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Date: Tue, 04 Mar 2025 23:15:20 +0000
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Subject: =?UTF-8?q?Sotheby=E2=80=99s_$80_Million_Old_Masters_&_The_Artnet_Barbaria?=
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From: Marion Maneker <marion@puck.news>
To: enzo@showfile.com
Message-Id: <20250304231520.1dde6c0ce92993a3@cio66752.puck.news>

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Mar 04, 2025

Wall Power ( https://puck.news/newsletters/wall-power/?utm_campaign=3DWall+=
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PREVIEW VERSION
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Hello, sports fans, and welcome back to Wall Power, my four-times-per-week
private email on the inner workings of the art market=E2=80=94which include=
s a bonus Inner Circle issue every Wednesday for hard core professionals, r=
uthless advisors, billionaire (and aspiring billionaire) collectors, and tr=
ue believers. I=E2=80=99m Marion Maneker.

=C2=A0

Tonight, Julie Davich is going deep on the Saunders collection, which was a=
nnounced late last week by Sotheby=E2=80=99s. Estimated
at $80 million, this will be the most valuable single-owner sale of Old Mas=
ters paintings to be offered ever. Sotheby=E2=80=99s is sufficiently pumped=
 about this collection to have moved it to May, ahead of the normal schedul=
e.

=C2=A0

There=E2=80=99s an added benefit to scheduling the sale then. The preview a=
nd sale will allow collectors of modern and contemporary art=E2=80=94and th=
eir advisors=E2=80=94to see the works when they are in town.
Consider the Saunders sale as lead generation for the Old Masters category.=
 As Julie and I have been telling you, collectors have become interested in=
 Old Masters for the high quality of the art and the lower prices=E2=80=94i=
n relative terms, of course. Julie gets into all of that below.

=C2=A0

But first=E2=80=A6

* A
new front in the battle for Artnet: Late last week, as I recounted, Artnet =
selected ( https://puck.news/inside-artnets-boardroom-coup/?utm_campaign=3D=
Wall+Power+-+LEADS+%283%2F4%2F25%29&utm_content=3DWall+Power+-+LEADS+%283%2=
F4%2F25%29&utm_medium=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6=
c60615e3d301d48d28 ) a neutral board of directors at its contentious annual=
 general meeting, but that doesn=E2=80=99t mean the warring factions have m=
ade peace. Over the weekend, the company released a statement, signed by...

Can=E2=80=99t see the full story?=C2=A0You=E2=80=99re receiving the free ve=
rsion of Wall Power at
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unders-collection/?utm_campaign=3DWall+Power+-+LEADS+%283%2F4%2F25%29&utm_c=
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********************************************
Saunders Spring ( https://puck.news/sothebys-may-old-masters-auction-the-sa=
unders-collection/?utm_campaign=3DWall+Power+-+LEADS+%283%2F4%2F25%29&utm_c=
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source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 )
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********************************************

Sotheby=E2=80=99s has set its most valuable Old Masters auction ever for Ma=
y: the Saunders
collection, the product of a four-year buying spree fueled by Wall Street m=
oney, which could fetch more than $80 million.

Julie Brener Davich ( https://puck.news/author/juliedavich/?utm_campaign=3D=
Wall+Power+-+LEADS+%283%2F4%2F25%29&utm_content=3DWall+Power+-+LEADS+%283%2=
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c60615e3d301d48d28 )
Julie Brener Davich ( https://puck.news/author/juliedavich/?utm_campaign=3D=
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c60615e3d301d48d28 )

=E2=80=9COld Masters lovers share several traits: curiosity, passion for pr=
ovenance,
love of color and history,=E2=80=9D wrote collector Jordan Saunders, who am=
assed one of the most consequential collections of such paintings in the 20=
th century along with her late husband, the legendary Morgan Stanley banker=
 and private equity O.G. Thomas Saunders III. =E2=80=9CI am in awe of the a=
rtists=E2=80=99 techniques, the stories they tell, all the tiny details, an=
d, in some, the hidden symbolism.=E2=80=9D

=C2=A0

This May, the Saunders collection will go on sale at Sotheby=E2=80=99s, in =
New York, with an estimate of $80 million=E2=80=94the most valuable single-=
owner compilation ever to hit the block within...

