo=E2=80=99s market had reached higher prices than =
Carrington=E2=80=99s, but Di Stasi hopes to see that change with this sale.=
=E2=80=9CI think this will be the moment where that will stop being the ca=
se,=E2=80=9D Di Stasi said, =E2=80=9Cand she will become known as her equal=
or superior in terms of prices.=E2=80=9D<br/><br/>If Sotheby=E2=80=99s can=
post a final price for Carrington in the high teens or low 20s, with fees,=
that should bring more work by the more prolific Carrington to market, fue=
ling the kind of frequency that cements a reputation among buyers and build=
s more demand.<br/></td>
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<td><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6=
ImRnVDJ4Z1lEQU5TTktOT05LQUdQQXF4cGVybDNIZThySFVmR0pYTT0iLCJocmVmIjoiaHR0cHM=
6Ly9hZC5kb3VibGVjbGljay5uZXQvZGRtL3RyYWNrY2xrL04xOTU2NzI3LjQyMzU4NjVQVUNLTk=
VXUy9CMzE2MDYxOTUuMzkzMzU4MTI1O2RjX3Rya19haWQ9NTg0ODI5ODU1O2RjX3Rya19jaWQ9M=
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bnQ9O3RmdWE9O2x0ZD07ZGNfdGR2PTE_dXRtX2NhbXBhaWduPVdhbGwrUG93ZXIrLStMRUFEUys=
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ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjg1NTEzMH0/15565a4a8d3=
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<td align=3D"center" style=3D"font-size:20px; line-height:34px=
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<table cellpadding=3D"0" cellspacing=3D"0" width=
=3D"100%" border=3D"0" role=3D"presentation" style=3D"width: 100%;">
<tbody><tr>
<td>
=20
<img border=3D"0" src=3D"https://images.sc=
alero.io/email_assets/4014/PBATBYCTVZXGDH8AHA7PQLYFLLW2VFGSPC3GLHXUHTO9Z1CY=
FRMK9ZXJIRMTRF84.jpg" style=3D"width: 540px;" width=3D"540" class=3D"w100pc=
t"/>
=20
</td>
</tr>
<tr class=3D"replica" name=3D"image_caption">
<td align=3D"left" style=3D"padding-top: 10p=
x; color: #5E5E5E; font-size: 10px; line-height: 20px; font-weight: 700">
Joan Mitchell, Ground (1989), estimated a=
t $12 million
</td>
</tr>
</tbody></table>
</td>
</tr>
</tbody></table>
</td>
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<!-- REGULAR CONTENT -->
<tr class=3D"replica" name=3D"s11">
<td style=3D"padding-bottom: 36px; color: #000000; font-size: 16p=
x; line-height: 30px; margin-top: 0; margin-bottom: 0;">Next to <b>Jean-Mic=
hel Basquiat</b>, Joan Mitchell will be one of the bigger presences on the =
market this season. Sotheby=E2=80=99s just announced the sale of four works=
by one collector with a combined estimate of $36 million, and word in the =
marketplace is that Christie=E2=80=99s will have another two Mitchells pric=
ed around $10 million. <br/><br/>It=E2=80=99s not an accident that both hou=
ses will have Mitchells priced near the top of her previous range. In Novem=
ber, Christie=E2=80=99s and Sotheby=E2=80=99s each had a major work by the =
painter from different periods of her production. One was an untitled work =
from 1959 that was priced at $25 million and sold for $29 million; the othe=
r was <i>Sunflowers</i>, from 1990, that had been a gift from the artist to=
her dealer, <b>John Cheim</b>. That painting made $27.9 million, over a $2=
0 million estimate. Those sales came after the
culmination of her three-city retrospective that migrated from SFMoMA to th=
e Baltimore Museum of Art to the Fondation Louis Vuitton in Paris. That las=
t stop also had a show comparing Mitchell=E2=80=99s abstracts to some of <b=
>Monet</b>=E2=80=99s late waterlily paintings that are often considered imp=
ortant precursors to Abstract Expressionism. <br/><br/>That retrospective r=
aised the public=E2=80=99s recognition of Mitchell=E2=80=99s career. It als=
o exposed collectors to facets of her work and periods they might not have =
