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Subject: Christie's Announces $30m in Paul Allen Works
From: Artelligence <artelligence@substack.com>
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View this post on the web at https://artelligence.substack.com/p/christies-=
announces-30m-in-paul-allen
Welcome back to the Artelligence newsletter. Combined with the Artelligence=
podcast, this is the new home for news and analysis of the global art mark=
et from Art Market Monitor and LiveArt.=20
If you have questions, tips or suggestions for coverage, feel free to conta=
ct us here [ mailto:maneker@artmarketmonitor.com ].
In This Issue
Double Visionary: more works from the Allen collection
The O=E2=80=99Keeffes: Three works with a combined $15m estimate
The Hockneys: Three works also with a combined $15m estimate
The Hopper: Allen bought it from Bunny Mellon, who will get it next?
A quick look at the O=E2=80=99Keeffe market: Supply drives demand
Phillips New Now =3D $8.4 million
MARKET PROOF: Anthony Cudahy=E2=80=99s Ian at the table (moonstretch) sold =
at Phillips for $38,100; There is a Trading Floor request for a Cudahy pain=
ting between $10,000 and $100,000.
Double Visionary
Christie=E2=80=99s seems to be leading the way in sizing the art market to =
current conditions. Earlier this Winter, the house announced a $140 million=
selection of works from Si Newhouse=E2=80=99s collection. That sale is cal=
ibrated against the demand on display in the Paul Allen sale in November. A=
s most sophisticated observers of the Allen sale remarked at the time, the =
estate still retains a number of significant art works.=C2=A0
This morning Christie=E2=80=99s announced that it would sell an additional =
seven works from the Allen collection: three by Georgia O=E2=80=99Keeffe, t=
hree by David Hockney and one by Edward Hopper. The group of works is estim=
ated at $30 million but likely to exceed those numbers significantly.=C2=A0
The O=E2=80=99Keeffes
November=E2=80=99s sale of four O=E2=80=99Keeffe=E2=80=99s from the Allen c=
ollection accounted for $56.7 million in sales, the overwhelming majority o=
f the O=E2=80=99Keeffe auction market for 2022. Undoubtedly, Christie=E2=80=
=99s has enough underbidders to confidently bring another batch of O=E2=80=
=99Keeffes to market with the kinds of attractive estimates that helped the=
Allen sale become such an overwhelming success.
The lot with the highest estimate is O=E2=80=99Keeffe=E2=80=99s White Calic=
o Rose (above) painted in 1930. Christie=E2=80=99s has estimated the work a=
t $6 million even though the work is of a similar composition, date and siz=
e as the current O=E2=80=99Keeffe record holder, [ https://substack.com/re=
direct/ed9cc2ad-259b-4570-930e-60ae4b8db3c5?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3=
c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]Jimson Weed/White Flower, No. 1 [ htt=
ps://substack.com/redirect/ed9cc2ad-259b-4570-930e-60ae4b8db3c5?j=3DeyJ1Ijo=
iMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ] from 1932 that s=
old in 2014 for $44 million [ https://substack.com/redirect/ed9cc2ad-259b-4=
570-930e-60ae4b8db3c5?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHX=
x6Fx_g6pp7gWdY ].=C2=A0
Two other O=E2=80=99Keeffe works that Allen bought at auction are back also=
with conservative estimates. On the Old Santa Fe Road (above) from 1930 co=
mes back to market with a $4 million estimate despite having been purchased=
at Sotheby=E2=80=99s in 2014 for $5 million [ https://substack.com/redirec=
t/7983df6a-c0fa-4c12-bea1-0f28bfced9aa?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0j=
QmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ].
Black Iris VI (above) from 1936 returns to the market with a $5 million est=
imate. Allen bought the work at Christie=E2=80=99s in 1998 for $1.1 million=
[ https://substack.com/redirect/030f9ac4-6068-48d9-b8c1-a2fa3c47f2de?j=3De=
yJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ].=20
HAMMER RATIO HOLDS: Kyle Dunn=E2=80=99s Narcissy sold for $35,560 in Philli=
ps=E2=80=99 New Now sale with a hammer ratio of 3.37; A LiveArt collector i=
s looking for a painting by Dunn for $10,000-$40,000.
The Hockneys
From Hockney, the estate is offering three works from the 21st Century. The=
Gate (above) from 2000 has a $6 million estimate. Allen bought it as recen=
tly as 2016 at Phillips for $6.9 million [ https://substack.com/redirect/79=
e0d3d6-d230-43ce-bbb0-abb9832f43ad?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMp=
isrMe5iRnigHXx6Fx_g6pp7gWdY ]. A similar work in size and date sold two yea=
rs ago for $8.19 million.
