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Subject: The $1.26B Gigaweek, Picasso Enigmas & More Giacomettiology
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Welcome back to the Wall Power Inner Circle. I’m Marion Maneker. Did you
check to see if anyone followed you here? Tonight, I’m going deep on the
data from last week’s New York sales. Unfortunately, the market took a step
back from last year (and from last November, too). That shouldn’t be a
surprise, as the world slogs through a pointless trade war and too many real
wars.
May 21, 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. Did you
check to see if anyone followed you here?
Tonight, I’m going deep on the data from last week’s New York sales.
Unfortunately, the market took a step back from last year (and from last
November, too). That shouldn’t be a surprise, as the world slogs through a
pointless trade war and too many real wars. But even though it’s bleak out
there, there were bright spots, including the continuing scrum for work
priced below $100,000. I’ll get into it more, below.
If you’re getting this email forwarded to you from a friend, think about
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Let’s get started…
* Mari-Claudia Jiménez lands at Withers: When Mari-Claudia Jiménez left
Sotheby’s earlier this year after a decade, during which she became its top
dealmaker, it seemed likely she would start...
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Auction Report: The Downturn Goes On
The May results were a disappointment after earlier signs of healing, with
the market still shaking off the 2023 interest-rate hangover. Much of the
grim news continues to concentrate at the top of the market.
Marion Maneker
I’m not going to lie to you: I was hoping for a lot more this season. After
November’s positive print in the art market, I thought the healing would
continue, bolstered by the Leonard and Louise Riggio estate. But the
downturn that began in 2023, after interest rates rose so sharply in 2022,
still hasn’t ended.
This season’s auction numbers, based on data provided to me by ARTDAI,
show...
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Rachel Strugatz, who delivers unparalleled intel on what’s happening in the
beauty industry, and Sarah Shapiro, a longtime retail strategist who writes
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Taylor Swift Extortionology
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Art Basel’s Doha Play
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see if anyone followed you here? Tonight, I=E2=80=99m going deep on the =
data from last week=E2=80=99s New York sales. Unfortunately, the market =
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29d19b48" target=3D"_self" =
style=3D"color:#d40000;text-decoration:none;">Marion Maneker</a>
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<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 class=3D"r5" style=3D"padding-bottom:27px;"><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 Maneker</strong>. Did
you check to see if anyone followed you here?<br/><br/>Tonight, =
I=E2=80=99m going deep on the data from last week=E2=80=99s New York =
sales. Unfortunately, the market took a step back from last year (and =
from last November, too). That shouldn=E2=80=99t be a surprise, as the =
world slogs through a pointless trade war and too many <em>real</em> =
wars. But even though it=E2=80=99s bleak out there, there were bright =
spots, including the continuing scrum for work priced below $100,000. =
I=E2=80=99ll get into it more, below.<br/><br/>If you=E2=80=99re
getting this email forwarded to you from a friend, think about signing =
up for Puck=E2=80=99s Inner Circle tier by <a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdXOU5BenVWZGlaYjMtZUdrLVo0QT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvbX=
ktYWNjb3VudC9iaWxsaW5nLz91dG1fY2FtcGFpZ249SUMrRXhjbHVzaXZlK1dhbGwrUG93ZXI=
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iOjY0NX0/7f9642eb0d06bfe0200d1ad378f41c8ba5773d528e11e654f0bd5755c5f2dafa=
" style=3D"text-decoration:underline;color:#d40000;">clicking =
here</a>.<br/><br/><em>Let=E2=80=99s get started=E2=80=A6</em></p></div>
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<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 class=3D"r5" =
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>Mari-Claudia Jim=C3=A9nez lands at Withers</em>: When =
<strong>Mari-Claudia Jim=C3=A9nez</strong> left Sotheby=E2=80=99s =
earlier this year after a decade, during which she became its top =
dealmaker, it seemed likely she would start...</li></ul></div>
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cellspacing=3D"0" role=3D"presentation" =
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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;=
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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;">A =
