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Subject: What We Learned this Week (2348)
From: Artelligence <artelligence@substack.com>
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View this post on the web at https://artelligence.substack.com/p/what-we-le=
arned-this-week-2348
Welcome to Artelligence
This free newsletter is published on Fridays. Additional newsletters contai=
ning analysis of data provided by LiveArt or original reporting are $12 a m=
onth or $120 for a year. If you are a paid subscriber, sharing a newsletter=
on occasion is fine; consistently sharing paid content within your organiz=
ation or with others is not.
For organizations: We offer group discounts of 30% for each subscription of=
two or more. Group subscriptions [ https://substack.com/redirect/1ae49e67-=
0735-41e4-af81-45bc73a1a653?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5i=
RnigHXx6Fx_g6pp7gWdY ] allow one person within an organization to manage al=
l subscriptions. You may add new subscriptions at the discounted rate whene=
ver you like; and, if an employee leaves, you may replace another employee =
in that seat. You may also move existing subscribers into the group. Create=
group subscriptions here [ https://substack.com/redirect/1ae49e67-0735-41e=
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Fx_g6pp7gWdY ].
There is also an option to get a 7-day free trial. Just choose the subscrip=
tion plan you want and click on the 7-day trial option before checkout.=C2=
=A0
If you have comments, complaints, tips or just want to vent, feel free to c=
ontact us directly:
In This Issue
Lot Watch: Sotheby=E2=80=99s $35m Velazquez royal portrait=20
Results: Christie=E2=80=99s Hong Kong Modern & Contemporary =3D $136m
Artelligence on YouTube: Don=E2=80=99t Freak Out! The November sales were f=
ine.=20
Vox Orbis Artis: Art Basel Miami Beach=E2=80=94Time to Buy or Time to Party=
?=20
Notes: TRLabs lines them up in Shanghai
Why Does Art Market Coverage Miss the Point? Recent stories in the global n=
ews outlets show the art market coverage isn=E2=80=99t up to the quality of=
other industries.=20
Lot Watch
Velazquez=E2=80=99s $35m Royal Portrait Comes to Sotheby=E2=80=99s in Febru=
ary
Velazquez=E2=80=99s portrait of Juan de Pareja, the artist=E2=80=99s slave =
whom he eventually freed and became a celebrated painter in his own right. =
The sale had a similar impact to the sale of Leonardo=E2=80=99s Salvatore M=
undi because it tripled the previous high auction price for any painting. T=
he event underscores the importance of Velazquez=E2=80=99s work to the worl=
d=E2=80=99s greatest museums. This week, Sotheby=E2=80=99s announced it wil=
l be selling a rare royal portrait by the artist that once hung in royal re=
sidences in both Spain and France before winding up in the hands of banker =
Henry Huth whose family owned it for more than a century. The consignors ar=
e comparatively short stewards of the work having owned it only since 1978.=
The portrait of Isabel de Borbon, Queen of Spain seems likely to end up in=
a museum somewhere but the $35 million estimate may make that difficult fo=
r any institution. When the Met bought Juan de Pareja, it was the Wildenste=
ins who bid at auction giving the slow-moving institution the necessary tim=
e to raise the funds to buy the work.
Results
Christie=E2=80=99s Hong Kong Contemporary and Modern Art =3D $136m
Details for paid subscribers on Tuesday.
Artelligence on YouTube
Many observers are looking at the $2.14 billion in art sold in New York in =
November and claiming that the art market is somehow in trouble. But we loo=
ked at the last few years of data and the difficult economic and political =
environment surrounding these sales and came to a very different conclusion=
=2E Watch here [ https://substack.com/r=
edirect/c2d82c17-eefb-469a-8a59-258370=
7c4f6c?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY =
]=20
Vox Orbis Artis
Notes
Digital art experiences are quietly packing them in: We=E2=80=99re accustom=
ed to seeing attendees flock to digital art experiences for globally recogn=
ized artists like Monet, van Gogh and even the recent success of David Hock=
ney=E2=80=99s London event. Shanghai=E2=80=99s Capitol Theater Building, on=
e of eleven historic buildings in the Rockbund district, was the venue for =
TRLab=E2=80=99s Memories of Tomorrow, an immersive experience created by Ar=
gentinian digital artist Six N.Five. Eager attendees waited up to an hour f=
or admission. =20
We Hoped for Insightful Industry Coverage. We Got Teleprompters.
In October, when Artforum lost its editor, it came out that three of the mo=
st-familiar names in art media were without editorial leadership. Artforum,=
Artnet News and The Art Newspaper are all looking for editors to guide the=
ir coverage.=C2=A0
Around the same time and leading up to just last week, evidence emerged tha=
t the editorial drift=C2=A0 in mainstream media coverage of the art market =
is just as bad as in the art media. In just two months, the Wall Street Jou=
rnal ran a piece trying to resurrect Stefan Simchowitz as an art world boge=
yman, the New York Times brought back a writer pushed out nearly a decade a=
go for failing to meet its journalistic standards, and the Financial Times =
chose to promote a new executive=E2=80=99s unsubstantiated ideas as its tak=
e on the November auctions.=C2=A0
The problem that unites the troubles in both the trade publications and the=
mainstream news outlets is the=C2=A0shift business models. Newspapers once=
thrived on ads from local department stores and specific industries=E2=80=
=94this is, after all, why the Times had a column called Inside Art=E2=80=
=94as well as robust classified ads. The same enterprises are now global ne=
ws outlets who reach their audience primarily through the web and rely on s=
ubscription fees and ads from luxury brands. As the WSJ, NY Times and FT mo=
ved to a subscription model, the kind of informed beat reporting that attra=
cted trade ads has lost its purchase. No one, not even the global auction h=
ouses, can afford to spend what the luxury brands do.=C2=A0
Art and luxury are now fused in the media but so far only luxury brands are=
benefiting from the three-way relationship. For example, on the trade side=
, the vast majority of Artnet=E2=80=99s news site came from luxury brands. =
In 2022, traffic and ad spending jumped 58% and 38% respectively. After yea=
rs of running the news site for growth, the division finally seems to be ge=
nerating some operating margin (though Artnet=E2=80=99s financial statement=
s are far from transparent.) Despite having seemingly delivered on a long-t=
erm growth goal, the editor was let go with no successor named.=C2=A0
Long after galleries stopped advertising everywhere else, they continued bu=
ying multi-page ads in Artforum. Even with that cushion, the magazine lost =
its editor over a dispute about journalistic process. The Art Newspaper has=
been purchased by a financial entity with plans to build some sort of mult=
i-brand media conglomerate. It too is searching for an editor to execute ag=
ainst its business plan.=C2=A0
Many years of declining industry advertising spending has made the art medi=
a business anemic which has had the collateral effect of preventing anyof t=
he existing brands to have built a deep bench of talent and so these positi=
ons are not easily filled.=20
The reason for the decline of industry advertising is simple. Art galleries=
are able to maintain their relationships with existing collectors through =
their internal marketing and social media. The hard part, finding new clien=
ts and introducing new artists, is better done by leveraging those tools as=
well as looking for support from the large art fairs and whatever earned p=
ress exposure galleries can generate. The reach and response of digital ads=
just isn=E2=80=99t financially competitive with spending money on its own =
marketing, meaning it makes more sense for galleries to invest in social me=
dia an its own email campaigns than it does to advertise with the trade sit=
es or the global news outlets.=C2=A0
That=E2=80=99s one reason you haven=E2=80=99t seen ads for galleries in The=
New York Times, Wall Street Journal or in Financial Times for a very long =
time. Yet those outlets still cover art because their readership wants to f=
eel sophisticated and well-informed. Art is the last vestige of high cultur=
e in today=E2=80=99s society and it has become more directly accessible as =
it becomes more representative. There=E2=80=99s also the aspirational eleme=
nt. Rich people from real estate, finance, entertainment and technology all=
end up buying art as a signifier of their elite status. Readers of those n=