understood or appreciated. This was especially true for the late period of =
Mitchell=E2=80=99s output, during the late 1980s until 1990. Without the re=
trospective, Cheim=E2=80=99s <i>Sunflower</i> might never have been in cont=
ention for a record price. Sotheby=E2=80=99s consignment contains <i>Ground=
</i>, from 1989, which is estimated at $12 million. These late works, which=
Sotheby=E2=80=99s <b>David Galperin</b> compares to the once undervalued a=
nd misunderstood late works of <b>Picasso</b> and de Kooning,
have a =E2=80=9Cfreer brush, wider scale, and the whole field of vision ope=
ns up.=E2=80=9D There=E2=80=99s also an untitled work from c. 1973 that is =
estimated at $1 million; another untitled work from her prime period in aro=
und 1955 priced at $8 million; and <i>Noon</i>, from c. 1969, priced at $15=
million. <br/><br/>Even though the broader market is facing pricing pressu=
re, these works are not being offered at come-hither prices. =E2=80=9CNo ot=
her artist,=E2=80=9D Galperin said, =E2=80=9Cdo we get more requests for.=
=E2=80=9D And one of the head fakes of having so many Mitchells available i=
n one season is that it may lull buyers into thinking there=E2=80=99s more =
supply out there than really exists. =E2=80=9CI hope that doesn=E2=80=99t g=
ive people the wrong impression,=E2=80=9D said <b>Saara Pritchard</b>, a fo=
rmer auction house specialist who is one of the recognized experts in mid-c=
entury female artists. =E2=80=9CThere are not a lot of works out there of t=
his caliber, and they are not easy to find.=E2=80=9D<br/><br/>The previous =
record for a
Mitchell was set six years ago by the sale of <i>Blueberry</i> (1969), whic=
h made $16.6 million. Note that <i>Noon</i> is estimated at just below the =
all-in price for <i>Blueberry</i> in 2018. (Estimates are for hammer prices=
, not what the buyer pays with auction house fees.) Two years before, <i>No=
on</i> had sold to the collector, who is now consigning for almost $9.8 mil=
lion. <i>Noon</i> is taller than <i>Blueberry</i>, it=E2=80=99s nearly eigh=
t and a half feet tall, which limits who can buy it. You have to hang the t=
hing somewhere, and not everyone has 10-foot ceilings, preferably much tall=
er. (This is what art advisors do, by the way. They think through all of th=
ese kinds of headaches for their clients. <i>I know you love it, but where =
are you going to put it?</i>) <br/><br/>Art market math says <i>Noon</i> is=
comparable to <i>Blueberry</i>, plus a boost for inflation and Mitchell=E2=
=80=99s reputation upgrade. Does that make it another $20 million painting?=
Yeah, sure. In a
different market moment, the estimate for <i>Noon</i> would have been more =
aggressive, maybe as high as $20 million. Right now, the auction houses are=
looking to keep estimates down so as not to scare off the punters.<br/><br=
/>If <i>Noon</i> were the only Mitchell on the market this season, there=E2=
=80=99s good reason to believe much of the momentum would be channeled into=
that one work. The result could set a new record price. It already did tha=
t once in 2016. That would be a $30 million painting. But we=E2=80=99re goi=
ng to have at least six Mitchells competing for the attention of bidders. D=
oes that split the bidders among the six works? There are collectors who ar=
e looking for Mitchells only from the 1950s, or ones only from the late per=
iod or even from the late 60s. There are also buyers who just want a Mitche=
ll and might bid on multiple works until they get one they want. <br/> <br/=
>Recent history gives us plenty of examples when flooding the market with m=
aterial from one artist
inflamed the market=E2=80=99s animal spirits. There was the <b>Donald Judd =
