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Subject: After Action Report: Sotheby's Modern Evening sale + Emily Fisher Landau Day
sale
From: Artelligence <artelligence@substack.com>
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View this post on the web at https://artelligence.substack.com/p/after-acti=
on-report-sothebys-modern
Welcome to Artelligence=E2=80=99s Gigaweek Coverage
If you want to share some insights of your own, have suggestions for covera=
ge, a question you want us to poll our readers about, or simply want to ven=
t=E2=80=94feel free to =E2=80=A6
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In This Issue
Sotheby=E2=80=99s Modern Evening Sale: $224m total; 1.07 hammer ratio; 84% =
sell-through rate
About Last Night: Aggressive sale management masks a weakening Modern marke=
t at Sotheby=E2=80=99s
Notes: Picasso Slow Burn, Balthus, The Market Below $10m, Underbidders, Asi=
an Buyers, Irrevocable Bids
Charts: Results, Top Ten by Premium, Top Ten by Hammer Ratio
Emily Fisher Landau Day sale: $18m total; 1.15 hammer ratio; 96% sell-throu=
gh rate
Charts: Results, Top Ten by Premium, Top Ten by Hammer Ratio
The Dial
Sotheby=E2=80=99s Modern Evening =3D $224,335,300
About Last Night
Aggressive sale management reduced Sotheby=E2=80=99s 40-lot sale down to 33=
lots. Without the withdrawn lots, the hammer ratio would have been .97 and=
the sell-through rate would have fallen to 78%. These numbers are eerily s=
imilar to the sale statistics for Christie=E2=80=99s Modern day sales. The =
Modern market remains over estimated. Nevertheless, Sotheby=E2=80=99s Moder=
n posted numbers that were above water on hammer ratio and at the industry =
average for sell-through rate. The sale=E2=80=99s strength rested on half a=
dozen lots bid beyond the estimates. Some rare finds like the Art Institut=
e of Chicago=E2=80=99s de-accessioned Balthus, a Cubist Picasso and a posth=
umous cast of a Giacometti were sold at substantial prices even if they fai=
led to meet the estimates.=20
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</style></head><body class=3D"email-body" style=3D"font-kerning: auto;"><im=
g src=3D"https://eotrx.substackcdn.com/open?token=3DeyJtIjoiPDIwMjMxMTE0MTQ=
wMTAzLjMuZWE4NWUyZTMzZTA1OGNhZUBtZy1kMC5zdWJzdGFjay5jb20-IiwidSI6MTMzMjY4Nj=
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wvgVsOpVWGQiTOZI" alt=3D"" width=3D"1" height=3D"1" border=3D"0" style=3D"h=
eight:1px !important;width:1px !important;border-width:0 !important;margin-=
top:0 !important;margin-bottom:0 !important;margin-right:0 !important;margi=
n-left:0 !important;padding-top:0 !important;padding-bottom:0 !important;pa=
dding-right:0 !important;padding-left:0 !important;"/><div style=3D"display=
:none;font-size:1px;color:#333333;line-height:1px;max-height:0px;max-width:=
0px;opacity:0;overflow:hidden;" class=3D"preview">A strong Day sale for Fis=
her Landau and solid bidding on select lots in Sotheby's $224m Modern Eveni=
ng sale point to a downshifting market  ‌ ‌ R=
04; ‌ ‌ ‌ ‌ ‌ &=
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; ‌</div><table role=3D"presentation" width=3D"100%" border=3D"0=
" cellspacing=3D"0" cellpadding=3D"0" class=3D"email-body-container"><tr><t=
d></td><td width=3D"550" class=3D"content"></td><td></td></tr><tr><td></td>=
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e;"><span class=3D"pencraft frontend-pencraft-Box-module__reset--VfQY8 fron=
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gn: center;"><a href=3D"https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9=
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CJ1IjoxMzMyNjg2NjEsImlhdCI6MTY5OTk3MDYzMCwiZXhwIjoxNzAyNTYyNjMwLCJpc3MiOiJw=
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tGNXka4?"><img role=3D"presentation" width=3D"550" height=3D"117" src=3D"ht=
tps://substackcdn.com/image/fetch/w_1100,c_limit,f_auto,q_auto:good,fl_prog=
ressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2=
Fimages%2Fecde5dbd-aa76-4984-bfac-acb56639185e_2800x591.png" class=3D"heade=
r-image" style=3D"border: none !important; display: block; height: auto; ma=
rgin: 0 auto; max-width: 550px; vertical-align: 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-hea=
der" style=3D"font-size: 16px; line-height: 26px;"><h1 class=3D"post-title =
published" style=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoo=
thing: antialiased; -webkit-appearance: optimizelegibility; -webkit-font-sm=
oothing: antialiased; appearance: optimizelegibility; color: rgb(64, 64, 64=
