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Subject: What We Learned this Week (2404)
From: Artelligence <artelligence@substack.com>
To: enzo@showfile.com
Message-Id: <20240126193008.3.cd5a792dd325860c@mg-d1.substack.com>
Date: Fri, 26 Jan 2024 19:30:08 +0000
sender: Artelligence <artelligence@substack.com>
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View this post on the web at https://artelligence.substack.com/p/what-we-le=
arned-this-week-2404

Welcome to Artelligence
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ontact us directly:
In This Issue
Lot Watch: A =C2=A316m Hockney pool with the same owner since 1968 stars in=
 Christie=E2=80=99s London sales
Notes: Joe Lewis enters guilty plea against insider trading charges; Richar=
d Prince settles long-running case without admission of infringement; Some =
news outlets get confused about the Prince settlement; Van Ham sees sales v=
olume rise by 40%.
Max Hollein Wades Into the Warhol Foundation: Richard Dorment=E2=80=99s new=
 book revives allegations of bad faith at the Warhol Foundation as the Met=
=E2=80=99s Max Hollein joins the board
Phillips Names Amanda Lo Iacono Deputy CEO: As Ed Dolman resumes the CEO=E2=
=80=99s reins, Lo Iacono takes over some duties from former CEO Stephen Bro=
oks
Weird Scenes Inside the Gold Mine: The latest for the Rybolovlev revenge tr=
ial
A =C2=A316m Hockney Pool at Christie=E2=80=99s in London
We are entering the ninth year of David Hockney=E2=80=99s market rise. In 2=
009, the highest price for the artist achieved at auction was the $7.9 mill=
ion paid for Beverly Hills Housewife from 1967. It was not an auspicious ye=
ar to tell high value art let alone a Hockney. But the heirs of Betty Freem=
an, the nominal housewife depicted, didn=E2=80=99t really have a choice abo=
ut when to sell her art. Starting with the November 2016 sale of Woldgate W=
oods, 24, 25, and 26 October 2006 for $11.7 million, the Hockney market has=
 risen dramatically. In November 2018, the top price of $90 million was set=
 for Portrait of an Artist (Pool withTwo Figures) from 1972 which may be th=
e most fully wrought of Hockney=E2=80=99s pool paintings. An earlier pool p=
icture from 1966, The Splash, was sold for $29.8 million in February of 202=
0. Now Christie=E2=80=99s has announced the sale of California from 1965 wi=
th an estimate in the region of =C2=A316 million, as the auction houses som=
etimes like to say. This work was bought by the consignor in 1968 and has r=
emained in their hands since. The owners were somewhat jealous of the work =
because they would not loan it to the Los Angeles County Museum of Art for =
a retrospective of Hockney=E2=80=99s work in the 1980s. Hockney wanted to s=
ee the work included so much that he repainted the picture in 1987. Which m=
eans there are now two versions of the work.
Notes
Joe Lewis Pleads Guilty to Insider Trading: [ https://substack.com/redirect=
/5ea5baa9-e67e-4ddd-9bcc-5f5b417a283b?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQ=
mMpisrMe5iRnigHXx6Fx_g6pp7gWdY ] Although still awaiting sentencing from a =
judge, Joe Lewis=E2=80=94the largest shareholder in Christie=E2=80=99s duri=
ng the 1990s when the auction house was a publicly traded company=E2=80=94 =
has agreed to plea guilty, pay a $50m fine and resign from the boards of an=
y publicly-traded US companies while unwinding some investments over a five=
-year period. Lewis admitted to giving employees, friends and girlfriends m=
aterial non-public information they could trade upon. Lewis is 86 years old=
=2E It is unclear how likely a judge is=
 to send him to prison. Among the hold=
ings in his $6.1 billion fortune is a controlling interest in the Tottenham=
 Hotspurs Premier League football club. But Lewis is also known as a passio=
nate art collector, one of the first collectors to turn his large-scale yac=
ht into a home for his best works. He=E2=80=99s also known for his pioneeri=
ng role as a financial guarantor for art collections coming to auction. The=
 Panama Papers leak of Mossack Fonseca=E2=80=99s files revealed Lewis=E2=80=
=99s role in the pivotal Sally and Victor Ganz collection auction of 1997. =
The Ganzes owned some paintings that would eventually become among the worl=
d=E2=80=99s most valuable, including Picasso=E2=80=99s Le Reve and Femme d=
=E2=80=99Algiers (version O) which both later sold for prices above $150 mi=
llion each. Lewis had arranged to buy the paintings from the Ganz family be=
fore the sale through an offshore company detailed in the Panama Papers.
Richard Prince Settles New Portrait Litigation: Eight years after Donald Gr=
aham filed suit claiming Richard Prince infringed upon his copyright with o=
ne of his Instagram new portraits and four years after Eric McNatt filed hi=
s own suit,  Richard Prince has settled the litigation a few days before th=
e first trial was set to begin on January 29th. =E2=80=9CMr Prince made no =
admission of willful copyright infringement,=E2=80=9D the artist=E2=80=99s =
legal team said.=C2=A0=E2=80=9CFollowing the judge=E2=80=99s recommendation=
 of mediation in the two cases (and as the cost of litigation was multiple =
millions of dollars and the total amount at issue in both cases combined wa=
s under $200,000), the parties completed the mediation process and ultimate=
ly prepared a mutual consent settlement agreement whereby Mr. Prince agreed=
 to allow judgment entered.=E2=80=9D Prince did not pay legal fees for eith=
er party=E2=80=99s lawyers. =E2=80=9CAfter 8 years of litigation while maki=
ng 8 figure demands for damages and the additional requirement of Richard a=
dmitting infringement,=E2=80=9D Matt Gaughan, Prince=E2=80=99s studio manag=
er said, =E2=80=9Cplaintiffs approached us on the eve of trial to settle fo=
r cents on the dollar and no admission of infringement. We=E2=80=99re very =
happy with that. This settlement allows Richard and all of the artists to m=
ove forward with their practices."
Some confusion around the Prince settlement: The Art Newspaper [ https://su=
bstack.com/redirect/7748354e-89f4-4fb3-85a9-8c51cb039c91?j=3DeyJ1IjoiMjdjZX=
I5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ], and Courthouse News  [=
 https://substack.com/redirect/e82145d2-a620-4c06-af1e-b71305a21797?j=3DeyJ=
1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]are reporting=
 the Prince settlement as a loss for Prince on the issue of fair use. But t=
hat misreads what happened today. The judge did not rule but filed the sett=
lement between the two parties. On Friday, Judge Sydney Stein had ruled tha=
t Prince was free to argue fair use for his work in the trial. Previously, =
he had ruled in a way that had confused the plaintiff. On Friday, he clarif=
ied that his summary judgment ruling was only to say that he could not rule=
 in favor of Prince=E2=80=99s fair use as a matter of law. That would have =
to be argued before a jury. That change seemed to break the deadlock betwee=
n the parties and Prince which allowed for a settlement. Whether a jury wou=
ld have decided in favor of Prince=E2=80=99s fair use is really unknowable.=
 But the fact that the judge was allowing his lawyers to make that argument=
 put Prince in a much stronger position and the plaintiffs in a weaker one.=
=20
German Auction House Van Ham Sees 40% Rise in Sales Volume in 2023: Cologne=
 auction house Van Ham released their 2023 sales figures at =E2=82=AC53.8 m=
illion which is a 40% rise of the previous year. With 9400 lots and 80% of =
sales volume coming from Modern and Contemporary art, Van Ham claims second=
 place among German auction houses.=20
Max Hollein Wades Into the Warhol Foundation
There=E2=80=99s a great deal of talk around the art market about the need f=
or regulation to ensure participants can have faith in the fair functioning=
 of the market. Calls for regulation=E2=80=94or, more accurately, complaint=
s about the lack of regulation=E2=80=94fail to clarify what form regulation=
 of the art market might take. Former art critic Richard Dorment=E2=80=99s =
new book  [ https://substack.com/redirect/bcb7ee61-1aea-44d2-9260-a982e7fdc=
888?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]Wa=
rhol After Warhol [ https://substack.com/redirect/bcb7ee61-1aea-44d2-9260-a=
982e7fdc888?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7=
gWdY ], while in no way intended to address the subject of art market regul=
ation, raises a very important warning about the art market=E2=80=99s exist=
ing institutions ability to regulate itself.=20
Dorment=E2=80=99s book is an odd one. It recounts in great deal his role in=
 a public controversy more than a decade ago surrounding the Andy Warhol Fo=
undation=E2=80=99s decision to stamp a Warhol self-portrait with indelible =
ink denying its authenticity. Throughout the book, and before that in the p=
ages of the New York Review of Books, Dorment has repeatedly and consistent=
ly made a compelling, dispassionate and reasonable case for the painting (a=
nd the other works from the same series) being an authentic work by Warhol =
made at his direction and approved by him. The work was included on the cov=
er of an early catalogue raisonn=C3=A9 of the artist=E2=80=99s work that Wa=
rhol approved. Nevertheless, the foundation=E2=80=99s authentication board =
went to great lengths to avoid explaining their reasoning for denying the a=
uthenticity of the work. The foundation also pursued a very aggressive lega=
l campaign against the owner of the denied painting. Afterward prevailing i=
n court, the Andy Warhol Foundation shut down its authentication board citi=
ng the cost of litigation while ignoring its own role in forcing the litiga=
tion. The Warhol Foundation=E2=80=99s decision has reverberated throughout =
the art world leading to a number of artists=E2=80=99 foundations to refrai=
n from authenticating works.=20
Dorment=E2=80=99s book calls into question the Warhol Foundation=E2=80=99s =
actions. It takes great pains to bring to light the bad faith behavior he b=
elieves the Warhol Foundation has engaged in almost from its inception. The=
 issue has continuing relevance after the Warhol Foundation pursued a rash,=
 and ultimately unsuccessful all of the way to the Supreme Court, case agai=
nst photographer Lynn Goldsmith over their negligent misuse of her image of=
 Prince. That case would have been rightly and much more cheaply resolved b=
y paying a small licensing fee.=20
The stakes on Dorment=E2=80=99s surprisingly readable accusations (especial=
ly for those who read the NYRB exchanges when they were published) were rai=
sed this week. Max Hollein, the CEO of the Metropolitan Museum of Art, was =
announced as a new board member for the Warhol Foundation yesterday. [ http=
s://substack.com/redirect/a7795c00-106e-4e9f-8964-468a40a4d7f3?j=3DeyJ1Ijoi=
MjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ] Has Hollein joine=
d to help restore the reputation of the Warhol Foundation or is he risking =
his own and, perhaps, the Met=E2=80=99s? The Met did not respond to request=
s for comment.=20
Art market regulation begins with institutions like The Met and the Andy Wa=
rhol Foundation demonstrating good governance and stewardship. Before Holle=
in=E2=80=99s arrival, the Met suffered its own crisis. If Dorment=E2=80=99s=
 allegations are true, he=E2=80=99ll have his hands full with the Warhol Fo=
undation.
