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Date: Sat, 26 Nov 2022 10:54:10 -0500
From: LiveArt <hello@liveart.io>
Reply-To: hello@liveart.io
To: enzo@showfile.com
Message-ID: <1669477990945.709ab027-f746-4086-b1c8-ff7ec5cf75c5@bf08x.hubspotemail.net>
Subject: Seven Things We Learned From New York's Gigaweek
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The New York sale cycle totaled $3.19 billion, up $455 million from May=E2=
=80=99s sales and $650 million from the previous year=E2=80=99s sales.

LiveArt (https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/VWc-Rj1sTd1PW4X=
Nc674F797VW7bJF9w4SSjkHN1c6sq93pdqSV1-WJV7CgMYhW5PhRNy99snhcW7rlDD83J5HskW2=
JQX7T3yBlT7W8lQ2Lw1z9F-9W1J8jcr2sJfs5W2MKh1R8Z365-W7dGNjz2yBr-tW5_4WyZ5q5ck=
KW1VTTcm534ZfVW2NGr6Z20qr1DW17GKNP3QWwCcN14dh0cDB_D-W1-15Q08tchNMN75lql-V4g=
m6W20b6mq4-M-4wW3Jnf9T8YD7F0N23k6SLw-jvyW1KPtYy71zxMXW4TCdP71X0v6fW8c3wVr5V=
zs3336R91 )

Seven Things We Learned from New York's Gigaweek

New York's $3.19 billion art sales reveal much about the state of the art m=
arket.

2211 NY Stats (https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/VWc-Rj1sT=
d1PW4XNc674F797VW7bJF9w4SSjkHN1c6sr33pdrLV1-WJV7CgRPKW8mt1Mm67hz1cW2Mq59w56=
RTGVV63DFx26C-tcW5svq6_2mZ358N6_9_xHQ5J4NW3rpWc64xmDJWV5KhPg3BDJ30W4XDmdG2v=
hCPzW6GKPcw6l1cbjW5-qR3y5NrwBXW4D3cqX2dyLl8W2T0TP06d8TlTW2MWxxB99_sTtN336p7=
TVX_wWW1QyhkS3Vf2BmN8CdTkVHH0lQW5n7Y8T6s0GJwVLX6Cx3HQNzgW9fr-V_2Kgq4XW1Wrl_=
b57RJlLN2d7lqzrBsPZW1cJQf92vJYGRW81V7n_3VNC2YW5R0sNS2msz-TW56-1FS6_R0zVN216=
cTrN8wwn3nkv1 )

Three Billion Dollars Is a Lot of Money Spent on Art: The numbers don=E2=80=
=99t lie. The New York sale cycle totaled $3.19 billion, up $455 million fr=
om May=E2=80=99s sales and $650 million from the previous year=E2=80=99s sa=
les.

The Market Is Fully Priced: Slightly more than half of that figure came fro=
m the sale of Paul G. Allen=E2=80=99s art collection. Perhaps because of th=
at, the hammer ratio for the entire season was only slightly lower than May=
. This November the hammer ratio=E2=80=94or the total hammer price of all l=
ots sold divided by the aggregate low estimate of all lots offered=E2=80=94=
was 1.10, a number which shows a slight weakening from the previous season=
=E2=80=99s 1.13 and a significant drop from the previous year when the hamm=
er ratio was 1.28. Both previous seasons saw strong bidding from the Macklo=
we collection which contributed to the hammer ratio. This season, the hamme=
r ratio for the Allen collection was 1.24. The percentage of sold lots that=
 were bid above estimates has also declined from 47% a year ago to 42% in M=
ay and 33% this season.

Sold Lots Also Peaked: Sell-through rates have fallen slightly in 2022. Dur=
ing the November 2021 sales, the first after the pandemic closed auctions f=
or a year and a half, 1401 lots were sold. In May of 2022, 1505 lots sold, =
an increase of 7.5%. This season, 1689 lots sold, another 15% increase. So =
buyers bought more work this season than before despite the uncertainty aro=
und the financial future.

Average Lot Value Remained Surprisingly Stable: We=E2=80=99ll discuss this =
more below but one would expect the Allen collection to have some significa=
nt effect on the average lot value. After all, it was a large collection wi=
th very high lot values. The average lot for the entire New York sales cycl=
e this year was $1.89 million. In May, that number was $1.82 million and th=
e year before it was $1.81m.

Dispatch from the Trading Floor

LiveArt collectors are looking for works by  Flora Yukhnovich (https://emai=
l02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/VWc-Rj1sTd1PW4XNc674F797VW7bJF9w4SSj=
kHN1c6sqt3pdr7V1-WJV7CgNLHW1nPXR61G2FcsN6qKXLTbLrjCW2r7-4t6d4RNvW7dMg5V2KP-=
WnW5dVVXV4HMnqGW4lTh2r3VqdQnW7gV-7N8KJLx3N6xXvNvcJFHHW5lVdwh3NdTK3W67gQQw6M=
YdxcW3lfcg582qPqNN7TrnsrLhMzRW1N7RdX8vSn-4W9843f15Sk2gzW4bnWZ11-Lm1gW4cjHsr=
1-c1r8W53SyYt2z5cNqW2F0fFg53VFQ0W1sFHC_89HwqgW4G7KXR8QYBVnW4fhf-s3h7WWFW22d=
Smh6KWRrw3cff1 ) , John Currin (https://email02.liveart.io/e3t/Ctc/DO+113/d=
2xBdp04/VWc-Rj1sTd1PW4XNc674F797VW7bJF9w4SSjkHN1c6sqt3pdr7V1-WJV7Cg-gNVhhDf=
010vmfZW6FFytZ9dY12VW6NY5Vz1YmdFcW7xqyJH7rBw20W7HK8XK2lXf9SW1zZD_s5dKN3GW6-=
_nMP5wHyWmVLLnrv2L_TpMW8t08F589Nwh9N5WlmyqjsBkFW3cCJrj5ZXBWXW749gXC4WP-FzW5=
7qplF5_k7dbW8J4HBW40PqCtW2K2BQr2qJXgWW1pl8vz1Md7cxN5XQfvRBN6rwW88w1KK4Vy9Dy=
W8MXnpg5yRgnHW18h1z861k9myW4j21xQ3nvwhCW2-hBR-4TC4fW3j9-1 ) , and Banksy (h=
ttps://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/VWc-Rj1sTd1PW4XNc674F797V=
W7bJF9w4SSjkHN1c6sqt3pdr7V1-WJV7CgFrqW7v5gyH5VnwftW5Ljymz14pw5KVPHySx5SLMfl=
W3WZHP73lY05vVxFrLd18GjrzW3lPSsK4PCr1VN6NhwWhQbdn_W12ZQws3G1xzCW5VrC9s77V65=
pW8Xp7RP7Lgg90VK_klb9jX0w1W55wxTr4X4qJtW61xYM55QnBhJW4D3RXq8WXKQpW1qftP47Sp=
P88W4bJPFW23W1sXW1yC7qq6h8tWFW5TK7Yx2llzTkN4-K3Q1PyFV7W5fMwH55MrPBqW8Bs9gL1=
6mqbKW6B-1l05fQnYR3f701 ) . There are new works available by Ferrari Sheppa=
rd (https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/VWc-Rj1sTd1PW4XNc674=
F797VW7bJF9w4SSjkHN1c6sqN3pdrrV1-WJV7CgKS3N4S2h9skNhJMW5bRM0h6F4BpkW672kPB6=
21d_NW8w26Ck6WtZKVW73HQpJ4Yd1HSW8ygqW24XC7JFVkzPtD6nBTcWW6vsmPg7dvVcpW2zty8=
W8S5ww0W8Xmzj-1-yhkbW5P_V_j5VvltdW7Dg1my5TSZndW34S5QN4sxfRFN4y9VH75K8fmW7j6=
w_Q1yHFrYW4Chnsb3CrZ5sW8fNgLq4zllMLW3F-3lh9hjFfKN42v24xCJz_CW1Zq13m3GHXR7W8=
C80478TdJzNW30tRz944tC20VJRYcY92MDZtW53_Vd74Y5Lg33ljM1 ) , Jennifer Guidi (=
https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/VWc-Rj1sTd1PW4XNc674F797=
VW7bJF9w4SSjkHN1c6sqN3pdrrV1-WJV7CgGwXW3lhMd_7CLQd1W7vmvDZ6GVvFQW4fMX_h4dfS=
tWW1WtwPH3YyGHZW1m9VVr8lNBxgW4wRbsl9321V4W8pc2jp1fsKqNW6vbFhj9gCp1dN4kDDxM3=
n5XbW8hzM4V6zQ9h7W6c9vvy8nqjqxW60f5Jw3Rs-p9W65xkdT62DxtVN1nLq918f54VW2X6t25=
5XL-vqW8LKTP78mtM8QN2hHtX-3dwJyW8XcCNn7M3ZL4W4QSn993DpdF9W4Tb9c-2q-9hsW93G2=
r22R2Z_8W8PdFJs34c-3CW8f5npQ8tw6YzW1mpRNT7WD_R12qt1 ) , and Anastasia Bay (=
https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/VWc-Rj1sTd1PW4XNc674F797=
VW7bJF9w4SSjkHN1c6sqN3pdrrV1-WJV7CgNVLW7n1f4Y7PgkBrW6-TRdd7cVv8qW23fdnj6xDd=
F_W8xCnCD1KyqkZW7Yf5kr2n6SqnW9lhkD4350CF8VzYTlS7RlCcMW1mj0Bb6L-lX1W27chKH7y=
kjs0W8FYyRr3KWp2PL9LTrfqp7tW7GJS_41HjDqzW6NT3Ts4jGP3sW41mY4x4D08PzW7QVXHZ8f=
lf4LN30Rdwy49lkWVZK0V55KB6hrW4zdJQ825Z74yW8Ns7S45fSHhdW9j4f415M_YFSVW39ww7h=
GJ18VZCkHn8hw3vLVKgBvH24hBvfW4PD56B7_g6pX2531 ) .

