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Subject: After Action Report: Sotheby's Mo Ostin + Modern Evening Sale + Phillips Day
sale
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View this post on the web at https://artelligence.substack.com/p/after-acti=
on-report-sothebys-mo-ostin
The Artelligence newsletter comes out every Friday with What We Learned thi=
s Week. Depending on the art market calendar or news cycle, you will receiv=
e other emails from this account on an irregular basis.
We are eager to hear from you. If you have questions, tips or suggestions f=
or coverage, contact us here [ mailto:maneker@artmarketmonitor.com ]. Feel =
free to forward the email to anyone you think would like to subscribe.
Some new subscribers may not receive the newsletter in their inbox immediat=
ely. Please check your spam folder.
Subscribed
In This Issue
The Dial: Sotheby=E2=80=99s Mo Ostin + Modern Evening sale =3D $426,809,800
About Last Night: Collectors resist estimates at Sotheby=E2=80=99s
Results: Top Ten Lots, Most Dynamic Bidding
Advancing: Giorgio Morandi, Cecily Brown
Retreating: Cy Twombly, Oscar Dominguez, Willem de Kooning
The Dial: Phillips Contemporary Day sale =3D $38,722,715
About Yesterday: Phillips holds the line with second highest day sale total
Results: Top Ten Lots, Most Dynamic Bidding
Advancing: Lois Dodd, Vivian Springford, Richard Estes
The Dial
Sotheby=E2=80=99s Mo Ostin + Modern Evening Sale
Solid sale management allowed to Sotheby=E2=80=99s to post good numbers in =
a weakening market environment. The $426.8 million spent made the sale the =
third largest evening total. Six withdrawn works protected the sell-through=
rate of 54 out of 63 lots offered. Half of the lots were sold below the lo=
w estimates; another 39% within the estimates; and only 11% saw strong bidd=
ing above the estimate range.=20
About Last Night
They may not ring a bell at the top of a market, as the Wall Street saying =
goes, but you can see when a market turns. At both Sotheby=E2=80=99s and Ph=
illips yesterday, it was clear that the long-expected recalibration of the =
market had arrived. Whether bidders who had expressed interest over the wee=
kend stayed away because of external events or simply because there was not=
a compelling case for parting with cash is impossible to know. It was clea=
r that buyers are not fleeing the market so much as trying to take advantag=
e of their strong position versus sellers. A lot of art was sold. Consignor=
s just had to accept lower prices than they had hoped to receive. A clear c=
ontrast was drawn in the Mo Ostin sale. Before the sale, the collection was=
avoiding irrevocable bids; yesterday, it was acknowledged that they took f=
our before the auction or more than 25% of the sale. The Modern evening sal=
e was more exposed. The top lots saw sustained bidding only to reach prices=
just above the estimates. All of that said, confident buyers did well and =
the market is a new opportunity for serious collectors.=20
Results
Top Ten Lots
Klimt, Magritte and van Gogh were all solid examples of the new mood. Even =
though Sotheby=E2=80=99s recently sold a Magritte from the same series a ye=
ar ago for nearly twice the price, this one still became the second highest=
price for the Belgian artist=E2=80=99s work by a substantial margin. Four =
of the L=E2=80=99empire de Lumieres works have sold for prices above $20m i=
n the last six years. The rest of the Magritte market remains at a differen=
t level including Mo Ostin=E2=80=99s Le Domaine d=E2=80=99Arnheim which ach=
ieved the top price for any work with similar imagery. Klimts are rare on t=
he art market. It=E2=80=99s also rare to see a prominent bidder from Japan.=
But the highest priced lot of the evening and one of the top estimates of =
the week went to a Japanese client. The surprise bidding war of the evening=
was for Isamu Noguchi=E2=80=99s monumental work The Family that made $12.2=
million in an extended two-person phone battle.
Most Dynamic Bidding
A Picasso sculpture with a museum provenance proved attractive to enough bi=
dders to make a price more than three times the estimate. Vilhelm Hammersho=
i=E2=80=99s rare work also provoked bidders out of their slumber. Mo Ostin=
=E2=80=99s Lichtenstein study on paper started slow in the bidding but fini=
shed strong. A Caillebotte and Pissarro from the same collection that was a=
lready familiar to dealers before the sale still sparked interest. A 1985 M=
ark Tansey of one of his most famous images and later Kandinsky work on pap=
er both got bidders notice.=20
Advancing
Giorgio Morandi: A poignant Morandi from 1955 was prominently featured by S=
otheby=E2=80=99s in their exhibition. No one slept on this opportunity and =
the $1.6 million price was right where the Italian artist=E2=80=99s market =
is these days.
Cecily Brown: Even in a strong market, there can be resistance. Cecily Brow=
n=E2=80=99s work continues to sell well. Small paintings have made strong p=
rices, very large works too. Mo Ostin=E2=80=99s Free Games for May seemed l=
ike a good candidate for a new high price given its color palette and domes=
tic size. The estimate was very attractive, a fact that was confirmed by an=
early jumped bid to $3.5 million. The bidding proceeded from there. But it=
stopped at the mysterious $6.7m price ceiling for the artist. There are no=
w three works of different sizes that sold for $6.7 million and two more th=
an sold for $6.5m. Collectors seem to have agreed that they will pay no mor=
e for a Cecily Brown=E2=80=94even after the strong recognition of the Met m=
useum exhibition.=20
Retreating
Cy Twombly: Sotheby=E2=80=99s recently did very well with a 1961 Twombly fr=
om the Macklowe collection. It sold for $20 million. Understandably, when o=
ffering a 1962 work from Mo Ostin=E2=80=99s collection that held its own ag=
ainst the Macklowe version, they chose to price it at what seemed a conserv=
ative starting point of $14 million. The quality of the Twombly hasn=E2=80=
=99t changed but the market for his work surely has. The bidding started at=
$8 million and progressed slowly before petering out at $10m. The collecto=
r bold enough to stick with it got a strong painting for a very good price.=
=20
Oscar Dominguez: There was a strong Oscar Dominguez record sale in London e=
arlier this year. Another example from the 1930s also sold well two years a=
go but those successes for Dominquez and the broader interest in Surrealism=
didn=E2=80=99t translate into bidding for this work from the 1940s that so=
ld for less than two-thirds the asking price.=20
Willem de Kooning: The enthusiasm Sotheby=E2=80=99s sparked for early de Ko=
oning seems to have waned. David Sollinger=E2=80=99s Collage was featured c=
enter stage at Sotheby=E2=80=99s but Two Figures, an engaging but more mute=
d composition from 1946, was presented in a lesser position than Mo Ostin=
=E2=80=99s Magrittes. Estimated at less than one-third of Collage, the work=
still failed to reach the estimate level. It sold for $5.8m which will lik=
ely be seen as a coup for the buyer in years to come.
