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Subject: What We Learned this Week (2327)
From: Artelligence <artelligence@substack.com>
To: enzo@showfile.com
Message-Id: <20230707203103.3.c1e9589f86a69f2c@mg-d0.substack.com>
Date: Fri, 7 Jul 2023 20:31:03 +0000
sender: Artelligence <artelligence@substack.com>
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View this post on the web at https://artelligence.substack.com/p/what-we-le=
arned-this-week-2327

Welcome to Artelligence
The Artelligence newsletter comes out every Friday with What We Learned thi=
s Week. This Summer we will transition toward offering subscription content=
 along with the free weekly newsletter. We will keep you posted on that as =
it happens.=20
If you have questions, tips or suggestions for coverage, contact us here [ =
mailto:maneker@artmarketmonitor.com ].=20
Feel free to forward the email to anyone you think would like to subscribe.
Please check your spam folder! Some new subscribers may not have received t=
he newsletter in their inbox immediately.
In This Issue
Lot Watch: Phillips Announces London New Now Line Up & Hockney Annual Editi=
ons Sale
To Be Seen: Edvard Munch=E2=80=99s pantheism at the Clark Institute
Deep Cuts: Women artists of the 18th and 19th Century pop in Old Master day=
 sales
Notes: The art market is down 18.2%, ArtTactic says; Another collection of =
mid-Century masters is getting ready to come to auction; Lisa Schiff asked =
a question about loan appraisals; Berlusconi left behind a lot of art; Mich=
ael Rubin=E2=80=99s White Party; Chinese officials stalk political artist B=
adiucao abroad.
Lot Watch
Phillips Announces Annual David Hockney Editions Auction
Following the success of Phillips=E2=80=99s white glove sale of 78 lots of =
David Hockney=E2=80=99s editions last September where =C2=A33.3 million in =
work was sold ranging in price from =C2=A3567 to =C2=A3340,200. The next sa=
le will take place on September 20th in London [ https://substack.com/redir=
ect/c404aecd-52c6-453e-8767-52f1ac174dfc?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d=
0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]. =E2=80=9CThis regular David Hockney sa=
le in the auction calendar looks to celebrate the achievements of the artis=
t, from his early Bradford School of Art lithographs to his latest iPad pub=
lications and an exciting variety of works in between,=E2=80=9D Phillips he=
ad of Editions, Europe said.. =E2=80=9CThere is huge demand for the expansi=
ve spectrum of work Hockney has produced in a variety of mediums throughout=
 his lifetime. This fixed auction is an opportunity to acquire Hockney=E2=
=80=99s work at all price points.=E2=80=9D=C2=A0
Phillips New Now London Line Up is Live=20
The art world continues to move toward year-round trading. Phillips will ho=
ld two sales in July. The first is the New Now sale in London on July 13 [ =
https://substack.com/redirect/252346c6-855f-44a7-a1bb-cec91cbe8e8b?j=3DeyJ1=
IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ] headed by Cha=
rlotte Gibbs who says, =E2=80=9COur New Now sales showcase Phillips=E2=80=
=99 distinct approach of juxtaposing established blue-chip artists with eme=
rging contemporary talent.=E2=80=9D Among the artists featured in the sale =
are Cristina BanBan (above),=C2=A0Arthur Jafa, George Condo, Antoni T=C3=A0=
pies,Francesca Mollett, Sarah Miska, and Vojt=C4=9Bch Kova=C5=99=C3=ADk. A =
group of works from the Collection of Jimmy and Leonora Belilty will featur=
e in the sale including art by Allan McCollum, Jenny Holzer, and Mira Schen=
del.
To Be Seen
Man Screams, Nature Whispers: [ https://substack.com/redirect/db354064-289e=
-40a7-9d16-db647ffcea44?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnig=
HXx6Fx_g6pp7gWdY ] The  [ https://substack.com/redirect/db354064-289e-40a7-=
9d16-db647ffcea44?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx=
_g6pp7gWdY ]Wall Street Journal  [ https://substack.com/redirect/db354064-2=
89e-40a7-9d16-db647ffcea44?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iR=
nigHXx6Fx_g6pp7gWdY ]reviews the Clark Institute=E2=80=99s  [ https://subst=
ack.com/redirect/db354064-289e-40a7-9d16-db647ffcea44?j=3DeyJ1IjoiMjdjZXI5I=
n0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]Edvard Munch: Trembling Ear=
th [ https://substack.com/redirect/db354064-289e-40a7-9d16-db647ffcea44?j=
=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]  [ htt=
ps://substack.com/redirect/db354064-289e-40a7-9d16-db647ffcea44?j=3DeyJ1Ijo=
iMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]which opened in J=
une and runs into October. The show is a reminder that there=E2=80=99s much=
 more to Edvard Munch than anxiety:
Munch revered the splendor and the mystery of nature and believed that huma=
nity, the Earth, the cosmos=E2=80=94everything=E2=80=94were interconnected,=
 ever affecting one another. He embedded these ideas in his landscapes, bot=
h pure and with figures, which constitute more than half of his output. =E2=
=80=9CTrembling Earth,=E2=80=9D [=E2=80=A6]. In the more than 75 artworks i=
n the show, Munch limns the natural world in intense colors: lush green tre=
es, deep blue skies, rich red earth and radiant white snows. He has many ex=
pressive modes, motifs and moods. Calm and wonder are more prevalent here t=
han anxiety and distress, though there=E2=80=99s a little of that, too=E2=
=80=94as well as plenty of beauty.
Deep Cuts
There Were More Women Old Masters Than You Think
The Old Master sales in London had some strong performances at the top of t=
he food chain and a great deal of weakness in the lower-value day sales but=
 one recurring feature of the sales was strong bidding on works by lesser-k=
nown women painters. Maria Spilsbury was born in 1776 and began exhibiting =
at the Royal Academy Summer Exhibition starting when she was 15 in 1792. He=
r painting A Sunday-School was shown at the Royal Academy in 1803. Sotheby=
=E2=80=99s estimated the work at =C2=A310,000 but bidders pushed the sellin=
g price to =C2=A333,020. [ https://substack.com/redirect/29de5906-343b-4a48=
-aa5e-42ed836feef0?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6F=
x_g6pp7gWdY ] Elizabeth Emma Soyer, born in 1813, was a child prodigy in bo=
th music and art. Eventually she focused on art and married the celebrated =
chef Alexis Soyer. She painted his portrait that hangs in the Reform Club (=
where Soyer was the chef) and exhibited 66 works in the period between 1823=
 and 1843. The Escape [ https://substack.com/redirect/9029bf53-1cce-450e-86=
7c-f974a843477c?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g=
6pp7gWdY ] from 1836 was estimated at =C2=A312,000 but sold for a remarkabl=
e =C2=A3138,600 with fees [ https://substack.com/redirect/9029bf53-1cce-450=
e-867c-f974a843477c?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6=
Fx_g6pp7gWdY ]. Anna Louise Swynnerton was born in 1844 and began exhibitin=
g at the Royal Academy in 1879. Her path to recognition was not easy but Jo=
hn Singer Sargent called her a genius with a style that =E2=80=9Cis very po=
werful and rich.=E2=80=9D The Visit [ https://substack.com/redirect/deeceb9=
7-b4d7-42f9-ae27-d465d67c2af4?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe=
5iRnigHXx6Fx_g6pp7gWdY ] was estimated at =C2=A38,000 but sold for =C2=A353=
,340. [ https://substack.com/redirect/deeceb97-b4d7-42f9-ae27-d465d67c2af4?=
j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]
Notes
=E2=80=98Down but Not Out=E2=80=99=E2=80=94Art Sales Feel Economic Pinch, a=
t Last [ https://substack.com/redirect/24a538a5-ddc4-480b-9433-b25bdc556904=
?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]: Ign=
ore the Barron=E2=80=99s headline accompanying their summary of ArtTactic=
=E2=80=99s findings on the first half of 2023 auction sales  [ https://subs=
tack.com/redirect/1205799f-f5ac-468f-94c6-6d70d5d57aa3?j=3DeyJ1IjoiMjdjZXI5=
In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]at Christie=E2=80=99s, Phi=
llips and Sotheby=E2=80=99s. The $5.81 billion that ArtTactic calculates in=
