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Subject: London Winter Sales Preview
From: Artelligence <artelligence@substack.com>
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View this post on the web at https://artelligence.substack.com/p/london-win=
ter-sales-preview
Welcome to Artelligence
If you have comments, complaints, tips or just want to vent, feel free to c=
ontact us directly:
London Sales Preview
The auctions begin in a few hours but there=E2=80=99s still time preview th=
e sales. Using LiveArt=E2=80=99s data on the London auctions, we=E2=80=99ve=
calculated the sales statistics to give you a vantage point on the market =
as it plays out over the next few days.=20
Top Line
The London sales this year are overall only slightly smaller than last year=
suggesting that the market is reaching a point where it may begin to stabi=
lize and consolidate. There are only 38 fewer lots on offer this season but=
the top 10 lots represent a lower portion of the aggregate estimate than i=
n the previous year. In 2023, the top ten lots offered in March had estimat=
es that accounted for 42% of the total aggregate estimate of =C2=A3365m; th=
is year, the top ten lots account for 33% of the =C2=A3319m aggregate estim=
ate for all of the 882 lots on offer.=C2=A0
This comports with our overall impression that the market is broadening wit=
h bidders chasing works at lower price points rather than focusing on high =
value works.=C2=A0
The sales are also more conservative with 12.6% lower aggregate estimate on=
882 lots.=C2=A0
In general, estimates are more conservative and attractive than they have b=
een in the past. The specialists are clearly aware that the market is well-=
informed and bidders need enticing estimates and not just for the works of =
artists with new markets. A number of the early 20th Century works by artis=
ts like Dubuffet, Mir=C3=B3, Albers, Kandinsky, Jawlensky and even Monet ha=
ve estimates that seem like a significant step back. The important word her=
e is =E2=80=9Cseem.=E2=80=9D
Market Leaders
Last year, the top artists by spending volume were Picasso, Kandinsky, Rich=
ter, Lucian Freud, Edvard Munch, Ren=C3=A9 Magritte, Cecily Brown, Paul Cez=
anne, Georg Baselitz and Robert Delaunay. This year the line-up by estimate=
value is different with Claude Monet topping the chart followed closely by=
Francis Bacon, Picasso, David Hockney, Ren=C3=A9 Magritte, Joan Mir=C3=B3,=
Paul Signac, Renoir, Dubuffet and Alexej von Jawlensky.=C2=A0
Magritte and Picasso are the two consistent names. And there=E2=80=99s stil=
l time for the results to change the market share tables. It=E2=80=99s wort=
h noting that Magritte continues to be a market driver on a fairly consiste=
nt basis.=C2=A0
Last year there were no Francis Bacon lots in this sale series. This year, =
the combined estimated value is =C2=A324.2 million. This year there is the =
same estimated volume of Andy Warhol works on offer at =C2=A34.5 million bu=
t nearly double the number of lots. David Hockney had =C2=A35.7m in estimat=
e value in 2023; this year, it is =C2=A320.7 million. Pablo Picasso had =C2=
=A343.6 million in estimated value last year and =C2=A321.6 million this ye=
ar. There is only =C2=A32.8 million in estimated value for Alighiero Boetti=
but the fifteen works on offer present a real opportunity for the artist t=
o make a market impression.
Selected Lots
It=E2=80=99s not a secret that Jad=C3=A9 Fadojutimi had a market resurgence=
last November with three differrent sales establishing new high-water mark=
s for her market. How deep is the demand for these works? These sales will =
tell us with works similar to the record setters priced well below those le=
vels near $2 million.=20
Damien Hirst=E2=80=99s very large spot paintings continue to have a market.=
Prior to the global financial crisis, some of these works sold at auction =
for as much as $3.4 million. The highest price for a spot painting post-fin=
ancial crisis was more than a decade ago when prices around $1.7 million we=
re achieved. Four years ago, one even got close to sell for $1.66 million. =
Phillips and Sotheby=E2=80=99s have examples with potentially attractive es=
timates to give us a better sense of the current market for these works.=20
You don=E2=80=99t see works by Alexej von Jawlensky on the market very ofte=
n. So it is interesting to see two works from very different periods on off=
er. The work on the left (below) is similar in date, style and composition =
to a painting that sold last year at Ketterer Kunst in Munich for $6.8m. Th=
is example with an estimate near $5m is priced almost to the market=E2=80=
=99s limit. On the other end of his body of work is this abstract head on o=
ffer at $600,000 when similar examples sold for as high as $1.8 million a d=
ecade ago. This work was sold in 2015 for $1.27 million.=20
Judging from social media, these two works by very different artists who bo=
th play important roles as market mainstays have caught the eye of collecto=
rs and advisors. Cecily Brown=E2=80=99s Can Can from 1998 is priced at =C2=
=A31.8 million which isn=E2=80=99t cheap but works from this period have re=
ached higher prices, including her record price at $6.58 million. This late=
Picasso also has a healthy estimate at =C2=A38 million but works from this=
period have sold for twice that price.=20
Are those same numbers achievable now? We=E2=80=99ll know more soon.
