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From: "Marion Maneker" <marion@puck.news>
To: <enzo@showfile.com>
Subject: A $500M Europe Haul, The Philly Museum Scandal & A Zwirner Coup
Date: Wed, 5 Nov 2025 23:33:08 -0000
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Welcome back to Wall Power’s Inner Circle. I’m Marion Maneker. Tonight, I’ve 
got data from the London and Paris auctions compiled by our friends at 
ARTDAI. The numbers show that the art market is healing—lending substance to 
an anecdotal detail from the front lines of the recent fairs, as I noted 
yesterday, that hasn’t entirely entered the media narrative until now.  ͏  ͏ 
͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏ 
͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏ 
 ͏                                      
             





Nov 5, 2025












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 	Marion Maneker


Welcome back to Wall Power’s Inner Circle. I’m Marion Maneker.

Tonight, I’ve got data from the London and Paris auctions compiled by our 
friends at ARTDAI. The numbers show that the art market is healing—lending 
substance to an anecdotal detail from the front lines of the recent fairs, 
as I noted yesterday, that hasn’t entirely entered the media narrative until 
now.

There seems to be a new mood in the market: Estimates have come down and 
buyers are competing again. It’s still way too early to declare legit 
forward momentum, but London and Paris have sent positive signals, and this 
month’s sales in New York will have an even greater impact on market 
psychology. More on this below.

But first…


*	Notes on the Philadelphia museum scandal: I’ve been perplexed by the 
unfolding saga of Sasha Suda, the director of the Philadelphia Art Museum, 
who was just fired on the day before the debut of one of the museum’s 
biggest international shows. Yesterday, Philadelphia reported that Suda had 
received an email at 9:03 a.m. informing her that the board was terminating 
her for cause over...




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Don’t Call It a Comeback…



The numbers from October’s European auctions are in, and they are defying 
the tired narrative of a moribund art market. In fact, according to the 
data, the market is strong and getting stronger.




 	Marion Maneker




It’s too soon to declare with any numerical certainty that the art market 
has regained its mojo, but the results from October’s auctions in London and 
Paris are surprisingly strong given the pessimism we’ve become accustomed 
to. In fact, the numbers we do have from those recent sales, via ARTDAI, 
reveal an unusually high general level of interest in buying art. According 
to Pi-eX, almost £383 million was spent—just under the peak of nearly £400 
million that the combined London and Paris sales reached in 2017. Given the 
prevailing narrative for the European market—and the art market as a whole, 
for that matter—this result gave me...




