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Welcome back to the Wall Power Inner Circle. I’m Marion Maneker, and we’ve
got lots to talk about. Last night—not long after we sent out the
newsletter, as luck would have it—Blum gallery’s Tim Blum announced that he
would be closing his spaces in Los Angeles and Tokyo and taking a step back.
After the summer, the statement read, Blum will be “transitioning away from
the traditional gallery format toward a more flexible studio model,” which
will leave him “without a permanent public space or formal artist roster.”
Yesterday, after he shared the news with his staff, many of whom will be
without jobs this fall, ARTnews.com published a story in the early evening
reporting that Blum was stepping back due to burnout.
July 2, 2025
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PREVIEW VERSION
For full access to Puck Inner Circle content, subscribe today.
Marion Maneker
Welcome back to the Wall Power Inner Circle. I’m Marion Maneker, and we’ve
got lots to talk about.
Last night—not long after we sent out the newsletter, as luck would have
it—Blum gallery’s Tim Blum announced that he would be closing his spaces in
Los Angeles and Tokyo and taking a step back. After the summer, the
statement read, Blum will be “transitioning away from the traditional
gallery format toward a more flexible studio model,” which will leave him
“without a permanent public space or formal artist roster.” Yesterday, after
he shared the news with his staff, many of whom will be without jobs this
fall, ARTnews.com published a story in the early evening reporting that Blum
was stepping back due to burnout.
Of course, the decision and announcement came right after Art Basel—where
Blum says he sold 85 percent of his booth in advance—and before he opened a
new space in New York, which had been scheduled to debut this spring. If
Blum had been planning this shift for a while, his gallery’s conduct
certainly did not betray it. Over the past several months, Blum had been
announcing representation of several Japanese artists’ estates. “We are
already deeply involved in transitioning artists and estates into new
relationships with galleries,” Blum told me via a representative last night,
“and will be advising on many of these going forward to ensure a smooth
path.”
I also asked Blum’s people about partner Matt Bangser. “As the immediate
transition unfolds, Matt will continue to partner with Tim on sales and
support artists in identifying new opportunities,” I was told. “His next
chapter beyond Blum is still to be announced.”
Anyway, this seminal event—and its likely reverberations—is the topic of
tonight’s Inner Circle issue.
But first… ARTDAI shared their data from last week’s London sales with us.
Here are some of the important takeaways:
* The London modern and contemporary sales made £97.8 million ($132.5
million): The combined sales at Phillips, Sotheby’s, and Christie’s brought
in a respectable total of...
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The Blumquake & The Next Shoes to Drop
Tim Blum’s shocking-but-not-surprising decision to call it quits is a signal
of bigger changes afoot—not just the apparent anhedonia of the collector
class, but the profound effects of financialization on the art market.
Marion Maneker
Tim Blum’s decision to step back from owning a retail gallery with multiple
locations, representing artists and their estates, as well as dealing in
secondary market works, has already provoked a flood of reactions in my
inbox. The news was, in our current all-too-common parlance, shocking, but
not surprising.
It was shocking because...
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Join Dylan Byers, Puck’s veteran media reporter, as he sits down with TV
personalities, moguls, pundits, and industry executives for raw, honest,
sometimes salacious conversations about the business of media and its
biggest egos. New episodes publish every Tuesday and Friday.