Unsubscribe https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2V=
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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=3DeyJtIjoiPDIwMjQwMzA2MTQ=
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ght:1px !important;width:1px !important;border-width:0 !important;margin-to=
p:0 !important;margin-bottom:0 !important;margin-right:0 !important;margin-=
left:0 !important;padding-top:0 !important;padding-bottom:0 !important;padd=
ing-right:0 !important;padding-left:0 !important;"/><div style=3D"display:n=
one;font-size:1px;color:#333333;line-height:1px;max-height:0px;max-width:0p=
x;opacity:0;overflow:hidden;" class=3D"preview">Will the "bargains&quo=
t; draw the bidders? Aggregate estimates for the London sales is 12.6% lowe=
r than last year with only 38 fewer lots on offer.</div><div style=3D"displ=
ay:none;font-size:1px;color:#333333;line-height:1px;max-height:0px;max-widt=
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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-cont=
ainer"><tr><td></td><td 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=
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tion" width=3D"550" height=3D"117" src=3D"https://substackcdn.com/image/fet=
ch/w_1100,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsub=
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ac-acb56639185e_2800x591.png" class=3D"header-image" style=3D"border: none =
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vertical-align: middle; width: 100%;"></a></td></tr></table><div dir=3D"au=
to" 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-height: 26px;"><h1 class=3D"post-title published" style=3D"-moz-appear=
ance: optimizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-app=
earance: optimizelegibility; -webkit-font-smoothing: antialiased; appearanc=
e: optimizelegibility; color: rgb(64, 64, 64); font-family: 'SF Pro Display=
', -apple-system-headline, system-ui, -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=3D142354532&utm_source=3Dpost-email-title&utm_campa=
ign=3Demail-post-title&isFreemail=3Dtrue&r=3D27cer9&token=3DeyJ1c2VyX2lkIjo=
xMzMyNjg2NjEsInBvc3RfaWQiOjE0MjM1NDUzMiwiaWF0IjoxNzA5NzM3MDc2LCJleHAiOjE3MT=
IzMjkwNzYsImlzcyI6InB1Yi0yMjU5Iiwic3ViIjoicG9zdC1yZWFjdGlvbiJ9.b6W9bx6rTTVW=
UCPqGkX-OF-Rurylaz5HruRudGscD5A" style=3D"color: rgb(64, 64, 64); text-deco=
ration: none;">London Winter Sales Preview</a></h1><h3 class=3D"subtitle" s=
tyle=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoothing: antia=
liased; -webkit-appearance: optimizelegibility; -webkit-font-smoothing: ant=
ialiased; appearance: optimizelegibility; color: #808080; font-family: 'SF =
Pro Display', -apple-system-headline, system-ui, -apple-system, BlinkMacSys=
temFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emo=
ji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 18px; font-weight: nor=
mal; line-height: 24px; margin: 4px 0 0; margin-top: 12px;">Will the "=
bargains" draw the bidders? Aggregate estimates for the London sales i=
s 12.6% lower than last year with only 38 fewer lots on offer. </h3><table =
role=3D"presentation" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpad=
ding=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" cellspacing=3D"0" cellpadding=3D"0"><tr><td><table role=3D"presentat=
ion" width=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><t=
d style=3D"vertical-align: middle;"><div class=3D"pencraft pc-reset _color-=
primary_13a18_183 _line-height-20_13a18_95 _font-meta_13a18_131 _size-11_13=
a18_35 _weight-medium_13a18_162 _transform-uppercase_13a18_239 _reset_13a18=
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BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Appl=
e Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 11px; font-=
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gin: 0; text-decoration: unset; text-transform: uppercase;"><a style=3D"col=