); font-family: 'SF Compact Display', -apple-system, BlinkMacSystemFont, 'S=
egoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe=
UI Emoji', 'Segoe UI Symbol'; font-size: 32px; font-weight: bold; line-hei=
ght: 36px; margin: 0;"><a href=3D"https://substack.com/app-link/post?public=
ation_id=3D2259&post_id=3D138852567&utm_source=3Dpost-email-title&utm_campa=
ign=3Demail-post-title&isFreemail=3Dtrue&r=3D27cer9&token=3DeyJ1c2VyX2lkIjo=
xMzMyNjg2NjEsInBvc3RfaWQiOjEzODg1MjU2NywiaWF0IjoxNjk5OTcwNjMwLCJleHAiOjE3MD=
I1NjI2MzAsImlzcyI6InB1Yi0yMjU5Iiwic3ViIjoicG9zdC1yZWFjdGlvbiJ9.yCWw_bnGusyF=
l_TYKaWVMPlolLNK9FsNqN-CoIOlPxY" style=3D"color: rgb(64, 64, 64); text-deco=
ration: none;">After Action Report: Sotheby's Modern Evening sale + Emily F=
isher Landau Day sale </a></h1><h3 class=3D"subtitle" style=3D"-moz-appeara=
nce: optimizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-appe=
arance: optimizelegibility; -webkit-font-smoothing: antialiased; appearance=
: optimizelegibility; color: #808080; font-family: 'SF Compact Display', -a=
pple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans=
-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size=
: 18px; font-weight: normal; line-height: 24px; margin: 4px 0 0; margin-top=
: 12px;">A strong Day sale for Fisher Landau and solid bidding on select lo=
ts in Sotheby's $224m Modern Evening sale point to a downshifting market</h=
3><table role=3D"presentation" width=3D"100%" border=3D"0" cellspacing=3D"0=
" cellpadding=3D"0" class=3D"post-meta" style=3D"align-items: center; heigh=
t: 20px; margin: 1em 0;"><tr><td><table role=3D"presentation" width=3D"auto=
" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td><table role=3D"p=
resentation" 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-module__reset--VfQY8 frontend-pencraft-Text-module__size-11--=
k1e8b frontend-pencraft-Text-module__line-height-20--p0dP8 frontend-pencraf=
t-Text-module__weight-medium--x7khA frontend-pencraft-Text-module__font-met=
a--U_nxy frontend-pencraft-Text-module__color-primary--ud4Z0 frontend-pencr=
aft-Text-module__transform-uppercase--IDkUL frontend-pencraft-Text-module__=
reset--dW0zZ frontend-pencraft-Text-module__meta--jzHdd custom-css-email-po=
st-author" style=3D"color: rgb(64, 64, 64); font-family: 'SF Compact', -app=
le-system, -apple-system, -system-ui, BlinkMacSystemFont, 'Segoe UI', Robot=
o, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Se=
goe UI Symbol'; font-size: 11px; font-weight: 500; letter-spacing: .2px; li=
ne-height: 20px; margin: 0; text-decoration: unset; text-transform: upperca=
se;"><a style=3D"color: rgb(64, 64, 64); font-family: 'SF Compact', -apple-=
system, -apple-system, -system-ui, BlinkMacSystemFont, 'Segoe UI', Roboto, =
Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe=
UI Symbol'; font-size: 11px; font-weight: 500; letter-spacing: .2px; line-=
height: 20px; margin: 0; text-decoration: none; text-transform: uppercase;"=
href=3D"https://substack.com/@artelligence" class=3D"pencraft frontend-pen=
craft-Box-module__reset--VfQY8 frontend-pencraft-Text-module__size-11--k1e8=
b frontend-pencraft-Text-module__line-height-20--p0dP8 frontend-pencraft-Te=
xt-module__weight-medium--x7khA frontend-pencraft-Text-module__font-meta--U=
_nxy frontend-pencraft-Text-module__color-primary--ud4Z0 frontend-pencraft-=
Text-module__transform-uppercase--IDkUL frontend-pencraft-Text-module__rese=
t--dW0zZ frontend-pencraft-Text-module__meta--jzHdd">Marion Maneker</a></di=
v></td></tr></table></td></tr><tr><td><table role=3D"presentation" width=3D=
"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td style=3D"ve=
rtical-align: middle;"><div class=3D"pencraft frontend-pencraft-Box-module_=
_reset--VfQY8 frontend-pencraft-Text-module__size-11--k1e8b frontend-pencra=
ft-Text-module__line-height-20--p0dP8 frontend-pencraft-Text-module__weight=
-medium--x7khA frontend-pencraft-Text-module__font-meta--U_nxy frontend-pen=
craft-Text-module__color-secondary--WRADg frontend-pencraft-Text-module__tr=
ansform-uppercase--IDkUL frontend-pencraft-Text-module__reset--dW0zZ fronte=
nd-pencraft-Text-module__meta--jzHdd" style=3D"color: rgb(128, 128, 128); f=
ont-family: 'SF Compact', -apple-system, -apple-system, -system-ui, BlinkMa=
cSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color=
Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 11px; font-weight:=
500; letter-spacing: .2px; line-height: 20px; margin: 0; text-decoration: =
unset; text-transform: uppercase;"><time dateTime=3D"2023-11-14T14:03:07.13=
