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Subject: A $13M Basquiat, A $250M Single-Owner Collection & London Market Tea Leaves
From: Marion Maneker <marion@puck.news>
To: enzo@showfile.com
Message-Id: <20250313010018.71f0ec3d9bd9ba15@cio66752.puck.news>

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Mar 12, 2025

Wall Power ( https://puck.news/newsletters/wall-power/?utm_campaign=3DIC+Ex=
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PREVIEW VERSION
PREVIEW VERSION

For full access to Puck Inner Circle content,
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Marion Maneker ( https://puck.news/author/marion-maneker/?utm_campaign=3DIC=
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Marion Maneker ( https://puck.news/author/marion-maneker/?utm_campaign=3DIC=
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io&utm_term=3Df6c60615e3d301d48d28 )

Welcome back to Wall Power, midweek Inner Circle edition. I=E2=80=99m Mario=
n Maneker.
Tonight, we=E2=80=99re looking at the results from London=E2=80=99s sales, =
which were down from the previous year. Nevertheless, market dynamics are p=
ointing in the right direction. I=E2=80=99ll get into much greater detail b=
elow.

But first, Julie has a word on single-owner collections=E2=80=A6

Julie Brener Davich
Julie Brener Davich

=E2=80=8A

The Collectors
--------------

There are plenty of art data companies that publish market reports=E2=80=94=
pick your poison. I=E2=80=99m currently most
intrigued by ArtTactic=E2=80=99s single-owner collections report, which sho=
ws collection sales totals as a portion of the larger auction market over t=
he past 10 years at Christie=E2=80=99s, Sotheby=E2=80=99s, and Phillips...

Can=E2=80=99t see the full story? For full access to Puck Inner Circle cont=
ent, subscribe
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A lack of high-value lots, and some misplaced optimism, led to a 56 percent=
 sales plunge
since 2022, but a solid hammer ratio and strong sell-through rate point to =
underlying health.

Marion Maneker ( https://puck.news/author/marion-maneker/?utm_campaign=3DIC=
+Exclusive+Wall+Power+-+LEADS+%283%2F12%2F25%29&utm_content=3DWall+Power+-+=
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io&utm_term=3Df6c60615e3d301d48d28 )

The London market continued its four-year slide in sales this year, but the=
 real story is a fair
bit more complicated. A number of secular forces have reduced the volume of=
 sales, including the decline of European spending power in the art market =
and the reduction of London=E2=80=99s importance as the market power shifts=
 toward Paris. And then there=E2=80=99s London=E2=80=99s real problem: the =
loss of...

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+Wall+Power+-+LEADS+%283%2F12%2F25%29&utm_content=3DWall+Power+-+IC+LEADS+%=
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m=3Df6c60615e3d301d48d28 )

Puck founding partner Matt Belloni takes you inside the business of Hollywo=
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explain the backstories on everything from Marvel movies to the streaming w=
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Line Sheet ( https://puck.news/newsletters/line-sheet/?utm_campaign=3DIC+Ex=
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The ultimate fashion industry bible, offering incisive reportage on all asp=
ects of the business and its biggest players.
Anchored by preeminent fashion journalist Lauren Sherman, Line Sheet also f=
eatures veteran reporter Rachel Strugatz, who delivers unparalleled intel o=
n what=E2=80=99s happening in the beauty industry, and Sarah Shapiro, a lon=
gtime retail strategist who writes about e-commerce, brick-and-mortar, D.T.=
C., and more.=C2=A0

Lionsgate Divorce Mediation

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ERIQ GARDNER

Newsom=E2=80=99s Master Plan

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erving-its-purpose-attention/?utm_campaign=3DIC+Exclusive+Wall+Power+-+LEAD=
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PETER HAMBY

