File: D:/hMailServer/Data/showfile.com/admin/0F/{0F51AC51-1EB6-4AE7-9BC6-5F735B72447A}.eml
Return-Path: bounce+dff2c4.39b08c6-enzo=showfile.com@mg-d1.substack.com
Delivered-To: enzo@showfile.com
Received: from m244-25.mailgun.net (m244-25.mailgun.net [159.112.244.25])
by mail.itpartnership.com with ESMTPS
(version=TLSv1.3 cipher=TLS_AES_128_GCM_SHA256 bits=128)
; Tue, 19 Dec 2023 21:02:20 +0000
DKIM-Signature: a=rsa-sha256; v=1; c=relaxed/relaxed; d=mg-d1.substack.com;
q=dns/txt; s=k1; t=1703019737; x=1703026937; h=List-Post: List-Id:
List-Unsubscribe: List-Archive: List-Owner: Reply-To: In-Reply-To:
References: sender: sender: Date: Message-Id: To: To: From: From: Subject:
Subject: Content-Type: Mime-Version;
bh=tWyELRqRkxe9NYCVorGusAPprTVCYQyPRIpN+1ssM+I=;
b=ctsqOBG03CiDMsjNZB1HSIk6WVjNVzOZhXaEVUXu2rTLoXk8pSlcLUKFz8aWT0fxZhZgSpM29kBgtP9Gh09JFBAtabpYio4rTIR5PpnVsC+EQF5BFrpM3ylPeBALIWyQw7wOmSsuA+PlvUjA8P/D+vG+ZYAZ8qL9tU1lpfnmnwQ=
X-Mailgun-Sending-Ip: 159.112.244.25
X-Mailgun-Sid: WyIwNzA0NSIsImVuem9Ac2hvd2ZpbGUuY29tIiwiMzliMDhjNiJd
Received: from <unknown> (<unknown> []) by eac9651337a8 with HTTP id
658204d98a0e9429810be7b2; Tue, 19 Dec 2023 21:02:13 GMT
X-Mailgun-Batch-Id: 658204d5a4ea35dba5cf5f18
Mime-Version: 1.0
Content-Type: multipart/alternative;
boundary="eb09785bfcbd94a615e10589fdbcb8d2cdafe292c6d6cc98d135178b4be3"
Subject: Christie's Year-End Results + Bonhams, Artcurial
From: Artelligence <artelligence@substack.com>
To: enzo@showfile.com
X-Mailgun-Tag: post
X-Mailgun-Track-Clicks: false
Message-Id: <20231219210101.3.5c6ced6984347058@mg-d1.substack.com>
Date: Tue, 19 Dec 2023 21:01:01 +0000
sender: Artelligence <artelligence@substack.com>
References: <post-139924835@substack.com>
In-Reply-To: <post-139924835@substack.com>
Reply-To: Artelligence
<reply+2bb2oz&27cer9&&b036a3fb643b7b9fe4943115f09d1546b5055c4ddeca26ebb4c9ae31bb8ef76c@mg1.substack.com>
List-Owner: <mailto:artelligence@substack.com>
List-URL: <https://artelligence.substack.com/>
List-Archive: <https://artelligence.substack.com/archive>
List-Unsubscribe: <https://artelligence.substack.com/action/disable_email/disable?token=eyJ1c2VyX2lkIjoxMzMyNjg2NjEsInBvc3RfaWQiOjEzOTkyNDgzNSwiaWF0IjoxNzAzMDE5NzMxLCJleHAiOjE3MDU2MTE3MzEsImlzcyI6InB1Yi0yMjU5Iiwic3ViIjoiZGlzYWJsZV9lbWFpbCJ9.nI0s8uw7KuGqyGKzTkVNjqmVIze6YtFvIeVgBC2EVEA&expires=365d>
List-Unsubscribe-Post: List-Unsubscribe=One-Click
List-Id: <artelligence.substack.com>
List-Post: <https://artelligence.substack.com/p/christies-year-end-results-bonhams>
X-Mailgun-Variables: {"category": "post", "email_generated_at": "1703019732146", "is_freemail":
"true", "post_audience": "only_paid", "post_id": "139924835", "post_type":
"newsletter", "pub_community_enabled": "true", "publication_id": "2259",
"subdomain": "artelligence", "user_id": "133268661"}
--eb09785bfcbd94a615e10589fdbcb8d2cdafe292c6d6cc98d135178b4be3
Content-Type: text/plain; charset="utf-8"
Content-Transfer-Encoding: quoted-printable
View this post on the web at https://artelligence.substack.com/p/christies-=
year-end-results-bonhams
Welcome Back to Artelligence
This newsletter containing Christie=E2=80=99s year-end results and our own =
commentary is for paid subscribers only. Subscriptions are $12 a month or $=
120 for a year. If you are a paid subscriber, sharing a newsletter on occas=
ion is fine; consistently sharing paid content within your organization or =
with others is not.
For organizations: We offer group discounts of 30% for each subscription of=
two or more. Group subscriptions [ https://substack.com/redirect/4fdcad33-=
d17e-4688-a79c-b2fae6a554c7?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5i=
RnigHXx6Fx_g6pp7gWdY ] allow one person within an organization to manage al=
l subscriptions. You may add new subscriptions at the discounted rate whene=
ver you like; and, if an employee leaves, you may replace another employee =
in that seat. You may also move existing subscribers into the group. Create=
group subscriptions here [ https://substack.com/redirect/4fdcad33-d17e-468=
8-a79c-b2fae6a554c7?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6=
Fx_g6pp7gWdY ].
There is also an option to get a 7-day free trial. Just choose the subscrip=
tion plan you want and click on the 7-day trial option before checkout.=C2=
=A0
In This Issue
Sotheby=E2=80=99s Announces 2024 Auction Schedule: October is going to be b=
usy in London and Paris; Hong Kong in September is a new auction window.=20
Bonhams 2023 Results: $1.14 billion in sales
Christie=E2=80=99s Ends Year with $6.2 billion in gross sales: Here are the=
ir topline numbers
For Paid Subscribers Only
What Christie=E2=80=99s said about: What the numbers mean; Whether there wi=
ll be layoffs; Why sell-through and hammer ratios are important; The import=
ance of
Sotheby=E2=80=99s Announces 2024 Auction Schedule
In response to collectors, Sotheby=E2=80=99s has announced its 2024 auction=
calendar today [ https://substack.com/redirect/0e5bf195-831d-4b65-84f7-a40=
009becf23?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gW=
dY ]. Exact dates will come later as the houses negotiate particular sales =
in each venue. But the broad calendar will be affected by Sotheby=E2=80=99s=
new facilities in Hong Kong and Paris. The Fall Hong Kong sales will move =
a few weeks earlier into the late Summer spot in mid-September. Paris will =
hold sales in mid-October around Paris Plus.=20
Much of the auction calendar stays the same with Old Masters in January in =
New York, Contemporary Curated moving to March 1st now that the Armory Show=
fair no longer happens that month. The London sales will take place March =
6-7 followed by early April sales in Hong Kong. May is New York in the seco=
nd and third week. London sees sales June 25-26 followed by Old Masters in =
early July. Mid-September sees the new Hong Kong sales followed by Contempo=
rary Curated in New York. Frieze sales will take place Oct 9-10 in London a=
nd Paris Plus sales will follow a week later on Oct 16-17.
After what promises to be a tumultuous election in the United States, the a=
uctions will take place the next two weeks in November. December will see O=
ld Masters in London and Design in New York.=20
Bonhams Results
Bonhams and the Bonhams Network: $1,142,000,000 (14% increase from 2022)
Number of Lots sold: 216,262
Number of lots sold over $1m: 62
Number of lots sold online: increased 45% but online auctions also increase=
d 105% compared to 2022=20
Geography of buyers: North America: 30%; UK: 19%; Europe: 33%; Asia-Pacific=
: 18%
Artcurial Announces Best Results=20
Announcing its best ever results, Artcurial reached =E2=82=AC217 million in=
sales led by this Jean-Honor=C3=A9 Fragonard, The Sacrifice to the Minotau=
r that made $6.2 million in November.=20
Christie=E2=80=99s 2023 Results
Top Line Sales: $6.227 billion
Sales are still 7% above 2019 even if they are down from last year by 25%. =
If the Paul Allen sale was removed from the totals, sales would still be do=
wn 7% at Christie=E2=80=99s from 2022.
Private Sales: $1.201 billion
Christie=E2=80=99s was able to sell a work privately for more than $100 mil=
lion, the highest value transaction for 2023 at the auction house.=C2=A0
Auction Sales: $5.026 billion
Global Sell-Through Rate: 84%
Total number of lots sold: 45,000=C2=A0
Global Hammer Ratio: 1.05
Luxury sales peak at $1 billion
New Buyers: 35% with 66% of those coming through online sales
Regional breakdown:
Americas: $2.571 billion in sales (51% of sales value)
Buyers from Americas account for 41% of global buying
EMEA: $1.650 billion in sales (33% of sales value)
Buyers from EMEA account for 31% of global buying
APAC: $805 million in sales (16% of sales value)
Buyers from APAC account for 28% of global buying
What Christie=E2=80=99s Numbers Mean
Christie=E2=80=99s held a press call to discuss their 2023 results. Here ar=
e some of the issues that were raised along with response from Christie=E2=
=80=99s executives and our interpretation of their importance:...
Unsubscribe https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2V=
uY2Uuc3Vic3RhY2suY29tL2FjdGlvbi9kaXNhYmxlX2VtYWlsP3Rva2VuPWV5SjFjMlZ5WDJsa0=
lqb3hNek15TmpnMk5qRXNJbkJ2YzNSZmFXUWlPakV6T1RreU5EZ3pOU3dpYVdGMElqb3hOekF6T=
URFNU56TXhMQ0psZUhBaU9qRTNNRFUyTVRFM016RXNJbWx6Y3lJNkluQjFZaTB5TWpVNUlpd2lj=
M1ZpSWpvaVpHbHpZV0pzWlY5bGJXRnBiQ0o5Lm5JMHM4dXc3S3VHcXlHS3pUa1ZOanFtVkl6ZTZ=
ZdEZ2SWVWZ0JDMkVWRUEmZXhwaXJlcz0zNjVkIiwicCI6MTM5OTI0ODM1LCJzIjoyMjU5LCJmIj=
p0cnVlLCJ1IjoxMzMyNjg2NjEsImlhdCI6MTcwMzAxOTczMSwiZXhwIjoxNzA1NjExNzMxLCJpc=
3MiOiJwdWItMCIsInN1YiI6ImxpbmstcmVkaXJlY3QifQ.kl0krVAU6EjplcCOVJqI2OIZx4Tcq=
ZqXgoF6Jb1Hd7w?