Early Blossom, Woldgate (above) from 2009 has a $5 million estimate. A work=
of similar size and slightly later date but slightly different style sold =
in 2015 for $5.3 million [ https://substack.com/redirect/d3502403-92d4-4e1a=
-8e1a-9d0bd9205a5e?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6F=
x_g6pp7gWdY ]. That work is more reminiscent in style with Felled Trees (be=
low) from 2008 which is estimated at $4 million.
(NOT THE) BEST PICTURE: Ariana Papademetropoulos=E2=80=99 My lap is a wonde=
rland=E2=80=94an unusual image for the trending artist=E2=80=94sold in Phil=
lips=E2=80=99 New Now sale for $7,620, coming in below estimate. Demand for=
her signature works remains high; A LiveArt collector is seeking a paintin=
g by the artist for $5,000 - $50,000.
The Hopper
Edward Hopper=E2=80=99s watercolor Coast Guard Cove from 1929 is being offe=
red with a $600,000 estimate. Allen paid $1 million for the work in 2014 [ =
https://substack.com/redirect/b0cf079d-3934-4578-9a3d-a34ec21303a3?j=3DeyJ1=
IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ] when it was s=
old in the Bunny Mellon collection. It comes back to market with two very s=
trong provenances.=20
The highest price paid for a Hopper watercolor is the $4.1 million that [ =
https://substack.com/redirect/b525ac0b-15be-42b3-8498-32e43438b0a7?j=3DeyJ1=
IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]Kelly Jenness =
House [ https://substack.com/redirect/b525ac0b-15be-42b3-8498-32e43438b0a7=
?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]from =
1932 made in 2013 [ https://substack.com/redirect/b525ac0b-15be-42b3-8498-3=
2e43438b0a7?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7=
gWdY ]. In November, another one of Allen=E2=80=99s Hopper watercolors, Glo=
ucester Roofs [ https://substack.com/redirect/cfe533e1-e3ae-4503-9cda-20a82=
d3cd829?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY=
] from 1928, was sold for $1.98 million [ https://substack.com/redirect/cf=
e533e1-e3ae-4503-9cda-20a82d3cd829?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMp=
isrMe5iRnigHXx6Fx_g6pp7gWdY ].=20
NOSTALGIA-DRIVEN: Katherine Bernhardt=E2=80=99s Rubik=E2=80=99s Cubes + Wat=
ermelon + Duracell sold at Phillips yesterday for $63,500; There is a Tradi=
ng Floor request for one of her signature Pink Panthers for up to $170,000.
A Brief Look at the O=E2=80=99Keeffe Market
For a handful of historically significant and sought-after artists, the mar=
ket is driven by supply. Georgia O=E2=80=99Keeffe=E2=80=99s market is a cla=
ssic example. Here is chart of the auction sales for O=E2=80=99Keeffe from =
the LiveArt database going back to 1986.=20
You can see that there are supply-driven spikes in 2014, 2018 and last year=
primarily from the first Allen collection sale. The red line charts the av=
erage price of an O=E2=80=99Keeffe auctioned in that year. You can see that=
last year, the average price of an O=E2=80=99Keeffe at auction was around =
$6 million which is where these latest O=E2=80=99Keeffe works are estimated=
=2E
The chart also shows that in early periods=E2=80=942001, 2007, 2010 and 201=
2=E2=80=94average prices spiked more than sales volume. Those are usually i=
ndicators of periods when buyers are revaluing an artist=E2=80=99s work upw=
ards. Starting in 2014, the O=E2=80=99Keeffe auction market shifts to both=
higher volumes and higher average prices. This is an indication that suppl=
y helps generate demand at a new level.=20
In 2014, the average price of an O=E2=80=99Keeffe at auction was similar to=
the average price in 2022. It lagged in 2018 when a handful of drawings an=
d multiples were auctioned helping to lower the average price.=20
The chart also indicates that the O=E2=80=99Keeffe market tends to pause af=
ter a season or two of strong sales. Christie=E2=80=99s following so closel=
y on the success of the O=E2=80=99Keeffes in the November sale suggests the=
y have sufficient interest from underbidders and other potential buyers.=20
BULL MARKET: An untitled 2019 painting by Lucy Bull brought in $40,640 at P=
hillips New Now (it was one of two in the sale, splitting bids); A LiveArt =
collector is seeking a large, colorful canvas by Bull for $200,000 - $400,0=
00.
