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Subject: =?UTF-8?q?Mo_Ostin_Loved_His_Artists=E2=80=94and_His_Art?=
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View this post on the web at https://artelligence.substack.com/p/mo-ostin-l=
oved-his-artistsand-his
Welcome to the Artelligence newsletter
This is the new home for news and analysis of the global art market from Ar=
t Market Monitor and LiveArt. Combined with our Artelligence podcast [ http=
s://substack.com/redirect/c320ae36-f0bc-4c70-9319-6b6416b276cb?j=3DeyJ1Ijoi=
MjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ], it offers a uniq=
ue perspective on the global art market.
The newsletter comes out every Friday with What We Learned this Week. Depen=
ding on the art market calendar or news cycle, you will receive other email=
s from this account on an irregular basis.=20
We are eager to hear from you. If you have questions, tips or suggestions f=
or coverage, contact us here [ mailto:maneker@artmarketmonitor.com ]. Feel =
free to forward the email to anyone you think would like to subscribe.=20
In This Issue
Lot Watch: Hammersh=C3=B8i=E2=80=99s music room gets a record estimate at S=
otheby=E2=80=99s
Mo Ostin: A record executive whose reputation rested on supporting his arti=
sts left a $120 million collection of paintings.
Lot Watch
Playing the Dane
Vilhelm Hammersh=C3=B8i had a strong 2022 on the art market with nearly $10=
million in paintings sold, including a new record price at $6.3 million in=
May which was a slight improvement on the record set in 2017 at $6.2 milli=
on. There=E2=80=99s also a show of Danish art at New York=E2=80=99s Metropo=
litan Museum currently featuring one of the artist=E2=80=99s luminous inter=
iors [ https://substack.com/redirect/ed774f96-3714-4581-ae47-3f29b485e21a?j=
=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]. Sothe=
by=E2=80=99s has now secured an important interior painting by Hammersh=C3=
=B8i=E2=80=94the most prized of his works=E2=80=94that depicts the music ro=
om in his apartment in Copenhagen on Strandgade 30. The painting also happe=
ns to have hung in that same apartment for the better part of a century. Th=
e painting will be sold at Sotheby=E2=80=99s on May 16th with a $3 million =
estimate, the highest ever placed on a Hammersh=C3=B8i at auction.=C2=A0
Music Business Legend Mo Ostin=E2=80=99s $120m Art Collection announced by =
Sotheby=E2=80=99s for May
The art market continues to be driven by two very different engines. On the=
one hand, as we saw in Hong Kong recently, 21st Century artists continue t=
o set new records despite their limited market exposure. On the other, a ge=
neration of collectors born before the second World War have recently died =
or begun to disperse their holdings. Many of these collectors were prominen=
t in the media. Today, Sotheby=E2=80=99s announced that it will sell the co=
llection of legendary record executive, Mo Ostin. Led by two important Magr=
ittes and including works by Picasso, de Kooning, Joan Mitchell, Cy Twombly=
and Cecily Brown, the group is expected to sell for more than $120 million=
=2E
In the art market, coincidences often seem to happen because of planning. I=
n the case of Mo Ostin=E2=80=99s L=E2=80=99Empire des lumi=C3=A8res from 19=
51 (above) by Ren=C3=A9 Magritte, the market for Magritte=E2=80=99s most pr=
olific image was transformed a year ago when another example from that seri=
es depicting a night-time landscape beneath a day-bright sky sold for a mas=
sive new record price of $79.2 million. That 1961 work was exceptionally la=
rge. But Ostin=E2=80=99s work is twice as tall as the previous record price=
for a 1949 L=E2=80=99Empire des lumi=C3=A8res that sold in 2017 for $20.5 =
million. Understandably, Sotheby=E2=80=99s is taking the approach of cautio=
n and putting a $35 million estimate on the Ostin version.
