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Subject: A $364 Million Auction Twist, Stella Tributes & The Jackson Pollock Treatment
From: Marion Maneker <marion@puck.news>
To: enzo@showfile.com
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Welcome to Wall Power. I=E2=80=99m Marion Maneker=E2=80=94and when I=E2=80=
=99m not at an auction preview or art fair this week, I=E2=80=99m combing t=
hrough the data to try and predict what=E2=80=99s going to happen next week=
during the May sales in New York. If you are a Wall Power SMS subscriber, =
text me and I=E2=80=99ll suggest some highlights you might want to check ou=
t.
=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=
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=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=
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WELCOME BACK!
You=E2=80=99re receiving a complimentary version of Wall Power as a welcome=
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Welcome to Wall Power. I=E2=80=99m Marion Maneker=E2=80=94and when I=E2=80=
=99m not at an auction preview or art fair this week, I=E2=80=99m combing t=
hrough the data to try and predict what=E2=80=99s going to happen next week=
during the May sales in New York. If you are a Wall Power SMS ( https://pu=
ck.news/wall-power-sms/?utm_campaign=3DWall+Power+-+LEADS+%285%2F7%2F24%29&=
utm_content=3DWall+Power+-+LEADS+%285%2F7%2F24%29&utm_medium=3Demail_action=
&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 ) subscriber, tex=
t me and I=E2=80=99ll suggest some highlights you might want to check out. =
Speaking of which=E2=80=A6
=F0=9F=9A=A8Programming alert: For those of you who haven=E2=80=99t yet sub=
scribed ( http://puck.news/join?utm_campaign=3DWall+Power+-+LEADS+%285%2F7%=
2F24%29&utm_content=3DWall+Power+-+LEADS+%285%2F7%2F24%29&utm_medium=3Demai=
l_action&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 ), this i=
s your last free edition of
Wall Power before it goes behind Puck=E2=80=99s impenetrable paywall. You c=
an start with a free trial ( https://puck.news/join/?utm_campaign=3DWall+Po=
wer+-+LEADS+%285%2F7%2F24%29&utm_content=3DWall+Power+-+LEADS+%285%2F7%2F24=
%29&utm_medium=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6c60615e=
3d301d48d28 ). Or get right to business with my discount code, WALLPOWER, f=
or 25 percent off the first year=E2=80=99s subscription. (Not that you need=
it=E2=80=A6) You=E2=80=99ll get complete access to all of my work, plus th=
at of all my incredibly talented colleagues covering Hollywood, Wall Street=
, Washington, the media, fashion, the business of sports, and more.
=F0=9F=93=B1 But, wait! There=E2=80=99s more: With your Wall Power subscrip=
tion you=E2=80=99ll also be able to sign up for Wall Power SMS ( https://pu=
ck.news/wall-power-sms/?utm_campaign=3DWall+Power+-+LEADS+%285%2F7%2F24%29&=
utm_content=3DWall+Power+-+LEADS+%285%2F7%2F24%29&utm_medium=3Demail_action=
&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 ). That=E2=80=99s=
my private text channel where I provide
up-to-the-minute updates and live coverage of auctions, gallery and museum =
shows, art fairs, and more.
Of course, if you want to understand what=E2=80=99s really going on during =
the May sales, you=E2=80=99ll have to do more than simply view all the art =
up for bid. You=E2=80=99ll also need to know which works have been guarante=
ed and whether that third-party guarantor has provided what Sotheby=E2=80=
=99s calls an irrevocable bid. This season, there are hundreds of millions =
of dollars in art backed by third-party guarantors. We=E2=80=99ll get into =
all of that in a moment.
$(ad4_title) ( http://bit.ly/3JJKMvl?utm_campaign=3DWall+Power+-+LEADS+%285=
%2F7%2F24%29&utm_content=3DWall+Power+-+LEADS+%285%2F7%2F24%29&utm_medium=
=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 )
But first=E2=80=A6
* Gagosian goss: I just got wind of a private exhibition that Larry Gagosia=
n is opening later this week to V.I.P. clients by appointment only. His gal=
lery=E2=80=99s flagship space in Chelsea will be taken over by a show of ma=
jor works from Jean-Michel Basquiat, David Hockney, Jasper Johns, Donald Ju=
dd, Gerard Richter, Mark Rothko, Frank Stella, Cy Twombly, and Andy Warhol.
* Frank Stella paintings in the May sales: Frank Stella, who achieved remar=
kable success quite early in his career, died over the weekend at age 87. H=
is work often features in the evening auctions, but this
year all three of the top houses happened to have a Stella in their evening=
sales. At Sotheby=E2=80=99s, there=E2=80=99s the great 1964 work Ifafa I (=
https://www.sothebys.com/en/buy/auction/2024/contemporary-evening-auction/=
ifafa-i?utm_campaign=3DWall+Power+-+LEADS+%285%2F7%2F24%29&utm_content=3DWa=
ll+Power+-+LEADS+%285%2F7%2F24%29&utm_medium=3Demail_action&utm_source=3Dcu=
stomer.io&utm_term=3Df6c60615e3d301d48d28 ), estimated at $14 million. Chri=
stie=E2=80=99s has a concentric squares painting from 1974 ( https://www.ch=
risties.com/en/lot/lot-6482964?utm_campaign=3DWall+Power+-+LEADS+%285%2F7%2=
F24%29&utm_content=3DWall+Power+-+LEADS+%285%2F7%2F24%29&utm_medium=3Demail=
_action&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 ) for $6 m=
illion, while Phillips has another from the same year titled Lettre sur les=
sourds et muets II=20
( https://www.phillips.com/detail/frank-stella/NY010324/10?utm_campaign=3DW=
all+Power+-+LEADS+%285%2F7%2F24%29&utm_content=3DWall+Power+-+LEADS+%285%2F=
7%2F24%29&utm_medium=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6c=
60615e3d301d48d28 ) that has a $5 million estimate.
* Lee Krasner gets the drama treatment: Pushkin Industries, the podcast com=
pany founded by Jacob Weisberg and Malcolm Gladwell, did very well with Dea=
th of an Artist, which recounts the story of Cuba-born artist Ana Mendieta,=
who died under questionable circumstances in 1985 after a fight with her h=
usband, artist Carl Andre, who died earlier this year. That story has long =
been a feminist touchpoint, and Helen Molesworth=E2=80=99s narration helped=
broaden interest in Mendieta=E2=80=99s work. This season we=E2=80=99ll see=
some of the first auction attention for Mendieta as Rosa de la Cruz=E2=80=
=99s collection is sold at Christie=E2=80=99s.
Following up on the first-season success of Death of an Artist, Pushkin is =
now trying to bring
some true crime breathlessness to the story of Lee Krasner and Jackson Poll=
ock. Krasner and Pollock had their own tortured relationship. Pollock was a=
miserable drunk and a boor=E2=80=94even if he was a peerless artistic tale=
nt. Hosted by Katy Hessel=E2=80=94author of The History of Art Without Men=
=E2=80=94Death of an Artist: Krasner & Pollock debuts on May 10.
Unfortunately, however, the story seems to have gotten the wrong end of its=
dramatic device. Krasner deserves enormous credit for two very different a=
ccomplishments. First, she guided the hapless savant=E2=80=99s career despi=
te his self-destructive tendencies. Second, she is herself an important pai=
nter worthy of attention. The show simultaneously wants to give Krasner cre=
dit for making Pollock a posthumous world-historical figure, but also carve=
out a space to address her own worthy place in art history. If you don=E2=
=80=99t know the Krasner-Pollock story and don=E2=80=99t want to read any o=
f the several
biographies, the podcast isn=E2=80=99t the worst place to start. But you wi=
ll have to wade through the radio-play melodrama.
You=E2=80=99re receiving a complimentary version of Wall Power at enzo@show=
file.com as a welcome gift to new readers. For full access to Puck, and to =
each of my colleagues, you can
subscribe here ( https://puck.news/join/?utm_campaign=3DWall+Power+-+LEADS+=
%285%2F7%2F24%29&utm_content=3DWall+Power+-+LEADS+%285%2F7%2F24%29&utm_medi=
um=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 =
).
Learn More ( https://puck.news/join/?utm_campaign=3DWall+Power+-+LEADS+%285=
%2F7%2F24%29&utm_content=3DWall+Power+-+LEADS+%285%2F7%2F24%29&utm_medium=
=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 )
A $364m Auction Backstop & The Irrevocable Bid Dance ( https://puck.news/a-=
364m-auction-backstop-the-irrevocable-bid-dance/?utm_campaign=3DWall+Power+=
-+LEADS+%285%2F7%2F24%29&utm_content=3DWall+Power+-+LEADS+%285%2F7%2F24%29&=
utm_medium=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d30=
1d48d28 )
A $364m Auction Backstop & The Irrevocable Bid Dance ( https://puck.news/a-=
364m-auction-backstop-the-irrevocable-bid-dance/?utm_campaign=3DWall+Power+=
-+LEADS+%285%2F7%2F24%29&utm_content=3DWall+Power+-+LEADS+%285%2F7%2F24%29&=
utm_medium=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d30=
1d48d28 )
Amid this unpredictable art market, nearly a quarter of the work coming to =
auction has already been guaranteed by third-party bidders. Is that a feat =
of financial engineering or a sign of the state of the confidence game?
