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Subject: A $59M Basquiat Bounty & a Monet Match
From: Artelligence <artelligence@substack.com>
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View this post on the web at https://artelligence.substack.com/p/a-59m-basq=
uiat-bounty-and-a-monet
Welcome to Artelligence
If you have questions, feel free to contact me using the button below.=20
In This Issue
Notes: What=E2=80=99s wrong with Tamara de Lempicka?; Sotheby=E2=80=99s Hon=
g Kong pre-sale stats; a note on the evolution of Artelligence
Lot Watch: A professor=E2=80=99s Basquiats & the Nelson-Atkins=E2=80=99 Mon=
et
Notes
The Comeback Kid: It=E2=80=99s great that the Broadway musical of Tamara de=
Lempicka=E2=80=99s life is opening soon. And yet the Times has marked [ ht=
tps://substack.com/redirect/ec60b378-be9c-48f5-a9ab-06a9c429310d?j=3DeyJ1Ij=
oiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ] the occasion, i=
n semi-characteristic fashion, by mischaracterizing the painter=E2=80=99s r=
eputation as a woefully overlooked underachiever=E2=80=94=E2=80=9Ca queer w=
oman and an ambitious painter, who has often been undervalued, in the art m=
arket and beyond,=E2=80=9D as the appraisal put it. Or, to quote from a cur=
ator at an upcoming retrospective at the de Young Museum in San Francisco, =
she was =E2=80=9Cdiminished to a phenomenon pertaining to the Art Deco peri=
od, a phenomenon of decoration, of fashion, rather than a great painter and=
a fantastic draftsperson.
And yet Tamara de Lempicka=E2=80=99s work has been highly valued by celebri=
ty and fashion designer collectors for decades=E2=80=94and, more recently, =
as a new generation of buyers have entered the picture. (Indeed, the Times =
notes that Barbra and Madonna are fans=E2=80=A6) In fact, the funny thing a=
bout the artist is that she=E2=80=99s one of those painters beloved by the =
market who simply never received critical attention=E2=80=94which is why th=
e retrospective is such a big deal=E2=80=94probably because she painted in =
a number of derivative styles but none as unique as her Art Deco portraits.=
It=E2=80=99s also a strange complaint because most artists are defined by =
a singular style. Mark Rothko, call your office!
The Dragon Tames Hong Kong: Sotheby=E2=80=99s Spring Hong Kong sales cycle =
has already begun. Friday evening Hong Kong time, The Now sales opens the M=
odern and Contemporary art sales. This season, there are 188 lots with a pr=
e-sale value of $99 million. That=E2=80=99s half of the lots and 75% of the=
value of last year=E2=80=99s comparable sales. The top lots by estimate in=
this season=E2=80=99s sales are a Yoshitomo Nara, a 60s Picasso, a Monet a=
nd works by Yayoi Kusama, Zao Wou-ki, Nicolas Party, among others.=C2=A0
The Change Will Do Us Good: If you=E2=80=99ve been paying attention, you=E2=
=80=99ve noticed a change in tone for the newsletter. Today, we=E2=80=99re =
doing more work on the formatting. Next week we=E2=80=99ll have some furthe=
r news on the evolution of Artelligence.=C2=A0=C2=A0
A Basquiat Renaissance
Phillips to Offer Three Early Works with $58.5m in Estimates
Today, Phillips announced that it would sell three Basquiats: the large unt=
itled (ELMAR), estimated at $40 million during New York=E2=80=99s May sales=
; and Native Carrying Some Guns, Bibles Amorites on Safari, with a $12 mill=
ion estate two weeks later in its Hong Kong sales. A third work from 1981, =
Untitled (Portrait of a Famous Ballplayer), will also be sold on May 14th w=
ith a $6.5 million estimate.=C2=A0
Phillips has been punching above its weight in the Basquiat realm for some =
time now, specializing in works that come from either the artist=E2=80=99s =
estate or early collectors with deep personal ties to him. In 2019, the hou=
se sold a self portrait from 1983 painted on two doors that was owned by Ma=
tt Dike, who would later collaborate with the Beastie Boys by contributing =
many of the samples to their seminal album, Paul=E2=80=99s Boutique. Before=
that, Dike had been Basquiat=E2=80=99s minder when the painter was living =
in Los Angeles and creating work for Larry Gagosian=E2=80=99s gallery. Work=
s from that brief moment are now the subject of a landmark show [ https://s=
ubstack.com/redirect/6c805013-b36b-4854-a3ad-730bfe84fbfa?j=3DeyJ1IjoiMjdjZ=
XI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ] at Gagosian=E2=80=99s =
Beverly Hills exhibition space. The self portrait sold for $9.5 million.=C2=
=A0
The year before that, Phillips sold from the Basquiat estate Flexible from =
1984, one of the artist=E2=80=99s distinctive works on a slatted armature l=
ike a shipping pallet, to David Geffen for $45 million. Phillips continued =
their partnership with the estate by sponsoring the family=E2=80=99s remark=
ably popular for-profit King Pleasure exhibition that has been mounted in N=
ew York and Los Angeles.=C2=A0
As time passes, finding works with provenance close to Basquiat himself is =
becoming more and more difficult. In 1984, Francesco Pellizzi, an anthropol=
ogy professor and journal editor who was married to Dia co-founder Philippa=
de Menil in the early 1970s and died last year, began to collect Basquiat=
=E2=80=99s work. In the de Menil tradition, Pellizzi had been buying minima=
lism, but the ferment of the East Village art scene clearly attracted his i=
nterest. He entertained artists like Warhol, Francesco Clemente, and Basqui=
at at his east side townhouse. And he ended up buying works by many of the =
East Village art stars, including two 1982 Basquiat works=E2=80=94a large, =
dramatic painting and heavily text-based work on an unconventional stretche=
r=E2=80=94from Anina Nosei, the dealer who did so much early on to establis=
h Basquiat, including providing him his first studio space where he convert=
ed his street-art style into more conventional painting.=C2=A0
The consignment comes at a time when Basquiat=E2=80=99s auction volume has =
been high. According to LiveArt=E2=80=99s data, sales in 2021 peaked at $43=
9 million. The previous high water year had been 2017, when $345 million of=
Basquiat=E2=80=99s work sold, including the $110 million untitled head. In=
the past, peak years were followed by significant drops in sales. In 2022,=
the auction volume did drop to $221 million only to rise again in 2023 to =
$235 million setting up the potential for continuing demand this year.=C2=
=A0
Mo=E2=80=99 Monet, Mo=E2=80=99 Problems
The auction world is filled with coincidences that seem like cause and effe=
ct. Random events often coincide to create what appears to be a narrative. =
Take the Monet painting of The Mill at Limetz that Christie=E2=80=99s annou=
nced earlier this week that it will offer in May with an $18 million low es=
timate. A similar work was offered last season at Sotheby=E2=80=99s with a =
$12 million estimate [ https://substack.com/redirect/d4ea7c2c-acb9-4df7-817=
8-5f2553a6d593?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6=
pp7gWdY ]. It sold for a surprisingly strong $25 million with fees. There w=
ere multiple bidders still chasing the work even after the auctioneer cried=
out $20 million.=C2=A0
From the outside, it looks like Christie=E2=80=99s noticed the interest in =
Monet and went looking for another version now that Monet=E2=80=99s multipl=
e takes on a single view have become so prized by collectors. (So prized th=
at the auction houses are now playing up the fact that Monet often painted =
different works from the same vantage point long before he settled into the=
late series works.) Cool story. The reality is a lot more interesting, tho=
ugh.=C2=A0
In the background, there=E2=80=99s been a huge run-up in the value of Monet=
=E2=80=99s paintings. It=E2=80=99s not like they were cheap to begin with; =