 auction sales is actually above the first half of 2019 and 2021 (2020=E2=
=80=99s H1 numbers are complicated by the beginnings of the pandemic.) ArtT=
actic says that represents an 18.2% drop. Considering that=E2=80=99s less o=
f a drop than was seen at the major auction cycles, one might conclude the =
numbers are=C2=A0 more of a return to trend after the supercharging effects=
 of pandemic closures=E2=80=94which seems to have made art buying a pastime=
 for many=E2=80=94and monetary policies aimed at addressing the disruption =
which gave wealthy people more excess cash to spend on art than ever before=
=2E Some of the other stats Barron=E2=80=
=99s cites adds to that impression. A=
lthough spending on Impressionist and Modern paintings was down 37.2% to $1=
=2E48 billion and Post-War and Contempo=
rary art spending fell 24.2% to $1.9 b=
illion, Asian art was up 22.5% to $368.5 million and Watches and Jewelry al=
so rose 21.4% to $1.02 billion or the third largest category. That trend to=
ward luxury items and away from art at the auction houses isn=E2=80=99t aba=
ting even as art spending seems to be pulling back in a meaningful way. The=
 rise in luxury probably also explains the rising number of lots (3.7%) in =
the first half of 2023. All three houses combined sold 53,100 lots in the f=
irst half of this year. Last year, it was 51,173. The sell-through rate acr=
oss the three houses is still a robust 83.7% which is well above the 82% se=
en in 2019. That=E2=80=99s another reason to believe we=E2=80=99ve returned=
 to trend more than seen decline in the art market. Yes, sell-through rates=
 were even higher in 2021-22. Over the last decade raising sell-through rat=
es has been a consistent strategy to build more confidence among buyers tha=
t objects purchased at the major auction houses will retain value. That eff=
ect is most pronounced in the rising number of luxury items and the rising =
value of sales.=C2=A0
Another Midwestern Financial Executive=E2=80=99s Collection is Coming to Au=
ction =E2=80=A6 probably this Fall: With the auction season ending, lawyers=
 representing the estates of recently deceased art collectors have begun th=
e process of getting their best offers from the auction houses. The heirs o=
f one such collector known for his holdings of Pollock, Rothko, de Kooning =
and Twombly are already in the thick of getting appraisals for a collection=
 of classic works of High Modern abstraction. (Doesn=E2=80=99t sound like c=
ollectors have gone off that material just yet.) We=E2=80=99ll see in a few=
 months what=E2=80=99s in the collection, where it lands and when it will b=
e sold.=C2=A0
What Was Lisa Schiff On About?: There=E2=80=99s a strange debate on Twitter=
 about a question Lisa Schiff asked during a panel earlier this year about =
art loan values. One art market columnist used it to offer a long disquisit=
ion on USPAP appraisals; another commentator on Twitter chimed in that Schi=
ff surely meant =E2=80=9Cthe frustrating gap btwn cultural value of art&com=
mercial value of eye candies.=E2=80=9D That prompted another advisor to chi=
me in with more USPAP-splaining. But from the context, it seems fair to con=
clude that Schiff was merely complaining that financial appraisals conflict=
ed with the advice she had given clients about the =E2=80=9Cvalue=E2=80=9D =
of the works they had acquired (which is essentially what the Twitter comme=
nter was pointing out.) Perhaps more poignantly, in light of the collapse o=
f Schiff=E2=80=99s advisory business only a few weeks later, it points to t=
he stress Schiff was under as an advisor that she could not wait until the =
Q&A portion of the panel to voice her frustrations.=C2=A0=C2=A0
A warehouse full of art: what will happen to Silvio Berlusconi=E2=80=99s co=
llection? [ https://substack.com/redirect/3c3cb941-3d0e-4749-a366-671d04e82=
8ea?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]  =
[ https://substack.com/redirect/3c3cb941-3d0e-4749-a366-671d04e828ea?j=3Dey=
J1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]Fuggedabouti=
t. Although one of Silvio Berlusconi=E2=80=99s daughters has been a partner=
 with Nicolo Cardi for some time, don=E2=80=99t expect the 24,000 works=E2=
=80=94including examples by Titian, Parmigianino, De Chirico, and Fontana=
=E2=80=94the media-mogul-turned-populist-politician bought to become either=
 a meaningful art institution or flood the market in the wake of his death.=
 Berlusconi was worth an estimated =E2=82=AC7 billion mostly from ownership=
 of various Italian broadcast and publishing enterprises. According to The =
Art Newspaper, he spent the last two years of his life buying =E2=80=9Ca se=
a of cheaper works=E2=80=9D at auction =E2=80=9Cor via TV sales for fun to =
=E2=80=98escape=E2=80=99 the stresses of politics and business.=E2=80=9D He=
 was planning a museum on his property in San Martino which never materiali=
zed.=C2=A0
Michael Rubin=E2=80=99s White Party: [ https://substack.com/redirect/284550=
4e-3689-4645-bff0-c3d758307340?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrM=
e5iRnigHXx6Fx_g6pp7gWdY ] The sports entrepreneur=E2=80=99s Fourth of July =
celebration in the Hamptons seemed to be reported everywhere this week. If =
you decided to watch the ubiquitous video released to promote the party, yo=
u might have noticed the artwork that appears repeatedly in the background.=
 It looks like one of Rashid Johnson=E2=80=99s Bruise paintings from his Bl=
ack and Blue show at Kordansky Gallery in the Fall of 2021 [ https://substa=
ck.com/redirect/fa272afb-8561-4b93-9e69-11c8bdf8e9cd?j=3DeyJ1IjoiMjdjZXI5In=
0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]. A smaller version from the=
 series sold at auction that same year for $2.55 million [ https://substack=
=2Ecom/redirect/bd674c5e-d363-4ac8-8b2=
e-da9980f97c07?j=3DeyJ1IjoiMjdjZXI5In0.=
nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]. The Johnson is hung near a l=
arge Roy Lichtenstein Modern Tapestry, from an edition of 20, an example of=
 which sold at auction in May, 2008 for $61,000 [ https://substack.com/redi=
rect/7de3813e-e5e7-46ca-b31f-b55d7c576be0?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1=
d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ].=C2=A0
The secret life of China=E2=80=99s Banksy [ https://substack.com/redirect/5=
55b4a56-7745-475d-99ca-10b1ae2f3079?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmM=
pisrMe5iRnigHXx6Fx_g6pp7gWdY ]: Ignore the comparison to Banksy. It doesn=
=E2=80=99t really fit the pseudonymous Badiucao who is more of a political =
commentator through images than a street artist. The Spectator wrote about =
Badiucao because of a Southeast London church=E2=80=99s show of work by exi=
led Chinese artists called Banned by Beijing that closes on July 10. Harass=
ed by the Chinese government wherever he goes, Badiucao had a solo show in =
Warsaw this Summer and this group show in London. The Chinese government tr=
ied to put pressure on the Warsaw museum hosting the show. One would think =
commercial galleries would be immune to the Chinese government. But the spe=
ctator points out that even though Badiucao has become an Australian citize=
n, he isn=E2=80=99t safe.=C2=A0 The Spectator=E2=80=99s Ian Williams writes=
, =E2=80=9CAustralia has proven to be a very difficult place to exhibit his=
 work, with galleries reluctant to work with him. For private galleries, it=
 is a familiar story of commercial pressure. =E2=80=98China is a huge inves=
tor in the contemporary art market,=E2=80=99 he notes, =E2=80=98and in orde=
r to maintain that market, they won=E2=80=99t present me.=E2=80=99 Public i=
nstitutions also fear accusations of Sinophobia =E2=80=93 a concern which t=
he CCP knows how to exploit. =E2=80=98The mixing of party, people and natio=
n is their way of getting away from a lot of criticism,=E2=80=99 he says. A=
s a result, even though Badiucao=E2=80=99s work thrives online, he finds it=
 hard to get a physical platform in his adopted country.=E2=80=9D