MARION MANEKER ( https://puck.news/author/marion-maneker/?utm_campaign=3DWa=
ll+Power+-+LEADS+%285%2F7%2F24%29&utm_content=3DWall+Power+-+LEADS+%285%2F7=
%2F24%29&utm_medium=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6c6=
0615e3d301d48d28 )
MARION MANEKER ( https://puck.news/author/marion-maneker/?utm_campaign=3DWa=
ll+Power+-+LEADS+%285%2F7%2F24%29&utm_content=3DWall+Power+-+LEADS+%285%2F7=
%2F24%29&utm_medium=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6c6=
0615e3d301d48d28 )
Questions about the May auction season abound, as always=E2=80=94no one kno=
ws whether the market will continue to contract or whether we=E2=80=99ve se=
en the bottom and tallies will rise. As I=E2=80=99ve said before, this seas=
on is different. It=E2=80=99s rare to see one market end while a new market=
has yet to gather force=E2=80=94especially during a period of economic str=
ength and stability. Art buyers have plenty of money to spend. They=E2=80=
=99re just not sure what to spend it on.
Meanwhile, discretionary sellers have little incentive to offer their works=
into an uncertain marketplace. And that=E2=80=99s where a little financial=
engineering comes in. After all, auction houses use their market expertise=
to make money for clients while managing their own risk profiles, too. The=
essential tool for creating enticing markets while managing downsides is k=
nown as the auction
guarantee=E2=80=94especially the third-party guarantee, or the =E2=80=9Cirr=
evocable bid,=E2=80=9D as it=E2=80=99s known at Sotheby=E2=80=99s. These ar=
e the houses=E2=80=99 attempts to lock in a buyer at a floor price, which c=
ould either smooth the path of a work to the block=E2=80=94or lure a higher=
bidder out of the woodwork.
There is $1.25 billion in presale value coming up for action next week. Tha=
t breaks down to $575 million at Christie=E2=80=99s, $548 million at Sotheb=
y=E2=80=99s, and $112 million at Phillips. Of that presale value, about $36=
4 million is covered by third-party guarantees. Christie=E2=80=99s has secu=
red $162 million in guarantees on 31 different lots. In other words, 28 per=
cent of the auction value is already sold=E2=80=94but that doesn=E2=80=99t =
mean someone can=E2=80=99t come in and bid more. At Sotheby=E2=80=99s, $147=
=2E3 million of auction value=E2=80=94or=20=
27 percent, spread across 28 lots=E2=
=80=94is already covered. It=E2=80=99s a marvel that both houses have such =
similar risk profiles without ever speaking to each other or coordinating
in any way.
Even the much smaller Phillips, which is populated by former employees of b=
oth of the other houses, has been able to cover eight lots with third-party=
bids for $54.7 million of the $112 million in presale value=E2=80=94a stag=
gering 49 percent in third-party guarantees. (Phillips=E2=80=99 percentage =
is much higher since their day sales don=E2=80=99t go as deep into 19th and=
20th century property.)
And these are only the early guarantees. The next week will be filled with =
potential buyers jockeying to get their irrevocable bids accepted while anx=
ious sellers try to decide whether to take money in hand or hold out for po=
tential saleroom action.
A Post-Lehman Tool
The popularity of third-party guarantees dates its origins, like many tools=
of finance, to a market trough. In the first phase of the 21st century art=
boom, from 2004 to 2008, the auction houses discovered they could use thei=
r own balance sheets to guarantee works at auction, thereby enticing reluct=
ant sellers to consign and amplifying their own margins by gaining a share =
of the =E2=80=9Coverage=E2=80=9D=E2=80=94the amount bid above the guarantee=
=E2=80=94if a work sold for more than expected. In a rapidly rising market =
where the auction houses had a natural information advantage, this system w=
orked great.
Unfortunately, when the market abruptly shut down in the fall of 2008, Soth=
eby=E2=80=99s tried to rein in its guarantee book. Sure, there were mini-bl=
ips=E2=80=94oil-rich Russians and Gulf State buyers were driving the market=
in those days, and Damien Hirst held an
astonishing direct auction that made $200 million on the day Lehman collaps=
ed. By November, however, the auctions would be described by Eli Broad as a=
half-off sale. Sotheby=E2=80=99s was left with a $50 million loss from all=
of the discounting, and in 2009, the publicly traded auction house almost =
went out of business.
In the fallow years after the financial markets seized up, the auction hous=
es took a previously little-known tool, the third-party guarantee, and turn=
it into an auction way of life. Much like the investment banker=E2=80=99s =
=E2=80=9Cgo shop=E2=80=9D period, the irrevocable bid has created a system =
where we often see private sales conducted in public, since it allows selle=
rs to agree to an acceptable price for their art but still hold out for mor=
e. It just costs them some of the upside.
In a raging market, an irrevocable bid can scare off potential bidders who =
already see an ambitious estimate and wonder why they should waste the time=
and energy pursuing a
work. But in down times, the irrevocable bid can be a powerful market signa=
l for an auctioner. During the previews over the weekend, one auction house=
macher told me that he loves irrevocable bids. =E2=80=9CI=E2=80=99ll take =
them all day long,=E2=80=9D he said. =E2=80=9CIf I tell someone the estimat=
e and they scoff at the price, I don=E2=80=99t have to make a big deal. I j=
ust say, =E2=80=98Look, I already have that price. It=E2=80=99s going to se=
ll. If you don=E2=80=99t want to bid, it doesn=E2=80=99t matter to me.=E2=
=80=99=E2=80=9D
$(ad4_title) ( http://bit.ly/3Qvh4Ot?utm_campaign=3DWall+Power+-+LEADS+%285=
%2F7%2F24%29&utm_content=3DWall+Power+-+LEADS+%285%2F7%2F24%29&utm_medium=
=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 )
The Mastermind
Mitchell Zuckerman, Sotheby=E2=80=99s former general counsel and the archit=
ect of its financial services arm, did not imagine any of this when he came=
up with the irrevocable bid. In May of 2001, Tobias Meyer, Sotheby=E2=80=
=99s head of Contemporary art, had a sense that the market for Jeff Koons w=
as about to leap upward. He secured Koons=E2=80=99s 1988 porcelain statue M=
ichael Jackson and Bubbles for auction from Chicago collector Lew Manilow. =
But Manilow wanted a guarantee of $3 million for the work, far more than an=
y work by Koons had ever sold for previously.
Zuckerman, who now advises collectors and institutions through his firm, Ar=
t Market Advisors ( https://www.artmarketadvisors.com/?utm_campaign=3DWall+=
Power+-+LEADS+%285%2F7%2F24%29&utm_content=3DWall+Power+-+LEADS+%285%2F7%2F=
24%29&utm_medium=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6c6061=
5e3d301d48d28 ), was in a quandary. He trusted Meyer, but his job was to be=
nervous. He needed to verify that hunch and mitigate the risk involved.
In those days, auction houses regularly tolerated much lower sell-through r=
ates. If an auction sold at above 75 percent, it was a success. Selling 80+=
percent of the lots was a blowout. (The 90 percent sell-through rates we=
=E2=80=99ve seen in the past few years were viewed as a sign that the speci=
alists hadn=E2=80=99t secured enough property.) For works that did not sell=
=E2=80=94that got =E2=80=9Cbought in,=E2=80=9D in industry parlance=E2=80=
=94consignors would frequently receive an offer from a dealer right after t=
he auction. In fact, it was common to see dealers make a beeline for the ba=
ck room after the last rap of the hammer.
To cut down on the traffic, Zuckerman had been writing occasional contracts=
with dealers and collectors that acted as put options for the
buyers, who agreed to pay a price at or below the estimate for a work if it=
failed to get bids above the reserve price. In other words, Zuckerman arra=
nged a back-up deal that protected Sotheby=E2=80=99s from having too great =
a loss if a guaranteed work didn=E2=80=99t sell. But these contracts weren=
=E2=80=99t for sculptures priced at $3 million. If Sotheby=E2=80=99s was go=
ing to guarantee a Koons, Zuckerman wanted the house to get the public cred=
it for the sale.
Usually in this situation, Zuckerman would ask his specialists for comparab=
le works that might justify the guarantee (and the estimate). But there was=
no comp for a $3 million Koons. So Zuckerman called a collector he knew wh=
o was interested in Koons and asked what he thought about $3 million for Mi=
chael Jackson and Bubbles. The answer he got: =E2=80=9CI=E2=80=99d buy it a=
t that price.=E2=80=9D
That assurance was great. But Zuckerman couldn=E2=80=99t just take a potent=
ial bidder=E2=80=99s word that he would show up on the day of. He
needed to lock in the deal, and he didn=E2=80=99t want to sell the normal p=
ut option on the work if it failed, because that would make Sotheby=E2=80=
=99s look bad. So Zuckerman took one of Sotheby=E2=80=99s absentee bidding =
forms=E2=80=94which could be revoked up until the sale began=E2=80=94and pe=
nned =E2=80=9Cirrevocable=E2=80=9D in front of the word =E2=80=9Cbid.=E2=80=
=9D In a separate letter, he offered the buyer an enticing deal. If the bid=
der won the lot, he would pay only a portion of the buyer=E2=80=99s premium=
; but if he were outbid, the buyer would still benefit by receiving some of=
the overage. In other words, Zuckerman decided he was willing to part with=
some of Sotheby=E2=80=99s upside to lock in a deal preventing a loss. Thus=
, the third-party guarantee was born.