however, during the pandemic, the price of Monets rose dramatically [ https=
://substack.com/redirect/252f9df1-8d0a-4db2-a56f-a708d6c5e549?j=3DeyJ1IjoiM=
jdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]. Paintings that ha=
d sold for around $25 to $30 million in the late twenty teens were selling =
in 2021 for $50 million. Two very similar views of a corner of Monet=E2=80=
=99s water lily garden painted in 1918 were sold on either side of the pand=
emic divide. The first sold in May 2019 for $21.8 million; by November of 2=
021, the second, arguably better, work sold for $50.8 million.=C2=A0
Was that painting almost 150 percent better? Probably not. Were the wealthy=
so flush with ZIRP-era pandemic liquidity that the price rise didn=E2=80=
=99t matter? Would it all be sustainable after the art market came back to =
earth? The value of Monets at auction had already moved up as early as 2012=
when the art market began to reach escape velocity from the global financi=
al crisis. The top price paid for a work by Monet at auction came in 2019 w=
hen Hasso Plattner, the billionaire founder of SAP, bought an 1890 grainsta=
ck for $110 million.=C2=A0
In the biggest years for Monet=E2=80=99s auction volume, according to LiveA=
rt=E2=80=99s data, annual sales surpassed $300 million, peaking at $337 mil=
lion in 2015 and $357 million in 2018. In 2022, as the world reopened, that=
figure reached an astonishing $540 million. What makes it even more startl=
ing was that the bulk of the sales for 2022 took place in the first half of=
the year.=C2=A0
______
Market Volatility
What caused the Monet market to shut off in mid-2022? It doesn=E2=80=99t ap=
pear that the demand went away, even if rising interest rates have restrain=
ed the art market=E2=80=99s animal spirits in the last year and a half. Wit=
h values for Monet=E2=80=99s best works continuing to rise even as the art =
market entered its sober era, there was little incentive to sell.=C2=A0
Monet=E2=80=99s Mill at Limetz is one of a pair of works that Monet made in=
1888 with the same title. Both works peer across a small body of water at =
a stone mill and bridge obscured in the background by trees hanging over th=
e near bank. In one work, the mill is brilliantly illuminated behind the bl=
ue-lavender shadows of the trees. In the other, the sun dapples the foregro=
unded trees and lights up the water that lies in between the mill and the b=
ank with vibrant greens. Each work showcases a different aspect of Monet=E2=
=80=99s skill depicting light and shadow.=C2=A0=C2=A0
Each work spent the bulk of the 20th Century in the hands of rich Midwester=
n American families. One was owned for more than a hundred years by the Pal=
mers of Chicago. Potter Palmer built the department store that would become=
Marshall Field before developing real estate in the center of the city and=
reclaiming the land that would become Lake Shore Drive. He bought his Mill=
at Limetz in 1892, four years after it was painted. A hundred and thirty y=
ears later, the painting was still in the Palmer family but had grown so va=
luable that it was offered at Sotheby=E2=80=99s with a very conservative $1=
2 million estimate. The $25 million selling price was a windfall that valid=
ated the decision.=C2=A0
We now know that the buyer was also Plattner. The painting is now listed am=
ong the 113 Plattner works housed at the Museum Barberini in Potsdam, Germa=
ny [ https://substack.com/redirect/2a9ec6fc-a04e-480e-97c1-ea5911860bba?j=
=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]. More =
than a third of those holdings, 39 paintings including the $110 million gra=
instack and another grainstack in winter, are by Monet. In many ways, Platt=
ner has been the market for Monet. Of those 39 works in Potsdam, at least 2=
1 were on the auction block in the last 22 years. Nearly half were auctione=
d in the last eight years. The total bill at auction for these works was mo=
re than $414 million. That=E2=80=99s a huge investment in one artist by jus=
t one collector.
_____
The Folgers Element
You can see how this looks. The Palmer=E2=80=99s mill makes $25 million at =
auction and the owner of the other version sits up and takes notice. Or, Ch=
ristie=E2=80=99s, ever-aware of what their rival is doing, makes a few call=
s to the owner of the other Mill at Limetz who eventually gives in because =
the family doesn=E2=80=99t want to get left out of the action.=C2=A0
The other mill, of course, has its own back story. It had been bought by Fo=
lger=E2=80=99s coffee executive Joseph Atha in the 1940s. In 1986, Atha beq=
ueathed his version of The Mill at Limetz to the Nelson-Atkins Museum in Ka=
nsas City. Or, to be more precise, he bequeathed two-thirds of the painting=
to the museum with the condition that the institution would either buy the=
remaining third from his heirs, once the last of his three children were g=
one, or sell the painting.=C2=A0
Atha=E2=80=99s son, Donald, died in 2018 in Arizona; his daughter, Elaine, =
died in Palm Beach in 2022; last year, the eldest of the Atha children, Eth=
elyn, died in Manhattan at the age of 99. Lyn was the last of the Athas=E2=
=80=94she was also Chevy Chase=E2=80=99s step-mother=E2=80=94and her demise=
triggered a decision for the Nelson-Atkins museum buy the remaining third =
of the work at today=E2=80=99s prices which would have been fairly easy to =
calculate at around $8 million or sell the work and use the the approximate=
ly $15 million the museum would hope to receive to endow an acquisitions fu=
nd.=C2=A0
For the Nelson-Atkins=E2=80=99s director Juli=C3=A1n Zugazagoitia, the deci=
sion wasn=E2=80=99t easy or obvious. When asked if he was offering the Mill=
at Limetz because of the success of last year=E2=80=99s Palmer painting, h=
e demurred that the sale was baked into the Atha=E2=80=99s bequest nearly f=
orty years ago. Nevertheless, the new, higher valuations for Monet=E2=80=99=
s works, especially a direct comparable, surely played an important role in=
whether he could raise funds to complete the acquisition or sell the work =
to fund future purchases.=C2=A0
The Palmer painting would have set his bar at $8 million to acquire the Ath=
a heirs=E2=80=99 remaining third. These days it is hard to get donors to po=
ny up for Impressionists when so many museums are in need of works that are=
more representative of the broader population. Zugazagoitia says he tried =
to raise the money.=C2=A0
In the years since the Atha bequest, the Nelson-Atkins was also able to gre=
atly increase its holdings of Monet through the donation less than a decade=
ago of a large gift of Impressionist art from Henry and Doris Block. Zugaz=
agoitia=E2=80=99s curators have also helped out recently by persuading a lo=
cal collector to loan another 1880s Monet to the museum. With five Monets a=
t the Nelson-Atkins, the Mill at Limetz was no longer a work Zugazagoitia h=
ad to save.=C2=A0
And then there is the approximately $12 million (assuming the work sold onl=
y at the low estimate instead of the price the Palmers got) that Zugazagoit=
ia will receive from the sale to endow future acquisitions. The C.E.O. won=
=E2=80=99t say if the museum has a wish list for those funds. Cagily, he hi=
nted to me that he would like his curators, =E2=80=9Chonor the Athas by fin=
ding works as adventurous or avant garde as it was to buy a Monet in the 19=
40s when they bought the painting.=E2=80=9D
Also, let=E2=80=99s not assume that another $25 million sale is immediately=
in the cards. Yes, it=E2=80=99s a brighter work. But one of the bidders is=
now out of the competition. (Though we=E2=80=99ve seen that Plattner isn=
=E2=80=99t shy about acquiring multiple works on similar themes, so there=
=E2=80=99s always the chance that he could bid again.)