View All Buy and Sell Requests
(https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/VWc-Rj1sTd1PW4XNc674F79=
7VW7bJF9w4SSjkHN1c6sqt3pdr7V1-WJV7CgKcSN5nMX6drxgKmW57th3n9jPjk_W5tMPTg3Mvc=
b6W4k73pf5wX_yBW8-n3GN8P0fDfN8cyWdl_38BsW5cdSTj4jttYSW5cZM194tdT9vW2p5R5-75=
JSnLW1pfmQh94JxN8N3pP2lG8hDT5VGmtG18_XWZBW518C0Y5hT3SgN44dNGzGqb_dW8FJlz72T=
ChPxW4zs5r_4kkKPHVdqtjn6M3WnrW97356c7XfrLkW2SrT4s1xlsdvW7Vs2g56G0K5HW6hHk4r=
4138RqW5-CVKX21TJry3mDb1 )

How Do We Calculate the Allen Effect? The entire Allen collection was 155 l=
ots, or fewer than the overall increase from May to November this year. But=
 the value of the collection was so large, $1.6 billion, that it constitute=
d over half of the season total. The average price paid for an Allen work w=
as $10.47 million which is more than five times what the average price has =
been in other seasons. If we take the remaining $1.59 billion in non-Allen =
lots sold and divide it by the number of non-Allen lots (1534), we get a mu=
ch lower average price for art sold this season: $1.04 million.

A Barbell Market: These numbers suggest the market has bi-furcated. On one =
end, we have the Allen sale with an average price of $10 million; and, on t=
he other other end, we have the rest of the market with an average price th=
at is only $1 million or a tenth of the Allen sale value. Because the Mackl=
owe collection was sold in two tranches across two seasons, its effects wer=
e less visible. Or, seen another way, the so-called masterpiece market of t=
rophy works like those in Macklowe and Allen masks a weakening of the overa=
ll market. The deceleration everyone has been fearing in the art market has=
 actually arrived this season, we just don=E2=80=99t see it as dramatically=
 because the Allen works.

What Can We Expect in the Future? Barring another major collection coming t=
o market (and it is well-known in the industry that Allen=E2=80=99s estate =
still contains a significant number of works=E2=80=94not to mention many ot=
her major collections that are coming to term), the auction houses will (or=
 should) see these numbers and begin to be more selective in the works they=
 accept for their sales. A 30% reduction in lots sold from 1700 to around 1=
200 lots and a corresponding 30% drop in overall sales from $3.19 billion t=
o approximately $2.2 billion would still have an average lot value for the =
sales of $1.8 million. That may look like a nightmare scenario from current=
 levels but it actually represents an increase in non-Allen sales volume fr=
om $1.59 billion to $2.2 billion and assumes there is both demand from coll=
ectors (with the financial resources to spend) and work to attract that dem=
and.

Can the Market Continue to Broaden?

2211 Top 12 mkt share (https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/V=
Wc-Rj1sTd1PW4XNc674F797VW7bJF9w4SSjkHN1c6sr33pdrLV1-WJV7CgRPKW8mt1Mm67hz1cW=
2Mq59w56RTGVV63DFx26C-tcW5svq6_2mZ358N6_9_xHQ5J4NW3rpWc64xmDJWV5KhPg3BDJ30W=
4XDmdG2vhCPzW6GKPcw6l1cbjW5-qR3y5NrwBXW4D3cqX2dyLl8W2T0TP06d8TlTW2MWxxB99_s=
TtN336p7TVX_wWW1QyhkS3Vf2BmN8CdTkVHH0lQW5n7Y8T6s0GJwVLX6Cx3HQNzgW9fr-V_2Kgq=
4XW1Wrl_b57RJlLN2d7lqzrBsPZW1cJQf92vJYGRW81V7n_3VNC2YW5R0sNS2msz-TW56-1FS6_=
R0zVN216cTrN8wwn3nkv1 )

There Is No Dominant Artist This Season: In the past, the market has tended=
 to favor a few very valuable artists along with some other quite valuable =
artists. It was not uncommon for a sales cycle to be dominated by Pablo Pic=
asso, Andy Warhol or Claude Monet with 12 to 15% market share or more. Othe=
r artists like Jean-Michel Basquiat, Gerhard Richter, Mark Rothko and Cy Tw=
ombly could occasionally approach those levels or capture significant marke=
t share a rung below the trio of top artists. Because of the Paul Allen sal=
e and the high value of artists like Seurat, C=C3=A9zanne, van Gogh and Gau=
guin in that sale, market share is more evenly distributed among artists bu=
t still includes Warhol, Picasso and Monet.

Women Have Not Reached Equity but =E2=80=A6 The top 12 artists by market sh=
are this season are all men. That=E2=80=99s not terribly surprising. Market=
 share doesn=E2=80=99t measure artistic merit or art historical significanc=
e. It can vary widely from season to season based upon the number and types=
 of work by any given artist on offer. That said, it is interesting to see =
this season that a number of prominent women artists have claimed similar m=
arket share to prominent male artists. For example, 10% more dollars were s=
pent on Georgia O=E2=80=99Keeffe=E2=80=99s art than on Cy Twombly=E2=80=99s=
 art during this sale cycle. Joan Mitchell and Gerhard Richter both had art=
 sell for just above $30 million. Yayoi Kusama outsold Jeff Koons. Tamara d=
e Lempicka had sales almost equal to Diego Rivera. The point of the table b=
elow is not to say that women artists are now on the same footing as men. A=
rtists=E2=80=99 markets are complex and driven by numerous factors. But the=
se comparisons present some fleeting measure that suggests demand for art b=
y women continues to rise.

2211 NY Total $ Volume Female v Male (https://email02.liveart.io/e3t/Ctc/DO=
+113/d2xBdp04/VWc-Rj1sTd1PW4XNc674F797VW7bJF9w4SSjkHN1c6sr33pdrLV1-WJV7CgRP=
KW8mt1Mm67hz1cW2Mq59w56RTGVV63DFx26C-tcW5svq6_2mZ358N6_9_xHQ5J4NW3rpWc64xmD=
JWV5KhPg3BDJ30W4XDmdG2vhCPzW6GKPcw6l1cbjW5-qR3y5NrwBXW4D3cqX2dyLl8W2T0TP06d=
8TlTW2MWxxB99_sTtN336p7TVX_wWW1QyhkS3Vf2BmN8CdTkVHH0lQW5n7Y8T6s0GJwVLX6Cx3H=
QNzgW9fr-V_2Kgq4XW1Wrl_b57RJlLN2d7lqzrBsPZW1cJQf92vJYGRW81V7n_3VNC2YW5R0sNS=
2msz-TW56-1FS6_R0zVN216cTrN8wwn3nkv1 )

More Stories from LiveArt
(https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/VWc-Rj1sTd1PW4XNc674F79=
7VW7bJF9w4SSjkHN1c6sq93pdqSV1-WJV7CgS77W7lGBzP4rDHLWW1VwbXZ1qRjP1W41_h7275W=
b1HW4vhKg16XdKfRW8-MD803P-NtPW9f-HLr6XvNlCVMQzxP5MQQ8MVvmZd46tn6HcV3SJMl53q=
M2QN5QXTkw_GvcYVZbNnQ2J0r7_W2cPfJz5cT59WW4D7y-_43lCh3W13_j-F45Wzy9MHsYh_Tms=
bPW2bWrYT2rH_qfW1Bqy1H2HvhJkW6pJbys2MVbNRVKjVwh8VxMgnW7DFyPS44blzV3gqq1 )

