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Subject: Hot List for H1 2023
From: Artelligence <artelligence@substack.com>
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View this post on the web at https://artelligence.substack.com/p/hot-list-f=
or-h1-2023

Welcome to Artelligence
This Artelligence newsletter analyzing the results from the first half of 2=
023=E2=80=94using data provided by LiveArt=E2=80=94is for paid subscribers =
only.
Subscriptions are $12 a month or $120 for a year. For organizations, we off=
er group discounts of 30% for each subscription of two or more. (There is a=
lso an option to get a 7-day free trial. Just choose the subscription plan =
you want and click on the 7-day trial option before checkout.)
In This Issue
Hot List for H1 2023: The top 12 artists by market volume
An Irrevocable Bid Gone Wrong Finally Pays Off: Masterworks is fractionaliz=
ing Jean-Michel Basquiat=E2=80=99s Pollo Frito. What=E2=80=99s that got to =
do with the Christopher Wool market?
The Hot List for H1 2023: Market Volume
Every semester in the art market, we try to look back at auction performanc=
e to see if we can identify the artists with markets that are =E2=80=9Chott=
ing up.=E2=80=9D To do that, we boil all of LiveArt=E2=80=99s auction data =
by artist; calculate the aggregate hammer ratio for each artist (as well as=
 the average of the hammer ratios for each lot by the artist; then only loo=
k at artists with more than ten auctioned lots. It=E2=80=99s not a perfect =
measure but the result was 122 artists whose works seem to be in demand by =
selling for hammer prices more than 50% above the low estimate.=C2=A0
These metrics are not precise. There is still noise in the data that we=E2=
=80=99ll try to explain below on an artist-by-artist basis. Not all of thes=
e 122 artists have markets that are moving with enough clarity to take them=
 seriously.=C2=A0
To start with, we=E2=80=99re going to look at the artists with the biggest =
markets. Next week, we will focus on the dozen artists with the highest ham=
mer ratios at auction for signs of the next big names on the auction market=
=2E=C2=A0...

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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=3DeyJtIjoiPDIwMjMwNzI2MTQ=
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eight:1px !important;width:1px !important;border-width:0 !important;margin-=
top:0 !important;margin-bottom:0 !important;margin-right:0 !important;margi=
n-left:0 !important;padding-top:0 !important;padding-bottom:0 !important;pa=
dding-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;opacity:0;overflow:hidden;" class=3D"preview">We run LiveArt's data to =
find the top 12 artists with advancing markets by market volume + Basquiat =
beats Wool &#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204=
;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8=
204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;=
&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#1=
60;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;=
&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#82=
04;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&=
#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#16=
0;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&=
#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#820=
4;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#=
8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160=
;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#=
160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204=
;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8=
204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;=
&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#1=
60;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;=
&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#82=
04;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&=
#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#16=
0;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&=
#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#820=
4;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#=
8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160=