--eb09785bfcbd94a615e10589fdbcb8d2cdafe292c6d6cc98d135178b4be3
Content-Type: text/html; charset="utf-8"
Content-Transfer-Encoding: quoted-printable
<html><head><meta charset=3D"utf-8"><title>Christie's Year-End Results + Bo=
nhams, Artcurial</title><style>
@media all and (-ms-high-contrast: none), (-ms-high-contrast: active) {
.typography .markup table.image-wrapper img,
.typography.editor .markup table.image-wrapper img,
.typography .markup table.kindle-wrapper img,
.typography.editor .markup table.kindle-wrapper img {
max-width: 550px;
}
}
@media screen and (max-width: 650px) {
.typography .markup div.youtube-inner div.youtube-screen,
.typography.editor .markup div.youtube-inner div.youtube-screen,
.typography .markup div.vimeo-inner div.youtube-screen,
.typography.editor .markup div.vimeo-inner div.youtube-screen {
display: none !important;
}
}
@media screen and (max-width: 370px) {
.typography .markup div.tiktok-wrap,
.typography.editor .markup div.tiktok-wrap {
width: calc(95vw - 32px);
height: calc((95vw - 32px - 2px) / 0.485714);
}
}
@media screen and (max-width: 650px) {
.typography .markup div.embedded-publication-wrap .embedded-publication.s=
how-subscribe,
.typography.editor .markup div.embedded-publication-wrap .embedded-public=
ation.show-subscribe {
padding: 24px;
}
}
@media screen and (max-width: 650px) {
.typography .markup div.subscription-widget-wrap .subscription-widget.sho=
w-subscribe,
.typography.editor .markup div.subscription-widget-wrap .subscription-wid=
get.show-subscribe,
.typography .markup div.captioned-button-wrap .subscription-widget.show-s=
ubscribe,
.typography.editor .markup div.captioned-button-wrap .subscription-widget=
=2Eshow-subscribe {
padding: 24px;
}
}
@media screen and (max-width: 650px) {
.typography .markup div.subscription-widget-wrap .subscription-widget.sho=
w-subscribe .subscription-widget-subscribe .button,
.typography.editor .markup div.subscription-widget-wrap .subscription-wid=
get.show-subscribe .subscription-widget-subscribe .button,
.typography .markup div.captioned-button-wrap .subscription-widget.show-s=
ubscribe .subscription-widget-subscribe .button,
.typography.editor .markup div.captioned-button-wrap .subscription-widget=
=2Eshow-subscribe .subscription-widget-subscribe .button {
padding: 10px 12px;
min-width: 110px;
}
}
@media (max-width: 650px) {
.typography .markup .tweet,
.typography.editor .markup .tweet {
padding: 12px;
}
}
@media (max-width: 650px) {
.typography .markup .tweet .tweet-text,
.typography.editor .markup .tweet .tweet-text {
font-size: 14px;
line-height: 20px;
}
}
@media (max-width: 650px) {
.typography .markup .tweet .tweet-photos-container.two,
.typography.editor .markup .tweet .tweet-photos-container.two,
.typography .markup .tweet .tweet-photos-container.three,
.typography.editor .markup .tweet .tweet-photos-container.three,
.typography .markup .tweet .tweet-photos-container.four,
.typography.editor .markup .tweet .tweet-photos-container.four {
height: 200px;
}
}
@media (max-width: 650px) {
.typography .markup .tweet a.expanded-link .expanded-link-img,
.typography.editor .markup .tweet a.expanded-link .expanded-link-img {
max-height: 180px;
}
}
@media (max-width: 650px) {
.typography .markup .tweet a.expanded-link .expanded-link-description,
.typography.editor .markup .tweet a.expanded-link .expanded-link-descript=
ion {
display: none;
}
}
@media screen and (max-width: 650px) {
.typography .markup .apple-podcast-container,
.typography.editor .markup .apple-podcast-container {
width: unset;
}
}
@media (max-width: 420px) {
.typography .markup .install-substack-app-embed img.install-substack-app-=
embed-img,
.typography.editor .markup .install-substack-app-embed img.install-substa=
ck-app-embed-img {
margin: 0 auto 16px auto;
}
}
@media screen and (min-width: 420px) and (max-width: 600px) {
.typography .markup .install-substack-app-embed .install-substack-app-emb=
ed-text,
.typography.editor .markup .install-substack-app-embed .install-substack-=
app-embed-text {
max-width: calc(100% - 100px);
width: initial;
}
}
@media (max-width: 420px) {
.typography .markup .install-substack-app-embed .install-substack-app-emb=
ed-text,
.typography.editor .markup .install-substack-app-embed .install-substack-=
app-embed-text {
margin: 0 0 12px 0;
max-width: 100%;
width: auto;
text-align: center;
}
}
@media (max-width: 600px) {
.typography .markup .install-substack-app-embed .install-substack-app-emb=
ed-link,
.typography.editor .markup .install-substack-app-embed .install-substack-=
app-embed-link {
margin-top: 16px;
width: 100%;
}
}
@media screen and (min-width: 481px) {
.share-button-container {
height: 38px;
}
}
@media screen and (min-width: 481px) {
.share-button-container a.comment {
height: 38px;
line-height: 38px;
padding-right: 10px;
}
}
@media screen and (max-width: 480px) {
.share-button-container .separator {
display: block;
margin: 0;
height: 8px;
border-left: none;
}
}
@media screen and (max-width: 480px) {
.share-button-container a.share.first img {
padding-left: 0;
}
}
@media screen and (min-width: 481px) {
.share-button-container a.mobile {
display: none !important;
}
}
@media screen and (max-width: 650px) {
.social-media-share-preview__description {
-webkit-line-clamp: 2;
}
}
@media screen and (max-width: 1000px) {
.congrats-box {
flex-direction: column;
}
.congrats-box .congrats-box-right {
margin-left: 38px;
margin-top: 16px;
}
}
@media screen and (max-width: 500px) {
.congrats-box {
display: none;
}
}
@media screen and (min-width: 541px) {
.settings-add-pub-modal-wrapper .container .add-recommending-pub-modal-co=
ntainer {
padding: 36px;
height: 680px;
}
}
@media screen and (min-width: 541px) {
.settings-add-pub-modal-wrapper .container .add-recommending-pub-modal-co=
ntainer .footer {
position: absolute;
bottom: 36px;
margin: 0px;
}
}
@media screen and (max-width: 840px) {
.header-with-anchor-widget .header-anchor-widget,
.header-anchor-container .header-anchor-widget {
display: none;
}
}
@media screen and (min-width: 768px) {
.post {
padding: 32px 0 0 0;
}
}
@media screen and (max-width: 650px) {
.post .post-header .post-label {
margin-top: 8px;
}
}
@media screen and (max-width: 650px) {
.post .post-header .meta-author-wrap.alternative-meta .meta-right-column =
=2Epost-meta {
margin-top: 6px;
}
}
@media screen and (max-width: 650px) {
.post .footer-facepile-container {
height: 64px;
padding: 0 16px;
display: flex;
align-items: center;
justify-content: flex-start;
width: 100%;
}
}
@media screen and (max-width: 650px) {
.post .post-footer.use-separators {
justify-content: center;
}
}
@media screen and (max-width: 650px) {
.post .post-footer.next-prev {
height: 64px;
justify-content: space-between;
box-sizing: border-box;
}
}
@media screen and (max-width: 650px) {
.post-contributor-footer .post-contributor-bio-table {
display: block;
}
.post-contributor-footer .post-contributor-bio-table-row {
display: flex;
flex-direction: row;
}
.post-contributor-footer .post-contributor-bio-userhead-cell,
.post-contributor-footer .post-contributor-bio-body-cell {
display: block;
}
.post-contributor-footer .post-contributor-bio-body-cell {
flex-grow: 1;
}
.post-contributor-footer .post-contributor-bio-body-table {
display: block;
}
.post-contributor-footer .post-contributor-bio-body-table-row {
display: block;
}
.post-contributor-footer .post-contributor-bio-copy-cell,
.post-contributor-footer .post-contributor-bio-controls-cell {
display: block;
}
.post-contributor-footer .post-contributor-bio-copy-cell {
margin: 0 0 16px 0;
}
.post-contributor-footer .post-contributor-bio-controls-cell {
width: auto;
}
.post-contributor-footer .post-contributor-bio-controls {
margin: auto;
}
.post-contributor-footer .post-contributor-bio-controls .button.primary {
width: 100%;
}
.post-contributor-footer .post-contributor-bio-text {
font-size: 14px;
}
}
@media screen and (min-width: 768px) {
.post-silhouette {
padding: 16px 0;
}
}
@media screen and (max-width: 650px) {
.post-silhouette .post-silhouette-title {
margin-top: 10.44225025px;
height: 120px;
}
}
@media screen and (max-width: 650px) {
.post-silhouette .post-silhouette-meta {
width: 75%;
}
}
@media screen and (max-width: 650px) {
.post-silhouette .post-silhouette-meta.with-byline-image {
margin: 20px 0;
}
}
@media screen and (max-width: 650px) {
.use-theme-bg .post-meta.alternative-meta .post-meta-item,
.post-meta.alternative-meta .post-meta-item {
padding-right: 16px;
}
}
@media screen and (max-width: 370px) {
.use-theme-bg .post-meta.alternative-meta .post-meta-item,
.post-meta.alternative-meta .post-meta-item {
font-size: 14px;
}
}
@media screen and (max-width: 650px) {
.use-theme-bg .post-meta.alternative-meta .post-meta-item.guest-author-pu=
blication,
.post-meta.alternative-meta .post-meta-item.guest-author-publication {
display: none;
}
}
@media screen and (max-width: 370px) {
.post-meta .post-meta-item .post-meta-button {
height: 36px !important;
}
.post-meta .post-meta-item .post-meta-button .meta-button-label {
display: none;
}
.post-meta .post-meta-item .post-meta-button > svg {
margin-right: 0;
}
}
@media screen and (max-width: 370px) {
.post-meta .post-meta-item {
font-size: 12px;
}
}
@media screen and (max-width: 650px) {
.post .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: 6px;
}
}
@media screen and (max-width: 650px) {
.comments-page .container .comment-list .collapsed-reply {
margin-left: 17px;
}
}
@media screen and (max-width: 650px) {
.comment > .comment-list {
padding-left: 25px;
}
}
@media screen and (max-width: 650px) {
.finish-magic-login-modal .modal-content .container {
padding: 24px 0;
}
}
@media (max-width: 650px) {
.reader2-text-b3 {
line-height: 24px;
}
}
@media screen and (max-width: 650px) {
.reader2-text-h4 {
line-height: 24px;
}
}
@media screen and (min-width: 541px) {
.user-profile-modal {
padding-left: 12px;
padding-right: 12px;
}
}
@media screen and (max-width: 650px) {
.subscribe-widget form.form .sideBySideWrap button.rightButton {
padding: 10px 12px;
}
}
@media screen and (min-width: 541px) {
.pub-icon:hover .logo-hover,
.feed-item-icon:hover .logo-hover {
display: block;
}
}
@media screen and (max-width: 650px) {
.post-ufi.single-full-width-button .post-ufi-button-wrapper {
width: 100%;
padding: 16px;
}
.post-ufi.single-full-width-button .post-ufi-button-wrapper:empty {
display: none;
}
.post-ufi.single-full-width-button .post-ufi-button {
width: 100%;
justify-content: center;
}
}
@media screen and (max-width: 768px) {
.file-embed-wrapper {
padding: 0;
}
}
@media screen and (max-width: 768px) {
.file-embed-wrapper-editor {
padding: 0;
}
}
@media screen and (max-width: 768px) {
.file-embed-wrapper-editor:active {
padding: 0;
}
}
