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Subject: What We Learned this Week (2324)
From: 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-2324
Welcome to Artelligence
The Artelligence newsletter combines auction data from LiveArt and commenta=
ry formerly available on Art Market Monitor. The newsletter comes out every=
Friday with What We Learned this Week. Depending on the art market calenda=
r or news cycle, you will receive other emails from this account on an irre=
gular basis.
We are eager to hear from you. If you have questions, tips or suggestions f=
or coverage, contact us here [ mailto:maneker@artmarketmonitor.com ]. Feel =
free to forward the email to anyone you think would like to subscribe.
Please check your spam folder! Some new subscribers may not have received t=
he newsletter in their inbox immediately.
Subscribed
In This Issue
Artelligence Podcast: Dane Jensen on Art Advising in Los Angeles and the Er=
nie Barnes Market=20
Lot Watch: Sotheby=E2=80=99s $80 million Gustav Klimt; Christie=E2=80=99s J=
ean-Michel Basquiat=E2=80=98s Picasso portrait
Deep Cuts: Two Oscar Howe works sell for $550,000 at John Moran=20
Notes: Perrotin floats investment from real estate fund; Cappellazzo eyes =
=E2=80=98beat-up blue chip;=E2=80=99 Buyers get their discounts at Basel; W=
ho owns that Rothko?; Murdoch breaks silence but still says little
A Run on Prince: The Wall Street Journal says Warhol=E2=80=99s Prince serie=
s works might be worth $1 million after the Supreme Court case.=20
Artelligence Podcast
Dane Jensen on Art Advising in Los Angeles and the Ernie Barnes Market
Dane Jensen just opened his own art advisory firm in Los Angeles. He has wo=
rked in the art and auction industry as a curator, auction house specialist=
and art advisor. He became much more visible after engaging in an epic bid=
ding war over Ernie Barnes=E2=80=99s The Sugar Shack II that sold to energy=
trader Bill Perkins for more than $15 million at Christie=E2=80=99s in May=
of 2022. In this podcast, Jensen talks about the role of an art advisor as=
well as what makes Los Angeles distinctive in terms of its collectors, the=
ir goals and what they value. We also talk about Ernie Barnes, how his mark=
et has rapidly globalized and, of course, what it was like to bid in that w=
ild auction for The Sugar Shack.
Lot Watch
Klimt to Test How High the Top of the Market Is for the Right Work
Sotheby=E2=80=99s success with Gustav Klimt in May has brought another work=
, Dame mit Facher from 1918, to market. Found on the easel in the Klimt=E2=
=80=99s studio after his death from complications brought on by the global =
influenza epidemic, this last work by the artist will be sold on June 27th =
in London and has an estimate in the region of $80 million. The sale follow=
s the $53 million sale of Insel am Attersee in New York. Sotheby=E2=80=99s =
would rather you were reminded that the artist=E2=80=99s Birch Forest made =
$104 million in the Paul Allen sale. Or that the Portrait of Adele Bloch-Ba=
uer II made $87.9 million at auction seventeen years ago. Perhaps more to t=
he point, the first Portrait of Adele Bloch-Bauer sold privately the year b=
efore to Ronald Lauder for $135 million.=20
Forget the Basquiat Warhol Connection. What About Basquiat and Picasso?
Jean-Michel Basquiat=E2=80=99s portrait of Pablo Picasso, previously sold a=
t Christie=E2=80=99s in 2007 for =C2=A31 million, is coming back to Christi=
e=E2=80=99s June 28th with a =C2=A34.5 million estimate. There has been a b=
ig change in the value of the pound. The exchange rate in February 2007 was=
$1.95 to =C2=A31. That means, the buyer would have had to pay $2 million. =
Today, the =C2=A34.5 million estimate works out to around $6 million. A lot=
has also happened in the Basquiat market since the previous sale. So the r=
esults for this one will be interesting.=20
Deep Cuts
Oscar Howe Makes $550,000 for two works at John Moran
The art market is waking up to the value of indiginous art. Not surprisingl=
y, the competition from bidders follows a major museum show. In this case, =
Oscar Howe, a Sioux artist who died in 1983 after a career where he combine=
d traditional epistemology with modern aesthetic forms, was the subject of =
retrospective in 2022 at the Smithsonian=E2=80=99s National Museum of the A=
merican Indian in New York. Dakota Modern: The Art of Oscar Howe was develo=
ped jointly with the Portland Art Museum where it was on display until last=
month. The show just opened at the South Dakota Art Museum. The works sold=
at Moran were both gouaches on paper.=20
Notes
Colony IM in Talks to Buy Stake in Art Gallery Perrotin [ https://substack.=
com/redirect/608fb72c-5038-4f19-a39c-e043d99a9877?j=3DeyJ1IjoiMjdjZXI5In0.n=
CNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]: One of the least discussed as=
pects of the globalizing art market is how primary galleries are funding th=
eir expansions. Capital for the so-called mega-galleries usually comes from=
private sources. So it was very interesting to see Bloomberg report earlie=
r this week that Perrotin is in talks to sell 60% of its business to Colony=
Investment Management run by Nadra Moussalem. The unusual amount of inform=
ation coming out before the deal has Perrotin generating $151 million in sa=
les in 2022 from locations in eight cities around the world. That the inves=
tment comes from a real estate asset manager isn=E2=80=99t an anomaly. The =
pre-deal PR suggests Perrotin hopes to expand to Zurich, London, Bangkok or=
Istanbul which is a grab bag of markets without a clear profile. (Zurich i=
s a very different real estate market than Istanbul.) If the deal goes thro=
ugh, it will mark an important shift toward institutional structuring of gl=
obal galleries. The five largest global galleries remain family businesses =
despite a decade of increased professionalization. Though luxury goods cong=
lomerates have begun to sniff around these =E2=80=9Cbrands,=E2=80=9D they r=
emain structured in a way that is inimical to being converted to divisions =
in a brand portfolio. The Perrotin deal could be an important test case tow=
ard that direction.
Cappellazzo on the Big Picture in Art Auctions and Investment [ https://sub=
stack.com/redirect/331ce34d-2c02-490d-8e4e-73cf933f44ee?j=3DeyJ1IjoiMjdjZXI=
5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]: It=E2=80=99s been 17 ye=
ars since Amy Cappellazzo bent noses out of joint by comparing auction hous=
es to big box retailers and primary galleries to mom-and-pop stores. Big bo=
x retailing isn=E2=80=99t the growth driver anymore and Cappellazzo no long=
er works at an auction house. (Those mom-and-pops aren=E2=80=99t quite what=
they used to be either. That crack came from a panel where Cappellazzo app=
eared with David Zwirner, among others, who is now anything but an antiquat=
ed retailer.)=C2=A0 She may be a polarizing figure but Cappellazzo is alway=
s good for a few well-turned phrases. In this appearance with Bloomberg=E2=
=80=99s James Tarmy, the art advisor sees some opportunities in =E2=80=9Cbe=
at-up blue chip=E2=80=9D artists. She says her clients are =E2=80=9Cjudicio=
us about being in a buying mood=E2=80=9D and they=E2=80=99re looking for an=
ything selling at 10-20% discount as long as there is =E2=80=9Cvolume and t=
raction=E2=80=9D in the trading of the artist=E2=80=99s work.=C2=A0
Speaking of 10-20% Discounts=E2=80=A6 Art Basel fairgoers are filtering bac=
k with reports of =E2=80=9Cno fireworks but solid=E2=80=9D sales. One seaso=
ned collector estimates that people overall were asking for 15-20% discount=
s on secondary sales and =E2=80=9Cusually getting it.=E2=80=9D=20
Who consigned that Rothko at Basel? As the market recalibrates toward lower=
price points, a few trophy items are still circulating at auction and art =
fairs. The one that caught the press=E2=80=99s attention in Basel was a yel=
low Rothko on the Acquavella booth with a $60 million asking price. Reports=
had the work on hold. It had been sold in 2014 at Sotheby=E2=80=99s from t=
he Bunny Mellon estate for $36.5 million. The buyer was a well-known engros=
ser who often consigns work to galleries across the world and at Basel. The=
work appeared in a Rothko show in a New York in 2016. Oddly, multiple fair=
reports were sure the consignor was now Steve Wynn. That may be so. But it=
seems unlikely that Wynn would have paid a premium some time in the last s=
even years only to try to sell in the current decelerating market. We=E2=80=
=99re often told by the auction houses and art advisors that there is still=
substantial demand for masterpiece works even after the post-Allen sale pa=
use. The last major Rothko to be sold publicly was the Macklowe=E2=80=99s N=
o. 7 which made $82.4 million in their November 2021 sale. That market seem=
s like a different world now. The engrosser (or Wynn) is under no pressure =
to sell. The engrosser has a longer time horizon than most collectors which=
gives them the option of time where others might choose a discount. That r=
aises a question: Was the Rothko was being offered because there was a legi=
timate belief some of that big money is still looking for masterpiece works=
? A $60 million Rothko at a 15% discount is a $50 million Rothko which seem=
s like a deal compared with an $82 million painting. That also gives the en=
grosser a 30% return (assuming some fees.)=20
James Murdoch Breaks His Silence [ https://substack.com/redirect/799a8c40-8=
5ec-4fc7-895b-61b5043cb550?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iR=
nigHXx6Fx_g6pp7gWdY ] (sort of): James Murdoch doesn=E2=80=99t do much pres=
s. So it is worth paying attention when he does a podcast interview with Ar=
tnet even if we need to focus more on what=E2=80=99s not said than what he =
actually says: =E2=80=9C[I]n the future there are ways to think about the A=
rt Basel brand, not just about the signal events, meaning the big fairs. I=
=E2=80=99m not sure how many big fairs the market sustains. [=E2=80=A6] But=
I think there=E2=80=99s an appetite for culture and particularly for reall=
y exciting, new, and challenging storytelling [=E2=80=A6.] So the combinati=
on of the curatorial excellence, the brand, the commercial knowhow, etc., t=
hat can all be developed=E2=80=94and much of it is there=E2=80=94can lead t=
o other types of experiences that will emerge in different places as we mov=
e forward. If you look at the growth in the immersive environments today, [=
=E2=80=A6] I think there=E2=80=99s a real appetite and a demand for things =
that are different and new, and you want to be in the business of working w=
ith creators that are developing new ideas for these communities as you go =
along.=E2=80=9D Translation: Murdoch=E2=80=99s not wrong about the growth o=
f art beyond the actual selling of art. Art Basel Miami has demonstrated th=
at there=E2=80=99s a huge appetite for sharing the art experience in some w=
ay that isn=E2=80=99t attending an art fair. Indeed, the power of Art Basel=
=E2=80=99s brand derives in no small part from the quarter-century of succe=
ss in Miami. That said, Murdoch also seems to be telegraphing that growth i=
s something Art Basel=E2=80=99s management needs to figure out. That may be=
one reason that Art Basel itself has been restructured within MCH to have =
its own CEO, a head of art fairs to whom each of the individual fair direct=
ors report, and a growing corporate infrastructure that might help it reach=
that audience interested in art as an experience. (For more on this, see t=
he Artelligence podcast interview with Art Basel CEO Noah Horowitz [ https:=
//substack.com/redirect/59e71e23-450a-4cae-9a14-c15d13841921?j=3DeyJ1IjoiMj=
djZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ].=20
A Run on Prince? Is the Warhol Market Searching for Prince Paintings?