;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#=
160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204=
;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8=
204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;=
&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#1=
60;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;=
&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#82=
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#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#16=
0;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;</div><table r=
ole=3D"presentation" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadd=
ing=3D"0" class=3D"email-body-container"><tr><td></td><td width=3D"550" cla=
ss=3D"content"></td><td></td></tr><tr><td></td><td align=3D"left" width=3D"=
550" class=3D"content"><div style=3D"font-size: 16px; line-height: 26px; ma=
rgin: 0 auto; max-width: 550px; overflow-wrap: break-word; width: 100%;"><t=
able role=3D"presentation" width=3D"100%" border=3D"0" cellspacing=3D"0" ce=
llpadding=3D"0"><tr><td align=3D"right" style=3D"height: 20px;"><table role=
=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=
=3D"0"><tr><td style=3D"vertical-align: middle;"><span class=3D"tw-font-bod=
y tw-text-ssm tw-text-substack-secondary" style=3D"color: rgb(128, 128, 128=
) !important; font-family: SF Pro Text, -apple-system, BlinkMacSystemFont, =
Inter, Segoe UI, Roboto, Helvetica, Arial, sans-serif, Apple Color Emoji, S=
egoe UI Emoji, Segoe UI Symbol !important; font-size: 13px !important;"><a =
href=3D"https://open.substack.com/pub/artelligence/p/hot-list-for-h1-2023?u=
tm_source=3Demail&redirect=3Dapp-store" class=3D"tw-text-substack-secondary=
 tw-underline" style=3D"-webkit-text-decoration-line: underline !important;=
 color: rgb(128, 128, 128) !important; text-decoration-line: underline !imp=
ortant;">Open in app</a> or <a href=3D"https://substack.com/redirect/2/eyJl=
IjoiaHR0cHM6Ly9hcnRlbGxpZ2VuY2Uuc3Vic3RhY2suY29tL3AvaG90LWxpc3QtZm9yLWgxLTI=
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v589BM7GIF5w2lRBAbOnKsdeYQ?" class=3D"tw-text-substack-secondary tw-underli=
ne" style=3D"-webkit-text-decoration-line: underline !important; color: rgb=
(128, 128, 128) !important; text-decoration-line: underline !important;">on=
line</a></span></td></tr></table></td></tr></table><table role=3D"presentat=
ion" width=3D"auto" class=3D"header graphic-header" style=3D"border-spacing=
: 0; padding: 16px 0 32px;"><tr><td align=3D"center" style=3D"padding: 0; t=
ext-align: center;"><a href=3D"https://substack.com/redirect/2/eyJlIjoiaHR0=
cHM6Ly9hcnRlbGxpZ2VuY2Uuc3Vic3RhY2suY29tL3AvaG90LWxpc3QtZm9yLWgxLTIwMjM_dG9=
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iZiI6dHJ1ZSwidSI6MTMzMjY4NjYxLCJpYXQiOjE2OTAzODA2NTIsImV4cCI6MTY5Mjk3MjY1Mi=
wiaXNzIjoicHViLTAiLCJzdWIiOiJsaW5rLXJlZGlyZWN0In0.GctllkHMWcS0XpgFsv589BM7G=
IF5w2lRBAbOnKsdeYQ?"><img role=3D"presentation" width=3D"550" height=3D"117=
" src=3D"https://substackcdn.com/image/fetch/w_1100,c_limit,f_auto,q_auto:g=
ood,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com=
%2Fpublic%2Fimages%2Fecde5dbd-aa76-4984-bfac-acb56639185e_2800x591.png" cla=
ss=3D"header-image" style=3D"border: none !important; display: block; heigh=
t: auto; margin: 0 auto; max-width: 550px; vertical-align: middle; width: 1=
00%;"></a></td></tr></table><div dir=3D"auto" class=3D"post typography" sty=
le=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;"><h1 class=3D=
"post-title published" style=3D"-moz-appearance: optimizelegibility; -moz-o=
sx-font-smoothing: antialiased; -webkit-appearance: optimizelegibility; -we=
bkit-font-smoothing: antialiased; appearance: optimizelegibility; color: rg=
b(64, 64, 64); font-family: 'SF Compact Display', -apple-system, BlinkMacSy=
stemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Em=
oji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 32px; font-weight: bo=
ld; line-height: 36px; margin: 0;"><a href=3D"https://substack.com/app-link=
/post?publication_id=3D2259&post_id=3D135464922&utm_source=3Dpost-email-tit=
le&isFreemail=3Dtrue&token=3DeyJ1c2VyX2lkIjoxMzMyNjg2NjEsInBvc3RfaWQiOjEzNT=
Q2NDkyMiwiaWF0IjoxNjkwMzgwNjUyLCJleHAiOjE2OTI5NzI2NTIsImlzcyI6InB1Yi0yMjU5I=
iwic3ViIjoicG9zdC1yZWFjdGlvbiJ9.BzxTXzUy0ht6pHymOGDb6e8LcTjccVScge3KhA4qNgM=