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aphy" style=3D"font-size: 16px; line-height: 26px; padding: 16px 0 0 0;"><d=
iv dir=3D"auto" class=3D"body markup" style=3D"font-family: 'SF Pro Display=
', -apple-system, system-ui, BlinkMacSystemFont, 'Inter', 'Segoe UI', Robot=
o, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Se=
goe UI Symbol'; font-size: 16px; font-weight: 400; line-height: 26px; margi=
n-bottom: 16px; text-align: initial; width: 100%; word-break: break-word;">=
<h2 class=3D"header-with-anchor-widget" style=3D"-moz-appearance: optimizel=
egibility; -moz-osx-font-smoothing: antialiased; -webkit-appearance: optimi=
zelegibility; -webkit-font-smoothing: antialiased; appearance: optimizelegi=
bility; color: rgb(64, 64, 64); font-family: 'SF Pro Display', -apple-syste=
m-headline, system-ui, -apple-system, BlinkMacSystemFont, 'Segoe UI', Robot=
o, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Se=
goe UI Symbol'; font-size: 1.625em; font-weight: bold; line-height: 1.16em;=
margin: 1em 0 0.625em 0; margin-top: 0; position: relative;">Welcome to Ar=
telligence</h2><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-he=
ight: 26px; margin: 0 0 20px 0;">If you have comments, complaints, tips or =
just want to vent, feel free to contact us directly:</p><p class=3D"button-=
wrapper" data-attrs=3D"{"url":"Mailto:maneker@artmarketmonit=
or.com","text":"Contact Us!","action":nu=
ll,"class":null}" data-component-name=3D"ButtonCreateButton" styl=
e=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 =
0 20px 0; text-align: center;"><a class=3D"button primary" href=3D"https://=
substack.com/redirect/8e5f7caf-5e69-41ae-8682-43c16efe7f44?j=3DeyJ1IjoiMjdj=
ZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"backgroun=
d-color: #653366; border: none; border-radius: 12px; box-sizing: border-box=
; color: #ffffff !important; cursor: pointer; display: inline-block; font-f=
amily: system-ui, -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, He=
lvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe U=
I Symbol'; font-size: 14px; font-weight: 600; height: auto; line-height: 20=
px; margin: 0; opacity: 1; outline: none; padding: 12px 20px; text-align: c=
enter; text-decoration: none !important; white-space: nowrap;"><span style=
=3D"color: #ffffff; text-decoration: none;">Contact Us!</span></a></p><div =
style=3D"font-size: 16px; line-height: 26px;"><hr style=3D"background: #e0e=
0e0; border: none; height: 1px; margin: 32px 0; padding: 0;"></div><h2 clas=
s=3D"header-with-anchor-widget" style=3D"-moz-appearance: optimizelegibilit=
y; -moz-osx-font-smoothing: antialiased; -webkit-appearance: optimizelegibi=
lity; -webkit-font-smoothing: antialiased; appearance: optimizelegibility; =
color: rgb(64, 64, 64); font-family: 'SF Pro Display', -apple-system-headli=
ne, system-ui, -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helve=
tica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI S=
ymbol'; font-size: 1.625em; font-weight: bold; line-height: 1.16em; margin:=
1em 0 0.625em 0; position: relative;">London Sales Preview</h2><p style=3D=
"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20=
px 0;">The auctions begin in a few hours but there’s still time previ=
ew the sales. Using LiveArt’s data on the London auctions, we’v=
e calculated the sales statistics to give you a vantage point on the market=
as it plays out over the next few days. </p><div class=3D"captioned-image-=
container-static" style=3D"font-size: 16px; line-height: 26px; margin: 32px=
auto;"><figure style=3D"margin: 0 auto; width: 100%;"><table class=3D"imag=
e-wrapper" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" =
data-component-name=3D"Image2ToDOMStatic" style=3D"mso-padding-alt: 1em 0 1=
=2E6em;"><tbody><tr><td style=3D"text-a=
lign: 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/d6cd6f=
e8-df7f-42f2-83e6-c746d7202416?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrM=