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role=3D"presentation"><tbody><tr><td =
style=3D"vertical-align:middle;text-align:center;padding-top:0px;padding-=
bottom:0px;padding-left:0px;padding-right:0px;"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYelBDUmJ1bE9lcGxsaTJiMmJVOD0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvYX=
V0aG9yL21hcmlvbi1tYW5la2VyLz91dG1fY2FtcGFpZ249SUMrRXhjbHVzaXZlK1dhbGwrUG9=
3ZXIrLStMRUFEUyslMjg3JTJGMiUyRjI1JTI5XHUwMDI2dXRtX2NvbnRlbnQ9SUMrRXhjbHVz=
aXZlK1dhbGwrUG93ZXIrLStMRUFEUyslMjg3JTJGMiUyRjI1JTI5XHUwMDI2dXRtX21lZGl1b=
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1242221c04c9eb774b9" target=3D"_self" =
style=3D"text-decoration:none;"><img alt=3D"Marion Maneker" =
src=3D"https://userimg-assets.customeriomail.com/images/client-env-107382=
/1739207842260_avatar-marion-update-2025-02-10_01JKRDV6FXDFC5A7AK1PGGWTBD=
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style=3D"display:block;height:auto;margin:0 auto;border:0;"/></a>
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style=3D"font-family:'PuckSerifDisplay','Georgia';font-si=
ze:20px;font-weight:400;color:#d40000;vertical-align:middle;letter-spacin=
g:undefined;text-align:left;line-height:normal;"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYelBDUmJ1bE9lcGxsaTJiMmJVOD0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvYX=
V0aG9yL21hcmlvbi1tYW5la2VyLz91dG1fY2FtcGFpZ249SUMrRXhjbHVzaXZlK1dhbGwrUG9=
3ZXIrLStMRUFEUyslMjg3JTJGMiUyRjI1JTI5XHUwMDI2dXRtX2NvbnRlbnQ9SUMrRXhjbHVz=
aXZlK1dhbGwrUG93ZXIrLStMRUFEUyslMjg3JTJGMiUyRjI1JTI5XHUwMDI2dXRtX21lZGl1b=
T1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm=
09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI=
4IiwibGlua19pZCI6ODQ3ODE3fQ/2482e763e91c42e49fce04a200aa6b86f9bf19bf8640d=
1242221c04c9eb774b9" target=3D"_self" =
style=3D"color:#d40000;text-decoration:none;">Marion Maneker</a>
</td></tr></tbody></table>
</td></tr></tbody></table>
<table class=3D"oq" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
"><tbody><tr><td style=3D"padding-bottom:32px;"><div =
style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5=
;text-align:left;mso-line-height-alt:26px;"><p =
style=3D"margin:0;">Welcome back to the Wall Power Inner Circle. =
I=E2=80=99m <strong>Marion</strong> <strong>Maneker</strong>,
and we=E2=80=99ve got lots to talk about.<br/><br/>Last =
night=E2=80=94not long after we sent out the newsletter, as luck would =
have it=E2=80=94Blum gallery=E2=80=99s <strong>Tim</strong> =
<strong>Blum</strong> announced that he would be closing his spaces in =
Los Angeles and Tokyo and taking a step back. After the summer, the =
statement read, Blum will be =E2=80=9Ctransitioning away from the =
traditional gallery format toward a more flexible studio model,=E2=80=9D =
which will leave him =E2=80=9Cwithout a permanent public space or formal =
artist roster.=E2=80=9D
Yesterday, after he shared the news with his staff, many of whom will be =
without jobs this fall, ARTnews.com <a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYelBDUmJ1bE9lcGxsaTJiMmJVOD0iLCJocmVmIjoiaHR0cHM6Ly93d3cuYXJ0bmV3cy=
5jb20vYXJ0LW5ld3MvbmV3cy90aW0tYmx1bS11bnBsdWdzLWZyb20tdGhlLWdhbGxlcnktbWF=
jaGluZS0xMjM0NzQ2Njc4Lz91dG1fY2FtcGFpZ249SUMrRXhjbHVzaXZlK1dhbGwrUG93ZXIr=
LStMRUFEUyslMjg3JTJGMiUyRjI1JTI5XHUwMDI2dXRtX2NvbnRlbnQ9SUMrRXhjbHVzaXZlK=
1dhbGwrUG93ZXIrLStMRUFEUyslMjg3JTJGMiUyRjI1JTI5XHUwMDI2dXRtX21lZGl1bT1lbW=
FpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZ=
jNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4Iiwi=
bGlua19pZCI6MjI1NjA2MX0/a43a69ffc0cb057f3c4d9a211328763f64dfdf3f253665730=
3dac09f763320b1" =
style=3D"text-decoration:underline;color:#d40000;">published</a> a story =