Phillips New Now =3D $8.4 million
Offering more proof that the so-called =E2=80=9Cultra-contemporary=E2=80=9D=
market=E2=80=94or the market for art made in the 21st Century=E2=80=94rema=
ins strong despite rising interest rates and recessionary fears, Phillips w=
as able to sell $8.4 million in art yesterday. That=E2=80=99s exactly the s=
ame figure the New Now auction in March of 2022 produced.=20
The sale composition was different. Phillips offered 40% more lots in 2023 =
than in 2022 and the average price of a lot sold at Phillips dropped from $=
50,011 in =E2=80=9822 to $38,045 yesterday.=20
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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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k53Gk-3Q2zyCzJE689GyzHV52s" alt=3D"" width=3D"1" height=3D"1" border=3D"0" =
style=3D"height:1px !important;width:1px !important;border-width:0 !importa=
nt;margin-top:0 !important;margin-bottom:0 !important;margin-right:0 !impor=
tant;margin-left:0 !important;padding-top:0 !important;padding-bottom:0 !im=
portant;padding-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">Hockney, O'Kee=
ffe and Hopper follow up on November's success  ‌ ‌&#=
160;‌ ‌ ‌ ‌ ‌ ‌=
; ‌ ‌ ‌ ‌ ‌ =
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0;‌ ‌</div><table role=3D"presentation" width=3D"100%" bor=
der=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"fo=
nt-size: 16px; line-height: 26px; margin: 0 auto; max-width: 550px; overflo=
w-wrap: break-word; width: 100%;"><table role=3D"presentation" width=3D"100=
%" border=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:=
middle;"><span class=3D"tw-font-body tw-text-ssm tw-text-substack-secondar=
y" style=3D"color: #808080 !important; font-family: SF Pro Text, -apple-sys=
tem, BlinkMacSystemFont, Inter, Segoe UI, Roboto, Helvetica, Arial, sans-se=
rif, Apple Color Emoji, Segoe UI Emoji, Segoe UI Symbol !important; font-si=
ze: 13px !important;"><a href=3D"https://open.substack.com/pub/artelligence=
/p/christies-announces-30m-in-paul-allen?utm_source=3Demail&redirect=3Dapp-=
store" class=3D"tw-text-substack-secondary tw-underline" style=3D"-webkit-t=
ext-decoration-line: underline !important; color: #808080 !important; text-=
decoration-line: underline !important;">Open in app</a> or <a href=3D"https=
://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2VuY2Uuc3Vic3RhY2su=
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ZfbFM?" 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></table><table role=3D"presentation" width=3D"auto" class=3D"hea=
der graphic-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"h=
ttps://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2VuY2Uuc3Vic3Rh=
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https://substackcdn.com/image/fetch/w_1100,c_limit,f_auto,q_auto:good,fl_pr=
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margin: 0 auto; max-width: 550px; vertical-align: middle; width: 100%;"></a=
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eader" style=3D"font-size: 16px; line-height: 26px;"><h1 class=3D"post-titl=
e published" style=3D"-moz-osx-font-smoothing: subpixel-antialiased; -webki=
t-font-smoothing: subpixel-antialiased; color: #404040; font-family: 'SF Co=
mpact Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helv=
etica, 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"https://substack.com/app-link/post?publication_id=3D2259&post_i=
d=3D107388800&utm_source=3Dpost-email-title&isFreemail=3Dtrue&token=3DeyJ1c=
2VyX2lkIjoxMzMyNjg2NjEsInBvc3RfaWQiOjEwNzM4ODgwMCwiaWF0IjoxNjc4Mzc0Mjc4LCJl=
eHAiOjE2ODA5NjYyNzgsImlzcyI6InB1Yi0yMjU5Iiwic3ViIjoicG9zdC1yZWFjdGlvbiJ9.2y=
11O1A714hzop5kp0QK3NW_rah71qB7vRVC7_--C3M" style=3D"color: #404040; text-de=
coration: none;">Christie's Announces $30m in Paul Allen Works</a></h1><h3 =
class=3D"subtitle" style=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, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Seg=
oe UI Symbol'; font-size: 18px; font-weight: normal; line-height: 24px; mar=
gin: 4px 0 0; margin-top: 12px;">Hockney, O'Keeffe and Hopper follow up on =
November's success</h3><table role=3D"presentation" width=3D"100%" border=
=3D"0" cellspacing=3D"0" cellpadding=3D"0" class=3D"post-meta" style=3D"ali=
gn-items: center; height: 20px; margin: 1em 0;"><tr><td><table role=3D"pres=
entation" width=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=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 cla=