The Dial=20
Phillips Contemporary Day Sale
Phillips held its second highest day sale total in a challenging market env=
ironment. Nevertheless, they were able to post a high-neutral 1.13 hammer r=
atio even as they fended off selling nearly a third of the lots at compromi=
se prices. The $38,722,715 total figure was achieved from the sale of 281 l=
ots at an average price of $137,315.=20
About Yesterday
Day sales may not be glamorous events but within the current market context=
Phillips=E2=80=99s strong sale management suggest the headwinds facing the=
market are less about demand from buyers and more about sellers=E2=80=99 e=
xpectations. The unexpected salutary economic environment doesn=E2=80=99t n=
ecessarily translate into an appetite to pay any price in the art market. T=
here are still quite a few buyers but they are choosier than ever.=20
Results
Top Ten Lots
The top lots at Phillips were a range of well-established names from Modern=
and Contemporary art. The top day sale lot was a David Hammons but solid w=
orks by Roy Lichtenstein, Keith Haring, Josef Albers, Joan Mitchell, Donald=
Judd and two works by Anish Kapoor round out the list. The top ten lots ac=
counted for less than 25% of the sale total emphasizing Phillips=E2=80=99s =
reliance on the =E2=80=9Cmiddle market=E2=80=9D and in contrast with Christ=
ie=E2=80=99s recent day sale.=20
Most Dynamic Bidding
Phillips also continued to make markets in emerging artists with strong sal=
es for Raghav Babbar, Daisy Dodd-Noble, Sarah Cunningham, as well as attrac=
ting bidders to Ilya Bolotowsky, Matthew Wong and Sarah Lucas.=20
Advancing=20
Lois Dodd: The striking canvas of a burning house that appeared at Phillips=
while the first retrospective of her work is on display in Greenwich seeme=
d like perfect market timing. The strategy paid off with a $215,900 sale th=
at is double her previous auction record achieved only six months ago.=20
Vivian Springford: Phillips offered two works by Springford in striking och=
re, lavender and yellow tones. The works had divergent success. The smaller=
VS 20 made a respectable $95,250. But the larger Tanzania Series work sold=
for a new auction record of $241,300, slightly exceeding a price Phillips =
made six months ago. As the market for rediscovered female abstract painter=
s continues to flourish, it seems likely we=E2=80=99ll see more of these Sp=
ringfords.=20
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</style></head><body class=3D"email-body" style=3D"font-kerning: auto;"><im=
g src=3D"https://mailgun.substack.com/api/v1/email/open?token=3DeyJtIjoiPDI=
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=3D"height:1px !important;width:1px !important;border-width:0 !important;ma=
rgin-top:0 !important;margin-bottom:0 !important;margin-right:0 !important;=
margin-left:0 !important;padding-top:0 !important;padding-bottom:0 !importa=
nt;padding-right:0 !important;padding-left:0 !important;"/><img src=3D"http=
s://eotrx.substackcdn.com/open?token=3DeyJtIjoiPDIwMjMwNTE3MTIxNTEwLjMuMGE4=
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OiJwdWItMCIsInN1YiI6ImVvIn0.GeqEphzRkwJxIytIGiBw44diIZwuEzvctGgus0ExHs0" al=
t=3D"" width=3D"1" height=3D"1" border=3D"0" style=3D"height:1px !important=
;width:1px !important;border-width:0 !important;margin-top:0 !important;mar=
gin-bottom:0 !important;margin-right:0 !important;margin-left:0 !important;=
padding-top:0 !important;padding-bottom:0 !important;padding-right:0 !impor=
tant;padding-left:0 !important;"/><div style=3D"display:none;font-size:1px;=
color:#333333;line-height:1px;max-height:0px;max-width:0px;opacity:0;overfl=
ow:hidden;" class=3D"preview">It's a battle out there between consignors an=
d bidders. The bidders seem to be winning.  ‌ ‌ =
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8204; ‌</div><table role=3D"presentation" width=3D"100%" border=
=3D"0" cellspacing=3D"0" cellpadding=3D"0" class=3D"email-body-container"><=
tr><td></td><td width=3D"550" class=3D"content"></td><td></td></tr><tr><td>=
</td><td align=3D"left" width=3D"550" class=3D"content"><div style=3D"font-=
size: 16px; line-height: 26px; margin: 0 auto; max-width: 550px; overflow-w=
rap: break-word; width: 100%;"><table role=3D"presentation" width=3D"100%" =
border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td align=3D"right" st=
yle=3D"height: 20px;"><table role=3D"presentation" width=3D"auto" border=3D=
"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td style=3D"vertical-align: mi=
ddle;"><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, Inter, Segoe UI, Roboto, Helvetica, Arial, sans-serif=
, Apple Color Emoji, Segoe UI Emoji, Segoe UI Symbol !important; font-size:=
13px !important;"><a href=3D"https://open.substack.com/pub/artelligence/p/=
after-action-report-sothebys-mo-ostin?utm_source=3Demail&redirect=3Dapp-sto=
re" class=3D"tw-text-substack-secondary tw-underline" style=3D"-webkit-text=
-decoration-line: underline !important; color: #808080 !important; text-dec=
oration-line: underline !important;">Open in app</a> or <a href=3D"https://=
substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2VuY2Uuc3Vic3RhY2suY29=
tL3AvYWZ0ZXItYWN0aW9uLXJlcG9ydC1zb3RoZWJ5cy1tby1vc3Rpbj90b2tlbj1leUoxYzJWeV=
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48?" class=3D"tw-text-substack-secondary tw-underline" style=3D"-webkit-tex=
t-decoration-line: underline !important; color: #808080 !important; text-de=
coration-line: underline !important;">online</a></span></td></tr></table></=
td></tr></table><table role=3D"presentation" width=3D"auto" class=3D"header=
graphic-header" style=3D"border-spacing: 0; padding: 16px 0 32px;"><tr><td=
align=3D"center" style=3D"padding: 0; text-align: center;"><a href=3D"http=
s://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2VuY2Uuc3Vic3RhY2s=
uY29tL3AvYWZ0ZXItYWN0aW9uLXJlcG9ydC1zb3RoZWJ5cy1tby1vc3Rpbj90b2tlbj1leUoxYz=
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8p9Q48?"><img role=3D"presentation" width=3D"550" height=3D"110" src=3D"htt=
ps://substackcdn.com/image/fetch/w_1100,c_limit,f_auto,q_auto:good,fl_progr=
essive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2F=
images%2Fe3cfc2fc-ffba-4eae-8c1a-7c9381cc0cef_1100x220.png" class=3D"header=
-image" style=3D"border: none !important; display: block; height: auto; mar=
gin: 0 auto; max-width: 550px; vertical-align: middle; width: 100%;"></a></=
