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Subject: What Happened in New York
From: Artelligence <artelligence@substack.com>
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View this post on the web at https://artelligence.substack.com/p/what-happe=
ned-in-new-york

Welcome Back to Artelligence
This newsletter analyzing auction data provided by LiveArt contains content=
 for paid subscribers only. Subscriptions are $12 a month or $120 for a yea=
r. If you are a paid subscriber, sharing a newsletter on occasion is fine; =
consistently sharing paid content within your organization or with others i=
s not.
For organizations: We offer group discounts of 30% for each subscription of=
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=A0
In This Issue
What Happened in New York: New York=E2=80=99s Fall sales defied most fears,=
 met expectations.=20
For Paid Subscribers Only
Notes: Collections Drive the Season; Sales by Century; The Horse Race; The =
Distinction Between the Houses Has Never Been Greater; Managing the Market =
Down; What Does the Market Need Next? New Leadership; Where Is the Greatest=
 Market Weakness?; What Happened with Ed Ruscha?
The Dial: The New York sales made $2.145bn with 83% of the lots sold at a h=
ammer ratio of .99
Charts: New York Results, Top Ten by Price, Top Ten by Hammer Ratio, Market=
 Share by Artist, Performance by Estimate Quintiles
What Happened in New York
A full-on flight to quality has finally taken hold of the art market in New=
 York. The presence of a substantial number of long-standing collections an=
d a market mood that favors established value saw the top of the market per=
form to expectations with real weakness in the middle market where value is=
 more evanescent. Although that doesn=E2=80=99t mean there weren=E2=80=99t =
breakout sales by new names. Also, buyers continue to bid aggressively on l=
ow-risk lots somewhat defying the overall tone of safety seeking. In genera=
l, these sales can be seen as soft landing from the pandemic-era spending f=
renzy.=20
Notes...

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0px;opacity:0;overflow:hidden;" class=3D"preview">A data-driven look at the=
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8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160=
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04;&#160;&#8204;&#160;&#8204;</div><table role=3D"presentation" width=3D"10=
0%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" class=3D"email-body-co=
ntainer"><tr><td></td><td width=3D"550" class=3D"content"></td><td></td></t=
r><tr><td></td><td align=3D"left" width=3D"550" class=3D"content"><div styl=
e=3D"font-size: 16px; line-height: 26px; margin: 0 auto; max-width: 550px; =
overflow-wrap: break-word; width: 100%;"><table role=3D"presentation" width=
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"right" style=3D"height: 20px;"><table role=3D"presentation" width=3D"auto"=
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t--VfQY8 frontend-pencraft-Text-module__reset--dW0zZ tw-font-body tw-text-s=
sm tw-text-substack-secondary" style=3D"color: rgb(128, 128, 128) !importan=
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16px; margin: 0; text-align: right; text-decoration: unset;"><span translat=
ed class=3D"pencraft frontend-pencraft-Box-module__reset--VfQY8 frontend-pe=
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encraft-Text-module__decoration-underline--sj8pE frontend-pencraft-Text-mod=
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dding: 16px 0 32px;"><tr><td align=3D"center" style=3D"padding: 0; text-ali=
gn: center;"><a href=3D"https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9=
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cdn.com/image/fetch/w_1100,c_limit,f_auto,q_auto:good,fl_progressive:steep/=
https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fecde=
5dbd-aa76-4984-bfac-acb56639185e_2800x591.png" class=3D"header-image" style=
=3D"border: none !important; display: block; height: auto; margin: 0 auto; =
max-width: 550px; vertical-align: middle; width: 100%;"></a></td></tr></tab=
le><div dir=3D"auto" class=3D"post typography" style=3D"font-size: 16px; li=
ne-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" sty=
le=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoothing: antiali=
ased; -webkit-appearance: optimizelegibility; -webkit-font-smoothing: antia=
liased; appearance: optimizelegibility; color: rgb(64, 64, 64); font-family=
: 'SF Compact Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', Robo=
to, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'S=
egoe UI Symbol'; font-size: 32px; font-weight: bold; line-height: 36px; mar=