4Z">Nov 14</time></div></td><td width=3D"4" style=3D"min-width: 4px"></td><=
td style=3D"vertical-align: middle;"><table role=3D"presentation" width=3D"=
auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td style=3D"ver=
tical-align: middle;"><div class=3D"pencraft frontend-pencraft-Box-module__=
reset--VfQY8 frontend-pencraft-Text-module__size-11--k1e8b frontend-pencraf=
t-Text-module__line-height-20--p0dP8 frontend-pencraft-Text-module__weight-=
medium--x7khA frontend-pencraft-Text-module__font-meta--U_nxy frontend-penc=
raft-Text-module__color-secondary--WRADg frontend-pencraft-Text-module__tra=
nsform-uppercase--IDkUL frontend-pencraft-Text-module__reset--dW0zZ fronten=
d-pencraft-Text-module__meta--jzHdd" style=3D"color: rgb(128, 128, 128); fo=
nt-family: 'SF Compact', -apple-system, -apple-system, -system-ui, BlinkMac=
SystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color =
Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 11px; font-weight: =
500; letter-spacing: .2px; line-height: 20px; margin: 0; text-decoration: u=
nset; text-transform: uppercase;">∙</div></td><td width=3D"4" style=
=3D"min-width: 4px"></td><td style=3D"vertical-align: middle;"><div class=
=3D"pencraft frontend-pencraft-Box-module__reset--VfQY8 frontend-pencraft-T=
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0dP8 frontend-pencraft-Text-module__weight-medium--x7khA frontend-pencraft-=
Text-module__font-meta--U_nxy frontend-pencraft-Text-module__color-accent-p=
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--jzHdd" style=3D"color: #702dff; font-family: 'SF Compact', -apple-system,=
-apple-system, -system-ui, BlinkMacSystemFont, 'Segoe UI', Roboto, Helveti=
ca, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Sym=
bol'; font-size: 11px; font-weight: 500; letter-spacing: .2px; line-height:=
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'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 14px; font-weight: 600; hei=
ght: auto; line-height: 20px; margin: 0 auto; opacity: 1; outline: none; pa=
dding: 12px 20px; text-align: center; text-decoration: none !important; whi=
te-space: nowrap;"><span style=3D"color: #ffffff; text-decoration: none;">U=
pgrade to paid</span></a></p></div><div style=3D"font-size: 16px; line-heig=
ht: 26px;"><hr style=3D"background: #e0e0e0; border: none; height: 1px; mar=
gin: 32px 0; padding: 0;"></div><h2 class=3D"header-with-anchor-widget" sty=
le=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoothing: antiali=
ased; -webkit-appearance: optimizelegibility; -webkit-font-smoothing: antia=
liased; appearance: optimizelegibility; color: rgb(64, 64, 64); font-family=
: 'SF Compact Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', Robo=
to, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'S=
egoe UI Symbol'; font-size: 1.625em; font-weight: bold; line-height: 1.16em=
; margin: 1em 0 0.625em 0; position: relative;">In This Issue</h2><ol style=
=3D"margin-top: 0; padding: 0;"><li style=3D"margin: 8px 0 0 32px;"><p styl=
e=3D"box-sizing: border-box; color: rgb(64, 64, 64); font-size: 16px; line-=
height: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><strong>Soth=
eby’s Modern Evening Sale: </strong><span>$224m total; 1.07 hammer ra=
tio; 84% sell-through rate</span></p></li><li style=3D"margin: 8px 0 0 32px=
;"><p style=3D"box-sizing: border-box; color: rgb(64, 64, 64); font-size: 1=
6px; line-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><s=
trong>About Last Night: </strong><span>Aggressive sale management masks a w=
eakening Modern market at Sotheby’s</span></p></li><li style=3D"margi=
n: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; color: rgb(64, 64, 64=
); font-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0; padding=
-left: 4px;"><strong>Notes: </strong><span>Picasso Slow Burn, Balthus, The =
Market Below $10m, Underbidders, Asian Buyers, Irrevocable Bids</span></p><=
/li><li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box;=
color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0; mar=
gin-bottom: 0; padding-left: 4px;"><strong>Charts: </strong><span>Results, =
Top Ten by Premium, Top Ten by Hammer Ratio</span></p></li><li style=3D"mar=
gin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; color: rgb(64, 64, =
64); font-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0; paddi=
ng-left: 4px;"><strong>Emily Fisher Landau Day sale</strong><span>: $18m to=
tal; 1.15 hammer ratio; 96% sell-through rate</span></p></li><li style=3D"m=
argin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; color: rgb(64, 64=