td></tr></table><div dir=3D"auto" class=3D"post typography" style=3D"font-s=
ize: 16px; line-height: 26px; padding: 16px 0 0 0;"><div class=3D"post-head=
er" style=3D"font-size: 16px; line-height: 26px;"><h1 class=3D"post-title p=
ublished" style=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoot=
hing: antialiased; -webkit-appearance: optimizelegibility; -webkit-font-smo=
othing: antialiased; appearance: optimizelegibility; color: #404040; font-f=
amily: 'SF Compact Display', -apple-system, BlinkMacSystemFont, '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-link/post?publication_id=
=3D2259&post_id=3D121940499&utm_source=3Dpost-email-title&isFreemail=3Dtrue=
&token=3DeyJ1c2VyX2lkIjoxMzMyNjg2NjEsInBvc3RfaWQiOjEyMTk0MDQ5OSwiaWF0IjoxNj=
g0MzI2MjQ3LCJleHAiOjE2ODY5MTgyNDcsImlzcyI6InB1Yi0yMjU5Iiwic3ViIjoicG9zdC1yZ=
WFjdGlvbiJ9.zPmAsEP5RwxDMx1dJQMBOasakwdRQYle0CNyka6n8KI" style=3D"color: #4=
04040; text-decoration: none;">After Action Report: Sotheby's Mo Ostin + Mo=
dern Evening Sale + Phillips Day sale</a></h1><h3 class=3D"subtitle" style=
=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoothing: antialias=
ed; -webkit-appearance: optimizelegibility; -webkit-font-smoothing: antiali=
ased; appearance: optimizelegibility; color: #808080; 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: 18px; font-weight: normal; line-height: 24px; margin: 4px=
0 0; margin-top: 12px;">It's a battle out there between consignors and bid=
ders. The bidders seem to be winning.</h3><table role=3D"presentation" widt=
h=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" class=3D"post-m=
eta" style=3D"align-items: center; height: 20px; margin: 1em 0;"><tr><td><t=
able role=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D"0" ce=
llpadding=3D"0"><tr><td><table role=3D"presentation" width=3D"auto" border=
=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td style=3D"vertical-align:=
middle;"><div class=3D"pencraft frontend-pencraft-Box-module__reset--tAIEo=
frontend-pencraft-Text-module__size-11--1-ofT frontend-pencraft-Text-modul=
e__line-height-20--1soeQ frontend-pencraft-Text-module__weight-medium--aTbx=
5 frontend-pencraft-Text-module__font-meta--2i-cR frontend-pencraft-Text-mo=
dule__color-primary--2I-sF frontend-pencraft-Text-module__transform-upperca=
se--38jbr frontend-pencraft-Text-module__reset--20JLV frontend-pencraft-Tex=
t-module__meta--3RRSj custom-css-email-post-author" style=3D"color: #404040=
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kMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Co=
lor Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 11px; font-weig=
ht: 500; letter-spacing: .2px; line-height: 20px; margin: 0; text-decoratio=
n: unset; text-transform: uppercase;"><a style=3D"color: #404040; font-fami=
ly: 'SF Compact', -apple-system, -apple-system, -system-ui, BlinkMacSystemF=
ont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji',=
'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 11px; font-weight: 500; le=
tter-spacing: .2px; line-height: 20px; margin: 0; text-decoration: none; te=
xt-transform: uppercase;" href=3D"https://substack.com/profile/735466-mario=
n-maneker" class=3D"pencraft frontend-pencraft-Box-module__reset--tAIEo fro=
ntend-pencraft-Text-module__size-11--1-ofT frontend-pencraft-Text-module__l=
ine-height-20--1soeQ frontend-pencraft-Text-module__weight-medium--aTbx5 fr=
ontend-pencraft-Text-module__font-meta--2i-cR frontend-pencraft-Text-module=
__color-primary--2I-sF frontend-pencraft-Text-module__transform-uppercase--=
38jbr frontend-pencraft-Text-module__reset--20JLV frontend-pencraft-Text-mo=
dule__meta--3RRSj">Marion Maneker</a></div></td></tr></table></td></tr><tr>=
<td><table role=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D=
"0" cellpadding=3D"0"><tr><td style=3D"vertical-align: middle;"><div class=
=3D"pencraft frontend-pencraft-Box-module__reset--tAIEo frontend-pencraft-T=
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soeQ frontend-pencraft-Text-module__weight-medium--aTbx5 frontend-pencraft-=
Text-module__font-meta--2i-cR frontend-pencraft-Text-module__color-secondar=
y--XjVGl frontend-pencraft-Text-module__transform-uppercase--38jbr frontend=
-pencraft-Text-module__reset--20JLV frontend-pencraft-Text-module__meta--3R=
RSj" style=3D"color: #808080; font-family: 'SF Compact', -apple-system, -ap=
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Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'=
; font-size: 11px; font-weight: 500; letter-spacing: .2px; line-height: 20p=
x; margin: 0; text-decoration: unset; text-transform: uppercase;"><time dat=
eTime=3D"2023-05-17T12:23:40.620Z">May 17</time></div></td></tr></table></t=
d></tr></table></td></tr></table><table role=3D"presentation" width=3D"100%=
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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: optimizelegib=
ility; -moz-osx-font-smoothing: antialiased; -webkit-appearance: optimizele=
gibility; -webkit-font-smoothing: antialiased; appearance: optimizelegibili=
ty; color: #404040; font-family: 'SF Compact Display', -apple-system, Blink=
MacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Col=
or Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.625em; font-we=
ight: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; position: relativ=
e;"><strong>In This Issue</strong></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: 16px; line-height: 26px; margin: 0; margin-bot=
tom: 0; padding-left: 4px;"><strong>The Dial: </strong><span>Sotheby’=
s Mo Ostin + Modern Evening sale =3D $426,809,800</span></p></li><li style=
=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; color: #4040=
40; font-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0; paddin=
g-left: 4px;"><strong>About Last Night:</strong><span> Collectors resist es=
timates at Sotheby’s</span></p></li><li style=3D"margin: 8px 0 0 32px=
;"><p style=3D"box-sizing: border-box; color: #404040; font-size: 16px; lin=
e-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><strong>Re=
sults: </strong><span>Top Ten Lots, Most Dynamic Bidding</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>Advancing: </strong><span>Giorgio Morandi, Ceci=
ly Brown</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; ma=
rgin: 0; margin-bottom: 0; padding-left: 4px;"><strong>Retreating:</strong>=