Phillips Names Amanda Lo Iacono Deputy CEO
With the departure of Stephen Brooks as CEO, Phillips announced on Thursday=
 that Edward Dolman would resume the title of CEO while still retaining the=
 title of Executive Chairman. In addition to Dolman, Amanda Lo Iacono will =
now fill the newly created role of Deputy CEO. Artelligence spoke with Lo I=
acono the afternoon of the announcement to get a better sense of her role. =
The interview has been edited for clarity.
Artelligence: Congratulations on your promotion. Can you describe what it m=
eans to be Deputy CEO of Phillips? What are your responsibilities going for=
ward?
Amanda Lo Iacono: =C2=A0I think that it's going to be a be a multi-discipli=
nary role in a lot of ways. Ed and I will work closely together with Cheyen=
ne, and also J.P. Engelen to continue to refine the strategy of the busines=
s, and work on what tactics and objectives we're going to put in place to h=
it the next phase of our growth plan. In a lot of ways, I see my role as be=
ing in service to everybody who works here =E2=80=93 hearing what they're d=
oing, what they need, and how they view the market. With a kind of cross-di=
sciplinary approach, I can bring different parts of the business together t=
o bring out the best. We want to take advantage of the scale and size of Ph=
illips, so we can be agile in the market and continue to pioneer new and in=
teresting things for collectors.
Artelligence: Give us an understanding of how you guys view the growth plan=
=2E=C2=A0
Amanda Lo Iacono: We're still very much committed to the growth plan in the=
 regional markets that we're already in, and in the collecting categories t=
hat we're in=E2=80=94and we want to build on the strengths that we've alrea=
dy locked in over the last decade. But we're also keeping an eye towards th=
e future; how collecting habits and markets are evolving; and where we can =
see opportunities to augment what we already do.=C2=A0
Artelligence: Traditionally, Phillips has been very strong in the emerging =
sector of the Contemporary art market. Over the last few seasons, Phillips =
has gotten bigger collections and bigger lots on a consistent basis. The Co=
ntemporary art market hasn't fallen apart the way everyone keeps predicting=
 that it would but it certainly feels like it has plateaued. Does that mean=
 you will have to be more tactical to continue to bulk up your numbers?
Amanda Lo Iacono: The reality is that we are leaders in the Contemporary sp=
ace =E2=80=93 the art of Now. We have a really strong team that can anticip=
ate where those markets are going. But as an auction house, we are respondi=
ng to collector tastes and habits. The market that we are operating in righ=
t now is a bit more discerning. Stephen called it an =E2=80=9Cintelligent m=
arket=E2=80=9D; and I think that still stands. Our goal is to consign the k=
ind of property that collectors are really looking for.=C2=A0
Artelligence: On the other end, you've been involved in the development of =
Dropshop, which is unique in the auction business.=C2=A0
Amanda Lo Iacono: We've been incredibly excited about Dropshop since we lau=
nched it in August. It=E2=80=99s a perfect example of something that we did=
 from our position as a Contemporary market leader in response to what we w=
ere seeing as collector interests and habits in the market. It's been such =
a fantastic opportunity to expand our position and role in the broader mark=
et; to work directly with artists or those who represent artists; to bring =
something creative directly to market; and to start making a shift in the w=
ay we think about the secondary market. It also puts forward the ability fo=
r us to pay resale royalties on anything that comes out of Dropshop and sub=
sequently ends up in a Phillips auction. We've had a huge response from the=
 market, collectors and artists. It has an incredibly deep pipeline, which =
has been a lot of fun, and it's just going from strength to strength.
Artelligence: Last question which is somewhat related to Dropshop. You are =
also very strong in the prints and multiples market. Is it something you wi=
ll try to connect to the Dropshop, something you try to expand, or just a g=
ood business that you try and run efficiently and profitably as possible?
Amanda Lo Iacono: What has been really great about Dropshop is that it is c=
reating a Venn diagram between the Contemporary Department and the Editions=
 department. It's breaking down those silos. It's mixing these collector ba=
ses and bringing new collectors to both, because there are some who are dra=
wn to the medium and there are some who are drawn to the name. Dropshop has=
 essentially been a way for us to democratize our offering and get the obje=
cts in as many hands as possible, which is really why the artists are so ex=
cited about it.
Weird Scenes Inside the Gold Mine=20
The Rybolovlev trial against Sotheby=E2=80=99s is winding down today with t=
he last few witnesses for the defense. Yesterday, former compliance head Ja=
ne Levine testified. Today, former CEO Bill Ruprecht should conclude his te=
stimony and cross examination. Sotheby=E2=80=99s lawyers are planning to br=
ing one or two more witnesses. Closing arguments should begin early next we=
ek.=20
So far the trial has been a confusing mix of indirect claims due to the fac=
t that the lawsuit is a bank-shot attempt=E2=80=94off the cushion of Sotheb=
y=E2=80=99s=E2=80=94to get at Bouvier. The theory of the case is that Sothe=
by=E2=80=99s knowingly helped Bouvier defraud Rybolovlev.=20
The problem with the case is there=E2=80=99s little direct evidence. We=E2=
=80=99ve heard repeatedly how secretive Bouvier was. It seems unlikely that=
 Bouvier had confided in Sotheby=E2=80=99s Sam Vallette that he was overcha=
rging Rybolovlev for the works Bouvier bought from Sotheby=E2=80=99s.=20
Assuming the worst on Vallette=E2=80=99s part, it still seems far-fetched t=
hat he was knowingly involved in creating documents that would support high=
er valuations for an illicit purpose.=20
Lacking direct evidence of that, Rybolovlev=E2=80=99s attorney repeatedly r=
aises claims that Sotheby=E2=80=99s failed to do due diligence on Bouvier=
=E2=80=99s transactions despite repeated testimony that Sotheby=E2=80=99s p=
erformed proper KYC and Anti-Money Laundering checks on Bouvier. Implicit i=
n Rybolovlev=E2=80=99s claim is that Sotheby=E2=80=99s should have known Bo=
uvier was ripping Rybolovlev off even when Rybolovlev himself was unaware t=
hat he was being over-charged by the freeport king.=20
The KYC line of attack is subtly amusing because of Rybolovlev=E2=80=99s or=
igins as a Russian oligarch. Although Rybolovlev is not on any sanctions li=
st, it is odd to hear his lawyer complain loudly in court that Sotheby=E2=
=80=99s did not uncover the fact that Bouvier was dealing with a Russian ol=
igarch as the ultimate beneficial owner. Also, the KYC clearance undermines=
 the claim that Bouvier was acting as an agent in his dealings with Sotheby=
=E2=80=99s where he would have had to disclose the ultimate beneficial owne=
r of the works he was buying.=20
You also have to feel bad for Rybolovlev=E2=80=99s counsel who is stuggling=
 mightily to make sense of how the art world works. One of the lines of att=
ack centers on Amadeo Modigliani=E2=80=99s stone head that Bouvier bought f=
rom Sotheby=E2=80=99s for =E2=82=AC31 million and sold to Rybolovlev for =
=E2=82=AC80 million.=20
At the time, Vallette wrote an email saying he thought the work was worth =
=E2=82=AC70m only to resend the email the next day raising the target price=
 to =E2=82=AC80m. On the stand, Vallette offered a reasonable explanation. =
Bouvier had asked him if he thought it was worth more than =E2=82=AC70m. Va=
llette said he did. So Bouvier asked him to rewrite the note at =E2=82=AC80=
 million.=20
At several points in the trial, Rybolovlev=E2=80=99s lawyer, Daniel Kornste=
in, has accused Vallette of representing both sides in a transaction. Excep=
t that=E2=80=99s not how it works. Vallette works for Sotheby=E2=80=99s. He=
 always represents the seller, not the buyer. All of his obligations are to=
ward the seller and helping the seller get the best price. Whether he wrote=
 that note to convince Bouvier, or whomever Bouvier was trying to resell th=
e head to, he was acting for the seller to get the best price. But Kornstei=
n has tried to invert this and complain that =E2=80=9CSotheby's was playing=
 with wildly differing valuations.=E2=80=9D=20
It flummoxes Kornstein that Vallette would say the head was worth =E2=82=AC=
80m only to have Vallette=E2=80=99s client accept =E2=82=AC31m for the scul=
pture. But that=E2=80=99s how the art world works. The sellers needed to se=
ll and took what they could.=20
Further agitating Kornstein, as he complained in a statement to the press a=
fter court, is that =E2=80=9Cjust a few years later [Sotheby=E2=80=99s] pro=
vided an auction guarantee at $50 million and an estimated sale price of $4=
5-65 million=E2=80=9D for the same head they had sold for =E2=82=AC31 milli=
on. What Kornstein omitted from his quote was that the carved head was even=
tually sold at auction by Bouvier for $70.7 million dollars, not quite the =
=E2=82=AC80m predicted by Vallette but not so far off to invalidate the opi=
nion. Also, Sotheby=E2=80=99s guaranteed the work at $50m but sold it for $=
70m which shows you the numbers game is always skewed one way or another.