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@media screen and (max-width: 480px) {
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@media screen and (max-width: 1000px) {
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}


@media screen and (max-width: 650px) {
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@media screen and (max-width: 650px) {
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@media screen and (max-width: 650px) {
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@media screen and (max-width: 650px) {
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@media screen and (max-width: 650px) {
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@media screen and (min-width: 768px) {
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@media screen and (max-width: 650px) {
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@media screen and (max-width: 650px) {
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@media screen and (max-width: 650px) {
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@media screen and (max-width: 650px) {
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@media screen and (max-width: 650px) {
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@media screen and (max-width: 650px) {
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@media screen and (max-width: 650px) {
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@media screen and (max-width: 650px) {
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@media screen and (max-width: 370px) {
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}


@media screen and (max-width: 650px) {
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}


@media screen and (max-width: 650px) {
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    padding: 10px 12px;
    min-width: 110px;
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}


@media (max-width: 650px) {
  body .markup .tweet {
    padding: 12px;
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}


@media (max-width: 650px) {
  body .markup .tweet .tweet-text {
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    line-height: 20px;
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}


@media (max-width: 650px) {
  body .markup .tweet .tweet-photos-container.two,
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}


@media (max-width: 650px) {
  body .markup .tweet a.expanded-link .expanded-link-img {
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}


@media (max-width: 650px) {
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}


@media screen and (max-width: 650px) {
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}


@media (max-width: 420px) {
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}


@media screen and (min-width: 420px) and (max-width: 600px) {
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}


@media (max-width: 420px) {
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}


@media (max-width: 600px) {
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}


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}


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}


@media screen and (max-width: 480px) {
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}


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}


@media screen and (min-width: 500px) {
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}


@media screen and (max-width: 650px) {
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}


@media screen and (max-width: 650px) {
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}


@media screen and (max-width: 650px) {
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}


@media (max-width: 650px) {
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}


@media screen and (max-width: 650px) {
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}


@media screen and (max-width: 650px) {
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@media screen and (max-width: 650px) {
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@media screen and (max-width: 768px) {
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}


@media screen and (max-width: 768px) {
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@media screen and (max-width: 768px) {
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@media only screen and (max-width: 650px) {
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@media screen and (max-width: 650px) {
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@media screen and (max-width: 650px) {
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}


@media screen and (max-width: 650px) {
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}


@media (min-width: 250px) {
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@media (min-width: 300px) {
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}


@media (min-width: 350px) {
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@media (min-width: 350px) {
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}


@media (min-width: 400px) {
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}


@media (max-width: 400px) {
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}


@media (min-width: 600px) {
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}


@media (max-width: 650px) {
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}


@media (max-width: 750px) {
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}


@media screen and (min-width: 541px) {
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modal-content > .container {
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}


@media screen and (max-width: 650px) {
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modal-content > .container {
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}