You can=E2=80=99t blame the Wall Street Journal for trying to come up with =
a novel take on the Warhol Foundation=E2=80=99s fortuitous loss to photogra=
pher Lynn Goldsmith. The premise is that the notoriety surrounding the Supr=
eme Court opinion has made the Prince series, tangentially discussed in the=
opinion, more [ https://substack.com/redirect/a868287f-dfae-4dc6-9553-e14=
8ddf1ddf3?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gW=
dY ]sought after. Unfortunately, the article is at pains to demonstrate an =
increase of demand for these thinly traded works. Readers are basically ask=
ed to take Alberto Mugrabi=E2=80=99s word for it=E2=80=94and he doesn=E2=80=
=99t even have one to sell.
If the mystery demand is out there, Mugrabi reckons =E2=80=9Cthose painting=
s could totally sell for $1 million apiece.=E2=80=9D That sounds pretty imp=
ressive when the last Prince series painting sold at auction for $40,000. B=
ut that was nearly 24 years ago and the painting was quite small.=C2=A0So i=
t is worth looking at the market for Warhol celebrity portraits for compara=
bles.
Among Warhol=E2=80=99s celebrity portraits there are a number of images tha=
t have been quite valuable for a long time. An example of the Muhammad Ali =
[ https://substack.com/redirect/4e021dae-e5a8-4c7a-a1c4-0fe2b52200b3?j=3Dey=
J1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ] (1978) sold=
in 2007 for $9.2 million [ https://substack.com/redirect/4e021dae-e5a8-4c7=
a-a1c4-0fe2b52200b3?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6=
Fx_g6pp7gWdY ]. In 2019, another version from 1977 made $10 million. A year=
later, yet another darker 1977 version sold for $6.4 million. Then in 2021=
, still another 1977 version made $18.1 million [ https://substack.com/redi=
rect/ec9f5cd3-a44e-4314-9199-8f4b6dbbe1a9?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1=
d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ].=C2=A0
Ali may be a special case. But there are plenty of other figures from the m=
usic industry to compare with Prince. Mick Jagger=E2=80=99s Warhol portrait=
was sold for $1.4 million [ https://substack.com/redirect/d04fe81a-8ec1-4a=
9e-aa65-b5b3887dca93?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx=
6Fx_g6pp7gWdY ] a dozen years ago. Want to go with a different musical genr=
e? Dolly Parton [ https://substack.com/redirect/0f6af113-a7dd-45ce-b123-856=
22e84431c?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gW=
dY ] from 1985 sold for $914,500 in 2010 [ https://substack.com/redirect/0f=
6af113-a7dd-45ce-b123-85622e84431c?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMp=
isrMe5iRnigHXx6Fx_g6pp7gWdY ]. Two subsequent sales saw her price drop but =
the image isn=E2=80=99t Warhol=E2=80=99s best work. (The same can be said f=
or most of the Prince series images.)=C2=A0
The price of a Warhol portrait doesn=E2=80=99t always correlate with fame. =
The Michael Jacksons from 1984 have not posted strong public results. The t=
op price for one of those was achieved in 2009 at $812,500 [ https://substa=
ck.com/redirect/f3944243-6286-4ab0-b837-e9124b3cc953?j=3DeyJ1IjoiMjdjZXI5In=
0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ] That was five months after =
the pop star died.=C2=A0
Notoriety adds some value to the portraits. Pia Zadora (1983) wasn=E2=80=99=
t much of a singer or an actress but her portraits had a boomlet a decade a=
go when one made $614,500 [ https://substack.com/redirect/b7d98f03-8fb9-46d=
e-975d-4a93cd957f22?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6=
Fx_g6pp7gWdY ] and another clocked $670,809 four years later in Hong Kong [=
https://substack.com/redirect/fbb61df8-141f-4610-96e2-96987e5ea36d?j=3DeyJ=
1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ].=C2=A0=C2=A0=
=C2=A0
Zadora didn=E2=80=99t have much of a cool factor but Debbie Harry=E2=80=99s=
portrait has been a winner. In 2014, a version of the 1980 work made $3 mi=
llion [ https://substack.com/redirect/d64ef77d-6b39-4db3-85da-66be9f0b43dd?=
j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ] at au=
ction. Earlier this year, a brighter pink example made $7.8 million [ https=
://substack.com/redirect/4b503324-67eb-45c3-9183-bc0d24eaf978?j=3DeyJ1IjoiM=
jdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ].=C2=A0
Warhol=E2=80=99s standard celebrity portrait size was a 40 by 40 inch squar=
e but the Prince series paintings are smaller. Nevertheless, a number of th=
e 20 x 16 formats Warhol liked so much have sold for prices above $1 millio=
n. Those include such recognizable Warhol visual tropes as dollar signs, Ja=
ckie=E2=80=99s, Marilyn reversals and Campbell=E2=80=99s soup cans. Does Pr=
ince=E2=80=99s image rank with those classic Warhol images? Probably not. S=
o maybe Mugrabi=E2=80=99s million-dollar appraisal is a stretch. If the dem=
and does materialize bringing some of the Prince works to the private marke=
t or to auction, there=E2=80=99s an alternative for underbidders.=C2=A0
A Hug from the Art World is opening an exhibition of appropriation artist E=
ric Doeringer=E2=80=99s own Prince series (see above) that will be on view =
starting June 22nd [ https://substack.com/redirect/03122e2e-1438-4eba-b328-=
3d2e62767aaf?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp=
7gWdY ]. Whatever the current price of Warhol=E2=80=99s Prince series, Doer=
inger=E2=80=99s versions will surely be a cost-effective alternative.
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.typography.editor .markup table.kindle-wrapper img {
max-width: 550px;
}
}
@media screen and (max-width: 650px) {
.typography .markup div.youtube-inner div.youtube-screen,
.typography.editor .markup div.youtube-inner div.youtube-screen,
.typography .markup div.vimeo-inner div.youtube-screen,
.typography.editor .markup div.vimeo-inner div.youtube-screen {
display: none !important;
}
}
@media screen and (max-width: 370px) {
.typography .markup div.tiktok-wrap,
.typography.editor .markup div.tiktok-wrap {
width: calc(95vw - 32px);
height: calc((95vw - 32px - 2px) / 0.485714);
}
}
@media screen and (max-width: 650px) {
.typography .markup div.embedded-publication-wrap .embedded-publication.s=
how-subscribe,
.typography.editor .markup div.embedded-publication-wrap .embedded-public=
ation.show-subscribe {
padding: 24px;
}
}
@media screen and (max-width: 650px) {
.typography .markup div.subscription-widget-wrap .subscription-widget.sho=
w-subscribe,
.typography.editor .markup div.subscription-widget-wrap .subscription-wid=
get.show-subscribe,
.typography .markup div.captioned-button-wrap .subscription-widget.show-s=
ubscribe,
.typography.editor .markup div.captioned-button-wrap .subscription-widget=
=2Eshow-subscribe {
padding: 24px;
}
}
@media screen and (max-width: 650px) {
.typography .markup div.subscription-widget-wrap .subscription-widget.sho=
w-subscribe .subscription-widget-subscribe .button,
.typography.editor .markup div.subscription-widget-wrap .subscription-wid=
get.show-subscribe .subscription-widget-subscribe .button,
.typography .markup div.captioned-button-wrap .subscription-widget.show-s=
ubscribe .subscription-widget-subscribe .button,
.typography.editor .markup div.captioned-button-wrap .subscription-widget=
=2Eshow-subscribe .subscription-widget-subscribe .button {
padding: 10px 12px;
min-width: 110px;
}
}
@media (max-width: 650px) {
.typography .markup .tweet,
.typography.editor .markup .tweet {
padding: 12px;
}
}
@media (max-width: 650px) {
.typography .markup .tweet .tweet-text,
.typography.editor .markup .tweet .tweet-text {
font-size: 14px;
line-height: 20px;
}
}
@media (max-width: 650px) {
.typography .markup .tweet .tweet-photos-container.two,
.typography.editor .markup .tweet .tweet-photos-container.two,
.typography .markup .tweet .tweet-photos-container.three,
.typography.editor .markup .tweet .tweet-photos-container.three,
.typography .markup .tweet .tweet-photos-container.four,
.typography.editor .markup .tweet .tweet-photos-container.four {
height: 200px;
}
}
@media (max-width: 650px) {
.typography .markup .tweet a.expanded-link .expanded-link-img,
.typography.editor .markup .tweet a.expanded-link .expanded-link-img {
max-height: 180px;
}
}
@media (max-width: 650px) {
.typography .markup .tweet a.expanded-link .expanded-link-description,
.typography.editor .markup .tweet a.expanded-link .expanded-link-descript=
ion {
display: none;
}
}
@media screen and (max-width: 650px) {
.typography .markup .apple-podcast-container,
.typography.editor .markup .apple-podcast-container {
width: unset;
}
}
@media (max-width: 420px) {
.typography .markup .install-substack-app-embed img.install-substack-app-=
embed-img,
.typography.editor .markup .install-substack-app-embed img.install-substa=
ck-app-embed-img {
margin: 0 auto 16px auto;
}
}
@media screen and (min-width: 420px) and (max-width: 600px) {
.typography .markup .install-substack-app-embed .install-substack-app-emb=
ed-text,
.typography.editor .markup .install-substack-app-embed .install-substack-=
app-embed-text {
max-width: calc(100% - 100px);
width: initial;
}
}
@media (max-width: 420px) {
.typography .markup .install-substack-app-embed .install-substack-app-emb=
ed-text,
.typography.editor .markup .install-substack-app-embed .install-substack-=
app-embed-text {
margin: 0 0 12px 0;
max-width: 100%;
width: auto;
text-align: center;
}
}
@media (max-width: 600px) {
.typography .markup .install-substack-app-embed .install-substack-app-emb=
ed-link,
.typography.editor .markup .install-substack-app-embed .install-substack-=
app-embed-link {
margin-top: 16px;
width: 100%;
}
}
@media screen and (min-width: 481px) {
.share-button-container {
height: 38px;
}
}
@media screen and (min-width: 481px) {