ews organizations all want to feel clued in too. Finally, the art industry =
has an image of itself as a free-for-all of high-stakes deal-making. To buy=
art is to show that you can walk through the lion=E2=80=99s den and emerge=
unscathed.=C2=A0
Because this coverage isn=E2=80=99t supported by industry ads, the big news=
organizations tend to cherry-pick story ideas that contribute to the idea =
that the art market is shark-infested waters. That sells subscriptions. In =
September, the Wall Street Journal contributed to this with a profile rehas=
hing the claim that Stefan Simchowitz is the person the art world supposedl=
y =E2=80=9Cloves to hate. [ https://substack.com/redirect/1c9895a5-35e5-434=
7-ba61-1ad65a17ce44?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6=
Fx_g6pp7gWdY ]=E2=80=9D In the midst of a $70 billion a year industry, the =
Journal was writing about Simchowitz based upon his own claim that he=E2=80=
=99d built a $10-million-a-year business renting out art to hotels, private=
clubs and families with multiple homes and changing art tastes. Few of the=
renters buy the art but somehow this is the subject the editors chose for =
a rare art industry profile on their site. Still, it=E2=80=99s hard to imag=
ine how this business has upset anyone in the art world.=C2=A0
Five weeks later, on the eve of a crucial set of art sales that would play =
a central role in setting the tone of the art market for the coming year, T=
he New York Times chose to run a feature about the production values of auc=
tion webcasts and the reactions viewers had to seeing very expensive art so=
ld in full view of the public. As news, the story was two years too late. F=
acing slowing sales volume, the auction houses are already focused on contr=
olling costs and reevaluating how elaborate these productions need to be to=
do the job they need to do.=C2=A0
The bigger problem was the Times=E2=80=99s choice of writer. Carol Vogel ha=
d left the Times nine years earlier after complaints about her lax research=
, reporting and writing [ https://substack.com/redirect/ad5b0b7a-e967-49fa-=
95cd-433265c3ab5d?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx=
_g6pp7gWdY ]. Following three decades of stomping, sneering and throwing th=
e weight of The New York Times around the gallery, museum and auction world=
s, many had hoped Vogel=E2=80=99s departure would inaugurate a new era of b=
etter coverage at the Times, coverage less prone to error, more thoroughly =
reported and better written. In the right hands, the art beat had the poten=
tial to fuse the worlds of culture, finance, fashion and luxury. Why the Ti=
mes was unable=E2=80=94or uninterested=E2=80=94in filling the role from its=
talented staff with experience writing about other cultural industries is =
a mystery. What we wanted to see emerge from the art beat was an Andrew Ros=
s Sorkin, David Carr, Ben Smith or Sam Sifton, a voice grounded in detailed=
understanding of an industry but with an eye for drama, intrigue and confl=
ict. What we got instead was teleprompters.=C2=A0
When it comes to covering art, there=E2=80=99s an obvious leadership proble=
m among the editors at the global news brands. The Financial Times is the o=
nly one with a weekly art column. You would think that would make the cover=
age more measured and careful. Instead, on November 23rd, we were told the =
explanation for the 33% drop in the November sales was =E2=80=9Cchanging ta=
stes=E2=80=9D that =E2=80=9Chobbled the season. [ https://substack.com/redi=
rect/1635bb69-6fc5-4781-8c4c-9b454a59ce2c?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1=
d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]=E2=80=9D The assertion lacked evidence=
=2E That should have drawn an editor=
=E2=80=99s attention. But there were two=20=
more tells in this stretch claim. First, the art advisor quoted was announc=
ed as new hire for the firm in a press release issued the Monday after the =
column appeared. That=E2=80=99s a PR professional=E2=80=99s dream. Second, =
the same reporter used the same idea from the same advisory firm in another=
publication five months earlier [ https://substack.com/redirect/90106cfa-0=
528-4a8b-a012-255cecd96dca?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iR=
nigHXx6Fx_g6pp7gWdY ]. Having a pet theory waiting around to apply to a con=
venient event is the opposite of good journalism=E2=80=94and a bad look for=
the FT.
Journalists are under pressure to present novel and interesting explanation=
s for events. It=E2=80=99s their editors=E2=80=99 job to judge whether thos=
e explanations hold water. Coverage of the art market in the FT and NY Time=
s is overseen by editors who have been in their roles for decades. One woul=
d have thought that would mean more insightful coverage. The switch from ad=
revenue to subscription revenue seems to have put a premium on sensational=
ism. In some ways the art world makes itself an easy target with the secrec=
y and sometimes other-worldly prices.=20
But the editors do make choices that have real effects. The New York Times =
puts a lot of pressure on cultural institutions, galleries and auction hous=
es to announce the most significant news through the Times, often as an =E2=
=80=9Cexclusive,=E2=80=9D to the extent that anything can be exclusive in o=
ur instantaneous information world.=20
Those exclusives ought to come with greater care and better reporting. In t=
he MSNBC hit on her auction webcast story, Vogel tells the interviewer prou=
dly that she read all 7,000 comments on the YouTube webcast of the Freddie =
Mercury auction as if that tedious task was a substitute for the real repor=
ting that might have occurred had Vogel made an effort to identify and cont=
act any of the commenters so that she could interview them and give her rea=
ders real perspective on the meaning of these webcasts to the uninitiated v=
iewers. She did not. She simply cut and pasted their YouTube comments into =
her story [ https://substack.com/redirect/d3022ad9-c159-4a47-905e-b35dc0a97=
8da?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]. =
The Times ran it.=20
=E2=80=9CIt was like a Soap Opera,=E2=80=9D Vogel exclaimed in her cable hi=
t about reading the comments, telling the world she had no experience with =
social media without saying she had no experience with social media. =E2=80=
=9CThe commenters started arguing with each other.=E2=80=9D
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@media (max-width: 600px) {
.typography .markup .install-substack-app-embed .install-substack-app-emb=
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.typography.editor .markup .install-substack-app-embed .install-substack-=
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margin-top: 16px;
width: 100%;
}
}
@media screen and (min-width: 481px) {
.share-button-container {
height: 38px;
}
}
@media screen and (min-width: 481px) {
.share-button-container a.comment {
height: 38px;
line-height: 38px;
padding-right: 10px;
}
}
@media screen and (max-width: 480px) {
.share-button-container .separator {
display: block;
margin: 0;
height: 8px;
border-left: none;
}
}
@media screen and (max-width: 480px) {
.share-button-container a.share.first img {
padding-left: 0;
}
}
@media screen and (min-width: 481px) {
.share-button-container a.mobile {
display: none !important;
}
}
@media screen and (max-width: 650px) {
.social-media-share-preview__description {
-webkit-line-clamp: 2;
}
}
@media screen and (max-width: 1000px) {
.congrats-box {
flex-direction: column;
}
.congrats-box .congrats-box-right {
margin-left: 38px;
margin-top: 16px;
}
}
@media screen and (max-width: 500px) {
.congrats-box {
display: none;
}
}
@media screen and (min-width: 541px) {
.settings-add-pub-modal-wrapper .container .add-recommending-pub-modal-co=
ntainer {
padding: 36px;
height: 680px;
}
}
@media screen and (min-width: 541px) {
.settings-add-pub-modal-wrapper .container .add-recommending-pub-modal-co=
ntainer .footer {
position: absolute;
bottom: 36px;
margin: 0px;
}
}
@media screen and (max-width: 840px) {
.header-with-anchor-widget .header-anchor-widget,
.header-anchor-container .header-anchor-widget {
display: none;
}
}
@media screen and (min-width: 768px) {
.post {
padding: 32px 0 0 0;
}
}
@media screen and (max-width: 650px) {
.post .post-header .post-label {
margin-top: 8px;
}
}
@media screen and (max-width: 650px) {
.post .post-header .meta-author-wrap.alternative-meta .meta-right-column =
=2Epost-meta {
margin-top: 6px;
}
}
@media screen and (max-width: 650px) {
.post .footer-facepile-container {
height: 64px;
padding: 0 16px;
display: flex;
align-items: center;
justify-content: flex-start;
width: 100%;
}
}
@media screen and (max-width: 650px) {
.post .post-footer.use-separators {