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ight:175%; font-size:22px; text-align:center" align=3D"center">Seven Things=
 We Learned from New York's Gigaweek</h2>
<p style=3D"mso-line-height-rule:exactly; line-height:175%; text-align:cent=
er" align=3D"center">New York's $3.19 billion art sales reveal much about t=
he state of the art market.</p></div></div></td></tr></tbody></table>
<table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D"1=
00%" style=3D"border-spacing:0 !important; border-collapse:collapse; mso-ta=
ble-lspace:0pt; mso-table-rspace:0pt"><tbody><tr><td class=3D"hs_padded" st=
yle=3D"border-collapse:collapse; mso-line-height-rule:exactly; font-family:=
Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; pa=
dding:10px 20px"><div id=3D"hs_cos_wrapper_module_16611714477982" class=3D"=
hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"c=
olor: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-gener=
al-type=3D"widget" data-hs-cos-type=3D"module">
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100%; border-spacing:0; mso-table-lspace:0pt; mso-table-rspace:0pt; border-=
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    <td width=3D"auto" style=3D"border-collapse:collapse; mso-line-height-r=
ule:exactly; font-family:Arial, sans-serif; font-size:15px; color:#000000; =
word-break:break-word; line-height:0">&nbsp;</td>
   =20
   =20
    <td width=3D"30%" valign=3D"middle" style=3D"border-collapse:collapse; =
mso-line-height-rule:exactly; font-family:Arial, sans-serif; font-size:15px=
; color:#000000; word-break:break-word; line-height:0; border:transparent; =
border-bottom:1px solid #000000; mso-border-bottom-alt:2pt solid #000000; b=
order-bottom-width:1px">&nbsp;</td>
   =20
   =20
    <td width=3D"auto" style=3D"border-collapse:collapse; mso-line-height-r=
ule:exactly; font-family:Arial, sans-serif; font-size:15px; color:#000000; =
word-break:break-word; line-height:0">&nbsp;</td>
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</tbody></table>
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</tr></tbody></table>
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    <!--[if (mso)|(IE)]></tr></table><![endif]-->
    </div>
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  </div>
  <div id=3D"section_1664452814667" class=3D"hse-section" style=3D"padding-=
left:10px; padding-right:10px">
   =20
   =20
    <!--[if !((mso)|(IE))]><!-- -->
      <div class=3D"hse-column-container" style=3D"min-width:280px; max-wid=
th:600px; width:100%; Margin-left:auto; Margin-right:auto; border-collapse:=
collapse; border-spacing:0; background-color:#FFFFFF" bgcolor=3D"#FFFFFF">
    <!--<![endif]-->
   =20
    <!--[if (mso)|(IE)]>
      <div class=3D"hse-column-container" style=3D"min-width:280px;max-widt=
h:600px;width:100%;Margin-left:auto;Margin-right:auto;border-collapse:colla=
pse;border-spacing:0;">
      <table align=3D"center" style=3D"border-collapse:collapse;mso-table-l=
space:0pt;mso-table-rspace:0pt;width:600px;" cellpadding=3D"0" cellspacing=
=3D"0" role=3D"presentation" width=3D"600" bgcolor=3D"#FFFFFF">
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    <!--[if (mso)|(IE)]>
  <td valign=3D"top" style=3D"width:600px;">
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  <table role=3D"presentation" width=3D"600" cellpadding=3D"0" cellspacing=
=3D"0" style=3D"border-collapse:collapse;mso-table-lspace:0pt;mso-table-rsp=
ace:0pt;width:600px">
<![endif]-->
<div id=3D"column_1664452814667_0" class=3D"hse-column hse-size-12">
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font-size: inherit; line-height: inherit;" data-hs-cos-general-type=3D"widg=
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<table class=3D"hse-image-wrapper" role=3D"presentation" width=3D"100%" cel=
lpadding=3D"0" cellspacing=3D"0" style=3D"border-spacing:0 !important; bord=
er-collapse:collapse; mso-table-lspace:0pt; mso-table-rspace:0pt">
    <tbody>
        <tr>
            <td align=3D"center" valign=3D"top" style=3D"border-collapse:co=
llapse; mso-line-height-rule:exactly; font-family:Arial, sans-serif; color:=
#000000; word-break:break-word; text-align:center; padding:10px 20px; font-=
size:0px">
               =20
                    <a href=3D"https://email02.liveart.io/e3t/Ctc/DO+113/d2=
xBdp04/VWc-Rj1sTd1PW4XNc674F797VW7bJF9w4SSjkHN1c6sr33q3n_V1-WJV7CgPj1W1t54N=
P3Gd_dGW11HHnF5-KdsMW4sZXnK43zZmJW1RV2x04mr_dtW5MtbWj8R8xWlW6HBq-V277R-PW7p=
nSCl8h9vj7W8Tf6_96_ZBJGW8sY_V815XlLcW1gbH1k30tgKHN7hdQF22hKKtW2WNj3N5MDBl0W=
7YYrmv5_70RCW4jNmDN2BJMjXW970Ylp3XMNSbW76-vfW735126W1vv3hC1zZ8T3W1XfDJR553B=
vpN3TLqnH9lKCCW1v_pyt6dChl8W1c6rdb6XRMxJW6PyQ3m7rhNHcW6gj6Fk1H-cNJN6lP2G9rn=
1jYN3VLJ12NSkP_W7QlbHw451b-H37nT1" target=3D"_blank" style=3D"color:#00a4bd=
; mso-line-height-rule:exactly" data-hs-link-id=3D"0">
               =20
                <img alt=3D"2211 NY Stats" src=3D"https://email02.liveart.i=
o/hs-fs/hubfs/2211%20NY%20Stats.001.png?width=3D800&amp;upscale=3Dtrue&amp;=
name=3D2211%20NY%20Stats.001.png" style=3D"outline:none; text-decoration:no=
ne; -ms-interpolation-mode:bicubic; border:none; max-width:100%; font-size:=
16px" width=3D"400" align=3D"middle" srcset=3D"https://email02.liveart.io/h=
s-fs/hubfs/2211%20NY%20Stats.001.png?upscale=3Dtrue&amp;width=3D800&amp;ups=
cale=3Dtrue&amp;name=3D2211%20NY%20Stats.001.png 400w, https://email02.live=
art.io/hs-fs/hubfs/2211%20NY%20Stats.001.png?upscale=3Dtrue&amp;width=3D160=
0&amp;upscale=3Dtrue&amp;name=3D2211%20NY%20Stats.001.png 800w" sizes=3D"(m=
ax-width: 400px) 100vw, 400px">
               =20
                    </a>
               =20
            </td>
        </tr>
    </tbody>
</table></div>
<table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D"1=
00%" style=3D"border-spacing:0 !important; border-collapse:collapse; mso-ta=
ble-lspace:0pt; mso-table-rspace:0pt"><tbody><tr><td class=3D"hs_padded" st=
yle=3D"border-collapse:collapse; mso-line-height-rule:exactly; font-family:=
Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; pa=
dding:10px 20px"><div id=3D"hs_cos_wrapper_module_16694772781724" class=3D"=
hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"c=
olor: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-gener=
al-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"hs_cos_wrapper_mo=
dule_16694772781724_" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_=
wrapper_type_rich_text" style=3D"color: inherit; font-size: inherit; line-h=
eight: inherit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"ri=
ch_text"><p style=3D"mso-line-height-rule:exactly; line-height:175%"><stron=
g>Three Billion Dollars Is a Lot of Money Spent on Art: </strong>The number=
s don=E2=80=99t lie. The New York sale cycle totaled&nbsp;$3.19 billion, up=
&nbsp;$455 million&nbsp;from May=E2=80=99s sales and&nbsp;$650 million&nbsp=
;from the previous year=E2=80=99s sales.&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%"><strong>The Mar=
ket Is Fully Priced:</strong>&nbsp;Slightly more than half of that figure c=
ame from the sale of Paul G. Allen=E2=80=99s art collection. Perhaps becaus=
e of that, the hammer ratio for the entire season was only slightly lower t=
han May. This November the hammer ratio=E2=80=94or the total hammer price o=
f all lots sold divided by the aggregate low estimate of all lots offered=
=E2=80=94was&nbsp;1.10, a number which shows a slight weakening from the pr=
evious season=E2=80=99s&nbsp;1.13&nbsp;and a significant drop from the prev=
ious year when the hammer ratio was&nbsp;1.28. Both previous seasons saw st=
rong bidding from the Macklowe collection which contributed to the hammer r=
atio. This season, the hammer ratio for the Allen collection was&nbsp;1.24.=
 The percentage of sold lots that were bid above estimates has also decline=
d from&nbsp;47%&nbsp;a year ago to&nbsp;42%&nbsp;in May and&nbsp;33%&nbsp;t=
his season.&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%"><strong>Sold Lo=
ts Also Peaked:</strong>&nbsp;Sell-through rates have fallen slightly in 20=
22. During the November 2021 sales, the first after the pandemic closed auc=
tions for a year and a half,&nbsp;1401 lots&nbsp;were sold. In May of 2022,=
&nbsp;1505 lots&nbsp;sold, an increase of 7.5%. This season,&nbsp;1689 lots=
&nbsp;sold, another 15% increase. So buyers bought more work this season th=
an before despite the uncertainty around the financial future.&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%"><strong>Average=
 Lot Value Remained Surprisingly Stable:</strong>&nbsp;We=E2=80=99ll discus=
s this more below but one would expect the Allen collection to have some si=
gnificant effect on the average lot value. After all, it was a large collec=
tion with very high lot values. The average lot for the entire New York sal=
es cycle this year was&nbsp;$1.89 million. In May, that number was&nbsp;$1.=
82 million&nbsp;and the year before it was&nbsp;$1.81m.&nbsp;</p></div></di=
v></td></tr></tbody></table>
<table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D"1=
00%" style=3D"border-spacing:0 !important; border-collapse:collapse; mso-ta=
ble-lspace:0pt; mso-table-rspace:0pt"><tbody><tr><td class=3D"hs_padded" st=
yle=3D"border-collapse:collapse; mso-line-height-rule:exactly; font-family:=
Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; pa=
dding:10px 20px"><div id=3D"hs_cos_wrapper_module_16694772653023" class=3D"=
hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"c=
olor: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-gener=
al-type=3D"widget" data-hs-cos-type=3D"module">