There=E2=80=99s also the probability that other Monet collectors saw the sa=
le of the Palmer mill and were intrigued. That may bring more bidders in. T=
he one thing the Monet market has above all other artists is a truly global=
collector base, says Christie=E2=80=99s head of sale Imogen Kerr. These bu=
yers are often not constrained by a specific period or subject matter in th=
e artist=E2=80=99s body of work.=C2=A0Artelligence is moving to a new platf=
orm soon. Add your name to our list so you can come along.
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.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=
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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-=
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margin: 0 auto 16px auto;
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@media screen and (min-width: 420px) and (max-width: 600px) {
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max-width: calc(100% - 100px);
width: initial;
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}
@media (max-width: 420px) {
.typography .markup .install-substack-app-embed .install-substack-app-emb=
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.typography.editor .markup .install-substack-app-embed .install-substack-=
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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;
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}
@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;
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}
@media screen and (min-width: 481px) {
.share-button-container a.mobile {
display: none !important;
}
}
@media screen and (min-width: 541px) {
.settings-add-pub-modal-wrapper .container .add-recommending-pub-modal-co=
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padding: 36px;
height: 680px;
}
}
@media screen and (min-width: 541px) {
.settings-add-pub-modal-wrapper .container .add-recommending-pub-modal-co=
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position: absolute;
bottom: 36px;
margin: 0px;
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}
@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 =
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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,
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display: block;
}
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flex-grow: 1;
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display: block;
}
.post-contributor-footer .post-contributor-bio-body-table-row {
display: block;
}
.post-contributor-footer .post-contributor-bio-copy-cell,
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display: block;
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.post-contributor-footer .post-contributor-bio-copy-cell {
margin: 0 0 16px 0;
}
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width: auto;
}
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margin: auto;
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width: 100%;
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font-size: 14px;
}
}
@media screen and (min-width: 768px) {
.post-silhouette {
padding: 32px 0;
}
}
@media screen and (max-width: 650px) {
.post-silhouette .post-silhouette-title {
margin-top: 10.44225025px;
height: 120px;
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.post-silhouette .post-silhouette-meta {
width: 75%;
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.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,
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padding-right: 16px;
}
}
@media screen and (max-width: 370px) {
.use-theme-bg .post-meta.alternative-meta .post-meta-item,
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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;
}
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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 .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: 12px;
}
}
@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: 8px;
}
}
@media screen and (max-width: 650px) {
.comments-page .container .comment-list .collapsed-reply {
margin-left: calc(10 + 32px - 24px);
}
}
@media screen and (max-width: 650px) {
.comment > .comment-list {
padding-left: 24px;
}
}
@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=
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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;
}
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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=
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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) {
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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=
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margin-right: -20px;
}
}
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2bgfLSxcLUFBP0" alt=3D"" width=3D"1" height=3D"1" border=3D"0" style=3D"hei=
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=
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one;font-size:1px;color:#333333;line-height:1px;max-height:0px;max-width:0p=
x;opacity:0;overflow:hidden;" class=3D"preview">Sotheby's Hong Kong sales c=
ycle opens on Friday down 50% by lots & 25% by pre-sale value + Phillip=
s big Basquiat haul & Christie's Monet Doppleganger</div><div style=3D"=
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y; -webkit-font-smoothing: antialiased; appearance: optimizelegibility; col=
or: rgb(54, 55, 55); font-family: 'SF Pro Display', -apple-system-headline,=
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143237835&utm_source=3Dpost-email-title&utm_campaign=3Demail-post-title&isF=
reemail=3Dtrue&r=3D27cer9&token=3DeyJ1c2VyX2lkIjoxMzMyNjg2NjEsInBvc3RfaWQiO=
jE0MzIzNzgzNSwiaWF0IjoxNzEyMTcwOTQ5LCJleHAiOjE3MTQ3NjI5NDksImlzcyI6InB1Yi0y=
MjU5Iiwic3ViIjoicG9zdC1yZWFjdGlvbiJ9.kHLhvWfuj3T7QPOmmB9pr2eemhIX1Bcj9dwBux=
sR70o" style=3D"color: rgb(54, 55, 55); text-decoration: none;">A $59M Basq=
uiat Bounty & a Monet Match </a></h1><h3 class=3D"subtitle" style=3D"-m=
oz-appearance: optimizelegibility; -moz-osx-font-smoothing: antialiased; -w=
ebkit-appearance: optimizelegibility; -webkit-font-smoothing: antialiased; =
appearance: optimizelegibility; color: #808080; font-family: 'SF Pro Displa=
y', -apple-system-headline, system-ui, -apple-system, BlinkMacSystemFont, '=
Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Sego=
e UI Emoji', 'Segoe UI Symbol'; font-size: 18px; font-weight: normal; line-=
height: 24px; margin: 4px 0 0; margin-top: 12px;">Sotheby's Hong Kong sales=
cycle opens on Friday down 50% by lots & 25% by pre-sale value + Phill=
ips big Basquiat haul & Christie's Monet Doppleganger</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; marg=
