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Subject: How to Read New York's Market Pull Back
From: Artelligence <artelligence@substack.com>
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View this post on the web at https://artelligence.substack.com/p/how-to-rea=
d-new-yorks-market-pull
Welcome to Artelligence
This newsletter analyzing auction data from LiveArt is for paid subscribers=
only.
Subscriptions are $12 a month or $120 for a year. For organizations, we off=
er group discounts for 30% for each subscription of two or more. Sharing a =
newsletter on occasion is fine; consistently circumventing group subscripti=
ons is not.=C2=A0
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
In This Issue
New York Mid-season Sales Data preview: [ https://substack.com/redirect/161=
b5637-d970-411e-b002-683fd7c5d432?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpi=
srMe5iRnigHXx6Fx_g6pp7gWdY ] Watch a video previewing our analysis using da=
ta provided by LiveArt
Lot Watch: Sotheby=E2=80=99s adds second 1932 Picasso to November sales
Notes: More on the restituted Schieles from William Cohan
What Happened in New York: The NY Mid-Season Contemporary sales were over-s=
tuffed with lots but sales were down
NY Mid-season Data Preview
Curious about what=E2=80=99s behind the paywall? We made you a brief, free =
preview [ https://substack.com/redirect/161b5637-d970-411e-b002-683fd7c5d43=
2?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ].
Lot Watch
In 1932, Picasso=E2=80=99s work seethed with coded allusions and competitiv=
e spirit. Still hiding his mistress Marie-Th=C3=A9r=C3=A8se Walter from his=
wife, Picasso was also taking notice of his peer Henri Matisse.=C2=A0The t=
wo themes came together in Compotier et guitare from 1932. Sotheby=E2=80=99=
s announced this week it will be sold in November and be on display in Hong=
Kong this week as the auction house holds its Autumn sales in Asia. The wo=
rk is expected to sell for more than $25 million.
Notes
Morgenthau, Bragg & a Manhattan Nazi Art Heist: [ https://substack.com/redi=
rect/4ffe65e0-7818-43e7-8cf4-6ee26d494a1b?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1=
d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ] Puck News=E2=80=99 William Cohan has b=
een on the restitution beat longer than pretty much any other journalist wo=
rking in the fields of finance, art or law. A few weeks ago, he tipped the =
Fritz Gr=C3=BCnbaum works restituted by the Manhattan DA=E2=80=99s office t=
o be sold at Christie=E2=80=99s this November. He was not referring to the =
works seized by the Manhattan DA from the Art Institute of Chicago, Allen M=
emorial Art Museum and Carnegie Museum of Art. Those institutions will have=
their day in court. There were five other museums and collectors who volun=
tarily surrendered their works. Here Cohan gives credit to them and the law=
enforcement figures who pursued this case: =E2=80=9CThe five cooperating m=
useums and collectors include the multi-billionaire Ronald Lauder, heir to =
the Est=C3=A9e Lauder cosmetics fortune and the founder of the Neue Galerie=
on Fifth Avenue; the Museum of Modern Art; the Morgan Library; the Vally S=
abarsky Trust; and, in California, the Santa Barbara Museum of Art. These a=
re not people and organizations that voluntarily relinquish valuable artwor=
ks very often, which speaks to the thoroughness and the diligence of the in=
vestigation performed by Bragg=E2=80=99s office and his partners at Homelan=
d Security, including Assistant District Attorney Matthew Bogdanos, Chief o=
f the Antiquities Trafficking Unit; Assistant District Attorney Edward Smit=
h; Investigative Analyst Hilary Chass=C3=A9; and Special Agents Megan Buckl=
ey and Robert Mancene.=E2=80=9D More important, for those who don=E2=80=99t=
know the long and complicated history of restitution claims=E2=80=94and ho=
w central Gr=C3=BCnbaum=E2=80=99s collection is to the story=E2=80=94Cohan=
=E2=80=99s post is a good place to start. Both auction houses have restitut=
ion departments and its likely that we=E2=80=99ll see more of these cases i=
n the future.