.share-button-container a.comment {
height: 38px;
line-height: 38px;
padding-right: 10px;
}
}
@media screen and (max-width: 480px) {
.share-button-container .separator {
display: block;
margin: 0;
height: 8px;
border-left: none;
}
}
@media screen and (max-width: 480px) {
.share-button-container a.share.first img {
padding-left: 0;
}
}
@media screen and (min-width: 481px) {
.share-button-container a.mobile {
display: none !important;
}
}
@media screen and (max-width: 650px) {
.social-media-share-preview__description {
-webkit-line-clamp: 2;
}
}
@media screen and (max-width: 1000px) {
.congrats-box {
flex-direction: column;
}
.congrats-box .congrats-box-right {
margin-left: 38px;
margin-top: 16px;
}
}
@media screen and (max-width: 500px) {
.congrats-box {
display: none;
}
}
@media screen and (min-width: 541px) {
.settings-add-pub-modal-wrapper .container .add-recommending-pub-modal-co=
ntainer {
padding: 36px;
height: 680px;
}
}
@media screen and (min-width: 541px) {
.settings-add-pub-modal-wrapper .container .add-recommending-pub-modal-co=
ntainer .footer {
position: absolute;
bottom: 36px;
margin: 0px;
}
}
@media screen and (max-width: 840px) {
.header-with-anchor-widget .header-anchor-widget,
.header-anchor-container .header-anchor-widget {
display: none;
}
}
@media screen and (min-width: 768px) {
.post {
padding: 32px 0 0 0;
}
}
@media screen and (max-width: 650px) {
.post .post-header .post-label {
margin-top: 8px;
}
}
@media screen and (max-width: 650px) {
.post .post-header .meta-author-wrap.alternative-meta .meta-right-column =
=2Epost-meta {
margin-top: 6px;
}
}
@media screen and (max-width: 650px) {
.post .footer-facepile-container {
height: 64px;
padding: 0 16px;
display: flex;
align-items: center;
justify-content: flex-start;
width: 100%;
}
}
@media screen and (max-width: 650px) {
.post .post-footer.use-separators {
justify-content: center;
}
}
@media screen and (max-width: 650px) {
.post .post-footer.next-prev {
height: 64px;
justify-content: space-between;
box-sizing: border-box;
}
}
@media screen and (max-width: 650px) {
.post-contributor-footer .post-contributor-bio-table {
display: block;
}
.post-contributor-footer .post-contributor-bio-table-row {
display: flex;
flex-direction: row;
}
.post-contributor-footer .post-contributor-bio-userhead-cell,
.post-contributor-footer .post-contributor-bio-body-cell {
display: block;
}
.post-contributor-footer .post-contributor-bio-body-cell {
flex-grow: 1;
}
.post-contributor-footer .post-contributor-bio-body-table {
display: block;
}
.post-contributor-footer .post-contributor-bio-body-table-row {
display: block;
}
.post-contributor-footer .post-contributor-bio-copy-cell,
.post-contributor-footer .post-contributor-bio-controls-cell {
display: block;
}
.post-contributor-footer .post-contributor-bio-copy-cell {
margin: 0 0 16px 0;
}
.post-contributor-footer .post-contributor-bio-controls-cell {
width: auto;
}
.post-contributor-footer .post-contributor-bio-controls {
margin: auto;
}
.post-contributor-footer .post-contributor-bio-controls .button.primary {
width: 100%;
}
.post-contributor-footer .post-contributor-bio-text {
font-size: 14px;
}
}
@media screen and (min-width: 768px) {
.post-silhouette {
padding: 16px 0;
}
}
@media screen and (max-width: 650px) {
.post-silhouette .post-silhouette-title {
margin-top: 10.44225025px;
height: 120px;
}
}
@media screen and (max-width: 650px) {
.post-silhouette .post-silhouette-meta {
width: 75%;
}
}
@media screen and (max-width: 650px) {
.post-silhouette .post-silhouette-meta.with-byline-image {
margin: 20px 0;
}
}
@media screen and (max-width: 650px) {
.use-theme-bg .post-meta.alternative-meta .post-meta-item,
.post-meta.alternative-meta .post-meta-item {
padding-right: 16px;
}
}
@media screen and (max-width: 370px) {
.use-theme-bg .post-meta.alternative-meta .post-meta-item,
.post-meta.alternative-meta .post-meta-item {
font-size: 14px;
}
}
@media screen and (max-width: 650px) {
.use-theme-bg .post-meta.alternative-meta .post-meta-item.guest-author-pu=
blication,
.post-meta.alternative-meta .post-meta-item.guest-author-publication {
display: none;
}
}
@media screen and (max-width: 370px) {
.post-meta .post-meta-item .post-meta-button {
height: 36px !important;
}
.post-meta .post-meta-item .post-meta-button .meta-button-label {
display: none;
}
.post-meta .post-meta-item .post-meta-button > svg {
margin-right: 0;
}
}
@media screen and (max-width: 370px) {
.post-meta .post-meta-item {
font-size: 12px;
}
}
@media screen and (max-width: 650px) {
.post-preview .post-preview-content .post-preview-meta {
margin-top: 12px 0;
}
}
@media screen and (max-width: 650px) {
.post-preview .post-preview-image {
display: none;
}
}
@media screen and (max-width: 650px) {
.post-preview-silhouette .post-preview-silhouette-image {
display: none;
}
}
@media screen and (max-width: 650px) {
.post .floating-subscribe-button {
bottom: 20px;
right: 20px;
}
}
@media all and (-ms-high-contrast: none), (-ms-high-contrast: active) {
body .markup table.image-wrapper img,
body .markup table.kindle-wrapper img {
max-width: 550px;
}
}
@media screen and (max-width: 650px) {
body .markup div.youtube-inner div.youtube-screen,
body .markup div.vimeo-inner div.youtube-screen {
display: none !important;
}
}
@media screen and (max-width: 370px) {
body .markup div.tiktok-wrap {
width: calc(95vw - 32px);
height: calc((95vw - 32px - 2px) / 0.485714);
}
}
@media screen and (max-width: 650px) {
body .markup div.embedded-publication-wrap .embedded-publication.show-sub=
scribe {
padding: 24px;
}
}
@media screen and (max-width: 650px) {
body .markup div.subscription-widget-wrap .subscription-widget.show-subsc=
ribe,
body .markup div.captioned-button-wrap .subscription-widget.show-subscrib=
e {
padding: 24px;
}
}
@media screen and (max-width: 650px) {
body .markup div.subscription-widget-wrap .subscription-widget.show-subsc=
ribe .subscription-widget-subscribe .button,
body .markup div.captioned-button-wrap .subscription-widget.show-subscrib=
e .subscription-widget-subscribe .button {
padding: 10px 12px;
min-width: 110px;
}
}
@media (max-width: 650px) {
body .markup .tweet {
padding: 12px;
}
}
@media (max-width: 650px) {
body .markup .tweet .tweet-text {
font-size: 14px;
line-height: 20px;
}
}
@media (max-width: 650px) {
body .markup .tweet .tweet-photos-container.two,
body .markup .tweet .tweet-photos-container.three,
body .markup .tweet .tweet-photos-container.four {
height: 200px;
}
}
@media (max-width: 650px) {
body .markup .tweet a.expanded-link .expanded-link-img {
max-height: 180px;
}
}
@media (max-width: 650px) {
body .markup .tweet a.expanded-link .expanded-link-description {
display: none;
}
}
@media screen and (max-width: 650px) {
body .markup .apple-podcast-container {
width: unset;
}
}
@media (max-width: 420px) {
body .markup .install-substack-app-embed img.install-substack-app-embed-i=
mg {
margin: 0 auto 16px auto;
}
}
@media screen and (min-width: 420px) and (max-width: 600px) {
body .markup .install-substack-app-embed .install-substack-app-embed-text=
{
max-width: calc(100% - 100px);
width: initial;
}
}
@media (max-width: 420px) {
body .markup .install-substack-app-embed .install-substack-app-embed-text=
{
margin: 0 0 12px 0;
max-width: 100%;
width: auto;
text-align: center;
}
}
@media (max-width: 600px) {
body .markup .install-substack-app-embed .install-substack-app-embed-link=
{
margin-top: 16px;
width: 100%;
}
}
@media screen and (min-width: 500px) {
body .header a.logo {
width: 42px;
height: 42px;
border-radius: 8px;
}
}
@media screen and (max-width: 420px) {
body .subscription-receipt table:first-of-type .subscription-amount .subs=
cription-discount {
width: 72px !important;
}
}
@media screen and (min-width: 481px) {
body .share-button-container {
height: auto;
}
}
@media screen and (max-width: 480px) {
body .share-button-container .separator {
display: block !important;
margin: 0 !important;
height: 8px !important;
border-left: none !important;
}
}
@media screen and (max-width: 650px) {
.digest .item .post-meta-item.audience {
display: none;
}
}
@media screen and (min-width: 500px) {
.digest-publication .logo img {
width: 42px;
height: 42px;
border-radius: 4px;
}
}
@media screen and (max-width: 650px) {
.comments-page .container .comment-list .collapsed-reply {
margin-left: 17px;
}
}
@media screen and (max-width: 650px) {
.comment > .comment-list {
padding-left: 25px;
}
}
@media screen and (max-width: 650px) {
.finish-magic-login-modal .modal-content .container {
padding: 24px 0;
}
}
@media (max-width: 650px) {
.reader2-text-b3 {
line-height: 24px;
}
}
@media screen and (max-width: 650px) {
.reader2-text-h4 {
line-height: 24px;
}
}
@media screen and (min-width: 541px) {
.user-profile-modal {
padding-left: 12px;
padding-right: 12px;
}
}
@media screen and (max-width: 650px) {
.subscribe-widget form.form .sideBySideWrap button.rightButton {
padding: 10px 12px;
}
}
@media screen and (min-width: 541px) {
.pub-icon:hover .logo-hover,
.feed-item-icon:hover .logo-hover {
display: block;
}
}
@media screen and (max-width: 650px) {
.post-ufi.single-full-width-button .post-ufi-button-wrapper {
width: 100%;
padding: 16px;
}
.post-ufi.single-full-width-button .post-ufi-button-wrapper:empty {
display: none;
}
.post-ufi.single-full-width-button .post-ufi-button {
width: 100%;
justify-content: center;
}
}
@media screen and (max-width: 768px) {
.file-embed-wrapper {
padding: 0;
}
}
@media screen and (max-width: 768px) {
.file-embed-wrapper-editor {
padding: 0;
}
}
@media screen and (max-width: 768px) {
.file-embed-wrapper-editor:active {
padding: 0;
}
}
@media only screen and (max-width: 650px) {
.file-embed-button.wide,
.file-embed-error-button.wide {
display: none;
}
}
@media only screen and (min-width: 630px) {
.file-embed-button.narrow,