The problem Kornstein seems to be having, whether because of his need to ma=
ke a case for his client or because of his lack of familiarity with the art=
 market, is that art values can fluctuate wildly depending on market condit=
ions and timing. Sotheby=E2=80=99s former COO Bruno Vinciguerra testified t=
hat =E2=80=9Can auction is a moment in time,=E2=80=9D which is something th=
at might have cleared up some of Kornstein=E2=80=99s confusion had he been =
willing to listen. Vinciguerra=E2=80=99s Yoda-like definition of an auction=
 can be extended to say that a price in the art market is just a moment in =
time.=20
Three of the five works of art that are repeatedly discussed in the case ha=
ve market histories that reinforce Vinciguerra=E2=80=99s Koan-like idea. Th=
e Modigliani stone head was bought privately for =E2=82=AC31m and sold publ=
icly for $70.7 million within just a couple of years. Modigliani=E2=80=99s =
Nude with Blue Cushion was bought privately by Bouvier for just over $93 mi=
llion, sold to Rybolovlev for $117 million. Three years later it was auctio=
ned for $170 million.  Is there a right price for the work? If so, which on=
e?
The most stunning example of how prices are entirely a function of a moment=
 in time is the fate of the Leonardo. The three owners originally wanted $2=
00 million for the work. We learned in court that they turned down an offer=
 from another Russian collector, Andrey Melnichenko, in the $100 to $125 mi=
llion range. When Bouvier got involved, he expertly crushed the hopes of th=
e consortium of dealers who owned the Leonardo by having Rybolovlev cancel =
his appointment to see the painting. That left Bouvier and his point man, J=
ean-Marc Peretti in a stronger negotiating position. The consortium negotia=
ted a sale at a nominal price of $80 million but they actually received onl=
y $68 million and a Picasso painting that was meant to be worth $12 million=
=2E Who knows how much it actually fetched when it was sold.=20
Later, as we all know, Sandy Heller engineered a $100 million third-party g=
uarantee before the spectacular auction at Christie=E2=80=99s that yielded =
a $450 million sale for the Leonardo. In five years, the Leonardo had been =
priced up and down from $200 million to $80 million to $100 million to $450=
 million. Is there a right price for the work? If so, which one?
None of that actually matters in this case. Judge Furman is keeping a tight=
 grip on testimony so the future auction prices of these works won=E2=80=99=
t be revealed the jury. And they shouldn=E2=80=99t be. The case is confusin=
g enough. Adding the prices only muddies the issue: did Sotheby=E2=80=99s i=
ntentionally help Bouvier mislead Rybolovlev?=20
That=E2=80=99s why so much of the testimony focuses on two documents: Valle=
tte=E2=80=99s email pricing the Modigliani head and the insurance valuation=
 Sotheby=E2=80=99s prepared for Bouvier in early 2015 (after Rybolovlev had=
 already discovered he was being overcharged) that put the insurance value =
of the Leonardo at =E2=82=AC100 million.=20
Whether the jury will conclude Sotheby=E2=80=99s was in cahoots with Bouvie=
r based upon that insurance valuation and Vallette=E2=80=99s letter is anyb=
ody=E2=80=99s guess.

Unsubscribe https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2V=
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g src=3D"https://eotrx.substackcdn.com/open?token=3DeyJtIjoiPDIwMjQwMTI2MTk=
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ght:1px !important;width:1px !important;border-width:0 !important;margin-to=
p:0 !important;margin-bottom:0 !important;margin-right:0 !important;margin-=
left:0 !important;padding-top:0 !important;padding-bottom:0 !important;padd=
ing-right:0 !important;padding-left:0 !important;"/><div style=3D"display:n=
one;font-size:1px;color:#333333;line-height:1px;max-height:0px;max-width:0p=
x;opacity:0;overflow:hidden;" class=3D"preview">Max Hollein Joins Warhol Fo=
undation Board as Richard Dorment Renews His Criticism of its Leadership + =
Richard Prince Settles + Phillips New Deputy CEO Amanda Lo Iacono &#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=
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60;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;=
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160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204=
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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;=
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#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#820=
4;&#160;&#8204;&#160;&#8204;&#160;&#8204;</div><table role=3D"presentation"=
 width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" class=3D"e=
mail-body-container"><tr><td></td><td width=3D"550" class=3D"content"></td>=
<td></td></tr><tr><td></td><td align=3D"left" width=3D"550" class=3D"conten=
t"><div style=3D"font-size: 16px; line-height: 26px; margin: 0 auto; max-wi=
dth: 550px; overflow-wrap: break-word; width: 100%;"><table role=3D"present=
ation" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr>=
<td align=3D"right" style=3D"height: 20px;"><table role=3D"presentation" wi=
dth=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td style=
=3D"vertical-align: middle;"><span class=3D"pencraft pc-reset frontend-penc=
raft-Text-module__reset--dW0zZ tw-font-body tw-text-ssm tw-text-substack-se=
condary" style=3D"color: rgb(128, 128, 128) !important; font-family: SF Pro=
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a, Arial, sans-serif, Apple Color Emoji, Segoe UI Emoji, Segoe UI Symbol !i=
mportant; font-size: 13px !important; list-style: none; margin: 0; text-dec=
oration: unset;"><div class=3D"pencraft pc-reset frontend-pencraft-Text-mod=
ule__align-right--PcYkZ frontend-pencraft-Text-module__size-12--KorQF front=
end-pencraft-Text-module__reset--dW0zZ" style=3D"color: unset; font-size: 1=
2px; letter-spacing: 0; line-height: 16px; list-style: none; margin: 0; tex=
t-align: right; text-decoration: unset;"><span translated class=3D"pencraft=
 pc-reset frontend-pencraft-Text-module__reset--dW0zZ" style=3D"color: unse=
t; list-style: none; margin: 0; text-decoration: unset;">Forwarded this ema=
il? <a href=3D"https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxp=
Z2VuY2Uuc3Vic3RhY2suY29tL3N1YnNjcmliZT91dG1fc291cmNlPWVtYWlsJnV0bV9jYW1wYWl=
nbj1lbWFpbC1zdWJzY3JpYmUmcj0yN2NlcjkmbmV4dD1odHRwcyUzQSUyRiUyRmFydGVsbGlnZW=
5jZS5zdWJzdGFjay5jb20lMkZwJTJGd2hhdC13ZS1sZWFybmVkLXRoaXMtd2Vlay0yNDA0Iiwic=
CI6MTQxMDQyNTc0LCJzIjoyMjU5LCJmIjp0cnVlLCJ1IjoxMzMyNjg2NjEsImlhdCI6MTcwNjI5=
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ifQ.qMdlCkxoApJ9CfZ6ZyG33rZWXszE65lyukWN5kVHsG4?" class=3D"pencraft pc-rese=
t frontend-pencraft-Text-module__decoration-underline--sj8pE frontend-pencr=
aft-Text-module__reset--dW0zZ" style=3D"color: unset; list-style: none; mar=
gin: 0; text-decoration: unset; text-decoration-line: underline;">Subscribe=
 here</a> for more</span></div></span></td></tr></table></td></tr></table><=
table role=3D"presentation" 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; text-align: center;"><a href=3D"https://substack.com/=
redirect/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2VuY2Uuc3Vic3RhY2suY29tL3Avd2hhdC13=
ZS1sZWFybmVkLXRoaXMtd2Vlay0yNDA0P3V0bV9jYW1wYWlnbj1lbWFpbC1oYWxmLXBvc3Qmcj0=
yN2NlcjkmdG9rZW49ZXlKMWMyVnlYMmxrSWpveE16TXlOamcyTmpFc0luQnZjM1JmYVdRaU9qRT=
BNVEEwTWpVM05Dd2lhV0YwSWpveE56QTJNamszTkRReExDSmxlSEFpT2pFM01EZzRPRGswTkRFc=
0ltbHpjeUk2SW5CMVlpMHlNalU1SWl3aWMzVmlJam9pY0c5emRDMXlaV0ZqZEdsdmJpSjkuMmxS=
N2pYc1l5ZGtETGF5S2FuNy1QWHQzQW5lcThRU2x6ZzZrSjZFb3dENCIsInAiOjE0MTA0MjU3NCw=
icyI6MjI1OSwiZiI6dHJ1ZSwidSI6MTMzMjY4NjYxLCJpYXQiOjE3MDYyOTc0NDEsImV4cCI6MT=
cwODg4OTQ0MSwiaXNzIjoicHViLTAiLCJzdWIiOiJsaW5rLXJlZGlyZWN0In0.ICjG8CEZWObIF=
3mmLnG-fRfgQdSIOyGLeISNW26mV3s?"><img role=3D"presentation" width=3D"550" h=
eight=3D"117" src=3D"https://substackcdn.com/image/fetch/w_1100,c_limit,f_a=
uto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.a=
mazonaws.com%2Fpublic%2Fimages%2Fecde5dbd-aa76-4984-bfac-acb56639185e_2800x=
591.png" class=3D"header-image" style=3D"border: none !important; display: =
block; height: auto; margin: 0 auto; max-width: 550px; vertical-align: midd=
le; width: 100%;"></a></td></tr></table><div dir=3D"auto" class=3D"post typ=
ography" style=3D"font-size: 16px; line-height: 26px; padding: 16px 0 0 0;"=
><div class=3D"post-header" style=3D"font-size: 16px; line-height: 26px;"><=
h1 class=3D"post-title published" style=3D"-moz-appearance: optimizelegibil=
ity; -moz-osx-font-smoothing: antialiased; -webkit-appearance: optimizelegi=
bility; -webkit-font-smoothing: antialiased; appearance: optimizelegibility=
; color: rgb(64, 64, 64); font-family: 'SF Compact Display', -apple-system,=
 BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'App=
le Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 32px; font=
-weight: bold; line-height: 36px; margin: 0;"><a href=3D"https://substack.c=