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Puck founding partner Matt Belloni takes you inside the business of Hollywo=
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explain the backstories on everything from Marvel movies to the streaming w=
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The ultimate fashion industry bible, offering incisive reportage on all asp=
ects of the business and its biggest players.
Anchored by preeminent fashion journalist Lauren Sherman, Line Sheet also f=
eatures veteran reporter Rachel Strugatz, who delivers unparalleled intel o=
n what=E2=80=99s happening in the beauty industry, and Sarah Shapiro, a lon=
gtime retail strategist who writes about e-commerce, brick-and-mortar, D.T.=
C., and more.=C2=A0

Oscar Dishonors

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Oscar Dishonors ( https://puck.news/the-2025-awards-season-awards/?utm_camp=
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-----------------

MATTHEW BELLONI

Zelensky=E2=80=99s Unforced Error

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JULIA IOFFE

LVMH Musical Chairs

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LAUREN SHERMAN

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ne; max-height: 0px; overflow: hidden; mso-hide:all;">Hello, sports fans, a=
nd welcome back to Wall Power, my four-times-per-week private email on the =
inner workings of the art market=E2=80=94which includes a bonus Inner Circl=
e issue every Wednesday for hard core professionals, ruthless advisors, bil=
lionaire (and aspiring billionaire) collectors, and true believers. I=E2=80=
=99m Marion Maneker.</div>
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oration:none;">Marion Maneker</a>
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<table class=3D"oq" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspaci=
ng=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspa=
ce:0pt;word-break:break-word;"><tbody><tr><td style=3D"padding-bottom:22px;=
"><div style=3D"color:#000000;direction:ltr;font-family:&#39;Inter&#39;,&#3=
9;Arial&#39;;font-size:17px;font-weight:400;letter-spacing:0px;line-height:=
150%;text-align:left;mso-line-height-alt:25.5px;"><p style=3D"margin:0;marg=
in-bottom:0px;">Hello, sports fans, and welcome back to Wall Power, my four=
-times-per-week
private email on the inner workings of the art market=E2=80=94which include=
s a bonus Inner Circle issue every Wednesday for hard core professionals, r=
uthless advisors, billionaire (and aspiring billionaire) collectors, and tr=
ue believers. I=E2=80=99m <strong>Marion Maneker</strong>.</p><p style=3D"m=
argin:0;margin-bottom:0px;">=C2=A0</p><p style=3D"margin:0;margin-bottom:0p=
x;">Tonight, <strong>Julie Davich</strong> is going deep on the Saunders co=
llection, which was announced late last week by Sotheby=E2=80=99s. Estimate=
d
at $80 million, this will be the most valuable single-owner sale of Old Mas=
ters paintings to be offered ever. Sotheby=E2=80=99s is sufficiently pumped=
 about this collection to have moved it to May, ahead of the normal schedul=
e.</p><p style=3D"margin:0;margin-bottom:0px;">=C2=A0</p><p style=3D"margin=
:0;margin-bottom:0px;">There=E2=80=99s an added benefit to scheduling the s=
ale then. The preview and sale will allow collectors of modern and contempo=
rary art=E2=80=94and their advisors=E2=80=94to see the works when they are =
in town.
Consider the Saunders sale as lead generation for the Old Masters category.=
 As Julie and I have been telling you, collectors have become interested in=
 Old Masters for the high quality of the art and the lower prices=E2=80=94i=
n relative terms, of course. Julie gets into all of that below.</p><p style=