in the early evening reporting that Blum was stepping back due to =
burnout.<br/><br/>Of course, the decision and announcement came right =
after Art Basel=E2=80=94where Blum says he sold 85 percent of his booth =
in advance=E2=80=94and
before he opened a new space in New York, which had been scheduled to =
debut this spring. If Blum had been planning this shift for a while, his =
gallery=E2=80=99s conduct certainly did not betray it. Over the past =
several months, Blum had been announcing representation of several =
Japanese artists=E2=80=99 estates. =E2=80=9CWe are already deeply =
involved in transitioning artists and estates into new relationships =
with galleries,=E2=80=9D Blum told me via a representative last night, =
=E2=80=9Cand will be advising on many of these going
forward to ensure a smooth path.=E2=80=9D<br/><br/>I also asked =
Blum=E2=80=99s people about partner <strong>Matt Bangser</strong>. =
=E2=80=9CAs the immediate transition unfolds, Matt will continue to =
partner with Tim on sales and support artists in identifying new =
opportunities,=E2=80=9D I was told. =E2=80=9CHis next chapter beyond =
Blum is still to be announced.=E2=80=9D<br/><br/>Anyway, this seminal =
event=E2=80=94and its likely reverberations=E2=80=94is the topic of =
tonight=E2=80=99s Inner Circle issue.<br/><br/><em>But first=E2=80=A6
</em><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYelBDUmJ1bE9lcGxsaTJiMmJVOD0iLCJocmVmIjoiaHR0cHM6Ly9hcnRkLmFpL3B1Y2=
stbmV3cy8_dXRtX2NhbXBhaWduPUlDK0V4Y2x1c2l2ZStXYWxsK1Bvd2VyKy0rTEVBRFMrJTI=
4NyUyRjIlMkYyNSUyOVx1MDAyNnV0bV9jb250ZW50PUlDK0V4Y2x1c2l2ZStXYWxsK1Bvd2Vy=
Ky0rTEVBRFMrJTI4NyUyRjIlMkYyNSUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uX=
HUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMz=
AxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjI=
wNjM0OTJ9/6e3061aea64a2e33cee04929e6c676d812809d1e14bdbefafbe4737ea8b4c80=
b" =
style=3D"text-decoration:underline;color:#d40000;"><em>ARTDAI</em></a><em=
> shared their data from last week=E2=80=99s London sales with us. Here =
are some of the important takeaways</em>:</p></div>
</td></tr></tbody></table>
<table class=3D"q p" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
color:#000000;direction:ltr;font-family:'Inter','Arial';f=
ont-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5;text-ali=
gn:left;mso-line-height-alt:26px;"><tbody><tr><td =
style=3D"padding-bottom:8px;"><div style=3D"margin-left:-20px"><ul =
style=3D"margin-top:0;margin-bottom:0;list-style-type:revert;"><li =
style=3D"Margin:0 0 24px 0;"><em>The
London modern and contemporary sales made =C2=A397.8 million ($132.5 =
million)</em>: The combined sales at Phillips, Sotheby=E2=80=99s, and =
Christie=E2=80=99s brought in a respectable total of...</li></ul></div>
</td></tr></tbody></table>
</td></tr></tbody></table>
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<table align=3D"center" width=3D"100%" border=3D"0" cellpadding=3D"0" =
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style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td>
<table class=3D"c ie" align=3D"center" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;background-color:#ffff=
ff;border-radius:0;color:#000000;width:600px;margin:0 auto;" =
width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"100%" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-a=
lign:left;border-bottom:1px solid #d40000;border-top:1px solid =
#d40000;padding-bottom:32px;padding-left:24px;padding-right:24px;padding-=
top:32px;
vertical-align:top;">
<table class=3D"np" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
"><tbody><tr><td style=3D"padding-bottom:7px;"><div =
style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5=