Ostin=E2=80=99s other Magritte was also an image the painter executed more =
than once. Taking its title from an Edgar Allen Poe story, Le Domaine d=E2=
=80=99Arnheim from 1949 has a whisper number of $15 million. That=E2=80=99s=
slightly higher than the $12 million auction price in 2017 for another exa=
mple of an eagle's head embedded in a mountainscape that bears the same tit=
le.=C2=A0
Sotheby=E2=80=99s is selling three works by Cy Twombly, two are works on pa=
per that will be offered in Sotheby=E2=80=99s day sale with an estimate of =
$500,000 (one is a precursor of the important Bolsena series Twombly made i=
n 1969) and one is a 1961 painting that is similar in size and date to one =
sold in the Macklowe auction. The Macklowe Twombly made $20.9 million. Osti=
n=E2=80=99s 1961 example is estimated at $14 million.=C2=A0
Joan Mitchell=E2=80=99s stature on the market has only risen in response to=
the important retrospective of her work that traveled from San Francisco t=
o Baltimore to Paris last year. Ostin=E2=80=99s 1958 painting is estimated =
at $7 million which reflects the range of prices seen for works from the la=
te 1950s and early 1960s on the auction market in the last decade. Larger, =
more complex works from 1960 and 1961 have made prices as high as $14 milli=
on. A closely comparable work was sold in 2021 for $7.8 million.=C2=A0 [ ht=
tps://substack.com/redirect/99cb8d8b-07fd-4316-a900-cd00e2dfae25?j=3DeyJ1Ij=
oiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]
Ostin=E2=80=99s Jean-Michel Basquiat, Moon View from 1984 was once owned by=
Eli Broad=E2=80=99s foundation. Estimated at $7 million, it comes to marke=
t at a time of strong demand for the artist=E2=80=99s work and prominent sh=
ows in Paris and Los Angeles.=C2=A0
Last year the art market was beguiled by David Sollinger=E2=80=99s collage =
by Willem de Kooning that made a remarkable $33.6 million. The strong sale =
is shifting attention toward de Kooning=E2=80=99s works from the 1940s and =
his works on paper. Ostin=E2=80=99s Two Figures from 1946-47 carries a $5 m=
illion estimate but that could easily result in a higher price now that the=
ceiling for a paper-based work is well into the eight figure range.=C2=A0=
=C2=A0
Ostin acquired a rare Picasso landscape, an image of Mougins, that was once=
owned by Marie-Th=C3=A9r=C3=A8se=E2=80=99s daughter Maya. It is estimated =
at $7 million.=C2=A0
The art market is in the midst of a Cecily Brown moment. Continuing strong =
sales of Brown=E2=80=99s work=E2=80=94nearly $18 million in sales so far in=
2023 which is more than half the annual sales of Brown=E2=80=99s work in e=
ach of the last two years=E2=80=94have done little to dampen demand. Ostin=
=E2=80=99s 2015 work, Free Games for May, is estimated at $3 million even a=
s works of similar vintage have sold for $4-5 million with fees.=C2=A0
Works by Arshile Gorky are few and far between on the art market normally. =
This season we will see two, one from the Newhouse collection and another f=
rom Mo Ostin=E2=80=99s collection. Portrait of YD from 1945 has a $3 millio=
n estimate.
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</style></head><body class=3D"email-body" style=3D"font-kerning: auto;"><im=
g src=3D"https://mailgun.substack.com/api/v1/email/open?token=3DeyJtIjoiPDI=
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=3D"height:1px !important;width:1px !important;border-width:0 !important;ma=
rgin-top:0 !important;margin-bottom:0 !important;margin-right:0 !important;=
margin-left:0 !important;padding-top:0 !important;padding-bottom:0 !importa=
nt;padding-right:0 !important;padding-left:0 !important;"/><div style=3D"di=
splay:none;font-size:1px;color:#333333;line-height:1px;max-height:0px;max-w=
idth:0px;opacity:0;overflow:hidden;" class=3D"preview">Magritte, Twombly, M=
itchell, Basquiat, de Kooning, Gorky, Picasso & Cecily Brown all featur=
e in the $120m collection at Sotheby's.  ‌ ‌ =
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4; ‌</div><table role=3D"presentation" 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"></td><td></td></tr><tr><td></td=
><td align=3D"left" width=3D"550" class=3D"content"><div style=3D"font-size=
: 16px; line-height: 26px; margin: 0 auto; max-width: 550px; overflow-wrap:=
break-word; width: 100%;"><table role=3D"presentation" width=3D"100%" bord=
er=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><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 style=3D"vertical-align: middl=
e;"><span class=3D"tw-font-body tw-text-ssm tw-text-substack-secondary" sty=
le=3D"color: #808080 !important; font-family: SF Pro Text, -apple-system, B=
linkMacSystemFont, Inter, Segoe UI, Roboto, Helvetica, Arial, sans-serif, A=
pple Color Emoji, Segoe UI Emoji, Segoe UI Symbol !important; font-size: 13=