=3D"margin:0;margin-bottom:0px;">=C2=A0</p><p style=3D"margin:0;"><em>But f=
irst=E2=80=A6</em></p></div>
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g=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspac=
e:0pt;word-break:break-word;color:#000000;direction:ltr;font-family:&#39;In=
ter&#39;,&#39;Arial&#39;;font-size:17px;font-weight:400;letter-spacing:0px;=
line-height:150%;text-align:left;mso-line-height-alt:25.5px;"><tbody><tr><t=
d 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"Marg=
in:0 0 24px 0;"><em>A
new front in the battle for Artnet</em>: Late last week, as I recounted, Ar=
tnet <a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5=
TTktOT05LQUdWWTNEOUx5cWlRN3JqREpXOUxKaz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3=
MvaW5zaWRlLWFydG5ldHMtYm9hcmRyb29tLWNvdXAvP3V0bV9jYW1wYWlnbj1XYWxsK1Bvd2VyK=
y0rTEVBRFMrJTI4MyUyRjQlMkYyNSUyOVx1MDAyNnV0bV9jb250ZW50PVdhbGwrUG93ZXIrLStM=
RUFEUyslMjgzJTJGNCUyRjI1JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ=
1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMj=
giLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MjA5ODg1Mn0/a=
19188fe67d62293f73f11aef992a74ed469d3012011efba5dc8911b57677d0b" style=3D"t=
ext-decoration:underline;color:#d40000;">selected</a> a neutral board of di=
rectors at its contentious annual general meeting, but that doesn=E2=80=99t=
 mean the warring factions have made peace. Over the weekend, the company r=
eleased a statement, signed by...</li></ul></div>
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50%;text-align:left;mso-line-height-alt:25.5px;"><p style=3D"margin:0;"><em=
>Can=E2=80=99t see the full story?=C2=A0<strong>You=E2=80=99re receiving th=
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jA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlu=
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nbj1XYWxsK1Bvd2VyKy0rTEVBRFMrJTI4MyUyRjQlMkYyNSUyOVx1MDAyNnV0bV9jb250ZW50PV=
dhbGwrUG93ZXIrLStMRUFEUyslMjgzJTJGNCUyRjI1JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpb=
F9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2=
MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19=
pZCI6MjEwNTc3M30/d10ae10bc1e12cfb8b6e1452af2d803a29f472af720ace9d68643be5f7=
a5ac31" target=3D"_blank" style=3D"text-decoration:none;color:#d40000;" rel=
=3D"noopener"><span style=3D"word-break:break-word;position:relative;" data=
-position=3D"40-0-1" data-qa=3D"tinyeditor-root-element"><span style=3D"wor=
d-break:break-word;">Saunders Spring</span></span></a></span></h1>
</td></tr></tbody></table>
<table 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-b=
reak:break-word;"><tbody><tr><td style=3D"padding-left:24px;padding-right:2=
4px;"><div style=3D"color:#000000;direction:ltr;font-family:&#39;Inter&#39;=
,&#39;Arial&#39;;font-size:19px;font-weight:400;letter-spacing:0px;line-hei=
ght:150%;text-align:left;mso-line-height-alt:28.5px;"><p style=3D"margin:0;=
">Sotheby=E2=80=99s has set its most valuable Old Masters auction ever for =
May: the Saunders
collection, the product of a four-year buying spree fueled by Wall Street m=
oney, which could fetch more than $80 million.</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" cells=
pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-=
rspace:0pt;"><tbody><tr><td>
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pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-=
rspace:0pt;background-color:#ffffff;color:#000000;border-radius:0;border-bo=
ttom:8px solid transparent;border-left:24px solid transparent;border-right:=
24px solid transparent;border-top:8px solid transparent;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-align:
left;border-bottom:1px solid #d40000;border-top:1px solid #d40000;vertical-=