Eggleston at Phillips

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MARION MANEKER

Puck

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e-adjust:none;text-size-adjust:none;"><div style=3D"display: none; max-heig=
ht: 0px; overflow: hidden; mso-hide:all;">Welcome back to Wall Power, midwe=
ek Inner Circle edition. I=E2=80=99m Marion Maneker. Tonight, we=E2=80=99re=
 looking at the results from London=E2=80=99s sales, which were down from t=
he previous year. Nevertheless, market dynamics are pointing in the right d=
irection. I=E2=80=99ll get into much greater detail below.</div>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=
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ay:inline-block;padding-left:0px;padding-right:0px;" cellpadding=3D"0" cell=
spacing=3D"0" role=3D"presentation"><tbody><tr><td style=3D"vertical-align:=
middle;text-align:center;padding-top:0px;padding-bottom:0px;padding-left:0p=
x;padding-right:0px;"><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZC=
I6ImRnVDJ4Z1lEQU5TTktOT05LQUdWalFRRmh0c0FrcER0VnFWY2ZJOD0iLCJocmVmIjoiaHR0c=
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bHVzaXZlK1dhbGwrUG93ZXIrLStMRUFEUyslMjgzJTJGMTIlMkYyNSUyOVx1MDAyNnV0bV9jb25=
0ZW50PVdhbGwrUG93ZXIrLStJQytMRUFEUyslMjgzJTJGMTIlMkYyNSUyOVx1MDAyNnV0bV9tZW=
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465b9ef8618643cc8" target=3D"_self" style=3D"text-decoration:none;"><img al=
t=3D"Marion Maneker" src=3D"https://userimg-assets.customeriomail.com/image=
s/client-env-107382/1739207842260_avatar-marion-update-2025-02-10_01JKRDV6F=
XDFC5A7AK1PGGWTBD.png" height=3D"auto" width=3D"48" align=3D"center" style=
=3D"display:block;height:auto;margin:0 auto;border:0;"/></a>
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font-size:20px;font-weight:400;color:#d40000;vertical-align:middle;letter-s=
pacing:undefined;text-align:left;line-height:normal;"><a href=3D"https://em=
ail.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdWalFRRmh0c0Frc=
ER0VnFWY2ZJOD0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvYXV0aG9yL21hcmlvbi1tYW5l=
a2VyLz91dG1fY2FtcGFpZ249SUMrRXhjbHVzaXZlK1dhbGwrUG93ZXIrLStMRUFEUyslMjgzJTJ=
GMTIlMkYyNSUyOVx1MDAyNnV0bV9jb250ZW50PVdhbGwrUG93ZXIrLStJQytMRUFEUyslMjgzJT=
JGMTIlMkYyNSUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZ=
T1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJu=
YWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjg0NzgxN30/f0b6cf99b8eaffb=
e45b817b360dcc1353c5c7c8a9549d7e465b9ef8618643cc8" 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" cellspaci=
ng=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspa=
ce:0pt;word-break:break-word;"><tbody><tr><td style=3D"padding-bottom:32px;=
"><div style=3D"color:#000000;direction:ltr;font-family:&#39;Inter&#39;,&#3=
9;Arial&#39;;font-size:17px;font-weight:400;letter-spacing:0px;line-height:=
150%;text-align:left;mso-line-height-alt:25.5px;"><p style=3D"margin:0;">We=
lcome back to Wall Power, midweek Inner Circle edition. I=E2=80=99m <strong=
>Marion Maneker</strong>.
Tonight, we=E2=80=99re looking at the results from London=E2=80=99s sales, =
which were down from the previous year. Nevertheless, market dynamics are p=
ointing in the right direction. I=E2=80=99ll get into much greater detail b=
elow.<br/><br/><em>But first, Julie has a word on single-owner collections=
=E2=80=A6</em></p></div>
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<table align=3D"center" width=3D"100%" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-=
rspace:0pt;"><tbody><tr><td>
<table class=3D"c i" align=3D"center" border=3D"0" cellpadding=3D"0" cellsp=
acing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-r=
space:0pt;background-color:#ffffff;color:#000000;border-bottom:8px solid tr=
ansparent;border-left:8px solid transparent;border-radius:0;border-right:8p=
x solid transparent;border-top:8px solid transparent;width:600px;margin:0 a=
uto;" width=3D"600"><tbody><tr><td class=3D"y o" width=3D"100%" style=3D"ms=
o-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-align:left;
border-bottom:1px solid #000;border-left:1px solid #000;border-right:1px so=