MESSAGE FROM OUR SPONSOR</p></div>
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align=3D"center"><div style=3D"max-width:552px;"><a =
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one;max-height:0;overflow:hidden;"><tbody><tr><td class=3D"r5" =
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align=3D"center"><div style=3D"max-width:552px;"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
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ljay5uZXQvZGRtL3RyYWNrY2xrL04yMjY3MDgzLjQyMzU4NjVQVUNLTkVXUy9CMzI5ODMyMzI=
uNDEzMjcxMjQ0O2RjX3Rya19haWQ9NjEyMDMwOTA1O2RjX3Rya19jaWQ9MjM0Mjk2MzQ2O2Rj=
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MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwM=
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<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 class=3D"r5"><div =
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:center;mso-line-height-alt:20px;"><p =
style=3D"margin:0;margin-bottom:0px;">The first steps towards a =
masterpiece starts with a dream. The all-electric BMW i7 =E2=80=93 the =
evolution of
brilliance. Learn more at=C2=A0</p><p style=3D"margin:0;"><strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
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yRjIxJTJGMjUlMjlcdTAwMjZ1dG1fY29udGVudD1XYWxsK1Bvd2VyKy0rSUMrTEVBRFMrJTI4=
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3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsIm=
ludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjoyMTY2Njg1fQ/021d=
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target=3D"_blank" style=3D"text-decoration:underline;color:#d40000;" =
rel=3D"noopener">BMWUSA.com</a></strong></p></div>
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ktYWNjb3VudC9iaWxsaW5nLz91dG1fY2FtcGFpZ249SUMrRXhjbHVzaXZlK1dhbGwrUG93ZXI=
rLStMRUFEUyslMjg1JTJGMjElMkYyNSUyOVx1MDAyNnV0bV9jb250ZW50PVdhbGwrUG93ZXIr=
LStJQytMRUFEUyslMjg1JTJGMjElMkYyNSUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0a=
W9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZT=
NkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQ=
iOjY0NX0/7f9642eb0d06bfe0200d1ad378f41c8ba5773d528e11e654f0bd5755c5f2dafa=
" 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:20px;padding-right:20px;text-alig=
n: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>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>
<table class=3D"x" 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-bottom:12px;vertical-align:top;border-radius:0px;">
<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 =
class=3D"r5" 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=
05LQUdXOU5BenVWZGlaYjMtZUdrLVo0QT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvbm=
V3LXlvcmstbWF5LWF1Y3Rpb24tcmVwb3J0LXRoZS1kb3dudHVybi1nb2VzLW9uLz91dG1fY2F=
tcGFpZ249SUMrRXhjbHVzaXZlK1dhbGwrUG93ZXIrLStMRUFEUyslMjg1JTJGMjElMkYyNSUy=
OVx1MDAyNnV0bV9jb250ZW50PVdhbGwrUG93ZXIrLStJQytMRUFEUyslMjg1JTJGMjElMkYyN=
SUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b2=
1lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJ=
mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjIyMDM4OTZ9/32a998def0d582aefd2=
9ef32ffd6aabcf91ef3e20c30934d6e6c61202aba64b9" target=3D"_blank" =
style=3D"outline:none" tabindex=3D"-1"><img =
src=3D"https://userimg-assets.customeriomail.com/images/client-env-107382=
/1747859344316_WP_01JVT8J30GEC4A3TK9APNSQBPD.jpg" =
style=3D"display:block;height:auto;border:0;width:100%;" width=3D"600" =
alt=3D"Auction Report: The Downturn Goes On" title=3D"Auction Report: =
The Downturn Goes On" 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 =
class=3D"r5" =
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=
/1735839782111_ice-badge_01JGM1T57TV42CK4RX9AZ2QJ1N.png" =
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>
</td></tr></tbody></table>
<table class=3D"gq 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;"><tbody><tr><td =
class=3D"r5" =
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=
05LQUdXOU5BenVWZGlaYjMtZUdrLVo0QT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvbm=
V3LXlvcmstbWF5LWF1Y3Rpb24tcmVwb3J0LXRoZS1kb3dudHVybi1nb2VzLW9uLz91dG1fY2F=
tcGFpZ249SUMrRXhjbHVzaXZlK1dhbGwrUG93ZXIrLStMRUFEUyslMjg1JTJGMjElMkYyNSUy=
OVx1MDAyNnV0bV9jb250ZW50PVdhbGwrUG93ZXIrLStJQytMRUFEUyslMjg1JTJGMjElMkYyN=
SUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b2=
1lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJ=
mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjIyMDM4OTZ9/32a998def0d582aefd2=
9ef32ffd6aabcf91ef3e20c30934d6e6c61202aba64b9" 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">Auction =
Report: The Downturn Goes On</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 class=3D"r5" =
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;">The =
May results were a disappointment after earlier signs of healing, with =
the
market still shaking off the 2023 interest-rate hangover. Much of the =