align:top;border-radius:0px;">
<table class=3D"n" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacin=
g=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspac=
e:0pt;text-align:left;line-height:0;"><tbody><tr><td style=3D"vertical-alig=
n:middle;color:#d40000;font-family:&#39;PuckSerifDisplay&#39;,&#39;Georgia&=
#39;;font-size:20px;font-weight:400;padding-bottom:8px;padding-right:8px;pa=
dding-top:8px;text-align:left;">
<table class=3D"b" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;displ=
ay:inline-block;padding-left:0px;padding-right:0px;" cellpadding=3D"0" cell=
spacing=3D"0" role=3D"presentation"><tbody><tr><td style=3D"vertical-align:=
middle;text-align:center;padding-top:0px;padding-bottom:0px;padding-left:0p=
x;padding-right:0px;"><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZC=
I6ImRnVDJ4Z1lEQU5TTktOT05LQUdWWTNEOUx5cWlRN3JqREpXOUxKaz0iLCJocmVmIjoiaHR0c=
HM6Ly9wdWNrLm5ld3MvYXV0aG9yL2p1bGllZGF2aWNoLz91dG1fY2FtcGFpZ249V2FsbCtQb3dl=
cistK0xFQURTKyUyODMlMkY0JTJGMjUlMjlcdTAwMjZ1dG1fY29udGVudD1XYWxsK1Bvd2VyKy0=
rTEVBRFMrJTI4MyUyRjQlMkYyNSUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMD=
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DI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjIwMzk1MzR9=
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=3D"_self" style=3D"text-decoration:none;"><img alt=3D"Julie Brener Davich"=
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ht:auto;margin:0 auto;border:0;"/></a>
</td><td style=3D"font-family:&#39;PuckSerifDisplay&#39;,&#39;Georgia&#39;;=
font-size:20px;font-weight:400;color:#d40000;vertical-align:middle;letter-s=
pacing:undefined;text-align:left;line-height:normal;"><a href=3D"https://em=
ail.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdWWTNEOUx5cWlRN=
3JqREpXOUxKaz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvYXV0aG9yL2p1bGllZGF2aWNo=
Lz91dG1fY2FtcGFpZ249V2FsbCtQb3dlcistK0xFQURTKyUyODMlMkY0JTJGMjUlMjlcdTAwMjZ=
1dG1fY29udGVudD1XYWxsK1Bvd2VyKy0rTEVBRFMrJTI4MyUyRjQlMkYyNSUyOVx1MDAyNnV0bV=
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V90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0=
OGQyOCIsImxpbmtfaWQiOjIwMzk1MzR9/cd3513999d99f3fcefa69c0099779959898e18e462=
6bbf74f0e84ce548f224a6" target=3D"_self" style=3D"color:#d40000;text-decora=
tion:none;">Julie Brener Davich</a>
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<table align=3D"center" width=3D"100%" border=3D"0" cellpadding=3D"0" cells=
pacing=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" cells=
pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-=
rspace:0pt;background-color:#ffffff;color:#000000;border-radius:0;width:600=
px;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-=
align:left;padding-left:24px;padding-right:24px;padding-top:16px;vertical-a=
lign:top;">
<table class=3D"n" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacin=
g=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspac=
e:0pt;word-break:break-word;"><tbody><tr><td style=3D"padding-bottom:32px;"=
><div style=3D"color:#000000;direction:ltr;font-family:&#39;Inter&#39;,&#39=
;Arial&#39;;font-size:17px;font-weight:400;letter-spacing:0px;line-height:1=
50%;text-align:left;mso-line-height-alt:25.5px;"><p style=3D"margin:0;margi=
n-bottom:0px;">=E2=80=9COld Masters lovers share several traits: curiosity,=
 passion for provenance,
love of color and history,=E2=80=9D wrote collector <strong>Jordan Saunders=
</strong>, who amassed one of the most consequential collections of such pa=
intings in the 20th century along with her late husband, the legendary Morg=
an Stanley banker and private equity O.G. <strong>Thomas Saunders III</stro=
ng>. =E2=80=9CI am in awe of the artists=E2=80=99 techniques, the stories t=