lid #000;border-top:1px solid #000;padding-bottom:14px;padding-left:16px;pa=
dding-right:16px;padding-top:24px;vertical-align:top;border-radius:8px;">
<table class=3D"n" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacin=
g=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspac=
e:0pt;text-align:left;line-height:0;"><tbody><tr><td style=3D"vertical-alig=
n:middle;color:#000;font-family:&#39;PuckSerifDisplay&#39;,&#39;Georgia&#39=
;;font-size:20px;font-weight:400;padding-bottom:24px;text-align:left;">
<table class=3D"b" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;displ=
ay:inline-block;padding-left:0px;padding-right:0px;" cellpadding=3D"0" cell=
spacing=3D"0" role=3D"presentation"><tbody><tr><td style=3D"vertical-align:=
middle;text-align:center;padding-top:0px;padding-bottom:0px;padding-left:0p=
x;padding-right:0px;"><img alt=3D"Julie Brener Davich" src=3D"https://useri=
mg-assets.customeriomail.com/images/client-env-107382/1739207841163_avatar-=
julie-update-2025-02-10_01JKRDV5DNE5VGVM57VZNYXYE1.png" height=3D"auto" wid=
th=3D"48" align=3D"center" style=3D"display:block;height:auto;margin:0 auto=
;border:0;"/>
</td><td style=3D"font-family:&#39;PuckSerifDisplay&#39;,&#39;Georgia&#39;;=
font-size:20px;font-weight:400;color:#000;vertical-align:middle;letter-spac=
ing:undefined;text-align:left;line-height:normal;">Julie Brener Davich
</td></tr></tbody></table>
</td></tr></tbody></table>
<table class=3D"oq" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspaci=
ng=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspa=
ce:0pt;"><tbody><tr><td style=3D"padding-bottom:32px;"><div class=3D"r" ali=
gn=3D"center">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentatio=
n" width=3D"30%" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbod=
y><tr><td style=3D"font-size:1px;line-height:1px;border-top:2px solid #d400=
00;"><span style=3D"word-break:break-word;">=E2=80=8A</span>
</td></tr></tbody></table></div>
</td></tr></tbody></table>
<table class=3D"gq p" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rs=
pace:0pt;"><tbody><tr><td style=3D"padding-bottom:32px;text-align:center;wi=
dth:100%;"><h3 style=3D"margin:0;color:#000000;direction:ltr;font-family:&#=
39;PuckSerifDisplay&#39;,&#39;Georgia&#39;;font-size:24px;font-weight:400;l=
etter-spacing:normal;line-height:120%;text-align:center;margin-top:0;margin=
-bottom:0;mso-line-height-alt:28.799999999999997px;">The Collectors</h3>
</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-b=
reak:break-word;"><tbody><tr><td style=3D"padding-bottom:17px;"><div style=
=3D"color:#000000;direction:ltr;font-family:&#39;Inter&#39;,&#39;Arial&#39;=
;font-size:17px;font-weight:400;letter-spacing:0px;line-height:150%;text-al=
ign:left;mso-line-height-alt:25.5px;"><p style=3D"margin:0;">There are plen=
ty of art data companies that publish market reports=E2=80=94pick your pois=
on. I=E2=80=99m currently most
intrigued by ArtTactic=E2=80=99s single-owner collections report, which sho=
ws collection sales totals as a portion of the larger auction market over t=
he past 10 years at Christie=E2=80=99s, Sotheby=E2=80=99s, and Phillips...<=
/p></div>
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50%;text-align:left;mso-line-height-alt:25.5px;"><p style=3D"margin:0;"><em=
>Can=E2=80=99t see the full story? For full access to Puck Inner Circle con=
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99999994px;"><span style=3D"word-break:break-word;"><a href=3D"https://emai=
l.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdWalFRRmh0c0FrcER=
0VnFWY2ZJOD0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvcmV2aWV3LWxvbmRvbi1zcHJpbm=
ctYXJ0LWF1Y3Rpb25zLz91dG1fY2FtcGFpZ249SUMrRXhjbHVzaXZlK1dhbGwrUG93ZXIrLStMR=
UFEUyslMjgzJTJGMTIlMkYyNSUyOVx1MDAyNnV0bV9jb250ZW50PVdhbGwrUG93ZXIrLStJQytM=
RUFEUyslMjgzJTJGMTIlMkYyNSUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI=
2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZD=
I4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjIxMTgzMTZ9/=
c824c95ddbc0aa934a5e6317d5a9e05b81f710554c8132cb1835faace603a9fd" target=3D=