<span> Cy Twombly, Oscar Dominguez, Willem de Kooning</span></p></li><li st=
yle=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; color: #4=
04040; font-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0; pad=
ding-left: 4px;"><strong>The Dial: </strong><span>Phillips Contemporary Day=
sale =3D $38,722,715</span></p></li><li style=3D"margin: 8px 0 0 32px;"><p=
style=3D"box-sizing: border-box; color: #404040; font-size: 16px; line-hei=
ght: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><strong>About Y=
esterday:</strong><span> Phillips holds the line with second highest day sa=
le total</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; ma=
rgin: 0; margin-bottom: 0; padding-left: 4px;"><strong>Results: </strong><s=
pan>Top Ten Lots, Most Dynamic Bidding</span></p></li><li style=3D"margin: =
8px 0 0 32px;"><p style=3D"box-sizing: border-box; color: #404040; font-siz=
e: 16px; line-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;=
"><strong>Advancing: </strong><span>Lois Dodd, Vivian Springford, Richard E=
stes</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; -web=
kit-appearance: optimizelegibility; -webkit-font-smoothing: antialiased; ap=
pearance: optimizelegibility; color: #404040; font-family: 'SF Compact Disp=
lay', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Ari=
al, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; f=
ont-size: 1.625em; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.=
625em 0; position: relative;">The Dial</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;">Sotheby’s Mo Ostin=
+ Modern Evening Sale</h4><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" style=3D"mso-pad=
ding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align: center;"></td><=
td align=3D"left" class=3D"content" width=3D"422" style=3D"text-align: cent=
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OM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"align-items: center; =
border: none; display: block; flex-direction: column; height: auto; margin:=
0; padding: 0; position: relative; text-decoration: none; width: auto;"><i=
mg data-attrs=3D"{"src":"https://substack-post-media.s3.amaz=
onaws.com/public/images/b2aa9087-ae95-4f5e-be09-2926275687cf_1024x1024.jpeg=
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uot;internalRedirect":null}" alt width=3D"422" height=3D"422" class sr=
c=3D"https://substackcdn.com/image/fetch/w_422,c_limit,f_auto,q_auto:good,f=
l_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpu=
blic%2Fimages%2Fb2aa9087-ae95-4f5e-be09-2926275687cf_1024x1024.jpeg" style=
=3D"-ms-interpolation-mode: bicubic; border: none !important; display: bloc=
k; height: auto; margin: 0 auto; margin-bottom: 0; max-width: 100% !importa=
nt; vertical-align: middle; width: auto !important;"></a></td><td style=3D"=
text-align: center;"></td></tr></tbody></table></figure></div><p style=3D"c=
olor: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">Sol=
id sale management allowed to Sotheby’s to post good numbers in a wea=
kening market environment. The $426.8 million spent made the sale the third=
largest evening total. Six withdrawn works protected the sell-through rate=
of 54 out of 63 lots offered. Half of the lots were sold below the low est=
imates; another 39% within the estimates; and only 11% saw strong bidding a=
bove the estimate range. </p><div class=3D"captioned-image-container-static=
" style=3D"font-size: 16px; line-height: 26px; margin: 32px auto;"><figure =
style=3D"margin: 0 auto; width: 100%;"><table class=3D"image-wrapper" width=
=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" style=3D"mso-pad=
ding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align: center;"></td><=
td align=3D"left" class=3D"content" width=3D"438" style=3D"text-align: cent=
er;"><a class=3D"image-link" target=3D"_blank" href=3D"https://substack.com=
/redirect/ec8635f3-5b78-4ea2-a503-519c27e59acf?j=3DeyJ1IjoiMjdjZXI5In0.nCNh=
OM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"align-items: center; =
border: none; display: block; flex-direction: column; height: auto; margin:=
0; padding: 0; position: relative; text-decoration: none; width: auto;"><i=
mg data-attrs=3D"{"src":"https://substack-post-media.s3.amaz=
onaws.com/public/images/06b3a559-8413-46b4-b2c6-f1797a7b8ab4_1024x1024.jpeg=
","fullscreen":null,"imageSize":null,"height&=
quot;:1024,"width":1024,"resizeWidth":438,"bytes&q=
uot;:366322,"alt":null,"title":null,"type":&q=
uot;image/jpeg","href":null,"belowTheFold":true,&q=
uot;internalRedirect":null}" alt width=3D"438" height=3D"438" class sr=
c=3D"https://substackcdn.com/image/fetch/w_438,c_limit,f_auto,q_auto:good,f=
l_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpu=
blic%2Fimages%2F06b3a559-8413-46b4-b2c6-f1797a7b8ab4_1024x1024.jpeg" style=
=3D"-ms-interpolation-mode: bicubic; border: none !important; display: bloc=
k; height: auto; margin: 0 auto; margin-bottom: 0; max-width: 100% !importa=
nt; vertical-align: middle; width: auto !important;"></a></td><td style=3D"=
text-align: center;"></td></tr></tbody></table><figcaption class=3D"image-c=
aption" style=3D"box-sizing: content-box; color: #808080; font-size: 14px; =
font-weight: 400; letter-spacing: -.15px; line-height: 20px; margin-top: 8p=
x; padding-left: 15%; padding-right: 15%; text-align: center; width: 70%;">=
Sotheby’s Mo Ostin + Modern Evening Sale, May 2023</figcaption></figu=
re></div><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;">About Last Night</h2><p style=3D"color: #404040; font-size: 1=
6px; line-height: 26px; margin: 0 0 20px 0;">They may not ring a bell at th=
e top of a market, as the Wall Street saying goes, but you can see when a m=
arket turns. At both Sotheby’s and Phillips yesterday, it was clear t=
hat the long-expected recalibration of the market had arrived. Whether bidd=
ers who had expressed interest over the weekend stayed away because of exte=
rnal events or simply because there was not a compelling case for parting w=
ith cash is impossible to know. It was clear that buyers are not fleeing th=
e market so much as trying to take advantage of their strong position versu=
s sellers. A lot of art was sold. Consignors just had to accept lower price=
s than they had hoped to receive. A clear contrast was drawn in the Mo Osti=