e5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"align-items: center; border: none; di=
splay: block; flex-direction: column; height: auto; margin: 0; padding: 0; =
position: relative; text-decoration: none; width: auto;"><img data-attrs=3D=
"{"src":"https://substack-post-media.s3.amazonaws.com/public=
/images/9c67f663-7ffe-4a5e-92be-86fa37c47a4f_1920x1080.png","srcN=
oWatermark":null,"fullscreen":null,"imageSize":nul=
l,"height":819,"width":1456,"resizeWidth":nul=
l,"bytes":2473327,"alt":null,"title":null,&qu=
ot;type":"image/png","href":null,"belowTheFol=
d":false,"topImage":true,"internalRedirect":null}"=
alt width=3D"550" height=3D"309.375" class=3D"wide-image" src=3D"https://s=
ubstackcdn.com/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=
%2F9c67f663-7ffe-4a5e-92be-86fa37c47a4f_1920x1080.png" style=3D"-ms-interpo=
lation-mode: bicubic; border: none !important; display: block; height: auto=
; margin: 0 auto; margin-bottom: 0; max-width: 100% !important; vertical-al=
ign: middle; width: auto !important;"></a></td><td style=3D"text-align: cen=
ter;"></td></tr></tbody></table><figcaption class=3D"image-caption" style=
=3D"box-sizing: content-box; color: #808080; font-size: 14px; font-weight: =
400; letter-spacing: -.15px; line-height: 20px; margin-top: 8px; padding-le=
ft: 15%; padding-right: 15%; text-align: center; width: 70%;">These three F=
rancis Bacon works at Christie’s and Sotheby’s have a combined =
estimate of £24.2 million</figcaption></figure></div><h4 class=3D"head=
er-with-anchor-widget" style=3D"-moz-appearance: optimizelegibility; -moz-o=
sx-font-smoothing: antialiased; -webkit-appearance: optimizelegibility; -we=
bkit-font-smoothing: antialiased; appearance: optimizelegibility; color: rg=
b(64, 64, 64); font-family: 'SF Pro Display', -apple-system-headline, syste=
m-ui, -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Ari=
al, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; f=
ont-size: 1.125em; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.=
625em 0; position: relative;">Top Line</h4><p style=3D"color: rgb(64, 64, 6=
4); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">The London sal=
es this year are overall only slightly smaller than last year suggesting th=
at the market is reaching a point where it may begin to stabilize and conso=
lidate. There are only 38 fewer lots on offer this season but the top 10 lo=
ts represent a lower portion of the aggregate estimate than in the previous=
year. In 2023, the top ten lots offered in March had estimates that accoun=
ted for 42% of the total aggregate estimate of £365m; this year, the t=
op ten lots account for 33% of the £319m aggregate estimate for all of=
the 882 lots on offer. </p><p style=3D"color: rgb(64, 64, 64); font-s=
ize: 16px; line-height: 26px; margin: 0 0 20px 0;">This comports with our o=
verall impression that the market is broadening with bidders chasing works =
at lower price points rather than focusing on high value works. </p><p=
style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margi=
n: 0 0 20px 0;">The sales are also more conservative with 12.6% lower aggre=
gate estimate on 882 lots. </p><p style=3D"color: rgb(64, 64, 64); fon=
t-size: 16px; line-height: 26px; margin: 0 0 20px 0;">In general, estimates=
are more conservative and attractive than they have been in the past. The =
specialists are clearly aware that the market is well-informed and bidders =
need enticing estimates and not just for the works of artists with new mark=
ets. A number of the early 20th Century works by artists like Dubuffet, Mir=
ó, Albers, Kandinsky, Jawlensky and even Monet have estimates that see=
m like a significant step back. The important word here is “seem.R=
21;</p><h4 class=3D"header-with-anchor-widget" style=3D"-moz-appearance: op=
timizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-appearance:=
optimizelegibility; -webkit-font-smoothing: antialiased; appearance: optim=
izelegibility; color: rgb(64, 64, 64); font-family: 'SF Pro Display', -appl=