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0; text-decoration: unset; text-transform: uppercase;"><a style=3D"color: r=
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meta_13a18_439">Marion Maneker</a></div></td></tr></table></td></tr><tr><td=
><table role=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D"0"=
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rgin: 0; text-decoration: unset; text-transform: uppercase;"><time dateTime=
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: 0;"> </td></tr></table></div></div><div dir=3D"auto" class=3D"post t=
ypography" style=3D"font-size: 16px; line-height: 26px; padding: 16px 0 0 0=
;"><div dir=3D"auto" class=3D"body markup" style=3D"font-family: 'SF Pro Di=
splay', -apple-system, system-ui, BlinkMacSystemFont, 'Inter', 'Segoe UI', =
Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji'=
, 'Segoe UI Symbol'; font-size: 16px; font-weight: 400; line-height: 26px; =
margin-bottom: 16px; text-align: initial; width: 100%; word-break: break-wo=
rd;"><h2 class=3D"header-with-anchor-widget" style=3D"-moz-appearance: opti=
mizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-appearance: o=
ptimizelegibility; -webkit-font-smoothing: antialiased; appearance: optimiz=
elegibility; color: rgb(54, 55, 55); font-family: 'SF Pro Display', -apple-=
system-headline, system-ui, -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.=
16em; margin: 1em 0 0.625em 0; margin-top: 0; position: relative;">Welcome =
to Artelligence</h2><p style=3D"color: rgb(54, 55, 55); font-size: 16px; li=
ne-height: 26px; margin: 0 0 20px 0;">If you have questions, feel free to c=
ontact me using the button below. </p><p class=3D"button-wrapper" data-attr=
s=3D"{"url":"Mailto:maneker@artmarketmonitor.com","=
;text":"Contact Us!","action":null,"class&quo=
t;:null}" data-component-name=3D"ButtonCreateButton" style=3D"color: rgb(54=
, 55, 55); font-size: 16px; line-height: 26px; margin: 0 0 20px 0; text-ali=
gn: center;"><a class=3D"button primary" href=3D"https://substack.com/redir=
ect/7b128d3b-23c8-49d5-8271-724d2ce16324?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d=
0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"background-color: #653366; =
border: none; border-radius: 8px; box-sizing: border-box; color: #ffffff !i=
mportant; cursor: pointer; display: inline-block; font-family: system-ui, -=
apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, san=
s-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-siz=
e: 14px; font-weight: 600; height: auto; line-height: 20px; margin: 0; opac=
ity: 1; outline: none; padding: 12px 20px; text-align: center; text-decorat=
ion: none !important; white-space: nowrap;"><span style=3D"color: #ffffff; =
text-decoration: none;">Contact Us!</span></a></p><div style=3D"font-size: =
16px; line-height: 26px;"><hr style=3D"background: #e0e0e0; border: none; h=
eight: 1px; margin: 32px 0; padding: 0;"></div><h2 class=3D"header-with-anc=
hor-widget" style=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smo=
othing: antialiased; -webkit-appearance: optimizelegibility; -webkit-font-s=
moothing: antialiased; appearance: optimizelegibility; color: rgb(54, 55, 5=
5); font-family: 'SF Pro Display', -apple-system-headline, system-ui, -appl=
e-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-se=
rif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1=
=2E625em; font-weight: bold; line-heigh=
t: 1.16em; margin: 1em 0 0.625em 0; po=
sition: relative;">In This Issue</h2><ol style=3D"margin-top: 0; padding: 0=
;"><li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; =
color: rgb(54, 55, 55); font-size: 16px; line-height: 26px; margin: 0; marg=
in-bottom: 0; padding-left: 4px;"><strong>Notes</strong><span>: What’=
s wrong with Tamara de Lempicka?; Sotheby’s Hong Kong pre-sale stats;=
a note on the evolution of Artelligence</span></p></li><li style=3D"margin=
: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; color: rgb(54, 55, 55)=
; font-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0; padding-=
left: 4px;"><strong>Lot Watch: </strong><span>A professor’s Basquiats=
& the Nelson-Atkins’ Monet</span></p></li></ol><div style=3D"fon=
t-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; -webki=
t-font-smoothing: antialiased; appearance: optimizelegibility; color: rgb(5=
4, 55, 55); font-family: 'SF Pro Display', -apple-system-headline, system-u=
i, -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: 1.16em; margin: 1em 0 0.625=
em 0; position: relative;"><strong>Notes</strong></h2><ol style=3D"margin-t=
op: 0; padding: 0;"><li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-siz=
ing: border-box; color: rgb(54, 55, 55); font-size: 16px; line-height: 26px=
; margin: 0 0 20px 0; margin-bottom: 0; padding-left: 4px;"><em>The Comebac=
k Kid</em><span>: It’s great that the Broadway musical of </span><str=
ong>Tamara de Lempicka</strong><span>’s life is opening soon. And yet=
the </span><em>Times</em><span> has </span><a href=3D"https://substack.com=
/redirect/ec60b378-be9c-48f5-a9ab-06a9c429310d?j=3DeyJ1IjoiMjdjZXI5In0.nCNh=
OM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: rgb(54, 55, 55=
); text-decoration: underline;">marked</a><span> the occasion, in semi-char=
acteristic fashion, by mischaracterizing the painter’s reputation as =
a woefully overlooked underachiever—“a queer woman and an ambit=
ious painter, who has often been undervalued, in the art market and beyond,=
” as the appraisal put it. Or, to quote from a curator at an upcoming=
retrospective at the de Young Museum in San Francisco, she was “dimi=
nished to a phenomenon pertaining to the Art Deco period, a phenomenon of d=
ecoration, of fashion, rather than a great painter and a fantastic draftspe=
rson.</span></p><p style=3D"box-sizing: border-box; color: rgb(54, 55, 55);=
font-size: 16px; line-height: 26px; margin: 0 0 20px 0; margin-bottom: 0; =
padding-left: 4px;"></p><p style=3D"box-sizing: border-box; color: rgb(54, =
55, 55); font-size: 16px; line-height: 26px; margin: 0 0 20px 0; margin-bot=
tom: 0; padding-left: 4px;"><span>And yet Tamara de Lempicka’s work h=
as been</span><em> highly</em><span> valued by celebrity and fashion design=
er collectors for decades—and, more recently, as a new generation of =
buyers have entered the picture. (Indeed, the </span><em>Times </em><span>n=
otes that </span><strong>Barbra </strong><span>and </span><strong>Madonna <=
/strong><span>are fans…) In fact, the funny thing about the artist is=
that she’s one of those painters beloved by the market who simply ne=
ver received critical attention—which is why the retrospective is suc=
h a big deal—probably because she painted in a number of derivative s=