px !important;"><a href=3D"https://open.substack.com/pub/artelligence/p/mo-=
ostin-loved-his-artistsand-his?utm_source=3Demail&redirect=3Dapp-store" cla=
ss=3D"tw-text-substack-secondary tw-underline" style=3D"-webkit-text-decora=
tion-line: underline !important; color: #808080 !important; text-decoration=
-line: underline !important;">Open in app</a> or <a href=3D"https://substac=
k.com/redirect/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2VuY2Uuc3Vic3RhY2suY29tL3AvbW=
8tb3N0aW4tbG92ZWQtaGlzLWFydGlzdHNhbmQtaGlzP3Rva2VuPWV5SjFjMlZ5WDJsa0lqb3hNe=
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SwiaWF0IjoxNjgxMjExOTk5LCJleHAiOjE2ODM4MDM5OTksImlzcyI6InB1Yi0wIiwic3ViIjoi=
bGluay1yZWRpcmVjdCJ9.jBti_CLhKrSecMP0GWdCwnBg3NIC654DanBDwG5bk8A?" class=3D=
"tw-text-substack-secondary tw-underline" style=3D"-webkit-text-decoration-=
line: underline !important; color: #808080 !important; text-decoration-line=
: underline !important;">online</a></span></td></tr></table></td></tr></tab=
le><table role=3D"presentation" width=3D"auto" class=3D"header graphic-head=
er" style=3D"border-spacing: 0; padding: 16px 0 32px;"><tr><td align=3D"cen=
ter" style=3D"padding: 0; text-align: center;"><a href=3D"https://substack.=
com/redirect/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2VuY2Uuc3Vic3RhY2suY29tL3AvbW8t=
b3N0aW4tbG92ZWQtaGlzLWFydGlzdHNhbmQtaGlzP3Rva2VuPWV5SjFjMlZ5WDJsa0lqb3hNek1=
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luay1yZWRpcmVjdCJ9.jBti_CLhKrSecMP0GWdCwnBg3NIC654DanBDwG5bk8A?"><img role=
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om/image/fetch/w_1100,c_limit,f_auto,q_auto:good,fl_progressive:steep/https=
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order: none !important; display: block; height: auto; margin: 0 auto; max-w=
idth: 550px; vertical-align: middle; width: 100%;"></a></td></tr></table><d=
iv dir=3D"auto" class=3D"post typography" style=3D"font-size: 16px; line-he=
ight: 26px; padding: 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-osx-font-smoothing: subpixel-antialiased; -webkit-font-smoothing: sub=
pixel-antialiased; color: #404040; font-family: 'SF Compact Display', -appl=
e-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-se=
rif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 3=
2px; font-weight: bold; line-height: 36px; margin: 0;"><a href=3D"https://s=
ubstack.com/app-link/post?publication_id=3D2259&post_id=3D113890263&utm_sou=
rce=3Dpost-email-title&isFreemail=3Dtrue&token=3DeyJ1c2VyX2lkIjoxMzMyNjg2Nj=
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BgsbriLy7gO7ZvRUoaeY" style=3D"color: #404040; text-decoration: none;">Mo O=
stin Loved His Artists—and His Art</a></h1><h3 class=3D"subtitle" sty=
le=3D"-moz-osx-font-smoothing: subpixel-antialiased; -webkit-font-smoothing=
: subpixel-antialiased; color: #808080; font-family: 'SF Compact Display', =
-apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sa=
ns-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-si=
ze: 18px; font-weight: normal; line-height: 24px; margin: 4px 0 0; margin-t=
op: 12px;">Magritte, Twombly, Mitchell, Basquiat, de Kooning, Gorky, Picass=
o & Cecily Brown all feature in the $120m collection at Sotheby's.</h3>=
<table role=3D"presentation" width=3D"100%" border=3D"0" cellspacing=3D"0" =
cellpadding=3D"0" class=3D"post-meta" style=3D"align-items: center; height:=
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<tr><td style=3D"vertical-align: middle;"><div class=3D"frontend-pencraft-T=
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56-a7fd-c2d5e3c5e7c0?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx=
6Fx_g6pp7gWdY" style=3D"color: #404040; font-family: 'SF Compact', -apple-s=
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UI Symbol'; font-size: 11px; font-weight: 500; letter-spacing: .2px; line-h=
eight: 20px; margin: 0; text-decoration: none; text-transform: uppercase;" =
class=3D"frontend-pencraft-Text-module__reset--20JLV frontend-pencraft-Text=
-module__size-11--1-ofT frontend-pencraft-Text-module__line-height-20--1soe=
Q frontend-pencraft-Text-module__weight-medium--aTbx5 frontend-pencraft-Tex=
t-module__font-meta--2i-cR frontend-pencraft-Text-module__color-primary--2I=
-sF frontend-pencraft-Text-module__transform-uppercase--38jbr frontend-penc=
raft-Text-module__meta--3RRSj">Marion Maneker</a></div></td></tr></table></=
td></tr><tr><td><table role=3D"presentation" width=3D"auto" border=3D"0" ce=
llspacing=3D"0" cellpadding=3D"0"><tr><td style=3D"vertical-align: middle;"=
><div class=3D"frontend-pencraft-Text-module__reset--20JLV frontend-pencraf=
t-Text-module__size-11--1-ofT frontend-pencraft-Text-module__line-height-20=
--1soeQ frontend-pencraft-Text-module__weight-medium--aTbx5 frontend-pencra=