.file-embed-error-button.narrow {
display: none;
}
}
@media screen and (min-width: 541px) {
.audio-player-wrapper .audio-player {
min-width: 500px;
}
}
@media screen and (max-width: 650px) {
.audio-player-wrapper .audio-player .audio-player-progress {
border-left-width: 16px;
border-right-width: 16px;
}
}
@media screen and (max-width: 650px) {
.audio-player-wrapper .audio-player .audio-player-progress .audio-player-=
progress-bar .audio-player-progress-bar-popup {
top: -54px;
}
}
@media screen and (max-width: 650px) {
.audio-player-wrapper-fancy .audio-player .audio-player-progress {
border-left-width: 16px;
border-right-width: 16px;
}
}
@media screen and (max-width: 650px) {
.audio-player-wrapper-fancy .audio-player .audio-player-progress .audio-p=
layer-progress-bar .audio-player-progress-bar-popup {
top: -54px;
}
}
@media (min-width: 250px) {
.audio-player-wrapper-fancy .audio-player {
padding: 32px;
}
.audio-player-wrapper-fancy .audio-player .btn-group {
display: flex;
}
.audio-player-wrapper-fancy .audio-player .btn-group .button:last-of-type=
{
display: block;
}
}
@media (min-width: 300px) {
.audio-player-wrapper-fancy .audio-player .btn-group {
display: block;
}
.audio-player-wrapper-fancy .audio-player .btn-group .button:first-of-typ=
e {
display: block;
}
}
@media (min-width: 350px) {
.audio-player-wrapper-fancy .audio-player .audio-player-substack-logo {
display: block;
}
.audio-player-wrapper-fancy .audio-player .audio-player-title {
margin-top: 16px;
}
.audio-player-wrapper-fancy .audio-player .audio-player-hero-image-contai=
ner {
padding-top: 15%;
width: 15%;
display: block;
}
.audio-player-wrapper-fancy .audio-player .btn-group .button:first-of-typ=
e {
display: block;
}
.audio-player-wrapper-fancy .audio-player .audio-player-substack-logo {
display: block;
}
}
@media (min-width: 350px) {
.audio-player-wrapper-fancy .audio-player .audio-player-hero-image-contai=
ner {
padding-top: 25%;
width: 25%;
display: block;
}
.audio-player-wrapper-fancy .audio-player .btn-group {
display: flex;
}
.audio-player-wrapper-fancy .audio-player .btn-group .button:first-of-typ=
e {
display: block;
}
}
@media (min-width: 400px) {
.audio-player-wrapper-fancy .audio-player .audio-player-hero-image-contai=
ner {
padding-top: 40%;
width: 40%;
}
}
@media (max-width: 400px) {
.audio-player-wrapper-fancy .audio-player .btn-group {
margin-top: 12px;
}
.audio-player-wrapper-fancy .audio-player .btn-group .button {
font-size: 13px;
padding: 6px 12px;
height: auto;
margin-top: 10px;
}
}
@media (min-width: 600px) {
.audio-player-wrapper-fancy .audio-player .audio-player-hero-image-contai=
ner {
padding-top: 55%;
width: 55%;
}
}
@media (max-width: 650px) {
.poll-editor-modal {
min-width: calc(100% - 20px);
}
}
@media (max-width: 750px) {
.poll-embed .poll-anchor-target .poll-anchor-copy-button {
left: 8px;
top: 45px;
}
}
@media screen and (min-width: 541px) {
.poll-embed .poll-wrapper.poll-web .poll-dialog .modal-table .modal-row .=
modal-content > .container {
width: 552px;
padding: 26px 24px;
}
}
@media screen and (max-width: 650px) {
.poll-embed .poll-wrapper.poll-web .poll-dialog .modal-table .modal-row .=
modal-content > .container {
padding: 40px 0;
}
}
@media screen and (max-width: 650px) {
.poll-embed .poll-wrapper.poll-web .poll-dialog .modal-row .modal-cell .m=
odal-exit-btn {
margin-right: -20px;
}
}
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g src=3D"https://eotrx.substackcdn.com/open?token=3DeyJtIjoiPDIwMjMwNjE2MTY=
wMDU4LjMuNzA3ZDQzNmFiYzFiMWNmZEBtZzIuc3Vic3RhY2suY29tPiIsInUiOjEzMzI2ODY2MS=
wiciI6ImVuem9Ac2hvd2ZpbGUuY29tIiwiZCI6Im1nMi5zdWJzdGFjay5jb20iLCJwIjoxMjg1N=
zkzMDMsInQiOiJuZXdzbGV0dGVyIiwiYSI6ImV2ZXJ5b25lIiwicyI6MjI1OSwiYyI6InBvc3Qi=
LCJmIjp0cnVlLCJwb3NpdGlvbiI6InRvcCIsImlhdCI6MTY4NjkzMTU1NSwiZXhwIjoxNjg5NTI=
zNTU1LCJpc3MiOiJwdWItMCIsInN1YiI6ImVvIn0.3WR0wHf8jD_3gvy4s7UirmVbaNxj9_vx32=
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<div dir=3D"auto" class=3D"post typography" style=3D"font-size: 16px; line-=
height: 26px; padding: 16px 0 0 0;"><div class=3D"post-header" style=3D"fon=
t-size: 16px; line-height: 26px;"><h1 class=3D"post-title published" style=
=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoothing: antialias=
ed; -webkit-appearance: optimizelegibility; -webkit-font-smoothing: antiali=
ased; appearance: optimizelegibility; color: #404040; font-family: 'SF Comp=
act Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvet=
ica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Sy=
mbol'; font-size: 32px; font-weight: bold; line-height: 36px; margin: 0;"><=
a href=3D"https://substack.com/app-link/post?publication_id=3D2259&post_id=
=3D128579303&utm_source=3Dpost-email-title&isFreemail=3Dtrue&token=3DeyJ1c2=
VyX2lkIjoxMzMyNjg2NjEsInBvc3RfaWQiOjEyODU3OTMwMywiaWF0IjoxNjg2OTMxNTU0LCJle=
HAiOjE2ODk1MjM1NTQsImlzcyI6InB1Yi0yMjU5Iiwic3ViIjoicG9zdC1yZWFjdGlvbiJ9.rGA=
PVQ2y2PkAsWy3kasNnYPaOQZRaS2u1efAbtUiRDA" style=3D"color: #404040; text-dec=
oration: none;">What We Learned this Week (2324)</a></h1><h3 class=3D"subti=
tle" style=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoothing:=
antialiased; -webkit-appearance: optimizelegibility; -webkit-font-smoothin=
g: antialiased; appearance: optimizelegibility; color: #808080; 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: 18px; font-weight: normal; line-height: 24px; m=
argin: 4px 0 0; margin-top: 12px;">How Much is a Warhol Prince Worth Now? +=
Looking for "Beat-Up Blue Chip"</h3><table role=3D"presentation"=
width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" class=3D"p=
ost-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" bo=
rder=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td style=3D"vertical-al=
ign: middle;"><div class=3D"pencraft frontend-pencraft-Box-module__reset--V=
fQY8 frontend-pencraft-Text-module__size-11--k1e8b frontend-pencraft-Text-m=
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e Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 11px; font-=
weight: 500; letter-spacing: .2px; line-height: 20px; margin: 0; text-decor=
ation: unset; text-transform: uppercase;"><a style=3D"color: #404040; font-=
family: 'SF Compact', -apple-system, -apple-system, -system-ui, BlinkMacSys=
temFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emo=
ji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 11px; font-weight: 500=
; letter-spacing: .2px; line-height: 20px; margin: 0; text-decoration: none=
; text-transform: uppercase;" href=3D"https://substack.com/redirect/955b8d4=
3-147f-492a-8037-2ce5d3629d9b?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe=
5iRnigHXx6Fx_g6pp7gWdY" class=3D"pencraft frontend-pencraft-Box-module__res=
et--VfQY8 frontend-pencraft-Text-module__size-11--k1e8b frontend-pencraft-T=
ext-module__line-height-20--p0dP8 frontend-pencraft-Text-module__weight-med=
ium--x7khA frontend-pencraft-Text-module__font-meta--U_nxy frontend-pencraf=
t-Text-module__color-primary--ud4Z0 frontend-pencraft-Text-module__transfor=
m-uppercase--IDkUL frontend-pencraft-Text-module__reset--dW0zZ frontend-pen=
craft-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" c=
ellspacing=3D"0" cellpadding=3D"0"><tr><td style=3D"vertical-align: middle;=
"><div class=3D"pencraft frontend-pencraft-Box-module__reset--VfQY8 fronten=
d-pencraft-Text-module__size-11--k1e8b frontend-pencraft-Text-module__line-=
height-20--p0dP8 frontend-pencraft-Text-module__weight-medium--x7khA fronte=
nd-pencraft-Text-module__font-meta--U_nxy frontend-pencraft-Text-module__co=
lor-secondary--WRADg frontend-pencraft-Text-module__transform-uppercase--ID=
kUL frontend-pencraft-Text-module__reset--dW0zZ frontend-pencraft-Text-modu=
le__meta--jzHdd" style=3D"color: #808080; font-family: 'SF Compact', -apple=
-system, -apple-system, -system-ui, BlinkMacSystemFont, 'Segoe UI', Roboto,=
Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Sego=
e UI Symbol'; font-size: 11px; font-weight: 500; letter-spacing: .2px; line=
-height: 20px; margin: 0; text-decoration: unset; text-transform: uppercase=
;"><time dateTime=3D"2023-06-16T16:04:59.217Z">Jun 16</time></div></td></tr=
></table></td></tr></table></td></tr></table><table role=3D"presentation" w=
idth=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" class=3D"ema=
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height=3D"16" style=3D"font-size: 0px; line-height: 0;"> </td></tr><tr=
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l-align: middle;"><table role=3D"presentation" width=3D"38" border=3D"0" ce=
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; word-break: break-word;"><p style=3D"color: #404040; font-size: 16px; lin=
e-height: 26px; margin: 0 0 20px 0; margin-top: 0;">Welcome to Artelligence=
</p><h5 style=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoothi=
ng: antialiased; -webkit-appearance: optimizelegibility; -webkit-font-smoot=
hing: antialiased; appearance: optimizelegibility; color: #404040; font-fam=
ily: 'SF Compact Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', R=
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=2E625em 0;"><span>The Artelligence new=
sletter combines auction data from Liv=
eArt and commentary formerly available on Art Market Monitor. The newslette=
r comes out every Friday with </span><strong>What We Learned this Week</str=
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style=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoothing: anti=
aliased; -webkit-appearance: optimizelegibility; -webkit-font-smoothing: an=
tialiased; appearance: optimizelegibility; color: #404040; font-family: 'SF=
Compact Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, H=
elvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe =
UI Symbol'; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.625em 0=
;"><span>We are eager to hear from you. If you have questions, tips or sugg=
estions for coverage, </span><a href=3D"https://substack.com/redirect/d13b2=
a37-a1a1-48d1-9e0f-82976b6fee67?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisr=
Me5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: #404040; text-decoration: und=
erline;">contact us here</a><span>. Feel free to forward the email to anyon=
e you think would like to subscribe.</span></h5><h5 style=3D"-moz-appearanc=
e: optimizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-appear=
ance: optimizelegibility; -webkit-font-smoothing: antialiased; appearance: =
optimizelegibility; color: #404040; font-family: 'SF Compact Display', -app=
le-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-s=
erif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-weight=
: bold; line-height: 1.16em; margin: 1em 0 0.625em 0;"><span>Please check y=
our spam folder! </span><strong>Some new subscribers may not have received =
the newsletter in their inbox immediately.</strong></h5><p style=3D"color: =
#404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">Subscribe=
d</p><div style=3D"font-size: 16px; line-height: 26px;"><hr style=3D"backgr=
ound: #e0e0e0; border: none; height: 1px; margin: 32px 0; padding: 0;"></di=
v><h2 class=3D"header-with-anchor-widget" style=3D"-moz-appearance: optimiz=
elegibility; -moz-osx-font-smoothing: antialiased; -webkit-appearance: opti=
mizelegibility; -webkit-font-smoothing: antialiased; appearance: optimizele=
gibility; color: #404040; 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: #4=
04040; font-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0; pad=
ding-left: 4px;"><strong>Artelligence Podcast: </strong><span>Dane Jensen o=
n Art Advising in Los Angeles and the Ernie Barnes Market </span></p></li><=
li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; colo=
r: #404040; font-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0=
; padding-left: 4px;"><strong>Lot Watch:</strong><span> Sotheby’s $80=
million Gustav Klimt; Christie’s Jean-Michel Basquiat‘s Picass=
o portrait</span></p></li><li style=3D"margin: 8px 0 0 32px;"><p style=3D"b=
ox-sizing: border-box; color: #404040; font-size: 16px; line-height: 26px; =
margin: 0; margin-bottom: 0; padding-left: 4px;"><strong>Deep Cuts: </stron=
g><span>Two Oscar Howe works sell for $550,000 at John Moran </span></p></l=
i><li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; c=
olor: #404040; font-size: 16px; line-height: 26px; margin: 0; margin-bottom=
: 0; padding-left: 4px;"><strong>Notes: </strong><span>Perrotin floats inve=
stment from real estate fund; Cappellazzo eyes ‘beat-up blue chip;=
217; Buyers get their discounts at Basel; Who owns that Rothko?; Murdoch br=
eaks silence but still says little</span></p></li><li style=3D"margin: 8px =
0 0 32px;"><p style=3D"box-sizing: border-box; color: #404040; font-size: 1=
6px; line-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><s=
trong>A Run on Prince: </strong><span>The </span><em>Wall Street Journal </=
em><span>says Warhol’s Prince series works might be worth $1 million =
after the Supreme Court case. </span></p></li></ol><div style=3D"font-size:=
16px; line-height: 26px;"><hr style=3D"background: #e0e0e0; border: none; =
height: 1px; margin: 32px 0; padding: 0;"></div><h2 class=3D"header-with-an=
chor-widget" style=3D"-moz-appearance: optimizelegibility; -moz-osx-font-sm=
oothing: antialiased; -webkit-appearance: optimizelegibility; -webkit-font-=
smoothing: antialiased; appearance: optimizelegibility; color: #404040; fon=
t-family: 'SF Compact Display', -apple-system, BlinkMacSystemFont, 'Segoe U=
I', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Em=
oji', 'Segoe UI Symbol'; font-size: 1.625em; font-weight: bold; line-height=
: 1.16em; margin: 1em 0 0.625em 0; position: relative;">Artelligence Podcas=
t</h2><h4 class=3D"header-with-anchor-widget" style=3D"-moz-appearance: opt=
imizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-appearance: =
optimizelegibility; -webkit-font-smoothing: antialiased; appearance: optimi=
zelegibility; color: #404040; font-family: 'SF Compact Display', -apple-sys=
tem, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, =
'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.125e=
m; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; positio=
n: relative;">Dane Jensen on Art Advising in Los Angeles and the Ernie Barn=
es Market</h4><div class=3D"captioned-image-container-static" style=3D"font=
-size: 16px; line-height: 26px; margin: 32px auto;"><figure style=3D"margin=
: 0 auto; width: 100%;"><table class=3D"image-wrapper" width=3D"100%" borde=
r=3D"0" cellspacing=3D"0" cellpadding=3D"0" data-component-name=3D"Image2To=
DOMStatic" 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"480=
" style=3D"text-align: center;"><a class=3D"image-link" target=3D"_blank" h=
ref=3D"https://substack.com/redirect/c48f571c-4370-485f-a4a6-e1b0dbe4ed0d?j=
=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel sty=
le=3D"align-items: center; border: none; display: block; flex-direction: co=
lumn; height: auto; margin: 0; padding: 0; position: relative; text-decorat=
ion: none; width: auto;"><img data-attrs=3D"{"src":"https://=
substack-post-media.s3.amazonaws.com/public/images/f71589bc-97fc-4517-9fc9-=
6f1473616f34_480x480.jpeg","fullscreen":null,"imageSize=
":null,"height":480,"width":480,"resizeWidth&=
quot;:null,"bytes":17871,"alt":null,"title":n=
ull,"type":"image/jpeg","href":"https://=
soundcloud.com/artelligence/dane-jensen-on-art-advising-in-los-angeles-and-=
the-ernie-barnes-market?si=3Dc33c3baf879845a498b544e273a929ce&utm_sourc=
e=3Dclipboard&utm_medium=3Dtext&utm_campaign=3Dsocial_sharing"=
,"belowTheFold":true,"topImage":false,"internalRed=
irect":null}" alt width=3D"480" height=3D"480" class src=3D"https://su=
bstackcdn.com/image/fetch/w_480,c_limit,f_auto,q_auto:good,fl_progressive:s=
teep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2=
Ff71589bc-97fc-4517-9fc9-6f1473616f34_480x480.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: #404040; fon=
t-size: 16px; line-height: 26px; margin: 0 0 20px 0;">Dane Jensen just open=
ed his own art advisory firm in Los Angeles. He has worked in the art and a=
uction industry as a curator, auction house specialist and art advisor. He =
became much more visible after engaging in an epic bidding war over Ernie B=
arnes’s The Sugar Shack II that sold to energy trader Bill Perkins fo=
r more than $15 million at Christie’s in May of 2022. In this podcast=
, Jensen talks about the role of an art advisor as well as what makes Los A=
ngeles distinctive in terms of its collectors, their goals and what they va=
lue. We also talk about Ernie Barnes, how his market has rapidly globalized=
and, of course, what it was like to bid in that wild auction for The Sugar=
Shack.</p><p class=3D"button-wrapper" data-attrs=3D"{"url":"=
;https://soundcloud.com/artelligence/dane-jensen-on-art-advising-in-los-ang=
eles-and-the-ernie-barnes-market?si=3Dc33c3baf879845a498b544e273a929ce&=
utm_source=3Dclipboard&utm_medium=3Dtext&utm_campaign=3Dsocial_shar=
ing","text":"Listen Now!","action":null,=
"class":null}" data-component-name=3D"ButtonCreateButton" style=
=3D"color: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;=
text-align: center;"><a class=3D"button primary" href=3D"https://substack.=
com/redirect/c48f571c-4370-485f-a4a6-e1b0dbe4ed0d?j=3DeyJ1IjoiMjdjZXI5In0.n=
CNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"background-color: =
#653366; border: none; border-radius: 4px; box-sizing: border-box; color: #=
ffffff !important; cursor: pointer; display: inline-block; font-family: -ap=
ple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-=
serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size:=
14px; font-weight: 600; height: auto; line-height: 20px; margin: 0; opacit=
y: 1; outline: none; padding: 12px 20px; text-align: center; text-decoratio=
n: none !important; white-space: nowrap;"><span style=3D"color: #ffffff; te=
xt-decoration: none;">Listen Now!</span></a></p><div style=3D"font-size: 16=
px; line-height: 26px;"><hr style=3D"background: #e0e0e0; border: none; hei=
ght: 1px; margin: 32px 0; padding: 0;"></div><h2 class=3D"header-with-ancho=
r-widget" style=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoot=
hing: antialiased; -webkit-appearance: optimizelegibility; -webkit-font-smo=
othing: antialiased; appearance: optimizelegibility; color: #404040; font-f=
amily: 'SF Compact Display', -apple-system, BlinkMacSystemFont, 'Segoe UI',=
Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji=
', 'Segoe UI Symbol'; font-size: 1.625em; font-weight: bold; line-height: 1=
=2E16em; margin: 1em 0 0.625em 0; posit=
ion: relative;">Lot Watch</h2><h4 clas=
s=3D"header-with-anchor-widget" style=3D"-moz-appearance: optimizelegibilit=
y; -moz-osx-font-smoothing: antialiased; -webkit-appearance: optimizelegibi=
lity; -webkit-font-smoothing: antialiased; appearance: optimizelegibility; =
color: #404040; font-family: 'SF Compact Display', -apple-system, BlinkMacS=
ystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color E=
moji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.125em; font-weight=
: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; position: relative;">=
Klimt to Test How High the Top of the Market Is for the Right Work</h4><div=
class=3D"captioned-image-container-static" style=3D"font-size: 16px; line-=
height: 26px; margin: 32px auto;"><figure style=3D"margin: 0 auto; width: 1=
00%;"><table class=3D"image-wrapper" width=3D"100%" border=3D"0" cellspacin=