;text-align:left;mso-line-height-alt:26px;"><p style=3D"margin:0;">A =
MESSAGE FROM OUR SPONSOR</p></div>
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cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"padding-bottom:16px;width:100%;"><div class=3D"r" =
align=3D"center"><div style=3D"max-width:552px;"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYelBDUmJ1bE9lcGxsaTJiMmJVOD0iLCJocmVmIjoiaHR0cHM6Ly93d3cuc290aGVieX=
MuY29tL2VuL3Nlcmllcy9zb3RoZWJ5cy10YWxrcz9jbXA9cHJjNzAwMDIwMzgzOVx1MDAyNnV=
0bV9zb3VyY2U9b3RocHJpXHUwMDI2dXRtX2NvbnRlbnQ9UHVja05MXHUwMDI2dXRtX2NhbXBh=
aWduPUlDK0V4Y2x1c2l2ZStXYWxsK1Bvd2VyKy0rTEVBRFMrJTI4NyUyRjIlMkYyNSUyOVx1M=
DAyNnV0bV9jb250ZW50PUlDK0V4Y2x1c2l2ZStXYWxsK1Bvd2VyKy0rTEVBRFMrJTI4NyUyRj=
IlMkYyNSUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1=
jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJu=
YWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjIyNTQxNDN9/c3fb41584566=
dbb53d7d5a8017c44822025c94622641c499db0d1ebfb9f83349" =
target=3D"_blank"><img =
src=3D"https://userimg-assets.customeriomail.com/images/client-env-107382=
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HHHY8PAQH2GQ8YGBPA926M.jpg" =
style=3D"display:block;height:auto;border:0;width:100%;" width=3D"552" =
alt=3D"Sotheby's" title=3D"Sotheby's" =
height=3D"auto"/></a></div></div>
</td></tr></tbody></table>
<table class=3D"j p n" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;mso-hide:all;display:n=
one;max-height:0;overflow:hidden;"><tbody><tr><td =
style=3D"padding-bottom:16px;width:100%;"><div class=3D"r" =
align=3D"center"><div style=3D"max-width:552px;"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYelBDUmJ1bE9lcGxsaTJiMmJVOD0iLCJocmVmIjoiaHR0cHM6Ly93d3cuc290aGVieX=
MuY29tL2VuL3Nlcmllcy9zb3RoZWJ5cy10YWxrcz9jbXA9cHJjNzAwMDIwMzgzOVx1MDAyNnV=
0bV9zb3VyY2U9b3RocHJpXHUwMDI2dXRtX2NvbnRlbnQ9UHVja05MXHUwMDI2dXRtX2NhbXBh=
aWduPUlDK0V4Y2x1c2l2ZStXYWxsK1Bvd2VyKy0rTEVBRFMrJTI4NyUyRjIlMkYyNSUyOVx1M=
DAyNnV0bV9jb250ZW50PUlDK0V4Y2x1c2l2ZStXYWxsK1Bvd2VyKy0rTEVBRFMrJTI4NyUyRj=
IlMkYyNSUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1=
jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJu=
YWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjIyNTQxNDN9/c3fb41584566=
dbb53d7d5a8017c44822025c94622641c499db0d1ebfb9f83349" =
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/1750788014015_The%20Specialist%20Banners%20-%20Puck%20-%20MOBILE-1_01JYH=
HHZZQAPSVR43X8HNCANGA.jpg" =
style=3D"display:block;height:auto;border:0;width:100%;" width=3D"552" =
alt=3D"Sotheby's" title=3D"Sotheby's" =
height=3D"auto"/></a></div></div>
</td></tr></tbody></table>
<table class=3D"n5" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
"><tbody><tr><td><div =
style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5=
;text-align:center;mso-line-height-alt:26px;"><p =
style=3D"margin:0;margin-bottom:0px;">Your weekly dose of wonder. Our =
global specialists are connoisseurs and market experts in 40 countries =
and
70 collecting categories. They will be your guides, exploring the =
significance and journey of an extraordinary work with those who know it =
best.=C2=A0</p><p style=3D"margin:0;"><strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYelBDUmJ1bE9lcGxsaTJiMmJVOD0iLCJocmVmIjoiaHR0cHM6Ly93d3cuc290aGVieX=
MuY29tL2VuL3Nlcmllcy9zb3RoZWJ5cy10YWxrcz9jbXA9cHJjNzAwMDIwMzgzOVx1MDAyNnV=
0bV9zb3VyY2U9b3RocHJpXHUwMDI2dXRtX2NvbnRlbnQ9UHVja05MXHUwMDI2dXRtX2NhbXBh=
aWduPUlDK0V4Y2x1c2l2ZStXYWxsK1Bvd2VyKy0rTEVBRFMrJTI4NyUyRjIlMkYyNSUyOVx1M=
DAyNnV0bV9jb250ZW50PUlDK0V4Y2x1c2l2ZStXYWxsK1Bvd2VyKy0rTEVBRFMrJTI4NyUyRj=
IlMkYyNSUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1=
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cellspacing=3D"0" role=3D"presentation" =