Unsubscribe https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2V=
uY2Uuc3Vic3RhY2suY29tL2FjdGlvbi9kaXNhYmxlX2VtYWlsP3Rva2VuPWV5SjFjMlZ5WDJsa0=
lqb3hNek15TmpnMk5qRXNJbkJ2YzNSZmFXUWlPakV6TnpZd05qazRNeXdpYVdGMElqb3hOamsyT=
XpNMU5qUTNMQ0psZUhBaU9qRTJPVGc1TWpjMk5EY3NJbWx6Y3lJNkluQjFZaTB5TWpVNUlpd2lj=
M1ZpSWpvaVpHbHpZV0pzWlY5bGJXRnBiQ0o5Lm91TTFjUnNtMHlIekZQRTJjMEttcjFhZ0dZOV9=
CVDdLSDVrNUFCQ1YzdzQmZXhwaXJlcz0zNjVkIiwicCI6MTM3NjA2OTgzLCJzIjoyMjU5LCJmIj=
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</style></head><body class=3D"email-body" style=3D"font-kerning: auto;"><im=
g src=3D"https://eotrx.substackcdn.com/open?token=3DeyJtIjoiPDIwMjMxMDAzMTI=
xNTQ2LjMuMmFhZjg3MjIzZGQ4OWY4N0BtZzIuc3Vic3RhY2suY29tPiIsInUiOjEzMzI2ODY2MS=
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IiwiZiI6dHJ1ZSwicG9zaXRpb24iOiJ0b3AiLCJpYXQiOjE2OTYzMzU2NDgsImV4cCI6MTY5ODk=
yNzY0OCwiaXNzIjoicHViLTAiLCJzdWIiOiJlbyJ9.HVsg47jLX8T2UY6UrOkhQ7LLFKrfVKO3o=
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right:0 !important;padding-left:0 !important;"/><div style=3D"display:none;=
font-size:1px;color:#333333;line-height:1px;max-height:0px;max-width:0px;op=
acity:0;overflow:hidden;" class=3D"preview">Mid-Season Contemporary auction=
s in New York were down 11% year over year, is that bad or really bad? + an=
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‌</div><table role=3D"presentation" width=3D"100%" border=3D"0" cells=
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ight=3D"117" src=3D"https://substackcdn.com/image/fetch/w_1100,c_limit,f_au=
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91.png" class=3D"header-image" style=3D"border: none !important; display: b=
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e; width: 100%;"></a></td></tr></table><div dir=3D"auto" class=3D"post typo=
graphy" style=3D"font-size: 16px; line-height: 26px; padding: 16px 0 0 0;">=
<div class=3D"post-header" style=3D"font-size: 16px; line-height: 26px;"><h=
1 class=3D"post-title published" style=3D"-moz-appearance: optimizelegibili=
ty; -moz-osx-font-smoothing: antialiased; -webkit-appearance: optimizelegib=
ility; -webkit-font-smoothing: antialiased; appearance: optimizelegibility;=
color: rgb(64, 64, 64); font-family: 'SF Compact Display', -apple-system, =
BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Appl=
e Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 32px; font-=
weight: bold; line-height: 36px; margin: 0;"><a href=3D"https://substack.co=
m/app-link/post?publication_id=3D2259&post_id=3D137606983&utm_source=3Dpost=
-email-title&utm_campaign=3Demail-post-title&isFreemail=3Dtrue&r=3D27cer9&t=
oken=3DeyJ1c2VyX2lkIjoxMzMyNjg2NjEsInBvc3RfaWQiOjEzNzYwNjk4MywiaWF0IjoxNjk2=
MzM1NjQ3LCJleHAiOjE2OTg5Mjc2NDcsImlzcyI6InB1Yi0yMjU5Iiwic3ViIjoicG9zdC1yZWF=
jdGlvbiJ9.Gqf0pOGknUV9lgxpQ1kdMRkBWzklkVmpOteqEtGmbJA" style=3D"color: rgb(=
64, 64, 64); text-decoration: none;">How to Read New York's Market Pull Bac=
k</a></h1><h3 class=3D"subtitle" style=3D"-moz-appearance: optimizelegibili=
ty; -moz-osx-font-smoothing: antialiased; -webkit-appearance: optimizelegib=
ility; -webkit-font-smoothing: antialiased; appearance: optimizelegibility;=
color: #808080; font-family: 'SF Compact Display', -apple-system, BlinkMac=
SystemFont, '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;">Mid-Season C=
ontemporary auctions in New York were down 11% year over year, is that bad =
or really bad? + another 1932 Picasso at Sotheby's</h3><table role=3D"prese=
ntation" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" cl=
ass=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" cellspa=
cing=3D"0" cellpadding=3D"0"><tr><td><table role=3D"presentation" width=3D"=
auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td style=3D"ver=
tical-align: middle;"><div class=3D"pencraft frontend-pencraft-Box-module__=
reset--VfQY8 frontend-pencraft-Text-module__size-11--k1e8b frontend-pencraf=
t-Text-module__line-height-20--p0dP8 frontend-pencraft-Text-module__weight-=