<!--[if gte mso 9]>
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<table role=3D"presentation" width=3D"100%" align=3D"center" border=3D"0" s=
tyle=3D"position:relative; top:-1px; min-width:20px; width:100%; max-width:=
100%; border-spacing:0; mso-table-lspace:0pt; mso-table-rspace:0pt; border-=
collapse:collapse; font-size:1px">
  <tbody><tr>
   =20
   =20
    <td width=3D"auto" style=3D"border-collapse:collapse; mso-line-height-r=
ule:exactly; font-family:Arial, sans-serif; font-size:15px; color:#000000; =
word-break:break-word; line-height:0">&nbsp;</td>
   =20
   =20
    <td width=3D"30%" valign=3D"middle" style=3D"border-collapse:collapse; =
mso-line-height-rule:exactly; font-family:Arial, sans-serif; font-size:15px=
; color:#000000; word-break:break-word; line-height:0; border:transparent; =
border-bottom:1px solid #000000; mso-border-bottom-alt:2pt solid #000000; b=
order-bottom-width:1px">&nbsp;</td>
   =20
   =20
    <td width=3D"auto" style=3D"border-collapse:collapse; mso-line-height-r=
ule:exactly; font-family:Arial, sans-serif; font-size:15px; color:#000000; =
word-break:break-word; line-height:0">&nbsp;</td>
   =20
  </tr>
</tbody></table>
<!--[if gte mso 9]></div></v:textbox></v:rect></div><![endif]--></div></td>=
</tr></tbody></table>
<table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D"1=
00%" style=3D"border-spacing:0 !important; border-collapse:collapse; mso-ta=
ble-lspace:0pt; mso-table-rspace:0pt"><tbody><tr><td class=3D"hs_padded" st=
yle=3D"border-collapse:collapse; mso-line-height-rule:exactly; font-family:=
Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; pa=
dding:10px 20px"><div id=3D"hs_cos_wrapper_module_16694773949903" class=3D"=
hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"c=
olor: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-gener=
al-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"hs_cos_wrapper_mo=
dule_16694773949903_" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_=
wrapper_type_rich_text" style=3D"color: inherit; font-size: inherit; line-h=
eight: inherit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"ri=
ch_text"><h2 style=3D"margin:0; mso-line-height-rule:exactly; line-height:1=
75%; font-size:22px"><span style=3D"color: #000000;">Dispatch from the Trad=
ing Floor</span></h2>
<p style=3D"mso-line-height-rule:exactly; line-height:175%"><span style=3D"=
color: #000000;">LiveArt collectors are looking for works by <a href=3D"htt=
ps://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/VWc-Rj1sTd1PW4XNc674F797VW7=
bJF9w4SSjkHN1c6sqN3q3nJV1-WJV7CgY51W6JN2XN7c17LhW15DRBY3qvtFtW90K1vs2P5rgJW=
7Gn6lD90rwfsVgmLrp69D3ygW5mb2x17s3x72W4qSWhx5h9v2qW7N9ySC4WVB_TW5k8G8v3wyvp=
SN8spqScgXwDYW48c_Lg5v_WySW32LHNt2CMnzqW7Jkn4l1HpDX4N67gn96K6jwPW1Kk5S_1SQM=
NcW296x0d8T7RTKN42W37f1SHf3W7Cv18k3XFJGWW3by44D88FMZ8Vv24js1f39CZW3dTRlZ6TK=
p3sW5J2XVX2QbQKDVXytGs5Dq-SpW2sLK6512TKjP32WS1" style=3D"mso-line-height-ru=
le:exactly; color:#ff24ff; font-weight:bold" rel=3D"noopener" data-hs-link-=
id=3D"0" target=3D"_blank"> Flora Yukhnovich</a>, <a href=3D"https://email0=
2.liveart.io/e3t/Ctc/DO+113/d2xBdp04/VWc-Rj1sTd1PW4XNc674F797VW7bJF9w4SSjkH=
N1c6sqN3q3nJV1-WJV7CgMPQW5jzdbj4W68CtW8cLjdp3b49lyW3NybcQ1SDgyhW5gh2gK7ylDK=
SW8dWRD21jwS9lW7LCdjN1_2_xxW3gwj6_1jHvBlW21tMgy3lW0QYW76rml97_Fk0QW1dhz8_2N=
t7MTW46ZqP713B7XfW4s5Gcc6lLpyLW8YXSpq1FccKtVp4Pfd7y_0SDW5Jnx1d5jvNTbW80QmnP=
87hGW5W4xhy7Y3H6ghqW5RqkKQ3GMK4ZW8-M5Cg2hL3v0W33gz298pycwYN7S4tns9-bkDN3CbL=
t7wNg32W22-J0c8Bdl5lW3zybK35LfcrW34-l1" style=3D"mso-line-height-rule:exact=
ly; color:#ff24ff; font-weight:bold" rel=3D"noopener" data-hs-link-id=3D"0"=
 target=3D"_blank">John Currin</a>, and <a href=3D"https://email02.liveart.=
io/e3t/Ctc/DO+113/d2xBdp04/VWc-Rj1sTd1PW4XNc674F797VW7bJF9w4SSjkHN1c6sqN3q3=
nJV1-WJV7CgNWPW1LWP386qk_1gW45k88t1d5DC5W9dnPsM30tlnqW6Rbfxx2phP5XVcldCf8lQ=
tj_W2GnDcw1Sk4QKW1Rd1N77DsdZMW8vG88J5gt72sW4jbd7m6mWpQBW5Yrqpx22lg6dW2VZwL5=
13s0rRW7r46c97mh9KHN48v2-8xPNH4W6Bk5hX85pC9xW7H6ngN2Ly55YW1JdSvW3FZnV0W2wST=
DR5dGjjmW77V5H84XW5WkW4wflJm1nmvQCW1N80vk4B_rFMW5nl-BP7l6fR3W6F5_bB75hb8CVY=
S-jh3SvJT6W5BKH0G2W06S53l_d1" style=3D"mso-line-height-rule:exactly; color:=
#ff24ff; font-weight:bold" rel=3D"noopener" data-hs-link-id=3D"0" target=3D=
"_blank">Banksy</a>. </span><span style=3D"color: #000000;"><span style=3D"=
font-weight: normal;">There are new works available by <a href=3D"https://e=
mail02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/VWc-Rj1sTd1PW4XNc674F797VW7bJF9w4=
SSjkHN1c6sqN3q3nJV1-WJV7CgDCrW84mkrY6Xgx-7W2cz0Gd32VBRkW3vJpsy2r_5hXW8XjYBK=
8bd6h8W76QPdz65gFS_W10qmT52CTYJNW8CdCDC75sHZTW5ZkhRc4DYMT8W7JztSB2TYS_NW8Gg=
GYt6bPh1-M7GDsBkvR61W1VZ_kt7T_S_cW8Qx5Py9j8v0qW9clHkN6lL2RMVy2DMx5SWBq2VyGP=
Hn7tx0FtVzYH4x6DHKL2W3h8yBR8lvZ4DN9gsJ-SBS1lgW22-kq14WClkGW6-SSKs2wNDWRW4MQ=
07z1CHyjKVbqXVL5LmBncW7GJ64k3z5SBH3qrt1" style=3D"mso-line-height-rule:exac=
tly; color:#ff24ff; font-weight:bold; text-decoration:underline" rel=3D"noo=
pener" data-hs-link-id=3D"0" target=3D"_blank">Ferrari Sheppard</a>, <a hre=
f=3D"https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/VWc-Rj1sTd1PW4XNc67=
4F797VW7bJF9w4SSjkHN1c6sqN3q3nJV1-WJV7CgV3YW47SVgy5FDx2NW2VBnzq4BDNfVW639zs=
52D1XnKW3Q37gH2xMLhWW1lg1YF1YtmJpW6JMZVG3Jy98LW3qVrPt2R3kGhW2RdhYR4xCrk9N8p=
_C0CWKQZTW6w_8S21ZsXd7W74WlmR533BgwW4lcSln1XjGbvW51TZ--8CM3qQW6WDKVc7X9X4LW=
5Yklj81yd0hDW72grgy8Pd9QNW328fB_1_T70nW5Z975k7396YBW49lSFG4g80_MVtD2FB4w0SC=
-N43QHlDY3CSCW3PRlgK32PnDxW6VcGz_3GVQmLW91_s-k6nHn6T3nd71" style=3D"mso-lin=
e-height-rule:exactly; color:#ff24ff; font-weight:bold" rel=3D"noopener" da=
ta-hs-link-id=3D"0" target=3D"_blank">Jennifer Guidi</a>, and <a href=3D"ht=
tps://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/VWc-Rj1sTd1PW4XNc674F797VW=
7bJF9w4SSjkHN1c6sqN3q3nJV1-WJV7CgM1vW2WNNV28_k3rhW4vlLgl6B0NP9W49JrnF6VmwT5=
W7Y6NCh7x-DxsW33MfVQ5JPwFNN3HmnRMVqX_tW2c96JM1J8VSFW3cpN-c1yNGZrW6m2XdR1t49=
sMW92W3vg22qqV7W7GKTgk4LxmBGN26DGBxTMfyFW6JfJzY5YW6wbW5pxZHH3MSbV0W2sgQzy1s=
nYQxN90MCwyZ6V6mW5zZ1ZC8Pw1pBW9k9Hkk8_4M5PW3KGV9-8-FfgdW7y_q288pLRvyW2TJ9dN=
3y_X33W8bZmZc20H5RqW7_Zstq2Lsny7W3Z1zkR2pYT3j33P01" style=3D"mso-line-heigh=
t-rule:exactly; color:#ff24ff; font-weight:bold" rel=3D"noopener" data-hs-l=
ink-id=3D"0" target=3D"_blank">Anastasia Bay</a>.</span></span></p></div></=
div></td></tr></tbody></table>
<table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D"1=
00%" style=3D"border-spacing:0 !important; border-collapse:collapse; mso-ta=
ble-lspace:0pt; mso-table-rspace:0pt"><tbody><tr><td class=3D"hs_padded" st=
yle=3D"border-collapse:collapse; mso-line-height-rule:exactly; font-family:=
Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; pa=
dding:10px 20px"><div id=3D"hs_cos_wrapper_module_16694773949904" class=3D"=
hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"c=
olor: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-gener=
al-type=3D"widget" data-hs-cos-type=3D"module">
 =20
  <table align=3D"center" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" style=3D"border-spacing:0 !important; mso-table-lspac=
e:0pt; mso-table-rspace:0pt; border-collapse:separate!important">
    <tbody><tr>
        <!--[if mso]>
      <td align=3D"center" valign=3D"middle" bgcolor=3D"#000000" role=3D"pr=
esentation"  valign=3D"middle" style=3D"border-radius:8px;cursor:auto;backg=
round-color:#000000;padding:12px 18px;">
    <![endif]-->
    <!--[if !mso]><!-- -->
      <td align=3D"center" valign=3D"middle" bgcolor=3D"#000000" role=3D"pr=
esentation" style=3D"border-collapse:collapse; mso-line-height-rule:exactly=
; font-family:Arial, sans-serif; font-size:15px; color:#000000; word-break:=
break-word; border-radius:8px; cursor:auto; background-color:#000000">
   <!--<![endif]-->
        <a href=3D"https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/VWc-R=
j1sTd1PW4XNc674F797VW7bJF9w4SSjkHN1c6sqt3q3npV1-WJV7CgSxmV3Zsx23hW6f2W83SWX=
c6pp_S9W1bXtTs93KFy0W1bPRRF7rWW-mVsJCNC94njR9W3V6K-s1l_WWfW4_ysBV1y-8lkVvhK=
vV6W1MgfW7mXWJH2Rz5wKN80S4jXz7t_FW84xcl_4KrZ1-W1lyc8-7wMKr_W627cNq4J0JzvW2G=
8YwY5f36MXW8SMfgm1WWh1dVKNqp63fM2NTW1Y5BwC2rWPLNW6TWSGh1DXRT7W63_HfH3xvM2HW=
8xDfl-1cR1CtW3mT4Bl5LBLX-W6fGsXP7JSy_b328g1" target=3D"_blank" style=3D"col=
or:#00a4bd; mso-line-height-rule:exactly; font-size:16px; font-family:Arial=
, sans-serif; Margin:0; text-transform:none; text-decoration:none; padding:=
12px 18px; display:block" data-hs-link-id=3D"0">
          <strong style=3D"color:#FFFFFF;font-weight:normal;text-decoration=
:none;font-style:normal;">View All Buy and Sell Requests</strong>
        </a>
      </td>
    </tr>
  </tbody></table>
</div></td></tr></tbody></table>
<table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D"1=
00%" style=3D"border-spacing:0 !important; border-collapse:collapse; mso-ta=
ble-lspace:0pt; mso-table-rspace:0pt"><tbody><tr><td class=3D"hs_padded" st=
yle=3D"border-collapse:collapse; mso-line-height-rule:exactly; font-family:=
Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; pa=
dding:10px 20px"><div id=3D"hs_cos_wrapper_module_16694773149985" class=3D"=
hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"c=
olor: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-gener=
al-type=3D"widget" data-hs-cos-type=3D"module">
<!--[if gte mso 9]>
<div style=3D"line-height: 0; font-size: 0px">
  <v:rect xmlns:v=3D"urn:schemas-microsoft-com:vml" fill=3D"true" stroke=3D=
"false" style=3D"width:560px; height:2pt;" fillcolor=3D"none">
    <v:fill type=3D"tile"/>
    <v:textbox inset=3D"0,0,0,0">
      <div>
<![endif]-->
<table role=3D"presentation" width=3D"100%" align=3D"center" border=3D"0" s=