g=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"1456" style=3D"text=
-align: center;"><a class=3D"image-link" target=3D"_blank" href=3D"https://=
substack.com/redirect/33247037-d301-458f-97d0-d3b4d5da52ca?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"{"src":"https://substack-post-m=
edia.s3.amazonaws.com/public/images/f1d3dee5-43b5-4067-8952-2ea616f0d305_23=
45x2362.jpeg","fullscreen":null,"imageSize":null,&=
quot;height":1467,"width":1456,"resizeWidth":null,=
"bytes":7454482,"alt":null,"title":null,"=
;type":"image/jpeg","href":null,"belowTheFold=
":true,"topImage":false,"internalRedirect":null}" =
alt width=3D"550" height=3D"554.1552197802198" class=3D"wide-image" src=3D"=
https://substackcdn.com/image/fetch/w_2912,c_limit,f_auto,q_auto:good,fl_pr=
ogressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic=
%2Fimages%2Ff1d3dee5-43b5-4067-8952-2ea616f0d305_2345x2362.jpeg" style=3D"-=
ms-interpolation-mode: bicubic; border: none !important; display: block; he=
ight: auto; margin: 0 auto; margin-bottom: 0; max-width: 100% !important; v=
ertical-align: middle; width: auto !important;"></a></td><td style=3D"text-=
align: center;"></td></tr></tbody></table></figure></div><p style=3D"color:=
#404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><span>So=
theby’s success with Gustav Klimt in May has brought another work, </=
span><em>Dame mit Facher</em><span> from 1918, to market. Found on the ease=
l in the Klimt’s studio after his death from complications brought on=
by the global influenza epidemic, this last work by the artist will be sol=
d on June 27th in London and has an estimate in the region of $80 million. =
The sale follows the $53 million sale of </span><em>Insel am Attersee</em><=
span> in New York. Sotheby’s would rather you were reminded that the =
artist’s </span><em>Birch Forest</em><span> made $104 million in the =
Paul Allen sale. Or that the </span><em>Portrait of Adele Bloch-Bauer II</e=
m><span> made $87.9 million at auction seventeen years ago. Perhaps more to=
the point, the first </span><em>Portrait of Adele Bloch-Bauer </em><span>s=
old privately the year before to Ronald Lauder for $135 million. </span></p=
><h4 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: #404040; font-family: 'SF Compact Display', -apple-system, =
BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Appl=
e Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.125em; fo=
nt-weight: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; position: re=
lative;">Forget the Basquiat Warhol Connection. What About Basquiat and Pic=
asso?</h4><div class=3D"captioned-image-container-static" style=3D"font-siz=
e: 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"Image2ToDOMS=
tatic" 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"1456" s=
tyle=3D"text-align: center;"><a class=3D"image-link" target=3D"_blank" href=
=3D"https://substack.com/redirect/3769a92c-13ed-426b-b18c-d16f3ebd0543?j=3D=
eyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=
=3D"align-items: center; border: none; display: block; flex-direction: colu=
mn; height: auto; margin: 0; padding: 0; position: relative; text-decoratio=
n: none; width: auto;"><img data-attrs=3D"{"src":"https://su=
bstack-post-media.s3.amazonaws.com/public/images/34ee2c59-2c2e-4586-9e29-38=
8cefc64625_3991x4000.jpeg","fullscreen":null,"imageSize=
":null,"height":1459,"width":1456,"resizeWidt=
h":null,"bytes":6906448,"alt":null,"title&quo=
t;:null,"type":"image/jpeg","href":null,"=
;belowTheFold":true,"topImage":false,"internalRedirect&=
quot;:null}" alt width=3D"550" height=3D"551.1332417582418" class=3D"wide-i=
mage" src=3D"https://substackcdn.com/image/fetch/w_2912,c_limit,f_auto,q_au=
to:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws=
=2Ecom%2Fpublic%2Fimages%2F34ee2c59-2c2=
e-4586-9e29-388cefc64625_3991x4000.jpe=
g" style=3D"-ms-interpolation-mode: bicubic; border: none !important; displ=
ay: block; height: auto; margin: 0 auto; margin-bottom: 0; max-width: 100% =
!important; vertical-align: middle; width: auto !important;"></a></td><td s=
tyle=3D"text-align: center;"></td></tr></tbody></table></figure></div><p st=
yle=3D"color: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px=
0;">Jean-Michel Basquiat’s portrait of Pablo Picasso, previously sol=
d at Christie’s in 2007 for £1 million, is coming back to Christ=
ie’s June 28th with a £4.5 million estimate. There has been a bi=
g change in the value of the pound. The exchange rate in February 2007 was =
$1.95 to £1. That means, the buyer would have had to pay $2 million. T=
oday, the £4.5 million estimate works out to around $6 million. A lot =
has also happened in the Basquiat market since the previous sale. So the re=
sults for this one will be interesting. </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-wi=
dget" style=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoothing=
: antialiased; -webkit-appearance: optimizelegibility; -webkit-font-smoothi=
ng: antialiased; appearance: optimizelegibility; color: #404040; font-famil=
y: 'SF Compact Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', Rob=
oto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', '=
Segoe UI Symbol'; font-size: 1.625em; font-weight: bold; line-height: 1.16e=
m; margin: 1em 0 0.625em 0; position: relative;">Deep Cuts</h2><h4 class=3D=
"header-with-anchor-widget" style=3D"-moz-appearance: optimizelegibility; -=
moz-osx-font-smoothing: antialiased; -webkit-appearance: optimizelegibility=
; -webkit-font-smoothing: antialiased; appearance: optimizelegibility; colo=
r: #404040; 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: 1.125em; font-weight: bo=
ld; line-height: 1.16em; margin: 1em 0 0.625em 0; position: relative;">Osca=
r Howe Makes $550,000 for two works at John Moran</h4><div class=3D"caption=
ed-image-container-static" style=3D"font-size: 16px; line-height: 26px; mar=
gin: 32px auto;"><figure style=3D"margin: 0 auto; width: 100%;"><table clas=
s=3D"image-wrapper" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpaddi=
ng=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"1212" style=3D"text-align: center;"><a=
class=3D"image-link" target=3D"_blank" href=3D"https://substack.com/redire=
ct/e9ce2cfa-1df9-43a3-b50b-d1daedd3123a?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0=
jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"align-items: center; border:=
none; display: block; flex-direction: column; height: auto; margin: 0; pad=
ding: 0; position: relative; text-decoration: none; width: auto;"><img data=
-attrs=3D"{"src":"https://substack-post-media.s3.amazonaws.c=
om/public/images/b911a477-7b53-4ced-8c9f-d9c1f4a21c5c_1212x924.png",&q=
uot;fullscreen":null,"imageSize":null,"height":924=
,"width":1212,"resizeWidth":null,"bytes":1990=
147,"alt":null,"title":null,"type":"imag=
e/png","href":null,"belowTheFold":true,"topIm=
age":false,"internalRedirect":null}" alt width=3D"550" heigh=
t=3D"419.3069306930693" class=3D"wide-image" src=3D"https://substackcdn.com=
/image/fetch/w_2424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3=
A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb911a477-7b=
53-4ced-8c9f-d9c1f4a21c5c_1212x924.png" style=3D"-ms-interpolation-mode: bi=
cubic; border: none !important; display: block; height: auto; margin: 0 aut=
o; margin-bottom: 0; max-width: 100% !important; vertical-align: middle; wi=
dth: auto !important;"></a></td><td style=3D"text-align: center;"></td></tr=
></tbody></table><figcaption class=3D"image-caption" style=3D"box-sizing: c=
ontent-box; color: #808080; font-size: 14px; font-weight: 400; letter-spaci=
ng: -.15px; line-height: 20px; margin-top: 8px; padding-left: 15%; padding-=
right: 15%; text-align: center; width: 70%;">Oscar Howe, Camte Waste, No No=
Wa (Good Heart Forever) estimated at $12,000 sold for $325,000</figcaption=
></figure></div><div class=3D"captioned-image-container-static" style=3D"fo=
nt-size: 16px; line-height: 26px; margin: 32px auto;"><figure style=3D"marg=
in: 0 auto; width: 100%;"><table class=3D"image-wrapper" width=3D"100%" bor=
der=3D"0" cellspacing=3D"0" cellpadding=3D"0" data-component-name=3D"Image2=
ToDOMStatic" 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=
"1210" style=3D"text-align: center;"><a class=3D"image-link" target=3D"_bla=
nk" href=3D"https://substack.com/redirect/6880edad-9c2b-4b92-90c6-abe6ef151=
d95?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" re=
l style=3D"align-items: center; border: none; display: block; flex-directio=
n: column; height: auto; margin: 0; padding: 0; position: relative; text-de=
coration: none; width: auto;"><img data-attrs=3D"{"src":"htt=
ps://substack-post-media.s3.amazonaws.com/public/images/68e8d483-bf88-4de9-=
9207-1fa4bf30faae_1210x1126.png","fullscreen":null,"ima=
geSize":null,"height":1126,"width":1210,"resi=
zeWidth":null,"bytes":2558691,"alt":null,"tit=
le":null,"type":"image/png","href":null,=
"belowTheFold":true,"topImage":false,"internalRedi=
rect":null}" alt width=3D"550" height=3D"511.8181818181818" class=3D"w=
ide-image" src=3D"https://substackcdn.com/image/fetch/w_2420,c_limit,f_auto=
,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amaz=
onaws.com%2Fpublic%2Fimages%2F68e8d483-bf88-4de9-9207-1fa4bf30faae_1210x112=
6.png" style=3D"-ms-interpolation-mode: bicubic; border: none !important; d=
isplay: block; height: auto; margin: 0 auto; margin-bottom: 0; max-width: 1=
00% !important; vertical-align: middle; width: auto !important;"></a></td><=
td style=3D"text-align: center;"></td></tr></tbody></table><figcaption clas=
s=3D"image-caption" style=3D"box-sizing: content-box; color: #808080; font-=
size: 14px; font-weight: 400; letter-spacing: -.15px; line-height: 20px; ma=