"_blank" style=3D"text-decoration:none;color:#d40000;" data-mce-attribute-n=
ame-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;" d=
ata-position=3D"50-0-8" data-qa=3D"tinyeditor-root-element"><span style=3D"=
word-break:break-word;">London Falling</span></span></a></span></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-b=
reak:break-word;"><tbody><tr><td style=3D"padding-left:24px;padding-right:2=
4px;"><div style=3D"color:#000000;direction:ltr;font-family:&#39;Inter&#39;=
,&#39;Arial&#39;;font-size:19px;font-weight:400;letter-spacing:0px;line-hei=
ght:150%;text-align:left;mso-line-height-alt:28.5px;"><p style=3D"margin:0;=
">A lack of high-value lots, and some misplaced optimism, led to a 56 perce=
nt sales plunge
since 2022, but a solid hammer ratio and strong sell-through rate point to =
underlying health.</p></div>
</td></tr></tbody></table>
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e:0pt;word-break:break-word;"><tbody><tr><td style=3D"padding-bottom:32px;"=
><div style=3D"color:#000000;direction:ltr;font-family:&#39;Inter&#39;,&#39=
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50%;text-align:left;mso-line-height-alt:25.5px;"><p style=3D"margin:0;">The=
 London market continued its four-year slide in sales this year, but the re=
al story is a fair
bit more complicated. A number of secular forces have reduced the volume of=
 sales, including the decline of European spending power in the art market =
and the reduction of London=E2=80=99s importance as the market power shifts=
 toward Paris. And then there=E2=80=99s London=E2=80=99s <em>real</em> prob=
lem: the loss of...</p></div>
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</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>
<table class=3D"q6" align=3D"center" width=3D"100%" border=3D"0" cellpaddin=
g=3D"0" cellspacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0=
pt;mso-table-rspace:0pt;"><tbody><tr><td>
<table class=3D"c i" align=3D"center" border=3D"0" cellpadding=3D"0" cellsp=
acing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-r=
space:0pt;background-color:#ffffff;border-radius:0;color:#000000;width:600p=
x;margin:0 auto;" width=3D"600"><tbody><tr><td class=3D"y o" width=3D"41.66=
6666666666664%" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-wei=
ght:400;text-align:left;padding-bottom:16px;padding-left:24px;padding-right=
:16px;padding-top:16px;vertical-align:top;">
<table class=3D"j n" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspac=
ing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rsp=
ace:0pt;"><tbody><tr><td style=3D"width:100%;padding-right:0px;padding-left=
:0px;"><div class=3D"r" align=3D"center" style=3D"line-height:10px"><div cl=
ass=3D"f" style=3D"max-width:210px;"><img src=3D"https://userimg-assets.cus=
tomeriomail.com/images/client-env-107382/1741797359238_Lionsgate_01JP5KCZNK=
Q9MPWXZKBS4TY3VQ.jpg" style=3D"display:block;height:auto;border:0;width:100=
%;" width=3D"210" alt=3D"Lionsgate Divorce Mediation" title=3D"Lionsgate Di=
vorce Mediation" height=3D"auto"/></div></div>
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</td><td class=3D"y pd" width=3D"58.333333333333336%" style=3D"mso-table-ls=
pace:0pt;mso-table-rspace:0pt;font-weight:400;text-align:left;padding-botto=
m:32px;padding-right:24px;padding-top:16px;vertical-align:top;">
<table class=3D"gq n" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rs=
pace:0pt;"><tbody><tr><td style=3D"padding-bottom:8px;text-align:center;wid=
th:100%;"><h2 style=3D"margin:0;color:#000000;direction:ltr;font-family:&#3=
9;PuckSerifDisplay&#39;,&#39;Georgia&#39;;font-size:32px;font-weight:400;le=
tter-spacing:normal;line-height:120%;text-align:left;margin-top:0;margin-bo=
ttom:0;mso-line-height-alt:38.4px;"><span style=3D"word-break:break-word;">=
<a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktO=
T05LQUdWalFRRmh0c0FrcER0VnFWY2ZJOD0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvYm9=
uZGhvbGRlcnMtcmViZWwtYXMtbGlvbnNnYXRlLXNwaW5zLW9mZi1zdGFyei8_dXRtX2NhbXBhaW=