@media screen and (max-width: 650px) {
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}
</style></head><body class=3D"email-body" style=3D"font-kerning: auto;"><im=
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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">The Art Market Contraction =
Isn't as Bad as it Seems + Phillips Keeps Expanding the Sales Seasons + Mun=
ch in Massachusetts &#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#1=
60;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;=
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100%;"><table role=3D"presentation" width=3D"100%" border=3D"0" cellspacing=
=3D"0" cellpadding=3D"0"><tr><td align=3D"right" style=3D"height: 20px;"><t=
able role=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D"0" ce=
llpadding=3D"0"><tr><td style=3D"vertical-align: middle;"><span class=3D"tw=
-font-body tw-text-ssm tw-text-substack-secondary" style=3D"color: #808080 =
!important; font-family: SF Pro Text, -apple-system, BlinkMacSystemFont, In=
ter, Segoe UI, Roboto, Helvetica, Arial, sans-serif, Apple Color Emoji, Seg=
oe UI Emoji, Segoe UI Symbol !important; font-size: 13px !important;"><a hr=
ef=3D"https://open.substack.com/pub/artelligence/p/what-we-learned-this-wee=
k-2327?utm_source=3Demail&redirect=3Dapp-store" class=3D"tw-text-substack-s=
econdary tw-underline" style=3D"-webkit-text-decoration-line: underline !im=
portant; color: #808080 !important; text-decoration-line: underline !import=
ant;">Open in app</a> or <a href=3D"https://substack.com/redirect/2/eyJlIjo=
iaHR0cHM6Ly9hcnRlbGxpZ2VuY2Uuc3Vic3RhY2suY29tL3Avd2hhdC13ZS1sZWFybmVkLXRoaX=
Mtd2Vlay0yMzI3P3Rva2VuPWV5SjFjMlZ5WDJsa0lqb3hNek15TmpnMk5qRXNJbkJ2YzNSZmFXU=
WlPakV6TXpjME1UWTFNQ3dpYVdGMElqb3hOamc0TnpZeE9EazFMQ0psZUhBaU9qRTJPVEV6TlRN=
NE9UVXNJbWx6Y3lJNkluQjFZaTB5TWpVNUlpd2ljM1ZpSWpvaWNHOXpkQzF5WldGamRHbHZiaUo=
5LnhfelUxZjgxcFFqRjVSYWhpeFdJTHd3OFNZUDBLMm1JaGExdVg2aGt3VVkiLCJwIjoxMzM3ND=
E2NTAsInMiOjIyNTksImYiOnRydWUsInUiOjEzMzI2ODY2MSwiaWF0IjoxNjg4NzYxODk1LCJle=
HAiOjE2OTEzNTM4OTUsImlzcyI6InB1Yi0wIiwic3ViIjoibGluay1yZWRpcmVjdCJ9.lAMvvLt=
q-3Qb59KsG7QoGt0P13qdePfpaIxuUojyTcA?" class=3D"tw-text-substack-secondary =
tw-underline" style=3D"-webkit-text-decoration-line: underline !important; =
color: #808080 !important; text-decoration-line: underline !important;">onl=
ine</a></span></td></tr></table></td></tr></table><table role=3D"presentati=
on" width=3D"auto" class=3D"header graphic-header" style=3D"border-spacing:=
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xt-align: center;"><a href=3D"https://substack.com/redirect/2/eyJlIjoiaHR0c=
HM6Ly9hcnRlbGxpZ2VuY2Uuc3Vic3RhY2suY29tL3Avd2hhdC13ZS1sZWFybmVkLXRoaXMtd2Vl=
ay0yMzI3P3Rva2VuPWV5SjFjMlZ5WDJsa0lqb3hNek15TmpnMk5qRXNJbkJ2YzNSZmFXUWlPakV=
6TXpjME1UWTFNQ3dpYVdGMElqb3hOamc0TnpZeE9EazFMQ0psZUhBaU9qRTJPVEV6TlRNNE9UVX=
NJbWx6Y3lJNkluQjFZaTB5TWpVNUlpd2ljM1ZpSWpvaWNHOXpkQzF5WldGamRHbHZiaUo5Lnhfe=
lUxZjgxcFFqRjVSYWhpeFdJTHd3OFNZUDBLMm1JaGExdVg2aGt3VVkiLCJwIjoxMzM3NDE2NTAs=
InMiOjIyNTksImYiOnRydWUsInUiOjEzMzI2ODY2MSwiaWF0IjoxNjg4NzYxODk1LCJleHAiOjE=
2OTEzNTM4OTUsImlzcyI6InB1Yi0wIiwic3ViIjoibGluay1yZWRpcmVjdCJ9.lAMvvLtq-3Qb5=
9KsG7QoGt0P13qdePfpaIxuUojyTcA?"><img role=3D"presentation" width=3D"550" h=
eight=3D"110" src=3D"https://substackcdn.com/image/fetch/w_1100,c_limit,f_a=
uto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.a=
mazonaws.com%2Fpublic%2Fimages%2Fe3cfc2fc-ffba-4eae-8c1a-7c9381cc0cef_1100x=
220.png" class=3D"header-image" style=3D"border: none !important; display: =
block; height: auto; margin: 0 auto; max-width: 550px; vertical-align: midd=
le; width: 100%;"></a></td></tr></table><div dir=3D"auto" class=3D"post typ=
ography" 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-appearance: optimizelegibil=
ity; -moz-osx-font-smoothing: antialiased; -webkit-appearance: optimizelegi=
bility; -webkit-font-smoothing: antialiased; appearance: optimizelegibility=
; color: #404040; font-family: 'SF Compact Display', -apple-system, BlinkMa=
cSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color=
 Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 32px; font-weight:=
 bold; line-height: 36px; margin: 0;"><a href=3D"https://substack.com/app-l=
ink/post?publication_id=3D2259&post_id=3D133741650&utm_source=3Dpost-email-=
title&isFreemail=3Dtrue&token=3DeyJ1c2VyX2lkIjoxMzMyNjg2NjEsInBvc3RfaWQiOjE=
zMzc0MTY1MCwiaWF0IjoxNjg4NzYxODk1LCJleHAiOjE2OTEzNTM4OTUsImlzcyI6InB1Yi0yMj=
U5Iiwic3ViIjoicG9zdC1yZWFjdGlvbiJ9.x_zU1f81pQjF5RahixWILww8SYP0K2mIha1uX6hk=
wUY" style=3D"color: #404040; text-decoration: none;">What We Learned this =
Week (2327)</a></h1><h3 class=3D"subtitle" style=3D"-moz-appearance: optimi=
zelegibility; -moz-osx-font-smoothing: antialiased; -webkit-appearance: opt=
imizelegibility; -webkit-font-smoothing: antialiased; appearance: optimizel=
egibility; color: #808080; font-family: 'SF Compact Display', -apple-system=
, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Ap=
ple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 18px; fon=
t-weight: normal; line-height: 24px; margin: 4px 0 0; margin-top: 12px;">Th=
e Art Market Contraction Isn't as Bad as it Seems + Phillips Keeps Expandin=
g the Sales Seasons + Munch in Massachusetts</h3><table role=3D"presentatio=
n" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" class=3D=
"post-meta" style=3D"align-items: center; height: 20px; margin: 1em 0;"><tr=
><td><table role=3D"presentation" width=3D"auto" border=3D"0" cellspacing=
=3D"0" cellpadding=3D"0"><tr><td><table role=3D"presentation" width=3D"auto=
" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td style=3D"vertica=
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ecoration: unset; text-transform: uppercase;"><a style=3D"color: #404040; 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: =
none; text-transform: uppercase;" href=3D"https://substack.com/redirect/9be=
8fd19-960c-4866-a46d-1bc171637090?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpi=
srMe5iRnigHXx6Fx_g6pp7gWdY" class=3D"pencraft frontend-pencraft-Box-module_=
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le></td></tr><tr><td><table role=3D"presentation" width=3D"auto" border=3D"=
0" cellspacing=3D"0" cellpadding=3D"0"><tr><td style=3D"vertical-align: mid=
dle;"><div class=3D"pencraft frontend-pencraft-Box-module__reset--VfQY8 fro=
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Segoe UI Symbol'; font-size: 11px; font-weight: 500; letter-spacing: .2px; =
line-height: 20px; margin: 0; text-decoration: unset; text-transform: upper=
case;"><time dateTime=3D"2023-07-07T20:31:13.923Z">Jul 7</time></div></td><=
/tr></table></td></tr></table></td></tr></table><table role=3D"presentation=
" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" class=3D"=
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er-top: 1px solid rgba(0, 0, 0, .13); min-width: 100%;"><tr height=3D"16"><=
td height=3D"16" style=3D"font-size: 0px; line-height: 0;">&#160;</td></tr>=
<tr><td><table role=3D"presentation" width=3D"100%" border=3D"0" cellspacin=
g=3D"0" cellpadding=3D"0"><tr><td><table role=3D"presentation" width=3D"aut=
o" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td style=3D"vertic=
al-align: middle;"><table role=3D"presentation" width=3D"38" border=3D"0" c=
ellspacing=3D"0" cellpadding=3D"0"><tr><td align=3D"center"><a href=3D"http=
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t class=3D"icon"></a></td></tr></table></td><td width=3D"8" style=3D"min-wi=
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solid rgba(0, 0, 0, .13); border-radius: 100000px; box-sizing: border-box; =
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tm_medium=3Demail" style=3D"border: 1px solid rgba(0, 0, 0, .13); border-ra=
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th=3D"18" height=3D"18" style=3D"border: none !important; max-width: 18px; =