ss=3D"frontend-pencraft-Text-module__reset--20JLV frontend-pencraft-Text-mo=
dule__size-12--2onFT frontend-pencraft-Text-module__line-height-20--1soeQ f=
rontend-pencraft-Text-module__weight-medium--aTbx5 frontend-pencraft-Text-m=
odule__font-meta--2i-cR frontend-pencraft-Text-module__color-primary--2I-sF=
frontend-pencraft-Text-module__meta--3RRSj custom-css-email-post-author" s=
tyle=3D"color: #404040; font-family: 'SF Compact Text', 'SF Pro Text', -app=
le-system, BlinkMacSystemFont, 'Inter', 'Segoe UI', Roboto,
Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'S=
egoe UI Symbol'; font-size: 12px; font-weight: 500; letter-spacing: 0.2px; =
line-height: 20px; margin: 0; text-decoration: unset; text-transform: upper=
case;"><a href=3D"https://substack.com/redirect/236dcee9-4f10-43d3-ba6e-760=
c06f35969?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gW=
dY" style=3D"color: #404040; font-family: 'SF Compact Text', 'SF Pro Text',=
-apple-system, BlinkMacSystemFont, 'Inter', 'Segoe UI', Roboto,
Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'S=
egoe UI Symbol'; font-size: 12px; font-weight: 500; letter-spacing: 0.2px; =
line-height: 20px; margin: 0; text-decoration: none; text-transform: upperc=
ase;" class=3D"frontend-pencraft-Text-module__reset--20JLV frontend-pencraf=
t-Text-module__size-12--2onFT 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-prima=
ry--2I-sF frontend-pencraft-Text-module__meta--3RRSj">Marion Maneker</a></d=
iv></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"frontend-pencraft-Text-module__rese=
t--20JLV frontend-pencraft-Text-module__size-12--2onFT frontend-pencraft-Te=
xt-module__line-height-20--1soeQ frontend-pencraft-Text-module__weight-medi=
um--aTbx5 frontend-pencraft-Text-module__font-meta--2i-cR frontend-pencraft=
-Text-module__color-secondary--XjVGl frontend-pencraft-Text-module__meta--3=
RRSj" style=3D"color: #808080; font-family: 'SF Compact Text', 'SF Pro Text=
', -apple-system, BlinkMacSystemFont, 'Inter', 'Segoe UI', Roboto,
Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'S=
egoe UI Symbol'; font-size: 12px; font-weight: 500; letter-spacing: 0.2px; =
line-height: 20px; margin: 0; text-decoration: unset; text-transform: upper=
case;"><time dateTime=3D"2023-03-09T15:03:30.461Z">Mar 9</time></div></td><=
/tr></table></td></tr></table></td></tr></table><table role=3D"presentation=
" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" class=3D"=
email-ufi-2-top" style=3D"border-bottom: 1px solid #e0e0e0; border-top: 1px=
solid #e0e0e0; 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%" border=3D"0" cellspacing=3D"0" cellpadding=3D=
"0"><tr><td><table role=3D"presentation" width=3D"auto" border=3D"0" cellsp=
acing=3D"0" cellpadding=3D"0"><tr><td style=3D"vertical-align: middle;"><ta=
ble role=3D"presentation" width=3D"38" border=3D"0" cellspacing=3D"0" cellp=
adding=3D"0"><tr><td align=3D"center"><a href=3D"https://substack.com/app-l=
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MTY4MDk2NjI3OCwiaXNzIjoicHViLTIyNTkiLCJzdWIiOiJyZWFjdGlvbiJ9.INdbVNJmuN7yeS=
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middle;"><table role=3D"presentation" width=3D"38" border=3D"0" cellspacin=
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ign=3D"right"><table role=3D"presentation" width=3D"auto" border=3D"0" cell=
spacing=3D"0" cellpadding=3D"0"><tr><td style=3D"vertical-align: middle;"><=
table role=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D"0" c=
ellpadding=3D"0"><tr><td align=3D"center"><a href=3D"https://substack.com/a=
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k&utm_medium=3Demail&action=3Dsave&triggerSave=3Dtrue&token=3DeyJ1c2VyX2lkI=
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r Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 12px; font-weight=
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ansform: uppercase;"><div class=3D"email-button-spacer" style=3D"display: i=
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18px; vertical-align: middle;"></div><span class=3D"email-button-text" styl=
e=3D"vertical-align: middle;">Save</span></a></td></tr></table></td><td wid=
th=3D"8" style=3D"min-width: 8px"></td><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://open.substa=
ck.com/pub/artelligence/p/christies-announces-30m-in-paul-allen?utm_source=
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1Yi0yMjU5Iiwic3ViIjoicG9zdC1yZWFjdGlvbiJ9.2y11O1A714hzop5kp0QK3NW_rah71qB7v=
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oe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe U=