@media only screen and (max-width: 650px) {
.file-embed-button.wide,
.file-embed-error-button.wide {
display: none;
}
}
@media only screen and (min-width: 630px) {
.file-embed-button.narrow,
.file-embed-error-button.narrow {
display: none;
}
}
@media screen and (min-width: 541px) {
.audio-player-wrapper .audio-player {
min-width: 500px;
}
}
@media screen and (max-width: 650px) {
.audio-player-wrapper .audio-player .audio-player-progress {
border-left-width: 16px;
border-right-width: 16px;
}
}
@media screen and (max-width: 650px) {
.audio-player-wrapper .audio-player .audio-player-progress .audio-player-=
progress-bar .audio-player-progress-bar-popup {
top: -54px;
}
}
@media screen and (max-width: 650px) {
.audio-player-wrapper-fancy .audio-player .audio-player-progress {
border-left-width: 16px;
border-right-width: 16px;
}
}
@media screen and (max-width: 650px) {
.audio-player-wrapper-fancy .audio-player .audio-player-progress .audio-p=
layer-progress-bar .audio-player-progress-bar-popup {
top: -54px;
}
}
@media (min-width: 250px) {
.audio-player-wrapper-fancy .audio-player {
padding: 32px;
}
.audio-player-wrapper-fancy .audio-player .btn-group {
display: flex;
}
.audio-player-wrapper-fancy .audio-player .btn-group .button:last-of-type=
{
display: block;
}
}
@media (min-width: 300px) {
.audio-player-wrapper-fancy .audio-player .btn-group {
display: block;
}
.audio-player-wrapper-fancy .audio-player .btn-group .button:first-of-typ=
e {
display: block;
}
}
@media (min-width: 350px) {
.audio-player-wrapper-fancy .audio-player .audio-player-substack-logo {
display: block;
}
.audio-player-wrapper-fancy .audio-player .audio-player-title {
margin-top: 16px;
}
.audio-player-wrapper-fancy .audio-player .audio-player-hero-image-contai=
ner {
padding-top: 15%;
width: 15%;
display: block;
}
.audio-player-wrapper-fancy .audio-player .btn-group .button:first-of-typ=
e {
display: block;
}
.audio-player-wrapper-fancy .audio-player .audio-player-substack-logo {
display: block;
}
}
@media (min-width: 350px) {
.audio-player-wrapper-fancy .audio-player .audio-player-hero-image-contai=
ner {
padding-top: 25%;
width: 25%;
display: block;
}
.audio-player-wrapper-fancy .audio-player .btn-group {
display: flex;
}
.audio-player-wrapper-fancy .audio-player .btn-group .button:first-of-typ=
e {
display: block;
}
}
@media (min-width: 400px) {
.audio-player-wrapper-fancy .audio-player .audio-player-hero-image-contai=
ner {
padding-top: 40%;
width: 40%;
}
}
@media (max-width: 400px) {
.audio-player-wrapper-fancy .audio-player .btn-group {
margin-top: 12px;
}
.audio-player-wrapper-fancy .audio-player .btn-group .button {
font-size: 13px;
padding: 6px 12px;
height: auto;
margin-top: 10px;
}
}
@media (min-width: 600px) {
.audio-player-wrapper-fancy .audio-player .audio-player-hero-image-contai=
ner {
padding-top: 55%;
width: 55%;
}
}
@media (max-width: 650px) {
.poll-editor-modal {
min-width: calc(100% - 20px);
}
}
@media (max-width: 750px) {
.poll-embed .poll-anchor-target .poll-anchor-copy-button {
left: 8px;
top: 45px;
}
}
@media screen and (min-width: 541px) {
.poll-embed .poll-wrapper.poll-web .poll-dialog .modal-table .modal-row .=
modal-content > .container {
width: 552px;
padding: 26px 24px;
}
}
@media screen and (max-width: 650px) {
.poll-embed .poll-wrapper.poll-web .poll-dialog .modal-table .modal-row .=
modal-content > .container {
padding: 40px 0;
}
}
@media screen and (max-width: 650px) {
.poll-embed .poll-wrapper.poll-web .poll-dialog .modal-row .modal-cell .m=
odal-exit-btn {
margin-right: -20px;
}
}
</style></head><body class=3D"email-body" style=3D"font-kerning: auto;"><im=
g src=3D"https://eotrx.substackcdn.com/open?token=3DeyJtIjoiPDIwMjMxMjE5MjE=
wMTAxLjMuNWM2Y2VkNjk4NDM0NzA1OEBtZy1kMS5zdWJzdGFjay5jb20-IiwidSI6MTMzMjY4Nj=
YxLCJyIjoiZW56b0BzaG93ZmlsZS5jb20iLCJkIjoibWctZDEuc3Vic3RhY2suY29tIiwicCI6M=
TM5OTI0ODM1LCJ0IjoibmV3c2xldHRlciIsImEiOiJvbmx5X3BhaWQiLCJzIjoyMjU5LCJjIjoi=
cG9zdCIsImYiOnRydWUsInBvc2l0aW9uIjoidG9wIiwiaWF0IjoxNzAzMDE5NzMyLCJleHAiOjE=
3MDU2MTE3MzIsImlzcyI6InB1Yi0wIiwic3ViIjoiZW8ifQ.tKkic9DPi7lkFPj9f4GhrgN3wmg=
pviGe_UTuwntTPH4" alt=3D"" width=3D"1" height=3D"1" border=3D"0" style=3D"h=
eight:1px !important;width:1px !important;border-width:0 !important;margin-=
top:0 !important;margin-bottom:0 !important;margin-right:0 !important;margi=
n-left:0 !important;padding-top:0 !important;padding-bottom:0 !important;pa=
dding-right:0 !important;padding-left:0 !important;"/><div style=3D"display=
:none;font-size:1px;color:#333333;line-height:1px;max-height:0px;max-width:=
0px;opacity:0;overflow:hidden;" class=3D"preview">With sales down 25%, CEO =
Cerutti is still pretty happy with the results + Bonhams & Artcurial ha=
ve banner years in 2023 + Sotheby's announces 2024 auction schedule  &=
#8204; ‌ ‌ ‌ ‌ ‌=
0;‌ ‌ ‌ ‌ ‌ ‌&=
#160;‌ ‌ ‌ ‌ ‌ ̴=
4; ‌ ‌ ‌ ‌ ‌ &#=
8204; ‌ ‌ ‌ ‌ ‌ =
;‌ ‌ ‌ ‌ ‌ ‌&#=
160;‌ ‌ ‌ ‌ ‌ ‌=
; ‌ ‌ ‌ ‌ ‌ =
204; ‌ ‌ ‌ ‌ ‌ =
‌ ‌ ‌ ‌ ‌ ‌=
60;‌ ‌ ‌ ‌ ‌ ‌=
 ‌ ‌ ‌ ‌ ‌ R=
04; ‌ ‌ ‌ ‌ ‌ &=
#8204; ‌ ‌ ‌ ‌ ‌=
0;‌ ‌ ‌ ‌ ‌ ‌&=
#160;‌ ‌ ‌ ‌ ‌ ̴=
4; ‌ ‌ ‌ ‌ ‌ &#=
8204; ‌ ‌ ‌ ‌ ‌ =
;‌ ‌ ‌ ‌ ‌ ‌&#=
160;‌ ‌ ‌ ‌ ‌ ‌=
; ‌ ‌ ‌ ‌ ‌ =
204; ‌ ‌ ‌ ‌ ‌ =
‌ ‌ ‌ ‌ ‌ ‌=
60;‌ ‌ ‌ ‌ ‌ ‌=
 ‌ ‌ ‌ ‌ ‌ R=
04; ‌ ‌ ‌ ‌ ‌ &=
#8204; ‌ ‌ ‌ ‌ ‌=
0;‌ ‌ ‌ ‌ ‌ ‌&=
#160;‌ ‌ ‌ ‌ ‌ ̴=
4; ‌ ‌ ‌ ‌ ‌ &#=
8204; ‌ ‌ ‌ ‌ ‌ =
;‌ ‌ ‌ ‌ ‌ ‌&#=
160;‌ ‌ ‌ ‌ ‌ ‌=
; ‌ ‌ ‌ ‌ ‌ =
204; ‌ ‌ ‌</div><table role=3D"presentatio=
n" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" class=3D=
"email-body-container"><tr><td></td><td width=3D"550" class=3D"content"></t=
d><td></td></tr><tr><td></td><td align=3D"left" width=3D"550" class=3D"cont=
ent"><div style=3D"font-size: 16px; line-height: 26px; margin: 0 auto; max-=
width: 550px; overflow-wrap: break-word; width: 100%;"><table role=3D"prese=
ntation" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><t=
r><td align=3D"right" style=3D"height: 20px;"><table role=3D"presentation" =
width=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td sty=
le=3D"vertical-align: middle;"><span class=3D"pencraft pc-reset frontend-pe=
ncraft-Text-module__reset--dW0zZ tw-font-body tw-text-ssm tw-text-substack-=
secondary" style=3D"color: rgb(128, 128, 128) !important; font-family: SF P=
ro Text, -apple-system, BlinkMacSystemFont, Inter, Segoe UI, Roboto, Helvet=
ica, Arial, sans-serif, Apple Color Emoji, Segoe UI Emoji, Segoe UI Symbol =
!important; font-size: 13px !important; margin: 0; text-decoration: unset;"=
><div class=3D"pencraft pc-reset frontend-pencraft-Text-module__align-right=
--PcYkZ frontend-pencraft-Text-module__size-12--KorQF frontend-pencraft-Tex=
t-module__reset--dW0zZ" style=3D"color: unset; font-size: 12px; letter-spac=
ing: 0; line-height: 16px; margin: 0; text-align: right; text-decoration: u=
nset;"><span translated class=3D"pencraft pc-reset frontend-pencraft-Text-m=
odule__reset--dW0zZ" style=3D"color: unset; margin: 0; text-decoration: uns=
et;">Forwarded this email? <a href=3D"https://substack.com/redirect/2/eyJlI=
joiaHR0cHM6Ly9hcnRlbGxpZ2VuY2Uuc3Vic3RhY2suY29tL3N1YnNjcmliZT91dG1fc291cmNl=
PWVtYWlsJnV0bV9jYW1wYWlnbj1lbWFpbC1zdWJzY3JpYmUmcj0yN2NlcjkmbmV4dD1odHRwcyU=
zQSUyRiUyRmFydGVsbGlnZW5jZS5zdWJzdGFjay5jb20lMkZwJTJGY2hyaXN0aWVzLXllYXItZW=
5kLXJlc3VsdHMtYm9uaGFtcyIsInAiOjEzOTkyNDgzNSwicyI6MjI1OSwiZiI6dHJ1ZSwidSI6M=
TMzMjY4NjYxLCJpYXQiOjE3MDMwMTk3MzEsImV4cCI6MTcwNTYxMTczMSwiaXNzIjoicHViLTAi=
LCJzdWIiOiJsaW5rLXJlZGlyZWN0In0.rC1LbGHbTS9B7p6FREmz3CZxgxJWOLwCRT4_Bjs7-44=
?" class=3D"pencraft pc-reset frontend-pencraft-Text-module__decoration-und=
erline--sj8pE frontend-pencraft-Text-module__reset--dW0zZ" style=3D"color: =
unset; margin: 0; text-decoration: unset; text-decoration-line: underline;"=
>Subscribe here</a> for more</span></div></span></td></tr></table></td></tr=
></table><table role=3D"presentation" width=3D"auto" class=3D"header graphi=
c-header" style=3D"border-spacing: 0; padding: 16px 0 32px;"><tr><td align=
=3D"center" style=3D"padding: 0; text-align: center;"><a href=3D"https://su=
bstack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2VuY2Uuc3Vic3RhY2suY29tL=
3AvY2hyaXN0aWVzLXllYXItZW5kLXJlc3VsdHMtYm9uaGFtcz91dG1fY2FtcGFpZ249ZW1haWwt=
aGFsZi1wb3N0JnI9MjdjZXI5JnRva2VuPWV5SjFjMlZ5WDJsa0lqb3hNek15TmpnMk5qRXNJbkJ=
2YzNSZmFXUWlPakV6T1RreU5EZ3pOU3dpYVdGMElqb3hOekF6TURFNU56TXhMQ0psZUhBaU9qRT=
NNRFUyTVRFM016RXNJbWx6Y3lJNkluQjFZaTB5TWpVNUlpd2ljM1ZpSWpvaWNHOXpkQzF5WldGa=
mRHbHZiaUo5Ljg1ZFQzeW5YbDZxQ20xTWpyWXJ1cVV2alRPX2FicThtbExxSmVnajNIcWMiLCJw=
IjoxMzk5MjQ4MzUsInMiOjIyNTksImYiOnRydWUsInUiOjEzMzI2ODY2MSwiaWF0IjoxNzAzMDE=
5NzMxLCJleHAiOjE3MDU2MTE3MzEsImlzcyI6InB1Yi0wIiwic3ViIjoibGluay1yZWRpcmVjdC=
J9.XpKzKmvCpy-NBepQgsckpR29uOYJgox9UpSoV0vFJlU?"><img role=3D"presentation"=
width=3D"550" height=3D"117" src=3D"https://substackcdn.com/image/fetch/w_=
1100,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack=
-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fecde5dbd-aa76-4984-bfac-ac=
b56639185e_2800x591.png" class=3D"header-image" style=3D"border: none !impo=
rtant; display: block; height: auto; margin: 0 auto; max-width: 550px; vert=
ical-align: middle; width: 100%;"></a></td></tr></table><div dir=3D"auto" c=
lass=3D"post typography" style=3D"font-size: 16px; line-height: 26px; paddi=
ng: 16px 0 0 0;"><div class=3D"post-header" style=3D"font-size: 16px; line-=
height: 26px;"><h1 class=3D"post-title published" style=3D"-moz-appearance:=
optimizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-appearan=
ce: optimizelegibility; -webkit-font-smoothing: antialiased; appearance: op=
timizelegibility; color: rgb(64, 64, 64); font-family: 'SF Compact Display'=
, -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, =
sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-=
size: 32px; font-weight: bold; line-height: 36px; margin: 0;"><a href=3D"ht=
tps://substack.com/app-link/post?publication_id=3D2259&post_id=3D139924835&=
utm_source=3Dpost-email-title&utm_campaign=3Demail-post-title&isFreemail=3D=
true&r=3D27cer9&token=3DeyJ1c2VyX2lkIjoxMzMyNjg2NjEsInBvc3RfaWQiOjEzOTkyNDg=
zNSwiaWF0IjoxNzAzMDE5NzMxLCJleHAiOjE3MDU2MTE3MzEsImlzcyI6InB1Yi0yMjU5Iiwic3=
ViIjoicG9zdC1yZWFjdGlvbiJ9.85dT3ynXl6qCm1MjrYruqUvjTO_abq8mlLqJegj3Hqc" sty=
le=3D"color: rgb(64, 64, 64); text-decoration: none;">Christie's Year-End R=
esults + Bonhams, Artcurial</a></h1><h3 class=3D"subtitle" style=3D"-moz-ap=
pearance: optimizelegibility; -moz-osx-font-smoothing: antialiased; -webkit=
-appearance: optimizelegibility; -webkit-font-smoothing: antialiased; appea=
rance: optimizelegibility; color: #808080; font-family: 'SF Compact Display=
', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial,=
sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font=
-size: 18px; font-weight: normal; line-height: 24px; margin: 4px 0 0; margi=