ft-Text-module__font-meta--2i-cR frontend-pencraft-Text-module__color-secon=
dary--XjVGl frontend-pencraft-Text-module__transform-uppercase--38jbr front=
end-pencraft-Text-module__meta--3RRSj" style=3D"color: #808080; font-family=
: 'SF Compact', -apple-system, -apple-system, -system-ui, BlinkMacSystemFon=
t, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', '=
Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 11px; font-weight: 500; lett=
er-spacing: .2px; line-height: 20px; margin: 0; text-decoration: unset; tex=
t-transform: uppercase;"><time dateTime=3D"2023-04-11T11:19:22.712Z">Apr 11=
</time></div></td></tr></table></td></tr></table></td></tr></table><table r=
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eight: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><strong>Mo Os=
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line-height: 1.16em; margin: 1em 0 0.625em 0; position: relative;">Lot Wat=
ch</h2><h4 class=3D"header-with-anchor-widget" style=3D"-moz-osx-font-smoot=
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!important;"></a></td><td style=3D"text-align: center;"></td></tr></tbody><=
/table></figure></div><p style=3D"color: #404040; font-size: 16px; line-hei=
ght: 26px; margin: 0 0 20px 0;"><span>Vilhelm Hammershøi had a strong =
2022 on the art market with nearly $10 million in paintings sold, including=
a new record price at $6.3 million in May which was a slight improvement o=
n the record set in 2017 at $6.2 million. There’s also a show of Dani=
sh art at New York’s Metropolitan Museum currently </span><a href=3D"=
https://substack.com/redirect/ed774f96-3714-4581-ae47-3f29b485e21a?j=3DeyJ1=
IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel=3D"" style=
=3D"color: #404040; text-decoration: underline;">featuring one of the artis=
t’s luminous interiors</a><span>. Sotheby’s has now secured an =
important interior painting by Hammershøi—the most prized of his=
works—that depicts the music room in his apartment in Copenhagen on =
Strandgade 30. The painting also happens to have hung in that same apartmen=
t for the better part of a century. The painting will be sold at Sotheby=
217;s on May 16th with a $3 million estimate, the highest ever placed on a =
Hammershøi at auction. </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><h4 class=3D"header-with-anchor-wi=
dget" style=3D"-moz-osx-font-smoothing: subpixel-antialiased; -webkit-font-=
smoothing: subpixel-antialiased; color: #404040; font-family: 'SF Compact D=
isplay', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, =
Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'=
; font-size: 1.125em; font-weight: bold; line-height: 1.16em; margin: 1em 0=
0.625em 0; position: relative;">Music Business Legend Mo Ostin’s $12=
0m Art Collection announced by Sotheby’s for May</h4><div class=3D"ca=
ptioned-image-container-static" style=3D"font-size: 16px; line-height: 26px=
; margin: 32px auto;"><figure style=3D"margin: 0 auto; width: 100%;"><table=
class=3D"image-wrapper" width=3D"100%" border=3D"0" cellspacing=3D"0" cell=
padding=3D"0" 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"_bla=
nk" href=3D"https://substack.com/redirect/5717561a-a0ec-47b1-b62b-bd8f7b5d8=
2df?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" re=
l=3D"" style=3D"align-items: center; border: none; display: block; flex-dir=
ection: column; height: auto; margin: 0; padding: 0; position: relative; te=
xt-decoration: none; width: auto;"><img data-attrs=3D"{"src":&quo=
t;https://substack-post-media.s3.amazonaws.com/public/images/34e4ec51-9b43-=
4212-be3f-82e7f76142f7_2044x2509.jpeg","fullscreen":null,&qu=
ot;imageSize":null,"height":1787,"width":1456,&quo=
t;resizeWidth":null,"bytes":751662,"alt":null,&quo=
t;title":null,"type":"image/jpeg","href"=
:null,"belowTheFold":true,"internalRedirect":null}" alt=
=3D"" width=3D"550" height=3D"675.0343406593406" class=3D"wide-image" src=
=3D"https://substackcdn.com/image/fetch/w_2912,c_limit,f_auto,q_auto:good,f=
l_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpu=
blic%2Fimages%2F34e4ec51-9b43-4212-be3f-82e7f76142f7_2044x2509.jpeg" style=
=3D"-ms-interpolation-mode: bicubic; border: none !important; display: bloc=
k; height: auto; margin: 0 auto; margin-bottom: 0; max-width: 100% !importa=
nt; vertical-align: middle; width: auto !important;"></a></td><td style=3D"=
text-align: center;"></td></tr></tbody></table></figure></div><p style=3D"c=
olor: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">The=
art market continues to be driven by two very different engines. On the on=
e hand, as we saw in Hong Kong recently, 21st Century artists continue to s=
et new records despite their limited market exposure. On the other, a gener=