I 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-ali=
gn: middle;"></div><span class=3D"email-button-text" style=3D"vertical-alig=
n: middle;">▷  Listen</span></a></td></tr></table></td></tr=
></table></td></tr></table></td></tr><tr height=3D"16"><td height=3D"16" st=
yle=3D"font-size: 0px; line-height: 0;"> </td></tr></table></div></div=
><div dir=3D"auto" class=3D"post typography" style=3D"font-size: 16px; line=
-height: 26px; padding: 16px 0 0 0;"><div dir=3D"auto" class=3D"body markup=
" style=3D"font-size: 16px; line-height: 26px; margin-bottom: 16px; text-al=
ign: initial; width: 100%; word-break: break-word;"><p style=3D"color: #404=
040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0; margin-top: 0;=
"><span>Welcome back to the </span><strong>Artelligence</strong><span> news=
letter. Combined with the </span><strong>Artelligence</strong><span> podcas=
t, this is the new home for news and analysis of the global art market from=
</span><strong>Art Market Monitor</strong><span> and </span><strong>LiveAr=
t</strong><span>. </span></p><p style=3D"color: #404040; font-size: 16px; l=
ine-height: 26px; margin: 0 0 20px 0;"><span>If you have questions, tips or=
suggestions for coverage, </span><a href=3D"https://substack.com/redirect/=
6e74908d-0c2c-41eb-a353-b46498af984f?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQm=
MpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel=3D"" style=3D"color: #404040; text-decor=
ation: underline;">feel free to contact us here</a><span>.</span></p><div s=
tyle=3D"font-size: 16px; line-height: 26px;"><hr style=3D"background: #e0e0=
e0; border: none; height: 1px; margin: 32px 0; padding: 0;"></div><h4 class=
=3D"header-with-anchor-widget" style=3D"-moz-osx-font-smoothing: subpixel-a=
ntialiased; -webkit-font-smoothing: subpixel-antialiased; color: #404040; f=
ont-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: 1.125em; font-weight: bold; line-heig=
ht: 1.16em; margin: 1em 0 0.625em 0; position: relative;">In This Issue</h4=
><ol style=3D"margin-top: 0; padding: 0;"><li style=3D"margin: 8px 0 0 32px=
;"><p style=3D"box-sizing: border-box; color: #404040; font-size: 16px; lin=
e-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><strong>Do=
uble Visionary:</strong><span> more works from the Allen collection</span><=
/p></li><li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: border-=
box; color: #404040; font-size: 16px; line-height: 26px; margin: 0; margin-=
bottom: 0; padding-left: 4px;"><strong>The O’Keeffes:</strong><span> =
Three works with a combined $15m estimate</span></p></li><li style=3D"margi=
n: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; color: #404040; font-=
size: 16px; line-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4=
px;"><strong>The Hockneys:</strong><span> Three works also with a combined =
$15m estimate</span></p></li><li style=3D"margin: 8px 0 0 32px;"><p style=
=3D"box-sizing: border-box; color: #404040; font-size: 16px; line-height: 2=
6px; margin: 0; margin-bottom: 0; padding-left: 4px;"><strong>The Hopper:</=
strong><span> Allen bought it from Bunny Mellon, who will get it next?</spa=
n></p></li><li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: bord=
er-box; color: #404040; font-size: 16px; line-height: 26px; margin: 0; marg=
in-bottom: 0; padding-left: 4px;"><strong>A quick look at the O’Keeff=
e market:</strong><span> Supply drives demand</span></p></li><li style=3D"m=
argin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; color: #404040; f=
ont-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0; padding-lef=
t: 4px;"><strong>Phillips New Now =3D $8.4 million</strong></p></li></ol><d=
iv style=3D"font-size: 16px; line-height: 26px;"><hr style=3D"background: #=
e0e0e0; border: none; height: 1px; margin: 32px 0; padding: 0;"></div><p st=
yle=3D"color: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px=
0;"><strong>MARKET PROOF: </strong><span>Anthony Cudahy’s </span><em=
>Ian at the table (moonstretch)</em><span> sold at Phillips for $38,100; Th=
ere is a Trading Floor request for a Cudahy painting between $10,000 and $1=
00,000.</span></p><p class=3D"button-wrapper" data-attrs=3D"{"url"=
;:"https://liveart.io/wishes/V2lzaGxpc3RUeXBlOjUyOQ=3D=3D","=
text":"View on the Trading Floor","action":null,&q=
uot;class":null}" style=3D"color: #404040; font-size: 16px; line-heigh=
t: 26px; margin: 0 0 20px 0; text-align: center;"><a class=3D"button primar=