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o" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td style=3D"vertic=
al-align: middle;"><table role=3D"presentation" width=3D"auto" border=3D"0"=
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tps://substack.com/app-link/post?publication_id=3D2259&post_id=3D133741650&=
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or Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 12px; font-weigh=
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0; line-height: 26px; margin-bottom: 16px; text-align: initial; width: 100%=
; word-break: break-word;"><p style=3D"color: #404040; font-size: 16px; lin=
e-height: 26px; margin: 0 0 20px 0; margin-top: 0;">Welcome to Artelligence=
</p><h5 style=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoothi=
ng: antialiased; -webkit-appearance: optimizelegibility; -webkit-font-smoot=
hing: antialiased; appearance: optimizelegibility; color: #404040; font-fam=
ily: 'SF Compact Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', R=
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=2E625em 0;"><span>The Artelligence new=
sletter comes out every Friday with </=
span><strong>What We Learned this Week</strong><span>. This Summer we will =
transition toward offering subscription content along with the free weekly =
newsletter. We will keep you posted on that as it happens. </span></h5><h5 =
style=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoothing: anti=
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portant; display: inline-block; height: auto; margin: -2px 8px 0 0; max-wid=
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yle=3D"text-decoration: none;">Subscribe</span></a></p></div><div style=3D"=
font-size: 16px; line-height: 26px;"><hr style=3D"background: #e0e0e0; bord=
er: none; height: 1px; margin: 32px 0; padding: 0;"></div><h2 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: #4=
04040; font-family: 'SF Compact Display', -apple-system, BlinkMacSystemFont=
, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'S=
egoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.625em; font-weight: bold; l=
ine-height: 1.16em; margin: 1em 0 0.625em 0; position: relative;">In This I=
ssue</h2><ol style=3D"margin-top: 0; padding: 0;"><li style=3D"margin: 8px =
0 0 32px;"><p style=3D"box-sizing: border-box; color: #404040; font-size: 1=
6px; line-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><s=
trong>Lot Watch: </strong><span>Phillips Announces London New Now Line Up &=
amp; Hockney Annual Editions Sale</span></p></li><li style=3D"margin: 8px 0=
 0 32px;"><p style=3D"box-sizing: border-box; color: #404040; font-size: 16=
px; line-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><st=
rong>To Be Seen:</strong><span> Edvard Munch&#8217;s pantheism at the Clark=
 Institute</span></p></li><li style=3D"margin: 8px 0 0 32px;"><p style=3D"b=
ox-sizing: border-box; color: #404040; font-size: 16px; line-height: 26px; =
margin: 0; margin-bottom: 0; padding-left: 4px;"><strong>Deep Cuts: </stron=
g><span>Women artists of the 18th and 19th Century pop in Old Master day sa=
les</span></p></li><li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizi=
ng: border-box; color: #404040; font-size: 16px; line-height: 26px; margin:=
 0; margin-bottom: 0; padding-left: 4px;"><strong>Notes: </strong><span>The=
 art market is down 18.2%, ArtTactic says; Another collection of mid-Centur=
y masters is getting ready to come to auction; Lisa Schiff asked a question=
 about loan appraisals; Berlusconi left behind a lot of art; Michael Rubin&=
#8217;s White Party; Chinese officials stalk political artist Badiucao abro=
ad.</span></p></li></ol><div style=3D"font-size: 16px; line-height: 26px;">=
<hr style=3D"background: #e0e0e0; border: none; height: 1px; margin: 32px 0=
; padding: 0;"></div><h2 class=3D"header-with-anchor-widget" style=3D"-moz-=
appearance: optimizelegibility; -moz-osx-font-smoothing: antialiased; -webk=
it-appearance: optimizelegibility; -webkit-font-smoothing: antialiased; app=
earance: optimizelegibility; color: #404040; font-family: 'SF Compact Displ=
ay', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Aria=
l, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; fo=
nt-size: 1.625em; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.6=
25em 0; position: relative;">Lot Watch</h2><h4 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: #404040; font-fam=
ily: 'SF Compact Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', R=
oboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji',=
 'Segoe UI Symbol'; font-size: 1.125em; font-weight: bold; line-height: 1.1=
6em; margin: 1em 0 0.625em 0; position: relative;">Phillips Announces Annua=
l David Hockney Editions Auction</h4><div class=3D"captioned-image-containe=
r-static" style=3D"font-size: 16px; line-height: 26px; margin: 32px auto;">=
<figure style=3D"margin: 0 auto; width: 100%;"><table class=3D"image-wrappe=
r" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" data-com=
ponent-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"content" width=3D"1456" style=3D"text-align: center;"><a class=3D"image=
-link" target=3D"_blank" href=3D"https://substack.com/redirect/962138c7-fc5=
2-4305-a0d4-ab38e25a44ab?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRni=
gHXx6Fx_g6pp7gWdY" rel style=3D"align-items: center; border: none; display:=
 block; flex-direction: column; height: auto; margin: 0; padding: 0; positi=
on: relative; text-decoration: none; width: auto;"><img data-attrs=3D"{&quo=
t;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/image=
s/bef272dd-3373-4439-9675-0efc2c1beb23_1698x1338.jpeg&quot;,&quot;fullscree=
n&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1147,&quot;width=
&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:380779,&quot;alt=
&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/jpeg&quot;,=
&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:fa=
lse,&quot;internalRedirect&quot;:null}" alt width=3D"550" height=3D"433.276=
0989010989" 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%2Fsubst=
ack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbef272dd-3373-4439-9675=
-0efc2c1beb23_1698x1338.jpeg" style=3D"-ms-interpolation-mode: bicubic; bor=
der: 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></figure></div><p style=3D"color: #404040; font-size: 16px; line-hei=
ght: 26px; margin: 0 0 20px 0;"><span>Following the success of Phillips&#82=
17;s white glove sale of 78 lots of David Hockney&#8217;s editions last Sep=
tember where &#163;3.3 million in work was sold ranging in price from &#163=
;567 to &#163;340,200. </span><a href=3D"https://substack.com/redirect/c404=
aecd-52c6-453e-8767-52f1ac174dfc?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpis=
rMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: #404040; text-decoration: un=
derline;">The next sale will take place on September 20th in London</a><spa=
n>. &#8220;This regular David Hockney sale in the auction calendar looks to=
 celebrate the achievements of the artist, from his early Bradford School o=
f Art lithographs to his latest iPad publications and an exciting variety o=
f works in between,&#8221; Phillips head of Editions, Europe said.. &#8220;=
There is huge demand for the expansive spectrum of work Hockney has produce=
d in a variety of mediums throughout his lifetime. This fixed auction is an=
 opportunity to acquire Hockney&#8217;s work at all price points.&#8221;&#1=
60;</span></p><h4 class=3D"header-with-anchor-widget" style=3D"-moz-appeara=
nce: optimizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-appe=
arance: optimizelegibility; -webkit-font-smoothing: antialiased; appearance=
: optimizelegibility; color: #404040; 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=
: 1.125em; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.625em 0;=
 position: relative;">Phillips New Now London Line Up is Live </h4><div cla=