n sale. Before the sale, the collection was avoiding irrevocable bids; yest=
erday, it was acknowledged that they took four before the auction or more t=
han 25% of the sale. The Modern evening sale was more exposed. The top lots=
saw sustained bidding only to reach prices just above the estimates. All o=
f that said, confident buyers did well and the market is a new opportunity =
for serious collectors. </p><div style=3D"font-size: 16px; line-height: 26p=
x;"><hr style=3D"background: #e0e0e0; border: none; height: 1px; margin: 32=
px 0; padding: 0;"></div><h2 class=3D"header-with-anchor-widget" style=3D"-=
moz-appearance: optimizelegibility; -moz-osx-font-smoothing: antialiased; -=
webkit-appearance: optimizelegibility; -webkit-font-smoothing: antialiased;=
appearance: optimizelegibility; color: #404040; font-family: 'SF Compact D=
isplay', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, =
Arial, sans-serif, 'Apple 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;">Results</h2><h4 class=3D"header-with-ancho=
r-widget" style=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoot=
hing: antialiased; -webkit-appearance: optimizelegibility; -webkit-font-smo=
othing: antialiased; appearance: optimizelegibility; color: #404040; font-f=
amily: 'SF Compact Display', -apple-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=
=2E16em; margin: 1em 0 0.625em 0; posit=
ion: relative;">Top Ten Lots</h4><div=20=
class=3D"captioned-image-container-static" style=3D"font-size: 16px; line-h=
eight: 26px; margin: 32px auto;"><figure style=3D"margin: 0 auto; width: 10=
0%;"><table class=3D"image-wrapper" width=3D"100%" border=3D"0" cellspacing=
=3D"0" cellpadding=3D"0" 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"1294" style=3D"text-align: center;"><a class=3D"image-link" targ=
et=3D"_blank" href=3D"https://substack.com/redirect/e73d3408-d661-4eee-8895=
-48de646ec103?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6p=
p7gWdY" rel style=3D"align-items: center; border: none; display: block; fle=
x-direction: column; height: auto; margin: 0; padding: 0; position: relativ=
e; text-decoration: none; width: auto;"><img data-attrs=3D"{"src"=
:"https://substack-post-media.s3.amazonaws.com/public/images/1f157a50-=
90ee-4aaa-8700-a9c482a5fe63_1294x506.png","fullscreen":null,=
"imageSize":null,"height":506,"width":1294,&q=
uot;resizeWidth":null,"bytes":181856,"alt":null,&q=
uot;title":null,"type":"image/png","href"=
;:null,"belowTheFold":true,"internalRedirect":null}" al=
t width=3D"550" height=3D"215.0695517774343" class=3D"wide-image" src=3D"ht=
tps://substackcdn.com/image/fetch/w_2588,c_limit,f_auto,q_auto:good,fl_prog=
ressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2=
Fimages%2F1f157a50-90ee-4aaa-8700-a9c482a5fe63_1294x506.png" style=3D"-ms-i=
nterpolation-mode: bicubic; border: none !important; display: block; height=
: auto; margin: 0 auto; margin-bottom: 0; max-width: 100% !important; verti=
cal-align: middle; width: auto !important;"></a></td><td style=3D"text-alig=
n: center;"></td></tr></tbody></table></figure></div><p style=3D"color: #40=
4040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><span>Klimt,=
Magritte and van Gogh were all solid examples of the new mood. Even though=
Sotheby’s recently sold a Magritte from the same series a year ago f=
or nearly twice the price, this one still became the second highest price f=
or the Belgian artist’s work by a substantial margin. Four of the </s=
pan><em>L’empire de Lumieres</em><span> works have sold for prices ab=
ove $20m in the last six years. The rest of the Magritte market remains at =
a different level including Mo Ostin’s </span><em>Le Domaine d’=
Arnheim</em><span> which achieved the top price for any work with similar i=
magery. Klimts are rare on the art market. It’s also rare to see a pr=
ominent bidder from Japan. But the highest priced lot of the evening and on=
e of the top estimates of the week went to a Japanese client. The surprise =
bidding war of the evening was for Isamu Noguchi’s monumental work </=
span><em>The Family</em><span> that made $12.2 million in an extended two-p=
erson phone battle.</span></p><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;">Most Dynamic Bidding</h4><div class=
=3D"captioned-image-container-static" style=3D"font-size: 16px; line-height=
: 26px; margin: 32px auto;"><figure style=3D"margin: 0 auto; width: 100%;">=
<table class=3D"image-wrapper" width=3D"100%" border=3D"0" cellspacing=3D"0=
" cellpadding=3D"0" 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" wid=
th=3D"1294" style=3D"text-align: center;"><a class=3D"image-link" target=3D=
"_blank" href=3D"https://substack.com/redirect/267a5a11-1e24-4523-8d2e-3bec=
83c12082?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWd=
Y" rel style=3D"align-items: center; border: none; display: block; flex-dir=
ection: column; height: auto; margin: 0; padding: 0; position: relative; te=
xt-decoration: none; width: auto;"><img data-attrs=3D"{"src":&quo=
t;https://substack-post-media.s3.amazonaws.com/public/images/17f646eb-362b-=
43fa-a3a7-0d2927927f39_1294x490.png","fullscreen":null,"=
;imageSize":null,"height":490,"width":1294,"r=
esizeWidth":null,"bytes":181725,"alt":null,"t=
itle":null,"type":"image/png","href":nul=
l,"belowTheFold":true,"internalRedirect":null}" alt wid=
th=3D"550" height=3D"208.26893353941267" class=3D"wide-image" src=3D"https:=
//substackcdn.com/image/fetch/w_2588,c_limit,f_auto,q_auto:good,fl_progress=
ive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fima=
ges%2F17f646eb-362b-43fa-a3a7-0d2927927f39_1294x490.png" style=3D"-ms-inter=
polation-mode: bicubic; border: none !important; display: block; height: au=
to; margin: 0 auto; margin-bottom: 0; max-width: 100% !important; vertical-=
align: middle; width: auto !important;"></a></td><td style=3D"text-align: c=
enter;"></td></tr></tbody></table></figure></div><p style=3D"color: #404040=
; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">A Picasso sculpt=
ure with a museum provenance proved attractive to enough bidders to make a =
price more than three times the estimate. Vilhelm Hammershoi’s rare w=
ork also provoked bidders out of their slumber. Mo Ostin’s Lichtenste=
in study on paper started slow in the bidding but finished strong. A Caille=
botte and Pissarro from the same collection that was already familiar to de=