om/app-link/post?publication_id=3D2259&post_id=3D141042574&utm_source=3Dpos=
t-email-title&utm_campaign=3Demail-post-title&isFreemail=3Dtrue&r=3D27cer9&=
token=3DeyJ1c2VyX2lkIjoxMzMyNjg2NjEsInBvc3RfaWQiOjE0MTA0MjU3NCwiaWF0IjoxNzA=
2Mjk3NDQxLCJleHAiOjE3MDg4ODk0NDEsImlzcyI6InB1Yi0yMjU5Iiwic3ViIjoicG9zdC1yZW=
FjdGlvbiJ9.2lR7jXsYydkDLayKan7-PXt3Aneq8QSlzg6kJ6EowD4" style=3D"color: rgb=
(64, 64, 64); text-decoration: none;">What We Learned this Week (2404)</a><=
/h1><h3 class=3D"subtitle" style=3D"-moz-appearance: optimizelegibility; -m=
oz-osx-font-smoothing: antialiased; -webkit-appearance: optimizelegibility;=
 -webkit-font-smoothing: antialiased; appearance: optimizelegibility; color=
: #808080; font-family: 'SF Compact Display', -apple-system, BlinkMacSystem=
Font, '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;">Max Hollein Joins =
Warhol Foundation Board as Richard Dorment Renews His Criticism of its Lead=
ership + Richard Prince Settles + Phillips New Deputy CEO Amanda Lo Iacono =
</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" cellspacing=3D"0" cellpadding=
=3D"0"><tr><td style=3D"vertical-align: middle;"><div class=3D"pencraft pc-=
reset frontend-pencraft-Text-module__color-primary--ud4Z0 frontend-pencraft=
-Text-module__line-height-20--p0dP8 frontend-pencraft-Text-module__font-met=
a--U_nxy frontend-pencraft-Text-module__size-11--k1e8b frontend-pencraft-Te=
xt-module__weight-medium--x7khA frontend-pencraft-Text-module__transform-up=
percase--IDkUL frontend-pencraft-Text-module__reset--dW0zZ frontend-pencraf=
t-Text-module__meta--jzHdd custom-css-email-post-author" style=3D"color: rg=
b(64, 64, 64); font-family: 'SF Compact', -apple-system, -apple-system, -sy=
stem-ui, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-ser=
if, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 11=
px; font-weight: 500; letter-spacing: .2px; line-height: 20px; list-style: =
none; margin: 0; text-decoration: unset; text-transform: uppercase;"><a sty=
le=3D"color: rgb(64, 64, 64); font-family: 'SF Compact', -apple-system, -ap=
ple-system, -system-ui, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, =
Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'=
; font-size: 11px; font-weight: 500; letter-spacing: .2px; line-height: 20p=
x; list-style: none; margin: 0; text-decoration: none; text-transform: uppe=
rcase;" href=3D"https://substack.com/@artelligence" class=3D"pencraft pc-re=
set frontend-pencraft-Text-module__color-primary--ud4Z0 frontend-pencraft-T=
ext-module__line-height-20--p0dP8 frontend-pencraft-Text-module__font-meta-=
-U_nxy frontend-pencraft-Text-module__size-11--k1e8b frontend-pencraft-Text=
-module__weight-medium--x7khA frontend-pencraft-Text-module__transform-uppe=
rcase--IDkUL frontend-pencraft-Text-module__reset--dW0zZ frontend-pencraft-=
Text-module__meta--jzHdd">Marion Maneker</a></div></td></tr></table></td></=
tr><tr><td><table role=3D"presentation" width=3D"auto" border=3D"0" cellspa=
cing=3D"0" cellpadding=3D"0"><tr><td style=3D"vertical-align: middle;"><div=
 class=3D"pencraft pc-reset frontend-pencraft-Text-module__color-secondary-=
-WRADg frontend-pencraft-Text-module__line-height-20--p0dP8 frontend-pencra=
ft-Text-module__font-meta--U_nxy frontend-pencraft-Text-module__size-11--k1=
e8b frontend-pencraft-Text-module__weight-medium--x7khA frontend-pencraft-T=
ext-module__transform-uppercase--IDkUL frontend-pencraft-Text-module__reset=
--dW0zZ frontend-pencraft-Text-module__meta--jzHdd" style=3D"color: rgb(128=
, 128, 128); font-family: 'SF Compact', -apple-system, -apple-system, -syst=
em-ui, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif=
, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 11px=
; font-weight: 500; letter-spacing: .2px; line-height: 20px; list-style: no=
ne; margin: 0; text-decoration: unset; text-transform: uppercase;"><time da=
teTime=3D"2024-01-26T19:30:10.555Z">Jan 26</time></div></td></tr></table></=
td></tr></table></td></tr></table><table role=3D"presentation" width=3D"100=
%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" class=3D"email-ufi-2-to=
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lid rgba(0, 0, 0, .13); min-width: 100%;"><tr height=3D"16"><td height=3D"1=
6" style=3D"font-size: 0px; line-height: 0;">&#160;</td></tr><tr><td><table=
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dding=3D"0"><tr><td><table role=3D"presentation" width=3D"auto" border=3D"0=
" cellspacing=3D"0" cellpadding=3D"0"><tr><td style=3D"vertical-align: midd=
le;"><table role=3D"presentation" width=3D"38" border=3D"0" cellspacing=3D"=
0" cellpadding=3D"0"><tr><td align=3D"center"><a href=3D"https://substack.c=
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ImV4cCI6MTcwODg4OTQ0MSwiaXNzIjoicHViLTIyNTkiLCJzdWIiOiJyZWFjdGlvbiJ9.pWk5T_=
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f, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'A=
pple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 12px; fo=
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le=3D"presentation" width=3D"38" border=3D"0" cellspacing=3D"0" cellpadding=
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v style=3D"font-size: 16px; line-height: 26px;"><hr style=3D"background: #e=
0e0e0; border: none; height: 1px; margin: 32px 0; padding: 0;"></div><h2 cl=
ass=3D"header-with-anchor-widget" style=3D"-moz-appearance: optimizelegibil=
ity; -moz-osx-font-smoothing: antialiased; -webkit-appearance: optimizelegi=
bility; -webkit-font-smoothing: antialiased; appearance: optimizelegibility=
; color: rgb(64, 64, 64); font-family: 'SF Compact Display', -apple-system,=
 BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'App=
le Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.625em; f=
ont-weight: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; position: r=
elative;">In This Issue</h2><ol style=3D"margin-top: 0; padding: 0;"><li st=
yle=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; color: rg=
b(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0; margin-bottom=
: 0; padding-left: 4px;"><strong>Lot Watch: </strong><span>A &#163;16m Hock=
ney pool with the same owner since 1968 stars in Christie&#8217;s London sa=
les</span></p></li><li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizi=
ng: border-box; color: rgb(64, 64, 64); font-size: 16px; line-height: 26px;=
 margin: 0; margin-bottom: 0; padding-left: 4px;"><strong>Notes:</strong><s=
pan> Joe Lewis enters guilty plea against insider trading charges; Richard =
Prince settles long-running case without admission of infringement; Some ne=
ws outlets get confused about the Prince settlement; Van Ham sees sales vol=
ume rise by 40%.</span></p></li><li style=3D"margin: 8px 0 0 32px;"><p styl=
e=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>Max =
Hollein Wades Into the Warhol Foundation: </strong><span>Richard Dorment&#8=
217;s new book revives allegations of bad faith at the Warhol Foundation as=
 the Met&#8217;s Max Hollein joins the board</span></p></li><li style=3D"ma=
rgin: 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; padd=
ing-left: 4px;"><strong>Phillips Names Amanda Lo Iacono Deputy CEO: </stron=
g><span>As Ed Dolman resumes the CEO&#8217;s reins, Lo Iacono takes over so=
me duties from former CEO Stephen Brooks</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>Weird Scenes Inside the Gold Mine:</strong><span> The l=
atest for the Rybolovlev revenge trial</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><h2 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: 1.625em; font-weight: b=
old; line-height: 1.16em; margin: 1em 0 0.625em 0; position: relative;">A &=
#163;16m Hockney Pool at Christie&#8217;s in London</h2><div class=3D"capti=
oned-image-container-static" style=3D"font-size: 16px; line-height: 26px; m=
argin: 32px auto;"><figure style=3D"margin: 0 auto; width: 100%;"><table cl=
ass=3D"image-wrapper" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpad=
ding=3D"0" data-component-name=3D"Image2ToDOMStatic" style=3D"mso-padding-a=
lt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align: center;"></td><td ali=
gn=3D"left" class=3D"content" width=3D"1456" style=3D"text-align: center;">=
<a class=3D"image-link" target=3D"_blank" href=3D"https://substack.com/redi=
rect/2358019f-1d9d-4be9-8a14-d87733827459?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1=
d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"align-items: center; borde=
r: none; display: block; flex-direction: column; height: auto; margin: 0; p=
adding: 0; position: relative; text-decoration: none; width: auto;"><img da=
ta-attrs=3D"{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws=
=2Ecom/public/images/abf801c9-6c3c-4fdb=
-8b65-23e5bb04b142_3286x2830.jpeg&quot=
;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSi=
ze&quot;:null,&quot;height&quot;:1254,&quot;width&quot;:1456,&quot;resizeWi=
dth&quot;:null,&quot;bytes&quot;:7129392,&quot;alt&quot;:null,&quot;title&q=
uot;:null,&quot;type&quot;:&quot;image/jpeg&quot;,&quot;href&quot;:null,&qu=