justify-content: center;
}
}
@media screen and (max-width: 650px) {
.post .post-footer.next-prev {
height: 64px;
justify-content: space-between;
box-sizing: border-box;
}
}
@media screen and (max-width: 650px) {
.post-contributor-footer .post-contributor-bio-table {
display: block;
}
.post-contributor-footer .post-contributor-bio-table-row {
display: flex;
flex-direction: row;
}
.post-contributor-footer .post-contributor-bio-userhead-cell,
.post-contributor-footer .post-contributor-bio-body-cell {
display: block;
}
.post-contributor-footer .post-contributor-bio-body-cell {
flex-grow: 1;
}
.post-contributor-footer .post-contributor-bio-body-table {
display: block;
}
.post-contributor-footer .post-contributor-bio-body-table-row {
display: block;
}
.post-contributor-footer .post-contributor-bio-copy-cell,
.post-contributor-footer .post-contributor-bio-controls-cell {
display: block;
}
.post-contributor-footer .post-contributor-bio-copy-cell {
margin: 0 0 16px 0;
}
.post-contributor-footer .post-contributor-bio-controls-cell {
width: auto;
}
.post-contributor-footer .post-contributor-bio-controls {
margin: auto;
}
.post-contributor-footer .post-contributor-bio-controls .button.primary {
width: 100%;
}
.post-contributor-footer .post-contributor-bio-text {
font-size: 14px;
}
}
@media screen and (min-width: 768px) {
.post-silhouette {
padding: 16px 0;
}
}
@media screen and (max-width: 650px) {
.post-silhouette .post-silhouette-title {
margin-top: 10.44225025px;
height: 120px;
}
}
@media screen and (max-width: 650px) {
.post-silhouette .post-silhouette-meta {
width: 75%;
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}
@media screen and (max-width: 650px) {
.post-silhouette .post-silhouette-meta.with-byline-image {
margin: 20px 0;
}
}
@media screen and (max-width: 650px) {
.use-theme-bg .post-meta.alternative-meta .post-meta-item,
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padding-right: 16px;
}
}
@media screen and (max-width: 370px) {
.use-theme-bg .post-meta.alternative-meta .post-meta-item,
.post-meta.alternative-meta .post-meta-item {
font-size: 14px;
}
}
@media screen and (max-width: 650px) {
.use-theme-bg .post-meta.alternative-meta .post-meta-item.guest-author-pu=
blication,
.post-meta.alternative-meta .post-meta-item.guest-author-publication {
display: none;
}
}
@media screen and (max-width: 370px) {
.post-meta .post-meta-item .post-meta-button {
height: 36px !important;
}
.post-meta .post-meta-item .post-meta-button .meta-button-label {
display: none;
}
.post-meta .post-meta-item .post-meta-button > svg {
margin-right: 0;
}
}
@media screen and (max-width: 370px) {
.post-meta .post-meta-item {
font-size: 12px;
}
}
@media screen and (max-width: 650px) {
.post-preview .post-preview-content .post-preview-meta {
margin-top: 12px 0;
}
}
@media screen and (max-width: 650px) {
.post-preview .post-preview-image {
display: none;
}
}
@media screen and (max-width: 650px) {
.post-preview-silhouette .post-preview-silhouette-image {
display: none;
}
}
@media screen and (max-width: 650px) {
.post .floating-subscribe-button {
bottom: 20px;
right: 20px;
}
}
@media all and (-ms-high-contrast: none), (-ms-high-contrast: active) {
body .markup table.image-wrapper img,
body .markup table.kindle-wrapper img {
max-width: 550px;
}
}
@media screen and (max-width: 650px) {
body .markup div.youtube-inner div.youtube-screen,
body .markup div.vimeo-inner div.youtube-screen {
display: none !important;
}
}
@media screen and (max-width: 370px) {
body .markup div.tiktok-wrap {
width: calc(95vw - 32px);
height: calc((95vw - 32px - 2px) / 0.485714);
}
}
@media screen and (max-width: 650px) {
body .markup div.embedded-publication-wrap .embedded-publication.show-sub=
scribe {
padding: 24px;
}
}
@media screen and (max-width: 650px) {
body .markup div.subscription-widget-wrap .subscription-widget.show-subsc=
ribe,
body .markup div.captioned-button-wrap .subscription-widget.show-subscrib=
e {
padding: 24px;
}
}
@media screen and (max-width: 650px) {
body .markup div.subscription-widget-wrap .subscription-widget.show-subsc=
ribe .subscription-widget-subscribe .button,
body .markup div.captioned-button-wrap .subscription-widget.show-subscrib=
e .subscription-widget-subscribe .button {
padding: 10px 12px;
min-width: 110px;
}
}
@media (max-width: 650px) {
body .markup .tweet {
padding: 12px;
}
}
@media (max-width: 650px) {
body .markup .tweet .tweet-text {
font-size: 14px;
line-height: 20px;
}
}
@media (max-width: 650px) {
body .markup .tweet .tweet-photos-container.two,
body .markup .tweet .tweet-photos-container.three,
body .markup .tweet .tweet-photos-container.four {
height: 200px;
}
}
@media (max-width: 650px) {
body .markup .tweet a.expanded-link .expanded-link-img {
max-height: 180px;
}
}
@media (max-width: 650px) {
body .markup .tweet a.expanded-link .expanded-link-description {
display: none;
}
}
@media screen and (max-width: 650px) {
body .markup .apple-podcast-container {
width: unset;
}
}
@media (max-width: 420px) {
body .markup .install-substack-app-embed img.install-substack-app-embed-i=
mg {
margin: 0 auto 16px auto;
}
}
@media screen and (min-width: 420px) and (max-width: 600px) {
body .markup .install-substack-app-embed .install-substack-app-embed-text=
{
max-width: calc(100% - 100px);
width: initial;
}
}
@media (max-width: 420px) {
body .markup .install-substack-app-embed .install-substack-app-embed-text=
{
margin: 0 0 12px 0;
max-width: 100%;
width: auto;
text-align: center;
}
}
@media (max-width: 600px) {
body .markup .install-substack-app-embed .install-substack-app-embed-link=
{
margin-top: 16px;
width: 100%;
}
}
@media screen and (min-width: 500px) {
body .header a.logo {
width: 42px;
height: 42px;
border-radius: 12px;
}
}
@media screen and (max-width: 420px) {
body .subscription-receipt table:first-of-type .subscription-amount .subs=
cription-discount {
width: 72px !important;
}
}
@media screen and (min-width: 481px) {
body .share-button-container {
height: auto;
}
}
@media screen and (max-width: 480px) {
body .share-button-container .separator {
display: block !important;
margin: 0 !important;
height: 8px !important;
border-left: none !important;
}
}
@media screen and (max-width: 650px) {
.digest .item .post-meta-item.audience {
display: none;
}
}
@media screen and (min-width: 500px) {
.digest-publication .logo img {
width: 42px;
height: 42px;
border-radius: 6px;
}
}
@media screen and (max-width: 650px) {
.comments-page .container .comment-list .collapsed-reply {
margin-left: 17px;
}
}
@media screen and (max-width: 650px) {
.comment > .comment-list {
padding-left: 25px;
}
}
@media screen and (max-width: 650px) {
.finish-magic-login-modal .modal-content .container {
padding: 24px 0;
}
}
@media (max-width: 650px) {
.reader2-text-b3 {
line-height: 24px;
}
}
@media screen and (max-width: 650px) {
.reader2-text-h4 {
line-height: 24px;
}
}
@media screen and (min-width: 541px) {
.user-profile-modal {
padding-left: 12px;
padding-right: 12px;
}
}
@media screen and (max-width: 650px) {
.subscribe-widget form.form .sideBySideWrap button.rightButton {
padding: 10px 12px;
}
}
@media screen and (min-width: 541px) {
.pub-icon:hover .logo-hover,
.feed-item-icon:hover .logo-hover {
display: block;
}
}
@media screen and (max-width: 650px) {
.post-ufi.single-full-width-button .post-ufi-button-wrapper {
width: 100%;
padding: 16px;
}
.post-ufi.single-full-width-button .post-ufi-button-wrapper:empty {
display: none;
}
.post-ufi.single-full-width-button .post-ufi-button {
width: 100%;
justify-content: center;
}
}
@media screen and (max-width: 768px) {
.file-embed-wrapper {
padding: 0;
}
}
@media screen and (max-width: 768px) {
.file-embed-wrapper-editor {
padding: 0;
}
}
@media screen and (max-width: 768px) {
.file-embed-wrapper-editor:active {
padding: 0;
}
}
@media only screen and (max-width: 650px) {
.file-embed-button.wide,
.file-embed-error-button.wide {
display: none;
}
}
@media only screen and (min-width: 630px) {
.file-embed-button.narrow,
.file-embed-error-button.narrow {
display: none;
}
}
@media screen and (min-width: 541px) {
.audio-player-wrapper .audio-player {
min-width: 500px;
}
}
@media screen and (max-width: 650px) {
.audio-player-wrapper .audio-player .audio-player-progress {
border-left-width: 16px;
border-right-width: 16px;
}
}
@media screen and (max-width: 650px) {
.audio-player-wrapper .audio-player .audio-player-progress .audio-player-=
progress-bar .audio-player-progress-bar-popup {
top: -54px;
}
}
@media screen and (max-width: 650px) {
.audio-player-wrapper-fancy .audio-player .audio-player-progress {
border-left-width: 16px;
border-right-width: 16px;
}
}
@media screen and (max-width: 650px) {
.audio-player-wrapper-fancy .audio-player .audio-player-progress .audio-p=
layer-progress-bar .audio-player-progress-bar-popup {