alers before the sale still sparked interest. A 1985 Mark Tansey of one of =
his most famous images and later Kandinsky work on paper both got bidders n=
otice. </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: o=
ptimizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-appearance=
: optimizelegibility; -webkit-font-smoothing: antialiased; appearance: opti=
mizelegibility; color: #404040; font-family: 'SF Compact Display', -apple-s=
ystem, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif=
, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.62=
5em; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; posit=
ion: relative;">Advancing</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: 16px; line-height: 26px; margin: 0; margin-bottom: 0; p=
adding-left: 4px;"><strong>Giorgio Morandi:</strong><span> A poignant Moran=
di from 1955 was prominently featured by Sotheby’s in their exhibitio=
n. No one slept on this opportunity and the $1.6 million price was right wh=
ere the Italian artist’s market is these days.</span></p></li><li sty=
le=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; color: #40=
4040; font-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0; padd=
ing-left: 4px;"><strong>Cecily Brown: </strong><span>Even in a strong marke=
t, there can be resistance. Cecily Brown’s work continues to sell wel=
l. Small paintings have made strong prices, very large works too. Mo Ostin&=
#8217;s </span><em>Free Games for May</em><span> seemed like a good candida=
te for a new high price given its color palette and domestic size. The esti=
mate was very attractive, a fact that was confirmed by an early jumped bid =
to $3.5 million. The bidding proceeded from there. But it stopped at the my=
sterious $6.7m price ceiling for the artist. There are now three works of d=
ifferent sizes that sold for $6.7 million and two more than sold for $6.5m.=
Collectors seem to have agreed that they will pay no more for a Cecily Bro=
wn—even after the strong recognition of the Met museum exhibition. </=
span></p></li></ol><div style=3D"font-size: 16px; line-height: 26px;"><hr s=
tyle=3D"background: #e0e0e0; border: none; height: 1px; margin: 32px 0; pad=
ding: 0;"></div><h2 class=3D"header-with-anchor-widget" style=3D"-moz-appea=
rance: optimizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-ap=
pearance: optimizelegibility; -webkit-font-smoothing: antialiased; appearan=
ce: optimizelegibility; color: #404040; font-family: 'SF Compact Display', =
-apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sa=
ns-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-si=
ze: 1.625em; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.625em =
0; position: relative;">Retreating</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: 16px; line-height: 26px; margin: 0; margin-bot=
tom: 0; padding-left: 4px;"><strong>Cy Twombly: </strong><span>Sotheby̵=
7;s recently did very well with a 1961 Twombly from the Macklowe collection=
=2E It sold for $20 million. Understand=
ably, when offering a 1962 work from M=
o Ostin’s collection that held its own against the Macklowe version, =
they chose to price it at what seemed a conservative starting point of $14 =
million. The quality of the Twombly hasn’t changed but the market for=
his work surely has. The bidding started at $8 million and progressed slow=
ly before petering out at $10m. The collector bold enough to stick with it =
got a strong painting for a very good price. </span></p></li><li style=3D"m=
argin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; color: #404040; f=
ont-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0; padding-lef=
t: 4px;"><strong>Oscar Dominguez: </strong><span>There was a strong Oscar D=
ominguez record sale in London earlier this year. Another example from the =
1930s also sold well two years ago but those successes for Dominquez and th=
e broader interest in Surrealism didn’t translate into bidding for th=
is work from the 1940s that sold for less than two-thirds the asking price.=
</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>Willem de Kooning: </strong=
><span>The enthusiasm Sotheby’s sparked for early de Kooning seems to=
have waned. David Sollinger’s </span><em>Collage</em><span> was feat=
ured center stage at Sotheby’s but </span><em>Two Figures</em><span>,=
an engaging but more muted composition from 1946, was presented in a lesse=
r position than Mo Ostin’s Magrittes. Estimated at less than one-thir=
d of </span><em>Collage</em><span>, the work still failed to reach the esti=
mate level. It sold for $5.8m which will likely be seen as a coup for the b=
uyer in years to come.</span></p></li></ol><div style=3D"font-size: 16px; l=
ine-height: 26px;"><hr style=3D"background: #e0e0e0; border: none; height: =
1px; margin: 32px 0; padding: 0;"></div><h2 class=3D"header-with-anchor-wid=
get" style=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoothing:=
antialiased; -webkit-appearance: optimizelegibility; -webkit-font-smoothin=
g: antialiased; appearance: optimizelegibility; color: #404040; font-family=
: 'SF Compact Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', Robo=
to, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'S=
egoe UI Symbol'; font-size: 1.625em; font-weight: bold; line-height: 1.16em=
; margin: 1em 0 0.625em 0; position: relative;">The Dial </h2><h4 class=3D"=
header-with-anchor-widget" style=3D"-moz-appearance: optimizelegibility; -m=
oz-osx-font-smoothing: antialiased; -webkit-appearance: optimizelegibility;=
-webkit-font-smoothing: antialiased; appearance: optimizelegibility; color=
: #404040; font-family: 'SF Compact Display', -apple-system, BlinkMacSystem=
Font, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji'=
, 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.125em; font-weight: bol=
d; line-height: 1.16em; margin: 1em 0 0.625em 0; position: relative;">Phill=
ips Contemporary Day Sale</h4><div class=3D"captioned-image-container-stati=
c" style=3D"font-size: 16px; line-height: 26px; margin: 32px auto;"><figure=
style=3D"margin: 0 auto; width: 100%;"><table class=3D"image-wrapper" widt=
h=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" style=3D"mso-pa=
dding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align: center;"></td>=
<td align=3D"left" class=3D"content" width=3D"462" style=3D"text-align: cen=