ss=3D"captioned-image-container-static" style=3D"font-size: 16px; line-heig=
ht: 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"ms=
o-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" style=3D"text-align=
: center;"><a class=3D"image-link" target=3D"_blank" href=3D"https://substa=
ck.com/redirect/b2517a24-a219-474a-a1fe-c2e42d31360f?j=3DeyJ1IjoiMjdjZXI5In=
0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"align-items: ce=
nter; border: none; display: block; flex-direction: column; height: auto; m=
argin: 0; padding: 0; position: relative; text-decoration: none; width: aut=
o;"><img data-attrs=3D"{&quot;src&quot;:&quot;https://substack-post-media.s=
3.amazonaws.com/public/images/32f5f909-b16d-46d7-bf0b-470f51de9325_2563x364=
1.jpeg&quot;,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;h=
eight&quot;:2068,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;=
bytes&quot;:2092088,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&=
quot;:&quot;image/jpeg&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;=
:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null}" alt wi=
dth=3D"550" height=3D"781.1813186813187" class=3D"wide-image" src=3D"https:=
//substackcdn.com/image/fetch/w_2912,c_limit,f_auto,q_auto:good,fl_progress=
ive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fima=
ges%2F32f5f909-b16d-46d7-bf0b-470f51de9325_2563x3641.jpeg" style=3D"-ms-int=
erpolation-mode: bicubic; border: none !important; display: block; height: =
auto; margin: 0 auto; margin-bottom: 0; max-width: 100% !important; vertica=
l-align: middle; width: auto !important;"></a></td><td style=3D"text-align:=
 center;"></td></tr></tbody></table></figure></div><p style=3D"color: #4040=
40; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><span>The art =
world continues to move toward year-round trading. Phillips will hold two s=
ales in July. </span><a href=3D"https://substack.com/redirect/252346c6-855f=
-44a7-a1bb-cec91cbe8e8b?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnig=
HXx6Fx_g6pp7gWdY" rel style=3D"color: #404040; text-decoration: underline;"=
>The first is the New Now sale in London on July 13</a><span> headed by Cha=
rlotte Gibbs who says, &#8220;Our New Now sales showcase Phillips&#8217; di=
stinct approach of juxtaposing established blue-chip artists with emerging =
contemporary talent.&#8221; Among the artists featured in the sale are Cris=
tina BanBan (above),&#160;Arthur Jafa, George Condo, Antoni T&#224;pies,Fra=
ncesca Mollett, Sarah Miska, and Vojt&#283;ch Kova&#345;&#237;k. A group of=
 works from the Collection of Jimmy and Leonora Belilty will feature in the=
 sale including art by Allan McCollum, Jenny Holzer, and Mira Schendel.</sp=
an></p><div style=3D"font-size: 16px; line-height: 26px;"><hr style=3D"back=
ground: #e0e0e0; border: none; height: 1px; margin: 32px 0; padding: 0;"></=
div><h2 class=3D"header-with-anchor-widget" style=3D"-moz-appearance: optim=
izelegibility; -moz-osx-font-smoothing: antialiased; -webkit-appearance: op=
timizelegibility; -webkit-font-smoothing: antialiased; appearance: optimize=
legibility; color: #404040; font-family: 'SF Compact Display', -apple-syste=
m, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'A=
pple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.625em;=
 font-weight: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; position:=
 relative;">To Be Seen</h2><div class=3D"captioned-image-container-static" =
style=3D"font-size: 16px; line-height: 26px; margin: 32px auto;"><figure st=
yle=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-n=
ame=3D"Image2ToDOMStatic" style=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><t=
r><td style=3D"text-align: center;"></td><td align=3D"left" class=3D"conten=
t" width=3D"1456" style=3D"text-align: center;"><a class=3D"image-link" tar=
get=3D"_blank" href=3D"https://substack.com/redirect/ec7c12d4-9caf-4284-89f=
3-24d25eb61195?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6=
pp7gWdY" rel style=3D"align-items: center; border: none; display: block; fl=
ex-direction: column; height: auto; margin: 0; padding: 0; position: relati=
ve; text-decoration: none; width: auto;"><img data-attrs=3D"{&quot;src&quot=
;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/82e83bf3=
-0e2f-4fb8-8d72-bddefab5544b_1932x1564.jpeg&quot;,&quot;fullscreen&quot;:nu=
ll,&quot;imageSize&quot;:null,&quot;height&quot;:1179,&quot;width&quot;:145=
6,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:613827,&quot;alt&quot;:nul=
l,&quot;title&quot;:null,&quot;type&quot;:&quot;image/jpeg&quot;,&quot;href=
&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;=
internalRedirect&quot;:null}" alt width=3D"550" height=3D"445.364010989011"=
 class=3D"wide-image" src=3D"https://substackcdn.com/image/fetch/w_2912,c_l=
imit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-me=
dia.s3.amazonaws.com%2Fpublic%2Fimages%2F82e83bf3-0e2f-4fb8-8d72-bddefab554=
4b_1932x1564.jpeg" 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></fi=
gure></div><p style=3D"color: #404040; font-size: 16px; line-height: 26px; =
margin: 0 0 20px 0;"><strong><a href=3D"https://substack.com/redirect/db354=
064-289e-40a7-9d16-db647ffcea44?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisr=
Me5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: #404040; text-decoration: und=
erline;">Man Screams, Nature Whispers:</a><span> </span></strong><a href=3D=
"https://substack.com/redirect/db354064-289e-40a7-9d16-db647ffcea44?j=3DeyJ=
1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"=
color: #404040; text-decoration: underline;">The </a><em><a href=3D"https:/=
/substack.com/redirect/db354064-289e-40a7-9d16-db647ffcea44?j=3DeyJ1IjoiMjd=
jZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: #=
404040; text-decoration: underline;">Wall Street Journal </a></em><a href=
=3D"https://substack.com/redirect/db354064-289e-40a7-9d16-db647ffcea44?j=3D=
eyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=
=3D"color: #404040; text-decoration: underline;">reviews the Clark Institut=
e&#8217;s </a><em><a href=3D"https://substack.com/redirect/db354064-289e-40=
a7-9d16-db647ffcea44?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx=
6Fx_g6pp7gWdY" rel style=3D"color: #404040; text-decoration: underline;">Ed=
vard Munch: Trembling Earth</a></em><a href=3D"https://substack.com/redirec=
t/db354064-289e-40a7-9d16-db647ffcea44?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0j=
QmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: #404040; text-decorati=
on: underline;"> </a><span>which opened in June and runs into October. The =
show is a reminder that there&#8217;s much more to Edvard Munch than anxiet=
y:</span></p><blockquote style=3D"border-left: 4px solid #653366; margin: 2=
0px 0; padding: 0;"><p style=3D"color: #404040; font-size: 16px; line-heigh=
t: 26px; margin: 0 0 20px 0; margin-left: 20px;">Munch revered the splendor=
 and the mystery of nature and believed that humanity, the Earth, the cosmo=
s&#8212;everything&#8212;were interconnected, ever affecting one another. H=
e embedded these ideas in his landscapes, both pure and with figures, which=
 constitute more than half of his output. &#8220;Trembling Earth,&#8221; [&=
#8230;]. In the more than 75 artworks in the show, Munch limns the natural =
world in intense colors: lush green trees, deep blue skies, rich red earth =
and radiant white snows. He has many expressive modes, motifs and moods. Ca=
lm and wonder are more prevalent here than anxiety and distress, though the=
re&#8217;s a little of that, too&#8212;as well as plenty of beauty.</p></bl=
ockquote><div style=3D"font-size: 16px; line-height: 26px;"><hr style=3D"ba=
ckground: #e0e0e0; border: none; height: 1px; margin: 32px 0; padding: 0;">=
</div><h2 class=3D"header-with-anchor-widget" style=3D"-moz-appearance: opt=
imizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-appearance: =