top: -54px;
}
}
@media (min-width: 250px) {
.audio-player-wrapper-fancy .audio-player {
padding: 32px;
}
.audio-player-wrapper-fancy .audio-player .btn-group {
display: flex;
}
.audio-player-wrapper-fancy .audio-player .btn-group .button:last-of-type=
{
display: block;
}
}
@media (min-width: 300px) {
.audio-player-wrapper-fancy .audio-player .btn-group {
display: block;
}
.audio-player-wrapper-fancy .audio-player .btn-group .button:first-of-typ=
e {
display: block;
}
}
@media (min-width: 350px) {
.audio-player-wrapper-fancy .audio-player .audio-player-substack-logo {
display: block;
}
.audio-player-wrapper-fancy .audio-player .audio-player-title {
margin-top: 16px;
}
.audio-player-wrapper-fancy .audio-player .audio-player-hero-image-contai=
ner {
padding-top: 15%;
width: 15%;
display: block;
}
.audio-player-wrapper-fancy .audio-player .btn-group .button:first-of-typ=
e {
display: block;
}
.audio-player-wrapper-fancy .audio-player .audio-player-substack-logo {
display: block;
}
}
@media (min-width: 350px) {
.audio-player-wrapper-fancy .audio-player .audio-player-hero-image-contai=
ner {
padding-top: 25%;
width: 25%;
display: block;
}
.audio-player-wrapper-fancy .audio-player .btn-group {
display: flex;
}
.audio-player-wrapper-fancy .audio-player .btn-group .button:first-of-typ=
e {
display: block;
}
}
@media (min-width: 400px) {
.audio-player-wrapper-fancy .audio-player .audio-player-hero-image-contai=
ner {
padding-top: 40%;
width: 40%;
}
}
@media (max-width: 400px) {
.audio-player-wrapper-fancy .audio-player .btn-group {
margin-top: 12px;
}
.audio-player-wrapper-fancy .audio-player .btn-group .button {
font-size: 13px;
padding: 6px 12px;
height: auto;
margin-top: 10px;
}
}
@media (min-width: 600px) {
.audio-player-wrapper-fancy .audio-player .audio-player-hero-image-contai=
ner {
padding-top: 55%;
width: 55%;
}
}
@media (max-width: 650px) {
.poll-editor-modal {
min-width: calc(100% - 20px);
}
}
@media (max-width: 750px) {
.poll-embed .poll-anchor-target .poll-anchor-copy-button {
left: 8px;
top: 45px;
}
}
@media screen and (min-width: 541px) {
.poll-embed .poll-wrapper.poll-web .poll-dialog .modal-table .modal-row .=
modal-content > .container {
width: 552px;
padding: 26px 24px;
}
}
@media screen and (max-width: 650px) {
.poll-embed .poll-wrapper.poll-web .poll-dialog .modal-table .modal-row .=
modal-content > .container {
padding: 40px 0;
}
}
@media screen and (max-width: 650px) {
.poll-embed .poll-wrapper.poll-web .poll-dialog .modal-row .modal-cell .m=
odal-exit-btn {
margin-right: -20px;
}
}
</style></head><body class=3D"email-body" style=3D"font-kerning: auto;"><im=
g src=3D"https://eotrx.substackcdn.com/open?token=3DeyJtIjoiPDIwMjMxMjAxMjA=
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b3N0IiwiZiI6dHJ1ZSwicG9zaXRpb24iOiJ0b3AiLCJpYXQiOjE3MDE0NjA5NTMsImV4cCI6MTc=
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ght:1px !important;width:1px !important;border-width:0 !important;margin-to=
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x;opacity:0;overflow:hidden;" class=3D"preview">Velazquez Trophy Unveiled a=
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d></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-wrap: =
break-word; width: 100%;"><table role=3D"presentation" width=3D"100%" borde=
r=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td align=3D"right" style=
=3D"height: 20px;"><table role=3D"presentation" width=3D"auto" border=3D"0"=
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e;"><span class=3D"pencraft frontend-pencraft-Box-module__reset--VfQY8 fron=
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bstack-secondary" style=3D"color: rgb(128, 128, 128) !important; font-famil=
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encraft frontend-pencraft-Box-module__reset--VfQY8 frontend-pencraft-Text-m=
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RoaXMtd2Vlay0yMzQ4IiwicCI6MTM5MzI2ODgxLCJzIjoyMjU5LCJmIjp0cnVlLCJ1IjoxMzMyN=
jg2NjEsImlhdCI6MTcwMTQ2MDk1MywiZXhwIjoxNzA0MDUyOTUzLCJpc3MiOiJwdWItMCIsInN1=
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n></td></tr></table></td></tr></table><table role=3D"presentation" width=3D=
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ble><div dir=3D"auto" class=3D"post typography" style=3D"font-size: 16px; l=
ine-height: 26px; padding: 16px 0 0 0;"><div class=3D"post-header" style=3D=
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yle=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoothing: antial=
iased; -webkit-appearance: optimizelegibility; -webkit-font-smoothing: anti=
aliased; appearance: optimizelegibility; color: rgb(64, 64, 64); font-famil=
y: 'SF Compact Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', Rob=
oto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', '=
Segoe UI Symbol'; font-size: 32px; font-weight: bold; line-height: 36px; ma=
rgin: 0;"><a href=3D"https://substack.com/app-link/post?publication_id=3D22=
59&post_id=3D139326881&utm_source=3Dpost-email-title&utm_campaign=3Demail-p=
ost-title&isFreemail=3Dtrue&r=3D27cer9&token=3DeyJ1c2VyX2lkIjoxMzMyNjg2NjEs=
InBvc3RfaWQiOjEzOTMyNjg4MSwiaWF0IjoxNzAxNDYwOTUzLCJleHAiOjE3MDQwNTI5NTMsIml=
zcyI6InB1Yi0yMjU5Iiwic3ViIjoicG9zdC1yZWFjdGlvbiJ9.DGl2jETxUzkNZeWA3qsultH2o=
TeGhB1jwEkl8Ysls0w" style=3D"color: rgb(64, 64, 64); text-decoration: none;=
">What We Learned this Week (2348)</a></h1><h3 class=3D"subtitle" style=3D"=
-moz-appearance: optimizelegibility; -moz-osx-font-smoothing: antialiased; =
-webkit-appearance: optimizelegibility; -webkit-font-smoothing: antialiased=
; appearance: optimizelegibility; color: #808080; font-family: 'SF Compact =
Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica,=
Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol=
'; font-size: 18px; font-weight: normal; line-height: 24px; margin: 4px 0 0=
; margin-top: 12px;">Velazquez Trophy Unveiled at Sotheby's + Christie's Ho=
ng Kong Modern & Contemporary =3D $136m + Don't Freak Out About the Nov=
ember Sales</h3><table role=3D"presentation" width=3D"100%" border=3D"0" ce=
llspacing=3D"0" cellpadding=3D"0" class=3D"post-meta" style=3D"align-items:=
center; height: 20px; margin: 1em 0;"><tr><td><table role=3D"presentation"=
width=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td><t=
able role=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D"0" ce=
llpadding=3D"0"><tr><td style=3D"vertical-align: middle;"><div class=3D"pen=
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UI Emoji', 'Segoe UI Symbol'; font-size: 11px; font-weight: 500; letter-spa=
cing: .2px; line-height: 20px; margin: 0; text-decoration: unset; text-tran=
sform: uppercase;"><a style=3D"color: rgb(64, 64, 64); font-family: 'SF Com=
pact', -apple-system, -apple-system, -system-ui, BlinkMacSystemFont, 'Segoe=
UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI =
Emoji', 'Segoe UI Symbol'; font-size: 11px; font-weight: 500; letter-spacin=
g: .2px; line-height: 20px; margin: 0; text-decoration: none; text-transfor=
m: uppercase;" href=3D"https://substack.com/@artelligence" class=3D"pencraf=
t frontend-pencraft-Box-module__reset--VfQY8 frontend-pencraft-Text-module_=
_size-11--k1e8b frontend-pencraft-Text-module__line-height-20--p0dP8 fronte=
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t-module__reset--dW0zZ frontend-pencraft-Text-module__meta--jzHdd">Marion M=
aneker</a></div></td></tr></table></td></tr><tr><td><table role=3D"presenta=
tion" width=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><=
td style=3D"vertical-align: middle;"><div class=3D"pencraft frontend-pencra=
ft-Box-module__reset--VfQY8 frontend-pencraft-Text-module__size-11--k1e8b f=
rontend-pencraft-Text-module__line-height-20--p0dP8 frontend-pencraft-Text-=
module__weight-medium--x7khA frontend-pencraft-Text-module__font-meta--U_nx=
y frontend-pencraft-Text-module__color-secondary--WRADg frontend-pencraft-T=
ext-module__transform-uppercase--IDkUL frontend-pencraft-Text-module__reset=
--dW0zZ frontend-pencraft-Text-module__meta--jzHdd" style=3D"color: rgb(128=
, 128, 128); font-family: 'SF Compact', -apple-system, -apple-system, -syst=
em-ui, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif=
, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 11px=
; font-weight: 500; letter-spacing: .2px; line-height: 20px; margin: 0; tex=
t-decoration: unset; text-transform: uppercase;"><time dateTime=3D"2023-12-=
01T20:02:11.771Z">Dec 1</time></div></td></tr></table></td></tr></table></t=
d></tr></table><table role=3D"presentation" width=3D"100%" border=3D"0" cel=
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quot;class":null}" data-component-name=3D"ButtonCreateButton" style=3D=
"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20=