hey tell, all the tiny details, and, in some, the hidden symbolism.=E2=80=
=9D</p><p style=3D"margin:0;margin-bottom:0px;">=C2=A0</p><p style=3D"margi=
n:0;">This May, the Saunders collection will go on sale at Sotheby=E2=80=99=
s, in New York, with an estimate of $80 million=E2=80=94the most valuable s=
ingle-owner compilation ever to hit the block within...</p></div>
</td></tr></tbody></table>
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<table class=3D"c ie" align=3D"center" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-=
rspace:0pt;background-color:#ffffff;color:#000000;border-radius:0;width:600=
px;margin:0 auto;" width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"41.=
666666666666664%" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-w=
eight:400;text-align:left;padding-bottom:16px;padding-left:24px;padding-rig=
ht:16px;padding-top:16px;vertical-align:top;">
<table class=3D"j n" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspac=
ing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rsp=
ace:0pt;"><tbody><tr><td style=3D"width:100%;padding-right:0px;padding-left=
:0px;"><div class=3D"r" align=3D"center" style=3D"line-height:10px"><div cl=
ass=3D"f" style=3D"max-width:210px;"><img src=3D"https://userimg-assets.cus=
tomeriomail.com/images/client-env-107382/1741114211787_Sean%20Baker_01JNH7W=
ZFWSY5EMYAKYDZWB1WW.jpg" style=3D"display:block;height:auto;border:0;width:=
100%;" width=3D"210" alt=3D"Oscar Dishonors" title=3D"Oscar Dishonors" heig=
ht=3D"auto"/></div></div>
</td></tr></tbody></table>
</td><td class=3D"yq pd" width=3D"58.333333333333336%" style=3D"mso-table-l=
space:0pt;mso-table-rspace:0pt;font-weight:400;text-align:left;padding-bott=
om:32px;padding-right:24px;padding-top:16px;vertical-align:top;">
<table class=3D"gq n" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rs=
pace:0pt;"><tbody><tr><td style=3D"padding-bottom:8px;text-align:center;wid=
th:100%;"><h2 style=3D"margin:0;color:#000000;direction:ltr;font-family:&#3=
9;PuckSerifDisplay&#39;,&#39;Georgia&#39;;font-size:32px;font-weight:400;le=
tter-spacing:normal;line-height:120%;text-align:left;margin-top:0;margin-bo=
ttom:0;mso-line-height-alt:38.4px;"><a href=3D"https://email.puck.news/e/c/=
eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdWWTNEOUx5cWlRN3JqREpXOUxKaz0iLCJ=
ocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvdGhlLTIwMjUtYXdhcmRzLXNlYXNvbi1hd2FyZHMvP3=
V0bV9jYW1wYWlnbj1XYWxsK1Bvd2VyKy0rTEVBRFMrJTI4MyUyRjQlMkYyNSUyOVx1MDAyNnV0b=
V9jb250ZW50PVdhbGwrUG93ZXIrLStMRUFEUyslMjgzJTJGNCUyRjI1JTI5XHUwMDI2dXRtX21l=
ZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3R=
lcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZD=
I4IiwibGlua19pZCI6MjEwMzk0OH0/83c2c45decbb2fccbcee91fbf1994bab220f9a122c65f=
87167a372505eb872ee" target=3D"_blank" style=3D"text-decoration:none;color:=
#d40000;" rel=3D"noopener"><span style=3D"word-break:break-word;position:re=
lative;" data-position=3D"10-1-0" data-qa=3D"tinyeditor-root-element">Oscar=
 Dishonors</span></a></h2>
</td></tr></tbody></table>
<table class=3D"oq" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspaci=
ng=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspa=
ce:0pt;word-break:break-word;"><tbody><tr><td><div style=3D"color:#000;dire=
ction:ltr;font-family:&#39;Inter&#39;,&#39;Arial&#39;;font-size:14px;font-w=
eight:700;letter-spacing:0px;line-height:120%;text-align:left;mso-line-heig=
ht-alt:16.8px;"><p style=3D"margin:0;">MATTHEW BELLONI</p></div>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>
<table class=3D"q6" align=3D"center" width=3D"100%" border=3D"0" cellpaddin=
g=3D"0" cellspacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0=