As it turned out, Meyer was right: The Koons sold for $5.6 million, with fe=
es. Manilow made money; the holder of the irrevocable bid made money; Sothe=
by=E2=80=99s made money=E2=80=94and got all the credit. From Pollock to Koo=
ns, a Strong Sale at Sotheby=E2=80=99s ( https://www.nytimes.com/2001/05/16=
/nyregion/from-pollock-to-koons-a-strong-sale-at-sotheby-s.html?smid=3Dnytc=
ore-ios-share&referringSource=3DarticleShare&utm_campaign=3DWall+Power+-+LE=
ADS+%285%2F7%2F24%29&utm_content=3DWall+Power+-+LEADS+%285%2F7%2F24%29&utm_=
medium=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48=
d28 ) screaming the Times headline.
The Confidence Game
Auctions are a funny business. Everyone pursues a different strategy, but o=
ften the results are the same. Sotheby=E2=80=99s and Christie=E2=80=99s too=
k different approaches to this season=E2=80=94almost the polar opposite of =
last season=E2=80=94and wound up with presale totals and third-party guaran=
tee percentages that are pretty close to even. But each of these bids is it=
s own story. They range from one for $30,000 to a $40 million Basquiat at P=
hillips; a $30 million Monet at Sotheby=E2=80=99s; and a $28 million van Go=
gh at Christie=E2=80=99s. Right now, the phones are on fire as more buyers =
pitch their own I.B.s to specialists and consignors weighing their market c=
onfidence.
It=E2=80=99s important to remember that all of this guarantee activity is p=
urely market-dependent. Everyone has a different risk appetite. To give a f=
inal example, that I.B.-loving
auction house macher wasn=E2=80=99t being entirely honest. As we strolled t=
hrough the preview, I asked about one prominent work priced in the mid- to =
high-seven figures, just the kind of work you might want to de-risk in an u=
nstable market environment. I stopped in front of the painting. After we ha=
d both admired its wall power=E2=80=94yes, that=E2=80=99s a thing=E2=80=94I=
asked about the direct guarantee.
Surely he was looking to lay off the risk on such a pricey work of art. He =
stuck out his chin, waggled it a bit and said, =E2=80=9CNo, I=E2=80=99m not=
worried about this one.=E2=80=9D He then rattled off all the reasons the e=
stimate was low and demand was deep. On this particular work, greed was ove=
rcoming fear, and the auctioneer was willing to roll the dice and, he hopes=
, reap the profits.
FOUR STORIES WE=E2=80=99RE TALKING ABOUT
Apple=E2=80=99s Film Reckoning ( https://puck.news/apple-come-to-jesus-mome=
nt-for-movies/?utm_campaign=3DWall+Power+-+LEADS+%285%2F7%2F24%29&utm_conte=
nt=3DWall+Power+-+LEADS+%285%2F7%2F24%29&utm_medium=3Demail_action&utm_sour=
ce=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 )
Apple=E2=80=99s Film Reckoning ( https://puck.news/apple-come-to-jesus-mome=
nt-for-movies/?utm_campaign=3DWall+Power+-+LEADS+%285%2F7%2F24%29&utm_conte=
nt=3DWall+Power+-+LEADS+%285%2F7%2F24%29&utm_medium=3Demail_action&utm_sour=
ce=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 )
Inside the private sit-down of the Apple TV+ brain trust.
MATTHEW BELLONI
Anna=E2=80=99s Met Bash ( https://puck.news/met-gala-rush-week/?utm_campaig=
n=3DWall+Power+-+LEADS+%285%2F7%2F24%29&utm_content=3DWall+Power+-+LEADS+%2=
85%2F7%2F24%29&utm_medium=3Demail_action&utm_source=3Dcustomer.io&utm_term=
=3Df6c60615e3d301d48d28 )
Anna=E2=80=99s Met Bash ( https://puck.news/met-gala-rush-week/?utm_campaig=
n=3DWall+Power+-+LEADS+%285%2F7%2F24%29&utm_content=3DWall+Power+-+LEADS+%2=
85%2F7%2F24%29&utm_medium=3Demail_action&utm_source=3Dcustomer.io&utm_term=
=3Df6c60615e3d301d48d28 )
Gathering all the Met Gala party intel.
LAUREN SHERMAN
Wizard of Ozy ( https://puck.news/ozy-carlos-watson-on-trial-kendrick-v-dra=
ke/?utm_campaign=3DWall+Power+-+LEADS+%285%2F7%2F24%29&utm_content=3DWall+P=
ower+-+LEADS+%285%2F7%2F24%29&utm_medium=3Demail_action&utm_source=3Dcustom=
er.io&utm_term=3Df6c60615e3d301d48d28 )
Wizard of Ozy ( https://puck.news/ozy-carlos-watson-on-trial-kendrick-v-dra=
ke/?utm_campaign=3DWall+Power+-+LEADS+%285%2F7%2F24%29&utm_content=3DWall+P=
ower+-+LEADS+%285%2F7%2F24%29&utm_medium=3Demail_action&utm_source=3Dcustom=
er.io&utm_term=3Df6c60615e3d301d48d28 )
Dissecting a slate of high-profile lawsuits.
ERIQ GARDNER
The =E2=80=9968th Sense ( https://puck.news/no-2024-democratic-national-con=
vention-will-not-resemble-1968/?utm_campaign=3DWall+Power+-+LEADS+%285%2F7%=
2F24%29&utm_content=3DWall+Power+-+LEADS+%285%2F7%2F24%29&utm_medium=3Demai=
l_action&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 )
The =E2=80=9968th Sense ( https://puck.news/no-2024-democratic-national-con=
vention-will-not-resemble-1968/?utm_campaign=3DWall+Power+-+LEADS+%285%2F7%=
2F24%29&utm_content=3DWall+Power+-+LEADS+%285%2F7%2F24%29&utm_medium=3Demai=
l_action&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 )
Skewering the media=E2=80=99s Chicago =E2=80=9968 false equivalencies.
PETER HAMBY
Start your free trial today ( https://puck.news/join/?utm_campaign=3DWall+P=
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<div style=3D"display: none; max-height: 0px; overflow: hidden;">Welcome =
to Wall Power. I=E2=80=99m Marion Maneker=E2=80=94and when I=E2=80=99m not =
at an auction preview or art fair this week, I=E2=80=99m combing through th=
e data to try and predict what=E2=80=99s going to happen next week during t=
he May sales in New York. If you are a Wall Power SMS subscriber, text me a=
nd I=E2=80=99ll suggest some highlights you might want to check out.
=20
=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=
=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=
=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=
=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=C2=A0=E2=
=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=
=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=
=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=
=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=C2=A0=E2=80=8C=C2=
=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=
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<p style=3D"margin: 0; color: #000000; font-size: 16px; line-hei=
ght: 30px; margin-top: 0; margin-bottom: 0;">Welcome to Wall Power. I=E2=80=
=99m <b>Marion</b> <b>Maneker</b>=E2=80=94and when I=E2=80=99m not at an au=
ction preview or art fair this week, I=E2=80=99m combing through the data t=
o try and predict what=E2=80=99s going to happen <i>next</i> week during th=
e May sales in New York. If you are a <u><a href=3D"https://email.puck.news=
/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdQVlVraUJfazhwdEJWMURQSllmZz=
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j1XYWxsK1Bvd2VyKy0rTEVBRFMrJTI4NSUyRjclMkYyNCUyOVx1MDAyNnV0bV9jb250ZW50PVdh=
bGwrUG93ZXIrLStMRUFEUyslMjg1JTJGNyUyRjI0JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9=
hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MT=
VlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZ=
CI6ODY2ODIxfQ/26661b96d11715dc4da238badeaf1eea1c9e227dfb23b72cab4a130154688=
cc9" style=3D"color:#d40000;text-decoration:none;font-weight:bold" class=3D=
"sdf">Wall Power SMS</a></u> subscriber, text me and I=E2=80=99ll suggest s=
ome highlights you might want to check out. Speaking of which=E2=80=A6<br/>=
<br/>=F0=9F=9A=A8<i>Programming alert</i>: For those of you who haven=E2=80=
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ht to business with my discount code, WALLPOWER, for 25 percent off the fir=
st year=E2=80=99s subscription. (Not that you need it=E2=80=A6) You=E2=80=
=99ll get complete access to all of my work, plus that of all my incredibly=
talented colleagues covering Hollywood, Wall Street, Washington, the media=
, fashion, the business of sports, and more. <br/><br/>=F0=9F=93=B1 <i>But,=
wait! There=E2=80=99s more</i>: With your Wall Power subscription you=E2=
=80=99ll also be able to sign up for <u><a href=3D"https://email.puck.news/=
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sdf">Wall Power SMS</a></u>. That=E2=80=99s my private text channel where I=
provide
up-to-the-minute updates and live coverage of auctions, gallery and museum =
shows, art fairs, and more. <br/><br/>Of course, if you want to understand=