px 0; text-align: center;"><a class=3D"button primary" href=3D"https://subs=
tack.com/redirect/ac77fda8-c670-44a6-a0de-bf8b4e7025a7?j=3DeyJ1IjoiMjdjZXI5=
In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"background-co=
lor: #653366; border: none; border-radius: 6px; box-sizing: border-box; col=
or: #ffffff !important; cursor: pointer; display: inline-block; font-family=
: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, =
sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-=
size: 14px; font-weight: 600; height: auto; line-height: 20px; margin: 0; o=
pacity: 1; outline: none; padding: 12px 20px; text-align: center; text-deco=
ration: none !important; white-space: nowrap;"><span style=3D"color: #fffff=
f; text-decoration: none;">Contact Us!</span></a></p><div style=3D"font-siz=
e: 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; -webkit-appearance: optimizelegibility; -webkit-fon=
t-smoothing: antialiased; appearance: optimizelegibility; color: rgb(64, 64=
, 64); font-family: 'SF Compact Display', -apple-system, BlinkMacSystemFont=
, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'S=
egoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.625em; font-weight: bold; l=
ine-height: 1.16em; margin: 1em 0 0.625em 0; position: relative;">In This I=
ssue</h2><ol style=3D"margin-top: 0; padding: 0;"><li style=3D"margin: 8px =
0 0 32px;"><p style=3D"box-sizing: border-box; color: rgb(64, 64, 64); font=
-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0; padding-left: =
4px;"><strong>Lot Watch:</strong><span> Sotheby’s $35m Velazquez roya=
l portrait </span></p></li><li style=3D"margin: 8px 0 0 32px;"><p style=3D"=
box-sizing: border-box; color: rgb(64, 64, 64); font-size: 16px; line-heigh=
t: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><strong>Results:<=
/strong><span> Christie’s Hong Kong Modern & Contemporary =3D $13=
6m</span></p></li><li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizin=
g: border-box; color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; =
margin: 0; margin-bottom: 0; padding-left: 4px;"><strong>Artelligence on Yo=
uTube:</strong><span> Don’t Freak Out! The November sales were fine. =
</span></p></li><li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing:=
border-box; color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; ma=
rgin: 0; margin-bottom: 0; padding-left: 4px;"><strong>Vox Orbis Artis:</st=
rong><span> Art Basel Miami Beach—Time to Buy or Time to Party? </spa=
n></p></li><li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: bord=
er-box; color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin:=
0; margin-bottom: 0; padding-left: 4px;"><strong>Notes: </strong><span>TRL=
abs lines them up in Shanghai</span></p></li><li style=3D"margin: 8px 0 0 3=
2px;"><p style=3D"box-sizing: border-box; color: rgb(64, 64, 64); font-size=
: 16px; line-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"=
><strong>Why Does Art Market Coverage Miss the Point?</strong><span> Recent=
stories in the global news outlets show the art market coverage isn’=
t up to the quality of other industries. </span></p></li></ol><div style=3D=
"font-size: 16px; line-height: 26px;"><hr style=3D"background: #e0e0e0; bor=
der: none; height: 1px; margin: 32px 0; padding: 0;"></div><h2 class=3D"hea=
der-with-anchor-widget" style=3D"-moz-appearance: optimizelegibility; -moz-=
osx-font-smoothing: antialiased; -webkit-appearance: optimizelegibility; -w=
ebkit-font-smoothing: antialiased; appearance: optimizelegibility; color: r=
gb(64, 64, 64); font-family: 'SF Compact Display', -apple-system, BlinkMacS=
ystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color E=
moji', '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;">=
Lot Watch</h2><h4 class=3D"header-with-anchor-widget" style=3D"-moz-appeara=
nce: optimizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-appe=
arance: optimizelegibility; -webkit-font-smoothing: antialiased; appearance=
: optimizelegibility; color: rgb(64, 64, 64); 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: 1.125em; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.=
625em 0; position: relative;">Velazquez’s $35m Royal Portrait Comes t=
o Sotheby’s in February</h4><div class=3D"captioned-image-container-s=
tatic" style=3D"font-size: 16px; line-height: 26px; margin: 32px auto;"><fi=
gure style=3D"margin: 0 auto; width: 100%;"><table class=3D"image-wrapper" =
width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" data-compon=
ent-name=3D"Image2ToDOMStatic" style=3D"mso-padding-alt: 1em 0 1.6em;"><tbo=
dy><tr><td style=3D"text-align: center;"></td><td align=3D"left" class=3D"c=
ontent" width=3D"434" style=3D"text-align: center;"><a class=3D"image-link"=
target=3D"_blank" href=3D"https://substack.com/redirect/3abeaf77-ef92-4606=
-8f3b-ca8880a17481?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6F=
x_g6pp7gWdY" rel style=3D"align-items: center; border: none; display: block=
; flex-direction: column; height: auto; margin: 0; padding: 0; position: re=
lative; text-decoration: none; width: auto;"><img data-attrs=3D"{"src&=
quot;:"https://substack-post-media.s3.amazonaws.com/public/images/1f5e=
cecf-4f55-4f16-aecb-81d9daafa1ca_2357x4164.jpeg","srcNoWatermark&=
quot;:null,"fullscreen":null,"imageSize":null,"hei=
ght":2572,"width":1456,"resizeWidth":434,"byt=
es":5781129,"alt":null,"title":null,"type&quo=
t;:"image/jpeg","href":null,"belowTheFold":tr=
ue,"topImage":false,"internalRedirect":null}" alt width=
=3D"434" height=3D"766.6538461538462" class src=3D"https://substackcdn.com/=
image/fetch/w_434,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%=
2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1f5ececf-4f55=
-4f16-aecb-81d9daafa1ca_2357x4164.jpeg" style=3D"-ms-interpolation-mode: bi=
cubic; border: none !important; display: block; height: auto; margin: 0 aut=
o; margin-bottom: 0; max-width: 100% !important; vertical-align: middle; wi=
dth: auto !important;"></a></td><td style=3D"text-align: center;"></td></tr=
></tbody></table></figure></div><p style=3D"color: rgb(64, 64, 64); font-si=
ze: 16px; line-height: 26px; margin: 0 0 20px 0;"><span>Velazquez’s p=
ortrait of Juan de Pareja, the artist’s slave whom he eventually free=
d and became a celebrated painter in his own right. The sale had a similar =
impact to the sale of Leonardo’s </span><em>Salvatore Mundi</em><span=
> because it tripled the previous high auction price for any painting. The =
event underscores the importance of Velazquez’s work to the worldR=
17;s greatest museums. This week, Sotheby’s announced it will be sell=
ing a rare royal portrait by the artist that once hung in royal residences =
in both Spain and France before winding up in the hands of banker Henry Hut=
h whose family owned it for more than a century. The consignors are compara=
tively short stewards of the work having owned it only since 1978. The port=
rait of </span><em>Isabel de Borbon, Queen of Spain</em><span> seems likely=
to end up in a museum somewhere but the $35 million estimate may make that=
difficult for any institution. When the Met bought Juan de Pareja, it was =
the Wildensteins who bid at auction giving the slow-moving institution the =
necessary time to raise the funds to buy the work.</span></p><div style=3D"=
font-size: 16px; line-height: 26px;"><hr style=3D"background: #e0e0e0; bord=
er: none; height: 1px; margin: 32px 0; padding: 0;"></div><h2 class=3D"head=
er-with-anchor-widget" style=3D"-moz-appearance: optimizelegibility; -moz-o=
sx-font-smoothing: antialiased; -webkit-appearance: optimizelegibility; -we=
bkit-font-smoothing: antialiased; appearance: optimizelegibility; color: rg=
b(64, 64, 64); font-family: 'SF Compact Display', -apple-system, BlinkMacSy=
stemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Em=
oji', '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;">R=
esults</h2><h4 class=3D"header-with-anchor-widget" style=3D"-moz-appearance=
: optimizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-appeara=
nce: optimizelegibility; -webkit-font-smoothing: antialiased; appearance: o=
ptimizelegibility; color: rgb(64, 64, 64); font-family: '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: 1.16em; margin: 1em 0 0.625=
em 0; position: relative;">Christie’s Hong Kong Contemporary and Mode=
rn Art =3D $136m</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"1=
00%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" data-component-name=
=3D"Image2ToDOMStatic" style=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><=
td style=3D"text-align: center;"></td><td align=3D"left" class=3D"content" =
width=3D"402" style=3D"text-align: center;"><a class=3D"image-link" target=
=3D"_blank" href=3D"https://substack.com/redirect/26caa64b-798c-4e9f-a6fe-b=