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05LQUdhVmwzTmh3N1NYbjhMZzZPRzk0Yz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvYX=
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style=3D"color:#d40000;text-decoration:none;">Marion Maneker</a>
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<table class=3D"c4 oq" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
"><tbody><tr><td class=3D"r5" style=3D"padding-bottom:32px;"><div =
style=3D"color:#000000;direction:ltr;font-family:&#39;Inter&#39;,&#39;Ari=
al&#39;;font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5=
;text-align:left;mso-line-height-alt:26px;"><p =
style=3D"margin:0;">Welcome back to Wall Power=E2=80=99s Inner Circle. =
I=E2=80=99m <strong>Marion
Maneker</strong>.<br/><br/>Tonight, I=E2=80=99ve got data from the =
London and Paris auctions compiled by our friends at ARTDAI. The numbers =
show that the art market is <em>healing=E2=80=94</em>lending substance =
to an anecdotal detail from the front lines of the recent fairs, as I =
noted yesterday, that hasn=E2=80=99t entirely entered the media =
narrative until now.<br/><br/>There seems to be a new mood in the =
market: Estimates have come down and buyers are competing again. =
It=E2=80=99s still way too early to declare legit forward
momentum, but London and Paris have sent positive signals, and this =
month=E2=80=99s sales in New York will have an even greater impact on =
market psychology. More on this below.<br/><br/><em>But =
first=E2=80=A6</em></p></div>
</td></tr></tbody></table>
<table class=3D"q p" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
color:#000000;direction:ltr;font-family:&#39;Inter&#39;,&#39;Arial&#39;;f=
ont-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5;text-ali=
gn:left;mso-line-height-alt:26px;"><tbody><tr><td class=3D"r5" =
style=3D"padding-bottom:8px;"><div style=3D"margin-left:-20px"><ul =
style=3D"margin-top:0;margin-bottom:0;list-style-type:revert;"><li =
style=3D"Margin:0 0 24px
0;"><em>Notes on the Philadelphia museum scandal</em>: I=E2=80=99ve been =
perplexed by the unfolding saga of <strong>Sasha Suda</strong>, the =
director of the Philadelphia Art Museum, who was <em>just</em> fired on =
the day before the debut of one of the museum=E2=80=99s biggest =
international shows. Yesterday, <em>Philadelphia </em><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdhVmwzTmh3N1NYbjhMZzZPRzk0Yz0iLCJocmVmIjoiaHR0cHM6Ly93d3cucGhpbGx5bW=
FnLmNvbS9uZXdzLzIwMjUvMTEvMDQvc2FzaGEtc3VkYS1vdXQtYXJ0LW11c2V1bS8_dXRtX2N=
hbXBhaWduPUlDK0V4Y2x1c2l2ZStXYWxsK1Bvd2VyKy0rTEVBRFMrJTI4MTElMkY1JTJGMjUl=
MjlcdTAwMjZ1dG1fY29udGVudD1JQytFeGNsdXNpdmUrV2FsbCtQb3dlcistK0xFQURTKyUyO=
DExJTJGNSUyRjI1JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc2=
91cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJ=
pbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MjQxNzI3OX0/9df3=
85a04acfaec795072cf63b19cac82e7cb61ab05eddf1a83f8b2ab99700ad" =
style=3D"text-decoration:underline;color:#d40000;">reported</a> that =
Suda had received an email at 9:03 a.m.
informing her that the board was terminating her for cause =
over...</li></ul></div>
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</td></tr></tbody></table>
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#d40000;padding-bottom:32px;padding-left:24px;padding-right:24px;padding-=
top:32px;
vertical-align:top;">
<table class=3D"c4 np" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
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style=3D"color:#000000;direction:ltr;font-family:&#39;Inter&#39;,&#39;Ari=
al&#39;;font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.2=
;text-align:left;mso-line-height-alt:20px;"><p style=3D"margin:0;">A =
MESSAGE FROM OUR SPONSOR</p></div>
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style=3D"color:#000000;direction:ltr;font-family:&#39;Inter&#39;,&#39;Ari=
al&#39;;font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.2=
;text-align:center;mso-line-height-alt:20px;"><p =
style=3D"margin:0;margin-bottom:0px;">The first steps towards a =
masterpiece starts with a dream. The all-electric BMW i7 =E2=80=93 the
evolution of brilliance. Learn more at=C2=A0</p><p =
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91cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJ=