what=E2=80=99s really going on during the May sales, you=E2=80=99ll have t=
o do more than simply view all the art up for bid. You=E2=80=99ll also need=
to know which works have been guaranteed and whether that third-party guar=
antor has provided what Sotheby=E2=80=99s calls an <i>irrevocable bid</i>. =
This season, there are <i>hundreds of millions of dollars </i>in art backed=
by third-party guarantors. We=E2=80=99ll get into all of that in a moment.=
<br/></p>
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MURQSllmZz0iLCJocmVmIjoiaHR0cDovL2JpdC5seS8zSkpLTXZsP3V0bV9jYW1wYWlnbj1XYWx=
sK1Bvd2VyKy0rTEVBRFMrJTI4NSUyRjclMkYyNCUyOVx1MDAyNnV0bV9jb250ZW50PVdhbGwrUG=
93ZXIrLStMRUFEUyslMjg1JTJGNyUyRjI0JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb=
25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2Qz=
MDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6ODc=
wOTk4fQ/07c5127457d68a4ae9e2698155e883964f3f3d1b7cd42be07ac54ced172743ed" t=
arget=3D"_blank"><img align=3D"center" alt=3D"$(ad4_title)" border=3D"0" cl=
ass=3D"w100pct" src=3D"https://images.scalero.io/email_assets/2602/JUQA1ZPX=
4F8W0W4BW6K2B6ILTXVBHLTBLEH16JJK04D8R1UJWUJTP28FT2VR51JA.jpg" style=3D"widt=
h: 540px;" width=3D"540"/></a></td>
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<tr class=3D"replica" name=3D"s6">
<td style=3D"padding-bottom: 30px; color: #000000; font-size: 16p=
x; line-height: 30px; margin-top: 0; margin-bottom: 0;"><i>But first=E2=80=
=A6</i><br/><br/><ul style=3D"margin:0;color:#000000;font-size:16px;line-he=
ight:30px;margin-top:0;margin-bottom:0;list-style-type:square;mso-special-f=
ormat:bullet"><li><i>Gagosian goss:</i> I just got wind of a private exhibi=
tion that <b>Larry Gagosian</b> is opening later this week to V.I.P. client=
s by appointment only. His gallery=E2=80=99s flagship space in Chelsea will=
be taken over by a show of major works from <b>Jean-Michel Basquiat</b>, <=
b>David Hockney</b>, <b>Jasper Johns</b>, <b>Donald Judd</b>, <b>Gerard Ric=
hter</b>, <b>Mark Rothko</b>, <b>Frank Stella</b>, <b>Cy Twombly</b>, and <=
b>Andy Warhol</b>.</li><br/><li><i>Frank Stella paintings in the May sales<=
/i>: <b>Frank</b> <b>Stella</b>, who achieved remarkable success quite earl=
y in his career, died over the weekend at age 87. His work often features i=
n the evening auctions, but this
year all three of the top houses happened to have a Stella in their evening=
sales. At Sotheby=E2=80=99s, there=E2=80=99s the great 1964 work <i><u><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05=
LQUdQVlVraUJfazhwdEJWMURQSllmZz0iLCJocmVmIjoiaHR0cHM6Ly93d3cuc290aGVieXMuY2=
9tL2VuL2J1eS9hdWN0aW9uLzIwMjQvY29udGVtcG9yYXJ5LWV2ZW5pbmctYXVjdGlvbi9pZmFmY=
S1pP3V0bV9jYW1wYWlnbj1XYWxsK1Bvd2VyKy0rTEVBRFMrJTI4NSUyRjclMkYyNCUyOVx1MDAy=
NnV0bV9jb250ZW50PVdhbGwrUG93ZXIrLStMRUFEUyslMjg1JTJGNyUyRjI0JTI5XHUwMDI2dXR=
tX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dX=
RtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZ=
DQ4ZDI4IiwibGlua19pZCI6ODcwOTk5fQ/53355b9cdb7f862b637c0b1de8082fd08388ed344=
a4a1d4ab14a4169edc8be74" style=3D"color:#d40000;text-decoration:none;font-w=
eight:bold" class=3D"sdf">Ifafa I</a></u></i>, estimated at $14 million. Ch=
ristie=E2=80=99s has <u><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9p=
ZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdQVlVraUJfazhwdEJWMURQSllmZz0iLCJocmVmIjoiaHR=
0cHM6Ly93d3cuY2hyaXN0aWVzLmNvbS9lbi9sb3QvbG90LTY0ODI5NjQ_dXRtX2NhbXBhaWduPV=
dhbGwrUG93ZXIrLStMRUFEUyslMjg1JTJGNyUyRjI0JTI5XHUwMDI2dXRtX2NvbnRlbnQ9V2Fsb=
CtQb3dlcistK0xFQURTKyUyODUlMkY3JTJGMjQlMjlcdTAwMjZ1dG1fbWVkaXVtPWVtYWlsX2Fj=
dGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWU=
zZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIj=
o4NzEwMDB9/c6e3e1af980747b01c2e5ac8d21981babe77973094123b16c42f7e72d97ab742=
" style=3D"color:#d40000;text-decoration:none;font-weight:bold" class=3D"sd=
f">a concentric squares painting from 1974</a></u> for $6 million, while Ph=
illips has another from the same year titled <i><u><a href=3D"https://email=
=2Epuck.news/e/c/eyJlbWFpbF9pZCI6ImRnVD=
J4Z1lEQU5TTktOT05LQUdQVlVraUJfazhwdEJW=
MURQSllmZz0iLCJocmVmIjoiaHR0cHM6Ly93d3cucGhpbGxpcHMuY29tL2RldGFpbC9mcmFuay1=
zdGVsbGEvTlkwMTAzMjQvMTA_dXRtX2NhbXBhaWduPVdhbGwrUG93ZXIrLStMRUFEUyslMjg1JT=
JGNyUyRjI0JTI5XHUwMDI2dXRtX2NvbnRlbnQ9V2FsbCtQb3dlcistK0xFQURTKyUyODUlMkY3J=
TJGMjQlMjlcdTAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3Vz=
dG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjo=
iZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjo4NzEwMDF9/a0932f3facb4aa8ca42d0=
44aa4e7aebf96048855af40460c52deea9dbc3266c6" style=3D"color:#d40000;text-de=
coration:none;font-weight:bold" class=3D"sdf">Lettre sur les sourds et muet=
s II</a></u></i> that has a $5 million estimate. </li><br/><li><i>Lee Krasn=
er gets the drama treatment</i>: Pushkin Industries, the podcast company fo=
unded by <b>Jacob Weisberg </b>and <b>Malcolm Gladwell</b>, did very well w=
ith <i>Death of an Artist</i>, which recounts the story of Cuba-born artist=
<b>Ana Mendieta</b>, who died under questionable circumstances in 1985 aft=
er a fight with her husband, artist <b>Carl</b> <b>Andre</b>, who died earl=
ier this year. That story has long been a feminist touchpoint, and <b>Helen=
</b> <b>Molesworth</b>=E2=80=99s narration helped broaden interest in Mendi=
eta=E2=80=99s work. This season we=E2=80=99ll see some of the first auction=
attention for Mendieta as <b>Rosa de la Cruz</b>=E2=80=99s collection is s=
old at Christie=E2=80=99s. <br/><br/>Following up on the first-season succe=
ss of <i>Death of an Artist</i>, Pushkin is now trying to bring
some true crime breathlessness to the story of <b>Lee Krasner </b>and <b>Ja=
ckson Pollock</b>. Krasner and Pollock had their own tortured relationship.=
Pollock was a miserable drunk and a boor=E2=80=94even if he was a peerless=
artistic talent. Hosted by <b>Katy Hessel</b>=E2=80=94author of <i>The His=
tory of Art Without Men</i>=E2=80=94<i>Death of an Artist: Krasner & Po=
llock</i> debuts on May 10. <br/><br/>Unfortunately, however, the story see=
ms to have gotten the wrong end of its dramatic device. Krasner deserves en=
ormous credit for two very different accomplishments. First, she guided the=
hapless savant=E2=80=99s career despite his self-destructive tendencies. S=
econd, she is herself an important painter worthy of attention. The show si=
multaneously wants to give Krasner credit for making Pollock a posthumous w=
orld-historical figure, but also carve out a space to address her own worth=
y place in art history. If you don=E2=80=99t know the Krasner-Pollock story=
and don=E2=80=99t want to read any of the several
biographies, the podcast isn=E2=80=99t the worst place to start. But you wi=
ll have to wade through the radio-play melodrama.</li></ul></td>
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RQSllmZz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvam9pbi8_dXRtX2NhbXBhaWduPVdhb=
GwrUG93ZXIrLStMRUFEUyslMjg1JTJGNyUyRjI0JTI5XHUwMDI2dXRtX2NvbnRlbnQ9V2FsbCtQ=
b3dlcistK0xFQURTKyUyODUlMkY3JTJGMjQlMjlcdTAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGl=
vblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZD=
MwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjo1N=
Tg2Nzl9/bc401b4016b365a2622290617dcd1838de647cd0afdbc7ad1db520110c057ae8" s=
tyle=3D"height:44px;v-text-anchor:middle;width:220px;" arcsize=3D"10%" stro=
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<center>
<![endif]--><a class=3D"cta" href=3D"https://email.pu=
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3dlcistK0xFQURTKyUyODUlMkY3JTJGMjQlMjlcdTAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlv=
blx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDM=
wMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjo1NT=
g2Nzl9/bc401b4016b365a2622290617dcd1838de647cd0afdbc7ad1db520110c057ae8" st=
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ext-decoration:none!important;display:inline-block;font-family:sans-serif;f=
ont-size:13px;font-weight:bold;line-height:44px;text-align:center;text-deco=
ration:none;width:220px;-webkit-text-size-adjust:none;">Learn More</a><!--[=
if mso]>
</center>