ab5043446ae?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7=
gWdY" 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":&=
quot;https://substack-post-media.s3.amazonaws.com/public/images/b8703938-c6=
61-415b-bc59-18638ac74c7e_1024x1024.png","srcNoWatermark":nu=
ll,"fullscreen":null,"imageSize":null,"height"=
;:1024,"width":1024,"resizeWidth":402,"bytes"=
:133884,"alt":null,"title":null,"type":"=
image/png","href":null,"belowTheFold":true,"t=
opImage":false,"internalRedirect":null}" alt width=3D"402" h=
eight=3D"402" class src=3D"https://substackcdn.com/image/fetch/w_402,c_limi=
t,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media=
=2Es3.amazonaws.com%2Fpublic%2Fimages%2=
Fb8703938-c661-415b-bc59-18638ac74c7e_=
1024x1024.png" style=3D"-ms-interpolation-mode: bicubic; border: none !impo=
rtant; display: block; height: auto; margin: 0 auto; margin-bottom: 0; max-=
width: 100% !important; vertical-align: middle; width: auto !important;"></=
a></td><td style=3D"text-align: center;"></td></tr></tbody></table></figure=
></div><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26=
px; margin: 0 0 20px 0;">Details for paid subscribers on Tuesday.</p><div s=
tyle=3D"font-size: 16px; line-height: 26px;"><hr style=3D"background: #e0e0=
e0; 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: optimizelegibil=
ity; -webkit-font-smoothing: antialiased; appearance: optimizelegibility; c=
olor: rgb(64, 64, 64); font-family: 'SF Compact Display', -apple-system, Bl=
inkMacSystemFont, '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: rela=
tive;">Artelligence on YouTube</h2><a href=3D"https://substack.com/redirect=
/00156b63-7dcd-4805-b167-e82761d5eb1f?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQ=
mMpisrMe5iRnigHXx6Fx_g6pp7gWdY" target=3D"_blank" class=3D"youtube-wrap" da=
ta-component-name=3D"Youtube2ToDOMStatic" style=3D"display: block; margin: =
1.6em 0;"><img src=3D"https://substackcdn.com/image/youtube/w_550,c_limit/l=
_youtube_play_qyqt8q,w_120/T80iEItnFrA" style=3D"-ms-interpolation-mode: bi=
cubic; border: none !important; display: block; height: auto; margin: 0 aut=
o; max-width: 100%; vertical-align: middle; width: 100%;"></a><p style=3D"c=
olor: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px=
0;"><span>Many observers are looking at the $2.14 billion in art sold in N=
ew York in November and claiming that the art market is somehow in trouble.=
But we looked at the last few years of data and the difficult economic and=
political environment surrounding these sales and came to a very different=
conclusion. </span><a href=3D"https://substack.com/redirect/c2d82c17-eefb-=
469a-8a59-2583707c4f6c?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigH=
Xx6Fx_g6pp7gWdY" rel style=3D"color: rgb(64, 64, 64); text-decoration: unde=
rline;">Watch here</a><span> </span></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: an=
tialiased; -webkit-appearance: optimizelegibility; -webkit-font-smoothing: =
antialiased; appearance: optimizelegibility; color: rgb(64, 64, 64); 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: 1.625em; font-weight: bold; line-height: 1=
=2E16em; margin: 1em 0 0.625em 0; posit=
ion: relative;">Vox Orbis Artis</h2><t=
able cellSpacing=3D"16px" width=3D"100%" class=3D"poll-embed poll-email" st=
yle=3D"margin: 32px auto; max-width: 600px;"><tbody><tr><td align=3D"center=
"><table role=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D"0=
" cellpadding=3D"0" data-component-name=3D"StaticPoll" class=3D"poll-email-=
wrapper" style=3D"border: 1px solid rgba(0, 0, 0, .13); border-radius: 12px=
; color: rgb(64, 64, 64); font-family: -apple-system, -system-ui, BlinkMacS=
ystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color E=
moji', 'Segoe UI Emoji', 'Segoe UI Symbol'; padding: 16px 16px 8px; width: =
100%;"><tr><td><table role=3D"presentation" width=3D"100%" border=3D"0" cel=
lspacing=3D"0" cellpadding=3D"0"><tr><td class=3D"poll-header" style=3D"col=
or: rgb(128, 128, 128); font-size: 12px; font-weight: 500; line-height: 20p=
x; margin-bottom: 4px; padding: 0;">POLL</td></tr><tr width=3D"100%" class=
=3D"poll-question" style=3D"color: rgb(64, 64, 64); font-family: 'SF Pro Di=
splay', -apple-system-headline, -apple-system, -system-ui, BlinkMacSystemFo=
nt, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', =
'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 20px; font-weight: 700; lin=
e-height: 32px; margin-bottom: 8px; vertical-align: top;"><td>You're going =
to Miami. What are you looking forward to most?</td></tr><tr><td><table rol=
e=3D"presentation" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpaddin=
g=3D"0" class=3D"poll-options" style=3D"border-spacing: 0 12px;"><tr><td wi=
dth=3D"100%" class=3D"poll-option"><a href=3D"https://substack.com/redirect=
/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2VuY2Uuc3Vic3RhY2suY29tL2FwaS92MS9wb2xsL3Zv=
dGUvZW1haWw_dG9rZW49ZXlKMWMyVnlYMmxrSWpveE16TXlOamcyTmpFc0luQnZjM1JmYVdRaU9=
qRXpPVE15TmpnNE1Td2ljRzlzYkY5cFpDSTZNVEkwTmpFeUxDSndiMnhzWDI5d2RHbHZibDlwWk=
NJNk5EQTNNek00TENKcFlYUWlPakUzTURFME5qQTVOVE1zSW1WNGNDSTZNVGN3TkRBMU1qazFNe=
XdpYVhOeklqb2ljSFZpTFRJeU5Ua2lMQ0p6ZFdJaU9pSndiMnhzTFhadmRHVWlmUS5SUXp3MXg3=
OHQ4Rk5VNkw3TDdnNVItQk0tV09sMklfQzV6M3lWT3pYMGswIiwicCI6MTM5MzI2ODgxLCJzIjo=
yMjU5LCJmIjp0cnVlLCJ1IjoxMzMyNjg2NjEsImlhdCI6MTcwMTQ2MDk1MywiZXhwIjoxNzA0MD=
UyOTUzLCJpc3MiOiJwdWItMCIsInN1YiI6ImxpbmstcmVkaXJlY3QifQ.bX5t5Zu_2QSj44m9Vu=
Hd4AzcoUlNn4vBFXiaL9wWe_4?" width=3D"100%" class=3D"poll-vote-link" style=
=3D"background-color: rgb(238, 238, 238); border: 1px solid rgba(0, 0, 0, .=
13); border-radius: 6px; color: rgb(128, 128, 128); display: block; height:=
100%; padding: 10px 0; text-align: center; text-decoration: none; width: 1=
00%;"><div class=3D"poll-vote-contents" style=3D"color: rgb(64, 64, 64); di=
splay: block; font-size: 14px; font-weight: 600; height: 100%; line-height:=
20px; width: 100%;">I'm on the hunt for new talent</div></a></td></tr><tr>=
<td width=3D"100%" class=3D"poll-option"><a href=3D"https://substack.com/re=
direct/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2VuY2Uuc3Vic3RhY2suY29tL2FwaS92MS9wb2=
xsL3ZvdGUvZW1haWw_dG9rZW49ZXlKMWMyVnlYMmxrSWpveE16TXlOamcyTmpFc0luQnZjM1JmY=
VdRaU9qRXpPVE15TmpnNE1Td2ljRzlzYkY5cFpDSTZNVEkwTmpFeUxDSndiMnhzWDI5d2RHbHZi=
bDlwWkNJNk5EQTNNek01TENKcFlYUWlPakUzTURFME5qQTVOVE1zSW1WNGNDSTZNVGN3TkRBMU1=
qazFNeXdpYVhOeklqb2ljSFZpTFRJeU5Ua2lMQ0p6ZFdJaU9pSndiMnhzTFhadmRHVWlmUS5oNE=
dib3JiZ0Y0dlhyUmhIdm5BcjRxaFQxdUJtQ29JQXBmWEdkcW5UeFVnIiwicCI6MTM5MzI2ODgxL=
CJzIjoyMjU5LCJmIjp0cnVlLCJ1IjoxMzMyNjg2NjEsImlhdCI6MTcwMTQ2MDk1MywiZXhwIjox=
NzA0MDUyOTUzLCJpc3MiOiJwdWItMCIsInN1YiI6ImxpbmstcmVkaXJlY3QifQ.J_zwUk3e5pgu=
SkXuDb3nI9qaqnKAgk515EbN5Iph00s?" width=3D"100%" class=3D"poll-vote-link" s=
tyle=3D"background-color: rgb(238, 238, 238); border: 1px solid rgba(0, 0, =
0, .13); border-radius: 6px; color: rgb(128, 128, 128); display: block; hei=
ght: 100%; padding: 10px 0; text-align: center; text-decoration: none; widt=
h: 100%;"><div class=3D"poll-vote-contents" style=3D"color: rgb(64, 64, 64)=
; display: block; font-size: 14px; font-weight: 600; height: 100%; line-hei=
ght: 20px; width: 100%;">I've got a list, looking for works</div></a></td><=
/tr><tr><td width=3D"100%" class=3D"poll-option"><a href=3D"https://substac=
k.com/redirect/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2VuY2Uuc3Vic3RhY2suY29tL2FwaS=
92MS9wb2xsL3ZvdGUvZW1haWw_dG9rZW49ZXlKMWMyVnlYMmxrSWpveE16TXlOamcyTmpFc0luQ=
nZjM1JmYVdRaU9qRXpPVE15TmpnNE1Td2ljRzlzYkY5cFpDSTZNVEkwTmpFeUxDSndiMnhzWDI5=
d2RHbHZibDlwWkNJNk5EQTNNelF3TENKcFlYUWlPakUzTURFME5qQTVOVE1zSW1WNGNDSTZNVGN=
3TkRBMU1qazFNeXdpYVhOeklqb2ljSFZpTFRJeU5Ua2lMQ0p6ZFdJaU9pSndiMnhzTFhadmRHVW=
lmUS5Qc1huYTVYWWY3aEg5Y0VvZEhQb3h5REk0T2ZRd1hNZlBzbU5MUTMxcEk4IiwicCI6MTM5M=
zI2ODgxLCJzIjoyMjU5LCJmIjp0cnVlLCJ1IjoxMzMyNjg2NjEsImlhdCI6MTcwMTQ2MDk1Mywi=
ZXhwIjoxNzA0MDUyOTUzLCJpc3MiOiJwdWItMCIsInN1YiI6ImxpbmstcmVkaXJlY3QifQ.IP-3=
EzbvkgQHMHkUo-PDEqeCfA6TEYFWtqi29jEah68?" width=3D"100%" class=3D"poll-vote=
-link" style=3D"background-color: rgb(238, 238, 238); border: 1px solid rgb=
a(0, 0, 0, .13); border-radius: 6px; color: rgb(128, 128, 128); display: bl=
ock; height: 100%; padding: 10px 0; text-align: center; text-decoration: no=
ne; width: 100%;"><div class=3D"poll-vote-contents" style=3D"color: rgb(64,=
64, 64); display: block; font-size: 14px; font-weight: 600; height: 100%; =
line-height: 20px; width: 100%;">Meetings, meetings, meetings</div></a></td=
></tr><tr><td width=3D"100%" class=3D"poll-option"><a href=3D"https://subst=
ack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2VuY2Uuc3Vic3RhY2suY29tL2Fw=
aS92MS9wb2xsL3ZvdGUvZW1haWw_dG9rZW49ZXlKMWMyVnlYMmxrSWpveE16TXlOamcyTmpFc0l=
uQnZjM1JmYVdRaU9qRXpPVE15TmpnNE1Td2ljRzlzYkY5cFpDSTZNVEkwTmpFeUxDSndiMnhzWD=