gin: 0;"><a href=3D"https://substack.com/app-link/post?publication_id=3D225=
9&post_id=3D139018770&utm_source=3Dpost-email-title&utm_campaign=3Demail-po=
st-title&isFreemail=3Dtrue&r=3D27cer9&token=3DeyJ1c2VyX2lkIjoxMzMyNjg2NjEsI=
nBvc3RfaWQiOjEzOTAxODc3MCwiaWF0IjoxNzAwNTc2Mzc1LCJleHAiOjE3MDMxNjgzNzUsImlz=
cyI6InB1Yi0yMjU5Iiwic3ViIjoicG9zdC1yZWFjdGlvbiJ9.4AB429MTf2tXxU7n_I1QBM-z98=
cpNwifnKGQD1xVI7w" style=3D"color: rgb(64, 64, 64); text-decoration: none;"=
>What Happened in New York</a></h1><h3 class=3D"subtitle" style=3D"-moz-app=
earance: optimizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-=
appearance: optimizelegibility; -webkit-font-smoothing: antialiased; appear=
ance: optimizelegibility; color: #808080; font-family: 'SF Compact Display'=
, -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, =
sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-=
size: 18px; font-weight: normal; line-height: 24px; margin: 4px 0 0; margin=
-top: 12px;">A data-driven look at the New York auctions: the flight to qua=
lity has boarded </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"present=
ation" width=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr>=
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"0" cellpadding=3D"0"><tr><td style=3D"vertical-align: middle;"><div class=
=3D"pencraft frontend-pencraft-Box-module__reset--VfQY8 frontend-pencraft-T=
ext-module__size-11--k1e8b frontend-pencraft-Text-module__line-height-20--p=
0dP8 frontend-pencraft-Text-module__weight-medium--x7khA frontend-pencraft-=
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encraft-Text-module__reset--dW0zZ frontend-pencraft-Text-module__meta--jzHd=
d custom-css-email-post-author" style=3D"color: rgb(64, 64, 64); font-famil=
y: 'SF Compact', -apple-system, -apple-system, -system-ui, BlinkMacSystemFo=
nt, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', =
'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 11px; font-weight: 500; let=
ter-spacing: .2px; line-height: 20px; margin: 0; text-decoration: unset; te=
xt-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', 'Se=
goe UI Emoji', 'Segoe UI Symbol'; font-size: 11px; font-weight: 500; letter=
-spacing: .2px; line-height: 20px; margin: 0; text-decoration: none; text-t=
ransform: uppercase;" href=3D"https://substack.com/@artelligence" class=3D"=
pencraft frontend-pencraft-Box-module__reset--VfQY8 frontend-pencraft-Text-=
module__size-11--k1e8b frontend-pencraft-Text-module__line-height-20--p0dP8=
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-module__font-meta--U_nxy frontend-pencraft-Text-module__color-primary--ud4=
Z0 frontend-pencraft-Text-module__transform-uppercase--IDkUL frontend-pencr=
aft-Text-module__reset--dW0zZ frontend-pencraft-Text-module__meta--jzHdd">M=
arion Maneker</a></div></td></tr></table></td></tr><tr><td><table role=3D"p=
resentation" width=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0=
"><tr><td style=3D"vertical-align: middle;"><div class=3D"pencraft frontend=
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__reset--dW0zZ frontend-pencraft-Text-module__meta--jzHdd" style=3D"color: =
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e: 11px; font-weight: 500; letter-spacing: .2px; line-height: 20px; margin:=
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023-11-21T14:19:15.649Z">Nov 21</time></div></td><td width=3D"4" style=3D"m=
in-width: 4px"></td><td style=3D"vertical-align: middle;"><table role=3D"pr=
esentation" width=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"=
><tr><td style=3D"vertical-align: middle;"><div class=3D"pencraft frontend-=
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0; text-decoration: unset; text-transform: uppercase;">&#8729;</div></td><t=
d width=3D"4" style=3D"min-width: 4px"></td><td style=3D"vertical-align: mi=
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i', 'Segoe UI Symbol'; font-size: 11px; font-weight: 500; letter-spacing: .=
2px; line-height: 20px; margin: 0; text-decoration: unset; text-transform: =
uppercase;">Preview</div></td></tr></table></td></tr></table></td></tr></ta=
ble></td></tr></table><table role=3D"presentation" width=3D"100%" border=3D=
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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;">In T=
his Issue</h2><ol style=3D"margin-top: 0; padding: 0;"><li style=3D"margin:=
 8px 0 0 32px;"><p style=3D"box-sizing: border-box; color: rgb(64, 64, 64);=
 font-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0; padding-l=
eft: 4px;"><strong>What Happened in New York: </strong><span>New York&#8217=
;s Fall sales defied most fears, met expectations. </span></p></li></ol><p =
style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin=