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<!-- STORY HERO -->
<tr class=3D"replica" name=3D"hero1">
<td>
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" class=3D=
"w100pct" role=3D"presentation" style=3D"width: 100%;" width=3D"100%">
<tbody><tr>
<td style=3D"padding-bottom: 10px;"><a href=3D"https://email.p=
uck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdQVlVraUJfazhwdEJWMU=
RQSllmZz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvYS0zNjRtLWF1Y3Rpb24tYmFja3N0b=
3AtdGhlLWlycmV2b2NhYmxlLWJpZC1kYW5jZS8_dXRtX2NhbXBhaWduPVdhbGwrUG93ZXIrLStM=
RUFEUyslMjg1JTJGNyUyRjI0JTI5XHUwMDI2dXRtX2NvbnRlbnQ9V2FsbCtQb3dlcistK0xFQUR=
TKyUyODUlMkY3JTJGMjQlMjlcdTAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV=
9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsI=
mludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjo4NzEwMDJ9/2d8c7d1=
2fad6c973efbf432cb7feeddca973133bd2f743940851362866513140" target=3D"_blank=
"><img alt=3D"A $364m Auction Backstop & The Irrevocable Bid Dance" cla=
ss=3D"w100pct" src=3D"https://images.scalero.io/email_assets/4014/LR8GUG3VO=
9IBXSMV5ROJDB58CBCPE6O0GICUAZBBQ5PB5YIHRPM548P89NQQ7ZMV.png" style=3D"width=
:540px;" width=3D"540"/></a></td>
</tr>
<tr>
<td style=3D"padding-bottom: 10px;"><a href=3D"https://email.p=
uck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdQVlVraUJfazhwdEJWMU=
RQSllmZz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvYS0zNjRtLWF1Y3Rpb24tYmFja3N0b=
3AtdGhlLWlycmV2b2NhYmxlLWJpZC1kYW5jZS8_dXRtX2NhbXBhaWduPVdhbGwrUG93ZXIrLStM=
RUFEUyslMjg1JTJGNyUyRjI0JTI5XHUwMDI2dXRtX2NvbnRlbnQ9V2FsbCtQb3dlcistK0xFQUR=
TKyUyODUlMkY3JTJGMjQlMjlcdTAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV=
9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsI=
mludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjo4NzEwMDJ9/2d8c7d1=
2fad6c973efbf432cb7feeddca973133bd2f743940851362866513140" rel=3D"noopener"=
style=3D"text-decoration: none; color: #d70a09; font-family: Beskerville, =
Georgia, 'Times New Roman', Times, serif; font-size:30px; line-heig=
ht:36px;" target=3D"_blank">A $364m Auction Backstop & The Irrevocable =
Bid Dance</a></td>
</tr>
<tr>
<td style=3D"font-size:18px; color:#000000;line-height:30px; p=
adding-bottom: 10px;">Amid this unpredictable art market, nearly a quarter =
of the work coming to auction has already been guaranteed by third-party bi=
dders. Is that a feat of financial engineering or a sign of the state of th=
e confidence game?</td>
</tr>
<tr class=3D"replica" name=3D"author">
<td style=3D"padding-bottom: 24px;">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" class=
=3D"w100pct" role=3D"presentation" style=3D"width: 100%;" width=3D"100%">
<tbody><tr>
<td width=3D"80"><a href=3D"https://email.puck.news/e/c/eyJ=
lbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdQVlVraUJfazhwdEJWMURQSllmZz0iLCJocm=
VmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvYXV0aG9yL21hcmlvbi1tYW5la2VyLz91dG1fY2FtcGFpZ=
249V2FsbCtQb3dlcistK0xFQURTKyUyODUlMkY3JTJGMjQlMjlcdTAwMjZ1dG1fY29udGVudD1X=
YWxsK1Bvd2VyKy0rTEVBRFMrJTI4NSUyRjclMkYyNCUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWx=
fYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNj=
E1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfa=
WQiOjg0NzgxN30/4ebd96e01ad3cb1c448680eb91c817e0eb421746a14029ad0d916f773c5c=
581d" target=3D"_blank"><img alt=3D"MARION MANEKER" src=3D"https://images.s=
calero.io/email_assets/4014/5U91RL8QH35FF9HGFOAQOSQW8H4C5DPTZ2B6X3OWH55F47V=
W83M55HOB5IFV2UDZ.png" style=3D"width:45px;" width=3D"45"/></a></td>
<td style=3D"font-size:18px; color:#555555;line-height:22px=
; border-bottom: 1px solid #bbbbbb;"><a href=3D"https://email.puck.news/e/c=
/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdQVlVraUJfazhwdEJWMURQSllmZz0iLC=
JocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvYXV0aG9yL21hcmlvbi1tYW5la2VyLz91dG1fY2Ftc=
GFpZ249V2FsbCtQb3dlcistK0xFQURTKyUyODUlMkY3JTJGMjQlMjlcdTAwMjZ1dG1fY29udGVu=
dD1XYWxsK1Bvd2VyKy0rTEVBRFMrJTI4NSUyRjclMkYyNCUyOVx1MDAyNnV0bV9tZWRpdW09ZW1=
haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2Yz=
YwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpb=
mtfaWQiOjg0NzgxN30/4ebd96e01ad3cb1c448680eb91c817e0eb421746a14029ad0d916f77=
3c5c581d" rel=3D"noopener" style=3D"text-decoration: none; color: #d70a09;"=
target=3D"_blank"> <strong>MARION MANEKER</strong></a></td>
</tr>
</tbody></table>
</td>
</tr>
</tbody></table>
</td>
</tr>
<!-- END OF STORY HERO -->
<!-- REGULAR CONTENT -->
<tr class=3D"replica" name=3D"s1">
<td style=3D"padding-bottom: 36px; color: #000000; font-size: 16p=
x; line-height: 30px; margin-top: 0; margin-bottom: 0;">Questions about the=
May auction season abound, as always=E2=80=94no one knows whether the mark=
et will continue to contract or whether we=E2=80=99ve seen the bottom and t=
allies will rise. As I=E2=80=99ve said before, this season is different. It=
=E2=80=99s rare to see one market end while a new market has yet to gather =
force=E2=80=94especially during a period of economic strength and stability=
=2E Art buyers have plenty of money=20=
to spend. They=E2=80=99re just not sure w=
hat to spend it on. <br/><br/>Meanwhile, discretionary sellers have little =
incentive to offer their works into an uncertain marketplace. And that=E2=
=80=99s where a little financial engineering comes in. After all, auction h=
ouses use their market expertise to make money for clients while managing t=
heir own risk profiles, too. The essential tool for creating enticing marke=
ts while managing downsides is known as the <i>auction
guarantee</i>=E2=80=94especially the third-party guarantee, or the =E2=80=
=9Cirrevocable bid,=E2=80=9D as it=E2=80=99s known at Sotheby=E2=80=99s. Th=
ese are the houses=E2=80=99 attempts to lock in a buyer at a floor price, w=
hich could either smooth the path of a work to the block=E2=80=94or lure a =
higher bidder out of the woodwork.<br/><br/>There is $1.25 billion in presa=
le value coming up for action next week. That breaks down to $575 million a=
t Christie=E2=80=99s, $548 million at Sotheby=E2=80=99s, and $112 million a=
t Phillips. Of that presale value, about $364 million is covered by third-p=
arty guarantees. Christie=E2=80=99s has secured $162 million in guarantees =
on 31 different lots. In other words, 28 percent of the auction value is al=
ready sold=E2=80=94but that doesn=E2=80=99t mean someone can=E2=80=99t come=
in and bid more. At Sotheby=E2=80=99s, $147.3 million of auction value=E2=
=80=94or 27 percent, spread across 28 lots=E2=80=94is already covered. It=
=E2=80=99s a marvel that both houses have such similar risk profiles withou=
t ever speaking to each other or coordinating
in any way. <br/><br/>Even the much smaller Phillips, which is populated by=
former employees of both of the other houses, has been able to cover eight=
lots with third-party bids for $54.7 million of the $112 million in presal=
e value=E2=80=94a staggering 49 percent in third-party guarantees. (Phillip=
s=E2=80=99 percentage is much higher since their day sales don=E2=80=99t go=
as deep into 19th and 20th century property.) <br/><br/>And these are only=
the early guarantees. The next week will be filled with potential buyers j=
ockeying to get <i>their</i> irrevocable bids accepted while anxious seller=
s try to decide whether to take money in hand or hold out for potential sal=
eroom action. <br/></td>
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=20
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<tr class=3D"replica" name=3D"quote2">
<td align=3D"center">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"=
presentation" style=3D"width: 250px;" width=3D"250">
<tbody><tr>
<td align=3D"center" style=3D"font-size:20px; line-height:34px=
; border-top:4px solid #d40000; padding: 24px 0;"><b>A Post-Lehman Tool</b>=
</td>
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<td style=3D"padding-bottom: 36px; color: #000000; font-size: 16p=
x; line-height: 30px; margin-top: 0; margin-bottom: 0;">The popularity of t=
hird-party guarantees dates its origins, like many tools of finance, to a m=
arket trough. In the first phase of the 21st century art boom, from 2004 to=
2008, the auction houses discovered they could use their own balance sheet=