" style=3D"color: rgb(64, 64, 64); text-decoration: none;">Hot List for H1 =
2023</a></h1><h3 class=3D"subtitle" style=3D"-moz-appearance: optimizelegib=
ility; -moz-osx-font-smoothing: antialiased; -webkit-appearance: optimizele=
gibility; -webkit-font-smoothing: antialiased; appearance: optimizelegibili=
ty; color: #808080; font-family: 'SF Compact Display', -apple-system, Blink=
MacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Col=
or Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 18px; font-weigh=
t: normal; line-height: 24px; margin: 4px 0 0; margin-top: 12px;">We run Li=
veArt's data to find the top 12 artists with advancing markets by market vo=
lume + Basquiat beats Wool </h3><table role=3D"presentation" width=3D"100%"=
 border=3D"0" cellspacing=3D"0" cellpadding=3D"0" class=3D"post-meta" style=
=3D"align-items: center; height: 20px; margin: 1em 0;"><tr><td><table role=
=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=
=3D"0"><tr><td><table role=3D"presentation" width=3D"auto" border=3D"0" cel=
lspacing=3D"0" cellpadding=3D"0"><tr><td style=3D"vertical-align: middle;">=
<div class=3D"pencraft frontend-pencraft-Box-module__reset--VfQY8 frontend-=
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r-primary--ud4Z0 frontend-pencraft-Text-module__transform-uppercase--IDkUL =
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meta--jzHdd custom-css-email-post-author" style=3D"color: rgb(64, 64, 64); =
font-family: 'SF Compact', -apple-system, -apple-system, -system-ui, BlinkM=
acSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Colo=
r Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 11px; font-weight=
: 500; letter-spacing: .2px; line-height: 20px; margin: 0; text-decoration:=
 unset; text-transform: uppercase;"><a style=3D"color: rgb(64, 64, 64); fon=
t-family: 'SF Compact', -apple-system, -apple-system, -system-ui, BlinkMacS=
ystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color E=
moji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 11px; font-weight: 5=
00; letter-spacing: .2px; line-height: 20px; margin: 0; text-decoration: no=
ne; text-transform: uppercase;" href=3D"https://link.sbstck.com/redirect/0b=
2dc799-8166-435e-bdc9-53bbe4952181?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMp=
isrMe5iRnigHXx6Fx_g6pp7gWdY" class=3D"pencraft frontend-pencraft-Box-module=
__reset--VfQY8 frontend-pencraft-Text-module__size-11--k1e8b frontend-pencr=
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nsform-uppercase--IDkUL frontend-pencraft-Text-module__reset--dW0zZ fronten=
d-pencraft-Text-module__meta--jzHdd">Marion Maneker</a></div></td></tr></ta=
ble></td></tr><tr><td><table role=3D"presentation" width=3D"auto" border=3D=
"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td style=3D"vertical-align: mi=
ddle;"><div class=3D"pencraft frontend-pencraft-Box-module__reset--VfQY8 fr=
ontend-pencraft-Text-module__size-11--k1e8b frontend-pencraft-Text-module__=
line-height-20--p0dP8 frontend-pencraft-Text-module__weight-medium--x7khA f=
rontend-pencraft-Text-module__font-meta--U_nxy frontend-pencraft-Text-modul=
e__color-secondary--WRADg frontend-pencraft-Text-module__transform-uppercas=
e--IDkUL frontend-pencraft-Text-module__reset--dW0zZ frontend-pencraft-Text=
-module__meta--jzHdd" style=3D"color: rgb(128, 128, 128); font-family: 'SF =
Compact', -apple-system, -apple-system, -system-ui, BlinkMacSystemFont, 'Se=
goe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe =
UI Emoji', 'Segoe UI Symbol'; font-size: 11px; font-weight: 500; letter-spa=
cing: .2px; line-height: 20px; margin: 0; text-decoration: unset; text-tran=
sform: uppercase;"><time dateTime=3D"2023-07-26T14:10:32.107Z">Jul 26</time=
></div></td><td width=3D"4" style=3D"min-width: 4px"></td><td style=3D"vert=
ical-align: middle;"><table role=3D"presentation" width=3D"auto" border=3D"=
0" cellspacing=3D"0" cellpadding=3D"0"><tr><td style=3D"vertical-align: mid=
dle;"><div class=3D"pencraft frontend-pencraft-Box-module__reset--VfQY8 fro=
ntend-pencraft-Text-module__size-11--k1e8b frontend-pencraft-Text-module__l=
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ing: .2px; line-height: 20px; margin: 0; text-decoration: unset; text-trans=