duPUlDK0V4Y2x1c2l2ZStXYWxsK1Bvd2VyKy0rTEVBRFMrJTI4MyUyRjEyJTJGMjUlMjlcdTAwM=
jZ1dG1fY29udGVudD1XYWxsK1Bvd2VyKy0rSUMrTEVBRFMrJTI4MyUyRjEyJTJGMjUlMjlcdTAw=
MjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTA=
wMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2=
QzMDFkNDhkMjgiLCJsaW5rX2lkIjoyMTE3MTgwfQ/0b4959094175bcfd31a136dd9ebc9fb578=
14203f775b4bd9879c2122531daf2b" target=3D"_blank" style=3D"text-decoration:=
none;color:#d40000;" data-mce-attribute-name-1=3D"" data-mce-attribute-valu=
e-1=3D"" data-mce-attributes-count=3D"1" rel=3D"noopener"><span style=3D"wo=
rd-break:break-word;position:relative;" data-position=3D"10-1-0" data-qa=3D=
"tinyeditor-root-element"><span style=3D"word-break:break-word;">Lionsgate =
Divorce Mediation</span></span></a></span></h2>
</td></tr></tbody></table>
<table class=3D"oq" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspaci=
ng=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspa=
ce:0pt;word-break:break-word;"><tbody><tr><td><div style=3D"color:#000;dire=
ction:ltr;font-family:&#39;Inter&#39;,&#39;Arial&#39;;font-size:14px;font-w=
eight:700;letter-spacing:0px;line-height:120%;text-align:left;mso-line-heig=
ht-alt:16.8px;"><p style=3D"margin:0;">ERIQ GARDNER</p></div>
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<table class=3D"r7s" align=3D"center" width=3D"100%" border=3D"0" cellpaddi=
ng=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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acing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-r=
space:0pt;background-color:#ffffff;border-radius:0;color:#000000;width:600p=
x;margin:0 auto;" width=3D"600"><tbody><tr><td class=3D"y o" width=3D"41.66=
6666666666664%" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-wei=
ght:400;text-align:left;padding-bottom:16px;padding-left:24px;padding-right=
:16px;padding-top:16px;vertical-align:top;">
<table class=3D"j n" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspac=
ing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rsp=
ace:0pt;"><tbody><tr><td style=3D"width:100%;padding-right:0px;padding-left=
:0px;"><div class=3D"r" align=3D"center" style=3D"line-height:10px"><div cl=
ass=3D"f" style=3D"max-width:210px;"><img src=3D"https://userimg-assets.cus=
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 width=3D"210" alt=3D"Newsom=E2=80=99s Master Plan" title=3D"Newsom=E2=80=
=99s Master Plan" height=3D"auto"/></div></div>
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pace:0pt;mso-table-rspace:0pt;font-weight:400;text-align:left;padding-botto=
m:32px;padding-right:24px;padding-top:16px;vertical-align:top;">
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cing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rs=
pace:0pt;"><tbody><tr><td style=3D"padding-bottom:8px;text-align:center;wid=
th:100%;"><h2 style=3D"margin:0;color:#000;direction:ltr;font-family:&#39;P=
uckSerifDisplay&#39;,&#39;Georgia&#39;;font-size:32px;font-weight:400;lette=
r-spacing:normal;line-height:120%;text-align:left;margin-top:0;margin-botto=
m:0;mso-line-height-alt:38.4px;"><a href=3D"https://email.puck.news/e/c/eyJ=
lbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdWalFRRmh0c0FrcER0VnFWY2ZJOD0iLCJocm=
VmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvZ2F2aW4tbmV3c29tcy1wb2RjYXN0LWlzLXNlcnZpbmcta=
XRzLXB1cnBvc2UtYXR0ZW50aW9uLz91dG1fY2FtcGFpZ249SUMrRXhjbHVzaXZlK1dhbGwrUG93=
ZXIrLStMRUFEUyslMjgzJTJGMTIlMkYyNSUyOVx1MDAyNnV0bV9jb250ZW50PVdhbGwrUG93ZXI=
rLStJQytMRUFEUyslMjgzJTJGMTIlMkYyNSUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW=
9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkM=
zAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjIx=
MTc0MTV9/d5f79d101d339825f4806b1710f540ad63b454ce2c3deec0d3e56343fb7ae0d5" =
target=3D"_blank" style=3D"text-decoration:none;color:#d40000;" data-mce-at=
tribute-name-1=3D"" data-mce-attribute-value-1=3D"" data-mce-attributes-cou=
nt=3D"1" rel=3D"noopener">Newsom=E2=80=99s Master Plan</a></h2>
</td></tr></tbody></table>
<table class=3D"oq" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspaci=
ng=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspa=