s to guarantee works at auction, thereby enticing reluctant sellers to cons=
ign and amplifying their own margins by gaining a share of the =E2=80=9Cove=
rage=E2=80=9D=E2=80=94the amount bid above the guarantee=E2=80=94if a work =
sold for more than expected. In a rapidly rising market where the auction h=
ouses had a natural information advantage, this system worked great.<br/><b=
r/>Unfortunately, when the market abruptly shut down in the fall of 2008, S=
otheby=E2=80=99s tried to rein in its guarantee book. Sure, there were mini=
-blips=E2=80=94oil-rich Russians and Gulf State buyers were driving the mar=
ket in those days, and <b>Damien Hirst </b>held an
astonishing direct auction that made $200 million on the day Lehman collaps=
ed. By November, however, the auctions would be described by <b>Eli Broad <=
/b>as a half-off sale. Sotheby=E2=80=99s was left with a $50 million loss f=
rom all of the discounting, and in 2009, the publicly traded auction house =
almost went out of business.<br/><br/>In the fallow years after the financi=
al markets seized up, the auction houses took a previously little-known too=
l, the third-party guarantee, and turn it into an auction way of life. Much=
like the investment banker=E2=80=99s =E2=80=9Cgo shop=E2=80=9D period, the=
irrevocable bid has created a system where we often see private sales cond=
ucted in public, since it allows sellers to agree to an acceptable price fo=
r their art but still hold out for more. It just costs them some of the ups=
ide. <br/><br/>In a raging market, an irrevocable bid can scare off potenti=
al bidders who already see an ambitious estimate and wonder why they should=
waste the time and energy pursuing a
work. But in down times, the irrevocable bid can be a powerful market signa=
l for an auctioner. During the previews over the weekend, one auction house=
<i>macher</i> told me that he loves irrevocable bids. =E2=80=9CI=E2=80=99l=
l take them all day long,=E2=80=9D he said. =E2=80=9CIf I tell someone the =
estimate and they scoff at the price, I don=E2=80=99t have to make a big de=
al. I just say, =E2=80=98Look, I already have that price. It=E2=80=99s goin=
g to sell. If you don=E2=80=99t want to bid, it doesn=E2=80=99t matter to m=
e.=E2=80=99=E2=80=9D <br/></td>
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=20
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<td style=3D"padding-bottom: 8px;"><a href=3D"https://email=
=2Epuck.news/e/c/eyJlbWFpbF9pZCI6ImRnVD=
J4Z1lEQU5TTktOT05LQUdQVlVraUJfazhwdEJW=
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sK1Bvd2VyKy0rTEVBRFMrJTI4NSUyRjclMkYyNCUyOVx1MDAyNnV0bV9jb250ZW50PVdhbGwrUG=
93ZXIrLStMRUFEUyslMjg1JTJGNyUyRjI0JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb=
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MDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6ODc=
xMDAzfQ/1cf0f8e3490f19b86f3a6a0aaeea7da7b87d7b7cee4df754bf63b72c76066776" t=
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<td align=3D"center" style=3D"font-size:20px; line-height:34px=
; border-top:0px solid #d40000; padding: 24px 0;"><b>The Mastermind</b></td=
>
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<td style=3D"padding-bottom: 36px; color: #000000; font-size: 16p=
x; line-height: 30px; margin-top: 0; margin-bottom: 0;"><b>Mitchell Zuckerm=
an</b>, Sotheby=E2=80=99s former general counsel and the architect of its f=
inancial services arm, did not imagine any of this when he came up with the=
irrevocable bid. In May of 2001, <b>Tobias Meyer</b>, Sotheby=E2=80=99s he=
ad of Contemporary art, had a sense that the market for <b>Jeff Koons</b> w=
as about to leap upward. He secured Koons=E2=80=99s 1988 porcelain statue <=
i>Michael Jackson and Bubbles</i> for auction from Chicago collector <b>Lew=
Manilow</b>. But Manilow wanted a guarantee of $3 million for the work, fa=
r more than any work by Koons had ever sold for previously. <br/><br/>Zucke=
rman, who now advises collectors and institutions through his firm, <u><a h=
ref=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05L=
QUdQVlVraUJfazhwdEJWMURQSllmZz0iLCJocmVmIjoiaHR0cHM6Ly93d3cuYXJ0bWFya2V0YWR=
2aXNvcnMuY29tLz91dG1fY2FtcGFpZ249V2FsbCtQb3dlcistK0xFQURTKyUyODUlMkY3JTJGMj=
QlMjlcdTAwMjZ1dG1fY29udGVudD1XYWxsK1Bvd2VyKy0rTEVBRFMrJTI4NSUyRjclMkYyNCUyO=
Vx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5p=
b1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDY=
xNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjg3MTAwNH0/1e10ef8ae020716247ba1bbfaf44e2=
cce8e34cde6be5e5547ddbc8b04dced4ef" style=3D"color:#d40000;text-decoration:=
none;font-weight:bold" class=3D"sdf">Art Market Advisors</a></u>, was in a =
quandary. He trusted Meyer, but his job was to be nervous. He needed to ver=
ify that hunch and mitigate the risk involved.<br/><br/>In those days, auct=
ion houses regularly tolerated much lower sell-through rates. If an auction=
sold at above 75 percent, it was a success. Selling 80+ percent of the lot=
s was a blowout. (The 90 percent sell-through rates we=E2=80=99ve seen in t=
he past few years were viewed as a sign that the specialists hadn=E2=80=99t=
secured enough property.) For works that did not sell=E2=80=94that got =E2=
=80=9Cbought in,=E2=80=9D in industry parlance=E2=80=94consignors would fre=
quently receive an offer from a dealer right after the auction. In fact, it=
was common to see dealers make a beeline for the back room after the last =
rap of the hammer. <br/><br/>To cut down on the traffic, Zuckerman had been=
writing occasional contracts with dealers and collectors that acted as put=
options for the
buyers, who agreed to pay a price at or below the estimate for a work if it=
failed to get bids above the reserve price. In other words, Zuckerman arra=
nged a <i>back-up deal</i> that protected Sotheby=E2=80=99s from having too=
great a loss if a guaranteed work didn=E2=80=99t sell. But these contracts=
weren=E2=80=99t for sculptures priced at $3 million. If Sotheby=E2=80=99s =
was going to guarantee a Koons, Zuckerman wanted the house to get the publi=
c credit for the sale. <br/><br/>Usually in this situation, Zuckerman would=
ask his specialists for comparable works that might justify the guarantee =
(and the estimate). But there was no comp for a $3 million Koons. So Zucker=
man called a collector he knew who was interested in Koons and asked what h=
e thought about $3 million for <i>Michael Jackson and Bubbles</i>. The answ=
er he got: =E2=80=9CI=E2=80=99d buy it at that price.=E2=80=9D <br/><br/>Th=
at assurance was great. But Zuckerman couldn=E2=80=99t just take a potentia=
l bidder=E2=80=99s word that he would show up on the day of. He
needed to lock in the deal, and he didn=E2=80=99t want to sell the normal p=
ut option on the work if it failed, because that would make Sotheby=E2=80=
=99s look bad. So Zuckerman took one of Sotheby=E2=80=99s absentee bidding =
forms=E2=80=94which could be revoked up until the sale began=E2=80=94and pe=
nned =E2=80=9Cirrevocable=E2=80=9D in front of the word =E2=80=9Cbid.=E2=80=
=9D In a separate letter, he offered the buyer an enticing deal. If the bid=
der won the lot, he would pay only a portion of the buyer=E2=80=99s premium=
; but if he were outbid, the buyer would still benefit by receiving some of=
the overage. In other words, Zuckerman decided he was willing to part with=
some of Sotheby=E2=80=99s upside to lock in a deal preventing a loss. Thus=
, the third-party guarantee was born. <br/><br/>As it turned out, Meyer was=
right: The Koons sold for $5.6 million, with fees. Manilow made money; the=
holder of the irrevocable bid made money; Sotheby=E2=80=99s made money=E2=
=80=94and got all the credit. <i><u><a href=3D"https://email.puck.news/e/c/=
eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdQVlVraUJfazhwdEJWMURQSllmZz0iLCJ=
ocmVmIjoiaHR0cHM6Ly93d3cubnl0aW1lcy5jb20vMjAwMS8wNS8xNi9ueXJlZ2lvbi9mcm9tLX=
BvbGxvY2stdG8ta29vbnMtYS1zdHJvbmctc2FsZS1hdC1zb3RoZWJ5LXMuaHRtbD9zbWlkPW55d=
GNvcmUtaW9zLXNoYXJlXHUwMDI2cmVmZXJyaW5nU291cmNlPWFydGljbGVTaGFyZVx1MDAyNnV0=
bV9jYW1wYWlnbj1XYWxsK1Bvd2VyKy0rTEVBRFMrJTI4NSUyRjclMkYyNCUyOVx1MDAyNnV0bV9=
jb250ZW50PVdhbGwrUG93ZXIrLStMRUFEUyslMjg1JTJGNyUyRjI0JTI5XHUwMDI2dXRtX21lZG=