ter;"><a class=3D"image-link" target=3D"_blank" href=3D"https://substack.co=
m/redirect/7bec5bc8-f14c-44ae-a097-ffedf7f0c39d?j=3DeyJ1IjoiMjdjZXI5In0.nCN=
hOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"align-items: center;=
border: none; display: block; flex-direction: column; height: auto; margin=
: 0; padding: 0; position: relative; text-decoration: none; width: auto;"><=
img data-attrs=3D"{"src":"https://substack-post-media.s3.ama=
zonaws.com/public/images/1f462ee4-37b7-4bbf-9574-e074fe46e8c4_1024x1024.jpe=
g","fullscreen":null,"imageSize":null,"height=
":1024,"width":1024,"resizeWidth":462,"bytes&=
quot;:242007,"alt":null,"title":null,"type":&=
quot;image/jpeg","href":null,"belowTheFold":true,&=
quot;internalRedirect":null}" alt width=3D"462" height=3D"462" class s=
rc=3D"https://substackcdn.com/image/fetch/w_462,c_limit,f_auto,q_auto:good,=
fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fp=
ublic%2Fimages%2F1f462ee4-37b7-4bbf-9574-e074fe46e8c4_1024x1024.jpeg" style=
=3D"-ms-interpolation-mode: bicubic; border: none !important; display: bloc=
k; height: auto; margin: 0 auto; margin-bottom: 0; max-width: 100% !importa=
nt; vertical-align: middle; width: auto !important;"></a></td><td style=3D"=
text-align: center;"></td></tr></tbody></table><figcaption class=3D"image-c=
aption" style=3D"box-sizing: content-box; color: #808080; font-size: 14px; =
font-weight: 400; letter-spacing: -.15px; line-height: 20px; margin-top: 8p=
x; padding-left: 15%; padding-right: 15%; text-align: center; width: 70%;">=
Phillips Contemporary Day Sale, May 2023</figcaption></figure></div><p styl=
e=3D"color: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0=
;">Phillips held its second highest day sale total in a challenging market =
environment. Nevertheless, they were able to post a high-neutral 1.13 hamme=
r ratio even as they fended off selling nearly a third of the lots at compr=
omise prices. The $38,722,715 total figure was achieved from the sale of 28=
1 lots at an average price of $137,315. </p><div class=3D"captioned-image-c=
ontainer-static" style=3D"font-size: 16px; line-height: 26px; margin: 32px =
auto;"><figure style=3D"margin: 0 auto; width: 100%;"><table class=3D"image=
-wrapper" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" s=
tyle=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"458" style=3D"t=
ext-align: center;"><a class=3D"image-link" target=3D"_blank" href=3D"https=
://substack.com/redirect/8476e460-dc87-42af-81cd-43925585888b?j=3DeyJ1IjoiM=
jdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"align-=
items: center; border: none; display: block; flex-direction: column; height=
: auto; margin: 0; padding: 0; position: relative; text-decoration: none; w=
idth: auto;"><img data-attrs=3D"{"src":"https://substack-pos=
t-media.s3.amazonaws.com/public/images/b1e749b5-d353-489c-b70a-08ed9191230a=
_1024x1024.jpeg","fullscreen":null,"imageSize":nul=
l,"height":1024,"width":1024,"resizeWidth":45=
8,"bytes":345875,"alt":null,"title":null,&quo=
t;type":"image/jpeg","href":null,"belowTheFol=
d":true,"internalRedirect":null}" alt width=3D"458" height=
=3D"458" class src=3D"https://substackcdn.com/image/fetch/w_458,c_limit,f_a=
uto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.a=
mazonaws.com%2Fpublic%2Fimages%2Fb1e749b5-d353-489c-b70a-08ed9191230a_1024x=
1024.jpeg" style=3D"-ms-interpolation-mode: bicubic; border: none !importan=
t; display: block; height: auto; margin: 0 auto; margin-bottom: 0; max-widt=
h: 100% !important; vertical-align: middle; width: auto !important;"></a></=
td><td style=3D"text-align: center;"></td></tr></tbody></table><figcaption =
class=3D"image-caption" style=3D"box-sizing: content-box; color: #808080; f=
ont-size: 14px; font-weight: 400; letter-spacing: -.15px; line-height: 20px=
; margin-top: 8px; padding-left: 15%; padding-right: 15%; text-align: cente=
r; width: 70%;">Phillips Contemporary Day Sale, 2023</figcaption></figure><=
/div><div style=3D"font-size: 16px; line-height: 26px;"><hr style=3D"backgr=
ound: #e0e0e0; border: none; height: 1px; margin: 32px 0; padding: 0;"></di=
v><h2 class=3D"header-with-anchor-widget" style=3D"-moz-appearance: optimiz=
elegibility; -moz-osx-font-smoothing: antialiased; -webkit-appearance: opti=
mizelegibility; -webkit-font-smoothing: antialiased; appearance: optimizele=
gibility; color: #404040; font-family: 'SF Compact Display', -apple-system,=
BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'App=
le Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.625em; f=
ont-weight: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; position: r=
elative;">About Yesterday</h2><p style=3D"color: #404040; font-size: 16px; =
line-height: 26px; margin: 0 0 20px 0;">Day sales may not be glamorous even=
ts but within the current market context Phillips’s strong sale manag=
ement suggest the headwinds facing the market are less about demand from bu=
yers and more about sellers’ expectations. The unexpected salutary ec=
onomic environment doesn’t necessarily translate into an appetite to =
pay any price in the art market. There are still quite a few buyers but the=
y are choosier than ever. </p><div style=3D"font-size: 16px; line-height: 2=
6px;"><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;=
-webkit-appearance: optimizelegibility; -webkit-font-smoothing: antialiase=
d; appearance: optimizelegibility; color: #404040; font-family: 'SF Compact=
Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica=
, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbo=
l'; font-size: 1.625em; font-weight: bold; line-height: 1.16em; margin: 1em=
0 0.625em 0; position: relative;">Results</h2><h4 class=3D"header-with-anc=
hor-widget" style=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smo=
othing: antialiased; -webkit-appearance: optimizelegibility; -webkit-font-s=
moothing: antialiased; appearance: optimizelegibility; color: #404040; font=
-family: 'SF Compact Display', -apple-system, BlinkMacSystemFont, 'Segoe UI=
', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emo=
ji', 'Segoe UI Symbol'; font-size: 1.125em; font-weight: bold; line-height:=
1.16em; margin: 1em 0 0.625em 0; position: relative;">Top Ten Lots</h4><di=
v class=3D"captioned-image-container-static" style=3D"font-size: 16px; line=
-height: 26px; margin: 32px auto;"><figure style=3D"margin: 0 auto; width: =