ce:0pt;word-break:break-word;"><tbody><tr><td><div style=3D"color:#000;dire=
ction:ltr;font-family:&#39;Inter&#39;,&#39;Arial&#39;;font-size:14px;font-w=
eight:700;letter-spacing:0px;line-height:120%;text-align:left;mso-line-heig=
ht-alt:16.8px;"><p style=3D"margin:0;"><strong>PETER HAMBY</strong></p></di=
v>
</td></tr></tbody></table>
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<table class=3D"s" align=3D"center" width=3D"100%" border=3D"0" cellpadding=
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t;mso-table-rspace:0pt;"><tbody><tr><td>
<table class=3D"c i" align=3D"center" border=3D"0" cellpadding=3D"0" cellsp=
acing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-r=
space:0pt;background-color:#ffffff;border-radius:0;color:#000000;width:600p=
x;margin:0 auto;" width=3D"600"><tbody><tr><td class=3D"y o" width=3D"41.66=
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ght:400;text-align:left;padding-bottom:16px;padding-left:24px;padding-right=
:16px;padding-top:16px;vertical-align:top;">
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ing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rsp=
ace:0pt;"><tbody><tr><td style=3D"width:100%;padding-right:0px;padding-left=
:0px;"><div class=3D"r" align=3D"center" style=3D"line-height:10px"><div cl=
ass=3D"f" style=3D"max-width:210px;"><img src=3D"https://userimg-assets.cus=
tomeriomail.com/images/client-env-107382/1741797358947_Eggleston_01JP5KCZCM=
6RC1WKN45R8FNGMR.jpg" style=3D"display:block;height:auto;border:0;width:100=
%;" width=3D"210" alt=3D"Eggleston at Phillips" title=3D"Eggleston at Phill=
ips" height=3D"auto"/></div></div>
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pace:0pt;mso-table-rspace:0pt;font-weight:400;text-align:left;padding-botto=
m:32px;padding-right:24px;padding-top:16px;vertical-align:top;">
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pace:0pt;"><tbody><tr><td style=3D"padding-bottom:8px;text-align:center;wid=
th:100%;"><h2 style=3D"margin:0;color:#000000;direction:ltr;font-family:&#3=
9;PuckSerifDisplay&#39;,&#39;Georgia&#39;;font-size:32px;font-weight:400;le=
tter-spacing:normal;line-height:120%;text-align:left;margin-top:0;margin-bo=
ttom:0;mso-line-height-alt:38.4px;"><a href=3D"https://email.puck.news/e/c/=
eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdWalFRRmh0c0FrcER0VnFWY2ZJOD0iLCJ=
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3dlcistK0xFQURTKyUyODMlMkYxMiUyRjI1JTI5XHUwMDI2dXRtX2NvbnRlbnQ9V2FsbCtQb3dl=
cistK0lDK0xFQURTKyUyODMlMkYxMiUyRjI1JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3R=
pb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2=
QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6M=
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attribute-name-1=3D"" data-mce-attribute-value-1=3D"" data-mce-attributes-c=
ount=3D"1" rel=3D"noopener"><span style=3D"word-break:break-word;position:r=
elative;" data-position=3D"10-1-0" data-qa=3D"tinyeditor-root-element">Eggl=
eston at Phillips</span></a></h2>
</td></tr></tbody></table>
<table class=3D"oq" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspaci=
ng=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspa=
ce:0pt;word-break:break-word;"><tbody><tr><td><div style=3D"color:#000;dire=
ction:ltr;font-family:&#39;Inter&#39;,&#39;Arial&#39;;font-size:14px;font-w=
eight:700;letter-spacing:0px;line-height:120%;text-align:left;mso-line-heig=
ht-alt:16.8px;"><p style=3D"margin:0;">MARION MANEKER</p></div>
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acing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-r=
space:0pt;background-color:#ffffff;border-radius:0;color:#000000;width:600p=
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 style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-al=
ign:left;padding-left:24px;padding-right:24px;vertical-align:top;">
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ace:0pt;"><tbody><tr><td style=3D"padding-bottom:32px;padding-top:32px;widt=
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iv></div>
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