optimizelegibility; -webkit-font-smoothing: antialiased; appearance: optimi=
zelegibility; color: #404040; font-family: 'SF Compact Display', -apple-sys=
tem, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, =
'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.625e=
m; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; positio=
n: relative;">Deep Cuts</h2><h4 class=3D"header-with-anchor-widget" style=
=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoothing: antialias=
ed; -webkit-appearance: optimizelegibility; -webkit-font-smoothing: antiali=
ased; appearance: optimizelegibility; color: #404040; font-family: 'SF Comp=
act Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvet=
ica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Sy=
mbol'; font-size: 1.125em; font-weight: bold; line-height: 1.16em; margin: =
1em 0 0.625em 0; position: relative;"><strong>There Were More Women Old Mas=
ters Than You Think</strong></h4><div data-component-name=3D"ImageGallerySt=
atic" class=3D"frontend-components-ImageGallery-module__static--gQ9AX front=
end-components-ImageGallery-module__imageGallery--shoTe" style=3D"font-size=
: 16px; line-height: 26px; margin: 32px 0; margin-inline-end: 0; margin-inl=
ine-start: 0; width: 100%;"><img src=3D"https://substackcdn.com/image/fetch=
/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubst=
ack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F684df83d-b6d1-45b9-9dbe=
-e92e315678a9_1456x474.png" alt style=3D"-ms-interpolation-mode: bicubic; b=
order: none !important; display: block; height: auto; margin: 0 auto; max-w=
idth: 100%; vertical-align: middle;"><div class=3D"frontend-components-Imag=
eGallery-module__imageCaption--JESLj frontend-components-ImageGallery-modul=
e__static--gQ9AX" style=3D"color: #808080; font-size: calc(14px + 0px); fon=
t-weight: 400; letter-spacing: -.15px; line-height: 20px; margin-left: 15%;=
 margin-right: 15%; margin-top: 12px; text-align: center;">Maria Spilsbury,=
 Elizabeth Soyer; Anna Louisa Swynnerton</div></div><p style=3D"color: #404=
040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><span>The Old=
 Master sales in London had some strong performances at the top of the food=
 chain and a great deal of weakness in the lower-value day sales but one re=
curring feature of the sales was strong bidding on works by lesser-known wo=
men painters. Maria Spilsbury was born in 1776 and began exhibiting at the =
Royal Academy Summer Exhibition starting when she was 15 in 1792. Her paint=
ing </span><em>A Sunday-School </em><span>was shown at the Royal Academy in=
 1803. </span><a href=3D"https://substack.com/redirect/29de5906-343b-4a48-a=
a5e-42ed836feef0?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_=
g6pp7gWdY" rel style=3D"color: #404040; text-decoration: underline;">Sotheb=
y&#8217;s estimated the work at &#163;10,000 but bidders pushed the selling=
 price to &#163;33,020.</a><span> Elizabeth Emma Soyer, born in 1813, was a=
 child prodigy in both music and art. Eventually she focused on art and mar=
ried the celebrated chef Alexis Soyer. She painted his portrait that hangs =
in the Reform Club (where Soyer was the chef) and exhibited 66 works in the=
 period between 1823 and 1843. </span><em><a href=3D"https://substack.com/r=
edirect/9029bf53-1cce-450e-867c-f974a843477c?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM=
3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: #404040; text-de=
coration: underline;">The Escape</a></em><a href=3D"https://substack.com/re=
direct/9029bf53-1cce-450e-867c-f974a843477c?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3=
c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: #404040; text-dec=
oration: underline;"> from 1836 was estimated at &#163;12,000 but sold for =
a remarkable &#163;138,600 with fees</a><span>. Anna Louise Swynnerton was =
born in 1844 and began exhibiting at the Royal Academy in 1879. Her path to=
 recognition was not easy but John Singer Sargent called her a genius with =
a style that &#8220;is very powerful and rich.&#8221; </span><em><a href=3D=
"https://substack.com/redirect/deeceb97-b4d7-42f9-ae27-d465d67c2af4?j=3DeyJ=
1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"=
color: #404040; text-decoration: underline;">The Visit</a></em><a href=3D"h=
ttps://substack.com/redirect/deeceb97-b4d7-42f9-ae27-d465d67c2af4?j=3DeyJ1I=
joiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"co=
lor: #404040; text-decoration: underline;"> was estimated at &#163;8,000 bu=
t sold for &#163;53,340.</a></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; -moz-osx-font-smoothing: antialias=
ed; -webkit-appearance: optimizelegibility; -webkit-font-smoothing: antiali=
ased; appearance: optimizelegibility; color: #404040; font-family: 'SF Comp=
act Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvet=
ica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Sy=
mbol'; font-size: 1.625em; font-weight: bold; line-height: 1.16em; margin: =
1em 0 0.625em 0; position: relative;">Notes</h2><ol style=3D"margin-bottom:=
 0; margin-top: 0; padding: 0;"><li style=3D"margin: 8px 0 0 32px;"><p styl=
e=3D"box-sizing: border-box; color: #404040; font-size: 16px; line-height: =
26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><strong><a href=3D"h=
ttps://substack.com/redirect/24a538a5-ddc4-480b-9433-b25bdc556904?j=3DeyJ1I=
joiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"co=
lor: #404040; text-decoration: underline;">&#8216;Down but Not Out&#8217;&#=
8212;Art Sales Feel Economic Pinch, at Last</a></strong><span>: Ignore the =
Barron&#8217;s headline accompanying their summary of </span><a href=3D"htt=
ps://substack.com/redirect/1205799f-f5ac-468f-94c6-6d70d5d57aa3?j=3DeyJ1Ijo=
iMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"colo=
r: #404040; text-decoration: underline;">ArtTactic&#8217;s findings on the =
first half of 2023 auction sales </a><span>at Christie&#8217;s, Phillips an=
d Sotheby&#8217;s. The $5.81 billion that ArtTactic calculates in auction s=
ales is actually above the first half of 2019 and 2021 (2020&#8217;s H1 num=
bers are complicated by the beginnings of the pandemic.) ArtTactic says tha=
t represents an 18.2% drop. Considering that&#8217;s less of a drop than wa=
s seen at the major auction cycles, one might conclude the numbers are&#160=
; more of a return to trend after the supercharging effects of pandemic clo=
sures&#8212;which seems to have made art buying a pastime for many&#8212;an=
d monetary policies aimed at addressing the disruption which gave wealthy p=
eople more excess cash to spend on art than ever before. Some of the other =
stats Barron&#8217;s cites adds to that impression. Although spending on Im=
pressionist and Modern paintings was down 37.2% to $1.48 billion and Post-W=
ar and Contemporary art spending fell 24.2% to $1.9 billion, Asian art was =
up 22.5% to $368.5 million and Watches and Jewelry also rose 21.4% to $1.02=
 billion or the third largest category. That trend toward luxury items and =
away from art at the auction houses isn&#8217;t abating even as art spendin=
g seems to be pulling back in a meaningful way. The rise in luxury probably=
 also explains the rising number of lots (3.7%) in the first half of 2023. =
All three houses combined sold 53,100 lots in the first half of this year. =
Last year, it was 51,173. The sell-through rate across the three houses is =
still a robust 83.7% which is well above the 82% seen in 2019. That&#8217;s=
 another reason to believe we&#8217;ve returned to trend more than seen dec=
line in the art market. Yes, sell-through rates were even higher in 2021-22=
=2E Over the last decade raising sell-t=
hrough rates has been a consistent str=
ategy to build more confidence among buyers that objects purchased at the m=
ajor auction houses will retain value. That effect is most pronounced in th=
e rising number of luxury items and the rising value of sales.&#160;</span>=