I5d2RHbHZibDlwWkNJNk5EQTNNelF4TENKcFlYUWlPakUzTURFME5qQTVOVE1zSW1WNGNDSTZNV=
GN3TkRBMU1qazFNeXdpYVhOeklqb2ljSFZpTFRJeU5Ua2lMQ0p6ZFdJaU9pSndiMnhzTFhadmRH=
VWlmUS40b3JLYnpZWGNOVlB2MkVGZDlzVWVCTG5sN0tFTUZkMDBBdHFWMjc5NEtjIiwicCI6MTM=
5MzI2ODgxLCJzIjoyMjU5LCJmIjp0cnVlLCJ1IjoxMzMyNjg2NjEsImlhdCI6MTcwMTQ2MDk1My=
wiZXhwIjoxNzA0MDUyOTUzLCJpc3MiOiJwdWItMCIsInN1YiI6ImxpbmstcmVkaXJlY3QifQ.b5=
EKGihV64MYKVUc-0vNuIljGi3xYhBIye8IQ9_Tgbc?" width=3D"100%" class=3D"poll-vo=
te-link" style=3D"background-color: rgb(238, 238, 238); border: 1px solid r=
gba(0, 0, 0, .13); border-radius: 6px; color: rgb(128, 128, 128); display: =
block; height: 100%; padding: 10px 0; text-align: center; text-decoration: =
none; width: 100%;"><div class=3D"poll-vote-contents" style=3D"color: rgb(6=
4, 64, 64); display: block; font-size: 14px; font-weight: 600; height: 100%=
; line-height: 20px; width: 100%;">I'm there to Party. Bring it on!</div></=
a></td></tr></table></td></tr></table></td></tr></table></td></tr></tbody><=
/table><div style=3D"font-size: 16px; line-height: 26px;"><hr style=3D"back=
ground: #e0e0e0; border: none; height: 1px; margin: 32px 0; padding: 0;"></=
div><h2 class=3D"header-with-anchor-widget" style=3D"-moz-appearance: optim=
izelegibility; -moz-osx-font-smoothing: antialiased; -webkit-appearance: op=
timizelegibility; -webkit-font-smoothing: antialiased; appearance: optimize=
legibility; color: rgb(64, 64, 64); font-family: 'SF Compact Display', -app=
le-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-s=
erif, '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; p=
osition: relative;">Notes</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: =
rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0; margin-bott=
om: 0; padding-left: 4px;"><strong>Digital art experiences are quietly pack=
ing them in: </strong><span>We’re accustomed to seeing attendees floc=
k to digital art experiences for globally recognized artists like Monet, va=
n Gogh and even the recent success of David Hockney’s London event. S=
hanghai’s Capitol Theater Building, one of eleven historic buildings =
in the Rockbund district, was the venue for TRLab’s </span><em>Memori=
es of Tomorrow</em><span>, an immersive experience created by Argentinian d=
igital artist Six N.Five. Eager attendees waited up to an hour for admissio=
n. </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><h4 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: rgb(64, 64, 64); 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;">We Hoped for Insightful Industry Cove=
rage. We Got Teleprompters.</h4><div class=3D"captioned-image-container-sta=
tic" style=3D"font-size: 16px; line-height: 26px; margin: 32px auto;"><figu=
re style=3D"margin: 0 auto; width: 100%;"><table class=3D"image-wrapper" wi=
dth=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" data-componen=
t-name=3D"Image2ToDOMStatic" style=3D"mso-padding-alt: 1em 0 1.6em;"><tbody=
><tr><td style=3D"text-align: center;"></td><td align=3D"left" class=3D"con=
tent" width=3D"1456" style=3D"text-align: center;"><a class=3D"image-link" =
target=3D"_blank" href=3D"https://substack.com/redirect/25930afa-ef45-4663-=
aabb-5d1425b6edcc?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx=
_g6pp7gWdY" rel style=3D"align-items: center; border: none; display: block;=
flex-direction: column; height: auto; margin: 0; padding: 0; position: rel=
ative; text-decoration: none; width: auto;"><img data-attrs=3D"{"src&q=
uot;:"https://substack-post-media.s3.amazonaws.com/public/images/d48e8=
291-758c-4918-9d8f-8b121f79ba79_2236x1482.png","srcNoWatermark&qu=
ot;:null,"fullscreen":null,"imageSize":null,"heigh=
t":965,"width":1456,"resizeWidth":null,"bytes=
":2782489,"alt":null,"title":null,"type"=
:"image/png","href":"https://www.msnbc.com/morning=
-joe/watch/how-art-auctions-have-become-must-see-tv-198303813815",&quo=
t;belowTheFold":true,"topImage":false,"internalRedirect=
":null}" alt width=3D"550" height=3D"364.5260989010989" class=3D"wide-=
image" src=3D"https://substackcdn.com/image/fetch/w_2912,c_limit,f_auto,q_a=
uto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaw=
s.com%2Fpublic%2Fimages%2Fd48e8291-758c-4918-9d8f-8b121f79ba79_2236x1482.pn=
g" style=3D"-ms-interpolation-mode: bicubic; border: none !important; displ=
ay: block; height: auto; margin: 0 auto; margin-bottom: 0; max-width: 100% =
!important; vertical-align: middle; width: auto !important;"></a></td><td s=
tyle=3D"text-align: center;"></td></tr></tbody></table></figure></div><p st=
yle=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: =
0 0 20px 0;"><span>In October, when </span><em>Artforum</em><span> lost its=
editor, it came out that three of the most-familiar names in art media wer=
e without editorial leadership. </span><em>Artforum</em><span>, </span><em>=
Artnet</em><span> News and </span><em>The Art Newspaper</em><span> are all =
looking for editors to guide their coverage. </span></p><p style=3D"co=
lor: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px =
0;"><span>Around the same time and leading up to just last week, evidence e=
merged that the editorial drift  in mainstream media coverage of the a=
rt market is just as bad as in the art media. In just two months, the </spa=
n><em>Wall Street Journal</em><span> ran a piece trying to resurrect Stefan=
Simchowitz as an art world bogeyman, the </span><em>New York Times</em><sp=
an> brought back a writer pushed out nearly a decade ago for failing to mee=
t its journalistic standards, and the </span><em>Financial Times</em><span>=
chose to promote a new executive’s unsubstantiated ideas as its take=
on the November auctions. </span></p><p style=3D"color: rgb(64, 64, 6=
4); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">The problem th=
at unites the troubles in both the trade publications and the mainstream ne=
ws outlets is the shift business models. Newspapers once thrived on ad=
s from local department stores and specific industries—this is, after=
all, why the Times had a column called Inside Art—as well as robust =
classified ads. The same enterprises are now global news outlets who reach =
their audience primarily through the web and rely on subscription fees and =
ads from luxury brands. As the WSJ, NY Times and FT moved to a subscription=
model, the kind of informed beat reporting that attracted trade ads has lo=
st its purchase. No one, not even the global auction houses, can afford to =
spend what the luxury brands do. </p><p style=3D"color: rgb(64, 64, 64=
); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">Art and luxury =
are now fused in the media but so far only luxury brands are benefiting fro=
m the three-way relationship. For example, on the trade side, the vast majo=
rity of Artnet’s news site came from luxury brands. In 2022, traffic =
and ad spending jumped 58% and 38% respectively. After years of running the=
news site for growth, the division finally seems to be generating some ope=
rating margin (though Artnet’s financial statements are far from tran=
sparent.) Despite having seemingly delivered on a long-term growth goal, th=
e editor was let go with no successor named. </p><p style=3D"color: rg=
b(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><sp=
an>Long after galleries stopped advertising everywhere else, they continued=
buying multi-page ads in </span><em>Artforum</em><span>. Even with that cu=
shion, the magazine lost its editor over a dispute about journalistic proce=
ss. </span><em>The Art Newspaper</em><span> has been purchased by a financi=
al entity with plans to build some sort of multi-brand media conglomerate. =
It too is searching for an editor to execute against its business plan.=
0;</span></p><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-heig=
ht: 26px; margin: 0 0 20px 0;">Many years of declining industry advertising=
spending has made the art media business anemic which has had the collater=
al effect of preventing anyof the existing brands to have built a deep benc=
h of talent and so these positions are not easily filled. </p><p style=3D"c=
olor: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px=
0;">The reason for the decline of industry advertising is simple. Art gall=
eries are able to maintain their relationships with existing collectors thr=
ough their internal marketing and social media. The hard part, finding new =
clients and introducing new artists, is better done by leveraging those too=
ls as well as looking for support from the large art fairs and whatever ear=
ned press exposure galleries can generate. The reach and response of digita=
l ads just isn’t financially competitive with spending money on its o=
wn marketing, meaning it makes more sense for galleries to invest in social=