tyle=3D"position:relative; top:-1px; min-width:20px; width:100%; max-width:=
100%; border-spacing:0; mso-table-lspace:0pt; mso-table-rspace:0pt; border-=
collapse:collapse; font-size:1px">
  <tbody><tr>
   =20
   =20
    <td width=3D"auto" style=3D"border-collapse:collapse; mso-line-height-r=
ule:exactly; font-family:Arial, sans-serif; font-size:15px; color:#000000; =
word-break:break-word; line-height:0">&nbsp;</td>
   =20
   =20
    <td width=3D"30%" valign=3D"middle" style=3D"border-collapse:collapse; =
mso-line-height-rule:exactly; font-family:Arial, sans-serif; font-size:15px=
; color:#000000; word-break:break-word; line-height:0; border:transparent; =
border-bottom:1px solid #000000; mso-border-bottom-alt:2pt solid #000000; b=
order-bottom-width:1px">&nbsp;</td>
   =20
   =20
    <td width=3D"auto" style=3D"border-collapse:collapse; mso-line-height-r=
ule:exactly; font-family:Arial, sans-serif; font-size:15px; color:#000000; =
word-break:break-word; line-height:0">&nbsp;</td>
   =20
  </tr>
</tbody></table>
<!--[if gte mso 9]></div></v:textbox></v:rect></div><![endif]--></div></td>=
</tr></tbody></table>
<table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D"1=
00%" style=3D"border-spacing:0 !important; border-collapse:collapse; mso-ta=
ble-lspace:0pt; mso-table-rspace:0pt"><tbody><tr><td class=3D"hs_padded" st=
yle=3D"border-collapse:collapse; mso-line-height-rule:exactly; font-family:=
Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; pa=
dding:10px 20px"><div id=3D"hs_cos_wrapper_module_16644528093181" class=3D"=
hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"c=
olor: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-gener=
al-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"hs_cos_wrapper_mo=
dule_16644528093181_" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_=
wrapper_type_rich_text" style=3D"color: inherit; font-size: inherit; line-h=
eight: inherit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"ri=
ch_text"><p style=3D"mso-line-height-rule:exactly; line-height:175%">&nbsp;=
</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%"><strong>How Do =
We Calculate the Allen Effect?</strong>&nbsp;The entire Allen collection wa=
s&nbsp;155 lots, or fewer than the overall increase from May to November th=
is year. But the value of the collection was so large, $1.6 billion, that i=
t constituted over half of the season total. The average price paid for an =
Allen work was&nbsp;$10.47 million&nbsp;which is more than five times what =
the average price has been in other seasons. If we take the remaining $1.59=
 billion in non-Allen lots sold and divide it by the number of non-Allen lo=
ts (1534), we get a much lower average price for art sold this season:&nbsp=
;$1.04 million.</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%"><strong>A Barbe=
ll Market:</strong>&nbsp;These numbers suggest the market has bi-furcated. =
On one end, we have the Allen sale with an average price of $10 million; an=
d, on the other other end, we have the rest of the market with an average p=
rice that is only $1 million or a tenth of the Allen sale value. Because th=
e Macklowe collection was sold in two tranches across two seasons, its effe=
cts were less visible. Or, seen another way, the so-called masterpiece mark=
et of trophy works like those in Macklowe and Allen masks a weakening of th=
e overall market. The deceleration everyone has been fearing in the art mar=
ket has actually arrived this season, we just don=E2=80=99t see it as drama=
tically because the Allen works.&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%"><strong>What Ca=
n We Expect in the Future?</strong>&nbsp;Barring another major collection c=
oming to market (and it is well-known in the industry that Allen=E2=80=99s =
estate still contains a significant number of works=E2=80=94not to mention =
many other major collections that are coming to term), the auction houses w=
ill (or should) see these numbers and begin to be more selective in the wor=
ks they accept for their sales. A 30% reduction in lots sold from 1700 to a=
round 1200 lots and a corresponding 30% drop in overall sales from $3.19 bi=
llion to approximately $2.2 billion would still have an average lot value f=
or the sales of $1.8 million. That may look like a nightmare scenario from =
current levels but it actually represents an increase in non-Allen sales vo=
lume from $1.59 billion to $2.2 billion and assumes there is both demand fr=
om collectors (with the financial resources to spend) and work to attract t=
hat demand.&nbsp;</p></div></div></td></tr></tbody></table>
</div>
<!--[if gte mso 9]></table><![endif]-->
<!--[if (mso)|(IE)]></td><![endif]-->
    <!--[if (mso)|(IE)]></tr></table><![endif]-->
    </div>
  =20
  </div>
  <div id=3D"module_1668701426577" class=3D"hse-section" style=3D"padding-l=
eft:10px; padding-right:10px">
   =20
   =20
    <!--[if !((mso)|(IE))]><!-- -->
      <div class=3D"hse-column-container" style=3D"min-width:280px; max-wid=
th:600px; width:100%; Margin-left:auto; Margin-right:auto; border-collapse:=
collapse; border-spacing:0; background-color:#FFFFFF" bgcolor=3D"#FFFFFF">
    <!--<![endif]-->
   =20
    <!--[if (mso)|(IE)]>
      <div class=3D"hse-column-container" style=3D"min-width:280px;max-widt=
h:600px;width:100%;Margin-left:auto;Margin-right:auto;border-collapse:colla=
pse;border-spacing:0;">
      <table align=3D"center" style=3D"border-collapse:collapse;mso-table-l=
space:0pt;mso-table-rspace:0pt;width:600px;" cellpadding=3D"0" cellspacing=
=3D"0" role=3D"presentation" width=3D"600" bgcolor=3D"#FFFFFF">
      <tr style=3D"background-color:#FFFFFF;">
    <![endif]-->
    <!--[if (mso)|(IE)]>
  <td valign=3D"top" style=3D"width:600px;">
<![endif]-->
<!--[if gte mso 9]>
  <table role=3D"presentation" width=3D"600" cellpadding=3D"0" cellspacing=
=3D"0" style=3D"border-collapse:collapse;mso-table-lspace:0pt;mso-table-rsp=
ace:0pt;width:600px">
<![endif]-->
<div id=3D"module_1668701426577_0" class=3D"hse-column hse-size-12">
  <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D=
"100%" style=3D"border-spacing:0 !important; border-collapse:collapse; mso-=
table-lspace:0pt; mso-table-rspace:0pt"><tbody><tr><td class=3D"hs_padded" =
style=3D"border-collapse:collapse; mso-line-height-rule:exactly; font-famil=
y:Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; =
padding:10px 20px"><div id=3D"hs_cos_wrapper_module_16694767275851" class=
=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=
=3D"color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-=
general-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"hs_cos_wrapp=
er_module_16694767275851_" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs=
_cos_wrapper_type_rich_text" style=3D"color: inherit; font-size: inherit; l=
ine-height: inherit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=
=3D"rich_text"><p style=3D"mso-line-height-rule:exactly; line-height:175%">=
<em><strong>Can the Market Continue to Broaden?</strong></em></p></div></di=
v></td></tr></tbody></table>
<div id=3D"hs_cos_wrapper_module_16687014265211" class=3D"hs_cos_wrapper hs=
_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"color: inherit; fo=
nt-size: inherit; line-height: inherit;" data-hs-cos-general-type=3D"widget=
" data-hs-cos-type=3D"module">
=09
<table class=3D"hse-image-wrapper" role=3D"presentation" width=3D"100%" cel=
lpadding=3D"0" cellspacing=3D"0" style=3D"border-spacing:0 !important; bord=
er-collapse:collapse; mso-table-lspace:0pt; mso-table-rspace:0pt">
    <tbody>
        <tr>
            <td align=3D"center" valign=3D"top" style=3D"border-collapse:co=
llapse; mso-line-height-rule:exactly; font-family:Arial, sans-serif; color:=
#000000; word-break:break-word; text-align:center; padding:10px 20px; font-=
size:0px">
               =20
                    <a href=3D"https://email02.liveart.io/e3t/Ctc/DO+113/d2=
xBdp04/VWc-Rj1sTd1PW4XNc674F797VW7bJF9w4SSjkHN1c6sr33q3n_V1-WJV7CgTVZW2jpQ3=
v74tpf0W4GnYwr7vMgn4W6p094d5q39qqW3kSJjb6tbqZQW7Ww0jq4ZhPDpN3XZXSd3mQc1W36M=
cQf2g7mddW8NXxqf3tz1n_W19QJXY6M7GkcN647C-wM3ZgMW4P4-478Xxg23W5-hMFT2BdHygW2=
1H9r45jn0j5W2m_jGR5-MxZjW5Hd0yC5QFFkQW7cfLLt2DMrXsW26m9hw71Vyr6W4hF0yR2-DpG=
VW6xGQvz533b27W4K88vP6XBrN9W1Sq6Tp8h77NDN3MTvTs1t7qWW6yF0Q6656TmRW2ZptH51DD=
nRhW460P2q7MFNPFW3fVL073zV4gN3hBM1" target=3D"_blank" style=3D"color:#00a4b=
d; mso-line-height-rule:exactly" data-hs-link-id=3D"1">
               =20
                <img alt=3D"2211 Top 12 mkt share" src=3D"https://email02.l=
iveart.io/hs-fs/hubfs/2211%20Top%2012%20mkt%20share.png?width=3D800&amp;ups=
cale=3Dtrue&amp;name=3D2211%20Top%2012%20mkt%20share.png" style=3D"outline:=
none; text-decoration:none; -ms-interpolation-mode:bicubic; border:none; ma=
x-width:100%; font-size:16px" width=3D"400" align=3D"middle" srcset=3D"http=
s://email02.liveart.io/hs-fs/hubfs/2211%20Top%2012%20mkt%20share.png?upscal=
e=3Dtrue&amp;width=3D800&amp;upscale=3Dtrue&amp;name=3D2211%20Top%2012%20mk=
t%20share.png 400w, https://email02.liveart.io/hs-fs/hubfs/2211%20Top%2012%=
20mkt%20share.png?upscale=3Dtrue&amp;width=3D1600&amp;upscale=3Dtrue&amp;na=
me=3D2211%20Top%2012%20mkt%20share.png 800w" sizes=3D"(max-width: 400px) 10=
0vw, 400px">
               =20
                    </a>
               =20
            </td>
        </tr>
    </tbody>
</table></div>
<table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D"1=
00%" style=3D"border-spacing:0 !important; border-collapse:collapse; mso-ta=
ble-lspace:0pt; mso-table-rspace:0pt"><tbody><tr><td class=3D"hs_padded" st=