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style=3D"width:100%;"><div class=3D"r" align=3D"center"><div =
style=3D"max-width:600px;"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYelBDUmJ1bE9lcGxsaTJiMmJVOD0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvd2=
hhdC10aGUtY2xvc2luZy1vZi1ibHVtLWdhbGxlcnktcHJlc2FnZXMtZm9yLXRoZS1hcnQtbWF=
ya2V0Lz91dG1fY2FtcGFpZ249SUMrRXhjbHVzaXZlK1dhbGwrUG93ZXIrLStMRUFEUyslMjg3=
JTJGMiUyRjI1JTI5XHUwMDI2dXRtX2NvbnRlbnQ9SUMrRXhjbHVzaXZlK1dhbGwrUG93ZXIrL=
StMRUFEUyslMjg3JTJGMiUyRjI1JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdT=
AwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDF=
kNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MjI1=
NjA2Mn0/0dc8cca9bb3b644ffb00b7b9defa3245ce7cb7ce2885571c75b336cbcc77c28f"=
target=3D"_blank"><img =
src=3D"https://userimg-assets.customeriomail.com/images/client-env-107382=
/1751475515023_Tim%20Blum_01JZ616VRBECP12QQH51RK57AE.jpg" =
style=3D"display:block;
height:auto;border:0;width:100%;" width=3D"600" alt=3D"The Blumquake =
& The Next Shoes to Drop" title=3D"The Blumquake & The Next =
Shoes to Drop" height=3D"auto"/></a></div></div>
</td></tr></tbody></table>
<table class=3D"j oq" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"padding-bottom:8px;padding-left:24px;padding-right:24px;padding-=
top:24px;width:100%;"><div class=3D"r" align=3D"left"><div =
style=3D"max-width:142px;"><img =
src=3D"https://userimg-assets.customeriomail.com/images/client-env-107382=
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style=3D"display:block;height:auto;border:0;width:100%;" width=3D"142" =
alt=3D"Inner Circle Exclusive" title=3D"Inner Circle Exclusive" =
height=3D"auto"/></div></div>
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cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"padding-bottom:16px;padding-left:24px;padding-right:24px;text-al=
ign:center;width:100%;"><h1 =
style=3D"margin:0;color:#000000;direction:ltr;font-family:'PuckSerifD=
isplay','Georgia';font-size:48px;font-weight:400;letter-spaci=
ng:normal;line-height:1.2;text-align:left;margin-top:0;margin-bottom:0;ms=
o-line-height-alt:58px;"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYelBDUmJ1bE9lcGxsaTJiMmJVOD0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvd2=
hhdC10aGUtY2xvc2luZy1vZi1ibHVtLWdhbGxlcnktcHJlc2FnZXMtZm9yLXRoZS1hcnQtbWF=
ya2V0Lz91dG1fY2FtcGFpZ249SUMrRXhjbHVzaXZlK1dhbGwrUG93ZXIrLStMRUFEUyslMjg3=
JTJGMiUyRjI1JTI5XHUwMDI2dXRtX2NvbnRlbnQ9SUMrRXhjbHVzaXZlK1dhbGwrUG93ZXIrL=
StMRUFEUyslMjg3JTJGMiUyRjI1JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdT=
AwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDF=
kNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MjI1=
NjA2Mn0/0dc8cca9bb3b644ffb00b7b9defa3245ce7cb7ce2885571c75b336cbcc77c28f"=
target=3D"_blank" style=3D"text-decoration:none;color:#d40000;" =
data-mce-attribute-name-1=3D"" data-mce-attribute-value-1=3D"" =
data-mce-attributes-count=3D"1" rel=3D"noopener"><span =
style=3D"word-break:break-word;position:relative;" =
data-position=3D"80-0-2" data-qa=3D"tinyeditor-root-element">The =
Blumquake & The Next Shoes to Drop</span></a></h1>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
"><tbody><tr><td style=3D"padding-left:24px;padding-right:24px;"><div =
style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:19px;font-weight:400;letter-spacing:0px;line-height:1.5=
;text-align:left;mso-line-height-alt:29px;"><p style=3D"margin:0;">Tim =
Blum=E2=80=99s shocking-but-not-surprising decision to call it quits is =
a signal of bigger
changes afoot=E2=80=94not just the apparent anhedonia of the collector =
class, but the profound effects of financialization on the art =
market.</p></div>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>