: 0 0 20px 0;"><strong>For Paid Subscribers Only</strong></p><ol style=3D"m=
argin-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-heigh=
t: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><strong>Notes: </=
strong><span>Collections Drive the Season; Sales by Century; The Horse Race=
; The Distinction Between the Houses Has Never Been Greater; Managing the M=
arket Down; What Does the Market Need Next? New Leadership; Where Is the Gr=
eatest Market Weakness?; What Happened with Ed Ruscha?</span></p></li><li s=
tyle=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; color: r=
gb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0; margin-botto=
m: 0; padding-left: 4px;"><strong>The Dial: </strong><span>The New York sal=
es made $2.145bn with 83% of the lots sold at a hammer ratio of .99</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>Charts: </strong><span>New Y=
ork Results, Top Ten by Price, Top Ten by Hammer Ratio, Market Share by Art=
ist, Performance by Estimate Quintiles</span></p></li></ol><div style=3D"fo=
nt-size: 16px; line-height: 26px;"><hr style=3D"background: #e0e0e0; border=
: none; height: 1px; margin: 32px 0; padding: 0;"></div><h4 class=3D"header=
-with-anchor-widget" style=3D"-moz-appearance: optimizelegibility; -moz-osx=
-font-smoothing: antialiased; -webkit-appearance: optimizelegibility; -webk=
it-font-smoothing: antialiased; appearance: optimizelegibility; color: rgb(=
64, 64, 64); font-family: 'SF Compact Display', -apple-system, BlinkMacSyst=
emFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoj=
i', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.125em; font-weight: b=
old; line-height: 1.16em; margin: 1em 0 0.625em 0; position: relative;">Wha=
t Happened in New York</h4><div class=3D"captioned-image-container-static" =
style=3D"font-size: 16px; line-height: 26px; margin: 32px auto;"><figure st=
yle=3D"margin: 0 auto; width: 100%;"><table class=3D"image-wrapper" width=
=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" data-component-n=
ame=3D"Image2ToDOMStatic" style=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><t=
r><td style=3D"text-align: center;"></td><td align=3D"left" class=3D"conten=
t" width=3D"1456" style=3D"text-align: center;"><a class=3D"image-link" tar=
get=3D"_blank" href=3D"https://substack.com/redirect/d48a97fb-c5b1-473d-b45=
7-67c439c175aa?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6=
pp7gWdY" rel style=3D"align-items: center; border: none; display: block; fl=
ex-direction: column; height: auto; margin: 0; padding: 0; position: relati=
ve; text-decoration: none; width: auto;"><img data-attrs=3D"{&quot;src&quot=
;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/1b8f9997=
-d9be-4654-b3b8-1500e0bb49e8_2347x1257.jpeg&quot;,&quot;srcNoWatermark&quot=
;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&=
quot;:780,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&q=
uot;:383894,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&q=
uot;image/jpeg&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&q=
uot;topImage&quot;:false,&quot;internalRedirect&quot;:null}" alt width=3D"5=
50" height=3D"294.64285714285717" class=3D"wide-image" src=3D"https://subst=
ackcdn.com/image/fetch/w_2912,c_limit,f_auto,q_auto:good,fl_progressive:ste=
ep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1=
b8f9997-d9be-4654-b3b8-1500e0bb49e8_2347x1257.jpeg" style=3D"-ms-interpolat=
ion-mode: bicubic; border: none !important; display: block; height: auto; m=
argin: 0 auto; margin-bottom: 0; max-width: 100% !important; vertical-align=
: middle; width: auto !important;"></a></td><td style=3D"text-align: center=
;"></td></tr></tbody></table></figure></div><p style=3D"color: rgb(64, 64, =
64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">A full-on fli=
ght to quality has finally taken hold of the art market in New York. The pr=
esence of a substantial number of long-standing collections and a market mo=
od that favors established value saw the top of the market perform to expec=
tations with real weakness in the middle market where value is more evanesc=
ent. Although that doesn&#8217;t mean there weren&#8217;t breakout sales by=
 new names. Also, buyers continue to bid aggressively on low-risk lots some=
what defying the overall tone of safety seeking. In general, these sales ca=
n be seen as soft landing from the pandemic-era spending frenzy. </p><div s=
tyle=3D"font-size: 16px; line-height: 26px;"><hr style=3D"background: #e0e0=
e0; border: none; height: 1px; margin: 32px 0; padding: 0;"></div><h2 class=
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Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.625em; font=
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