medium--x7khA frontend-pencraft-Text-module__font-meta--U_nxy frontend-penc=
raft-Text-module__color-primary--ud4Z0 frontend-pencraft-Text-module__trans=
form-uppercase--IDkUL frontend-pencraft-Text-module__reset--dW0zZ frontend-=
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em, -system-ui, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, s=
ans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-s=
ize: 11px; font-weight: 500; letter-spacing: .2px; line-height: 20px; margi=
n: 0; text-decoration: unset; text-transform: uppercase;"><a style=3D"color=
: rgb(64, 64, 64); font-family: 'SF Compact', -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-spacing: .2px; line-height: 20px; margin: =
0; text-decoration: none; text-transform: uppercase;" href=3D"https://subst=
ack.com/@artelligence" class=3D"pencraft frontend-pencraft-Box-module__rese=
t--VfQY8 frontend-pencraft-Text-module__size-11--k1e8b frontend-pencraft-Te=
xt-module__line-height-20--p0dP8 frontend-pencraft-Text-module__weight-medi=
um--x7khA frontend-pencraft-Text-module__font-meta--U_nxy frontend-pencraft=
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-uppercase--IDkUL frontend-pencraft-Text-module__reset--dW0zZ frontend-penc=
raft-Text-module__meta--jzHdd">Marion Maneker</a></div></td></tr></table></=
td></tr><tr><td><table role=3D"presentation" width=3D"auto" border=3D"0" ce=
llspacing=3D"0" cellpadding=3D"0"><tr><td style=3D"vertical-align: middle;"=
><div class=3D"pencraft frontend-pencraft-Box-module__reset--VfQY8 frontend=
-pencraft-Text-module__size-11--k1e8b frontend-pencraft-Text-module__line-h=
eight-20--p0dP8 frontend-pencraft-Text-module__weight-medium--x7khA fronten=
d-pencraft-Text-module__font-meta--U_nxy frontend-pencraft-Text-module__col=
or-secondary--WRADg frontend-pencraft-Text-module__transform-uppercase--IDk=
UL frontend-pencraft-Text-module__reset--dW0zZ frontend-pencraft-Text-modul=
e__meta--jzHdd" style=3D"color: rgb(128, 128, 128); font-family: 'SF Compac=
t', -apple-system, -apple-system, -system-ui, BlinkMacSystemFont, 'Segoe UI=
', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emo=
ji', 'Segoe UI Symbol'; font-size: 11px; font-weight: 500; letter-spacing: =
=2E2px; line-height: 20px; margin: 0; t=
ext-decoration: unset; text-transform:=
uppercase;"><time dateTime=3D"2023-10-03T12:20:12.904Z">Oct 3</time></div>=
</td><td width=3D"4" style=3D"min-width: 4px"></td><td style=3D"vertical-al=
ign: middle;"><table role=3D"presentation" width=3D"auto" border=3D"0" cell=
spacing=3D"0" cellpadding=3D"0"><tr><td style=3D"vertical-align: middle;"><=
div class=3D"pencraft frontend-pencraft-Box-module__reset--VfQY8 frontend-p=
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ght-20--p0dP8 frontend-pencraft-Text-module__weight-medium--x7khA frontend-=
pencraft-Text-module__font-meta--U_nxy frontend-pencraft-Text-module__color=
-secondary--WRADg frontend-pencraft-Text-module__transform-uppercase--IDkUL=
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_meta--jzHdd" style=3D"color: rgb(128, 128, 128); font-family: 'SF Compact'=
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px; line-height: 20px; margin: 0; text-decoration: unset; text-transform: u=
ppercase;">∙</div></td><td width=3D"4" style=3D"min-width: 4px"></td>=
<td style=3D"vertical-align: middle;"><div class=3D"pencraft frontend-pencr=
aft-Box-module__reset--VfQY8 frontend-pencraft-Text-module__size-11--k1e8b =
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le Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 11px; font=
-weight: 500; letter-spacing: .2px; line-height: 20px; margin: 0; text-deco=
ration: unset; text-transform: uppercase;">Preview</div></td></tr></table><=
/td></tr></table></td></tr></table></td></tr></table><table role=3D"present=
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16"><td height=3D"16" style=3D"font-size: 0px; line-height: 0;"> </td>=