tyles but none as unique as her Art Deco portraits. It’s also a stran=
ge complaint because most artists are defined by a singular style. </span><=
strong>Mark Rothko</strong><span>, call your office!</span></p></li><li sty=
le=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; color: rgb=
(54, 55, 55); font-size: 16px; line-height: 26px; margin: 0; margin-bottom:=
0; padding-left: 4px;"><em>The Dragon Tames Hong Kong</em><span>: Sotheby&=
#8217;s Spring Hong Kong sales cycle has already begun. Friday evening Hong=
Kong time, The Now sales opens the Modern and Contemporary art sales. This=
season, there are 188 lots with a pre-sale value of $99 million. That̵=
7;s half of the lots and 75% of the value of last year’s comparable s=
ales. The top lots by estimate in this season’s sales are a </span><s=
trong>Yoshitomo Nara</strong><span>, a 60s </span><strong>Picasso</strong><=
span>, a </span><strong>Monet</strong><span> and works by </span><strong>Ya=
yoi Kusama</strong><span>, </span><strong>Zao Wou-ki</strong><span>, </span=
><strong>Nicolas Party</strong><span>, among others. </span></p></li><=
li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; colo=
r: rgb(54, 55, 55); font-size: 16px; line-height: 26px; margin: 0; margin-b=
ottom: 0; padding-left: 4px;"><em>The Change Will Do Us Good</em><span>: If=
you’ve been paying attention, you’ve noticed a change in tone =
for the newsletter. Today, we’re doing more work on the formatting. N=
ext week we’ll have some further news on the evolution of Artelligenc=
e.  </span></p></li></ol><div style=3D"font-size: 16px; line-heig=
ht: 26px;"><hr style=3D"background: #e0e0e0; border: none; height: 1px; mar=
gin: 32px 0; padding: 0;"></div><h2 class=3D"header-with-anchor-widget" sty=
le=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoothing: antiali=
ased; -webkit-appearance: optimizelegibility; -webkit-font-smoothing: antia=
liased; appearance: optimizelegibility; color: rgb(54, 55, 55); font-family=
: 'SF Pro Display', -apple-system-headline, system-ui, -apple-system, Blink=
MacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Col=
or Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.625em; font-we=
ight: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; position: relativ=
e;"><strong>A Basquiat Renaissance</strong></h2><p style=3D"color: rgb(54, =
55, 55); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><strong>P=
hillips to Offer Three Early Works with $58.5m in Estimates</strong></p><di=
v 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%" border=3D"0" cellspaci=
ng=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/2536f8ee-c4a4-40b6-858b-b623fcf5fc88?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/3df53225-783c-46bf-869a-501a174a6f76_16=
00x1061.jpeg","srcNoWatermark":null,"fullscreen":n=
ull,"imageSize":null,"height":966,"width":145=
6,"resizeWidth":null,"bytes":null,"alt":null,=
"title":null,"type":null,"href":null,"be=
lowTheFold":true,"topImage":false,"internalRedirect&quo=
t;:null}" alt width=3D"550" height=3D"364.90384615384613" class=3D"wide-ima=
ge" 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.amazonaws.c=
om%2Fpublic%2Fimages%2F3df53225-783c-46bf-869a-501a174a6f76_1600x1061.jpeg"=
style=3D"-ms-interpolation-mode: bicubic; border: none !important; display=
: block; height: auto; margin: 0 auto; margin-bottom: 0; max-width: 100% !i=
mportant; vertical-align: middle; width: auto !important;"></a></td><td sty=
le=3D"text-align: center;"></td></tr></tbody></table><figcaption class=3D"i=
mage-caption" style=3D"box-sizing: content-box; color: #808080; font-size: =
14px; font-weight: 400; letter-spacing: -.15px; line-height: 20px; margin-t=
op: 8px; padding-left: 15%; padding-right: 15%; text-align: center; width: =
70%;">Francesco Clemente, Andy Warhol & Jean-Michel Basquiat dining at =
Francesco Pellizzi’s east side home in 1984</figcaption></figure></di=
v><p style=3D"color: rgb(54, 55, 55); font-size: 16px; line-height: 26px; m=
argin: 0 0 20px 0;"><span>Today, Phillips announced that it would sell thre=
e </span><strong>Basquiat</strong><span>s: the large untitled (ELMAR), esti=
mated at $40 million during New York’s May sales; and </span><em>Nati=
ve Carrying Some Guns, Bibles Amorites on Safari</em><span>, with a $12 mil=
lion estate two weeks later in its Hong Kong sales. A third work from 1981,=
</span><em>Untitled (Portrait of a Famous Ballplayer)</em><span>, will als=
o be sold on May 14th with a $6.5 million estimate. </span></p><p styl=
e=3D"color: rgb(54, 55, 55); font-size: 16px; line-height: 26px; margin: 0 =
0 20px 0;"><span>Phillips has been punching above its weight in the Basquia=
t</span><strong> </strong><span>realm for some time now, specializing in wo=
rks that come from either the artist’s estate or early collectors wit=
h deep personal ties to him. In 2019, the house sold a self portrait from 1=
983 painted on two doors that was owned by </span><strong>Matt Dike</strong=
><span>, who would later collaborate with the </span><strong>Beastie Boys</=
strong><span> by contributing many of the samples to their seminal album, <=
/span><em>Paul’s Boutique</em><span>. Before that, Dike had been Basq=
uiat’s minder when the painter was living in Los Angeles and creating=
work for </span><strong>Larry Gagosian</strong><span>’s gallery. Wor=
ks from that brief moment are now the subject of a </span><a href=3D"https:=
//substack.com/redirect/6c805013-b36b-4854-a3ad-730bfe84fbfa?j=3DeyJ1IjoiMj=
djZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: =
rgb(54, 55, 55); text-decoration: underline;">landmark show</a><span> at Ga=
gosian’s Beverly Hills exhibition space. The self portrait sold for $=
9.5 million. </span></p><p style=3D"color: rgb(54, 55, 55); font-size:=
16px; line-height: 26px; margin: 0 0 20px 0;"><span>The year before that, =
Phillips sold from the Basquiat estate </span><em>Flexible </em><span>from =
1984, one of the artist’s distinctive works on a slatted armature lik=
e a shipping pallet, to </span><strong>David Geffen</strong><span> for $45 =
million. Phillips continued their partnership with the estate by sponsoring=
the family’s remarkably popular for-profit</span><em> King Pleasure<=
/em><span> exhibition that has been mounted in New York and Los Angeles.=
60;</span></p><p style=3D"color: rgb(54, 55, 55); font-size: 16px; line-hei=
ght: 26px; margin: 0 0 20px 0;"><span>As time passes, finding works with pr=
ovenance close to Basquiat himself is becoming more and more difficult. In =
1984, </span><strong>Francesco Pellizzi</strong><span>, an anthropology pro=
fessor and journal editor who was married to Dia co-founder </span><strong>=
Philippa de Menil</strong><span> in the early 1970s and died last year, beg=
an to collect Basquiat’s work. In the de Menil tradition, Pellizzi ha=