100%;"><table class=3D"image-wrapper" width=3D"100%" border=3D"0" cellspaci=
ng=3D"0" cellpadding=3D"0" style=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><=
tr><td style=3D"text-align: center;"></td><td align=3D"left" class=3D"conte=
nt" width=3D"1170" style=3D"text-align: center;"><a class=3D"image-link" ta=
rget=3D"_blank" href=3D"https://substack.com/redirect/d233494e-fc29-42b4-b0=
69-40c71bf1457d?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g=
6pp7gWdY" rel style=3D"align-items: center; border: none; display: block; f=
lex-direction: column; height: auto; margin: 0; padding: 0; position: relat=
ive; text-decoration: none; width: auto;"><img data-attrs=3D"{"src&quo=
t;:"https://substack-post-media.s3.amazonaws.com/public/images/751792f=
3-f08c-4a81-9da5-a9bf5ee42581_1170x452.png","fullscreen":nul=
l,"imageSize":null,"height":452,"width":1170,=
"resizeWidth":null,"bytes":160417,"alt":null,=
"title":null,"type":"image/png","href&qu=
ot;:null,"belowTheFold":true,"internalRedirect":null}" =
alt width=3D"550" height=3D"212.47863247863248" class=3D"wide-image" src=3D=
"https://substackcdn.com/image/fetch/w_2340,c_limit,f_auto,q_auto:good,fl_p=
rogressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpubli=
c%2Fimages%2F751792f3-f08c-4a81-9da5-a9bf5ee42581_1170x452.png" style=3D"-m=
s-interpolation-mode: bicubic; border: none !important; display: block; hei=
ght: auto; margin: 0 auto; margin-bottom: 0; max-width: 100% !important; ve=
rtical-align: middle; width: auto !important;"></a></td><td style=3D"text-a=
lign: center;"></td></tr></tbody></table></figure></div><p style=3D"color: =
#404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">The top l=
ots at Phillips were a range of well-established names from Modern and Cont=
emporary art. The top day sale lot was a David Hammons but solid works by R=
oy Lichtenstein, Keith Haring, Josef Albers, Joan Mitchell, Donald Judd and=
two works by Anish Kapoor round out the list. The top ten lots accounted f=
or less than 25% of the sale total emphasizing Phillips’s reliance on=
the “middle market” and in contrast with Christie’s rece=
nt day sale. </p><h4 class=3D"header-with-anchor-widget" style=3D"-moz-appe=
arance: optimizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-a=
ppearance: optimizelegibility; -webkit-font-smoothing: antialiased; appeara=
nce: optimizelegibility; color: #404040; font-family: 'SF Compact Display',=
-apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, s=
ans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-s=
ize: 1.125em; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.625em=
0; position: relative;">Most Dynamic Bidding</h4><div class=3D"captioned-i=
mage-container-static" style=3D"font-size: 16px; line-height: 26px; margin:=
32px auto;"><figure style=3D"margin: 0 auto; width: 100%;"><table class=3D=
"image-wrapper" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=
=3D"0" 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"1164" s=
tyle=3D"text-align: center;"><a class=3D"image-link" target=3D"_blank" href=
=3D"https://substack.com/redirect/c2221319-e297-4595-9e77-d02d104218dd?j=3D=
eyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=
=3D"align-items: center; border: none; display: block; flex-direction: colu=
mn; height: auto; margin: 0; padding: 0; position: relative; text-decoratio=
n: none; width: auto;"><img data-attrs=3D"{"src":"https://su=
bstack-post-media.s3.amazonaws.com/public/images/2172cbb5-b673-49ec-8008-66=
0549081fec_1164x470.png","fullscreen":null,"imageSize&q=
uot;:null,"height":470,"width":1164,"resizeWidth&q=
uot;:null,"bytes":172311,"alt":null,"title":n=
ull,"type":"image/png","href":null,"belo=
wTheFold":true,"internalRedirect":null}" alt width=3D"550" h=
eight=3D"222.07903780068727" class=3D"wide-image" src=3D"https://substackcd=
n.com/image/fetch/w_2328,c_limit,f_auto,q_auto:good,fl_progressive:steep/ht=
tps%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2172cb=
b5-b673-49ec-8008-660549081fec_1164x470.png" style=3D"-ms-interpolation-mod=
e: bicubic; border: none !important; display: block; height: auto; margin: =
0 auto; margin-bottom: 0; max-width: 100% !important; vertical-align: middl=
e; width: auto !important;"></a></td><td style=3D"text-align: center;"></td=
></tr></tbody></table></figure></div><p style=3D"color: #404040; font-size:=
16px; line-height: 26px; margin: 0 0 20px 0;">Phillips also continued to m=
ake markets in emerging artists with strong sales for Raghav Babbar, Daisy =
Dodd-Noble, Sarah Cunningham, as well as attracting bidders to Ilya Bolotow=
sky, Matthew Wong and Sarah Lucas. </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: ant=
ialiased; -webkit-appearance: optimizelegibility; -webkit-font-smoothing: a=
ntialiased; appearance: optimizelegibility; color: #404040; font-family: 'S=
F Compact Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, =
Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe=
UI Symbol'; font-size: 1.625em; font-weight: bold; line-height: 1.16em; ma=
rgin: 1em 0 0.625em 0; position: relative;">Advancing </h2><ol style=3D"mar=
gin-top: 0; padding: 0;"><li style=3D"margin: 8px 0 0 32px;"><p style=3D"bo=
x-sizing: border-box; color: #404040; font-size: 16px; line-height: 26px; m=
argin: 0; margin-bottom: 0; padding-left: 4px;"><strong>Lois Dodd: </strong=
><span>The striking canvas of a burning house that appeared at Phillips whi=
le the first retrospective of her work is on display in Greenwich seemed li=
ke perfect market timing. The strategy paid off with a $215,900 sale that i=
s double her previous auction record achieved only six months ago. </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>Vivian Springford: </strong><span>Ph=
illips offered two works by Springford in striking ochre, lavender and yell=
ow tones. The works had divergent success. The smaller VS 20 made a respect=
able $95,250. But the larger Tanzania Series work sold for a new auction re=
cord of $241,300, slightly exceeding a price Phillips made six months ago. =
As the market for rediscovered female abstract painters continues to flouri=
sh, it seems likely we’ll see more of these Springfords. </span></p><=
/li></ol><div style=3D"font-size: 16px; line-height: 26px;"><hr style=3D"ba=
ckground: #e0e0e0; border: none; height: 1px; margin: 32px 0; padding: 0;">=
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