e-system-headline, system-ui, -apple-system, BlinkMacSystemFont, 'Segoe UI'=
, Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoj=
i', 'Segoe UI Symbol'; font-size: 1.125em; font-weight: bold; line-height: =
1.16em; margin: 1em 0 0.625em 0; position: relative;">Market Leaders</h4><d=
iv class=3D"captioned-image-container-static" style=3D"font-size: 16px; lin=
e-height: 26px; margin: 32px auto;"><figure style=3D"margin: 0 auto; width:=
100%;"><table class=3D"image-wrapper" width=3D"100%" border=3D"0" cellspac=
ing=3D"0" cellpadding=3D"0" data-component-name=3D"Image2ToDOMStatic" style=
=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align: cent=
er;"></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/54343ac0-b549-4612-8644-d03cd2a15b92?j=3DeyJ1IjoiMjdj=
ZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"align-ite=
ms: center; border: none; display: block; flex-direction: column; height: a=
uto; margin: 0; padding: 0; position: relative; text-decoration: none; widt=
h: auto;"><img data-attrs=3D"{"src":"https://substack-post-m=
edia.s3.amazonaws.com/public/images/d1a51f8e-dd7a-495d-bc67-ffcda02644bf_19=
20x1080.png","srcNoWatermark":null,"fullscreen":nu=
ll,"imageSize":null,"height":819,"width":1456=
,"resizeWidth":null,"bytes":1672906,"alt":nul=
l,"title":null,"type":"image/png","href&=
quot;:null,"belowTheFold":true,"topImage":false,"i=
nternalRedirect":null}" alt width=3D"550" height=3D"309.375" class=3D"=
wide-image" src=3D"https://substackcdn.com/image/fetch/w_2912,c_limit,f_aut=
o,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.ama=
zonaws.com%2Fpublic%2Fimages%2Fd1a51f8e-dd7a-495d-bc67-ffcda02644bf_1920x10=
80.png" style=3D"-ms-interpolation-mode: bicubic; border: none !important; =
display: block; height: auto; margin: 0 auto; margin-bottom: 0; max-width: =
100% !important; vertical-align: middle; width: auto !important;"></a></td>=
<td style=3D"text-align: center;"></td></tr></tbody></table><figcaption cla=
ss=3D"image-caption" style=3D"box-sizing: content-box; color: #808080; font=
-size: 14px; font-weight: 400; letter-spacing: -.15px; line-height: 20px; m=
argin-top: 8px; padding-left: 15%; padding-right: 15%; text-align: center; =
width: 70%;"><span>Agnes Martin, </span><em>Untitled</em><span> (2000-4) es=
t. £1.5m; Agnes Martin, </span><em>Loving Love</em><span> (2000) estim=
ate £2.2m with a third-party guarantee</span></figcaption></figure></d=
iv><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; =
margin: 0 0 20px 0;">Last year, the top artists by spending volume were Pic=
asso, Kandinsky, Richter, Lucian Freud, Edvard Munch, René Magritte, C=
ecily Brown, Paul Cezanne, Georg Baselitz and Robert Delaunay. This year th=
e line-up by estimate value is different with Claude Monet topping the char=
t followed closely by Francis Bacon, Picasso, David Hockney, René Magr=
itte, Joan Miró, Paul Signac, Renoir, Dubuffet and Alexej von Jawlensk=
y. </p><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-heigh=
t: 26px; margin: 0 0 20px 0;">Magritte and Picasso are the two consistent n=
ames. And there’s still time for the results to change the market sha=
re tables. It’s worth noting that Magritte continues to be a market d=
river on a fairly consistent basis. </p><p style=3D"color: rgb(64, 64,=
64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><span>Last y=
ear there were no</span><strong> Francis Bacon</strong><span> lots in this =
sale series. This year, the combined estimated value is £24.2 million.=
This year there is the same estimated volume of </span><strong>Andy Warhol=
</strong><span> works on offer at £4.5 million but nearly double the n=
umber of lots. </span><strong>David Hockney</strong><span> had £5.7m i=
n estimate value in 2023; this year, it is £20.7 million. </span><stro=
ng>Pablo Picasso</strong><span> had £43.6 million in estimated value l=
ast year and £21.6 million this year. There is only £2.8 million =
in estimated value for </span><strong>Alighiero Boetti </strong><span>but t=