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class=3D"r5" =
style=3D"padding-bottom:16px;padding-left:24px;padding-right:24px;text-al=
ign:center;width:100%;"><h1 =
style=3D"margin:0;color:#000000;direction:ltr;font-family:&#39;PuckSerifD=
isplay&#39;,&#39;Georgia&#39;;font-size:48px;font-weight:400;letter-spaci=
ng:normal;line-height:1.2;text-align:left;margin-top:0;margin-bottom:0;ms=
o-line-height-alt:58px;"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdhVmwzTmh3N1NYbjhMZzZPRzk0Yz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvYX=
J0LW1hcmtldC1yZWNvdmVyeS01MDBtLWV1cm9wZWFuLWF1Y3Rpb24tcmVzdWx0cy8_dXRtX2N=
hbXBhaWduPUlDK0V4Y2x1c2l2ZStXYWxsK1Bvd2VyKy0rTEVBRFMrJTI4MTElMkY1JTJGMjUl=
MjlcdTAwMjZ1dG1fY29udGVudD1JQytFeGNsdXNpdmUrV2FsbCtQb3dlcistK0xFQURTKyUyO=
DExJTJGNSUyRjI1JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc2=
91cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJ=
pbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MjQxNzI4MH0/b743=
802c89af3aaa1e9180fd42bbf6ef6f72fdd933497a588c7ce7dd7fb4ef7e" =
target=3D"_blank" data-mce-attributes-count=3D"1" =
style=3D"text-decoration:none;color:#d40000;" =
rel=3D"noopener">Don=E2=80=99t Call It a Comeback=E2=80=A6</a></h1>
</td></tr></tbody></table>
<table class=3D"c4" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
"><tbody><tr><td class=3D"r5" =
style=3D"padding-left:24px;padding-right:24px;"><div =
style=3D"color:#000000;direction:ltr;font-family:&#39;Inter&#39;,&#39;Ari=
al&#39;;font-size:19px;font-weight:400;letter-spacing:0px;line-height:1.5=
;text-align:left;mso-line-height-alt:29px;"><p style=3D"margin:0;">The =
numbers from October=E2=80=99s European auctions are in, and they are
defying the tired narrative of a moribund art market. In fact, according =
to the data, the market is strong and getting stronger.</p></div>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>
<table align=3D"center" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
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<table class=3D"c ie" align=3D"center" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;background-color:#ffff=
ff;border-bottom:8px solid transparent;border-left:24px solid =
transparent;border-radius:0;border-right:24px solid =
transparent;border-top:8px solid =
transparent;color:#000000;width:600px;margin:0 auto;" =
width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"100%" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-a=
lign:
left;border-bottom:1px solid #d40000;border-top:1px solid =
#d40000;vertical-align:top;border-radius:0px;">
<table class=3D"np" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;text-align:left;line-h=
eight:0;"><tbody><tr><td class=3D"r5" =
style=3D"vertical-align:middle;color:#d40000;font-family:&#39;PuckSerifDi=
splay&#39;,&#39;Georgia&#39;;font-size:20px;font-weight:400;padding-botto=
m:8px;padding-right:8px;padding-top:8px;text-align:left;">
<table class=3D"b" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;display:inline-block;p=
adding-left:0px;padding-right:0px;" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation"><tbody><tr><td =
style=3D"vertical-align:middle;text-align:center;padding-top:0px;padding-=
bottom:0px;padding-left:0px;padding-right:0px;"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdhVmwzTmh3N1NYbjhMZzZPRzk0Yz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvYX=
V0aG9yL21hcmlvbi1tYW5la2VyLz91dG1fY2FtcGFpZ249SUMrRXhjbHVzaXZlK1dhbGwrUG9=
3ZXIrLStMRUFEUyslMjgxMSUyRjUlMkYyNSUyOVx1MDAyNnV0bV9jb250ZW50PUlDK0V4Y2x1=
c2l2ZStXYWxsK1Bvd2VyKy0rTEVBRFMrJTI4MTElMkY1JTJGMjUlMjlcdTAwMjZ1dG1fbWVka=
XVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdG=
VybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDh=
kMjgiLCJsaW5rX2lkIjo4NDc4MTd9/a4e6a7de96f5986bf211c902bc5b97712dff2333ac3=
f48c20aba54d31dc4b4ad" target=3D"_self" =
style=3D"text-decoration:none;"><img alt=3D"Marion Maneker" =
src=3D"https://userimg-assets.customeriomail.com/images/client-env-107382=
/1739207842260_avatar-marion-update-2025-02-10_01JKRDV6FXDFC5A7AK1PGGWTBD=
.png" height=3D"auto" width=3D"48" align=3D"center" =
style=3D"display:block;height:auto;margin:0 auto;border:0;"/></a>
</td><td =
style=3D"font-family:&#39;PuckSerifDisplay&#39;,&#39;Georgia&#39;;font-si=