grim news continues to concentrate at the top of the market.</p></div>
</td></tr></tbody></table>
</td></tr></tbody></table>
</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-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;">
<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;text-align:left;line-h=
eight:0;"><tbody><tr><td class=3D"r5" =
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" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;display:inline-block;p=
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=
05LQUdXOU5BenVWZGlaYjMtZUdrLVo0QT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvYX=
V0aG9yL21hcmlvbi1tYW5la2VyLz91dG1fY2FtcGFpZ249SUMrRXhjbHVzaXZlK1dhbGwrUG9=
3ZXIrLStMRUFEUyslMjg1JTJGMjElMkYyNSUyOVx1MDAyNnV0bV9jb250ZW50PVdhbGwrUG93=
ZXIrLStJQytMRUFEUyslMjg1JTJGMjElMkYyNSUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfY=
WN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNj=
E1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmt=
faWQiOjg0NzgxN30/aa8dcafc74b68149e2b7c797cd2b2971c0e0b45b2a63c6e6b2c6fc13=
29d19b48" 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=
05LQUdXOU5BenVWZGlaYjMtZUdrLVo0QT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvYX=
V0aG9yL21hcmlvbi1tYW5la2VyLz91dG1fY2FtcGFpZ249SUMrRXhjbHVzaXZlK1dhbGwrUG9=
3ZXIrLStMRUFEUyslMjg1JTJGMjElMkYyNSUyOVx1MDAyNnV0bV9jb250ZW50PVdhbGwrUG93=
ZXIrLStJQytMRUFEUyslMjg1JTJGMjElMkYyNSUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfY=
WN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNj=
E1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmt=
faWQiOjg0NzgxN30/aa8dcafc74b68149e2b7c797cd2b2971c0e0b45b2a63c6e6b2c6fc13=
29d19b48" target=3D"_self" =
style=3D"color:#d40000;text-decoration:none;">Marion Maneker</a>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>
</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:12px;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 class=3D"r5" 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;">I=E2=80=99m not going to lie to you: I was hoping =
for a lot more this season. After November=E2=80=99s
positive print in the art market, I thought the healing would continue, =
bolstered by the <strong>Leonard</strong> and <strong>Louise =
Riggio</strong> estate. But the downturn that began in 2023, after =
interest rates rose so sharply in 2022, still hasn=E2=80=99t =
ended.<br/><br/>This season=E2=80=99s auction numbers, based on data =
provided to me by <a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdXOU5BenVWZGlaYjMtZUdrLVo0QT0iLCJocmVmIjoiaHR0cHM6Ly9hcnRkLmFpL3B1Y2=
stbmV3cy8_dXRtX2NhbXBhaWduPUlDK0V4Y2x1c2l2ZStXYWxsK1Bvd2VyKy0rTEVBRFMrJTI=
4NSUyRjIxJTJGMjUlMjlcdTAwMjZ1dG1fY29udGVudD1XYWxsK1Bvd2VyKy0rSUMrTEVBRFMr=
JTI4NSUyRjIxJTJGMjUlMjlcdTAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0b=
V9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOC=
IsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjoyMDYzNDkyfQ/=
12624c388ac71374d7900c1819f109fd129eb2b6715033c11e5ff796c21dd543" =
style=3D"text-decoration:underline;color:#d40000;">ARTDAI</a>, =
show...</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 =
class=3D"r5" 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=
05LQUdXOU5BenVWZGlaYjMtZUdrLVo0QT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvbX=
ktYWNjb3VudC9iaWxsaW5nLz91dG1fY2FtcGFpZ249SUMrRXhjbHVzaXZlK1dhbGwrUG93ZXI=
rLStMRUFEUyslMjg1JTJGMjElMkYyNSUyOVx1MDAyNnV0bV9jb250ZW50PVdhbGwrUG93ZXIr=
LStJQytMRUFEUyslMjg1JTJGMjElMkYyNSUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0a=
W9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZT=
NkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQ=
iOjY0NX0/7f9642eb0d06bfe0200d1ad378f41c8ba5773d528e11e654f0bd5755c5f2dafa=
" 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>
</td></tr></tbody></table>
</td></tr></tbody></table>
</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;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 class=3D"r5" style=3D"padding-bottom:16px;"><div =
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;">A =
MESSAGE FROM OUR SPONSOR</p></div>
</td></tr></tbody></table>
<table class=3D"j oq 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;"><tbody><tr><td =
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one;max-height:0;overflow:hidden;"><tbody><tr><td class=3D"r5" =
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=
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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;margin-bottom:0px;">The first steps towards a =
masterpiece starts with a dream. The all-electric BMW i7 =E2=80=93 the =
evolution of
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al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.2=
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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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