media an its own email campaigns than it does to advertise with the trade =
sites or the global news outlets. </p><p style=3D"color: rgb(64, 64, 6=
4); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><span>ThatR=
17;s one reason you haven’t seen ads for galleries in </span><em>The =
New York Times</em><span>, </span><em>Wall Street Journal</em><span> or in =
</span><em>Financial Times </em><span>for a very long time. Yet those outle=
ts still cover art because their readership wants to feel sophisticated and=
well-informed. Art is the last vestige of high culture in today’s so=
ciety and it has become more directly accessible as it becomes more represe=
ntative. There’s also the aspirational element. Rich people from real=
estate, finance, entertainment and technology all end up buying art as a s=
ignifier of their elite status. Readers of those news organizations all wan=
t to feel clued in too. Finally, the art industry has an image of itself as=
a free-for-all of high-stakes deal-making. To buy art is to show that you =
can walk through the lion’s den and emerge unscathed. </span></p=
><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; ma=
rgin: 0 0 20px 0;"><span>Because this coverage isn’t supported by ind=
ustry ads, the big news organizations tend to cherry-pick story ideas that =
contribute to the idea that the art market is shark-infested waters. That s=
ells subscriptions. In September, the </span><em>Wall Street Journal</em><s=
pan> contributed to this </span><a href=3D"https://substack.com/redirect/1c=
9895a5-35e5-4347-ba61-1ad65a17ce44?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMp=
isrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: rgb(64, 64, 64); text-deco=
ration: underline;">with a profile rehashing the claim that Stefan Simchowi=
tz is the person the art world supposedly “loves to hate.</a><span>&#=
8221; In the midst of a $70 billion a year industry, the Journal was writin=
g about Simchowitz based upon his own claim that he’d built a $10-mil=
lion-a-year business renting out art to hotels, private clubs and families =
with multiple homes and changing art tastes. Few of the renters buy the art=
but somehow this is the subject the editors chose for a rare art industry =
profile on their site. Still, it’s hard to imagine how this business =
has upset anyone in the art world. </span></p><p style=3D"color: rgb(6=
4, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><span>=
Five weeks later, on the eve of a crucial set of art sales that would play =
a central role in setting the tone of the art market for the coming year, <=
/span><em>The New York Times</em><span> chose to run a feature about the pr=
oduction values of auction webcasts and the reactions viewers had to seeing=
very expensive art sold in full view of the public. As news, the story was=
two years too late. Facing slowing sales volume, the auction houses are al=
ready focused on controlling costs and reevaluating how elaborate these pro=
ductions need to be to do the job they need to do. </span></p><p style=
=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0=
20px 0;"><span>The bigger problem was the Times’s choice of writer. =
Carol Vogel had left the Times nine years earlier </span><a href=3D"https:/=
/substack.com/redirect/ad5b0b7a-e967-49fa-95cd-433265c3ab5d?j=3DeyJ1IjoiMjd=
jZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: r=
gb(64, 64, 64); text-decoration: underline;">after complaints about her lax=
research, reporting and writing</a><span>. Following three decades of stom=
ping, sneering and throwing the weight of </span><em>The New York Times</em=
><span> around the gallery, museum and auction worlds, many had hoped Vogel=
’s departure would inaugurate a new era of better coverage at the Tim=
es, coverage less prone to error, more thoroughly reported and better writt=
en. In the right hands, the art beat had the potential to fuse the worlds o=
f culture, finance, fashion and luxury. Why the Times was unable—or u=
ninterested—in filling the role from its talented staff with experien=
ce writing about other cultural industries is a mystery. What we wanted to =
see emerge from the art beat was an Andrew Ross Sorkin, David Carr, Ben Smi=
th or Sam Sifton, a voice grounded in detailed understanding of an industry=
but with an eye for drama, intrigue and conflict. What we got instead was =
teleprompters. </span></p><p style=3D"color: rgb(64, 64, 64); font-siz=
e: 16px; line-height: 26px; margin: 0 0 20px 0;"><span>When it comes to cov=
ering art, there’s an obvious leadership problem among the editors at=
the global news brands. The </span><em>Financial Times</em><span> is the o=
nly one with a weekly art column. You would think that would make the cover=
age more measured and careful. Instead, on November 23rd, </span><a href=3D=
"https://substack.com/redirect/1635bb69-6fc5-4781-8c4c-9b454a59ce2c?j=3DeyJ=
1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"=
color: rgb(64, 64, 64); text-decoration: underline;">we were told the expla=
nation for the 33% drop in the November sales was “changing tastes=
221; that “hobbled the season.</a><span>” The assertion lacked =
evidence. That should have drawn an editor’s attention. But there wer=
e two more tells in this stretch claim. First, the art advisor quoted was a=
nnounced as new hire for the firm in a press release issued the Monday afte=
r the column appeared. That’s a PR professional’s dream. Second=
, the same reporter used the same idea from the same advisory firm </span><=
a href=3D"https://substack.com/redirect/90106cfa-0528-4a8b-a012-255cecd96dc=
a?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel =
style=3D"color: rgb(64, 64, 64); text-decoration: underline;">in another pu=
blication five months earlier</a><span>. Having a pet theory waiting around=
to apply to a convenient event is the opposite of good journalism—an=
d a bad look for the FT.</span></p><p style=3D"color: rgb(64, 64, 64); font=
-size: 16px; line-height: 26px; margin: 0 0 20px 0;">Journalists are under =
pressure to present novel and interesting explanations for events. It’=
;s their editors’ job to judge whether those explanations hold water.=
Coverage of the art market in the FT and NY Times is overseen by editors w=
ho have been in their roles for decades. One would have thought that would =
mean more insightful coverage. The switch from ad revenue to subscription r=
evenue seems to have put a premium on sensationalism. In some ways the art =
world makes itself an easy target with the secrecy and sometimes other-worl=
dly prices. </p><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-h=
eight: 26px; margin: 0 0 20px 0;"><span>But the editors do make choices tha=
t have real effects. </span><em>The New York Times</em><span> puts a lot of=
pressure on cultural institutions, galleries and auction houses to announc=
e the most significant news through the Times, often as an “exclusive=
,” to the extent that anything can be exclusive in our instantaneous =
information world. </span></p><p style=3D"color: rgb(64, 64, 64); font-size=
: 16px; line-height: 26px; margin: 0 0 20px 0;"><span>Those exclusives ough=
t to come with greater care and better reporting. In the MSNBC hit on her a=
uction webcast story, Vogel tells the interviewer proudly that she read all=
7,000 comments on the YouTube webcast of the Freddie Mercury auction as if=
that tedious task was a substitute for the real reporting that might have =
occurred had Vogel made an effort to identify and contact any of the commen=
ters so that she could interview them and give her readers real perspective=
on the meaning of these webcasts to the uninitiated viewers. She did not. =
</span><a href=3D"https://substack.com/redirect/d3022ad9-c159-4a47-905e-b35=
dc0a978da?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gW=
dY" rel style=3D"color: rgb(64, 64, 64); text-decoration: underline;">She s=
imply cut and pasted their YouTube comments into her story</a><span>. The T=
imes ran it. </span></p><p style=3D"color: rgb(64, 64, 64); font-size: 16px=
; line-height: 26px; margin: 0 0 20px 0;">“It was like a Soap Opera,&=
#8221; Vogel exclaimed in her cable hit about reading the comments, telling=
the world she had no experience with social media without saying she had n=
o experience with social media. “The commenters started arguing with =
each other.”</p><p style=3D"color: rgb(64, 64, 64); font-size: 16px; =
line-height: 26px; margin: 0 0 20px 0; margin-bottom: 0;"></p></div></div><=
div class=3D"container-border" style=3D"border-top: 1px solid #e0e0e0; box-=
sizing: border-box; font-size: 16px; line-height: 26px; margin: 32px 0 0; w=
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