he fifteen works on offer present a real opportunity for the artist to make=
a market impression.</span></p><h4 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 Pro Display', -apple-system-headline, system-ui, -apple-system, Blink=
MacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Col=
or Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.125em; font-we=
ight: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; position: relativ=
e;">Selected Lots</h4><p style=3D"color: rgb(64, 64, 64); font-size: 16px; =
line-height: 26px; margin: 0 0 20px 0;">It’s not a secret that Jad=
33; Fadojutimi had a market resurgence last November with three differrent =
sales establishing new high-water marks for her market. How deep is the dem=
and for these works? These sales will tell us with works similar to the rec=
ord setters priced well below those levels near $2 million. </p><div class=
=3D"captioned-image-container-static" style=3D"font-size: 16px; line-height=
: 26px; margin: 32px auto;"><figure style=3D"margin: 0 auto; width: 100%;">=
<table class=3D"image-wrapper" width=3D"100%" border=3D"0" cellspacing=3D"0=
" cellpadding=3D"0" data-component-name=3D"Image2ToDOMStatic" style=3D"mso-=
padding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align: center;"></t=
d><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=
=2Ecom/redirect/d196ad97-dccb-406c-ac5=
c-193cb367d923?j=3DeyJ1IjoiMjdjZXI5In0.=
nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"align-items: cent=
er; border: none; display: block; flex-direction: column; height: auto; mar=
gin: 0; padding: 0; position: relative; text-decoration: none; width: auto;=
"><img data-attrs=3D"{"src":"https://substack-post-media.s3.=
amazonaws.com/public/images/163edd45-5a2c-41c1-b3e1-dc3742ef34fa_1920x1080.=
png","srcNoWatermark":null,"fullscreen":null,"=
;imageSize":null,"height":819,"width":1456,"r=
esizeWidth":null,"bytes":3424485,"alt":null,"=
title":null,"type":"image/png","href":nu=
ll,"belowTheFold":true,"topImage":false,"internalR=
edirect":null}" alt width=3D"550" height=3D"309.375" class=3D"wide-ima=
ge" src=3D"https://substackcdn.com/image/fetch/w_2912,c_limit,f_auto,q_auto=
:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.c=
om%2Fpublic%2Fimages%2F163edd45-5a2c-41c1-b3e1-dc3742ef34fa_1920x1080.png" =
style=3D"-ms-interpolation-mode: bicubic; border: none !important; display:=
block; height: auto; margin: 0 auto; margin-bottom: 0; max-width: 100% !im=
portant; vertical-align: middle; width: auto !important;"></a></td><td styl=
e=3D"text-align: center;"></td></tr></tbody></table><figcaption class=3D"im=
age-caption" style=3D"box-sizing: content-box; color: #808080; font-size: 1=
4px; font-weight: 400; letter-spacing: -.15px; line-height: 20px; margin-to=
p: 8px; padding-left: 15%; padding-right: 15%; text-align: center; width: 7=
0%;"><span>Jadé Fadojutimi, </span><em>The Women Warped Garden of Pond=
er</em><span> (2021) est. £400,000; Jadé Fadojutimi, </span><em>A=
Sheltered Overthought</em><span> (2019) est. £300,000</span></figcapt=
ion></figure></div><p style=3D"color: rgb(64, 64, 64); font-size: 16px; lin=
e-height: 26px; margin: 0 0 20px 0;">Damien Hirst’s very large spot p=
aintings continue to have a market. Prior to the global financial crisis, s=
ome of these works sold at auction for as much as $3.4 million. The highest=
price for a spot painting post-financial crisis was more than a decade ago=
when prices around $1.7 million were achieved. Four years ago, one even go=
t close to sell for $1.66 million. Phillips and Sotheby’s have exampl=
es with potentially attractive estimates to give us a better sense of the c=
urrent market for these works. </p><div class=3D"captioned-image-container-=
static" style=3D"font-size: 16px; line-height: 26px; margin: 32px auto;"><f=
igure style=3D"margin: 0 auto; width: 100%;"><table class=3D"image-wrapper"=
width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" data-compo=