d been buying minimalism, but the ferment of the East Village art scene cle=
arly attracted his interest. He entertained artists like </span><strong>War=
hol</strong><span>, </span><strong>Francesco Clemente</strong><span>, and B=
asquiat at his east side townhouse. And he ended up buying works by many of=
the East Village art stars, including two 1982 Basquiat works—a larg=
e, dramatic painting and heavily text-based work on an unconventional stret=
cher—from </span><strong>Anina Nosei</strong><span>, the dealer who d=
id so much early on to establish Basquiat, including providing him his firs=
t studio space where he converted his street-art style into more convention=
al painting. </span></p><p style=3D"color: rgb(54, 55, 55); font-size:=
16px; line-height: 26px; margin: 0 0 20px 0;">The consignment comes at a t=
ime when Basquiat’s auction volume has been high. According to LiveAr=
t’s data, sales in 2021 peaked at $439 million. The previous high wat=
er year had been 2017, when $345 million of Basquiat’s work sold, inc=
luding the $110 million untitled head. In the past, peak years were followe=
d by significant drops in sales. In 2022, the auction volume did drop to $2=
21 million only to rise again in 2023 to $235 million setting up the potent=
ial for continuing demand this year. </p><div class=3D"captioned-image=
-container-static" style=3D"font-size: 16px; line-height: 26px; margin: 32p=
x auto;"><figure style=3D"margin: 0 auto; width: 100%;"><table class=3D"ima=
ge-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"1456" style=3D"text-align: center;"><a class=
=3D"image-link" target=3D"_blank" href=3D"https://substack.com/redirect/5ee=
c26f7-9221-42a5-aca9-e6654e73cde5?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpi=
srMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"align-items: center; border: none;=
display: block; flex-direction: column; height: auto; margin: 0; padding: =
0; position: relative; text-decoration: none; width: auto;"><img data-attrs=
=3D"{"src":"https://substack-post-media.s3.amazonaws.com/pub=
lic/images/8480a040-c217-45db-b743-78c5f4f8a308_5417x3973.jpeg","=
srcNoWatermark":null,"fullscreen":null,"imageSize"=
:null,"height":1068,"width":1456,"resizeWidth"=
;:null,"bytes":13371380,"alt":null,"title":nu=
ll,"type":"image/jpeg","href":null,"belo=
wTheFold":true,"topImage":false,"internalRedirect"=
:null}" alt width=3D"550" height=3D"403.4340659340659" class=3D"wide-image"=
src=3D"https://substackcdn.com/image/fetch/w_2912,c_limit,f_auto,q_auto:go=
od,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%=
2Fpublic%2Fimages%2F8480a040-c217-45db-b743-78c5f4f8a308_5417x3973.jpeg" st=
yle=3D"-ms-interpolation-mode: bicubic; border: none !important; display: b=
lock; height: auto; margin: 0 auto; margin-bottom: 0; max-width: 100% !impo=
rtant; vertical-align: middle; width: auto !important;"></a></td><td style=
=3D"text-align: center;"></td></tr></tbody></table><figcaption class=3D"ima=
ge-caption" style=3D"box-sizing: content-box; color: #808080; font-size: 14=
px; font-weight: 400; letter-spacing: -.15px; line-height: 20px; margin-top=
: 8px; padding-left: 15%; padding-right: 15%; text-align: center; width: 70=
%;">Jean-Michel Basquiat, untitled (ELMAR) (1982) estimated at $40 million<=
/figcaption></figure></div><div class=3D"captioned-image-container-static" =
style=3D"font-size: 16px; line-height: 26px; margin: 32px auto;"><figure st=
yle=3D"margin: 0 auto; width: 100%;"><table class=3D"image-wrapper" width=
=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" data-component-n=
ame=3D"Image2ToDOMStatic" style=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><t=
r><td style=3D"text-align: center;"></td><td align=3D"left" class=3D"conten=
t" width=3D"1456" style=3D"text-align: center;"><a class=3D"image-link" tar=
get=3D"_blank" href=3D"https://substack.com/redirect/943338a4-25f2-4ec8-b4f=
3-0778de3f89ce?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/43dd1673=
-a622-4f67-8730-8794b9997f21_1600x1583.jpeg","srcNoWatermark"=
;:null,"fullscreen":null,"imageSize":null,"height&=
quot;:1441,"width":1456,"resizeWidth":null,"bytes&=
quot;:null,"alt":null,"title":null,"type":nul=
l,"href":null,"belowTheFold":true,"topImage":=
false,"internalRedirect":null}" alt width=3D"550" height=3D"544.3=
337912087912" class=3D"wide-image" src=3D"https://substackcdn.com/image/fet=
ch/w_2912,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsub=
stack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F43dd1673-a622-4f67-87=
30-8794b9997f21_1600x1583.jpeg" style=3D"-ms-interpolation-mode: bicubic; b=
order: none !important; display: block; height: auto; margin: 0 auto; margi=
n-bottom: 0; max-width: 100% !important; vertical-align: middle; width: aut=
o !important;"></a></td><td style=3D"text-align: center;"></td></tr></tbody=
></table><figcaption class=3D"image-caption" style=3D"box-sizing: content-b=
ox; color: #808080; font-size: 14px; font-weight: 400; letter-spacing: -.15=
px; line-height: 20px; margin-top: 8px; padding-left: 15%; padding-right: 1=
5%; text-align: center; width: 70%;"><span>Jean-Michel Basquiat</span><em>,=
Native Carrying Some Guns, Bibles Amorites on Safari</em><span> (1982), es=
timated at $12 million</span></figcaption></figure></div><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-w=
ith-anchor-widget" style=3D"-moz-appearance: optimizelegibility; -moz-osx-f=
ont-smoothing: antialiased; -webkit-appearance: optimizelegibility; -webkit=
-font-smoothing: antialiased; appearance: optimizelegibility; color: rgb(54=
, 55, 55); font-family: 'SF Pro Display', -apple-system-headline, system-ui=
, -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: 1.16em; margin: 1em 0 0.625e=
m 0; position: relative;"><strong>Mo’ Monet, Mo’ Problems</stro=
ng></h2><div class=3D"captioned-image-container-static" style=3D"font-size:=
16px; line-height: 26px; margin: 32px auto;"><figure style=3D"margin: 0 au=
to; width: 100%;"><table class=3D"image-wrapper" width=3D"100%" border=3D"0=
" cellspacing=3D"0" cellpadding=3D"0" data-component-name=3D"Image2ToDOMSta=
tic" style=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-a=
lign: center;"></td><td align=3D"left" class=3D"content" width=3D"379" styl=
e=3D"text-align: center;"><a class=3D"image-link" target=3D"_blank" href=3D=
"https://substack.com/redirect/9026354c-728a-49c3-919c-000712c28f93?j=3DeyJ=
1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"=
align-items: center; border: none; display: block; flex-direction: column; =
height: auto; margin: 0; padding: 0; position: relative; text-decoration: n=
one; width: auto;"><img data-attrs=3D"{"src":"https://substa=
ck-post-media.s3.amazonaws.com/public/images/27feeba1-3103-420f-b9c0-120509=
b4e35a_379x480.png","srcNoWatermark":null,"fullscreen&q=