y" href=3D"https://substack.com/redirect/0ce634ab-661f-4b9f-86f3-4a435b1e3f=
35?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel=
=3D"" style=3D"background-color: #653366; border: none; border-radius: 4px;=
box-sizing: border-box; color: #ffffff !important; cursor: pointer; displa=
y: inline-block; font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI'=
, Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoj=
i', 'Segoe UI Symbol'; font-size: 14px; font-weight: 600; height: auto; lin=
e-height: 20px; margin: 0; opacity: 1; outline: none; padding: 12px 20px; t=
ext-align: center; text-decoration: none !important; white-space: nowrap;">=
<span style=3D"color: #ffffff; text-decoration: none;">View on the Trading =
Floor</span></a></p><div style=3D"font-size: 16px; line-height: 26px;"><hr =
style=3D"background: #e0e0e0; border: none; height: 1px; margin: 32px 0; pa=
dding: 0;"></div><h4 class=3D"header-with-anchor-widget" style=3D"-moz-osx-=
font-smoothing: subpixel-antialiased; -webkit-font-smoothing: subpixel-anti=
aliased; color: #404040; font-family: 'SF Compact Display', -apple-system, =
BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Appl=
e Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.125em; fo=
nt-weight: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; position: re=
lative;">Double Visionary</h4><p style=3D"color: #404040; font-size: 16px; =
line-height: 26px; margin: 0 0 20px 0;">Christie’s seems to be leadin=
g the way in sizing the art market to current conditions. Earlier this Wint=
er, the house announced a $140 million selection of works from Si Newhouse&=
#8217;s collection. That sale is calibrated against the demand on display i=
n the Paul Allen sale in November. As most sophisticated observers of the A=
llen sale remarked at the time, the estate still retains a number of signif=
icant art works. </p><p style=3D"color: #404040; font-size: 16px; line=
-height: 26px; margin: 0 0 20px 0;">This morning Christie’s announced=
that it would sell an additional seven works from the Allen collection: th=
ree by Georgia O’Keeffe, three by David Hockney and one by Edward Hop=
per. The group of works is estimated at $30 million but likely to exceed th=
ose numbers significantly. </p><h4 class=3D"header-with-anchor-widget"=
style=3D"-moz-osx-font-smoothing: subpixel-antialiased; -webkit-font-smoot=
hing: subpixel-antialiased; color: #404040; 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: 1.125em; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.62=
5em 0; position: relative;">The O’Keeffes</h4><p style=3D"color: #404=
040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">November̵=
7;s sale of four O’Keeffe’s from the Allen collection accounted=
for $56.7 million in sales, the overwhelming majority of the O’Keeff=
e auction market for 2022. Undoubtedly, Christie’s has enough underbi=
dders to confidently bring another batch of O’Keeffes to market with =
the kinds of attractive estimates that helped the Allen sale become such an=
overwhelming success.</p><div class=3D"captioned-image-container-static" s=
tyle=3D"font-size: 16px; line-height: 26px; margin: 32px auto;"><figure sty=
le=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-paddin=
g-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align: center;"></td><td =
align=3D"left" class=3D"content" width=3D"570" style=3D"text-align: center;=
"><a class=3D"image-link" target=3D"_blank" href=3D"https://substack.com/re=
direct/b3ce690c-1dd0-4bd0-afb4-2471bc3a5dc5?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/7c04f4af-4b51-48d7-9116-548632153c71_4000x3309.jp=
eg","fullscreen":null,"imageSize":null,"heigh=
t":1204,"width":1456,"resizeWidth":570,"bytes=
":3146381,"alt":null,"title":null,"type"=
:"image/jpeg","href":null,"belowTheFold":true=
,"internalRedirect":null}" alt=3D"" width=3D"550" height=3D"454.8=
076923076923" class=3D"wide-image" src=3D"https://substackcdn.com/image/fet=
ch/w_1140,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsub=
stack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7c04f4af-4b51-48d7-91=
16-548632153c71_4000x3309.jpeg" style=3D"-ms-interpolation-mode: bicubic; b=
order: none !important; display: block; height: auto; margin: 0 auto; margi=
n-bottom: 0; max-width: 100% !important; vertical-align: middle; width: aut=
o !important;"></a></td><td style=3D"text-align: center;"></td></tr></tbody=
></table></figure></div><p style=3D"color: #404040; font-size: 16px; line-h=
eight: 26px; margin: 0 0 20px 0;"><span>The lot with the highest estimate i=