nent-name=3D"Image2ToDOMStatic" style=3D"mso-padding-alt: 1em 0 1.6em;"><tb=
ody><tr><td style=3D"text-align: center;"></td><td align=3D"left" class=3D"=
content" width=3D"1456" style=3D"text-align: center;"><a class=3D"image-lin=
k" target=3D"_blank" href=3D"https://substack.com/redirect/d93059e7-4504-4a=
9a-8e6a-45216cedcb1c?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx=
6Fx_g6pp7gWdY" rel style=3D"align-items: center; border: none; display: blo=
ck; flex-direction: column; height: auto; margin: 0; padding: 0; position: =
relative; text-decoration: none; width: auto;"><img data-attrs=3D"{"sr=
c":"https://substack-post-media.s3.amazonaws.com/public/images/b4=
4aee6c-0098-47c6-900d-fdb86b56201d_1920x1080.png","srcNoWatermark=
":null,"fullscreen":null,"imageSize":null,"he=
ight":819,"width":1456,"resizeWidth":null,"by=
tes":2525466,"alt":null,"title":null,"type&qu=
ot;:"image/png","href":null,"belowTheFold":tr=
ue,"topImage":false,"internalRedirect":null}" alt width=
=3D"550" height=3D"309.375" class=3D"wide-image" src=3D"https://substackcdn=
=2Ecom/image/fetch/w_2912,c_limit,f_aut=
o,q_auto:good,fl_progressive:steep/htt=
ps%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb44aee6=
c-0098-47c6-900d-fdb86b56201d_1920x1080.png" style=3D"-ms-interpolation-mod=
e: bicubic; border: none !important; display: block; height: auto; margin: =
0 auto; margin-bottom: 0; max-width: 100% !important; vertical-align: middl=
e; width: auto !important;"></a></td><td style=3D"text-align: center;"></td=
></tr></tbody></table><figcaption class=3D"image-caption" style=3D"box-sizi=
ng: content-box; color: #808080; font-size: 14px; font-weight: 400; letter-=
spacing: -.15px; line-height: 20px; margin-top: 8px; padding-left: 15%; pad=
ding-right: 15%; text-align: center; width: 70%;"><span>Damien Hirst, </spa=
n><em>Cupric Nitrate</em><span> (2007) est. £500,000; Damien Hirst, </=
span><em>Pyrene</em><span> (2017) est. £380,000</span></figcaption></f=
igure></div><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-heigh=
t: 26px; margin: 0 0 20px 0;">You don’t see works by Alexej von Jawle=
nsky on the market very often. So it is interesting to see two works from v=
ery different periods on offer. The work on the left (below) is similar in =
date, style and composition to a painting that sold last year at Ketterer K=
unst in Munich for $6.8m. This example with an estimate near $5m is priced =
almost to the market’s limit. On the other end of his body of work is=
this abstract head on offer at $600,000 when similar examples sold for as =
high as $1.8 million a decade ago. This work was sold in 2015 for $1.27 mil=
lion. </p><div class=3D"captioned-image-container-static" style=3D"font-siz=
e: 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" data-component-name=3D"Image2ToDOMS=
tatic" style=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text=
-align: center;"></td><td align=3D"left" class=3D"content" width=3D"1456" s=
tyle=3D"text-align: center;"><a class=3D"image-link" target=3D"_blank" href=
=3D"https://substack.com/redirect/fcfbc9ea-4758-4f8a-a7c3-c5323972b4da?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/7c6a5cc1-7b80-468d-be18-86=
b23e1e5346_1920x1080.png","srcNoWatermark":null,"fullsc=
reen":null,"imageSize":null,"height":819,"wid=
th":1456,"resizeWidth":null,"bytes":3853725,"=
alt":null,"title":null,"type":"image/png"=
;,"href":null,"belowTheFold":true,"topImage":=
false,"internalRedirect":null}" alt width=3D"550" height=3D"309.3=
75" class=3D"wide-image" src=3D"https://substackcdn.com/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%2F7c6a5cc1-7b80-468d-be18-86b23e1=
e5346_1920x1080.png" style=3D"-ms-interpolation-mode: bicubic; border: none=
!important; display: block; height: auto; margin: 0 auto; margin-bottom: 0=
; max-width: 100% !important; vertical-align: middle; width: auto !importan=
t;"></a></td><td style=3D"text-align: center;"></td></tr></tbody></table><f=