uot;:null,"imageSize":null,"height":480,"width&quo=
t;:379,"resizeWidth":null,"bytes":427128,"alt"=
;:null,"title":null,"type":"image/png","=
href":null,"belowTheFold":true,"topImage":false,&q=
uot;internalRedirect":null}" alt width=3D"379" height=3D"480" class sr=
c=3D"https://substackcdn.com/image/fetch/w_379,c_limit,f_auto,q_auto:good,f=
l_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpu=
blic%2Fimages%2F27feeba1-3103-420f-b9c0-120509b4e35a_379x480.png" style=3D"=
-ms-interpolation-mode: bicubic; border: none !important; display: block; h=
eight: 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><figcaption class=3D"image-capti=
on" style=3D"box-sizing: content-box; color: #808080; font-size: 14px; font=
-weight: 400; letter-spacing: -.15px; line-height: 20px; margin-top: 8px; p=
adding-left: 15%; padding-right: 15%; text-align: center; width: 70%;">Clau=
de Monet, The Mill at Limetz (1888) estimated at $18 million</figcaption></=
figure></div><p style=3D"color: rgb(54, 55, 55); font-size: 16px; line-heig=
ht: 26px; margin: 0 0 20px 0;"><span>The auction world is filled with coinc=
idences that seem like cause and effect. Random events often coincide to cr=
eate what appears to be a narrative. Take the Monet painting of </span><em>=
The Mill at Limetz</em><span> that Christie’s announced earlier this =
week that it will offer in May with an $18 million low estimate. </span><a =
href=3D"https://substack.com/redirect/d4ea7c2c-acb9-4df7-8178-5f2553a6d593?=
j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel st=
yle=3D"color: rgb(54, 55, 55); text-decoration: underline;">A similar work =
was offered last season at Sotheby’s with a $12 million estimate</a><=
span>. It sold for a surprisingly strong $25 million with fees. There were =
multiple bidders still chasing the work even after the auctioneer cried out=
$20 million. </span></p><p style=3D"color: rgb(54, 55, 55); font-size=
: 16px; line-height: 26px; margin: 0 0 20px 0;">From the outside, it looks =
like Christie’s noticed the interest in Monet and went looking for an=
other version now that Monet’s multiple takes on a single view have b=
ecome so prized by collectors. (So prized that the auction houses are now p=
laying up the fact that Monet often painted different works from the same v=
antage point long before he settled into the late series works.) Cool story=
=2E The reality is a lot more interest=
ing, though. </p><p style=3D"color=
: rgb(54, 55, 55); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"=
><span>In the background, there’s been a huge run-up in the value of =
Monet’s paintings. It’s not like they were cheap to begin with;=
however, during the pandemic,</span><a href=3D"https://substack.com/redire=
ct/252f9df1-8d0a-4db2-a56f-a708d6c5e549?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0=
jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: rgb(54, 55, 55); text=
-decoration: underline;"> the price of Monets rose dramatically</a><span>. =
Paintings that had sold for around $25 to $30 million in the late twenty te=
ens were selling in 2021 for </span><em>$50 million</em><span>. Two very si=
milar views of a corner of Monet’s water lily garden painted in 1918 =
were sold on either side of the pandemic divide. The first sold in May 2019=
for $21.8 million; by November of 2021, the second, arguably better, work =
sold for </span><em>$50.8 million</em><span>. </span></p><p style=3D"c=
olor: rgb(54, 55, 55); font-size: 16px; line-height: 26px; margin: 0 0 20px=
0;"><span>Was that painting almost 150 percent better? Probably not. Were =
the wealthy so flush with ZIRP-era pandemic liquidity that the price rise d=
idn’t matter? Would it all be sustainable after the art market came b=
ack to earth? The value of Monets at auction had already moved up as early =
as 2012 when the art market began to reach escape velocity from the global =
financial crisis. The top price paid for a work by Monet at auction came in=
2019 when </span><strong>Hasso Plattner</strong><span>, the billionaire fo=
under of SAP, bought an 1890 grainstack for $110 million. </span></p><=
p style=3D"color: rgb(54, 55, 55); font-size: 16px; line-height: 26px; marg=
in: 0 0 20px 0;">In the biggest years for Monet’s auction volume, acc=
ording to LiveArt’s data, annual sales surpassed $300 million, peakin=
g at $337 million in 2015 and $357 million in 2018. In 2022, as the world r=
eopened, that figure reached an astonishing $540 million. What makes it eve=
n more startling was that the bulk of the sales for 2022 took place in the =
first half of the year. </p><p style=3D"color: rgb(54, 55, 55); font-s=
ize: 16px; line-height: 26px; margin: 0 0 20px 0;">______</p><p style=3D"co=
lor: rgb(54, 55, 55); font-size: 16px; line-height: 26px; margin: 0 0 20px =
0;"><strong>Market Volatility</strong></p><p style=3D"color: rgb(54, 55, 55=
); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">What caused the=
Monet market to shut off in mid-2022? It doesn’t appear that the dem=
and went away, even if rising interest rates have restrained the art market=
’s animal spirits in the last year and a half. With values for Monet&=
#8217;s best works continuing to rise even as the art market entered its so=
ber era, there was little incentive to sell. </p><p style=3D"color: rg=
b(54, 55, 55); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><sp=
an>Monet’s </span><em>Mill at Limetz</em><span> is one of a pair of w=
orks that Monet made in 1888 with the same title. Both works peer across a =
small body of water at a stone mill and bridge obscured in the background b=
y trees hanging over the near bank. In one work, the mill is brilliantly il=
luminated behind the blue-lavender shadows of the trees. In the other, the =
sun dapples the foregrounded trees and lights up the water that lies in bet=
ween the mill and the bank with vibrant greens. Each work showcases a diffe=
rent aspect of Monet’s skill depicting light and shadow.  <=
/span></p><p style=3D"color: rgb(54, 55, 55); font-size: 16px; line-height:=
26px; margin: 0 0 20px 0;"><span>Each work spent the bulk of the 20th Cent=
ury in the hands of rich Midwestern American families. One was owned for mo=
re than a hundred years by the </span><strong>Palmer</strong><span>s of Chi=
cago. Potter Palmer built the department store that would become Marshall F=
ield before developing real estate in the center of the city and reclaiming=
the land that would become Lake Shore Drive. He bought his </span><em>Mill=
at Limetz</em><span> in 1892, four years after it was painted. A hundred a=
nd thirty years later, the painting was still in the Palmer family but had =
grown so valuable that it was offered at Sotheby’s with a very conser=
vative $12 million estimate. The $25 million selling price was a windfall t=