s O’Keeffe’s</span><em> White Calico Rose</em><span> (above) pa=
inted in 1930. Christie’s has estimated the work at $6 million even t=
hough the work is of a similar composition, date and size as the current O&=
#8217;Keeffe </span><a href=3D"https://substack.com/redirect/ed9cc2ad-259b-=
4570-930e-60ae4b8db3c5?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigH=
Xx6Fx_g6pp7gWdY" rel=3D"" style=3D"color: #404040; text-decoration: underli=
ne;">record holder, </a><em><a href=3D"https://substack.com/redirect/ed9cc2=
ad-259b-4570-930e-60ae4b8db3c5?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrM=
e5iRnigHXx6Fx_g6pp7gWdY" rel=3D"" style=3D"color: #404040; text-decoration:=
underline;">Jimson Weed/White Flower, No. 1</a></em><a href=3D"https://sub=
stack.com/redirect/ed9cc2ad-259b-4570-930e-60ae4b8db3c5?j=3DeyJ1IjoiMjdjZXI=
5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel=3D"" style=3D"color: =
#404040; text-decoration: underline;"> from 1932 that sold in 2014 for $44 =
million</a><span>. </span></p><div class=3D"captioned-image-container-=
static" style=3D"font-size: 16px; line-height: 26px; margin: 32px auto;"><f=
igure 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"m=
so-padding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align: center;">=
</td><td align=3D"left" class=3D"content" width=3D"512" style=3D"text-align=
: center;"><a class=3D"image-link" target=3D"_blank" href=3D"https://substa=
ck.com/redirect/d5eff3e1-6c72-4082-97eb-983495c056ca?j=3DeyJ1IjoiMjdjZXI5In=
0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel=3D"" style=3D"align-item=
s: center; border: none; display: block; flex-direction: column; height: au=
to; margin: 0; padding: 0; position: relative; text-decoration: none; width=
: auto;"><img data-attrs=3D"{"src":"https://substack-post-me=
dia.s3.amazonaws.com/public/images/d20b7b27-6b4c-4a6c-8e83-66a2585ae229_512=
x512.jpeg","fullscreen":null,"imageSize":null,&quo=
t;height":512,"width":512,"resizeWidth":null,"=
;bytes":33312,"alt":null,"title":null,"type&q=
uot;:"image/jpeg","href":null,"belowTheFold":=
true,"internalRedirect":null}" alt=3D"" width=3D"512" height=3D"5=
12" class=3D"" src=3D"https://substackcdn.com/image/fetch/w_512,c_limit,f_a=
uto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.a=
mazonaws.com%2Fpublic%2Fimages%2Fd20b7b27-6b4c-4a6c-8e83-66a2585ae229_512x5=
12.jpeg" style=3D"-ms-interpolation-mode: bicubic; 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: #404040; font-size: 16px; line-height: 26px; margin: 0 =
0 20px 0;"><span>Two other O’Keeffe works that Allen bought at auctio=
n are back also with conservative estimates. </span><em>On the Old Santa Fe=
Road</em><span> (above) from 1930 comes back to market with a $4 million e=
stimate despite having been </span><a href=3D"https://substack.com/redirect=
/7983df6a-c0fa-4c12-bea1-0f28bfced9aa?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQ=
mMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel=3D"" style=3D"color: #404040; text-deco=
ration: underline;">purchased at Sotheby’s in 2014 for $5 million</a>=
<span>.</span></p><div class=3D"captioned-image-container-static" style=3D"=
font-size: 16px; line-height: 26px; margin: 32px auto;"><figure style=3D"ma=
rgin: 0 auto; width: 100%;"><table class=3D"image-wrapper" width=3D"100%" b=
order=3D"0" cellspacing=3D"0" cellpadding=3D"0" style=3D"mso-padding-alt: 1=
em 0 1.6em;"><tbody><tr><td style=3D"text-align: center;"></td><td align=3D=
"left" class=3D"content" width=3D"412" style=3D"text-align: center;"><a cla=
ss=3D"image-link" target=3D"_blank" href=3D"https://substack.com/redirect/c=
74e00a3-669b-4535-80f9-df15d07b9197?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmM=
pisrMe5iRnigHXx6Fx_g6pp7gWdY" rel=3D"" style=3D"align-items: center; border=
: none; display: block; flex-direction: column; height: auto; margin: 0; pa=
dding: 0; position: relative; text-decoration: none; width: auto;"><img dat=
a-attrs=3D"{"src":"https://substack-post-media.s3.amazonaws.=
com/public/images/1346473b-c664-454c-b0df-0006b51f5b00_2660x4000.jpeg"=
,"fullscreen":null,"imageSize":null,"height":=
2189,"width":1456,"resizeWidth":412,"bytes":1=
801573,"alt":null,"title":null,"type":"i=
mage/jpeg","href":null,"belowTheFold":true,"i=
nternalRedirect":null}" alt=3D"" width=3D"412" height=3D"619.414835164=
8352" class=3D"" src=3D"https://substackcdn.com/image/fetch/w_412,c_limit,f=
_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3=