ot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirec=
t&quot;:null}" alt width=3D"550" height=3D"473.69505494505495" class=3D"wid=
e-image" src=3D"https://substackcdn.com/image/fetch/w_2912,c_limit,f_auto,q=
_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazon=
aws.com%2Fpublic%2Fimages%2Fabf801c9-6c3c-4fdb-8b65-23e5bb04b142_3286x2830.=
jpeg" style=3D"-ms-interpolation-mode: bicubic; border: none !important; di=
splay: block; height: auto; margin: 0 auto; margin-bottom: 0; max-width: 10=
0% !important; vertical-align: middle; width: auto !important;"></a></td><t=
d 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; margi=
n: 0 0 20px 0;"><span>We are entering the ninth year of David Hockney&#8217=
;s market rise. In 2009, the highest price for the artist achieved at aucti=
on was the $7.9 million paid for </span><em>Beverly Hills Housewife </em><s=
pan>from 1967. It was not an auspicious year to tell high value art let alo=
ne a Hockney. But the heirs of Betty Freeman, the nominal housewife depicte=
d, didn&#8217;t really have a choice about when to sell her art. Starting w=
ith the November 2016 sale of </span><em>Woldgate Woods, 24, 25, and 26 Oct=
ober 2006</em><span> for $11.7 million, the Hockney market has risen dramat=
ically. In November 2018, the top price of $90 million was set for </span><=
em>Portrait of an Artist (Pool withTwo Figures)</em><span> from 1972 which =
may be the most fully wrought of Hockney&#8217;s pool paintings. An earlier=
 pool picture from 1966, </span><em>The Splash</em><span>, was sold for $29=
=2E8 million in February of 2020. Now C=
hristie&#8217;s has announced the sale=
 of </span><em>California</em><span> from 1965 with an estimate in the regi=
on of &#163;16 million, as the auction houses sometimes like to say. This w=
ork was bought by the consignor in 1968 and has remained in their hands sin=
ce. The owners were somewhat jealous of the work because they would not loa=
n it to the Los Angeles County Museum of Art for a retrospective of Hockney=
&#8217;s work in the 1980s. Hockney wanted to see the work included so much=
 that he repainted the picture in 1987. Which means there are now two versi=
ons of the work.</span></p><div style=3D"font-size: 16px; line-height: 26px=
;"><hr style=3D"background: #e0e0e0; border: none; height: 1px; margin: 32p=
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=
etica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI =
Symbol'; font-size: 1.625em; font-weight: bold; line-height: 1.16em; margin=
: 1em 0 0.625em 0; position: relative;">Notes</h2><ol style=3D"margin-top: =
0; padding: 0;"><li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing:=
 border-box; color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; ma=
rgin: 0; margin-bottom: 0; padding-left: 4px;"><strong><a href=3D"https://s=
ubstack.com/redirect/5ea5baa9-e67e-4ddd-9bcc-5f5b417a283b?j=3DeyJ1IjoiMjdjZ=
XI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: rgb=
(64, 64, 64); text-decoration: underline;">Joe Lewis Pleads Guilty to Insid=
er Trading:</a></strong><span> Although still awaiting sentencing from a ju=
dge, Joe Lewis&#8212;the largest shareholder in Christie&#8217;s during the=
 1990s when the auction house was a publicly traded company&#8212; has agre=
ed to plea guilty, pay a $50m fine and resign from the boards of any public=
ly-traded US companies while unwinding some investments over a five-year pe=
riod. Lewis admitted to giving employees, friends and girlfriends material =
non-public information they could trade upon. Lewis is 86 years old. It is =
unclear how likely a judge is to send him to prison. Among the holdings in =
his $6.1 billion fortune is a controlling interest in the Tottenham Hotspur=
s Premier League football club. But Lewis is also known as a passionate art=
 collector, one of the first collectors to turn his large-scale yacht into =
a home for his best works. He&#8217;s also known for his pioneering role as=
 a financial guarantor for art collections coming to auction. The Panama Pa=
pers leak of Mossack Fonseca&#8217;s files revealed Lewis&#8217;s role in t=
he pivotal Sally and Victor Ganz collection auction of 1997. The Ganzes own=
ed some paintings that would eventually become among the world&#8217;s most=
 valuable, including Picasso&#8217;s </span><em>Le Reve</em><span> and </sp=
an><em>Femme d&#8217;Algiers (version O)</em><span> which both later sold f=
or prices above $150 million each. Lewis had arranged to buy the paintings =
from the Ganz family before the sale through an offshore company detailed i=
n the Panama Papers.</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; l=
ine-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><strong>=
Richard Prince Settles New Portrait Litigation:</strong><span> Eight years =
after Donald Graham filed suit claiming Richard Prince infringed upon his c=
opyright with one of his Instagram new portraits and four years after Eric =
McNatt filed his own suit,  Richard Prince has settled the litigation a few=
 days before the first trial was set to begin on January 29th. &#8220;Mr Pr=
ince made no admission of willful copyright infringement,&#8221; the artist=
&#8217;s legal team said.&#160;&#8220;Following the judge&#8217;s recommend=
ation of mediation in the two cases (and as the cost of litigation was mult=
iple millions of dollars and the total amount at issue in both cases combin=
ed was under $200,000), the parties completed the mediation process and ult=
imately prepared a mutual consent settlement agreement whereby Mr. Prince a=
greed to allow judgment entered.&#8221; Prince did not pay legal fees for e=
ither party&#8217;s lawyers. &#8220;After 8 years of litigation while makin=
g 8 figure demands for damages and the additional requirement of Richard ad=
mitting infringement,&#8221; Matt Gaughan, Prince&#8217;s studio manager sa=
id, &#8220;plaintiffs approached us on the eve of trial to settle for cents=
 on the dollar and no admission of infringement. We&#8217;re very happy wit=
h that. This settlement allows Richard and all of the artists to move forwa=
rd with their practices.&quot;</span></p></li><li style=3D"margin: 8px 0 0 =
32px;"><p style=3D"box-sizing: border-box; color: rgb(64, 64, 64); font-siz=
e: 16px; line-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;=
"><strong>Some confusion around the Prince settlement: </strong><a href=3D"=
https://substack.com/redirect/7748354e-89f4-4fb3-85a9-8c51cb039c91?j=3DeyJ1=
IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"c=
olor: rgb(64, 64, 64); text-decoration: underline;">The Art Newspaper</a><s=
pan>, and </span><a href=3D"https://substack.com/redirect/e82145d2-a620-4c0=
6-af1e-b71305a21797?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6=
Fx_g6pp7gWdY" rel style=3D"color: rgb(64, 64, 64); text-decoration: underli=
ne;">Courthouse News </a><span>are reporting the Prince settlement as a los=
s for Prince on the issue of fair use. But that misreads what happened toda=
y. The judge did not rule but filed the settlement between the two parties.=
 On Friday, Judge Sydney Stein had ruled that Prince was free to argue fair=
 use for his work in the trial. Previously, he had ruled in a way that had =
confused the plaintiff. On Friday, he clarified that his summary judgment r=
uling was only to say that he could not rule in favor of Prince&#8217;s fai=
r use as a matter of law. That would have to be argued before a jury. That =
change seemed to break the deadlock between the parties and Prince which al=
lowed for a settlement. Whether a jury would have decided in favor of Princ=
e&#8217;s fair use is really unknowable. But the fact that the judge was al=
lowing his lawyers to make that argument put Prince in a much stronger posi=
tion and the plaintiffs in a weaker one. </span></p></li><li style=3D"margi=
n: 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>German Auction House Van Ham Sees 40% Rise in Sales Vo=
lume in 2023: </strong><span>Cologne auction house Van Ham released their 2=
023 sales figures at &#8364;53.8 million which is a 40% rise of the previou=
s year. With 9400 lots and 80% of sales volume coming from Modern and Conte=
mporary art, Van Ham claims second place among German auction houses. </spa=
n></p></li></ol><div style=3D"font-size: 16px; line-height: 26px;"><hr styl=
e=3D"background: #e0e0e0; border: none; height: 1px; margin: 32px 0; paddin=
g: 0;"></div><h2 class=3D"header-with-anchor-widget" style=3D"-moz-appearan=
ce: optimizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-appea=
rance: optimizelegibility; -webkit-font-smoothing: antialiased; appearance:=
 optimizelegibility; color: rgb(64, 64, 64); font-family: 'SF Compact Displ=
ay', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Aria=
l, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; fo=
nt-size: 1.625em; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.6=
25em 0; position: relative;">Max Hollein Wades Into the Warhol Foundation</=