n-top: 12px;">With sales down 25%, CEO Cerutti is still pretty happy with t=
he results + Bonhams & Artcurial have banner years in 2023 + Sotheby's =
announces 2024 auction schedule</h3><table role=3D"presentation" width=3D"1=
00%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" class=3D"post-meta" s=
tyle=3D"align-items: center; height: 20px; margin: 1em 0;"><tr><td><table r=
ole=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D"0" cellpadd=
ing=3D"0"><tr><td><table role=3D"presentation" width=3D"auto" border=3D"0" =
cellspacing=3D"0" cellpadding=3D"0"><tr><td style=3D"vertical-align: middle=
;"><div class=3D"pencraft pc-reset frontend-pencraft-Text-module__color-pri=
mary--ud4Z0 frontend-pencraft-Text-module__line-height-20--p0dP8 frontend-p=
encraft-Text-module__font-meta--U_nxy frontend-pencraft-Text-module__size-1=
1--k1e8b frontend-pencraft-Text-module__weight-medium--x7khA frontend-pencr=
aft-Text-module__transform-uppercase--IDkUL frontend-pencraft-Text-module__=
reset--dW0zZ frontend-pencraft-Text-module__meta--jzHdd custom-css-email-po=
st-author" style=3D"color: rgb(64, 64, 64); font-family: 'SF Compact', -app=
le-system, -apple-system, -system-ui, BlinkMacSystemFont, 'Segoe UI', Robot=
o, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Se=
goe UI Symbol'; font-size: 11px; font-weight: 500; letter-spacing: .2px; li=
ne-height: 20px; margin: 0; text-decoration: unset; text-transform: upperca=
se;"><a style=3D"color: rgb(64, 64, 64); font-family: 'SF Compact', -apple-=
system, -apple-system, -system-ui, BlinkMacSystemFont, 'Segoe UI', Roboto, =
Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe=
UI Symbol'; font-size: 11px; font-weight: 500; letter-spacing: .2px; line-=
height: 20px; margin: 0; text-decoration: none; text-transform: uppercase;"=
href=3D"https://substack.com/@artelligence" class=3D"pencraft pc-reset fro=
ntend-pencraft-Text-module__color-primary--ud4Z0 frontend-pencraft-Text-mod=
ule__line-height-20--p0dP8 frontend-pencraft-Text-module__font-meta--U_nxy =
frontend-pencraft-Text-module__size-11--k1e8b frontend-pencraft-Text-module=
__weight-medium--x7khA frontend-pencraft-Text-module__transform-uppercase--=
IDkUL frontend-pencraft-Text-module__reset--dW0zZ frontend-pencraft-Text-mo=
dule__meta--jzHdd">Marion Maneker</a></div></td></tr></table></td></tr><tr>=
<td><table role=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D=
"0" cellpadding=3D"0"><tr><td style=3D"vertical-align: middle;"><div class=
=3D"pencraft pc-reset frontend-pencraft-Text-module__color-secondary--WRADg=
frontend-pencraft-Text-module__line-height-20--p0dP8 frontend-pencraft-Tex=
t-module__font-meta--U_nxy frontend-pencraft-Text-module__size-11--k1e8b fr=
ontend-pencraft-Text-module__weight-medium--x7khA frontend-pencraft-Text-mo=
dule__transform-uppercase--IDkUL frontend-pencraft-Text-module__reset--dW0z=
Z frontend-pencraft-Text-module__meta--jzHdd" style=3D"color: rgb(128, 128,=
128); font-family: 'SF Compact', -apple-system, -apple-system, -system-ui,=
BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'App=
le Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 11px; font=
-weight: 500; letter-spacing: .2px; line-height: 20px; margin: 0; text-deco=
ration: unset; text-transform: uppercase;"><time dateTime=3D"2023-12-19T21:=
01:45.767Z">Dec 19</time></div></td><td width=3D"4" style=3D"min-width: 4px=
"></td><td style=3D"vertical-align: middle;"><table role=3D"presentation" w=
idth=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td styl=
e=3D"vertical-align: middle;"><div class=3D"pencraft pc-reset frontend-penc=
raft-Text-module__color-secondary--WRADg frontend-pencraft-Text-module__lin=
e-height-20--p0dP8 frontend-pencraft-Text-module__font-meta--U_nxy frontend=
-pencraft-Text-module__size-11--k1e8b frontend-pencraft-Text-module__weight=
-medium--x7khA frontend-pencraft-Text-module__transform-uppercase--IDkUL fr=
ontend-pencraft-Text-module__reset--dW0zZ frontend-pencraft-Text-module__me=
ta--jzHdd" style=3D"color: rgb(128, 128, 128); font-family: 'SF Compact', -=
apple-system, -apple-system, -system-ui, BlinkMacSystemFont, 'Segoe UI', Ro=
boto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', =
'Segoe UI Symbol'; font-size: 11px; font-weight: 500; letter-spacing: .2px;=
line-height: 20px; margin: 0; text-decoration: unset; text-transform: uppe=
rcase;">∙</div></td><td width=3D"4" style=3D"min-width: 4px"></td><td=
style=3D"vertical-align: middle;"><div translated class=3D"pencraft pc-res=
et frontend-pencraft-Text-module__color-accent-purple--XfjiI frontend-pencr=
aft-Text-module__line-height-20--p0dP8 frontend-pencraft-Text-module__font-=
meta--U_nxy frontend-pencraft-Text-module__size-11--k1e8b frontend-pencraft=
-Text-module__weight-medium--x7khA frontend-pencraft-Text-module__transform=
-uppercase--IDkUL frontend-pencraft-Text-module__reset--dW0zZ frontend-penc=
raft-Text-module__meta--jzHdd" style=3D"color: #702dff; font-family: 'SF Co=
mpact', -apple-system, -apple-system, -system-ui, BlinkMacSystemFont, 'Sego=
e UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI=
Emoji', 'Segoe UI Symbol'; font-size: 11px; font-weight: 500; letter-spaci=
ng: .2px; line-height: 20px; margin: 0; text-decoration: unset; text-transf=
orm: uppercase;">Preview</div></td></tr></table></td></tr></table></td></tr=
></table></td></tr></table><table role=3D"presentation" width=3D"100%" bord=
er=3D"0" cellspacing=3D"0" cellpadding=3D"0" class=3D"email-ufi-2-top" styl=
e=3D"border-bottom: 1px solid rgba(0, 0, 0, .13); border-top: 1px solid rgb=
a(0, 0, 0, .13); min-width: 100%;"><tr height=3D"16"><td height=3D"16" styl=
e=3D"font-size: 0px; line-height: 0;"> </td></tr><tr><td><table role=
=3D"presentation" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=
=3D"0"><tr><td><table role=3D"presentation" width=3D"auto" border=3D"0" cel=
lspacing=3D"0" cellpadding=3D"0"><tr><td style=3D"vertical-align: middle;">=
<table role=3D"presentation" width=3D"38" border=3D"0" cellspacing=3D"0" ce=
llpadding=3D"0"><tr><td align=3D"center"><a href=3D"https://substack.com/ap=
p-link/post?publication_id=3D2259&post_id=3D139924835&utm_source=3Dsubstack=
&isFreemail=3Dtrue&submitLike=3Dtrue&token=3DeyJ1c2VyX2lkIjoxMzMyNjg2NjEsIn=
Bvc3RfaWQiOjEzOTkyNDgzNSwicmVhY3Rpb24iOiLinaQiLCJpYXQiOjE3MDMwMTk3MzEsImV4c=
CI6MTcwNTYxMTczMSwiaXNzIjoicHViLTIyNTkiLCJzdWIiOiJyZWFjdGlvbiJ9.kAVHd1H6YpE=
tNR92lfdwoQwqeOKRxJsk1gDIK2fOIWw&utm_medium=3Demail&utm_campaign=3Demail-re=
action&r=3D27cer9" style=3D"border: 1px solid rgba(0, 0, 0, .13); border-ra=
dius: 100000px; box-sizing: border-box; color: rgb(128, 128, 128); display:=
inline-block; font-family: 'SF Pro Text', -apple-system, ui-sans-serif, Bl=
inkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple =
Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 12px; font-we=
ight: 500; line-height: 1; min-width: 38px; padding: 9px 0; text-decoration=
: none; text-transform: uppercase; width: 38px;" class=3D"email-icon-button=
"><img src=3D"https://substackcdn.com/image/fetch/w_36,c_scale,f_png,q_auto=
:good,fl_progressive:steep/https%3A%2F%2Fsubstack.com%2Ficon%2FLucideHeart%=
3Fv%3D4%26height%3D36%26fill%3Dnone%26stroke%3D%2523808080%26strokeWidth%3D=
2" width=3D"18" height=3D"18" style=3D"border: none !important; max-width: =
18px; vertical-align: middle;" alt class=3D"icon"></a></td></tr></table></t=
d><td width=3D"8" style=3D"min-width: 8px"></td><td style=3D"vertical-align=
: middle;"><table role=3D"presentation" width=3D"38" border=3D"0" cellspaci=
ng=3D"0" cellpadding=3D"0"><tr><td align=3D"center"><a href=3D"https://subs=
tack.com/app-link/post?publication_id=3D2259&post_id=3D139924835&utm_source=
=3Dsubstack&utm_medium=3Demail&isFreemail=3Dtrue&comments=3Dtrue&token=3Dey=
J1c2VyX2lkIjoxMzMyNjg2NjEsInBvc3RfaWQiOjEzOTkyNDgzNSwiaWF0IjoxNzAzMDE5NzMxL=
CJleHAiOjE3MDU2MTE3MzEsImlzcyI6InB1Yi0yMjU5Iiwic3ViIjoicG9zdC1yZWFjdGlvbiJ9=
=2E85dT3ynXl6qCm1MjrYruqUvjTO_abq8mlL=
qJegj3Hqc&r=3D27cer9&utm_campaign=3Demai=
l-half-magic-comments&utm_source=3Dsubstack&utm_medium=3Demail" style=3D"bo=
rder: 1px solid rgba(0, 0, 0, .13); border-radius: 100000px; box-sizing: bo=
rder-box; color: rgb(128, 128, 128); display: inline-block; font-family: 'S=
F Pro Text', -apple-system, ui-sans-serif, BlinkMacSystemFont, 'Segoe UI', =
Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji'=
, 'Segoe UI Symbol'; font-size: 12px; font-weight: 500; line-height: 1; min=
-width: 38px; padding: 9px 0; text-decoration: none; text-transform: upperc=
ase; width: 38px;" class=3D"email-icon-button"><img src=3D"https://substack=
cdn.com/image/fetch/w_36,c_scale,f_png,q_auto:good,fl_progressive:steep/htt=
ps%3A%2F%2Fsubstack.com%2Ficon%2FLucideComments%3Fv%3D4%26height%3D36%26fil=
l%3Dnone%26stroke%3D%2523808080%26strokeWidth%3D2" width=3D"18" height=3D"1=
8" style=3D"border: none !important; max-width: 18px; vertical-align: middl=
e;" alt class=3D"icon"></a></td></tr></table></td><td width=3D"8" style=3D"=
min-width: 8px"></td><td style=3D"vertical-align: middle;"><table role=3D"p=
resentation" width=3D"38" border=3D"0" cellspacing=3D"0" cellpadding=3D"0">=
<tr><td align=3D"center"><a href=3D"https://substack.com/app-link/post?publ=
ication_id=3D2259&post_id=3D139924835&utm_source=3Dsubstack&utm_medium=3Dem=
ail&utm_content=3Dshare&utm_campaign=3Demail-share&action=3Dshare&triggerSh=
are=3Dtrue&isFreemail=3Dtrue&r=3D27cer9&token=3DeyJ1c2VyX2lkIjoxMzMyNjg2NjE=
sInBvc3RfaWQiOjEzOTkyNDgzNSwiaWF0IjoxNzAzMDE5NzMxLCJleHAiOjE3MDU2MTE3MzEsIm=
lzcyI6InB1Yi0yMjU5Iiwic3ViIjoicG9zdC1yZWFjdGlvbiJ9.85dT3ynXl6qCm1MjrYruqUvj=
TO_abq8mlLqJegj3Hqc" style=3D"border: 1px solid rgba(0, 0, 0, .13); border-=
radius: 100000px; box-sizing: border-box; color: rgb(128, 128, 128); displa=
y: inline-block; font-family: 'SF Pro Text', -apple-system, ui-sans-serif, =
BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Appl=
e Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 12px; font-=
weight: 500; line-height: 1; min-width: 38px; padding: 9px 0; text-decorati=
on: none; text-transform: uppercase; width: 38px;" class=3D"email-icon-butt=
on"><img src=3D"https://substackcdn.com/image/fetch/w_36,c_scale,f_png,q_au=
to:good,fl_progressive:steep/https%3A%2F%2Fsubstack.com%2Ficon%2FLucideShar=
e2%3Fv%3D4%26height%3D36%26fill%3Dnone%26stroke%3D%2523808080%26strokeWidth=
%3D2" width=3D"18" height=3D"18" style=3D"border: none !important; max-widt=
h: 18px; vertical-align: middle;" alt class=3D"icon"></a></td></tr></table>=
</td><td width=3D"8" style=3D"min-width: 8px"></td><td style=3D"vertical-al=
ign: middle;"><table role=3D"presentation" width=3D"38" border=3D"0" cellsp=