</b>foundation sale in 2006, or when eight of <b>Gerhard Richter</b>=E2=80=
=99s large abstract paintings were sold in one night at Sotheby=E2=80=99s i=
n November of 2011, or when Christie=E2=80=99s sold 22 works by <b>Richard =
Diebenkorn</b> in May of 2018. When there=E2=80=99s demand, supply gets abs=
orbed. But there have also been a number of counter examples, especially re=
cently, where a cache of de Kooning paintings from the estate or a pile of =
<b>Ed Ruscha</b> works rocked up in the marketplace all at once. Don=E2=80=
=99t get me wrong, the art sold. But the markets were weighed down by the s=
ales. <br/><br/>That leaves someone like Pritchard conflicted. She believes=
in Mitchell=E2=80=99s market long-term and is gratified by the progress th=
at=E2=80=99s been achieved so far. But she hopes that progress is not dera=
iled by this mass sale. =E2=80=9CPerhaps,=E2=80=9D said Pritchard, an art a=
dvisor who can=E2=80=99t help but see the possibilities of the situation, =
=E2=80=9Cit
means opportunities for savvy buyers.=E2=80=9D <br/></td>
</tr>
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<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" class=3D"w1=
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<td class=3D"padL0 padR0" style=3D"font-size:14px; font-weight:bo=
ld;color:#d70a09;line-height:18px; padding: 0 30px 20px 30px;">FOUR STORIES=
WE=E2=80=99RE TALKING ABOUT</td>
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<td style=3D"padding-right: 10px; padding-bottom: 10px;" valig=
n=3D"top"><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1=
lEQU5TTktOT05LQUdQQXF4cGVybDNIZThySFVmR0pYTT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrL=
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V0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyO=
CIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjo4NTQ0NDJ9/2fe=
b0e2d3773676ece95fa421f9ef3a1e43cdab8cf8ff3b0f2f1861478e40aaa" target=3D"_b=
lank"><img alt=3D"CNN and Its Discontents" class=3D"w80" src=3D"https://use=
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<td class=3D"padB10" style=3D"padding-bottom: 20px;"><a cla=
ss=3D"fs22" href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1l=
EQU5TTktOT05LQUdQQXF4cGVybDNIZThySFVmR0pYTT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm=
5ld3MvY25uLWFuZC1pdHMtZGlzY29udGVudHMvP3V0bV9jYW1wYWlnbj1XYWxsK1Bvd2VyKy0rT=
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0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOC=
IsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjo4NTQ0NDJ9/2feb=
0e2d3773676ece95fa421f9ef3a1e43cdab8cf8ff3b0f2f1861478e40aaa" rel=3D"noopen=
er" style=3D"text-decoration: none; color: #d40000; font-size: 22px; font-w=
eight: 700; line-height: 26px; font-family: Beskerville,Georgia,'Times =
New Roman',Times,serif;" target=3D"_blank">CNN and Its Discontents</a><=
/td>
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<td class=3D"padB10 fs14" style=3D"font-size:14px;color:#55=
5;line-height:16px; padding-bottom: 20px;">Examining the mood inside Hudson=
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<td class=3D"fs14" style=3D"font-size:14px;color:#000000;li=
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NDMyfQ/482e5c5bff49d3dbde32aa5f1e6883c1206f171a8056a65b8483f3c7eef6e29e" ta=
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<td class=3D"padB10" style=3D"padding-bottom: 20px;"><a cla=
ss=3D"fs22" href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1l=
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<td class=3D"padB10 fs14" style=3D"font-size:14px;color:#55=
5;line-height:16px; padding-bottom: 20px;">Charting the eruption of G.O.P. =
dark money groups.</td>