h2><div class=3D"captioned-image-container-static" style=3D"font-size: 16px=
; line-height: 26px; margin: 32px auto;"><figure style=3D"margin: 0 auto; w=
idth: 100%;"><table class=3D"image-wrapper" width=3D"100%" border=3D"0" cel=
lspacing=3D"0" cellpadding=3D"0" data-component-name=3D"Image2ToDOMStatic" =
style=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align:=
 center;"></td><td align=3D"left" class=3D"content" width=3D"263" style=3D"=
text-align: center;"><a class=3D"image-link" target=3D"_blank" href=3D"http=
s://substack.com/redirect/a59446a1-b632-4005-936d-fdee4fb2cb39?j=3DeyJ1Ijoi=
MjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"align=
-items: center; border: none; display: block; flex-direction: column; heigh=
t: auto; margin: 0; padding: 0; position: relative; text-decoration: none; =
width: auto;"><img data-attrs=3D"{&quot;src&quot;:&quot;https://substack-po=
st-media.s3.amazonaws.com/public/images/12f7894e-f9d7-4035-9fa6-283a0e33702=
8_263x400.jpeg&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;=
:null,&quot;imageSize&quot;:null,&quot;height&quot;:400,&quot;width&quot;:2=
63,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:22689,&quot;alt&quot;:nul=
l,&quot;title&quot;:null,&quot;type&quot;:&quot;image/jpeg&quot;,&quot;href=
&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;=
internalRedirect&quot;:null}" alt width=3D"263" height=3D"400" class src=3D=
"https://substackcdn.com/image/fetch/w_263,c_limit,f_auto,q_auto:good,fl_pr=
ogressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic=
%2Fimages%2F12f7894e-f9d7-4035-9fa6-283a0e337028_263x400.jpeg" style=3D"-ms=
-interpolation-mode: bicubic; border: none !important; display: block; heig=
ht: auto; margin: 0 auto; margin-bottom: 0; max-width: 100% !important; ver=
tical-align: middle; width: auto !important;"></a></td><td style=3D"text-al=
ign: center;"></td></tr></tbody></table></figure></div><p style=3D"color: r=
gb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><s=
pan>There&#8217;s a great deal of talk around the art market about the need=
 for regulation to ensure participants can have faith in the fair functioni=
ng of the market. Calls for regulation&#8212;or, more accurately, complaint=
s about the lack of regulation&#8212;fail to clarify what form regulation o=
f the art market might take. Former art critic </span><a href=3D"https://su=
bstack.com/redirect/bcb7ee61-1aea-44d2-9260-a982e7fdc888?j=3DeyJ1IjoiMjdjZX=
I5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: rgb(=
64, 64, 64); text-decoration: underline;">Richard Dorment&#8217;s new book =
</a><em><a href=3D"https://substack.com/redirect/bcb7ee61-1aea-44d2-9260-a9=
82e7fdc888?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7g=
WdY" rel style=3D"color: rgb(64, 64, 64); text-decoration: underline;">Warh=
ol After Warhol</a></em><span>, while in no way intended to address the sub=
ject of art market regulation, raises a very important warning about the ar=
t market&#8217;s existing institutions ability to regulate itself. </span><=
/p><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; =
margin: 0 0 20px 0;"><span>Dorment&#8217;s book is an odd one. It recounts =
in great deal his role in a public controversy more than a decade ago surro=
unding the Andy Warhol Foundation&#8217;s decision to stamp a Warhol self-p=
ortrait with indelible ink denying its authenticity. Throughout the book, a=
nd before that in the pages of the </span><em>New York Review of Books</em>=
<span>, Dorment has repeatedly and consistently made a compelling, dispassi=
onate and reasonable case for the painting (and the other works from the sa=
me series) being an authentic work by Warhol made at his direction and appr=
oved by him. The work was included on the cover of an early catalogue raiso=
nn&#233; of the artist&#8217;s work that Warhol approved. Nevertheless, the=
 foundation&#8217;s authentication board went to great lengths to avoid exp=
laining their reasoning for denying the authenticity of the work. The found=
ation also pursued a very aggressive legal campaign against the owner of th=
e denied painting. Afterward prevailing in court, the Andy Warhol Foundatio=
n shut down its authentication board citing the cost of litigation while ig=
noring its own role in forcing the litigation. The Warhol Foundation&#8217;=
s decision has reverberated throughout the art world leading to a number of=
 artists&#8217; foundations to refrain from authenticating works. </span></=
p><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; m=
argin: 0 0 20px 0;">Dorment&#8217;s book calls into question the Warhol Fou=
ndation&#8217;s actions. It takes great pains to bring to light the bad fai=
th behavior he believes the Warhol Foundation has engaged in almost from it=
s inception. The issue has continuing relevance after the Warhol Foundation=
 pursued a rash, and ultimately unsuccessful all of the way to the Supreme =
Court, case against photographer Lynn Goldsmith over their negligent misuse=
 of her image of Prince. That case would have been rightly and much more ch=
eaply resolved by paying a small licensing fee. </p><p style=3D"color: rgb(=
64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><span=
>The stakes on Dorment&#8217;s surprisingly readable accusations (especiall=
y for those who read the NYRB exchanges when they were published) were rais=
ed this week. Max Hollein, the CEO of the Metropolitan Museum of Art, </spa=
n><a href=3D"https://substack.com/redirect/a7795c00-106e-4e9f-8964-468a40a4=
d7f3?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" r=
el style=3D"color: rgb(64, 64, 64); text-decoration: underline;">was announ=
ced as a new board member for the Warhol Foundation yesterday.</a><span> Ha=
s Hollein joined to help restore the reputation of the Warhol Foundation or=
 is he risking his own and, perhaps, the Met&#8217;s? The Met did not respo=
nd to requests for comment. </span></p><p style=3D"color: rgb(64, 64, 64); =
font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">Art market regulat=
ion begins with institutions like The Met and the Andy Warhol Foundation de=
monstrating good governance and stewardship. Before Hollein&#8217;s arrival=
, the Met suffered its own crisis. If Dorment&#8217;s allegations are true,=
 he&#8217;ll have his hands full with the Warhol Foundation.</p><div style=
=3D"font-size: 16px; line-height: 26px;"><hr style=3D"background: #e0e0e0; =
border: none; height: 1px; margin: 32px 0; padding: 0;"></div><h2 class=3D"=
header-with-anchor-widget" style=3D"-moz-appearance: optimizelegibility; -m=
oz-osx-font-smoothing: antialiased; -webkit-appearance: optimizelegibility;=
 -webkit-font-smoothing: antialiased; appearance: optimizelegibility; color=
: rgb(64, 64, 64); font-family: 'SF Compact Display', -apple-system, BlinkM=
acSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Colo=
r Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.625em; font-wei=
ght: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; position: relative=
;">Phillips Names Amanda Lo Iacono Deputy CEO</h2><div class=3D"captioned-i=
mage-container-static" style=3D"font-size: 16px; line-height: 26px; margin:=
 32px auto;"><figure style=3D"margin: 0 auto; width: 100%;"><table class=3D=
"image-wrapper" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=
=3D"0" data-component-name=3D"Image2ToDOMStatic" style=3D"mso-padding-alt: =
1em 0 1.6em;"><tbody><tr><td style=3D"text-align: center;"></td><td align=
=3D"left" class=3D"content" width=3D"255" style=3D"text-align: center;"><a =
class=3D"image-link" target=3D"_blank" href=3D"https://substack.com/redirec=
t/fb5d7999-5b35-429d-8337-b3cf33932791?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0j=
QmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"align-items: center; border: =
none; display: block; flex-direction: column; height: auto; margin: 0; padd=
ing: 0; position: relative; text-decoration: none; width: auto;"><img data-=
attrs=3D"{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.co=
m/public/images/f2bb4ef3-5fe9-41ba-bce8-76096790cbce_255x252.jpeg&quot;,&qu=
ot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&qu=
ot;:null,&quot;height&quot;:252,&quot;width&quot;:255,&quot;resizeWidth&quo=
t;:null,&quot;bytes&quot;:8100,&quot;alt&quot;:null,&quot;title&quot;:null,=
&quot;type&quot;:&quot;image/jpeg&quot;,&quot;href&quot;:null,&quot;belowTh=
eFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:nu=
ll}" alt width=3D"255" height=3D"252" class src=3D"https://substackcdn.com/=
image/fetch/w_255,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%=
2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff2bb4ef3-5fe9=
-41ba-bce8-76096790cbce_255x252.jpeg" style=3D"-ms-interpolation-mode: bicu=
bic; border: none !important; display: block; height: auto; margin: 0 auto;=
 margin-bottom: 0; max-width: 100% !important; vertical-align: middle; widt=
h: 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;"><em>With the departure of S=
tephen Brooks as CEO, Phillips announced on Thursday that Edward Dolman wou=