ation of collectors born before the second World War have recently died or =
begun to disperse their holdings. Many of these collectors were prominent i=
n the media. Today, Sotheby’s announced that it will sell the collect=
ion of legendary record executive, Mo Ostin. Led by two important Magrittes=
and including works by Picasso, de Kooning, Joan Mitchell, Cy Twombly and =
Cecily Brown, the group is expected to sell for more than $120 million.</p>=
<p style=3D"color: #404040; font-size: 16px; line-height: 26px; margin: 0 0=
20px 0;"><span>In the art market, coincidences often seem to happen becaus=
e of planning. In the case of Mo Ostin’s</span><em> L’Empire de=
s lumières </em><span>from 1951 (above) by </span><strong>René Ma=
gritte</strong><span>, the market for Magritte’s most prolific image =
was transformed a year ago when another example from that series depicting =
a night-time landscape beneath a day-bright sky sold for a massive new reco=
rd price of $79.2 million. That 1961 work was exceptionally large. But Osti=
n’s work is twice as tall as the previous record price for a 1949</sp=
an><em> L’Empire des lumière</em><span>s that sold in 2017 for $=
20.5 million. Understandably, Sotheby’s is taking the approach of cau=
tion and putting a $35 million estimate on the Ostin version.</span></p><di=
v class=3D"captioned-image-container-static" style=3D"font-size: 16px; line=
-height: 26px; margin: 32px auto;"><figure style=3D"margin: 0 auto; width: =
100%;"><table class=3D"image-wrapper" width=3D"100%" border=3D"0" cellspaci=
ng=3D"0" cellpadding=3D"0" style=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><=
tr><td style=3D"text-align: center;"></td><td align=3D"left" class=3D"conte=
nt" width=3D"1456" style=3D"text-align: center;"><a class=3D"image-link" ta=
rget=3D"_blank" href=3D"https://substack.com/redirect/e893dc9f-dac0-467e-bb=
9c-9893b0868e4c?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g=
6pp7gWdY" rel=3D"" style=3D"align-items: center; border: none; display: blo=
ck; flex-direction: column; height: auto; margin: 0; padding: 0; position: =
relative; text-decoration: none; width: auto;"><img data-attrs=3D"{"sr=
c":"https://substack-post-media.s3.amazonaws.com/public/images/cc=
d14431-3f93-4fa9-8edf-b4a8e061a588_2256x2750.jpeg","fullscreen&qu=
ot;:null,"imageSize":null,"height":1775,"width&quo=
t;:1456,"resizeWidth":null,"bytes":1106224,"alt&qu=
ot;:null,"title":null,"type":"image/jpeg",&qu=
ot;href":null,"belowTheFold":true,"internalRedirect&quo=
t;:null}" alt=3D"" width=3D"550" height=3D"670.5013736263736" 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-post-media.s3.amazona=
ws.com%2Fpublic%2Fimages%2Fccd14431-3f93-4fa9-8edf-b4a8e061a588_2256x2750.j=
peg" style=3D"-ms-interpolation-mode: bicubic; border: none !important; dis=
play: 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: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20=
px 0;"><span>Ostin’s other </span><strong>Magritte</strong><span> was=
also an image the painter executed more than once. Taking its title from a=
n Edgar Allen Poe story, </span><em>Le Domaine d’Arnheim </em><span>f=
rom 1949 has a whisper number of $15 million. That’s slightly higher =
than the $12 million auction price in 2017 for another example of an eagle'=
s head embedded in a mountainscape that bears the same title. </span><=
/p><div class=3D"captioned-image-container-static" style=3D"font-size: 16px=
; line-height: 26px; margin: 32px auto;"><figure style=3D"margin: 0 auto; w=
idth: 100%;"><table class=3D"image-wrapper" width=3D"100%" border=3D"0" cel=
lspacing=3D"0" cellpadding=3D"0" style=3D"mso-padding-alt: 1em 0 1.6em;"><t=
body><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-li=
nk" target=3D"_blank" href=3D"https://substack.com/redirect/19b77ed4-d71d-4=
fc4-ba5b-6872abfb2203?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHX=
x6Fx_g6pp7gWdY" rel=3D"" style=3D"align-items: center; border: none; displa=
y: block; flex-direction: column; height: auto; margin: 0; padding: 0; posi=
tion: relative; text-decoration: none; width: auto;"><img data-attrs=3D"{&q=
uot;src":"https://substack-post-media.s3.amazonaws.com/public/ima=
ges/4707b7ea-9d6d-44af-9ec1-142860a3dd0b_3000x2557.jpeg","fullscr=
een":null,"imageSize":null,"height":1241,"wid=
th":1456,"resizeWidth":null,"bytes":2108557,"=
alt":null,"title":null,"type":"image/jpeg&quo=
t;,"href":null,"belowTheFold":true,"internalRedire=
ct":null}" alt=3D"" width=3D"550" height=3D"468.78434065934067" 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-post-media.s3=
=2Eamazonaws.com%2Fpublic%2Fimages%2F47=
07b7ea-9d6d-44af-9ec1-142860a3dd0b_300=
0x2557.jpeg" style=3D"-ms-interpolation-mode: bicubic; border: none !import=
ant; display: block; height: auto; margin: 0 auto; margin-bottom: 0; max-wi=