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cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;background-color:#ffff=
ff;border-bottom:8px solid transparent;border-left:24px solid =
transparent;border-radius:0;border-right:24px solid =
transparent;border-top:8px solid =
transparent;color:#000000;width:600px;margin:0 auto;" =
width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"100%" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-a=
lign:
left;border-bottom:1px solid #d40000;border-top:1px solid =
#d40000;vertical-align:top;border-radius:0px;">
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eight:0;"><tbody><tr><td =
style=3D"vertical-align:middle;color:#d40000;font-family:'PuckSerifDi=
splay','Georgia';font-size:20px;font-weight:400;padding-botto=
m:8px;padding-right:8px;padding-top:8px;text-align:left;">
<table class=3D"b" =
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adding-left:0px;padding-right:0px;" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation"><tbody><tr><td =
style=3D"vertical-align:middle;text-align:center;padding-top:0px;padding-=
bottom:0px;padding-left:0px;padding-right:0px;"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYelBDUmJ1bE9lcGxsaTJiMmJVOD0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvYX=
V0aG9yL21hcmlvbi1tYW5la2VyLz91dG1fY2FtcGFpZ249SUMrRXhjbHVzaXZlK1dhbGwrUG9=
3ZXIrLStMRUFEUyslMjg3JTJGMiUyRjI1JTI5XHUwMDI2dXRtX2NvbnRlbnQ9SUMrRXhjbHVz=
aXZlK1dhbGwrUG93ZXIrLStMRUFEUyslMjg3JTJGMiUyRjI1JTI5XHUwMDI2dXRtX21lZGl1b=
T1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm=
09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI=
4IiwibGlua19pZCI6ODQ3ODE3fQ/2482e763e91c42e49fce04a200aa6b86f9bf19bf8640d=
1242221c04c9eb774b9" target=3D"_self" =
style=3D"text-decoration:none;"><img alt=3D"Marion Maneker" =
src=3D"https://userimg-assets.customeriomail.com/images/client-env-107382=
/1739207842260_avatar-marion-update-2025-02-10_01JKRDV6FXDFC5A7AK1PGGWTBD=
.png" height=3D"auto" width=3D"48" align=3D"center" =
style=3D"display:block;height:auto;margin:0 auto;border:0;"/></a>
</td><td =
style=3D"font-family:'PuckSerifDisplay','Georgia';font-si=
ze:20px;font-weight:400;color:#d40000;vertical-align:middle;letter-spacin=
g:undefined;text-align:left;line-height:normal;"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYelBDUmJ1bE9lcGxsaTJiMmJVOD0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvYX=
V0aG9yL21hcmlvbi1tYW5la2VyLz91dG1fY2FtcGFpZ249SUMrRXhjbHVzaXZlK1dhbGwrUG9=
3ZXIrLStMRUFEUyslMjg3JTJGMiUyRjI1JTI5XHUwMDI2dXRtX2NvbnRlbnQ9SUMrRXhjbHVz=
aXZlK1dhbGwrUG93ZXIrLStMRUFEUyslMjg3JTJGMiUyRjI1JTI5XHUwMDI2dXRtX21lZGl1b=
T1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm=
09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI=
4IiwibGlua19pZCI6ODQ3ODE3fQ/2482e763e91c42e49fce04a200aa6b86f9bf19bf8640d=
1242221c04c9eb774b9" target=3D"_self" =
style=3D"color:#d40000;text-decoration:none;">Marion Maneker</a>
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</td></tr></tbody></table>
<table align=3D"center" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td>
<table class=3D"c ie" align=3D"center" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;background-color:#ffff=
ff;border-radius:0;color:#000000;width:600px;margin:0 auto;" =
width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"100%" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-a=
lign:left;padding-left:24px;padding-right:24px;padding-top:11px;vertical-=
align:top;">
<table class=3D"np" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
"><tbody><tr><td style=3D"padding-bottom:32px;"><div =
style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5=
;text-align:left;mso-line-height-alt:26px;"><p =