form: uppercase;">&#8729;</div></td><td width=3D"4" style=3D"min-width: 4px=
"></td><td style=3D"vertical-align: middle;"><div class=3D"pencraft fronten=
d-pencraft-Box-module__reset--VfQY8 frontend-pencraft-Text-module__size-11-=
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x; font-weight: 500; letter-spacing: .2px; line-height: 20px; margin: 0; te=
xt-decoration: unset; text-transform: uppercase;">Preview</div></td></tr></=
table></td></tr></table></td></tr></table></td></tr></table><table role=3D"=
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class=3D"header-with-anchor-widget" style=3D"-moz-appearance: optimizelegib=
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p: 0; position: relative;">Welcome to Artelligence</h2><p style=3D"color: r=
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is Artelligence newsletter analyzing the results from the first half of 202=
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x 0; padding: 0;"></div><h2 class=3D"header-with-anchor-widget" style=3D"-m=
oz-appearance: optimizelegibility; -moz-osx-font-smoothing: antialiased; -w=
ebkit-appearance: optimizelegibility; -webkit-font-smoothing: antialiased; =
appearance: optimizelegibility; color: rgb(64, 64, 64); font-family: 'SF Co=
mpact Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helv=
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Symbol'; font-size: 1.625em; font-weight: bold; line-height: 1.16em; margin=
: 1em 0 0.625em 0; position: relative;">In This Issue</h2><ol style=3D"marg=
in-top: 0; padding: 0;"><li style=3D"margin: 8px 0 0 32px;"><p style=3D"box=
-sizing: border-box; color: rgb(64, 64, 64); font-size: 16px; line-height: =
26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><strong>Hot List for=
 H1 2023:</strong><span> The top 12 artists by market volume</span></p></li=
><li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; co=
lor: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0; margin=
-bottom: 0; padding-left: 4px;"><strong>An Irrevocable Bid Gone Wrong Final=
ly Pays Off:</strong><span> Masterworks is fractionalizing Jean-Michel Basq=
uiat&#8217;s </span><em>Pollo Frito</em><span>. What&#8217;s that got to do=
 with the Christopher Wool market?</span></p></li></ol><h2 class=3D"header-=
with-anchor-widget" style=3D"-moz-appearance: optimizelegibility; -moz-osx-=
font-smoothing: antialiased; -webkit-appearance: optimizelegibility; -webki=
t-font-smoothing: antialiased; appearance: optimizelegibility; color: rgb(6=
4, 64, 64); font-family: 'SF Compact Display', -apple-system, BlinkMacSyste=
mFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji=
', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.625em; font-weight: bo=
ld; line-height: 1.16em; margin: 1em 0 0.625em 0; position: relative;">The =
Hot List for H1 2023: Market Volume</h2><p style=3D"color: rgb(64, 64, 64);=
 font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">Every semester in=
 the art market, we try to look back at auction performance to see if we ca=
n identify the artists with markets that are &#8220;hotting up.&#8221; To d=
o that, we boil all of LiveArt&#8217;s auction data by artist; calculate th=
e aggregate hammer ratio for each artist (as well as the average of the ham=
mer ratios for each lot by the artist; then only look at artists with more =
than ten auctioned lots. It&#8217;s not a perfect measure but the result wa=
s 122 artists whose works seem to be in demand by selling for hammer prices=
 more than 50% above the low estimate.&#160;</p><p style=3D"color: rgb(64, =
64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">These met=
rics are not precise. There is still noise in the data that we&#8217;ll try=
 to explain below on an artist-by-artist basis. Not all of these 122 artist=
s have markets that are moving with enough clarity to take them seriously.&=
#160;</p><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: =
26px; margin: 0 0 20px 0; margin-bottom: 0;">To start with, we&#8217;re goi=
ng to look at the artists with the biggest markets. Next week, we will focu=
s on the dozen artists with the highest hammer ratios at auction for signs =
of the next big names on the auction market.&#160;...</p></div></div><div d=
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