, 64); font-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0; pad=
ding-left: 4px;"><strong>Charts: </strong><span>Results, Top Ten by Premium=
, Top Ten by Hammer Ratio</span></p></li></ol><div style=3D"font-size: 16px=
; line-height: 26px;"><hr style=3D"background: #e0e0e0; border: none; heigh=
t: 1px; margin: 32px 0; padding: 0;"></div><h2 class=3D"header-with-anchor-=
widget" style=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoothi=
ng: antialiased; -webkit-appearance: optimizelegibility; -webkit-font-smoot=
hing: antialiased; appearance: optimizelegibility; color: rgb(64, 64, 64); =
font-family: 'SF Compact Display', -apple-system, BlinkMacSystemFont, 'Sego=
e UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI=
Emoji', 'Segoe UI Symbol'; font-size: 1.625em; font-weight: bold; line-hei=
ght: 1.16em; margin: 1em 0 0.625em 0; position: relative;">The Dial</h2><p =
style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin=
: 0 0 20px 0;"><strong>Sotheby’s Modern Evening =3D $224,335,300</str=
ong></p><div class=3D"captioned-image-container-static" style=3D"font-size:=
16px; line-height: 26px; margin: 32px auto;"><figure style=3D"margin: 0 au=
to; width: 100%;"><table class=3D"image-wrapper" width=3D"100%" border=3D"0=
" cellspacing=3D"0" cellpadding=3D"0" data-component-name=3D"Image2ToDOMSta=
tic" style=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-a=
lign: center;"></td><td align=3D"left" class=3D"content" width=3D"385" styl=
e=3D"text-align: center;"><a class=3D"image-link" target=3D"_blank" href=3D=
"https://substack.com/redirect/db010b9a-024c-4034-82b1-b2a0cf9875f7?j=3DeyJ=
1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"=
align-items: center; border: none; display: block; flex-direction: column; =
height: auto; margin: 0; padding: 0; position: relative; text-decoration: n=
one; width: auto;"><img data-attrs=3D"{"src":"https://substa=
ck-post-media.s3.amazonaws.com/public/images/5d1309a0-c384-44df-84b3-053ad5=
b9693a_1024x1024.png","srcNoWatermark":null,"fullscreen=
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quot;:1024,"resizeWidth":385,"bytes":122269,"alt&q=
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src=3D"https://substackcdn.com/image/fetch/w_385,c_limit,f_auto,q_auto:goo=
d,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2=
Fpublic%2Fimages%2F5d1309a0-c384-44df-84b3-053ad5b9693a_1024x1024.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><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-appearance: optimizelegibility; -m=
oz-osx-font-smoothing: antialiased; -webkit-appearance: optimizelegibility;=
-webkit-font-smoothing: antialiased; appearance: optimizelegibility; color=
: rgb(64, 64, 64); font-family: 'SF Compact Display', -apple-system, BlinkM=
acSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Colo=
r Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.625em; font-wei=
ght: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; position: relative=
;">About Last Night</h2><p style=3D"color: rgb(64, 64, 64); font-size: 16px=
; line-height: 26px; margin: 0 0 20px 0;">Aggressive sale management reduce=
d Sotheby’s 40-lot sale down to 33 lots. Without the withdrawn lots, =
the hammer ratio would have been .97 and the sell-through rate would have f=
allen to 78%. These numbers are eerily similar to the sale statistics for C=
hristie’s Modern day sales. The Modern market remains over estimated.=
Nevertheless, Sotheby’s Modern posted numbers that were above water =
on hammer ratio and at the industry average for sell-through rate. The sale=
’s strength rested on half a dozen lots bid beyond the estimates. Som=
e rare finds like the Art Institute of Chicago’s de-accessioned Balth=
us, a Cubist Picasso and a posthumous cast of a Giacometti were sold at sub=
stantial prices even if they failed to meet the estimates. </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-widget" style=3D"-moz-appearance: optimizelegibility; -m=
oz-osx-font-smoothing: antialiased; -webkit-appearance: optimizelegibility;=
-webkit-font-smoothing: antialiased; appearance: optimizelegibility; color=
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acSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Colo=
r Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.625em; font-wei=
ght: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; margin-bottom: 0; =
position: relative;">Notes...</h2></div></div><div data-testid=3D"paywall" =
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