rgin-top: 8px; padding-left: 15%; padding-right: 15%; text-align: center; w=
idth: 70%;">Oscar Howe, Koda, Nape Ciuza (Friend, I Shake Your Hand) from 1=
966 estimated at $12,000 sold for $225,000</figcaption></figure></div><p st=
yle=3D"color: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px=
0;"><span>The art market is waking up to the value of indiginous art. Not =
surprisingly, the competition from bidders follows a major museum show. In =
this case, Oscar Howe, a Sioux artist who died in 1983 after a career where=
he combined traditional epistemology with modern aesthetic forms, was the =
subject of retrospective in 2022 at the Smithsonian’s National Museum=
of the American Indian in New York. </span><em>Dakota Modern: The Art of O=
scar Howe</em><span> was developed jointly with the Portland Art Museum whe=
re it was on display until last month. The show just opened at the South Da=
kota Art Museum. The works sold at Moran were both gouaches on paper. </spa=
n></p><div style=3D"font-size: 16px; line-height: 26px;"><hr style=3D"backg=
round: #e0e0e0; border: none; height: 1px; margin: 32px 0; padding: 0;"></d=
iv><h2 class=3D"header-with-anchor-widget" style=3D"-moz-appearance: optimi=
zelegibility; -moz-osx-font-smoothing: antialiased; -webkit-appearance: opt=
imizelegibility; -webkit-font-smoothing: antialiased; appearance: optimizel=
egibility; color: #404040; font-family: 'SF Compact Display', -apple-system=
, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Ap=
ple 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: #404040; =
font-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0; padding-le=
ft: 4px;"><strong><a href=3D"https://substack.com/redirect/608fb72c-5038-4f=
19-a39c-e043d99a9877?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx=
6Fx_g6pp7gWdY" rel style=3D"color: #404040; text-decoration: underline;">Co=
lony IM in Talks to Buy Stake in Art Gallery Perrotin</a><span>:</span></st=
rong><span> One of the least discussed aspects of the globalizing art marke=
t is how primary galleries are funding their expansions. Capital for the so=
-called mega-galleries usually comes from private sources. So it was very i=
nteresting to see Bloomberg report earlier this week that Perrotin is in ta=
lks to sell 60% of its business to Colony Investment Management run by Nadr=
a Moussalem. The unusual amount of information coming out before the deal h=
as Perrotin generating $151 million in sales in 2022 from locations in eigh=
t cities around the world. That the investment comes from a real estate ass=
et manager isn’t an anomaly. The pre-deal PR suggests Perrotin hopes =
to expand to Zurich, London, Bangkok or Istanbul which is a grab bag of mar=
kets without a clear profile. (Zurich is a very different real estate marke=
t than Istanbul.) If the deal goes through, it will mark an important shift=
toward institutional structuring of global galleries. The five largest glo=
bal galleries remain family businesses despite a decade of increased profes=
sionalization. Though luxury goods conglomerates have begun to sniff around=
these “brands,” they remain structured in a way that is inimic=
al to being converted to divisions in a brand portfolio. The Perrotin deal =
could be an important test case toward that direction.</span></p></li><li s=
tyle=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; color: #=
404040; font-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0; pa=
dding-left: 4px;"><strong><a href=3D"https://substack.com/redirect/331ce34d=
-2c02-490d-8e4e-73cf933f44ee?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5=
iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: #404040; text-decoration: underl=
ine;">Cappellazzo on the Big Picture in Art Auctions and Investment</a><spa=
n>:</span></strong><span> It’s been 17 years since Amy Cappellazzo be=
nt noses out of joint by comparing auction houses to big box retailers and =
primary galleries to mom-and-pop stores. Big box retailing isn’t the =
growth driver anymore and Cappellazzo no longer works at an auction house. =
(Those mom-and-pops aren’t quite what they used to be either. That cr=
ack came from a panel where Cappellazzo appeared with David Zwirner, among =
others, who is now anything but an antiquated retailer.)  She may be a=
polarizing figure but Cappellazzo is always good for a few well-turned phr=
ases. In this appearance with Bloomberg’s James Tarmy, the art adviso=
r sees some opportunities in “beat-up blue chip” artists. She s=
ays her clients are “judicious about being in a buying mood” an=
d they’re looking for anything selling at 10-20% discount as long as =
there is “volume and traction” in the trading of the artistR=
17;s work. </span></p></li><li style=3D"margin: 8px 0 0 32px;"><p styl=
e=3D"box-sizing: border-box; color: #404040; font-size: 16px; line-height: =
26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><strong>Speaking of =
10-20% Discounts… </strong><span>Art Basel fairgoers are filtering ba=
ck with reports of “no fireworks but solid” sales. One seasoned=
collector estimates that people overall were asking for 15-20% discounts o=
n secondary sales and “usually getting it.” </span></p></li><li=
style=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; color:=
#404040; font-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0; =
padding-left: 4px;"><strong>Who consigned that Rothko at Basel?</strong><sp=
an> As the market recalibrates toward lower price points, a few trophy item=
s are still circulating at auction and art fairs. The one that caught the p=
ress’s attention in Basel was a yellow Rothko on the Acquavella booth=
with a $60 million asking price. Reports had the work on hold. It had been=
sold in 2014 at Sotheby’s from the Bunny Mellon estate for $36.5 mil=
lion. The buyer was a well-known engrosser who often consigns work to galle=
ries across the world and at Basel. The work appeared in a Rothko show in a=
New York in 2016. Oddly, multiple fair reports were sure the consignor was=
now Steve Wynn. That may be so. But it seems unlikely that Wynn would have=
paid a premium some time in the last seven years only to try to sell in th=
e current decelerating market. We’re often told by the auction houses=
and art advisors that there is still substantial demand for masterpiece wo=
rks even after the post-Allen sale pause. The last major Rothko to be sold =
publicly was the Macklowe’s </span><em>No. 7</em><span> which made $8=
2.4 million in their November 2021 sale. That market seems like a different=
world now. The engrosser (or Wynn) is under no pressure to sell. The engro=
sser has a longer time horizon than most collectors which gives them the op=
tion of time where others might choose a discount. That raises a question: =
Was the Rothko was being offered because there was a legitimate belief some=
of that big money is still looking for masterpiece works? A $60 million Ro=
thko at a 15% discount is a $50 million Rothko which seems like a deal comp=
ared with an $82 million painting. That also gives the engrosser a 30% retu=
rn (assuming some fees.) </span></p></li><li style=3D"margin: 8px 0 0 32px;=
"><p style=3D"box-sizing: border-box; color: #404040; font-size: 16px; line=
-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><strong><a =
href=3D"https://substack.com/redirect/799a8c40-85ec-4fc7-895b-61b5043cb550?=
j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel st=
yle=3D"color: #404040; text-decoration: underline;">James Murdoch Breaks Hi=
s Silence</a><span> (sort of): </span></strong><span>James Murdoch doesn=
217;t do much press. So it is worth paying attention when he does a podcast=
interview with Artnet even if we need to focus more on what’s not sa=
id than what he actually says: “[I]n the future there are ways to thi=
nk about the Art Basel brand, not just about the signal events, meaning the=
big fairs. I’m not sure how many big fairs the market sustains. [=
230;] But I think there’s an appetite for culture and particularly fo=
r really exciting, new, and challenging storytelling [….] So the comb=
ination of the curatorial excellence, the brand, the commercial knowhow, et=
c., that can all be developed—and much of it is there—can lead =
to other types of experiences that will emerge in different places as we mo=
ve forward. If you look at the growth in the immersive environments today, =
[…] I think there’s a real appetite and a demand for things tha=
t are different and new, and you want to be in the business of working with=
creators that are developing new ideas for these communities as you go alo=
ng.” </span><strong>Translation:</strong><span> Murdoch’s not w=
rong about the growth of art beyond the actual selling of art. Art Basel Mi=
ami has demonstrated that there’s a huge appetite for sharing the art=
experience in some way that isn’t attending an art fair. Indeed, the=
power of Art Basel’s brand derives in no small part from the quarter=
-century of success in Miami. That said, Murdoch also seems to be telegraph=
ing that growth is something Art Basel’s management needs to figure o=
ut. That may be one reason that Art Basel itself has been restructured with=
in MCH to have its own CEO, a head of art fairs to whom each of the individ=
ual fair directors report, and a growing corporate infrastructure that migh=
t help it reach that audience interested in art as an experience. (For more=
on this, see the </span><a href=3D"https://substack.com/redirect/59e71e23-=
450a-4cae-9a14-c15d13841921?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5i=
RnigHXx6Fx_g6pp7gWdY" rel style=3D"color: #404040; text-decoration: underli=
ne;">Artelligence podcast interview with Art Basel CEO Noah Horowitz</a><sp=