l1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlc=
m09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4=
IiwibGlua19pZCI6ODcxMDA1fQ/287ae9a3000610947d69ac970c75f38b3bcaf7dd62c6eaa2=
953d4fee497156cd" style=3D"color:#d40000;text-decoration:none;font-weight:b=
old" class=3D"sdf">From Pollock to Koons, a Strong Sale at Sotheby=E2=80=99=
s</a></u></i> screaming the <i>Times </i>headline. <br/></td>
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<td align=3D"center">
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presentation" style=3D"width: 250px;" width=3D"250">
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<td align=3D"center" style=3D"font-size:20px; line-height:34px=
; border-top:4px solid #d40000; padding: 24px 0;"><b>The Confidence Game</b=
></td>
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<tr class=3D"replica" name=3D"s12">
<td style=3D"padding-bottom: 36px; color: #000000; font-size: 16p=
x; line-height: 30px; margin-top: 0; margin-bottom: 0;">Auctions are a funn=
y business. Everyone pursues a different strategy, but often the results ar=
e the same. Sotheby=E2=80=99s and Christie=E2=80=99s took different approac=
hes to this season=E2=80=94almost the polar opposite of last season=E2=80=
=94and wound up with presale totals and third-party guarantee percentages t=
hat are pretty close to even. But each of these bids is its own story. They=
range from one for $30,000 to a $40 million <b>Basquiat</b> at Phillips; a=
$30 million <b>Monet</b> at Sotheby=E2=80=99s; and a $28 million <b>van Go=
gh</b> at Christie=E2=80=99s. Right now, the phones are on fire as more buy=
ers pitch their own I.B.s to specialists and consignors weighing their mark=
et confidence. <br/><br/>It=E2=80=99s important to remember that all of thi=
s guarantee activity is purely market-dependent. Everyone has a different r=
isk appetite. To give a final example, that I.B.-loving
auction house <i>macher</i> wasn=E2=80=99t being <i>entirely</i> honest. As=
we strolled through the preview, I asked about one prominent work priced i=
n the mid- to high-seven figures, just the kind of work you might want to d=
e-risk in an unstable market environment. I stopped in front of the paintin=
g. After we had both admired its wall power=E2=80=94<i>yes</i>, that=E2=80=
=99s a thing=E2=80=94I asked about the direct guarantee. <br/><br/>Surely h=
e was looking to lay off the risk on such a pricey work of art. He stuck ou=
t his chin, waggled it a bit and said, =E2=80=9CNo, I=E2=80=99m not worried=
about this one.=E2=80=9D He then rattled off all the reasons the estimate =
was low and demand was deep. On this particular work, greed was overcoming =
fear, and the auctioneer was willing to roll the dice and, he hopes, reap t=
he profits.<br/></td>
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<td align=3D"center" style=3D"font-size:20px; line-height:34px; b=
order-top:1px solid #BBBBBB; padding: 0px 0;">
</td>
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<td align=3D"center" class=3D"padL20 padR20" style=3D"padding-top: 2=
0px; padding-bottom: 20px;">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" class=3D"w1=
00pct" role=3D"presentation" style=3D"width: 540px;" width=3D"540">
<tbody><tr>
<td class=3D"padL0 padR0" style=3D"font-size:14px; font-weight:bo=
ld;color:#d70a09;line-height:18px; padding: 0 30px 20px 30px;">FOUR STORIES=
WE=E2=80=99RE TALKING ABOUT</td>
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<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" class=3D=
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<td style=3D"padding-right: 10px; padding-bottom: 10px;" valig=
n=3D"top"><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1=
lEQU5TTktOT05LQUdQVlVraUJfazhwdEJWMURQSllmZz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrL=
m5ld3MvYXBwbGUtY29tZS10by1qZXN1cy1tb21lbnQtZm9yLW1vdmllcy8_dXRtX2NhbXBhaWdu=
PVdhbGwrUG93ZXIrLStMRUFEUyslMjg1JTJGNyUyRjI0JTI5XHUwMDI2dXRtX2NvbnRlbnQ9V2F=
sbCtQb3dlcistK0xFQURTKyUyODUlMkY3JTJGMjQlMjlcdTAwMjZ1dG1fbWVkaXVtPWVtYWlsX2=
FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxN=
WUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lk=
Ijo4NzAwNDN9/17b9c4cf82dd3a45179f4773c1230373a72fcda8630acd53cd62dc006ca7e8=
bf" target=3D"_blank"><img alt=3D"Apple=E2=80=99s Film Reckoning" class=3D"=
w80" src=3D"https://userimg-bee.customeriomail.com/images/client-env-107382=
/Icon_Martini.png" style=3D"width:145px;" width=3D"145"/></a></td>
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<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" class=
=3D"w100pct" role=3D"presentation" style=3D"width: 100%;" width=3D"100%">
<tbody><tr>
<td class=3D"padB10" style=3D"padding-bottom: 20px;"><a cla=
ss=3D"fs22" href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1l=
EQU5TTktOT05LQUdQVlVraUJfazhwdEJWMURQSllmZz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm=
5ld3MvYXBwbGUtY29tZS10by1qZXN1cy1tb21lbnQtZm9yLW1vdmllcy8_dXRtX2NhbXBhaWduP=
VdhbGwrUG93ZXIrLStMRUFEUyslMjg1JTJGNyUyRjI0JTI5XHUwMDI2dXRtX2NvbnRlbnQ9V2Fs=
bCtQb3dlcistK0xFQURTKyUyODUlMkY3JTJGMjQlMjlcdTAwMjZ1dG1fbWVkaXVtPWVtYWlsX2F=
jdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNW=
UzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkI=
jo4NzAwNDN9/17b9c4cf82dd3a45179f4773c1230373a72fcda8630acd53cd62dc006ca7e8b=
f" rel=3D"noopener" style=3D"text-decoration: none; color: #d40000; font-si=
ze: 22px; font-weight: 700; line-height: 26px; font-family: Beskerville,Geo=
rgia,'Times New Roman',Times,serif;" target=3D"_blank">Apple=E2=80=
=99s Film Reckoning</a></td>
</tr>
<tr>
<td class=3D"padB10 fs14" style=3D"font-size:14px;color:#55=
5;line-height:16px; padding-bottom: 20px;">Inside the private sit-down of t=
he Apple TV+ brain trust.</td>
</tr>
<tr>
<td class=3D"fs14" style=3D"font-size:14px;color:#000000;li=
ne-height:16px;"><strong>MATTHEW BELLONI</strong></td>
</tr>
</tbody></table>
</td>
</tr>
<!-- END OF STORY ITEM -->
<!-- STORY ITEM -->
<tr class=3D"replica" name=3D"story2">
<td style=3D"padding-right: 10px; padding-bottom: 10px;" valig=
n=3D"top"><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1=
lEQU5TTktOT05LQUdQVlVraUJfazhwdEJWMURQSllmZz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrL=
m5ld3MvbWV0LWdhbGEtcnVzaC13ZWVrLz91dG1fY2FtcGFpZ249V2FsbCtQb3dlcistK0xFQURT=
KyUyODUlMkY3JTJGMjQlMjlcdTAwMjZ1dG1fY29udGVudD1XYWxsK1Bvd2VyKy0rTEVBRFMrJTI=
4NSUyRjclMkYyNCUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdX=
JjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50Z=
XJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjg2ODU2Mn0/89a107278dd0=
6ef930a1d94ed91c084ae5a5e812442d850677a8149277888851" target=3D"_blank"><im=
g alt=3D"Anna=E2=80=99s Met Bash" class=3D"w80" src=3D"https://userimg-bee.=
customeriomail.com/images/client-env-107382/Icon_MoneyBag.png" style=3D"wid=
th:145px;" width=3D"145"/></a></td>
<td class=3D"padB30" style=3D"padding-bottom: 10px;">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" class=
=3D"w100pct" role=3D"presentation" style=3D"width: 100%;" width=3D"100%">
<tbody><tr>
<td class=3D"padB10" style=3D"padding-bottom: 20px;"><a cla=
ss=3D"fs22" href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1l=
EQU5TTktOT05LQUdQVlVraUJfazhwdEJWMURQSllmZz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm=
5ld3MvbWV0LWdhbGEtcnVzaC13ZWVrLz91dG1fY2FtcGFpZ249V2FsbCtQb3dlcistK0xFQURTK=
yUyODUlMkY3JTJGMjQlMjlcdTAwMjZ1dG1fY29udGVudD1XYWxsK1Bvd2VyKy0rTEVBRFMrJTI4=
NSUyRjclMkYyNCUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJ=
jZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZX=
JuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjg2ODU2Mn0/89a107278dd06=
ef930a1d94ed91c084ae5a5e812442d850677a8149277888851" rel=3D"noopener" style=
=3D"text-decoration: none; color: #d40000; font-size: 22px; font-weight: 70=
0; line-height: 26px; font-family: Beskerville,Georgia,'Times New Roman=
',Times,serif;" target=3D"_blank">Anna=E2=80=99s Met Bash</a></td>
</tr>
<tr>
<td class=3D"padB10 fs14" style=3D"font-size:14px;color:#55=
5;line-height:16px; padding-bottom: 20px;">Gathering all the Met Gala party=
intel.</td>
</tr>
<tr>