ze:20px;font-weight:400;color:#d40000;vertical-align:middle;letter-spacin=
g:undefined;text-align:left;line-height:normal;"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdhVmwzTmh3N1NYbjhMZzZPRzk0Yz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvYX=
V0aG9yL21hcmlvbi1tYW5la2VyLz91dG1fY2FtcGFpZ249SUMrRXhjbHVzaXZlK1dhbGwrUG9=
3ZXIrLStMRUFEUyslMjgxMSUyRjUlMkYyNSUyOVx1MDAyNnV0bV9jb250ZW50PUlDK0V4Y2x1=
c2l2ZStXYWxsK1Bvd2VyKy0rTEVBRFMrJTI4MTElMkY1JTJGMjUlMjlcdTAwMjZ1dG1fbWVka=
XVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdG=
VybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDh=
kMjgiLCJsaW5rX2lkIjo4NDc4MTd9/a4e6a7de96f5986bf211c902bc5b97712dff2333ac3=
f48c20aba54d31dc4b4ad" target=3D"_self" =
style=3D"color:#d40000;text-decoration:none;">Marion Maneker</a>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>
<table align=3D"center" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td>
<table class=3D"c ie" align=3D"center" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;background-color:#ffff=
ff;border-radius:0;color:#000000;width:600px;margin:0 auto;" =
width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"100%" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-a=
lign:left;padding-left:24px;padding-right:24px;padding-top:16px;vertical-=
align:top;">
<table class=3D"c4 np" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
"><tbody><tr><td class=3D"r5" style=3D"padding-bottom:22px;"><div =
style=3D"color:#000000;direction:ltr;font-family:&#39;Inter&#39;,&#39;Ari=
al&#39;;font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5=
;text-align:left;mso-line-height-alt:26px;"><p =
style=3D"margin:0;">It=E2=80=99s too soon to declare with any numerical =
certainty that the art market has
regained its mojo, but the results from October=E2=80=99s auctions in =
London and Paris are surprisingly strong given the pessimism =
we=E2=80=99ve become accustomed to. In fact, the numbers we do have from =
those recent sales, via ARTDAI, <a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdhVmwzTmh3N1NYbjhMZzZPRzk0Yz0iLCJocmVmIjoiaHR0cHM6Ly93d3cubGlua2VkaW=
4uY29tL3Bvc3RzL2Nib3Vycm9uX3RoaXMtb2N0b2Jlci10aGUtZXVyb3BlYW4tcHVibGljLWF=
1Y3Rpb24tYWN0aXZpdHktNzM4OTY3MTY1MzEyNTAyMTY5Ni13WWp3P3V0bV9zb3VyY2U9c2hh=
cmVcdTAwMjZ1dG1fbWVkaXVtPW1lbWJlcl9kZXNrdG9wXHUwMDI2cmNtPUFDb0FBQUFveTFvQ=
mxkdzRhLW16YTFycUpfcS1kMHByNFg2cTN4c1x1MDAyNnV0bV9jYW1wYWlnbj1JQytFeGNsdX=
NpdmUrV2FsbCtQb3dlcistK0xFQURTKyUyODExJTJGNSUyRjI1JTI5XHUwMDI2dXRtX2NvbnR=
lbnQ9SUMrRXhjbHVzaXZlK1dhbGwrUG93ZXIrLStMRUFEUyslMjgxMSUyRjUlMkYyNSUyOVx1=
MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb=
1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MD=
YxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjI0MTcyODF9/07c68de940140ed5d5eb8b69cd=
2ee939d0c77bf101eb3cd7bf2ef0cbe949018f" =
style=3D"text-decoration:underline;color:#d40000;">reveal</a> an
unusually high general level of interest in buying art. According to =
Pi-eX, almost =C2=A3383 million was spent=E2=80=94just under the peak of =
nearly =C2=A3400 million that the combined London and Paris sales =
reached in 2017. Given the prevailing narrative for the European =
market=E2=80=94and the art market as a whole, for that =
matter=E2=80=94this result gave me...</p></div>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>
<table class=3D"n3" align=3D"center" width=3D"100%" border=3D"0" =
cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td>
<table class=3D"c ie" align=3D"center" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;background-color:#ffff=
ff;border-radius:0;color:#000000;width:600px;margin:0 auto;" =
width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"100%" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-a=
lign:left;padding-left:24px;padding-right:24px;vertical-align:top;">
<table class=3D"g np" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
class=3D"r5" style=3D"padding-bottom:32px;text-align:center;"><div =
class=3D"r" align=3D"center"><a =
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style=3D"margin:0;">Finally, a media podcast about what=E2=80=99s =
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href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
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