acing=3D"0" cellpadding=3D"0"><tr><td align=3D"center"><a href=3D"https://s=
ubstack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2VuY2Uuc3Vic3RhY2suY29t=
L3AvY2hyaXN0aWVzLXllYXItZW5kLXJlc3VsdHMtYm9uaGFtcz91dG1fc291cmNlPXN1YnN0YWN=
rJnV0bV9tZWRpdW09ZW1haWwmYWN0aW9uPXJlc3RhY2stY29tbWVudCZ1dG1fY2FtcGFpZ249ZW=
1haWwtcmVzdGFjay1jb21tZW50JnI9MjdjZXI5IiwicCI6MTM5OTI0ODM1LCJzIjoyMjU5LCJmI=
jp0cnVlLCJ1IjoxMzMyNjg2NjEsImlhdCI6MTcwMzAxOTczMSwiZXhwIjoxNzA1NjExNzMxLCJp=
c3MiOiJwdWItMCIsInN1YiI6ImxpbmstcmVkaXJlY3QifQ.yLOTMCN_017dRtB--p4h4WoToiLr=
Q9kyiEChscsCQSw?&utm_source=3Dsubstack&utm_medium=3Demail" style=3D"border:=
1px solid rgba(0, 0, 0, .13); border-radius: 100000px; box-sizing: border-=
box; color: rgb(128, 128, 128); display: inline-block; font-family: 'SF Pro=
Text', -apple-system, ui-sans-serif, BlinkMacSystemFont, 'Segoe UI', Robot=
o, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Se=
goe UI Symbol'; font-size: 12px; font-weight: 500; line-height: 1; min-widt=
h: 38px; padding: 9px 0; text-decoration: none; text-transform: uppercase; =
width: 38px;" class=3D"email-icon-button"><img src=3D"https://substackcdn.c=
om/image/fetch/w_36,c_scale,f_png,q_auto:good,fl_progressive:steep/https%3A=
%2F%2Fsubstack.com%2Ficon%2FNoteForwardIcon%3Fv%3D4%26height%3D36%26fill%3D=
none%26stroke%3D%2523808080%26strokeWidth%3D2" width=3D"18" height=3D"18" s=
tyle=3D"border: none !important; max-width: 18px; vertical-align: middle;" =
alt class=3D"icon"></a></td></tr></table></td></tr></table></td><td align=
=3D"right"><table role=3D"presentation" width=3D"auto" border=3D"0" cellspa=
cing=3D"0" cellpadding=3D"0"><tr><td style=3D"vertical-align: middle;"><tab=
le role=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D"0" cell=
padding=3D"0"><tr><td align=3D"center"><a href=3D"https://open.substack.com=
/pub/artelligence/p/christies-year-end-results-bonhams?utm_source=3Demail&r=
edirect=3Dapp-store" class=3D"email-button-outline" style=3D"border: 1px so=
lid rgba(0, 0, 0, .13); border-radius: 100000px; color: rgb(128, 128, 128);=
display: inline-block; font-family: 'SF Pro Text', -apple-system, ui-sans-=
serif, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif=
, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 12px=
; font-weight: 500; line-height: 12px; padding: 9px 14px; text-decoration: =
none; text-transform: uppercase;"><div class=3D"email-button-spacer" style=
=3D"display: inline-block; font-size: 16px; line-height: 26px; max-width: 0=
; min-height: 18px; vertical-align: middle;"></div><span style=3D"margin-ri=
ght: 4px; vertical-align: middle;" class=3D"email-button-text">READ IN APP<=
/span><img src=3D"https://substackcdn.com/image/fetch/w_36,c_scale,f_png,q_=
auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack.com%2Ficon%2FLucideAr=
rowUpRight%3Fv%3D4%26height%3D36%26fill%3Dnone%26stroke%3D%2523808080%26str=
okeWidth%3D2" width=3D"18" height=3D"18" style=3D"border: none !important; =
margin-left: 0; margin-right: 0; max-width: 18px; min-height: 18px; min-wid=
th: 18px; vertical-align: middle;" alt class=3D"icon text-icon"></a></td></=
tr></table></td></tr></table></td></tr></table></td></tr><tr height=3D"16">=
<td height=3D"16" style=3D"font-size: 0px; line-height: 0;"> </td></tr=
></table></div></div><div dir=3D"auto" class=3D"post typography" style=3D"f=
ont-size: 16px; line-height: 26px; padding: 16px 0 0 0;"><div dir=3D"auto" =
class=3D"body markup" style=3D"font-family: 'SF Pro Display', -apple-system=
, BlinkMacSystemFont, 'Inter', 'Segoe UI', Roboto, Helvetica, Arial, sans-s=
erif, '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-word;"><h2 class=3D"header-with-an=
chor-widget" style=3D"-moz-appearance: optimizelegibility; -moz-osx-font-sm=
oothing: antialiased; -webkit-appearance: optimizelegibility; -webkit-font-=
smoothing: antialiased; appearance: optimizelegibility; color: rgb(64, 64, =
64); font-family: 'SF Compact Display', -apple-system, BlinkMacSystemFont, =
'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Seg=
oe UI Emoji', 'Segoe UI Symbol'; font-size: 1.625em; font-weight: bold; lin=
e-height: 1.16em; margin: 1em 0 0.625em 0; margin-top: 0; position: relativ=
e;">Welcome Back to Artelligence</h2><p style=3D"color: rgb(64, 64, 64); fo=
nt-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><span>This newslette=
r containing Christie’s year-end results and our own commentary is fo=
r paid subscribers only. Subscriptions are $12 a month or $120 for a year. =
If you are a paid subscriber, sharing a newsletter on occasion is fine; </s=
pan><strong>consistently sharing paid content within your organization or w=
ith others is not.</strong></p><p style=3D"color: rgb(64, 64, 64); font-siz=
e: 16px; line-height: 26px; margin: 0 0 20px 0;"><strong>For organizations:=
</strong><span> We offer group discounts of 30% for each subscription of tw=
o or more. </span><a href=3D"https://substack.com/redirect/4fdcad33-d17e-46=
88-a79c-b2fae6a554c7?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx=
6Fx_g6pp7gWdY" rel style=3D"color: rgb(64, 64, 64); text-decoration: underl=
ine;">Group subscriptions</a><span> allow one person within an organization=
to manage all subscriptions. You may add new subscriptions at the discount=
ed rate whenever you like; and, if an employee leaves, you may replace anot=
her employee in that seat. You may also move existing subscribers into the =
group. Create </span><a href=3D"https://substack.com/redirect/4fdcad33-d17e=
-4688-a79c-b2fae6a554c7?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnig=
HXx6Fx_g6pp7gWdY" rel style=3D"color: rgb(64, 64, 64); text-decoration: und=
erline;">group subscriptions here</a><span>.</span></p><p style=3D"color: r=
gb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">Th=
ere is also an option to get a 7-day free trial. Just choose the subscripti=
on plan you want and click on the 7-day trial option before checkout. =
</p><div data-component-name=3D"SubscribeWidget" class=3D"subscribe-widget =
is-signed-up" style=3D"direction: ltr; font-size: 16px; line-height: 26px; =
margin: 0 0 1em;"><p class=3D"button-wrapper" style=3D"color: rgb(64, 64, 6=
4); font-size: 16px; line-height: 26px; margin: 0 0 20px 0; text-align: cen=
ter;"><a href=3D"https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9hcnRlbG=
xpZ2VuY2Uuc3Vic3RhY2suY29tL3N1YnNjcmliZT91dG1fc291cmNlPXBvc3QmdXRtX2NhbXBha=
WduPWVtYWlsLWNoZWNrb3V0Jm5leHQ9aHR0cHMlM0ElMkYlMkZhcnRlbGxpZ2VuY2Uuc3Vic3Rh=
Y2suY29tJTJGcCUyRmNocmlzdGllcy15ZWFyLWVuZC1yZXN1bHRzLWJvbmhhbXMmcj0yN2Nlcjk=
mdG9rZW49ZXlKMWMyVnlYMmxrSWpveE16TXlOamcyTmpFc0ltbGhkQ0k2TVRjd016QXhPVGN6TV=
N3aVpYaHdJam94TnpBMU5qRXhOek14TENKcGMzTWlPaUp3ZFdJdE1qSTFPU0lzSW5OMVlpSTZJb=
U5vWldOcmIzVjBJbjAudFJPQzhyVU43MTBFYlNtWUo0ZWIyZnFrb1NHU0xlRHJTNFkyQXdGeUxy=
NCIsInAiOjEzOTkyNDgzNSwicyI6MjI1OSwiZiI6dHJ1ZSwidSI6MTMzMjY4NjYxLCJpYXQiOjE=
3MDMwMTk3MzEsImV4cCI6MTcwNTYxMTczMSwiaXNzIjoicHViLTAiLCJzdWIiOiJsaW5rLXJlZG=
lyZWN0In0.L4jTyTVbAdGyq__msqfh0cpXBnSclfGYpf_NVhj9Pv8?&utm_medium=3Demail&u=
tm_source=3Dsubscribe-widget&utm_content=3D139924835" class=3D"button subsc=
ribe-btn primary" style=3D"background-color: #653366; border: none; border-=
radius: 6px; box-sizing: border-box; color: #ffffff !important; cursor: poi=
nter; display: inline-block; font-family: -apple-system, BlinkMacSystemFont=
, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'S=
egoe UI Emoji', 'Segoe UI Symbol'; font-size: 14px; font-weight: 600; heigh=
t: auto; line-height: 20px; margin: 0 auto; opacity: 1; outline: none; padd=
ing: 12px 20px; text-align: center; text-decoration: none !important; white=
-space: nowrap;"><span style=3D"color: #ffffff; text-decoration: none;">Upg=
rade to paid</span></a></p></div><div style=3D"font-size: 16px; line-height=
: 26px;"><hr style=3D"background: #e0e0e0; border: none; height: 1px; margi=
n: 32px 0; padding: 0;"></div><h2 class=3D"header-with-anchor-widget" style=
=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoothing: antialias=
ed; -webkit-appearance: optimizelegibility; -webkit-font-smoothing: antiali=
ased; appearance: optimizelegibility; color: rgb(64, 64, 64); font-family: =
'SF Compact Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto=
, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Seg=
oe UI Symbol'; font-size: 1.625em; font-weight: bold; line-height: 1.16em; =
margin: 1em 0 0.625em 0; position: relative;">In This Issue</h2><ol style=
=3D"margin-top: 0; padding: 0;"><li style=3D"margin: 8px 0 0 32px;"><p styl=
e=3D"box-sizing: border-box; color: rgb(64, 64, 64); font-size: 16px; line-=
height: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><strong>Soth=
eby’s Announces 2024 Auction Schedule:</strong><span> October is goin=
g to be busy in London and Paris; Hong Kong in September is a new auction w=
indow. </span></p></li><li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-=
sizing: border-box; color: rgb(64, 64, 64); font-size: 16px; line-height: 2=
6px; margin: 0; margin-bottom: 0; padding-left: 4px;"><strong>Bonhams 2023 =
Results: </strong><span>$1.14 billion in sales</span></p></li><li style=3D"=
margin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; color: rgb(64, 6=
4, 64); font-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0; pa=
dding-left: 4px;"><strong>Christie’s Ends Year with $6.2 billion in g=
ross sales</strong><span>: Here are their topline numbers</span></p></li></=
ol><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; =
margin: 0 0 20px 0;"><strong>For Paid Subscribers Only</strong></p><ol styl=
e=3D"margin-top: 0; padding: 0;"><li style=3D"margin: 8px 0 0 32px;"><p sty=
le=3D"box-sizing: border-box; color: rgb(64, 64, 64); font-size: 16px; line=
-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><strong>Wha=
t Christie’s said about:</strong><span> What the numbers mean; Whethe=
r there will be layoffs; Why sell-through and hammer ratios are important; =
The importance of</span></p></li></ol><div style=3D"font-size: 16px; line-h=
eight: 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: anti=
aliased; -webkit-appearance: optimizelegibility; -webkit-font-smoothing: an=
tialiased; appearance: optimizelegibility; color: rgb(64, 64, 64); font-fam=
ily: 'SF Compact Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', R=
oboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji',=
'Segoe UI Symbol'; font-size: 1.625em; font-weight: bold; line-height: 1.1=
6em; margin: 1em 0 0.625em 0; position: relative;">Sotheby’s Announce=
s 2024 Auction Schedule</h2><p style=3D"color: rgb(64, 64, 64); font-size: =
16px; line-height: 26px; margin: 0 0 20px 0;"><span>In response to collecto=
rs, </span><a href=3D"https://substack.com/redirect/0e5bf195-831d-4b65-84f7=