ld resume the title of CEO while still retaining the title of Executive Cha=
irman. In addition to Dolman, Amanda Lo Iacono will now fill the newly crea=
ted role of Deputy CEO. Artelligence spoke with Lo Iacono the afternoon of =
the announcement to get a better sense of her role. The interview has been =
edited for clarity.</em></p><p style=3D"color: rgb(64, 64, 64); font-size: =
16px; line-height: 26px; margin: 0 0 20px 0;"><strong>Artelligence: </stron=
g><span>Congratulations on your promotion. Can you describe what it means t=
o be Deputy CEO of Phillips? What are your responsibilities going forward?<=
/span></p><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height:=
 26px; margin: 0 0 20px 0;"><strong>Amanda Lo Iacono: </strong><span>&#160;=
I think that it's going to be a be a multi-disciplinary role in a lot of wa=
ys. Ed and I will work closely together with Cheyenne, and also J.P. Engele=
n to continue to refine the strategy of the business, and work on what tact=
ics and objectives we're going to put in place to hit the next phase of our=
 growth plan. In a lot of ways, I see my role as being in service to everyb=
ody who works here &#8211; hearing what they're doing, what they need, and =
how they view the market. With a kind of cross-disciplinary approach, I can=
 bring different parts of the business together to bring out the best. We w=
ant to take advantage of the scale and size of Phillips, so we can be agile=
 in the market and continue to pioneer new and interesting things for colle=
ctors.</span></p><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-=
height: 26px; margin: 0 0 20px 0;"><strong>Artelligence:</strong><span> Giv=
e us an understanding of how you guys view the growth plan.&#160;</span></p=
><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; ma=
rgin: 0 0 20px 0;"><strong>Amanda Lo Iacono: </strong><span>We're still ver=
y much committed to the growth plan in the regional markets that we're alre=
ady in, and in the collecting categories that we're in&#8212;and we want to=
 build on the strengths that we've already locked in over the last decade. =
But we're also keeping an eye towards the future; how collecting habits and=
 markets are evolving; and where we can see opportunities to augment what w=
e already do.&#160;</span></p><p style=3D"color: rgb(64, 64, 64); font-size=
: 16px; line-height: 26px; margin: 0 0 20px 0;"><strong>Artelligence: </str=
ong><span>Traditionally, Phillips has been very strong in the emerging sect=
or of the Contemporary art market. Over the last few seasons, Phillips has =
gotten bigger collections and bigger lots on a consistent basis. The Contem=
porary art market hasn't fallen apart the way everyone keeps predicting tha=
t it would but it certainly feels like it has plateaued. Does that mean you=
 will have to be more tactical to continue to bulk up your numbers?</span><=
/p><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; =
margin: 0 0 20px 0;"><strong>Amanda Lo Iacono: </strong><span>The reality i=
s that we are leaders in the Contemporary space &#8211; the art of Now. We =
have a really strong team that can anticipate where those markets are going=
=2E But as an auction house, we are res=
ponding to collector tastes and habits=
=2E The market that we are operating in=
 right now is a bit more discerning. S=
tephen called it an &#8220;intelligent market&#8221;; and I think that stil=
l stands. Our goal is to consign the kind of property that collectors are r=
eally looking for.&#160;</span></p><p style=3D"color: rgb(64, 64, 64); font=
-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><strong>Artelligence: =
</strong><span>On the other end, you've been involved in the development of=
 Dropshop, which is unique in the auction business.&#160;</span></p><p styl=
e=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 =
0 20px 0;"><strong>Amanda Lo Iacono:</strong><span> We've been incredibly e=
xcited about Dropshop since we launched it in August. It&#8217;s a perfect =
example of something that we did from our position as a Contemporary market=
 leader in response to what we were seeing as collector interests and habit=
s in the market. It's been such a fantastic opportunity to expand our posit=
ion and role in the broader market; to work directly with artists or those =
who represent artists; to bring something creative directly to market; and =
to start making a shift in the way we think about the secondary market. It =
also puts forward the ability for us to pay resale royalties on anything th=
at comes out of Dropshop and subsequently ends up in a Phillips auction. We=
've had a huge response from the market, collectors and artists. It has an =
incredibly deep pipeline, which has been a lot of fun, and it's just going =
from strength to strength.</span></p><p style=3D"color: rgb(64, 64, 64); fo=
nt-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><strong>Artelligence=
:</strong><span> Last question which is somewhat related to Dropshop. You a=
re also very strong in the prints and multiples market. Is it something you=
 will try to connect to the Dropshop, something you try to expand, or just =
a good business that you try and run efficiently and profitably as possible=
?</span></p><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-heigh=
t: 26px; margin: 0 0 20px 0;"><strong>Amanda Lo Iacono: </strong><span>What=
 has been really great about Dropshop is that it is creating a Venn diagram=
 between the Contemporary Department and the Editions department. It's brea=
king down those silos. It's mixing these collector bases and bringing new c=
ollectors to both, because there are some who are drawn to the medium and t=
here are some who are drawn to the name. Dropshop has essentially been a wa=
y for us to democratize our offering and get the objects in as many hands a=
s possible, which is really why the artists are so excited about it.</span>=
</p><div style=3D"font-size: 16px; line-height: 26px;"><hr style=3D"backgro=
und: #e0e0e0; border: none; height: 1px; margin: 32px 0; padding: 0;"></div=
><h2 class=3D"header-with-anchor-widget" style=3D"-moz-appearance: optimize=
legibility; -moz-osx-font-smoothing: antialiased; -webkit-appearance: optim=
izelegibility; -webkit-font-smoothing: antialiased; appearance: optimizeleg=
ibility; color: rgb(64, 64, 64); font-family: 'SF Compact Display', -apple-=
system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-seri=
f, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.6=
25em; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; posi=
tion: relative;"><strong>Weird Scenes Inside the Gold Mine </strong></h2><d=
iv class=3D"captioned-image-container-static" style=3D"font-size: 16px; lin=
e-height: 26px; margin: 32px auto;"><figure style=3D"margin: 0 auto; width:=
 100%;"><table class=3D"image-wrapper" width=3D"100%" border=3D"0" cellspac=
ing=3D"0" cellpadding=3D"0" data-component-name=3D"Image2ToDOMStatic" style=
=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align: cent=
er;"></td><td align=3D"left" class=3D"content" width=3D"1034" style=3D"text=
-align: center;"><a class=3D"image-link" target=3D"_blank" href=3D"https://=
substack.com/redirect/1fa241b8-f07a-4715-aaf6-fb56de30241e?j=3DeyJ1IjoiMjdj=
ZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"align-ite=
ms: center; border: none; display: block; flex-direction: column; height: a=
uto; margin: 0; padding: 0; position: relative; text-decoration: none; widt=
h: auto;"><img data-attrs=3D"{&quot;src&quot;:&quot;https://substack-post-m=
edia.s3.amazonaws.com/public/images/8559dc70-8d6a-40e4-bcc0-16eb183711fe_10=
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l,&quot;imageSize&quot;:null,&quot;height&quot;:567,&quot;width&quot;:1034,=
&quot;resizeWidth&quot;:null,&quot;bytes&quot;:770245,&quot;alt&quot;:null,=
&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&qu=
ot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;int=
ernalRedirect&quot;:null}" alt width=3D"550" height=3D"301.59574468085106" =
class=3D"wide-image" src=3D"https://substackcdn.com/image/fetch/w_2068,c_li=
mit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-med=
ia.s3.amazonaws.com%2Fpublic%2Fimages%2F8559dc70-8d6a-40e4-bcc0-16eb183711f=
e_1034x567.png" style=3D"-ms-interpolation-mode: bicubic; border: none !imp=
ortant; display: block; height: auto; margin: 0 auto; margin-bottom: 0; max=
-width: 100% !important; vertical-align: middle; width: auto !important;"><=
/a></td><td style=3D"text-align: center;"></td></tr></tbody></table></figur=
e></div><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 2=
6px; margin: 0 0 20px 0;">The Rybolovlev trial against Sotheby&#8217;s is w=
inding down today with the last few witnesses for the defense. Yesterday, f=
ormer compliance head Jane Levine testified. Today, former CEO Bill Ruprech=
t should conclude his testimony and cross examination. Sotheby&#8217;s lawy=
ers are planning to bring one or two more witnesses. Closing arguments shou=