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<td style=3D"vertical-align: middle;"><table role=3D"presentation" width=3D=
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ymbol'; font-size: 12px; font-weight: 500; line-height: 1; min-width: 38px;=
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ke%3D%2523808080%26strokeWidth%3D2" width=3D"18" height=3D"18" style=3D"bor=
der: none !important; max-width: 18px; vertical-align: middle;" alt class=
=3D"icon"></a></td></tr></table></td><td width=3D"8" style=3D"min-width: 8p=
x"></td><td style=3D"vertical-align: middle;"><table role=3D"presentation" =
width=3D"38" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td align=
=3D"center"><a href=3D"https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9h=
cnRlbGxpZ2VuY2Uuc3Vic3RhY2suY29tL3AvaG93LXRvLXJlYWQtbmV3LXlvcmtzLW1hcmtldC1=
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cSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color=
Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 12px; font-weight:=
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r=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td align=3D"center"><a hre=
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ext', -apple-system, ui-sans-serif, BlinkMacSystemFont, 'Segoe UI', Roboto,=
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16px 0 0 0;"><div dir=3D"auto" class=3D"body markup" style=3D"font-family: =
'SF Pro Display', -apple-system, BlinkMacSystemFont, 'Inter', 'Segoe UI', R=
oboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji',=
'Segoe UI Symbol'; font-size: 16px; font-weight: 400; line-height: 26px; m=
argin-bottom: 16px; text-align: initial; width: 100%; word-break: break-wor=
d;"><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=
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1.625em; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; m=
argin-top: 0; position: relative;">Welcome to Artelligence</h2><p style=3D"=
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x 0;">This newsletter analyzing auction data from LiveArt is for paid subsc=
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margin: 0 0 1em;"><p class=3D"button-wrapper" style=3D"color: rgb(64, 64, 6=
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ter;"><a href=3D"https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9hcnRlbG=
xpZ2VuY2Uuc3Vic3RhY2suY29tL3N1YnNjcmliZT90b2tlbj1leUoxYzJWeVgybGtJam94TXpNe=
U5qZzJOakVzSW1saGRDSTZNVFk1TmpNek5UWTBOeXdpWlhod0lqb3hOams0T1RJM05qUTNMQ0pw=
YzNNaU9pSndkV0l0TWpJMU9TSXNJbk4xWWlJNkltTm9aV05yYjNWMEluMC4tMG82dnZhaWRrWUJ=
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cyI6InB1Yi0wIiwic3ViIjoibGluay1yZWRpcmVjdCJ9.3wa5xwD8KtXNJy5LL_F8kantvH7d0Z=
1eFZE12K8lXq8?&utm_medium=3Demail&utm_source=3Dsubscribe-widget&utm_content=
=3D137606983" class=3D"button subscribe-btn primary" 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 au=
to; opacity: 1; outline: none; padding: 12px 20px; text-align: center; text=
-decoration: none !important; white-space: nowrap;"><span style=3D"color: #=
ffffff; text-decoration: none;">Upgrade to paid</span></a></p></div><div st=
yle=3D"font-size: 16px; line-height: 26px;"><hr style=3D"background: #e0e0e=
0; 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;"><strong>In This Issue</strong></h2><ol style=3D"margin-top: 0; paddi=
ng: 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><a href=3D"https://substack.=
com/redirect/161b5637-d970-411e-b002-683fd7c5d432?j=3DeyJ1IjoiMjdjZXI5In0.n=
CNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: rgb(64, 64,=
64); text-decoration: underline;">New York Mid-season Sales Data preview:<=
/a><span> </span></strong><span>Watch a video previewing our analysis using=
data provided by LiveArt</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: 16=
px; line-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><st=
rong>Lot Watch:</strong><span> Sotheby’s adds second 1932 Picasso to =