yle=3D"border-collapse:collapse; mso-line-height-rule:exactly; font-family:=
Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; pa=
dding:10px 20px"><div id=3D"hs_cos_wrapper_module_16687014265212" class=3D"=
hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"c=
olor: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-gener=
al-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"hs_cos_wrapper_mo=
dule_16687014265212_" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_=
wrapper_type_rich_text" style=3D"color: inherit; font-size: inherit; line-h=
eight: inherit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"ri=
ch_text"><p style=3D"mso-line-height-rule:exactly; line-height:175%"><stron=
g>There Is No Dominant Artist This Season: </strong>In the past, the market=
 has tended to favor a few very valuable artists along with some other quit=
e valuable artists. It was not uncommon for a sales cycle to be dominated b=
y Pablo Picasso, Andy Warhol or Claude Monet with 12 to 15% market share or=
 more. Other artists like Jean-Michel Basquiat, Gerhard Richter, Mark Rothk=
o and Cy Twombly could occasionally approach those levels or capture signif=
icant market share a rung below the trio of top artists. Because of the Pau=
l Allen sale and the high value of artists like Seurat, C=C3=A9zanne, van G=
ogh and Gauguin in that sale, market share is more evenly distributed among=
 artists but still includes Warhol, Picasso and Monet.&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%"><strong>Women H=
ave Not Reached Equity but =E2=80=A6&nbsp;</strong>The top 12 artists by ma=
rket share this season are all men. That=E2=80=99s not terribly surprising.=
 Market share doesn=E2=80=99t measure artistic merit or art historical sign=
ificance. It can vary widely from season to season based upon the number an=
d types of work by any given artist on offer. That said, it is interesting =
to see this season that a number of prominent women artists have claimed si=
milar market share to prominent male artists. For example, 10% more dollars=
 were spent on Georgia O=E2=80=99Keeffe=E2=80=99s art than on Cy Twombly=E2=
=80=99s art during this sale cycle. Joan Mitchell and Gerhard Richter both =
had art sell for just above $30 million. Yayoi Kusama outsold Jeff Koons. T=
amara de Lempicka had sales almost equal to Diego Rivera. The point of the =
table below is not to say that women artists are now on the same footing as=
 men. Artists=E2=80=99 markets are complex and driven by numerous factors. =
But these comparisons present some fleeting measure that suggests demand fo=
r art by women continues to rise.&nbsp;</p></div></div></td></tr></tbody></=
table>
<div id=3D"hs_cos_wrapper_module_16694767918482" class=3D"hs_cos_wrapper hs=
_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"color: inherit; fo=
nt-size: inherit; line-height: inherit;" data-hs-cos-general-type=3D"widget=
" data-hs-cos-type=3D"module">
=09
<table class=3D"hse-image-wrapper" role=3D"presentation" width=3D"100%" cel=
lpadding=3D"0" cellspacing=3D"0" style=3D"border-spacing:0 !important; bord=
er-collapse:collapse; mso-table-lspace:0pt; mso-table-rspace:0pt">
    <tbody>
        <tr>
            <td align=3D"center" valign=3D"top" style=3D"border-collapse:co=
llapse; mso-line-height-rule:exactly; font-family:Arial, sans-serif; color:=
#000000; word-break:break-word; text-align:center; padding:10px 20px; font-=
size:0px">
               =20
                    <a href=3D"https://email02.liveart.io/e3t/Ctc/DO+113/d2=
xBdp04/VWc-Rj1sTd1PW4XNc674F797VW7bJF9w4SSjkHN1c6sr33q3n_V1-WJV7CgWxcW452SY=
T4_yT_CN6Ptpr42rvGtW8cGyMj8czCPwN6W9pTpVdfMsVBtBWg6Dcx7PN2h6DrStrSHHW91HhlY=
5T8SDbW1my5x_9dHSjxW1p3pkH4bnZ6tW8bn80G192ywMW34T6l23FtVd1W5d31FH6JkMhMW7F0=
pSl5YhgtVW6c9DmM6nG95YW4hb80j1GbHcYW80B-hH6vKvWFW7XZ0Nh7tJJh-W44v25m7f5HHKW=
3s6Yb_799_LHW4pX39y71wprmW8kYkGL1slf8lW2wVQkN6tzb-FW1nvGj31HpbFtN8-lKWK_byL=
tW52TLSK3lb3lxV6pq8l4_x0YR3gxz1" target=3D"_blank" style=3D"color:#00a4bd; =
mso-line-height-rule:exactly" data-hs-link-id=3D"2">
               =20
                <img alt=3D"2211 NY Total $ Volume Female v Male" src=3D"ht=
tps://email02.liveart.io/hs-fs/hubfs/2211%20NY%20Total%20$%20Volume%20Femal=
e%20v%20Male.001.png?width=3D800&amp;upscale=3Dtrue&amp;name=3D2211%20NY%20=
Total%20$%20Volume%20Female%20v%20Male.001.png" style=3D"outline:none; text=
-decoration:none; -ms-interpolation-mode:bicubic; border:none; max-width:10=
0%; font-size:16px" width=3D"400" align=3D"middle" srcset=3D"https://email0=
2.liveart.io/hs-fs/hubfs/2211%20NY%20Total%20$%20Volume%20Female%20v%20Male=
.001.png?upscale=3Dtrue&amp;width=3D800&amp;upscale=3Dtrue&amp;name=3D2211%=
20NY%20Total%20$%20Volume%20Female%20v%20Male.001.png 400w, https://email02=
.liveart.io/hs-fs/hubfs/2211%20NY%20Total%20$%20Volume%20Female%20v%20Male.=
001.png?upscale=3Dtrue&amp;width=3D1600&amp;upscale=3Dtrue&amp;name=3D2211%=
20NY%20Total%20$%20Volume%20Female%20v%20Male.001.png 800w" sizes=3D"(max-w=
idth: 400px) 100vw, 400px">
               =20
                    </a>
               =20
            </td>
        </tr>
    </tbody>
</table></div>
</div>
<!--[if gte mso 9]></table><![endif]-->
<!--[if (mso)|(IE)]></td><![endif]-->
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  =20
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left:10px; padding-right:10px">
   =20
   =20
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      <div class=3D"hse-column-container" style=3D"min-width:280px; max-wid=
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collapse; border-spacing:0; background-color:#FFFFFF" bgcolor=3D"#FFFFFF">
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   =20
    <!--[if (mso)|(IE)]>
      <div class=3D"hse-column-container" style=3D"min-width:280px;max-widt=
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pse;border-spacing:0;">
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"100%" style=3D"border-spacing:0 !important; border-collapse:collapse; mso-=
table-lspace:0pt; mso-table-rspace:0pt"><tbody><tr><td class=3D"hs_padded" =
style=3D"border-collapse:collapse; mso-line-height-rule:exactly; font-famil=
y:Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; =
padding:10px 20px"><div id=3D"hs_cos_wrapper_module_16614615803261" class=
=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=
=3D"color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-=
general-type=3D"widget" data-hs-cos-type=3D"module">
 =20
  <table align=3D"center" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" style=3D"border-spacing:0 !important; mso-table-lspac=
e:0pt; mso-table-rspace:0pt; border-collapse:separate!important">
    <tbody><tr>
        <!--[if mso]>
      <td align=3D"center" valign=3D"middle" bgcolor=3D"#000000" role=3D"pr=
esentation"  valign=3D"middle" style=3D"border-radius:8px;cursor:auto;backg=
round-color:#000000;padding:12px 18px;">
    <![endif]-->
    <!--[if !mso]><!-- -->
      <td align=3D"center" valign=3D"middle" bgcolor=3D"#000000" role=3D"pr=
esentation" style=3D"border-collapse:collapse; mso-line-height-rule:exactly=
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        <a href=3D"https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/VWc-R=
j1sTd1PW4XNc674F797VW7bJF9w4SSjkHN1c6sq93q3n5V1-WJV7CgDKlW49Hg5K6wgZc1W9gM5=
Vd75lXdNW26932F7Psb_8W2WlX1n8H8BTMW8TcG8V4VCMMkN5bHw9x2B1lSVV4zt45ByBH-N54C=
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Tspn14W_rYzV-VHpC1cv_TlW4BFLyN1GpsCRW4hl5hS9gHmBmW1KkDBj4lhdYrW6C3BtP6hVyWl=
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ht-rule:exactly; font-size:16px; font-family:Arial, sans-serif; Margin:0; t=
ext-transform:none; text-decoration:none; padding:12px 18px; display:block"=
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          <strong style=3D"color:#FFFFFF;font-weight:normal;text-decoration=
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<table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D"1=
00%" style=3D"border-spacing:0 !important; border-collapse:collapse; mso-ta=
ble-lspace:0pt; mso-table-rspace:0pt"><tbody><tr><td class=3D"hs_padded" st=
yle=3D"border-collapse:collapse; mso-line-height-rule:exactly; font-family:=
Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; pa=
dding:10px 20px"><div id=3D"hs_cos_wrapper_module_16685213300681" class=3D"=
hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"c=
olor: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-gener=
al-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"hs_cos_wrapper_mo=
dule_16685213300681_" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_=
wrapper_type_rich_text" style=3D"color: inherit; font-size: inherit; line-h=
eight: inherit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"ri=
ch_text"><p style=3D"mso-line-height-rule:exactly; line-height:175%; text-a=
lign:center; font-weight:bold" align=3D"center"><span style=3D"font-style: =
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Tl43K8jZW8d2qWr2TWMvPW8Q3BcC3v5L_MW5yyTKd94-0z0W89XZdl4vWqJRW2V1MmW4nR-nzW5=
pJZnZ4ChM1FN6Mhbp8tn_STW5MYfC57DZQ_WW16PcGF2GZ7T4W1czrNd4tkzWwW6db_3s6LzzY8=
W6VB2LD53W-4NW7xQWNt5gPRNTN4NpKn8bPLWyW1c-7592cwFWrVvQ9Fq4Sw16g3fnY1" targe=
t=3D"_blank" style=3D"mso-line-height-rule:exactly; color:#ff24ff; font-sty=
le:italic; font-weight:bold" rel=3D"noopener" data-hs-link-id=3D"0">sign up=
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  =20
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   =20
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      <div class=3D"hse-column-container" style=3D"min-width:280px; max-wid=