igcaption class=3D"image-caption" style=3D"box-sizing: content-box; color: =
#808080; font-size: 14px; font-weight: 400; letter-spacing: -.15px; line-he=
ight: 20px; margin-top: 8px; padding-left: 15%; padding-right: 15%; text-al=
ign: center; width: 70%;"><span>Alexej von Jawlensky, </span><em>Frau mit F=
ächer</em><span> (1912) est. £4m; Alexej von Jawlensky, </span><e=
m>Abstrakter Kopf</em><span> (1933) est. £500,000</span></figcaption><=
/figure></div><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-hei=
ght: 26px; margin: 0 0 20px 0;"><span>Judging from social media, these two =
works by very different artists who both play important roles as market mai=
nstays have caught the eye of collectors and advisors. Cecily Brown’s=
</span><em>Can Can</em><span> from 1998 is priced at £1.8 million whi=
ch isn’t cheap but works from this period have reached higher prices,=
including her record price at $6.58 million. This late Picasso also has a =
healthy estimate at £8 million but works from this period have sold fo=
r twice that price. </span></p><div class=3D"captioned-image-container-stat=
ic" style=3D"font-size: 16px; line-height: 26px; margin: 32px auto;"><figur=
e style=3D"margin: 0 auto; width: 100%;"><table class=3D"image-wrapper" wid=
th=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" data-component=
-name=3D"Image2ToDOMStatic" style=3D"mso-padding-alt: 1em 0 1.6em;"><tbody>=
<tr><td style=3D"text-align: center;"></td><td align=3D"left" class=3D"cont=
ent" width=3D"1456" style=3D"text-align: center;"><a class=3D"image-link" t=
arget=3D"_blank" href=3D"https://substack.com/redirect/8047c4f5-922c-4eba-b=
99d-b64e8777421f?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_=
g6pp7gWdY" rel style=3D"align-items: center; border: none; display: block; =
flex-direction: column; height: auto; margin: 0; padding: 0; position: rela=
tive; text-decoration: none; width: auto;"><img data-attrs=3D"{"src&qu=
ot;:"https://substack-post-media.s3.amazonaws.com/public/images/453a96=
4d-7d28-43c4-ae56-15185a6b6d6b_1920x1080.png","srcNoWatermark&quo=
t;:null,"fullscreen":null,"imageSize":null,"height=
":819,"width":1456,"resizeWidth":null,"bytes&=
quot;:3881843,"alt":null,"title":null,"type":=
"image/png","href":null,"belowTheFold":true,&=
quot;topImage":false,"internalRedirect":null}" alt width=3D"=
550" height=3D"309.375" class=3D"wide-image" src=3D"https://substackcdn.com=
/image/fetch/w_2912,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3=
A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F453a964d-7d=
28-43c4-ae56-15185a6b6d6b_1920x1080.png" style=3D"-ms-interpolation-mode: b=
icubic; border: none !important; display: block; height: auto; margin: 0 au=
to; margin-bottom: 0; max-width: 100% !important; vertical-align: middle; w=
idth: auto !important;"></a></td><td style=3D"text-align: center;"></td></t=
r></tbody></table></figure></div><p style=3D"color: rgb(64, 64, 64); font-s=
ize: 16px; line-height: 26px; margin: 0 0 20px 0; margin-bottom: 0;">Are th=
ose same numbers achievable now? We’ll know more soon. </p></div></di=
v><div class=3D"container-border" style=3D"border-top: 1px solid #e0e0e0; b=
ox-sizing: border-box; font-size: 16px; line-height: 26px; margin: 32px 0 0=
; width: 100%;"></div><div class=3D"post-cta typography markup" style=3D"fo=
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ji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 16px; font-weight: 400=
; line-height: 26px; margin: 32px 0; margin-bottom: 32px; text-align: initi=
al; word-break: break-word;"><p style=3D"color: rgb(64, 64, 64); font-size:=
16px; line-height: 26px; margin: auto; margin-top: 0; max-width: 384px; te=
xt-align: center; width: 90%;" class=3D"referrals-cta-text"></p><h4 style=
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'SF Pro Display', -apple-system-headline, system-ui, -apple-system, BlinkMa=
cSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color=
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