dth: 100% !important; vertical-align: middle; width: auto !important;"></a>=
</td><td style=3D"text-align: center;"></td></tr></tbody></table></figure><=
/div><p style=3D"color: #404040; font-size: 16px; line-height: 26px; margin=
: 0 0 20px 0;"><span>Sotheby’s is selling three works by </span><stro=
ng>Cy Twombly</strong><span>, two are works on paper that will be offered i=
n Sotheby’s day sale with an estimate of $500,000 (one is a precursor=
of the important Bolsena series Twombly made in 1969) and one is a 1961 pa=
inting that is similar in size and date to one sold in the Macklowe auction=
=2E The Macklowe Twombly made $20.9 mil=
lion. Ostin’s 1961 example is es=
timated at $14 million. </span></p><div class=3D"captioned-image-conta=
iner-static" style=3D"font-size: 16px; line-height: 26px; margin: 32px auto=
;"><figure style=3D"margin: 0 auto; width: 100%;"><table class=3D"image-wra=
pper" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" style=
=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align: cent=
er;"></td><td align=3D"left" class=3D"content" width=3D"1456" style=3D"text=
-align: center;"><a class=3D"image-link" target=3D"_blank" href=3D"https://=
substack.com/redirect/fc7e716a-8b54-4c63-97e8-62ff5bc59ddc?j=3DeyJ1IjoiMjdj=
ZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel=3D"" style=3D"alig=
n-items: center; border: none; display: block; flex-direction: column; heig=
ht: auto; margin: 0; padding: 0; position: relative; text-decoration: none;=
width: auto;"><img data-attrs=3D"{"src":"https://substack-p=
ost-media.s3.amazonaws.com/public/images/188e5912-5242-4f3a-9186-367dc306ff=
8a_2588x2686.jpeg","fullscreen":null,"imageSize":n=
ull,"height":1511,"width":1456,"resizeWidth":=
null,"bytes":1601982,"alt":null,"title":null,=
"type":"image/jpeg","href":null,"belowTh=
eFold":true,"internalRedirect":null}" alt=3D"" width=3D"550"=
height=3D"570.7760989010989" class=3D"wide-image" src=3D"https://substackc=
dn.com/image/fetch/w_2912,c_limit,f_auto,q_auto:good,fl_progressive:steep/h=
ttps%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F188e5=
912-5242-4f3a-9186-367dc306ff8a_2588x2686.jpeg" style=3D"-ms-interpolation-=
mode: bicubic; border: none !important; display: block; height: auto; margi=
n: 0 auto; margin-bottom: 0; max-width: 100% !important; vertical-align: mi=
ddle; width: auto !important;"></a></td><td style=3D"text-align: center;"><=
/td></tr></tbody></table></figure></div><p style=3D"color: #404040; font-si=
ze: 16px; line-height: 26px; margin: 0 0 20px 0;"><strong>Joan Mitchell</st=
rong><span>’s stature on the market has only risen in response to the=
important retrospective of her work that traveled from San Francisco to Ba=
ltimore to Paris last year. Ostin’s 1958 painting is estimated at $7 =
million which reflects the range of prices seen for works from the late 195=
0s and early 1960s on the auction market in the last decade. Larger, more c=
omplex works from 1960 and 1961 have made prices as high as $14 million. </=
span><a href=3D"https://substack.com/redirect/99cb8d8b-07fd-4316-a900-cd00e=
2dfae25?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY=
" rel=3D"" style=3D"color: #404040; text-decoration: underline;">A closely =
comparable work was sold in 2021 for $7.8 million. </a></p><div class=
=3D"captioned-image-container-static" style=3D"font-size: 16px; line-height=
: 26px; margin: 32px auto;"><figure style=3D"margin: 0 auto; width: 100%;">=
<table class=3D"image-wrapper" width=3D"100%" border=3D"0" cellspacing=3D"0=
" cellpadding=3D"0" 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" wid=
th=3D"1456" style=3D"text-align: center;"><a class=3D"image-link" target=3D=
"_blank" href=3D"https://substack.com/redirect/db84353a-ff3a-4789-ba6b-4bde=
9daf82b6?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWd=
Y" rel=3D"" style=3D"align-items: center; border: none; display: block; fle=
x-direction: column; height: auto; margin: 0; padding: 0; position: relativ=
e; text-decoration: none; width: auto;"><img data-attrs=3D"{"src"=
:"https://substack-post-media.s3.amazonaws.com/public/images/e6df790c-=
1d3f-42ac-bfe1-58d5743d150e_2774x3027.jpeg","fullscreen":nul=
l,"imageSize":null,"height":1589,"width":1456=
,"resizeWidth":null,"bytes":3012740,"alt":nul=
l,"title":null,"type":"image/jpeg","href=
":null,"belowTheFold":true,"internalRedirect":null=
}" alt=3D"" width=3D"550" height=3D"600.2403846153846" class=3D"wide-image"=
src=3D"https://substackcdn.com/image/fetch/w_2912,c_limit,f_auto,q_auto:go=
od,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%=
2Fpublic%2Fimages%2Fe6df790c-1d3f-42ac-bfe1-58d5743d150e_2774x3027.jpeg" st=
yle=3D"-ms-interpolation-mode: bicubic; border: none !important; display: b=
lock; height: auto; margin: 0 auto; margin-bottom: 0; max-width: 100% !impo=