-a40009becf23?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6p=
p7gWdY" rel style=3D"color: rgb(64, 64, 64); text-decoration: underline;">S=
otheby’s has announced its 2024 auction calendar today</a><span>. Exa=
ct dates will come later as the houses negotiate particular sales in each v=
enue. But the broad calendar will be affected by Sotheby’s new facili=
ties in Hong Kong and Paris. The Fall Hong Kong sales will move a few weeks=
earlier into the late Summer spot in mid-September. Paris will hold sales =
in mid-October around Paris Plus. </span></p><p style=3D"color: rgb(64, 64,=
64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">Much of the =
auction calendar stays the same with Old Masters in January in New York, Co=
ntemporary Curated moving to March 1st now that the Armory Show fair no lon=
ger happens that month. The London sales will take place March 6-7 followed=
by early April sales in Hong Kong. May is New York in the second and third=
week. London sees sales June 25-26 followed by Old Masters in early July. =
Mid-September sees the new Hong Kong sales followed by Contemporary Curated=
in New York. Frieze sales will take place Oct 9-10 in London and Paris Plu=
s sales will follow a week later on Oct 16-17.</p><p style=3D"color: rgb(64=
, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">After w=
hat promises to be a tumultuous election in the United States, the auctions=
will take place the next two weeks in November. December will see Old Mast=
ers in London and Design in New York. </p><div style=3D"font-size: 16px; li=
ne-height: 26px;"><hr style=3D"background: #e0e0e0; border: none; height: 1=
px; margin: 32px 0; padding: 0;"></div><h2 class=3D"header-with-anchor-widg=
et" style=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoothing: =
antialiased; -webkit-appearance: optimizelegibility; -webkit-font-smoothing=
: antialiased; appearance: optimizelegibility; color: rgb(64, 64, 64); font=
-family: 'SF Compact Display', -apple-system, BlinkMacSystemFont, 'Segoe UI=
', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emo=
ji', 'Segoe UI Symbol'; font-size: 1.625em; font-weight: bold; line-height:=
1.16em; margin: 1em 0 0.625em 0; position: relative;">Bonhams Results</h2>=
<div class=3D"captioned-image-container-static" style=3D"font-size: 16px; l=
ine-height: 26px; margin: 32px auto;"><figure style=3D"margin: 0 auto; widt=
h: 100%;"><table class=3D"image-wrapper" width=3D"100%" border=3D"0" cellsp=
acing=3D"0" cellpadding=3D"0" data-component-name=3D"Image2ToDOMStatic" sty=
le=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align: ce=
nter;"></td><td align=3D"left" class=3D"content" width=3D"1456" style=3D"te=
xt-align: center;"><a class=3D"image-link" target=3D"_blank" href=3D"https:=
//substack.com/redirect/dee8360f-25ad-46bb-b01f-6c4167a7fd3a?j=3DeyJ1IjoiMj=
djZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"align-i=
tems: center; border: none; display: block; flex-direction: column; height:=
auto; margin: 0; padding: 0; position: relative; text-decoration: none; wi=
dth: auto;"><img data-attrs=3D"{"src":"https://substack-post=
-media.s3.amazonaws.com/public/images/9cc73d36-ee87-4878-8328-cb270624f1fe_=
2322x1784.png","srcNoWatermark":null,"fullscreen":=
null,"imageSize":null,"height":1119,"width":1=
456,"resizeWidth":null,"bytes":12331834,"alt"=
:null,"title":null,"type":"image/png","h=
ref":null,"belowTheFold":true,"topImage":false,&qu=
ot;internalRedirect":null}" alt width=3D"550" height=3D"422.6991758241=
758" class=3D"wide-image" src=3D"https://substackcdn.com/image/fetch/w_2912=
,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-pos=
t-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9cc73d36-ee87-4878-8328-cb2706=
24f1fe_2322x1784.png" style=3D"-ms-interpolation-mode: bicubic; border: non=
e !important; display: block; height: auto; margin: 0 auto; margin-bottom: =
0; max-width: 100% !important; vertical-align: middle; width: auto !importa=
nt;"></a></td><td style=3D"text-align: center;"></td></tr></tbody></table><=
/figure></div><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-hei=
ght: 26px; margin: 0 0 20px 0;"><strong>Bonhams and the Bonhams Network:</s=
trong><span> $1,142,000,000 (14% increase from 2022)</span></p><p style=3D"=
color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20p=
x 0;"><strong>Number of Lots sold:</strong><span> 216,262</span></p><p styl=
e=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 =
0 20px 0;"><strong>Number of lots sold over $1m:</strong><span> 62</span></=
p><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; m=
argin: 0 0 20px 0;"><strong>Number of lots sold online:</strong><span> incr=
eased 45% but online auctions also increased 105% compared to 2022 </span><=
/p><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; =
margin: 0 0 20px 0;"><strong>Geography of buyers: </strong><span>North Amer=
ica:</span><strong> </strong><span>30%; UK: 19%; Europe: 33%; Asia-Pacific:=
18%</span></p><div style=3D"font-size: 16px; line-height: 26px;"><hr style=
=3D"background: #e0e0e0; border: none; height: 1px; margin: 32px 0; padding=
: 0;"></div><h2 class=3D"header-with-anchor-widget" style=3D"-moz-appearanc=
e: optimizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-appear=
ance: optimizelegibility; -webkit-font-smoothing: antialiased; appearance: =
optimizelegibility; color: rgb(64, 64, 64); font-family: 'SF Compact Displa=
y', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial=
, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; fon=
t-size: 1.625em; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.62=
5em 0; position: relative;">Artcurial Announces Best Results </h2><div clas=
s=3D"captioned-image-container-static" style=3D"font-size: 16px; line-heigh=
t: 26px; margin: 32px auto;"><figure style=3D"margin: 0 auto; width: 100%;"=
><table class=3D"image-wrapper" width=3D"100%" border=3D"0" cellspacing=3D"=
0" cellpadding=3D"0" data-component-name=3D"Image2ToDOMStatic" style=3D"mso=
-padding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align: center;"></=
td><td align=3D"left" class=3D"content" width=3D"1456" style=3D"text-align:=
center;"><a class=3D"image-link" target=3D"_blank" href=3D"https://substac=
k.com/redirect/3622e2ff-5982-47f9-b903-aaa2301b2a29?j=3DeyJ1IjoiMjdjZXI5In0=
=2EnCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g=
6pp7gWdY" rel style=3D"align-items: cen=
ter; border: none; display: block; flex-direction: column; height: auto; ma=
rgin: 0; padding: 0; position: relative; text-decoration: none; width: auto=
;"><img data-attrs=3D"{"src":"https://substack-post-media.s3=
=2Eamazonaws.com/public/images/05622c2b=
-f064-411f-b15e-4c06737a6238_4000x3159=
=2Ejpeg","srcNoWatermark"=
;:null,"fullscreen":null,&qu=
ot;imageSize":null,"height":1150,"width":1456,&quo=
t;resizeWidth":null,"bytes":3230159,"alt":null,&qu=
ot;title":null,"type":"image/jpeg","href"=
;:null,"belowTheFold":true,"topImage":false,"inter=
nalRedirect":null}" alt width=3D"550" height=3D"434.40934065934067" cl=
ass=3D"wide-image" src=3D"https://substackcdn.com/image/fetch/w_2912,c_limi=
t,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media=
=2Es3.amazonaws.com%2Fpublic%2Fimages%2=
F05622c2b-f064-411f-b15e-4c06737a6238_=
4000x3159.jpeg" style=3D"-ms-interpolation-mode: bicubic; border: none !imp=
ortant; display: block; height: auto; margin: 0 auto; margin-bottom: 0; max=
-width: 100% !important; vertical-align: middle; width: auto !important;"><=
/a></td><td style=3D"text-align: center;"></td></tr></tbody></table></figur=
e></div><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 2=
6px; margin: 0 0 20px 0;"><span>Announcing its best ever results, Artcurial=
reached €217 million in sales led by this Jean-Honoré Fragonard=
, </span><em>The Sacrifice to the Minotaur</em><span> that made $6.2 millio=
n in November. </span></p><div style=3D"font-size: 16px; line-height: 26px;=
"><hr style=3D"background: #e0e0e0; border: none; height: 1px; margin: 32px=
0; padding: 0;"></div><h2 class=3D"header-with-anchor-widget" style=3D"-mo=
z-appearance: optimizelegibility; -moz-osx-font-smoothing: antialiased; -we=
bkit-appearance: optimizelegibility; -webkit-font-smoothing: antialiased; a=
ppearance: optimizelegibility; color: rgb(64, 64, 64); font-family: 'SF Com=
pact Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helve=
tica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI S=
ymbol'; font-size: 1.625em; font-weight: bold; line-height: 1.16em; margin:=
1em 0 0.625em 0; position: relative;"><strong>Christie’s 2023 Result=
s</strong></h2><div class=3D"captioned-image-container-static" style=3D"fon=
t-size: 16px; line-height: 26px; margin: 32px auto;"><figure style=3D"margi=
n: 0 auto; width: 100%;"><table class=3D"image-wrapper" width=3D"100%" bord=
er=3D"0" cellspacing=3D"0" cellpadding=3D"0" data-component-name=3D"Image2T=
oDOMStatic" 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"14=
56" style=3D"text-align: center;"><a class=3D"image-link" target=3D"_blank"=
href=3D"https://substack.com/redirect/339ea28b-5b51-4be5-a937-d9935899f7ca=
?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel s=
tyle=3D"align-items: center; border: none; display: block; flex-direction: =
column; height: auto; margin: 0; padding: 0; position: relative; text-decor=
ation: none; width: auto;"><img data-attrs=3D"{"src":"https:=
//substack-post-media.s3.amazonaws.com/public/images/57e815bf-bfdf-484d-912=
a-36a2f316d49d_2408x1458.jpeg","srcNoWatermark":null,"f=
ullscreen":null,"imageSize":null,"height":882,&quo=
t;width":1456,"resizeWidth":null,"bytes":939825,&q=
uot;alt":null,"title":null,"type":"image/jpeg=
","href":null,"belowTheFold":true,"topImage&q=
uot;:false,"internalRedirect":null}" alt width=3D"550" height=3D"=
333.1730769230769" class=3D"wide-image" src=3D"https://substackcdn.com/imag=
e/fetch/w_2912,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%=
2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F57e815bf-bfdf-48=
4d-912a-36a2f316d49d_2408x1458.jpeg" style=3D"-ms-interpolation-mode: bicub=
ic; border: none !important; display: block; height: auto; margin: 0 auto; =
margin-bottom: 0; max-width: 100% !important; vertical-align: middle; width=
: auto !important;"></a></td><td style=3D"text-align: center;"></td></tr></=
tbody></table></figure></div><p style=3D"color: rgb(64, 64, 64); font-size:=
16px; line-height: 26px; margin: 0 0 20px 0;"><strong>Top Line Sales: </st=
rong><span>$6.227 billion</span></p><p style=3D"color: rgb(64, 64, 64); fon=
t-size: 16px; line-height: 26px; margin: 0 0 20px 0;">Sales are still 7% ab=