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collapse; border-spacing:0; background-color:#000000" bgcolor=3D"#000000">
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   =20
    <!--[if (mso)|(IE)]>
      <div class=3D"hse-column-container" style=3D"min-width:280px;max-widt=
h:600px;width:100%;Margin-left:auto;Margin-right:auto;border-collapse:colla=
pse;border-spacing:0;">
      <table align=3D"center" style=3D"border-collapse:collapse;mso-table-l=
space:0pt;mso-table-rspace:0pt;width:600px;" cellpadding=3D"0" cellspacing=
=3D"0" role=3D"presentation" width=3D"600" bgcolor=3D"#000000">
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"100%" style=3D"border-spacing:0 !important; border-collapse:collapse; mso-=
table-lspace:0pt; mso-table-rspace:0pt"><tbody><tr><td class=3D"hs_padded" =
style=3D"border-collapse:collapse; mso-line-height-rule:exactly; font-famil=
y:Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; =
padding:25px 20px 0px"><div id=3D"hs_cos_wrapper_module_166091123325424" cl=
ass=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" sty=
le=3D"color: inherit; font-size: inherit; line-height: inherit;" data-hs-co=
s-general-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"hs_cos_wra=
pper_module_166091123325424_" class=3D"hs_cos_wrapper hs_cos_wrapper_widget=
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; line-height: inherit;" data-hs-cos-general-type=3D"widget" data-hs-cos-ty=
pe=3D"rich_text"><h1 style=3D"margin:0; mso-line-height-rule:exactly; font-=
size:16px; line-height:183%; text-align:center" align=3D"center"><span styl=
e=3D"color: #ffffff;">Stay Connected to LiveArt</span></h1></div></div></td=
></tr></tbody></table>
<table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D"1=
00%" style=3D"border-spacing:0 !important; border-collapse:collapse; mso-ta=
ble-lspace:0pt; mso-table-rspace:0pt"><tbody><tr><td class=3D"hs_padded" st=
yle=3D"border-collapse:collapse; mso-line-height-rule:exactly; font-family:=
Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; pa=
dding:0px 20px"><div id=3D"hs_cos_wrapper_module_166091123325425" class=3D"=
hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"c=
olor: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-gener=
al-type=3D"widget" data-hs-cos-type=3D"module">
<table role=3D"presentation" align=3D"center" style=3D"border-spacing:0 !im=
portant; border-collapse:collapse; mso-table-lspace:0pt; mso-table-rspace:0=
pt; width:auto; text-align:center" class=3D"hs_cos_wrapper_type_social_modu=
le" width=3D"auto">
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     =20
      <td class=3D"social-network-cell" style=3D"border-collapse:collapse; =
mso-line-height-rule:exactly; font-family:Arial, sans-serif; font-size:15px=
; color:#000000; word-break:break-word">
        <table role=3D"presentation" align=3D"center" style=3D"border-spaci=
ng:0 !important; border-collapse:collapse; mso-table-lspace:0pt; mso-table-=
rspace:0pt; width:auto; text-align:center" class=3D"hs_cos_wrapper_type_soc=
ial_module_single" width=3D"auto">
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             =20
              <td class=3D"display_block_on_small_screens" style=3D"border-=
collapse:collapse; mso-line-height-rule:exactly; font-family:Arial, sans-se=
rif; font-size:15px; color:#000000; word-break:break-word; padding:8px 5px;=
 line-height:1; vertical-align:middle" valign=3D"middle">
                <a href=3D"https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp=
04/VWc-Rj1sTd1PW4XNc674F797VW7bJF9w4SSjkHN1c6sqt3q3npV1-WJV7CgSmvW76L3Xx9b1=
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ink-id=3D"0" target=3D"_blank">
                 =20
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ram-alt-v02.png?height=3D60&amp;upscale=3Dtrue&amp;name=3DInstagram-alt-v02=
.png" alt=3D"Instagram" height=3D"30" style=3D"outline:none; text-decoratio=
n:none; -ms-interpolation-mode:bicubic; border:none; width:auto!important; =
height:30px!important; vertical-align:middle" valign=3D"middle" width=3D"au=
to">
                 =20
                </a>
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             =20
             =20
            </tr>
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      </td>
     =20
      <td class=3D"social-network-cell" style=3D"border-collapse:collapse; =
mso-line-height-rule:exactly; font-family:Arial, sans-serif; font-size:15px=
; color:#000000; word-break:break-word">
        <table role=3D"presentation" align=3D"center" style=3D"border-spaci=
ng:0 !important; border-collapse:collapse; mso-table-lspace:0pt; mso-table-=
rspace:0pt; width:auto; text-align:center" class=3D"hs_cos_wrapper_type_soc=
ial_module_single" width=3D"auto">
          <tbody>
            <tr align=3D"center">
             =20
              <td class=3D"display_block_on_small_screens" style=3D"border-=
collapse:collapse; mso-line-height-rule:exactly; font-family:Arial, sans-se=
rif; font-size:15px; color:#000000; word-break:break-word; padding:8px 5px;=
 line-height:1; vertical-align:middle" valign=3D"middle">
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exactly; text-decoration:none !important" data-hs-link-id=3D"0" target=3D"_=
blank">
                 =20
                 =20
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                   =20
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r-alt-v02.png?height=3D60&amp;upscale=3Dtrue&amp;name=3Dtwitter-alt-v02.png=
" alt=3D"Twitter" height=3D"30" style=3D"outline:none; text-decoration:none=
; -ms-interpolation-mode:bicubic; border:none; width:auto!important; height=
:30px!important; vertical-align:middle" valign=3D"middle" width=3D"auto">
                 =20
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             =20
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     =20
      <td class=3D"social-network-cell" style=3D"border-collapse:collapse; =
mso-line-height-rule:exactly; font-family:Arial, sans-serif; font-size:15px=
; color:#000000; word-break:break-word">
        <table role=3D"presentation" align=3D"center" style=3D"border-spaci=
ng:0 !important; border-collapse:collapse; mso-table-lspace:0pt; mso-table-=
rspace:0pt; width:auto; text-align:center" class=3D"hs_cos_wrapper_type_soc=
ial_module_single" width=3D"auto">
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            <tr align=3D"center">
             =20
              <td class=3D"display_block_on_small_screens" style=3D"border-=
collapse:collapse; mso-line-height-rule:exactly; font-family:Arial, sans-se=
rif; font-size:15px; color:#000000; word-break:break-word; padding:8px 5px;=
 line-height:1; vertical-align:middle" valign=3D"middle">
                <a href=3D"https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp=
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bd; mso-line-height-rule:exactly; text-decoration:none !important" data-hs-=
link-id=3D"0" target=3D"_blank">
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                  <img src=3D"https://email02.liveart.io/hs-fs/hubfs/facebo=
ok-alt-v02.png?height=3D60&amp;upscale=3Dtrue&amp;name=3Dfacebook-alt-v02.p=
ng" alt=3D"Facebook" height=3D"30" style=3D"outline:none; text-decoration:n=
one; -ms-interpolation-mode:bicubic; border:none; width:auto!important; hei=
ght:30px!important; vertical-align:middle" valign=3D"middle" width=3D"auto"=
>
                 =20
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             =20
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     =20
      <td class=3D"social-network-cell" style=3D"border-collapse:collapse; =
mso-line-height-rule:exactly; font-family:Arial, sans-serif; font-size:15px=
; color:#000000; word-break:break-word">
        <table role=3D"presentation" align=3D"center" style=3D"border-spaci=
ng:0 !important; border-collapse:collapse; mso-table-lspace:0pt; mso-table-=
rspace:0pt; width:auto; text-align:center" class=3D"hs_cos_wrapper_type_soc=
ial_module_single" width=3D"auto">
          <tbody>
            <tr align=3D"center">
             =20
              <td class=3D"display_block_on_small_screens" style=3D"border-=
collapse:collapse; mso-line-height-rule:exactly; font-family:Arial, sans-se=
rif; font-size:15px; color:#000000; word-break:break-word; padding:8px 5px;=
 line-height:1; vertical-align:middle" valign=3D"middle">
                <a href=3D"https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp=
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ink-id=3D"0" target=3D"_blank">
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in-alt-v02.png?height=3D60&amp;upscale=3Dtrue&amp;name=3Dlinkedin-alt-v02.p=
ng" alt=3D"LinkedIn" height=3D"30" style=3D"outline:none; text-decoration:n=
one; -ms-interpolation-mode:bicubic; border:none; width:auto!important; hei=
ght:30px!important; vertical-align:middle" valign=3D"middle" width=3D"auto"=
>
                 =20
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             =20
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     =20
      <td class=3D"social-network-cell" style=3D"border-collapse:collapse; =
mso-line-height-rule:exactly; font-family:Arial, sans-serif; font-size:15px=
; color:#000000; word-break:break-word">
        <table role=3D"presentation" align=3D"center" style=3D"border-spaci=
ng:0 !important; border-collapse:collapse; mso-table-lspace:0pt; mso-table-=
rspace:0pt; width:auto; text-align:center" class=3D"hs_cos_wrapper_type_soc=
ial_module_single" width=3D"auto">
          <tbody>