an>. </span></p></li></ol><div style=3D"font-size: 16px; line-height: 26px;=
"><hr style=3D"background: #e0e0e0; border: none; height: 1px; margin: 32px=
0; padding: 0;"></div><h4 class=3D"header-with-anchor-widget" style=3D"-mo=
z-appearance: optimizelegibility; -moz-osx-font-smoothing: antialiased; -we=
bkit-appearance: optimizelegibility; -webkit-font-smoothing: antialiased; a=
ppearance: optimizelegibility; color: #404040; font-family: 'SF Compact Dis=
play', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Ar=
ial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; =
font-size: 1.125em; font-weight: bold; line-height: 1.16em; margin: 1em 0 0=
=2E625em 0; position: relative;">A Run=20=
on Prince? Is the Warhol Market Search=
ing for Prince Paintings?</h4><div class=3D"captioned-image-container-stati=
c" style=3D"font-size: 16px; line-height: 26px; margin: 32px auto;"><figure=
style=3D"margin: 0 auto; width: 100%;"><table class=3D"image-wrapper" widt=
h=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"conte=
nt" width=3D"750" style=3D"text-align: center;"><a class=3D"image-link" tar=
get=3D"_blank" href=3D"https://substack.com/redirect/50c58dea-90d4-4f27-8ee=
c-61115e2b4a2e?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"{"src"=
;:"https://substack-post-media.s3.amazonaws.com/public/images/9b9da63e=
-9b35-4fa6-ad04-abac2e42051f_750x469.jpeg","fullscreen":null=
,"imageSize":null,"height":469,"width":750,&q=
uot;resizeWidth":null,"bytes":102048,"alt":null,&q=
uot;title":null,"type":"image/jpeg","href&quo=
t;:null,"belowTheFold":true,"topImage":false,"inte=
rnalRedirect":null}" alt width=3D"550" height=3D"343.93333333333334" c=
lass=3D"wide-image" src=3D"https://substackcdn.com/image/fetch/w_1500,c_lim=
it,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-medi=
a.s3.amazonaws.com%2Fpublic%2Fimages%2F9b9da63e-9b35-4fa6-ad04-abac2e42051f=
_750x469.jpeg" style=3D"-ms-interpolation-mode: bicubic; border: none !impo=
rtant; 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><figcapt=
ion class=3D"image-caption" style=3D"box-sizing: content-box; color: #80808=
0; font-size: 14px; font-weight: 400; letter-spacing: -.15px; line-height: =
20px; margin-top: 8px; padding-left: 15%; padding-right: 15%; text-align: c=
enter; width: 70%;">Eric Doeringer, Prince Series at A Hug from the Art Wor=
ld from June 22, 2023</figcaption></figure></div><p style=3D"color: #404040=
; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><span>You can=
217;t blame the </span><em>Wall Street Journal </em><span>for trying to com=
e up with a novel take on the Warhol Foundation’s fortuitous loss to =
photographer Lynn Goldsmith. </span><a href=3D"https://substack.com/redirec=
t/a868287f-dfae-4dc6-9553-e148ddf1ddf3?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0j=
QmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: #404040; text-decorati=
on: underline;">The premise is that the notoriety surrounding the Supreme C=
ourt opinion has made the Prince series, tangentially discussed in the opin=
ion, more </a><span>sought after. Unfortunately, the article is at pains to=
demonstrate an increase of demand for these thinly traded works. Readers a=
re basically asked to take Alberto Mugrabi’s word for it—and he=
doesn’t even have one to sell.</span></p><p style=3D"color: #404040;=
font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">If the mystery de=
mand is out there, Mugrabi reckons “those paintings could totally sel=
l for $1 million apiece.” That sounds pretty impressive when the last=
Prince series painting sold at auction for $40,000. But that was nearly 24=
years ago and the painting was quite small. So it is worth looking at=
the market for Warhol celebrity portraits for comparables.</p><p style=3D"=
color: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><s=
pan>Among Warhol’s celebrity portraits there are a number of images t=
hat have been quite valuable for a long time. An example of the </span><em>=
<a href=3D"https://substack.com/redirect/4e021dae-e5a8-4c7a-a1c4-0fe2b52200=
b3?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel=
style=3D"color: #404040; text-decoration: underline;">Muhammad Ali</a></em=
><a href=3D"https://substack.com/redirect/4e021dae-e5a8-4c7a-a1c4-0fe2b5220=
0b3?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" re=
l style=3D"color: #404040; text-decoration: underline;"> (1978) sold in 200=
7 for $9.2 million</a><span>. In 2019, another version from 1977 made $10 m=
illion. A year later, yet another darker 1977 version sold for $6.4 million=
=2E Then in 2021, </span><a href=3D"http=
s://substack.com/redirect/ec9f5cd3-a4=
4e-4314-9199-8f4b6dbbe1a9?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRn=
igHXx6Fx_g6pp7gWdY" rel style=3D"color: #404040; text-decoration: underline=
;">still another 1977 version made $18.1 million</a><span>. </span></p=
><p style=3D"color: #404040; font-size: 16px; line-height: 26px; margin: 0 =
0 20px 0;"><span>Ali may be a special case. But there are plenty of other f=
igures from the music industry to compare with Prince. </span><a href=3D"ht=
tps://substack.com/redirect/d04fe81a-8ec1-4a9e-aa65-b5b3887dca93?j=3DeyJ1Ij=
oiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"col=
or: #404040; text-decoration: underline;">Mick Jagger’s Warhol portra=
it was sold for $1.4 million</a><span> a dozen years ago. Want to go with a=
different musical genre? </span><em><a href=3D"https://substack.com/redire=
ct/0f6af113-a7dd-45ce-b123-85622e84431c?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0=
jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: #404040; text-decorat=
ion: underline;">Dolly Parton</a></em><a href=3D"https://substack.com/redir=
ect/0f6af113-a7dd-45ce-b123-85622e84431c?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d=
0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: #404040; text-decora=
tion: underline;"> from 1985 sold for $914,500 in 2010</a><span>. Two subse=
quent sales saw her price drop but the image isn’t Warhol’s bes=
t work. (The same can be said for most of the Prince series images.) <=
/span></p><p style=3D"color: #404040; font-size: 16px; line-height: 26px; m=
argin: 0 0 20px 0;"><span>The price of a Warhol portrait doesn’t alwa=
ys correlate with fame. The Michael Jacksons from 1984 have not posted stro=
ng public results. The top price for one of those was </span><a href=3D"htt=
ps://substack.com/redirect/f3944243-6286-4ab0-b837-e9124b3cc953?j=3DeyJ1Ijo=
iMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"colo=
r: #404040; text-decoration: underline;">achieved in 2009 at $812,500</a><s=
pan> That was five months after the pop star died. </span></p><p styl=
e=3D"color: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0=
;"><span>Notoriety adds some value to the portraits. </span><em>Pia Zadora =
</em><span>(1983) wasn’t much of a singer or an actress but her portr=
aits had a boomlet a decade ago </span><a href=3D"https://substack.com/redi=
rect/b7d98f03-8fb9-46de-975d-4a93cd957f22?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1=
d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: #404040; text-decor=
ation: underline;">when one made $614,500</a><span> and another </span><a h=
ref=3D"https://substack.com/redirect/fbb61df8-141f-4610-96e2-96987e5ea36d?j=
=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel sty=
le=3D"color: #404040; text-decoration: underline;">clocked $670,809 four ye=
ars later in Hong Kong</a><span>.   </span></p><p style=3D"c=
olor: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><sp=
an>Zadora didn’t have much of a cool factor but Debbie Harry’s =
portrait has been a winner. In 2014, </span><a href=3D"https://substack.com=
/redirect/d64ef77d-6b39-4db3-85da-66be9f0b43dd?j=3DeyJ1IjoiMjdjZXI5In0.nCNh=
OM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: #404040; text-=
decoration: underline;">a version of the 1980 work made $3 million</a><span=
> at auction. Earlier this year, </span><a href=3D"https://substack.com/red=
irect/4b503324-67eb-45c3-9183-bc0d24eaf978?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c=
1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: #404040; text-deco=
ration: underline;">a brighter pink example made $7.8 million</a><span>.=
60;</span></p><p style=3D"color: #404040; font-size: 16px; line-height: 26p=
x; margin: 0 0 20px 0;">Warhol’s standard celebrity portrait size was=
a 40 by 40 inch square but the Prince series paintings are smaller. Nevert=
heless, a number of the 20 x 16 formats Warhol liked so much have sold for =
prices above $1 million. Those include such recognizable Warhol visual trop=
es as dollar signs, Jackie’s, Marilyn reversals and Campbell’s =
soup cans. Does Prince’s image rank with those classic Warhol images?=
Probably not. So maybe Mugrabi’s million-dollar appraisal is a stret=
ch. If the demand does materialize bringing some of the Prince works to the=
private market or to auction, there’s an alternative for underbidder=
s. </p><p style=3D"color: #404040; font-size: 16px; line-height: 26px;=
margin: 0 0 20px 0;"><span>A Hug from the Art World is opening an exhibiti=
on of appropriation artist Eric Doeringer’s own </span><a href=3D"htt=
ps://substack.com/redirect/03122e2e-1438-4eba-b328-3d2e62767aaf?j=3DeyJ1Ijo=
iMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"colo=
r: #404040; text-decoration: underline;">Prince series (see above) that wil=
l be on view starting June 22nd</a><span>. Whatever the current price of Wa=
rhol’s Prince series, Doeringer’s versions will surely be a cos=
t-effective alternative.</span></p><div style=3D"font-size: 16px; line-heig=
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