ove 2019 even if they are down from last year by 25%. If the Paul Allen sal=
e was removed from the totals, sales would still be down 7% at ChristieR=
17;s from 2022.</p><p style=3D"color: rgb(64, 64, 64); font-size: 16px; lin=
e-height: 26px; margin: 0 0 20px 0;"><strong>Private Sales:</strong><span> =
$1.201 billion</span></p><p style=3D"color: rgb(64, 64, 64); font-size: 16p=
x; line-height: 26px; margin: 0 0 20px 0;">Christie’s was able to sel=
l a work privately for more than $100 million, the highest value transactio=
n for 2023 at the auction house. </p><p style=3D"color: rgb(64, 64, 64=
); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><strong>Auction=
Sales:</strong><span> $5.026 billion</span></p><p style=3D"color: rgb(64, =
64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><strong>G=
lobal Sell-Through Rate: </strong><span>84%</span></p><p style=3D"color: rg=
b(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><st=
rong>Total number of lots sold:</strong><span> 45,000 </span></p><p st=
yle=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: =
0 0 20px 0;"><strong>Global Hammer Ratio:</strong><span> 1.05</span></p><p =
style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin=
: 0 0 20px 0;"><strong>Luxury sales peak </strong><span>at $1 billion</span=
></p><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px=
; margin: 0 0 20px 0;"><strong>New Buyers: </strong><span>35% with 66% of t=
hose coming through online sales</span></p><p style=3D"color: rgb(64, 64, 6=
4); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><strong>Region=
al breakdown:</strong></p><p style=3D"color: rgb(64, 64, 64); font-size: 16=
px; line-height: 26px; margin: 0 0 20px 0;"><strong>Americas:</strong><span=
> $2.571 billion in sales (51% of sales value)</span></p><p style=3D"color:=
rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">=
Buyers from Americas account for 41% of global buying</p><p style=3D"color:=
rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">=
<strong>EMEA:</strong><span> $1.650 billion in sales (33% of sales value)</=
span></p><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: =
26px; margin: 0 0 20px 0;">Buyers from EMEA account for 31% of global buyin=
g</p><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px=
; margin: 0 0 20px 0;"><strong>APAC:</strong><span> $805 million in sales (=
16% of sales value)</span></p><p style=3D"color: rgb(64, 64, 64); font-size=
: 16px; line-height: 26px; margin: 0 0 20px 0;">Buyers from APAC account fo=
r 28% of global buying</p><div style=3D"font-size: 16px; line-height: 26px;=
"><hr style=3D"background: #e0e0e0; border: none; height: 1px; margin: 32px=
0; padding: 0;"></div><h2 class=3D"header-with-anchor-widget" style=3D"-mo=
z-appearance: optimizelegibility; -moz-osx-font-smoothing: antialiased; -we=
bkit-appearance: optimizelegibility; -webkit-font-smoothing: antialiased; a=
ppearance: optimizelegibility; color: rgb(64, 64, 64); font-family: 'SF Com=
pact Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helve=
tica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI S=
ymbol'; font-size: 1.625em; font-weight: bold; line-height: 1.16em; margin:=
1em 0 0.625em 0; position: relative;">What Christie’s Numbers Mean</=
h2><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; =
margin: 0 0 20px 0; margin-bottom: 0;"><em>Christie’s held a press ca=
ll to discuss their 2023 results. Here are some of the issues that were rai=
sed along with response from Christie’s executives and our interpreta=
tion of their importance:...</em></p></div></div><div data-testid=3D"paywal=
l" data-component-name=3D"Paywall" class=3D"paywall paywall-white-backgroun=
d" style=3D"-moz-user-select: none; -ms-user-select: none; -webkit-user-sel=
ect: none; background: rgb(255, 255, 255); border-top: solid 2px #653366; c=
olor: rgb(64, 64, 64); cursor: default; font-family: -apple-system, BlinkMa=
cSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color=
Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 16px; line-height:=
26px; margin-bottom: 16px; margin-top: 6px; padding: 32px 24px 16px 24px; =
position: relative; text-align: center; user-select: none;"><h2 class=3D"pa=
ywall-title" style=3D"-moz-appearance: optimizelegibility; -moz-osx-font-sm=
oothing: antialiased; -webkit-appearance: optimizelegibility; -webkit-font-=
smoothing: antialiased; appearance: optimizelegibility; color: inherit !imp=
ortant; font-family: 'SF Compact Display', -apple-system, BlinkMacSystemFon=
t, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', '=
Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 22px; font-weight: 700; line=
-height: 33px; margin: 0 auto; margin-bottom: 6px;">Keep reading with a 7-d=
ay free trial</h2><div class=3D"paywall-free-trial-subtitle" style=3D"font-=
size: 16px; line-height: 26px; padding: 16px 10px 0px;"><p translated class=
=3D"pencraft pc-reset frontend-pencraft-Text-module__reset--dW0zZ paywall-s=
ubtitle" style=3D"color: inherit !important; font-size: 16px; font-weight: =
light; line-height: 24px; margin: 0; margin-bottom: 24px; text-decoration: =
unset;">Subscribe to <span class=3D"pencraft pc-reset frontend-pencraft-Tex=
t-module__font-style-italic--pVGY_ frontend-pencraft-Text-module__weight-bo=
ld--Ps9DB frontend-pencraft-Text-module__reset--dW0zZ" style=3D"color: unse=
t; font-style: italic; font-weight: 700; margin: 0; text-decoration: unset;=
">Artelligence</span> to keep reading this post and get 7 days of free acce=
ss to the full post archives.</p></div><div class=3D"paywall-cta" style=3D"=
font-size: 16px; line-height: 26px; margin-top: 0;"><a href=3D"https://subs=
tack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2VuY2Uuc3Vic3RhY2suY29tL3N=
1YnNjcmliZT91dG1fc291cmNlPXBvc3QmdXRtX2NhbXBhaWduPWVtYWlsLWNoZWNrb3V0Jm5leH=
Q9aHR0cHMlM0ElMkYlMkZhcnRlbGxpZ2VuY2Uuc3Vic3RhY2suY29tJTJGcCUyRmNocmlzdGllc=
y15ZWFyLWVuZC1yZXN1bHRzLWJvbmhhbXMmcj0yN2NlcjkmdG9rZW49ZXlKMWMyVnlYMmxrSWpv=
eE16TXlOamcyTmpFc0ltbGhkQ0k2TVRjd016QXhPVGN6TVN3aVpYaHdJam94TnpBMU5qRXhOek1=
4TENKcGMzTWlPaUp3ZFdJdE1qSTFPU0lzSW5OMVlpSTZJbU5vWldOcmIzVjBJbjAudFJPQzhyVU=
43MTBFYlNtWUo0ZWIyZnFrb1NHU0xlRHJTNFkyQXdGeUxyNCIsInAiOjEzOTkyNDgzNSwicyI6M=
jI1OSwiZiI6dHJ1ZSwidSI6MTMzMjY4NjYxLCJpYXQiOjE3MDMwMTk3MzEsImV4cCI6MTcwNTYx=
MTczMSwiaXNzIjoicHViLTAiLCJzdWIiOiJsaW5rLXJlZGlyZWN0In0.L4jTyTVbAdGyq__msqf=
h0cpXBnSclfGYpf_NVhj9Pv8?simple=3Dtrue&utm_source=3Dpaywall&utm_medium=3Dem=
ail&utm_content=3D139924835&next=3Dhttps://artelligence.substack.com/p/chri=
sties-year-end-results-bonhams&coupon=3D0eb10eb9" class=3D"button primary s=
ubscribe-btn" style=3D"background-color: #653366; border: none; border-radi=
us: 6px; box-sizing: border-box; color: #ffffff !important; cursor: pointer=
; display: inline-block; font-family: -apple-system, BlinkMacSystemFont, 'S=
egoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe=
UI Emoji', 'Segoe UI Symbol'; font-size: 14px; font-weight: 400; height: a=
uto; line-height: 1em; margin: 0; opacity: 1; outline: none; padding: 16px =
20px; text-align: center; text-decoration: none !important; white-space: no=
wrap;"><span style=3D"color: #ffffff; text-decoration: none;">Start trial</=
span></a></div></div><div class=3D"subscription-benefits" style=3D"font-fam=
ily: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Aria=
l, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; fo=
nt-size: 16px; line-height: 26px; margin-bottom: 32px;"><h3 style=3D"-moz-a=
ppearance: optimizelegibility; -moz-osx-font-smoothing: antialiased; -webki=
t-appearance: optimizelegibility; -webkit-font-smoothing: antialiased; appe=
arance: optimizelegibility; color: rgb(64, 64, 64); font-family: 'SF Compac=
t Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetic=
a, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symb=
ol'; font-size: 16px; font-weight: 600; line-height: 1.16em; margin: 1em 0 =
0.625em 0; margin-bottom: 26px;">A subscription gets you:</h3><table><tr st=
yle=3D"height: 28.8px;"><td class=3D"check" style=3D"color: #4c3; font-weig=
ht: light; padding-right: 4px;"><img src=3D"https://substackcdn.com/image/f=
etch/w_32,c_scale,f_png,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubs=
tack.com%2Ficon%2FSimpleCheckmarkIcon%3Fv%3D4%26height%3D32%26fill%3D%25231=
87F22%26stroke%3D%2523187F22%26strokeWidth%3D3.6" width=3D"16" height=3D"16=
" style=3D"border: none !important; max-width: 16px; vertical-align: middle=
;" alt></td><td style=3D"font-weight: light;">Detailed, Data-Driven Auction=
Analysis</td></tr><tr style=3D"height: 28.8px;"><td class=3D"check" style=
=3D"color: #4c3; font-weight: light; padding-right: 4px;"><img src=3D"https=
://substackcdn.com/image/fetch/w_32,c_scale,f_png,q_auto:good,fl_progressiv=
e:steep/https%3A%2F%2Fsubstack.com%2Ficon%2FSimpleCheckmarkIcon%3Fv%3D4%26h=
eight%3D32%26fill%3D%2523187F22%26stroke%3D%2523187F22%26strokeWidth%3D3.6"=
width=3D"16" height=3D"16" style=3D"border: none !important; max-width: 16=
px; vertical-align: middle;" alt></td><td style=3D"font-weight: light;">Exc=
lusive art market insights and reporting</td></tr><tr style=3D"height: 28.8=
px;"><td class=3D"check" style=3D"color: #4c3; font-weight: light; padding-=
right: 4px;"><img src=3D"https://substackcdn.com/image/fetch/w_32,c_scale,f=
_png,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack.com%2Ficon%2FS=
impleCheckmarkIcon%3Fv%3D4%26height%3D32%26fill%3D%2523187F22%26stroke%3D%2=
523187F22%26strokeWidth%3D3.6" width=3D"16" height=3D"16" style=3D"border: =
none !important; max-width: 16px; vertical-align: middle;" alt></td><td sty=
le=3D"font-weight: light;">Full archive</td></tr></table></div><table role=
=3D"presentation" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=
=3D"0" class=3D"email-ufi-2-bottom" style=3D"border-bottom: 1px solid rgba(=
0, 0, 0, .13); border-top: 1px solid rgba(0, 0, 0, .13); min-width: 100%;">=
<tr height=3D"16"><td height=3D"16" style=3D"font-size: 0px; line-height: 0=
;"> </td></tr><tr><td><table role=3D"presentation" width=3D"100%" bord=
er=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td><table role=3D"present=
ation" width=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" styl=
e=3D"margin: 0 auto;"><tr><td style=3D"vertical-align: middle;"><table role=
=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=
=3D"0"><tr><td align=3D"center"><a href=3D"https://substack.com/app-link/po=
st?publication_id=3D2259&post_id=3D139924835&utm_source=3Dsubstack&isFreema=
il=3Dtrue&submitLike=3Dtrue&token=3DeyJ1c2VyX2lkIjoxMzMyNjg2NjEsInBvc3RfaWQ=
iOjEzOTkyNDgzNSwicmVhY3Rpb24iOiLinaQiLCJpYXQiOjE3MDMwMTk3MzEsImV4cCI6MTcwNT=
YxMTczMSwiaXNzIjoicHViLTIyNTkiLCJzdWIiOiJyZWFjdGlvbiJ9.kAVHd1H6YpEtNR92lfdw=