November sales</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-h=
eight: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><strong>Notes=
: </strong><span>More on the restituted Schieles from William Cohan</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; margin: 0;=
margin-bottom: 0; padding-left: 4px;"><strong>What Happened in New York:</=
strong><span> The NY Mid-Season Contemporary sales were over-stuffed with l=
ots but sales were down</span></p></li></ol><div style=3D"font-size: 16px; =
line-height: 26px;"><hr style=3D"background: #e0e0e0; border: none; height:=
1px; margin: 32px 0; padding: 0;"></div><h2 class=3D"header-with-anchor-wi=
dget" style=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoothing=
: antialiased; -webkit-appearance: optimizelegibility; -webkit-font-smoothi=
ng: antialiased; appearance: optimizelegibility; color: rgb(64, 64, 64); fo=
nt-family: 'SF Compact Display', -apple-system, BlinkMacSystemFont, 'Segoe =
UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI E=
moji', 'Segoe UI Symbol'; font-size: 1.625em; font-weight: bold; line-heigh=
t: 1.16em; margin: 1em 0 0.625em 0; position: relative;">NY Mid-season Data=
Preview</h2><a href=3D"https://substack.com/redirect/d18b681f-1d72-40f0-96=
16-3681f9410a36?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g=
6pp7gWdY" target=3D"_blank" class=3D"youtube-wrap" data-component-name=3D"Y=
outube2ToDOMStatic" 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/PhWlOFJzspE" style=3D"-ms-interpolation-mode: bicubic; border: none !i=
mportant; display: block; height: auto; margin: 0 auto; max-width: 100%; ve=
rtical-align: middle; width: 100%;"></a><p style=3D"color: rgb(64, 64, 64);=
font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><span>Curious abo=
ut what’s behind the paywall? We made you a brief, </span><a href=3D"=
https://substack.com/redirect/161b5637-d970-411e-b002-683fd7c5d432?j=3DeyJ1=
IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"c=
olor: rgb(64, 64, 64); text-decoration: underline;">free preview</a><span>.=
</span></p><h2 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: 1.625em; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.625=
em 0; position: relative;"><strong>Lot Watch</strong></h2><div class=3D"cap=
tioned-image-container-static" style=3D"font-size: 16px; line-height: 26px;=
margin: 32px auto;"><figure style=3D"margin: 0 auto; width: 100%;"><table =
class=3D"image-wrapper" width=3D"100%" border=3D"0" cellspacing=3D"0" cellp=
adding=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 a=
lign=3D"left" class=3D"content" width=3D"1456" style=3D"text-align: center;=
"><a class=3D"image-link" target=3D"_blank" href=3D"https://substack.com/re=
direct/be10fa7b-d8ad-433c-90ca-bed4c08da758?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3=
c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"align-items: center; bor=
der: none; display: block; flex-direction: column; height: auto; margin: 0;=
padding: 0; position: relative; text-decoration: none; width: auto;"><img =
data-attrs=3D"{"src":"https://substack-post-media.s3.amazona=
ws.com/public/images/adbbcfd0-6c18-4068-9d1d-c2ed70cd3b5b_1600x1189.jpeg&qu=
ot;,"srcNoWatermark":null,"fullscreen":null,"image=
Size":null,"height":1082,"width":1456,"resize=
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t;:true,"topImage":false,"internalRedirect":null}" alt =
width=3D"550" height=3D"408.7225274725275" class=3D"wide-image" src=3D"http=
s://substackcdn.com/image/fetch/w_2912,c_limit,f_auto,q_auto:good,fl_progre=
ssive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fi=
mages%2Fadbbcfd0-6c18-4068-9d1d-c2ed70cd3b5b_1600x1189.jpeg" style=3D"-ms-i=
nterpolation-mode: bicubic; border: none !important; display: block; height=
: auto; margin: 0 auto; margin-bottom: 0; max-width: 100% !important; verti=
cal-align: middle; width: auto !important;"></a></td><td style=3D"text-alig=
n: center;"></td></tr></tbody></table></figure></div><p style=3D"color: rgb=