rtant; vertical-align: middle; width: auto !important;"></a></td><td style=
=3D"text-align: center;"></td></tr></tbody></table></figure></div><p style=
=3D"color: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;=
"><span>Ostin’s </span><strong>Jean-Michel Basquiat,</strong><span> <=
/span><em>Moon View </em><span>from 1984 was once owned by Eli Broad’=
s foundation. Estimated at $7 million, it comes to market at a time of stro=
ng demand for the artist’s work and prominent shows in Paris and Los =
Angeles. </span></p><div class=3D"captioned-image-container-static" st=
yle=3D"font-size: 16px; line-height: 26px; margin: 32px auto;"><figure styl=
e=3D"margin: 0 auto; width: 100%;"><table class=3D"image-wrapper" width=3D"=
100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" style=3D"mso-padding=
-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align: center;"></td><td a=
lign=3D"left" class=3D"content" width=3D"1456" style=3D"text-align: center;=
"><a class=3D"image-link" target=3D"_blank" href=3D"https://substack.com/re=
direct/381fc0ab-31a9-42bd-96ce-3cd62b58590c?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3=
c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel=3D"" style=3D"align-items: center=
; border: none; display: block; flex-direction: column; height: auto; margi=
n: 0; padding: 0; position: relative; text-decoration: none; width: auto;">=
<img data-attrs=3D"{"src":"https://substack-post-media.s3.am=
azonaws.com/public/images/df86dd30-bd6c-4750-b227-d1d83444515d_2879x2435.jp=
eg","fullscreen":null,"imageSize":null,"heigh=
t":1231,"width":1456,"resizeWidth":null,"byte=
s":1748617,"alt":null,"title":null,"type"=
;:"image/jpeg","href":null,"belowTheFold":tru=
e,"internalRedirect":null}" alt=3D"" width=3D"550" height=3D"465.=
00686813186815" class=3D"wide-image" src=3D"https://substackcdn.com/image/f=
etch/w_2912,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fs=
ubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdf86dd30-bd6c-4750-=
b227-d1d83444515d_2879x2435.jpeg" style=3D"-ms-interpolation-mode: bicubic;=
border: none !important; display: block; height: auto; margin: 0 auto; mar=
gin-bottom: 0; max-width: 100% !important; vertical-align: middle; width: a=
uto !important;"></a></td><td style=3D"text-align: center;"></td></tr></tbo=
dy></table></figure></div><p style=3D"color: #404040; font-size: 16px; line=
-height: 26px; margin: 0 0 20px 0;"><span>Last year the art market was begu=
iled by David Sollinger’s collage by </span><strong>Willem de Kooning=
</strong><span> that made a remarkable $33.6 million. The strong sale is sh=
ifting attention toward de Kooning’s works from the 1940s and his wor=
ks on paper. Ostin’s </span><em>Two Figures</em><span> from 1946-47 c=
arries a $5 million estimate but that could easily result in a higher price=
now that the ceiling for a paper-based work is well into the eight figure =
range.  </span></p><div class=3D"captioned-image-container-static=
" style=3D"font-size: 16px; line-height: 26px; margin: 32px auto;"><figure =
style=3D"margin: 0 auto; width: 100%;"><table class=3D"image-wrapper" width=
=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" style=3D"mso-pad=
ding-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: cen=
ter;"><a class=3D"image-link" target=3D"_blank" href=3D"https://substack.co=
m/redirect/17ad1704-a98c-4446-9b74-9440c2f69fab?j=3DeyJ1IjoiMjdjZXI5In0.nCN=
hOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel=3D"" style=3D"align-items: ce=
nter; border: none; display: block; flex-direction: column; height: auto; m=
argin: 0; padding: 0; position: relative; text-decoration: none; width: aut=
o;"><img data-attrs=3D"{"src":"https://substack-post-media.s=
3.amazonaws.com/public/images/617fb11c-700e-4ba7-92ce-1ee2c601a88c_3140x251=
7.jpeg","fullscreen":null,"imageSize":null,"h=
eight":1167,"width":1456,"resizeWidth":null,"=
bytes":2698531,"alt":null,"title":null,"type&=
quot;:"image/jpeg","href":null,"belowTheFold"=
:true,"internalRedirect":null}" alt=3D"" width=3D"550" height=3D"=
440.83104395604397" class=3D"wide-image" src=3D"https://substackcdn.com/ima=
ge/fetch/w_2912,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F=
%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F617fb11c-700e-4=
ba7-92ce-1ee2c601a88c_3140x2517.jpeg" style=3D"-ms-interpolation-mode: bicu=
bic; border: none !important; display: block; height: auto; margin: 0 auto;=
margin-bottom: 0; max-width: 100% !important; vertical-align: middle; widt=
h: auto !important;"></a></td><td style=3D"text-align: center;"></td></tr><=
/tbody></table></figure></div><p style=3D"color: #404040; font-size: 16px; =
line-height: 26px; margin: 0 0 20px 0;">Ostin acquired a rare Picasso lands=