</p></li><li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: border=
-box; color: #404040; font-size: 16px; line-height: 26px; margin: 0; margin=
-bottom: 0; padding-left: 4px;"><strong>Another Midwestern Financial Execut=
ive&#8217;s Collection is Coming to Auction &#8230; probably this Fall: </s=
trong><span>With the auction season ending, lawyers representing the estate=
s of recently deceased art collectors have begun the process of getting the=
ir best offers from the auction houses. The heirs of one such collector kno=
wn for his holdings of Pollock, Rothko, de Kooning and Twombly are already =
in the thick of getting appraisals for a collection of classic works of Hig=
h Modern abstraction. (Doesn&#8217;t sound like collectors have gone off th=
at material just yet.) We&#8217;ll see in a few months what&#8217;s in the =
collection, where it lands and when it will be sold.&#160;</span></p></li><=
li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; colo=
r: #404040; font-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0=
; padding-left: 4px;"><strong>What Was Lisa Schiff On About?: </strong><spa=
n>There&#8217;s a strange debate on Twitter about a question Lisa Schiff as=
ked during a panel earlier this year about art loan values. One art market =
columnist used it to offer a long disquisition on USPAP appraisals; another=
 commentator on Twitter chimed in that Schiff surely meant &#8220;the frust=
rating gap btwn cultural value of art&amp;commercial value of eye candies.&=
#8221; That prompted another advisor to chime in with more USPAP-splaining.=
 But from the context, it seems fair to conclude that Schiff was merely com=
plaining that financial appraisals conflicted with the advice she had given=
 clients about the &#8220;value&#8221; of the works they had acquired (whic=
h is essentially what the Twitter commenter was pointing out.) Perhaps more=
 poignantly, in light of the collapse of Schiff&#8217;s advisory business o=
nly a few weeks later, it points to the stress Schiff was under as an advis=
or that she could not wait until the Q&amp;A portion of the panel to voice =
her frustrations.&#160;&#160;</span></p></li><li style=3D"margin: 8px 0 0 3=
2px;"><p style=3D"box-sizing: border-box; color: #404040; font-size: 16px; =
line-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><strong=
><a href=3D"https://substack.com/redirect/3c3cb941-3d0e-4749-a366-671d04e82=
8ea?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" re=
l style=3D"color: #404040; text-decoration: underline;">A warehouse full of=
 art: what will happen to Silvio Berlusconi&#8217;s collection?</a></strong=
><a href=3D"https://substack.com/redirect/3c3cb941-3d0e-4749-a366-671d04e82=
8ea?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" re=
l style=3D"color: #404040; text-decoration: underline;"> </a><span>Fuggedab=
outit.</span><strong> </strong><span>Although one of Silvio Berlusconi&#821=
7;s daughters has been a partner with Nicolo Cardi for some time, don&#8217=
;t expect the 24,000 works&#8212;including examples by Titian, Parmigianino=
, De Chirico, and Fontana&#8212;the media-mogul-turned-populist-politician =
bought to become either a meaningful art institution or flood the market in=
 the wake of his death. Berlusconi was worth an estimated &#8364;7 billion =
mostly from ownership of various Italian broadcast and publishing enterpris=
es. According to </span><em>The Art Newspaper</em><span>, he spent the last=
 two years of his life buying &#8220;a sea of cheaper works&#8221; at aucti=
on &#8220;or via TV sales for fun to &#8216;escape&#8217; the stresses of p=
olitics and business.&#8221; He was planning a museum on his property in Sa=
n Martino which never materialized.&#160;</span></p></li><li style=3D"margi=
n: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; color: #404040; font-=
size: 16px; line-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4=
px;"><strong><a href=3D"https://substack.com/redirect/2845504e-3689-4645-bf=
f0-c3d758307340?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g=
6pp7gWdY" rel style=3D"color: #404040; text-decoration: underline;">Michael=
 Rubin&#8217;s White Party:</a></strong><span> The sports entrepreneur&#821=
7;s Fourth of July celebration in the Hamptons seemed to be reported everyw=
here this week. If you decided to watch the ubiquitous video released to pr=
omote the party, you might have noticed the artwork that appears repeatedly=
 in the background. It looks like one of </span><a href=3D"https://substack=
=2Ecom/redirect/fa272afb-8561-4b93-9e6=
9-11c8bdf8e9cd?j=3DeyJ1IjoiMjdjZXI5In0.=
nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: #404040; t=
ext-decoration: underline;">Rashid Johnson&#8217;s Bruise paintings from hi=
s Black and Blue show at Kordansky Gallery in the Fall of 2021</a><span>. A=
 smaller version from the series sold at </span><a href=3D"https://substack=
=2Ecom/redirect/bd674c5e-d363-4ac8-8b2=
e-da9980f97c07?j=3DeyJ1IjoiMjdjZXI5In0.=
nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: #404040; t=
ext-decoration: underline;">auction that same year for $2.55 million</a><sp=
an>. The Johnson is hung near a large Roy Lichtenstein </span><em>Modern Ta=
pestry</em><span>, from an edition of 20, </span><a href=3D"https://substac=
k.com/redirect/7de3813e-e5e7-46ca-b31f-b55d7c576be0?j=3DeyJ1IjoiMjdjZXI5In0=
=2EnCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g=
6pp7gWdY" rel style=3D"color: #404040;=20=
text-decoration: underline;">an example of which sold at auction in May, 20=
08 for $61,000</a><span>.&#160;</span></p></li><li style=3D"margin: 8px 0 0=
 32px;"><p style=3D"box-sizing: border-box; color: #404040; font-size: 16px=
; line-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><stro=
ng><a href=3D"https://substack.com/redirect/555b4a56-7745-475d-99ca-10b1ae2=
f3079?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" =
rel style=3D"color: #404040; text-decoration: underline;">The secret life o=
f China&#8217;s Banksy</a></strong><span>: Ignore the comparison to Banksy.=
 It doesn&#8217;t really fit the pseudonymous Badiucao who is more of a pol=
itical commentator through images than a street artist. The Spectator wrote=
 about Badiucao because of a Southeast London church&#8217;s show of work b=
y exiled Chinese artists called </span><em>Banned by Beijing</em><span> tha=
t closes on July 10. Harassed by the Chinese government wherever he goes, B=
adiucao had a solo show in Warsaw this Summer and this group show in London=
=2E The Chinese government tried to put=
 pressure on the Warsaw museum hosting=
 the show. One would think commercial galleries would be immune to the Chin=
ese government. But the spectator points out that even though Badiucao has =
become an Australian citizen, he isn&#8217;t safe.&#160; </span><em>The Spe=
ctato</em><span>r&#8217;s Ian Williams writes, &#8220;Australia has proven =
to be a very difficult place to exhibit his work, with galleries reluctant =
to work with him. For private galleries, it is a familiar story of commerci=
al pressure. &#8216;China is a huge investor in the contemporary art market=
,&#8217; he notes, &#8216;and in order to maintain that market, they won&#8=
217;t present me.&#8217; Public institutions also fear accusations of Sinop=
hobia &#8211; a concern which the CCP knows how to exploit. &#8216;The mixi=
ng of party, people and nation is their way of getting away from a lot of c=
riticism,&#8217; he says. As a result, even though Badiucao&#8217;s work th=
rives online, he finds it hard to get a physical platform in his adopted co=
untry.&#8221;</span></p></li></ol></div></div><div class=3D"postscript-plac=
eholder" style=3D"box-sizing: border-box; font-size: 16px; line-height: 26p=
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eight=3D"16" style=3D"font-size: 0px; line-height: 0;">&#160;</td></tr><tr>=
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