ld begin early next week. </p><p style=3D"color: rgb(64, 64, 64); font-size=
: 16px; line-height: 26px; margin: 0 0 20px 0;">So far the trial has been a=
 confusing mix of indirect claims due to the fact that the lawsuit is a ban=
k-shot attempt&#8212;off the cushion of Sotheby&#8217;s&#8212;to get at Bou=
vier. The theory of the case is that Sotheby&#8217;s knowingly helped Bouvi=
er defraud Rybolovlev. </p><p style=3D"color: rgb(64, 64, 64); font-size: 1=
6px; line-height: 26px; margin: 0 0 20px 0;">The problem with the case is t=
here&#8217;s little direct evidence. We&#8217;ve heard repeatedly how secre=
tive Bouvier was. It seems unlikely that Bouvier had confided in Sotheby&#8=
217;s Sam Vallette that he was overcharging Rybolovlev for the works Bouvie=
r bought from Sotheby&#8217;s. </p><p style=3D"color: rgb(64, 64, 64); font=
-size: 16px; line-height: 26px; margin: 0 0 20px 0;">Assuming the worst on =
Vallette&#8217;s part, it still seems far-fetched that he was knowingly inv=
olved in creating documents that would support higher valuations for an ill=
icit purpose. </p><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line=
-height: 26px; margin: 0 0 20px 0;">Lacking direct evidence of that, Rybolo=
vlev&#8217;s attorney repeatedly raises claims that Sotheby&#8217;s failed =
to do due diligence on Bouvier&#8217;s transactions despite repeated testim=
ony that Sotheby&#8217;s performed proper KYC and Anti-Money Laundering che=
cks on Bouvier. Implicit in Rybolovlev&#8217;s claim is that Sotheby&#8217;=
s should have known Bouvier was ripping Rybolovlev off even when Rybolovlev=
 himself was unaware that he was being over-charged by the freeport king. <=
/p><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; =
margin: 0 0 20px 0;">The KYC line of attack is subtly amusing because of Ry=
bolovlev&#8217;s origins as a Russian oligarch. Although Rybolovlev is not =
on any sanctions list, it is odd to hear his lawyer complain loudly in cour=
t that Sotheby&#8217;s did not uncover the fact that Bouvier was dealing wi=
th a Russian oligarch as the ultimate beneficial owner. Also, the KYC clear=
ance undermines the claim that Bouvier was acting as an agent in his dealin=
gs with Sotheby&#8217;s where he would have had to disclose the ultimate be=
neficial owner of the works he was buying. </p><p style=3D"color: rgb(64, 6=
4, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">You also h=
ave to feel bad for Rybolovlev&#8217;s counsel who is stuggling mightily to=
 make sense of how the art world works. One of the lines of attack centers =
on Amadeo Modigliani&#8217;s stone head that Bouvier bought from Sotheby&#8=
217;s for &#8364;31 million and sold to Rybolovlev for &#8364;80 million. <=
/p><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; =
margin: 0 0 20px 0;">At the time, Vallette wrote an email saying he thought=
 the work was worth &#8364;70m only to resend the email the next day raisin=
g the target price to &#8364;80m. On the stand, Vallette offered a reasonab=
le explanation. Bouvier had asked him if he thought it was worth more than =
&#8364;70m. Vallette said he did. So Bouvier asked him to rewrite the note =
at &#8364;80 million. </p><p style=3D"color: rgb(64, 64, 64); font-size: 16=
px; line-height: 26px; margin: 0 0 20px 0;">At several points in the trial,=
 Rybolovlev&#8217;s lawyer, Daniel Kornstein, has accused Vallette of repre=
senting both sides in a transaction. Except that&#8217;s not how it works. =
Vallette works for Sotheby&#8217;s. He always represents the seller, not th=
e buyer. All of his obligations are toward the seller and helping the selle=
r get the best price. Whether he wrote that note to convince Bouvier, or wh=
omever Bouvier was trying to resell the head to, he was acting for the sell=
er to get the best price. But Kornstein has tried to invert this and compla=
in that &#8220;Sotheby's was playing with wildly differing valuations.&#822=
1; </p><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26=
px; margin: 0 0 20px 0;">It flummoxes Kornstein that Vallette would say the=
 head was worth &#8364;80m only to have Vallette&#8217;s client accept &#83=
64;31m for the sculpture. But that&#8217;s how the art world works. The sel=
lers needed to sell and took what they could. </p><p style=3D"color: rgb(64=
, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">Further=
 agitating Kornstein, as he complained in a statement to the press after co=
urt, is that &#8220;just a few years later [Sotheby&#8217;s] provided an au=
ction guarantee at $50 million and an estimated sale price of $45-65 millio=
n&#8221; for the same head they had sold for &#8364;31 million. What Kornst=
ein omitted from his quote was that the carved head was eventually sold at =
auction by Bouvier for $70.7 million dollars, not quite the &#8364;80m pred=
icted by Vallette but not so far off to invalidate the opinion. Also, Sothe=
by&#8217;s guaranteed the work at $50m but sold it for $70m which shows you=
 the numbers game is always skewed one way or another.</p><p style=3D"color=
: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"=
>The problem Kornstein seems to be having, whether because of his need to m=
ake a case for his client or because of his lack of familiarity with the ar=
t market, is that art values can fluctuate wildly depending on market condi=
tions and timing. Sotheby&#8217;s former COO Bruno Vinciguerra testified th=
at &#8220;an auction is a moment in time,&#8221; which is something that mi=
ght have cleared up some of Kornstein&#8217;s confusion had he been willing=
 to listen. Vinciguerra&#8217;s Yoda-like definition of an auction can be e=
xtended to say that a price in the art market is just a moment in time. </p=
><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; ma=
rgin: 0 0 20px 0;"><span>Three of the five works of art that are repeatedly=
 discussed in the case have market histories that reinforce Vinciguerra&#82=
17;s Koan-like idea. The Modigliani stone head was bought privately for &#8=
364;31m and sold publicly for $70.7 million within just a couple of years. =
Modigliani&#8217;s </span><em>Nude with Blue Cushion </em><span>was bought =
privately by Bouvier for just over $93 million, sold to Rybolovlev for $117=
 million. Three years later it was auctioned for $170 million.  Is there a =
right price for the work? If so, which one?</span></p><p style=3D"color: rg=
b(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">The=
 most stunning example of how prices are entirely a function of a moment in=
 time is the fate of the Leonardo. The three owners originally wanted $200 =
million for the work. We learned in court that they turned down an offer fr=
om another Russian collector, Andrey Melnichenko, in the $100 to $125 milli=
on range. When Bouvier got involved, he expertly crushed the hopes of the c=
onsortium of dealers who owned the Leonardo by having Rybolovlev cancel his=
 appointment to see the painting. That left Bouvier and his point man, Jean=
-Marc Peretti in a stronger negotiating position. The consortium negotiated=
 a sale at a nominal price of $80 million but they actually received only $=
68 million and a Picasso painting that was meant to be worth $12 million. W=
ho knows how much it actually fetched when it was sold. </p><p style=3D"col=
or: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0=
;">Later, as we all know, Sandy Heller engineered a $100 million third-part=
y guarantee before the spectacular auction at Christie&#8217;s that yielded=
 a $450 million sale for the Leonardo. In five years, the Leonardo had been=
 priced up and down from $200 million to $80 million to $100 million to $45=
0 million. Is there a right price for the work? If so, which one?</p><p sty=
le=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0=
 0 20px 0;">None of that actually matters in this case. Judge Furman is kee=
ping a tight grip on testimony so the future auction prices of these works =
won&#8217;t be revealed the jury. And they shouldn&#8217;t be. The case is =
confusing enough. Adding the prices only muddies the issue: did Sotheby&#82=
17;s intentionally help Bouvier mislead Rybolovlev? </p><p style=3D"color: =
rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">T=
hat&#8217;s why so much of the testimony focuses on two documents: Vallette=
&#8217;s email pricing the Modigliani head and the insurance valuation Soth=
eby&#8217;s prepared for Bouvier in early 2015 (after Rybolovlev had alread=
y discovered he was being overcharged) that put the insurance value of the =
Leonardo at &#8364;100 million. </p><p style=3D"color: rgb(64, 64, 64); fon=
t-size: 16px; line-height: 26px; margin: 0 0 20px 0; margin-bottom: 0;">Whe=
ther the jury will conclude Sotheby&#8217;s was in cahoots with Bouvier bas=
ed upon that insurance valuation and Vallette&#8217;s letter is anybody&#82=
17;s guess. </p></div></div><div class=3D"container-border" style=3D"border=
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