(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><spa=
n>In 1932, Picasso’s work seethed with coded allusions and competitiv=
e spirit. Still hiding his mistress Marie-Thérèse Walter from his=
wife, Picasso was also taking notice of his peer Henri Matisse. The t=
wo themes came together in </span><em>Compotier et guitare</em><span> from =
1932. Sotheby’s announced this week it will be sold in November and b=
e on display in Hong Kong this week as the auction house holds its Autumn s=
ales in Asia. The work is expected to sell for more than $25 million.</span=
></p><div style=3D"font-size: 16px; line-height: 26px;"><hr style=3D"backgr=
ound: #e0e0e0; border: none; height: 1px; margin: 32px 0; padding: 0;"></di=
v><h2 class=3D"header-with-anchor-widget" style=3D"-moz-appearance: optimiz=
elegibility; -moz-osx-font-smoothing: antialiased; -webkit-appearance: opti=
mizelegibility; -webkit-font-smoothing: antialiased; appearance: optimizele=
gibility; color: rgb(64, 64, 64); font-family: 'SF Compact Display', -apple=
-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-ser=
if, '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; pos=
ition: relative;"><strong>Notes</strong></h2><ol style=3D"margin-top: 0; pa=
dding: 0;"><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;"><a href=3D"https://substack.com/r=
edirect/4ffe65e0-7818-43e7-8cf4-6ee26d494a1b?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM=
3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: rgb(64, 64, 64);=
text-decoration: underline;">Morgenthau, Bragg & a Manhattan Nazi Art =
Heist:</a><span> Puck News’ William Cohan has been on the restitution=
beat longer than pretty much any other journalist working in the fields of=
finance, art or law. A few weeks ago, he tipped the Fritz Grünbaum wo=
rks restituted by the Manhattan DA’s office to be sold at Christie=
217;s this November. He was not referring to the works seized by the Manhat=
tan DA from the Art Institute of Chicago, Allen Memorial Art Museum and Car=
negie Museum of Art. Those institutions will have their day in court. There=
were five other museums and collectors who voluntarily surrendered their w=
orks. Here Cohan gives credit to them and the law enforcement figures who p=
ursued this case: “The five cooperating museums and collectors includ=
e the multi-billionaire </span><strong>Ronald Lauder</strong><span>, heir t=
o the Estée Lauder cosmetics fortune and the founder of the Neue Galer=
ie on Fifth Avenue; the Museum of Modern Art; the Morgan Library; the Vally=
Sabarsky Trust; and, in California, the Santa Barbara Museum of Art. These=
are not people and organizations that voluntarily relinquish valuable artw=
orks very often, which speaks to the thoroughness and the diligence of the =
investigation performed by Bragg’s office and his partners at Homelan=
d Security, including Assistant District Attorney </span><strong>Matthew Bo=
gdanos</strong><span>, Chief of the Antiquities Trafficking Unit; Assistant=
District Attorney </span><strong>Edward Smith</strong><span>; Investigativ=
e Analyst </span><strong>Hilary Chassé</strong><span>; and Special Age=
nts </span><strong>Megan Buckley</strong><span> and </span><strong>Robert M=
ancene</strong><span>.” More important, for those who don’t kno=
w the long and complicated history of restitution claims—and how cent=
ral Grünbaum’s collection is to the story—Cohan’s po=
st is a good place to start. Both auction houses have restitution departmen=
ts and its likely that we’ll see more of these cases in the future.&#=
160;</span></p></li></ol><div style=3D"font-size: 16px; line-height: 26px;"=
><hr style=3D"background: #e0e0e0; border: none; height: 1px; margin: 32px =
0; padding: 0;"></div><h2 class=3D"header-with-anchor-widget" style=3D"-moz=
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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=
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