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<td class=3D"fs14" style=3D"font-size:14px;color:#000000;li=
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G93ZXIrLStMRUFEUyslMjg0JTJGMjElMkYyNCUyOVx1MDAyNnV0bV9jb250ZW50PVdhbGwrUG93=
ZXIrLStMRUFEUyslMjg0JTJGMTQlMkYyNCUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9=
uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMz=
AxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjg1M=
zgyOX0/5486d3b2ecd904cd81773a2218fe8a0c67fa61b1a85db873cf983724852a7689" re=
l=3D"noopener" style=3D"text-decoration: none; color: #d40000; font-size: 2=
2px; font-weight: 700; line-height: 26px; font-family: Beskerville,Georgia,=
'Times New Roman',Times,serif;" target=3D"_blank">Skoll & Cross=
bones</a></td>
</tr>
<tr>
<td class=3D"padB10 fs14" style=3D"font-size:14px;color:#55=
5;line-height:16px; padding-bottom: 20px;">An inside account of the shutter=
ing of Participant Media.</td>
</tr>
<tr>
<td class=3D"fs14" style=3D"font-size:14px;color:#000000;li=
ne-height:16px;"><strong>MATTHEW BELLONI</strong></td>
</tr>
</tbody></table>
</td>
</tr>
<!-- END OF STORY ITEM -->
<!-- STORY ITEM -->
<tr class=3D"replica" name=3D"story4">
<td style=3D"padding-right: 10px; padding-bottom: 10px;" valig=
n=3D"top"><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1=
lEQU5TTktOT05LQUdQQXF4cGVybDNIZThySFVmR0pYTT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrL=
m5ld3MvcmViZWNjYS1taW5rb2ZmLWRyYW1hdGljLWNvbWVkeS8_dXRtX2NhbXBhaWduPVdhbGwr=
UG93ZXIrLStMRUFEUyslMjg0JTJGMjElMkYyNCUyOVx1MDAyNnV0bV9jb250ZW50PVdhbGwrUG9=
3ZXIrLStMRUFEUyslMjg0JTJGMTQlMkYyNCUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW=
9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkM=
zAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjg1=
MjI3Nn0/105f3b086c548a1f3ef25216fdc65c57f59c4b8a7405d3e0448f5474495c9551" t=
arget=3D"_blank"><img alt=3D"Minkoff Moves" class=3D"w80" src=3D"https://us=
erimg-bee.customeriomail.com/images/client-env-107382/Icon_Ace.png" style=
=3D"width:145px;" width=3D"145"/></a></td>
<td class=3D"padB30" style=3D"padding-bottom: 10px;">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" class=
=3D"w100pct" role=3D"presentation" style=3D"width: 100%;" width=3D"100%">
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<td class=3D"padB10" style=3D"padding-bottom: 20px;"><a cla=
ss=3D"fs22" href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1l=
EQU5TTktOT05LQUdQQXF4cGVybDNIZThySFVmR0pYTT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm=
5ld3MvcmViZWNjYS1taW5rb2ZmLWRyYW1hdGljLWNvbWVkeS8_dXRtX2NhbXBhaWduPVdhbGwrU=
G93ZXIrLStMRUFEUyslMjg0JTJGMjElMkYyNCUyOVx1MDAyNnV0bV9jb250ZW50PVdhbGwrUG93=
ZXIrLStMRUFEUyslMjg0JTJGMTQlMkYyNCUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9=
uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMz=
AxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjg1M=
jI3Nn0/105f3b086c548a1f3ef25216fdc65c57f59c4b8a7405d3e0448f5474495c9551" re=
l=3D"noopener" style=3D"text-decoration: none; color: #d40000; font-size: 2=
2px; font-weight: 700; line-height: 26px; font-family: Beskerville,Georgia,=
'Times New Roman',Times,serif;" target=3D"_blank">Minkoff Moves</a>=
</td>
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<tr>
<td class=3D"padB10 fs14" style=3D"font-size:14px;color:#55=
5;line-height:16px; padding-bottom: 20px;">The skinny on=C2=A0Rebecca Minko=
ff=E2=80=99s=C2=A0Real Housewives=C2=A0revival.</td>
</tr>
<tr>
<td class=3D"fs14" style=3D"font-size:14px;color:#000000;li=
ne-height:16px;"><strong>LAUREN SHERMAN</strong></td>
</tr>
</tbody></table>
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<!-- END OF STORY ITEM -->
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