pt;mso-table-rspace:0pt;"><tbody><tr><td>
<table class=3D"c ie" align=3D"center" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-=
rspace:0pt;background-color:#ffffff;color:#000000;border-radius:0;width:600=
px;margin:0 auto;" width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"41.=
666666666666664%" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-w=
eight:400;text-align:left;padding-bottom:16px;padding-left:24px;padding-rig=
ht:16px;padding-top:16px;vertical-align:top;">
<table class=3D"j n" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspac=
ing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rsp=
ace:0pt;"><tbody><tr><td style=3D"width:100%;padding-right:0px;padding-left=
:0px;"><div class=3D"r" align=3D"center" style=3D"line-height:10px"><div cl=
ass=3D"f" style=3D"max-width:210px;"><img src=3D"https://userimg-assets.cus=
tomeriomail.com/images/client-env-107382/1741114212383_Ukraine_01JNH7X02DPV=
2M99YNE1MHWEY8.jpg" style=3D"display:block;height:auto;border:0;width:100%;=
" width=3D"210" alt=3D"Zelensky=E2=80=99s Unforced Error" title=3D"Zelensky=
=E2=80=99s Unforced Error" height=3D"auto"/></div></div>
</td></tr></tbody></table>
</td><td class=3D"yq pd" width=3D"58.333333333333336%" style=3D"mso-table-l=
space:0pt;mso-table-rspace:0pt;font-weight:400;text-align:left;padding-bott=
om:32px;padding-right:24px;padding-top:16px;vertical-align:top;">
<table class=3D"gq n" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rs=
pace:0pt;"><tbody><tr><td style=3D"padding-bottom:8px;text-align:center;wid=
th:100%;"><h2 style=3D"margin:0;color:#000;direction:ltr;font-family:&#39;P=
uckSerifDisplay&#39;,&#39;Georgia&#39;;font-size:32px;font-weight:400;lette=
r-spacing:normal;line-height:120%;text-align:left;margin-top:0;margin-botto=
m:0;mso-line-height-alt:38.4px;"><a href=3D"https://email.puck.news/e/c/eyJ=
lbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdWWTNEOUx5cWlRN3JqREpXOUxKaz0iLCJocm=
VmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvZGVtb2NyYXRzLXByaXZhdGVseS1mdW1lLW92ZXItemVsZ=
W5za3lzLW92YWwtb2ZmaWNlLXJvdy8_dXRtX2NhbXBhaWduPVdhbGwrUG93ZXIrLStMRUFEUysl=
MjgzJTJGNCUyRjI1JTI5XHUwMDI2dXRtX2NvbnRlbnQ9V2FsbCtQb3dlcistK0xFQURTKyUyODM=
lMkY0JTJGMjUlMjlcdTAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2=
U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVyb=
mFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjoyMTAzMTczfQ/b4f99cde5fb69=
91e329c8b13ae81b108290bd3aa6ebdd6c12a018b37432e964e" target=3D"_blank" styl=
e=3D"text-decoration:none;color:#d40000;" rel=3D"noopener">Zelensky=E2=80=
=99s Unforced Error</a></h2>
</td></tr></tbody></table>
<table class=3D"oq" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspaci=
ng=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspa=
ce:0pt;word-break:break-word;"><tbody><tr><td><div style=3D"color:#000;dire=
ction:ltr;font-family:&#39;Inter&#39;,&#39;Arial&#39;;font-size:14px;font-w=
eight:700;letter-spacing:0px;line-height:120%;text-align:left;mso-line-heig=
ht-alt:16.8px;"><p style=3D"margin:0;"><strong>JULIA IOFFE</strong></p></di=
v>
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</td></tr></tbody></table>
<table class=3D"r7s" align=3D"center" width=3D"100%" border=3D"0" cellpaddi=
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0pt;mso-table-rspace:0pt;"><tbody><tr><td>
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pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-=
rspace:0pt;background-color:#ffffff;color:#000000;border-radius:0;width:600=
px;margin:0 auto;" width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"41.=
666666666666664%" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-w=
eight:400;text-align:left;padding-bottom:16px;padding-left:24px;padding-rig=