<td class=3D"fs14" style=3D"font-size:14px;color:#000000;li=
ne-height:16px;"><strong>LAUREN SHERMAN</strong></td>
</tr>
</tbody></table>
</td>
</tr>
<!-- END OF STORY ITEM -->
<!-- STORY ITEM -->
<tr class=3D"replica" name=3D"story3">
<td style=3D"padding-right: 10px; padding-bottom: 10px;" valig=
n=3D"top"><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1=
lEQU5TTktOT05LQUdQVlVraUJfazhwdEJWMURQSllmZz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrL=
m5ld3Mvb3p5LWNhcmxvcy13YXRzb24tb24tdHJpYWwta2VuZHJpY2stdi1kcmFrZS8_dXRtX2Nh=
bXBhaWduPVdhbGwrUG93ZXIrLStMRUFEUyslMjg1JTJGNyUyRjI0JTI5XHUwMDI2dXRtX2NvbnR=
lbnQ9V2FsbCtQb3dlcistK0xFQURTKyUyODUlMkY3JTJGMjQlMjlcdTAwMjZ1dG1fbWVkaXVtPW=
VtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mN=
mM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJs=
aW5rX2lkIjo4NjkzNjl9/fd9c338df4a552346740966e8827ff4a8848a88f735a041a01fc2a=
04005de1b9" target=3D"_blank"><img alt=3D"Wizard of Ozy" class=3D"w80" src=
=3D"https://userimg-bee.customeriomail.com/images/client-env-107382/Icon_UF=
O.png" style=3D"width:145px;" width=3D"145"/></a></td>
<td class=3D"padB30" style=3D"padding-bottom: 10px;">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" class=
=3D"w100pct" role=3D"presentation" style=3D"width: 100%;" width=3D"100%">
<tbody><tr>
<td class=3D"padB10" style=3D"padding-bottom: 20px;"><a cla=
ss=3D"fs22" href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1l=
EQU5TTktOT05LQUdQVlVraUJfazhwdEJWMURQSllmZz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm=
5ld3Mvb3p5LWNhcmxvcy13YXRzb24tb24tdHJpYWwta2VuZHJpY2stdi1kcmFrZS8_dXRtX2Nhb=
XBhaWduPVdhbGwrUG93ZXIrLStMRUFEUyslMjg1JTJGNyUyRjI0JTI5XHUwMDI2dXRtX2NvbnRl=
bnQ9V2FsbCtQb3dlcistK0xFQURTKyUyODUlMkY3JTJGMjQlMjlcdTAwMjZ1dG1fbWVkaXVtPWV=
tYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNm=
M2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsa=
W5rX2lkIjo4NjkzNjl9/fd9c338df4a552346740966e8827ff4a8848a88f735a041a01fc2a0=
4005de1b9" rel=3D"noopener" style=3D"text-decoration: none; color: #d40000;=
font-size: 22px; font-weight: 700; line-height: 26px; font-family: Beskerv=
ille,Georgia,'Times New Roman',Times,serif;" target=3D"_blank">Wiza=
rd of Ozy</a></td>
</tr>
<tr>
<td class=3D"padB10 fs14" style=3D"font-size:14px;color:#55=
5;line-height:16px; padding-bottom: 20px;">Dissecting a slate of high-profi=
le lawsuits.</td>
</tr>
<tr>
<td class=3D"fs14" style=3D"font-size:14px;color:#000000;li=
ne-height:16px;"><strong>ERIQ GARDNER</strong></td>
</tr>
</tbody></table>
</td>
</tr>
<!-- END OF STORY ITEM -->
<!-- STORY ITEM -->
<tr class=3D"replica" name=3D"story4">
<td style=3D"padding-right: 10px; padding-bottom: 10px;" valig=
n=3D"top"><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1=
lEQU5TTktOT05LQUdQVlVraUJfazhwdEJWMURQSllmZz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrL=
m5ld3Mvbm8tMjAyNC1kZW1vY3JhdGljLW5hdGlvbmFsLWNvbnZlbnRpb24td2lsbC1ub3QtcmVz=
ZW1ibGUtMTk2OC8_dXRtX2NhbXBhaWduPVdhbGwrUG93ZXIrLStMRUFEUyslMjg1JTJGNyUyRjI=
0JTI5XHUwMDI2dXRtX2NvbnRlbnQ9V2FsbCtQb3dlcistK0xFQURTKyUyODUlMkY3JTJGMjQlMj=
lcdTAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIua=
W9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2=
MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjo4Njk5NDF9/ba93da16c569120e4a1d14b7bc7414=
719f16dd8836b42633ae0262caf91a755a" target=3D"_blank"><img alt=3D"The =E2=
=80=9968th Sense" class=3D"w80" src=3D"https://userimg-bee.customeriomail.c=
om/images/client-env-107382/Icon_Ace.png" style=3D"width:145px;" width=3D"1=
45"/></a></td>
<td class=3D"padB30" style=3D"padding-bottom: 10px;">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" class=
=3D"w100pct" role=3D"presentation" style=3D"width: 100%;" width=3D"100%">
<tbody><tr>
<td class=3D"padB10" style=3D"padding-bottom: 20px;"><a cla=
ss=3D"fs22" href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1l=
EQU5TTktOT05LQUdQVlVraUJfazhwdEJWMURQSllmZz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm=
5ld3Mvbm8tMjAyNC1kZW1vY3JhdGljLW5hdGlvbmFsLWNvbnZlbnRpb24td2lsbC1ub3QtcmVzZ=
W1ibGUtMTk2OC8_dXRtX2NhbXBhaWduPVdhbGwrUG93ZXIrLStMRUFEUyslMjg1JTJGNyUyRjI0=
JTI5XHUwMDI2dXRtX2NvbnRlbnQ9V2FsbCtQb3dlcistK0xFQURTKyUyODUlMkY3JTJGMjQlMjl=
cdTAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW=
9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2M=
TVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjo4Njk5NDF9/ba93da16c569120e4a1d14b7bc74147=
19f16dd8836b42633ae0262caf91a755a" rel=3D"noopener" style=3D"text-decoratio=
n: none; color: #d40000; font-size: 22px; font-weight: 700; line-height: 26=
px; font-family: Beskerville,Georgia,'Times New Roman',Times,serif;=
" target=3D"_blank">The =E2=80=9968th Sense</a></td>
</tr>
<tr>
<td class=3D"padB10 fs14" style=3D"font-size:14px;color:#55=
5;line-height:16px; padding-bottom: 20px;">Skewering the media=E2=80=99s Ch=
icago =E2=80=9968 false equivalencies.</td>
</tr>
<tr>
<td class=3D"fs14" style=3D"font-size:14px;color:#000000;li=
ne-height:16px;"><strong>PETER HAMBY</strong></td>
</tr>
</tbody></table>
</td>
</tr>
<!-- END OF STORY ITEM -->
</tbody></table>
</td>
</tr>
</tbody></table>
</td>
</tr>
<!-- END OF OTHER STORIES -->
<!-- DIVIDER -->
<tr class=3D"replica" name=3D"quote3">
<td align=3D"center" style=3D"padding-bottom: 20px;">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" class=3D"w1=
00pct" role=3D"presentation" style=3D"width: 540px;" width=3D"540">
<tbody><tr>
<td align=3D"center" style=3D"font-size:20px; line-height:34px; b=
order-top:1px solid #BBBBBB; padding: 0px 0;">
</td>
</tr>
</tbody></table>
</td>
</tr>
<!-- DIVIDER -->
<!-- IMAGE -->
<tr class=3D"replica" name=3D"image">
<td align=3D"center" style=3D"padding: 10px;">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" class=3D"w1=
00pct" role=3D"presentation" style=3D"width: 540px;" width=3D"540">
<tbody><tr>
<td align=3D"center" style=3D"padding: 16px 0;">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"=
presentation" style=3D"width: 100%;" width=3D"100%">
<tbody><tr>
<td align=3D"center"><a href=3D"https://email.puck.news/e/c/ey=
JlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdQVlVraUJfazhwdEJWMURQSllmZz0iLCJoc=
mVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvam9pbi8_dXRtX2NhbXBhaWduPVdhbGwrUG93ZXIrLStM=
RUFEUyslMjg1JTJGNyUyRjI0JTI5XHUwMDI2dXRtX2NvbnRlbnQ9V2FsbCtQb3dlcistK0xFQUR=
TKyUyODUlMkY3JTJGMjQlMjlcdTAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV=
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016b365a2622290617dcd1838de647cd0afdbc7ad1db520110c057ae8" target=3D"_blank=
"><img alt=3D"Start your free trial today" border=3D"0" class=3D"w100pct" s=
rc=3D"https://images.scalero.io/email_assets/2253/7RWTT0DHVQ58C08FARBHACTOF=
LPIIERZ38SQAJ21ZIY1UZI7QAIIR83OH81KK0QN.png" style=3D"width: 540px;" width=
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</tr>
</tbody></table>
</td>
</tr>
</tbody></table>
</td>
</tr>
<!-- END OF IMAGE -->
<!-- FOOTER -->
<tr>
<td align=3D"center" class=3D"padL20 padR20" style=3D"padding: 50px =
0 30px;">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"pre=
sentation" width=3D"100%">
<tbody><tr>
<td align=3D"center" style=3D"padding-bottom: 20px;"><a href=3D"h=
ttps://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdQVlVr=
aUJfazhwdEJWMURQSllmZz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvP3V0bV9jYW1wYWl=
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<tr>
<td align=3D"center" style=3D"padding-bottom: 16px;">
<table align=3D"center" cellpadding=3D"0" cellspacing=3D"0" role=
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<tbody><tr>
<td style=3D"padding: 0 10px;"><a href=3D"https://email.puck.n=
ews/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdQVlVraUJfazhwdEJWMURQSll=
mZz0iLCJocmVmIjoiaHR0cHM6Ly9mYWNlYm9vay5jb20vcHVja2RvdG5ld3M_dXRtX2NhbXBhaW=
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<td style=3D"padding: 0 10px;"><a href=3D"https://email.puck.n=
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et=3D"_blank"><img alt=3D"Twitter" height=3D"48" src=3D"https://images.scal=
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<td style=3D"padding: 0 10px;"><a href=3D"https://email.puck.n=
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