style=3D"margin:0;"><strong>Tim</strong> <strong>Blum</strong>=E2=80=99s =
decision to step back from owning a retail gallery
with multiple locations, representing artists and their estates, as well =
as dealing in secondary market works, has already provoked a flood of =
reactions in my inbox. The news was, in our current all-too-common =
parlance, shocking, but not surprising.<br/><br/>It was shocking =
because...</p></div>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>
<table class=3D"n3" align=3D"center" width=3D"100%" border=3D"0" =
cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td>
<table class=3D"c ie" align=3D"center" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;background-color:#ffff=
ff;border-radius:0;color:#000000;width:600px;margin:0 auto;" =
width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"100%" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-a=
lign:left;padding-left:24px;padding-right:24px;vertical-align:top;">
<table class=3D"g np" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"padding-bottom:32px;text-align:center;"><div class=3D"r" =
align=3D"center"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYelBDUmJ1bE9lcGxsaTJiMmJVOD0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvaW=
5uZXItY2lyY2xlLz91dG1fY2FtcGFpZ249SUMrRXhjbHVzaXZlK1dhbGwrUG93ZXIrLStMRUF=
EUyslMjg3JTJGMiUyRjI1JTI5XHUwMDI2dXRtX2NvbnRlbnQ9SUMrRXhjbHVzaXZlK1dhbGwr=
UG93ZXIrLStMRUFEUyslMjg3JTJGMiUyRjI1JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY=
3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MT=
VlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19=
pZCI6MjA3MjE2NH0/c8327c518572f8dd24bc6ad6c537fa487303859c2ce40b16154c93ae=
1f942ea0" target=3D"_blank" =
style=3D"color:#ffffff;text-decoration:none;"><span class=3D"m" =
style=3D"background-color:#d40000;border-bottom:2px solid =
#d40000;border-left:2px solid #d40000;border-radius:4px;border-right:2px =
solid #d40000;
border-top:2px solid =
#d40000;color:#ffffff;display:inline-block;font-family:'Inter',&#=
39;Arial';font-size:14px;font-weight:700;mso-border-alt:none;padding-=
bottom:8px;padding-top:8px;padding-left:0px;padding-right:0px;text-align:=
center;width:60%;word-break:keep-all;letter-spacing:normal;"><span =
style=3D"word-break:break-word;line-height:28px;">JOIN THE INNER =
CIRCLE</span></span></a></div>
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c2l2ZStXYWxsK1Bvd2VyKy0rTEVBRFMrJTI4NyUyRjIlMkYyNSUyOVx1MDAyNnV0bV9tZWRpd=
W09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZX=
JtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQ=
yOCIsImxpbmtfaWQiOjQyNjA0NX0/b79dbe4f78de437893970f3476b22261b153da9e367a=
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style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
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style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.2=
;text-align:left;mso-line-height-alt:20px;"><p style=3D"margin:0;">The =
ultimate fashion industry bible, offering incisive reportage on all =
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Anchored by preeminent fashion journalist Lauren Sherman, Line Sheet =
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unparalleled intel on what=E2=80=99s happening in the beauty industry, =
and Sarah Shapiro, a longtime retail strategist who writes about =
e-commerce, brick-and-mortar, D.T.C., and more.=C2=A0</p></div>
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href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYelBDUmJ1bE9lcGxsaTJiMmJVOD0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvcG=
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style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