ht:16px;padding-top:16px;vertical-align:top;">
<table class=3D"j n" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspac=
ing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rsp=
ace:0pt;"><tbody><tr><td style=3D"width:100%;padding-right:0px;padding-left=
:0px;"><div class=3D"r" align=3D"center" style=3D"line-height:10px"><div cl=
ass=3D"f" style=3D"max-width:210px;"><img src=3D"https://userimg-assets.cus=
tomeriomail.com/images/client-env-107382/1741114211417_Delphine_01JNH7WZ44X=
8B9KVBCFBGZYSYH.jpg" style=3D"display:block;height:auto;border:0;width:100%=
;" width=3D"210" alt=3D"LVMH Musical Chairs" title=3D"LVMH Musical Chairs" =
height=3D"auto"/></div></div>
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</td><td class=3D"yq pd" width=3D"58.333333333333336%" style=3D"mso-table-l=
space:0pt;mso-table-rspace:0pt;font-weight:400;text-align:left;padding-bott=
om:32px;padding-right:24px;padding-top:16px;vertical-align:top;">
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cing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rs=
pace:0pt;"><tbody><tr><td style=3D"padding-bottom:8px;text-align:center;wid=
th:100%;"><h2 style=3D"margin:0;color:#000000;direction:ltr;font-family:&#3=
9;PuckSerifDisplay&#39;,&#39;Georgia&#39;;font-size:32px;font-weight:400;le=
tter-spacing:normal;line-height:120%;text-align:left;margin-top:0;margin-bo=
ttom:0;mso-line-height-alt:38.4px;"><span style=3D"word-break:break-word;">=
<a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktO=
T05LQUdWWTNEOUx5cWlRN3JqREpXOUxKaz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvYmV=
sbG90dGlzLW1pbGFuLXN1Y2Nlc3MtYW5kLWFybmF1bHQtc3VjY2Vzc2lvbi1tb3Zlcy8_dXRtX2=
NhbXBhaWduPVdhbGwrUG93ZXIrLStMRUFEUyslMjgzJTJGNCUyRjI1JTI5XHUwMDI2dXRtX2Nvb=
nRlbnQ9V2FsbCtQb3dlcistK0xFQURTKyUyODMlMkY0JTJGMjUlMjlcdTAwMjZ1dG1fbWVkaXVt=
PWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1=
mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLC=
JsaW5rX2lkIjoyMTAxMzE2fQ/829e2a4b2ace7775cf69887d36c11279290b7d3f31a08b19b9=
f7685de6946d5f" target=3D"_blank" style=3D"text-decoration:none;color:#d400=
00;" rel=3D"noopener"><span style=3D"word-break:break-word;position:relativ=
e;" data-position=3D"10-1-0" data-qa=3D"tinyeditor-root-element"><span styl=
e=3D"word-break:break-word;">LVMH Musical Chairs</span></span></a></span></=
h2>
</td></tr></tbody></table>
<table class=3D"oq" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspaci=
ng=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspa=
ce:0pt;word-break:break-word;"><tbody><tr><td><div style=3D"color:#000;dire=
ction:ltr;font-family:&#39;Inter&#39;,&#39;Arial&#39;;font-size:14px;font-w=
eight:700;letter-spacing:0px;line-height:120%;text-align:left;mso-line-heig=
ht-alt:16.8px;"><p style=3D"margin:0;">LAUREN SHERMAN</p></div>
</td></tr></tbody></table>
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pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-=
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pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-=
rspace:0pt;background-color:#ffffff;color:#000000;border-radius:0;width:600=
px;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-=
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nter" style=3D"line-height:10px"><div style=3D"max-width:552px;"><a href=3D=
"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdWWT=
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g src=3D"https://userimg-assets.customeriomail.com/images/client-env-107382=
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"552" alt=3D"Start your free trial today" title=3D"Start your free trial to=
day" height=3D"auto"/></a></div></div>
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