oQwqeOKRxJsk1gDIK2fOIWw&utm_medium=3Demail&utm_campaign=3Demail-reaction&r=
=3D27cer9" class=3D"email-button-outline" style=3D"border: 1px solid rgba(0=
, 0, 0, .13); border-radius: 100000px; color: rgb(128, 128, 128); display: =
inline-block; font-family: 'SF Pro Text', -apple-system, ui-sans-serif, Bli=
nkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple C=
olor Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 12px; font-wei=
ght: 500; line-height: 12px; padding: 9px 14px; text-decoration: none; text=
-transform: uppercase;"><img src=3D"https://substackcdn.com/image/fetch/w_3=
6,c_scale,f_png,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack.com=
%2Ficon%2FLucideHeart%3Fv%3D4%26height%3D36%26fill%3Dnone%26stroke%3D%25238=
08080%26strokeWidth%3D2" width=3D"18" height=3D"18" style=3D"border: none !=
important; margin-right: 8px; max-width: 18px; min-height: 18px; min-width:=
18px; vertical-align: middle;" alt class=3D"icon"><span class=3D"email-but=
ton-text" style=3D"vertical-align: middle;">Like</span></a></td></tr></tabl=
e></td><td width=3D"8" style=3D"min-width: 8px"></td><td style=3D"vertical-=
align: middle;"><table role=3D"presentation" width=3D"auto" border=3D"0" ce=
llspacing=3D"0" cellpadding=3D"0"><tr><td align=3D"center"><a href=3D"https=
://substack.com/app-link/post?publication_id=3D2259&post_id=3D139924835&utm=
_source=3Dsubstack&utm_medium=3Demail&isFreemail=3Dtrue&comments=3Dtrue&tok=
en=3DeyJ1c2VyX2lkIjoxMzMyNjg2NjEsInBvc3RfaWQiOjEzOTkyNDgzNSwiaWF0IjoxNzAzMD=
E5NzMxLCJleHAiOjE3MDU2MTE3MzEsImlzcyI6InB1Yi0yMjU5Iiwic3ViIjoicG9zdC1yZWFjd=
GlvbiJ9.85dT3ynXl6qCm1MjrYruqUvjTO_abq8mlLqJegj3Hqc&r=3D27cer9&utm_campaign=
=3Demail-half-magic-comments&utm_source=3Dsubstack&utm_medium=3Demail" clas=
s=3D"email-button-outline" style=3D"border: 1px solid rgba(0, 0, 0, .13); b=
order-radius: 100000px; color: rgb(128, 128, 128); display: inline-block; f=
ont-family: 'SF Pro Text', -apple-system, ui-sans-serif, BlinkMacSystemFont=
, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'S=
egoe UI Emoji', 'Segoe UI Symbol'; font-size: 12px; font-weight: 500; line-=
height: 12px; padding: 9px 14px; text-decoration: none; text-transform: upp=
ercase;"><img src=3D"https://substackcdn.com/image/fetch/w_36,c_scale,f_png=
,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack.com%2Ficon%2FLucid=
eComments%3Fv%3D4%26height%3D36%26fill%3Dnone%26stroke%3D%2523808080%26stro=
keWidth%3D2" width=3D"18" height=3D"18" style=3D"border: none !important; m=
argin-right: 8px; max-width: 18px; min-height: 18px; min-width: 18px; verti=
cal-align: middle;" alt class=3D"icon"><span class=3D"email-button-text" st=
yle=3D"vertical-align: middle;">Comment</span></a></td></tr></table></td><t=
d width=3D"8" style=3D"min-width: 8px"></td><td style=3D"vertical-align: mi=
ddle;"><table role=3D"presentation" width=3D"auto" border=3D"0" cellspacing=
=3D"0" cellpadding=3D"0"><tr><td align=3D"center"><a href=3D"https://substa=
ck.com/redirect/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2VuY2Uuc3Vic3RhY2suY29tL3AvY=
2hyaXN0aWVzLXllYXItZW5kLXJlc3VsdHMtYm9uaGFtcz91dG1fc291cmNlPXN1YnN0YWNrJnV0=
bV9tZWRpdW09ZW1haWwmYWN0aW9uPXJlc3RhY2stY29tbWVudCZ1dG1fY2FtcGFpZ249ZW1haWw=
tcmVzdGFjay1jb21tZW50JnI9MjdjZXI5IiwicCI6MTM5OTI0ODM1LCJzIjoyMjU5LCJmIjp0cn=
VlLCJ1IjoxMzMyNjg2NjEsImlhdCI6MTcwMzAxOTczMSwiZXhwIjoxNzA1NjExNzMxLCJpc3MiO=
iJwdWItMCIsInN1YiI6ImxpbmstcmVkaXJlY3QifQ.yLOTMCN_017dRtB--p4h4WoToiLrQ9kyi=
EChscsCQSw?&utm_source=3Dsubstack&utm_medium=3Demail" class=3D"email-button=
-outline" style=3D"border: 1px solid rgba(0, 0, 0, .13); border-radius: 100=
000px; color: rgb(128, 128, 128); display: inline-block; font-family: 'SF P=
ro Text', -apple-system, ui-sans-serif, BlinkMacSystemFont, 'Segoe UI', Rob=
oto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', '=
Segoe UI Symbol'; font-size: 12px; font-weight: 500; line-height: 12px; pad=
ding: 9px 14px; text-decoration: none; text-transform: uppercase;"><img src=
=3D"https://substackcdn.com/image/fetch/w_36,c_scale,f_png,q_auto:good,fl_p=
rogressive:steep/https%3A%2F%2Fsubstack.com%2Ficon%2FNoteForwardIcon%3Fv%3D=
4%26height%3D36%26fill%3Dnone%26stroke%3D%2523808080%26strokeWidth%3D2" wid=
th=3D"18" height=3D"18" style=3D"border: none !important; margin-right: 8px=
; max-width: 18px; min-height: 18px; min-width: 18px; vertical-align: middl=
e;" alt class=3D"icon"><span class=3D"email-button-text" style=3D"vertical-=
align: middle;">Restack</span></a></td></tr></table></td></tr></table></td>=
<td align=3D"right"><table role=3D"presentation" width=3D"auto" border=3D"0=
" cellspacing=3D"0" cellpadding=3D"0"><tr></tr></table></td></tr></table></=
td></tr><tr height=3D"16"><td height=3D"16" style=3D"font-size: 0px; line-h=
eight: 0;"> </td></tr></table><div class=3D"footer frontend-email-shar=
ed-typed-module__footer--B5jqg" style=3D"color: rgb(128, 128, 128); font-si=
ze: 16px; line-height: 26px; padding: 24px 0; text-align: center;"><div sty=
le=3D"font-size: 16px; line-height: 26px; padding-bottom: 24px;"><p class=
=3D"pencraft pc-reset frontend-pencraft-Text-module__color-secondary--WRADg=
frontend-pencraft-Text-module__size-12--KorQF frontend-pencraft-Text-modul=
e__reset--dW0zZ small frontend-email-shared-typed-module__meta--vRZSC" styl=
e=3D"color: rgb(128, 128, 128); font-family: -apple-system, BlinkMacSystemF=
ont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji',=
'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 12px; letter-spacing: 0; l=
ine-height: 16px; margin: 0; padding-bottom: 0; text-decoration: unset;">&#=
169; 2023 <span>Marion Maneker</span><br>19 Jochum Ave., Larchmont, NY 1053=
8 <br><a href=3D"https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9hcnRlbG=
xpZ2VuY2Uuc3Vic3RhY2suY29tL2FjdGlvbi9kaXNhYmxlX2VtYWlsP3Rva2VuPWV5SjFjMlZ5W=
DJsa0lqb3hNek15TmpnMk5qRXNJbkJ2YzNSZmFXUWlPakV6T1RreU5EZ3pOU3dpYVdGMElqb3hO=
ekF6TURFNU56TXhMQ0psZUhBaU9qRTNNRFUyTVRFM016RXNJbWx6Y3lJNkluQjFZaTB5TWpVNUl=
pd2ljM1ZpSWpvaVpHbHpZV0pzWlY5bGJXRnBiQ0o5Lm5JMHM4dXc3S3VHcXlHS3pUa1ZOanFtVk=
l6ZTZZdEZ2SWVWZ0JDMkVWRUEmZXhwaXJlcz0zNjVkIiwicCI6MTM5OTI0ODM1LCJzIjoyMjU5L=
CJmIjp0cnVlLCJ1IjoxMzMyNjg2NjEsImlhdCI6MTcwMzAxOTczMSwiZXhwIjoxNzA1NjExNzMx=
LCJpc3MiOiJwdWItMCIsInN1YiI6ImxpbmstcmVkaXJlY3QifQ.kl0krVAU6EjplcCOVJqI2OIZ=
x4TcqZqXgoF6Jb1Hd7w?" style=3D"color: rgb(128, 128, 128); text-decoration: =
underline;"><span style=3D"color: rgb(128, 128, 128); text-decoration: unde=
rline;">Unsubscribe</span></a></p></div><p class=3D"frontend-email-shared-t=
yped-module__footerSection--dumyu small powered-by-substack" style=3D"color=
: rgb(128, 128, 128); font-family: -apple-system, BlinkMacSystemFont, 'Sego=
e UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI=
Emoji', 'Segoe UI Symbol'; font-size: 12px; line-height: 20px; margin: 0; =
margin-top: 0; padding: 0 24px; padding-bottom: 0;"><a href=3D"https://subs=
tack.com/redirect/1f39d6aa-34d8-402d-9f18-27f23a0faf1d?j=3DeyJ1IjoiMjdjZXI5=
In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" style=3D"color: rgb(128, 1=
28, 128); display: inline-block; margin: 0 4px; text-decoration: none;"><im=
g src=3D"https://substackcdn.com/image/fetch/w_260,c_limit,f_auto,q_auto:go=
od,fl_progressive:steep/https%3A%2F%2Fsubstack.com%2Fimg%2Femail%2Fgeneric-=
app-button%402x.png" srcset=3D"https://substackcdn.com/image/fetch/w_130,c_=
limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack.com%2F=
img%2Femail%2Fgeneric-app-button.png, https://substackcdn.com/image/fetch/w=
_260,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack=
=2Ecom%2Fimg%2Femail%2Fgeneric-app-butt=
on%402x.png 2x, https://substackcdn.co=
m/image/fetch/w_390,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3=
A%2F%2Fsubstack.com%2Fimg%2Femail%2Fgeneric-app-button%403x.png 3x" width=
=3D"130" alt=3D"Get the app" height=3D"40" style=3D"border: none !important=
; max-width: 550px; vertical-align: middle;"></a><a href=3D"https://substac=
k.com/redirect/2/eyJlIjoiaHR0cHM6Ly9zdWJzdGFjay5jb20vc2lnbnVwP3V0bV9zb3VyY2=
U9c3Vic3RhY2smdXRtX21lZGl1bT1lbWFpbCZ1dG1fY29udGVudD1mb290ZXImdXRtX2NhbXBha=
WduPWF1dG9maWxsZWQtZm9vdGVyJmZyZWVTaWdudXBFbWFpbD1lbnpvQHNob3dmaWxlLmNvbSZy=
PTI3Y2VyOSIsInAiOjEzOTkyNDgzNSwicyI6MjI1OSwiZiI6dHJ1ZSwidSI6MTMzMjY4NjYxLCJ=
pYXQiOjE3MDMwMTk3MzEsImV4cCI6MTcwNTYxMTczMSwiaXNzIjoicHViLTAiLCJzdWIiOiJsaW=
5rLXJlZGlyZWN0In0.TkYWoDgaaVVDQY7QhgEHG8BVqjcrEGr_EvQZsdgPNuI?" style=3D"co=
lor: rgb(128, 128, 128); display: inline-block; margin: 0 4px; text-decorat=
ion: none;"><img src=3D"https://substackcdn.com/image/fetch/w_270,c_limit,f=
_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack.com%2Fimg%2Fe=
mail%2Fpublish-button%402x.png" srcset=3D"https://substackcdn.com/image/fet=
ch/w_135,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubs=
tack.com%2Fimg%2Femail%2Fpublish-button.png, https://substackcdn.com/image/=
fetch/w_270,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fs=
ubstack.com%2Fimg%2Femail%2Fpublish-button%402x.png 2x, https://substackcdn=
=2Ecom/image/fetch/w_405,c_limit,f_auto=
,q_auto:good,fl_progressive:steep/http=
s%3A%2F%2Fsubstack.com%2Fimg%2Femail%2Fpublish-button%403x.png 3x" width=3D=
"135" alt=3D"Start writing" height=3D"40" style=3D"border: none !important;=
max-width: 550px; vertical-align: middle;"></a></p></div></div></td><td></=
td></tr></table><img src=3D"https://eotrx.substackcdn.com/open?token=3DeyJt=
IjoiPDIwMjMxMjE5MjEwMTAxLjMuNWM2Y2VkNjk4NDM0NzA1OEBtZy1kMS5zdWJzdGFjay5jb20=
-IiwidSI6MTMzMjY4NjYxLCJyIjoiZW56b0BzaG93ZmlsZS5jb20iLCJkIjoibWctZDEuc3Vic3=
RhY2suY29tIiwicCI6MTM5OTI0ODM1LCJ0IjoibmV3c2xldHRlciIsImEiOiJvbmx5X3BhaWQiL=
CJzIjoyMjU5LCJjIjoicG9zdCIsImYiOnRydWUsInBvc2l0aW9uIjoiYm90dG9tIiwiaWF0Ijox=
NzAzMDE5NzMyLCJleHAiOjE3MDU2MTE3MzIsImlzcyI6InB1Yi0wIiwic3ViIjoiZW8ifQ.vDmF=
45W9CoQo4Oxs3mymAvJcoKa2nIm_gy4eHaL15eM" alt=3D"" width=3D"1" height=3D"1" =
border=3D"0" style=3D"height:1px !important;width:1px !important;border-wid=
th:0 !important;margin-top:0 !important;margin-bottom:0 !important;margin-r=
ight:0 !important;margin-left:0 !important;padding-top:0 !important;padding=
-bottom:0 !important;padding-right:0 !important;padding-left:0 !important;"=
/><img width=3D"1px" height=3D"1px" alt=3D"" src=3D"https://email.mg-d1.sub=
stack.com/o/eJxE0NtqxCAQxvGnWe8aPMXEC59FRp1kpUaDB5b06ctuCr39Bv78GA8d91Ivc5b=
WSTBCO7p6RdCwhQrK9CIWggfEZHfMWKFjsND_r5xJRZ4GmFbOSWBabiKsQapNgN5WxZEqVIJEwy=
kXjDPNGWWUTWKavfIYlF6lkAud14ekx_4V2NSGax389-TLQWKzW8UPwfQ6kLylFkaImD2aktNlT=
4jh3mMwTGjN5Srme-nXiSbjqyXsHSs5h7O-HMfIsV8WM7iE4a88XIoeeiz5HeJ81qQazD_lIWl7=
ltcWE35QbbhQDojZQO2YUtzfGNLvN46G9ZYIrlal2G8AAAD__-1QdmM"></body></html>
--eb09785bfcbd94a615e10589fdbcb8d2cdafe292c6d6cc98d135178b4be3--