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style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.2=
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style=3D"margin:0;">Finally, a media podcast about what=E2=80=99s =
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style=3D"margin:0;color:#000000;direction:ltr;font-family:'PuckSerifD=
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data-mce-attribute-name-1=3D"" data-mce-attribute-value-1=3D"" =
data-mce-attributes-count=3D"1" rel=3D"noopener">Netflix=E2=80=99s =
YouTube Envy</a></h2>
</td></tr></tbody></table>
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style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
"><tbody><tr><td><div =
style=3D"color:#000;direction:ltr;font-family:'Inter','Arial&=
#39;;font-size:14px;font-weight:700;letter-spacing:0px;line-height:1.2;te=
xt-align:left;mso-line-height-alt:17px;"><p style=3D"margin:0;">JULIA =
ALEXANDER</p></div>
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<table class=3D"t" align=3D"center" width=3D"100%" border=3D"0" =
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cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;background-color:#ffff=
ff;border-radius:0;color:#000000;width:600px;margin:0 auto;" =
width=3D"600"><tbody><tr><td class=3D"yq o" =
width=3D"41.666666666666664%" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-a=
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g-top:16px;vertical-align:top;">
<table class=3D"j np" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"width:100%;padding-right:0px;padding-left:0px;"><div =
class=3D"r" align=3D"center"><div class=3D"f" =
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style=3D"display:block;height:auto;border:0;width:100%;" width=3D"210" =
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height=3D"auto"/></div></div>
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cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"padding-bottom:8px;text-align:center;width:100%;"><h2 =
style=3D"margin:0;color:#000;direction:ltr;font-family:'PuckSerifDisp=
lay','Georgia';font-size:32px;font-weight:400;letter-spacing:=
normal;line-height:1.2;text-align:left;margin-top:0;margin-bottom:0;mso-l=
ine-height-alt:38px;"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
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target=3D"_blank" style=3D"text-decoration:none;color:#d40000;" =
data-mce-attribute-name-1=3D"" data-mce-attribute-value-1=3D"" =
data-mce-attributes-count=3D"1" rel=3D"noopener"><span =
style=3D"word-break:break-word;position:relative;" =
data-position=3D"10-1-0" data-qa=3D"tinyeditor-root-element">Angus King =
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style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
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#39;;font-size:14px;font-weight:700;letter-spacing:0px;line-height:1.2;te=
xt-align:left;mso-line-height-alt:17px;"><p style=3D"margin:0;">JOHN =
HEILEMANN</p></div>
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ng:normal;line-height:1.2;text-align:left;margin-top:0;margin-bottom:0;ms=
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data-mce-attribute-name-1=3D"" data-mce-attribute-value-1=3D"" =
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data-position=3D"10-1-0" data-qa=3D"tinyeditor-root-element">Full-Blown =
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style=3D"color:#000;direction:ltr;font-family:'Inter','Arial&=
#39;;font-size:14px;font-weight:700;letter-spacing:0px;line-height:1.2;te=
xt-align:left;mso-line-height-alt:17px;"><p style=3D"margin:0;">JULIE =
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