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              <td class=3D"display_block_on_small_screens" style=3D"border-=
collapse:collapse; mso-line-height-rule:exactly; font-family:Arial, sans-se=
rif; font-size:15px; color:#000000; word-break:break-word; padding:8px 5px;=
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04/VWc-Rj1sTd1PW4XNc674F797VW7bJF9w4SSjkHN1c6sqt3q3npV1-WJV7CgCffW6KRrtV3dC=
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<div id=3D"hs_cos_wrapper_module_166091123325426" class=3D"hs_cos_wrapper h=
s_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"color: inherit; f=
ont-size: inherit; line-height: inherit;" data-hs-cos-general-type=3D"widge=
t" data-hs-cos-type=3D"module">
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<table class=3D"hse-image-wrapper" role=3D"presentation" width=3D"100%" cel=
lpadding=3D"0" cellspacing=3D"0" style=3D"border-spacing:0 !important; bord=
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            <td align=3D"center" valign=3D"top" style=3D"border-collapse:co=
llapse; mso-line-height-rule:exactly; font-family:Arial, sans-serif; color:=
#000000; word-break:break-word; text-align:center; padding:5px 20px; font-s=
ize:0px">
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xBdp04/VWc-Rj1sTd1PW4XNc674F797VW7bJF9w4SSjkHN1c6sqt3q3npV1-WJV7CgRy_W6_Y-p=
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amp;upscale=3Dtrue&amp;name=3DApp-Badges.png" style=3D"outline:none; text-d=
ecoration:none; -ms-interpolation-mode:bicubic; border:none; max-width:100%=
; font-size:16px" width=3D"300" align=3D"middle" srcset=3D"https://email02.=
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00w" sizes=3D"(max-width: 300px) 100vw, 300px">
               =20
                    </a>
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<table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D"1=
00%" style=3D"border-spacing:0 !important; border-collapse:collapse; mso-ta=
ble-lspace:0pt; mso-table-rspace:0pt"><tbody><tr><td class=3D"hs_padded" st=
yle=3D"border-collapse:collapse; mso-line-height-rule:exactly; font-family:=
Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; pa=
dding:10px 5px"><div id=3D"hs_cos_wrapper_module_166091123325427" class=3D"=
hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"c=
olor: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-gener=
al-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"hs_cos_wrapper_mo=
dule_166091123325427_" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos=
_wrapper_type_rich_text" style=3D"color: inherit; font-size: inherit; line-=
height: inherit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"r=
ich_text"><p style=3D"mso-line-height-rule:exactly; font-size:12px; line-he=
ight:125%; text-align:center; font-weight:bold" align=3D"center"><span styl=
e=3D"color: #ffffff;"><a href=3D"https://email02.liveart.io/e3t/Ctc/DO+113/=
d2xBdp04/VWc-Rj1sTd1PW4XNc674F797VW7bJF9w4SSjkHN1c6sqt3q3npV1-WJV7CgTBxW4jk=
Spq8hQWp5W3DSQKt8JH5ZgVVnzWS4ddVw8W755n4x1Qjp_JW3J76sn4gQ-GlW6zln9b2-_X07W6=
_f5Wm4_ldslW4ZVHfc8ppCDnW7qT0GQ99h_trVYmJty8PXF81W7bBxDT8B34mRMWlwRXwbZbKW3=
WP85x4wl_TfW6Y2LMl9cvPv9N4nM0cRSwrgbW6z12QV5XV_6TW5lhtBP9cjcVDV-ZjcB6jsWJLW=
6swD6P2XFPVQW8kGSTk1jyKTpW6yBCcg1BYRskW8Sd14g3ZppqC2NV1" style=3D"mso-line-=
height-rule:exactly; color:#ffffff; font-weight:bold" rel=3D"noopener" data=
-hs-link-id=3D"0" target=3D"_blank">BUY</a>&nbsp; |&nbsp; <a href=3D"https:=
//email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/VWc-Rj1sTd1PW4XNc674F797VW7bJF=
9w4SSjkHN1c6sqt3q3npV1-WJV7CgMSsN9g2r92bt3tfW6P5GPw17ZGhYN4Nb6R464xd6W3ckqY=
45mPxkqW1prH073MLNsGW31-w_b3-qDzNW2fJZl921Tkx5W5-tfvc3sjdMJW6TR-LG3WQxWXW5z=
J87l1MM5ssMhrqqYn7Ss3VDkwbN6WG2yYW8FYZby4zgxGJW75ym5q44Mt43W3-HRKw1Gfx0GW2f=
RdTk6crq_SW9gKqLm2bBQr0W4Cm8h-943Xb2W7HsQvF7TWbflW30QykV7X_kzqV4lWPG7mRkDVW=
4yRZf_12pL0W3p951" style=3D"mso-line-height-rule:exactly; font-weight:bold;=
 color:#ffffff" rel=3D"noopener" data-hs-link-id=3D"0" target=3D"_blank">SE=
LL</a>&nbsp; | <a href=3D"https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp0=
4/VWc-Rj1sTd1PW4XNc674F797VW7bJF9w4SSjkHN1c6sqt3q3npV1-WJV7CgSDtW7cnZP13kKw=
-jN97SC2sHjkWVW7dt9X37-w_GNW9jKkZN8rbVSCW4mL7rD7YB9xbW5yQ_p78hTBlfW82mRTq93=
NNqLW4zyh2397wNTBVXhW6J2gtP0pW64lvCk7Hk2HwW2Ms1tT2_xRYMW45rHCK5cJLZxN4rn9kb=
_rvdFW1x9jb6634-qFW3QJCdL1GrSGQW4YRZlz7D5ctNW83ldX95scF83W2MPYWZ3D-RRBW86Cv=
5T5D7fTqW27VnG-3zwDhJW3zpMVb6MZ_YTW2Cb0Mn8_93Tn2zh1" style=3D"mso-line-heig=
ht-rule:exactly; color:#ffffff; font-weight:bold" rel=3D"noopener" data-hs-=
link-id=3D"1" target=3D"_blank">TRADING FLOOR</a> |&nbsp; <a href=3D"https:=
//email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/VWc-Rj1sTd1PW4XNc674F797VW7bJF=
9w4SSjkHN1c6sqt3q3npV1-WJV7CgCWfW51t8Fd5bhKStVPRhTH378dVPW6_Lfm05RYN99W3Kjq=
wV4Bhn7dW7djy5H4j_mDQW36g4Sd7vNQV_V4GRrV7WrgsrW86gR412NqnvzW52jP2X8YpL7cW6G=
N59m8Yqn1pW3NDr743W6BhpW4gCJJH8MjxtLW747sbs98sKM9W1ZLrnq1jlf2ZW3C0DpB7RbVqp=
W259x6727M1YSW1Kyy2M8TY8JcW5xQZ9F6rj9CCW1Fxd3r2DCRXBW7qGLbH6BHkyxW556MZL1fP=
zYVVQtv4L5ymykh36TN1" style=3D"mso-line-height-rule:exactly; font-weight:bo=
ld; color:#ffffff" rel=3D"noopener" data-hs-link-id=3D"0" target=3D"_blank"=
>STORIES</a>&nbsp; | <a href=3D"https://email02.liveart.io/e3t/Ctc/DO+113/d=
2xBdp04/VWc-Rj1sTd1PW4XNc674F797VW7bJF9w4SSjkHN1c6sq93q3n5V1-WJV7CgBswW10zn=
9l4GV106N6tkxj7vFqS4TKHf991XHQqW4f_pWM2Yw8S1W5Vh1Kk5hyT-sMBR7zJxMHqyVx4-1Y4=
k7fC5N26PzcW7_23qN1ByDsYMRk9jN4MHwnsRzSvrW6bbqCt155lPxW7kKwYm8zMJWPW1qV2Cj5=
y06KbW13TdpD8rsP77W3Rd1ZG7qW400W895dX_6_QNFyW25lmQD2z2gTdW93C58Y986VnmW1rDy=
wR2X93cbW2mnJ_b8HhfMj3p5Z1" style=3D"mso-line-height-rule:exactly; font-wei=
ght:bold; color:#ffffff" rel=3D"noopener" data-hs-link-id=3D"0" target=3D"_=
blank">NFT</a></span></p></div></div></td></tr></tbody></table>
<table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D"1=
00%" style=3D"border-spacing:0 !important; border-collapse:collapse; mso-ta=
ble-lspace:0pt; mso-table-rspace:0pt"><tbody><tr><td class=3D"hs_padded" st=
yle=3D"border-collapse:collapse; mso-line-height-rule:exactly; font-family:=
Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; pa=
dding:5px 20px 0px"><div id=3D"hs_cos_wrapper_module_166091123325428" class=
=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=
=3D"color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-=
general-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"hs_cos_wrapp=
er_module_166091123325428_" class=3D"hs_cos_wrapper hs_cos_wrapper_widget h=
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line-height: inherit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=
=3D"rich_text"><p style=3D"mso-line-height-rule:exactly; font-size:11px; li=
ne-height:175%; text-align:center" align=3D"center"><span style=3D"color: #=
ffffff;">Ensure our emails reach your inbox by adding <a href=3D"mailto:hel=
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your safe sender list.</span></p></div></div></td></tr></tbody></table>
<table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D"1=
00%" style=3D"border-spacing:0 !important; border-collapse:collapse; mso-ta=
ble-lspace:0pt; mso-table-rspace:0pt"><tbody><tr><td class=3D"hs_padded" st=
yle=3D"border-collapse:collapse; mso-line-height-rule:exactly; font-family:=
Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; pa=
dding:0px 20px 5px"><div id=3D"hs_cos_wrapper_module_166091123325429" class=
=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=
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general-type=3D"widget" data-hs-cos-type=3D"module">
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<table role=3D"presentation" class=3D"hse-footer hse-secondary" width=3D"10=
0%" cellpadding=3D"0" cellspacing=3D"0" style=3D"border-spacing:0 !importan=
t; border-collapse:collapse; mso-table-lspace:0pt; mso-table-rspace:0pt; fo=
nt-family:Verdana, sans-serif; font-size:12px; line-height:135%; color:#234=
96d; margin-bottom:0; padding:0">
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llapse; mso-line-height-rule:exactly; font-family:Arial, sans-serif; font-s=
ize:15px; color:#000000; word-break:break-word; text-align:center; margin-b=
ottom:0; line-height:135%; padding:10px 20px">
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                <p style=3D"mso-line-height-rule:exactly; font-family:Arial=
, sans-serif; font-size:11px; font-weight:normal; text-decoration:none; fon=
t-style:normal; color:#FFFFFF; direction:lrt" dir=3D"lrt">
                  =C2=A92022 Live Art Market, Inc., 700 Rockland Road, Box =
153, Rockland, DE 19732
                </p>
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9ckXhmV9V4KD7Cg-zwMqT2x3RrndcVrBTZg5zbD6_N658hmn2y4_VW5GWsR73nXS_yN85R2TT-V=
xmSVx5dtL660bJ2V-ZtBp2GjsjgW8m44Rl3HWfZjW1Cf1C23VBgDzW14fFpd8_-3-8N66R_L47r=
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n64pDQlW31N0gJ7f2BcCW5f_Pnq5GqwS4W23Cl811pt1_5W9hMK_v2c6dvZW1xySMb4ywmL5VGG=
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HFV7xVh15Jwj4MW7ckxfL968yqjW41Yyww7dKQh3W9kRSfh38yzVvVnj06k3_VJsVW2WWVbd5X7=
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N9ZQW6xyBSY4NH5PvW4nbRLz4XKRQHW6qFhdF71fxR7N2x6L5N2VlbDW7vNsGF2yRr-0W4c_d0L=
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1xfR5FN6VpF22qQ9HDW7SZFKR7y-j8NVl6jMm5TvQTWW1bzSVk67Z9jdW3RZ0T-37V8SbW5lvZR=
m3qDfNMW37_5yv5HCz8pW1w9m_R2NWnzn3jJG1" style=3D"mso-line-height-rule:exact=
ly; font-family:Arial, sans-serif; font-size:11px; color:#FFFFFF; font-weig=
ht:normal; text-decoration:underline; font-style:normal" data-hs-link-id=3D=
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