cape, an image of Mougins, that was once owned by Marie-Thérèse&#=
8217;s daughter Maya. It is estimated at $7 million. </p><div class=3D=
"captioned-image-container-static" style=3D"font-size: 16px; line-height: 2=
6px; margin: 32px auto;"><figure style=3D"margin: 0 auto; width: 100%;"><ta=
ble class=3D"image-wrapper" width=3D"100%" border=3D"0" cellspacing=3D"0" c=
ellpadding=3D"0" style=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td sty=
le=3D"text-align: center;"></td><td align=3D"left" class=3D"content" width=
=3D"1456" style=3D"text-align: center;"><a class=3D"image-link" target=3D"_=
blank" href=3D"https://substack.com/redirect/010b43c2-2105-4366-9965-45ecf3=
969f44?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY"=
rel=3D"" style=3D"align-items: center; border: none; display: block; flex-=
direction: column; height: auto; margin: 0; padding: 0; position: relative;=
text-decoration: none; width: auto;"><img data-attrs=3D"{"src":&=
quot;https://substack-post-media.s3.amazonaws.com/public/images/d60f034f-ec=
15-4471-9706-061b1f1faf9b_2700x2776.jpeg","fullscreen":null,=
"imageSize":null,"height":1497,"width":1456,&=
quot;resizeWidth":null,"bytes":1399965,"alt":null,=
"title":null,"type":"image/jpeg","href&q=
uot;:null,"belowTheFold":true,"internalRedirect":null}"=
alt=3D"" width=3D"550" height=3D"565.4876373626373" class=3D"wide-image" s=
rc=3D"https://substackcdn.com/image/fetch/w_2912,c_limit,f_auto,q_auto:good=
,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2F=
public%2Fimages%2Fd60f034f-ec15-4471-9706-061b1f1faf9b_2700x2776.jpeg" styl=
e=3D"-ms-interpolation-mode: bicubic; border: none !important; display: blo=
ck; height: auto; margin: 0 auto; margin-bottom: 0; max-width: 100% !import=
ant; vertical-align: middle; width: auto !important;"></a></td><td style=3D=
"text-align: center;"></td></tr></tbody></table></figure></div><p style=3D"=
color: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><s=
pan>The art market is in the midst of a Cecily Brown moment. Continuing str=
ong sales of Brown’s work—nearly $18 million in sales so far in=
2023 which is more than half the annual sales of Brown’s work in eac=
h of the last two years—have done little to dampen demand. Ostin̵=
7;s 2015 work, </span><em>Free Games for May</em><span>, is estimated at $3=
million even as works of similar vintage have sold for $4-5 million with f=
ees. </span></p><div class=3D"captioned-image-container-static" style=
=3D"font-size: 16px; line-height: 26px; margin: 32px auto;"><figure style=
=3D"margin: 0 auto; width: 100%;"><table class=3D"image-wrapper" width=3D"1=
00%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" style=3D"mso-padding-=
alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align: center;"></td><td al=
ign=3D"left" class=3D"content" width=3D"1020" style=3D"text-align: center;"=
><a class=3D"image-link" target=3D"_blank" href=3D"https://substack.com/red=
irect/fe83ce94-04b5-4bac-a406-b52a26ee9a8a?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c=
1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel=3D"" style=3D"align-items: center;=
border: none; display: block; flex-direction: column; height: auto; margin=
: 0; padding: 0; position: relative; text-decoration: none; width: auto;"><=
img data-attrs=3D"{"src":"https://substack-post-media.s3.ama=
zonaws.com/public/images/8cc6c846-98ee-46a7-8cd7-66b685113914_1020x1300.png=
","fullscreen":null,"imageSize":null,"height&=
quot;:1300,"width":1020,"resizeWidth":null,"bytes&=
quot;:2627261,"alt":null,"title":null,"type":=
"image/png","href":null,"belowTheFold":true,&=
quot;internalRedirect":null}" alt=3D"" width=3D"550" height=3D"700.980=
3921568628" class=3D"wide-image" src=3D"https://substackcdn.com/image/fetch=
/w_2040,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubst=
ack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8cc6c846-98ee-46a7-8cd7=
-66b685113914_1020x1300.png" style=3D"-ms-interpolation-mode: bicubic; bord=
er: none !important; display: block; height: auto; margin: 0 auto; margin-b=
ottom: 0; max-width: 100% !important; vertical-align: middle; width: auto !=
important;"></a></td><td style=3D"text-align: center;"></td></tr></tbody></=
table></figure></div><p style=3D"color: #404040; font-size: 16px; line-heig=
ht: 26px; margin: 0 0 20px 0;"><span>Works by </span><strong>Arshile Gorky<=
/strong><span> are few and far between on the art market normally. This sea=
son we will see two, one from the Newhouse collection and another from Mo O=
stin’s collection. </span><em>Portrait of YD</em><span> from 1945 has=
a $3 million estimate.</span></p><div style=3D"font-size: 16px; line-heigh=
t: 26px;"><hr style=3D"background: #e0e0e0; border: none; height: 1px; marg=
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