hat validated the decision. </span></p><p style=3D"color: rgb(54, 55, =
55); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><span>We now =
know that the buyer was also Plattner. The painting is now</span><a href=3D=
"https://substack.com/redirect/2a9ec6fc-a04e-480e-97c1-ea5911860bba?j=3DeyJ=
1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"=
color: rgb(54, 55, 55); text-decoration: underline;"> listed among the 113 =
Plattner works housed at the Museum Barberini in Potsdam, Germany</a><span>=
=2E More than a third of those holdings=
, 39 paintings including the $110 mill=
ion grainstack and another grainstack in winter, are by Monet. In many ways=
, Plattner has been </span><em>the market</em><span> for Monet. Of those 39=
works in Potsdam, at least 21 were on the auction block in the last 22 yea=
rs. Nearly half were auctioned in the last eight years. The total bill at a=
uction for these works was more than $414 million. That’s a huge inve=
stment in one artist by just one collector.</span></p><p style=3D"color: rg=
b(54, 55, 55); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">___=
__</p><p style=3D"color: rgb(54, 55, 55); font-size: 16px; line-height: 26p=
x; margin: 0 0 20px 0;"><strong>The Folgers Element</strong></p><p style=3D=
"color: rgb(54, 55, 55); font-size: 16px; line-height: 26px; margin: 0 0 20=
px 0;"><span>You can see how this looks. The Palmer’s mill makes $25 =
million at auction and the owner of the </span><em>other</em><span> version=
sits up and takes notice. Or, Christie’s, ever-aware of what their r=
ival is doing, makes a few calls to the owner of the other </span><em>Mill =
at Limetz</em><span> who eventually gives in because the family doesn’=
;t want to get left out of the action. </span></p><p style=3D"color: r=
gb(54, 55, 55); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><s=
pan>The other mill, of course, has its own back story. It had been bought b=
y Folger’s coffee executive </span><strong>Joseph Atha</strong><span>=
in the 1940s. In 1986, Atha bequeathed his version of </span><em>The Mill =
at Limetz</em><span> to the Nelson-Atkins Museum in Kansas City. Or, to be =
more precise, he bequeathed </span><em>two-thirds</em><span> of the paintin=
g to the museum with the condition that the institution would either buy th=
e remaining third from his heirs, once the last of his three children were =
gone, or sell the painting. </span></p><p style=3D"color: rgb(54, 55, =
55); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><span>Atha=
217;s son, </span><strong>Donald</strong><span>, died in 2018 in Arizona; h=
is daughter, </span><strong>Elaine</strong><span>, died in Palm Beach in 20=
22; last year, the eldest of the Atha children, </span><strong>Ethelyn</str=
ong><span>, died in Manhattan at the age of 99. Lyn was the last of the Ath=
as—she was also </span><strong>Chevy Chase</strong><span>’s ste=
p-mother—and her demise triggered a decision for the Nelson-Atkins mu=
seum buy the remaining third of the work at today’s prices which woul=
d have been fairly easy to calculate at around $8 million or sell the work =
and use the the approximately $15 million the museum would hope to receive =
to endow an acquisitions fund. </span></p><p style=3D"color: rgb(54, 5=
5, 55); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><span>For =
the Nelson-Atkins’s director </span><strong>Julián Zugazagoitia<=
/strong><span>, the decision wasn’t easy or obvious. When asked if he=
was offering the </span><em>Mill at Limetz </em><span>because of the succe=
ss of last year’s Palmer painting, he demurred that the sale was bake=
d into the Atha’s bequest nearly forty years ago. Nevertheless, the n=
ew, higher valuations for Monet’s works, especially a direct comparab=
le, surely played an important role in whether he could raise funds to comp=
lete the acquisition or sell the work to fund future purchases. </span=
></p><p style=3D"color: rgb(54, 55, 55); font-size: 16px; line-height: 26px=
; margin: 0 0 20px 0;">The Palmer painting would have set his bar at $8 mil=
lion to acquire the Atha heirs’ remaining third. These days it is har=
d to get donors to pony up for Impressionists when so many museums are in n=
eed of works that are more representative of the broader population. Zugaza=
goitia says he tried to raise the money. </p><p style=3D"color: rgb(54=
, 55, 55); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><span>I=
n the years since the Atha bequest, the Nelson-Atkins was also able to grea=
tly increase its holdings of Monet through the donation less than a decade =
ago of a large gift of Impressionist art from </span><strong>Henry </strong=
><span>and</span><strong> Doris Block</strong><span>. Zugazagoitia’s =
curators have also helped out recently by persuading a local collector to l=
oan another 1880s Monet to the museum. With five Monets at the Nelson-Atkin=
s, the Mill at Limetz was no longer a work Zugazagoitia had to save. <=
/span></p><p style=3D"color: rgb(54, 55, 55); font-size: 16px; line-height:=
26px; margin: 0 0 20px 0;">And then there is the approximately $12 million=
(assuming the work sold only at the low estimate instead of the price the =
Palmers got) that Zugazagoitia will receive from the sale to endow future a=
cquisitions. The C.E.O. won’t say if the museum has a wish list for t=
hose funds. Cagily, he hinted to me that he would like his curators, “=
;honor the Athas by finding works as adventurous or avant garde as it was t=
o buy a Monet in the 1940s when they bought the painting.”</p><p styl=
e=3D"color: rgb(54, 55, 55); font-size: 16px; line-height: 26px; margin: 0 =
0 20px 0;">Also, let’s not assume that another $25 million sale is im=
mediately in the cards. Yes, it’s a brighter work. But one of the bid=
ders is now out of the competition. (Though we’ve seen that Plattner =
isn’t shy about acquiring multiple works on similar themes, so there&=
#8217;s always the chance that he could bid again.)</p><p style=3D"color: r=
gb(54, 55, 55); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><s=
pan>There’s also the probability that other Monet collectors saw the =
sale of the Palmer mill and were intrigued. That may bring more bidders in.=
The one thing the Monet market has above all other artists is a truly glob=
al collector base, says Christie’s head of sale </span><strong>Imogen=
Kerr</strong><span>. These buyers are often not constrained by a specific =
period or subject matter in the artist’s body of work. Artellige=
nce is moving to a new platform soon. Add your name to our list so you can =
come along.</span></p><p style=3D"color: rgb(54, 55, 55); font-size: 16px; =
line-height: 26px; margin: 0 0 20px 0; margin-bottom: 0;"></p></div></div><=
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