=2Eamazonaws.com%2Fpublic%2Fimages%2F1346=
473b-c664-454c-b0df-0006b51f5b00_266=
0x4000.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;"><em>Black Iris VI</em><span> (above) from 1936 returns to th=
e market with a $5 million estimate. </span><a href=3D"https://substack.com=
/redirect/030f9ac4-6068-48d9-b8c1-a2fa3c47f2de?j=3DeyJ1IjoiMjdjZXI5In0.nCNh=
OM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel=3D"" style=3D"color: #404040; =
text-decoration: underline;">Allen bought the work at Christie’s in 1=
998 for $1.1 million</a><span>. </span></p><div style=3D"font-size: 16px; l=
ine-height: 26px;"><hr style=3D"background: #e0e0e0; border: none; height: =
1px; margin: 32px 0; padding: 0;"></div><p style=3D"color: #404040; font-si=
ze: 16px; line-height: 26px; margin: 0 0 20px 0;"><strong>HAMMER RATIO HOLD=
S:</strong><span> Kyle Dunn’s </span><em>Narcissy</em><span> sold for=
$35,560 in Phillips’ New Now sale with a hammer ratio of 3.37; A Liv=
eArt collector is looking for a painting by Dunn for $10,000-$40,000.</span=
></p><p class=3D"button-wrapper" data-attrs=3D"{"url":"https=
://liveart.io/wishes/V2lzaGxpc3RUeXBlOjUyOA=3D=3D","text":&q=
uot;View on Trading Floor","action":null,"class":n=
ull}" style=3D"color: #404040; font-size: 16px; line-height: 26px; margin: =
0 0 20px 0; text-align: center;"><a class=3D"button primary" href=3D"https:=
//substack.com/redirect/4d9224df-39ca-4d8c-90b1-750c27ec67a6?j=3DeyJ1IjoiMj=
djZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel=3D"" style=3D"ba=
ckground-color: #653366; border: none; border-radius: 4px; box-sizing: bord=
er-box; color: #ffffff !important; cursor: pointer; display: inline-block; =
font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helveti=
ca, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Sym=
bol'; font-size: 14px; font-weight: 600; height: auto; line-height: 20px; m=
argin: 0; opacity: 1; outline: none; padding: 12px 20px; text-align: center=
; text-decoration: none !important; white-space: nowrap;"><span style=3D"co=
lor: #ffffff; text-decoration: none;">View on Trading Floor</span></a></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-widget" style=3D"-moz-osx-font-smoothing: subpi=
xel-antialiased; -webkit-font-smoothing: subpixel-antialiased; color: #4040=
40; font-family: 'SF Compact Display', -apple-system, BlinkMacSystemFont, '=
Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Sego=
e UI Emoji', 'Segoe UI Symbol'; font-size: 1.125em; font-weight: bold; line=
-height: 1.16em; margin: 1em 0 0.625em 0; position: relative;">The Hockneys=
</h4><div class=3D"captioned-image-container-static" style=3D"font-size: 16=
px; 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" c=
ellspacing=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" width=3D"512" style=3D"text-align: center;"><a class=3D"image-=
link" target=3D"_blank" href=3D"https://substack.com/redirect/01071977-3fcb=
-4ff4-97b5-7c8bc6c8eae0?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnig=
HXx6Fx_g6pp7gWdY" rel=3D"" style=3D"align-items: center; border: none; disp=
lay: block; flex-direction: column; height: auto; margin: 0; padding: 0; po=
sition: relative; text-decoration: none; width: auto;"><img data-attrs=3D"{=
"src":"https://substack-post-media.s3.amazonaws.com/public/i=
mages/03057b5b-8cfa-4deb-8c13-68ba8fd5a12e_512x512.jpeg","fullscr=
een":null,"imageSize":null,"height":512,"widt=
h":512,"resizeWidth":null,"bytes":78914,"alt&=
quot;:null,"title":null,"type":"image/jpeg",&=
quot;href":null,"belowTheFold":true,"internalRedirect&q=
uot;:null}" alt=3D"" width=3D"512" height=3D"512" class=3D"" src=3D"https:/=
/substackcdn.com/image/fetch/w_512,c_limit,f_auto,q_auto:good,fl_progressiv=
e:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimage=
s%2F03057b5b-8cfa-4deb-8c13-68ba8fd5a12e_512x512.jpeg" style=3D"-ms-interpo=
lation-mode: bicubic; border: none !important; display: block; height: auto=
; margin: 0 auto; margin-bottom: 0; max-width: 100% !important; vertical-al=
ign: middle; width: auto !important;"></a></td><td style=3D"text-align: cen=
ter;"></td></tr></tbody></table></figure></div><p style=3D"color: #404040; =
font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><span>From Hockney=
, the estate is offering three works from the 21st Century. </span><em>The =
Gate</em><span> (above) from 2000 has a $6 million estimate. </span><a href=
=3D"https://substack.com/redirect/79e0d3d6-d230-43ce-bbb0-abb9832f43ad?j=3D=
eyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel=3D"" s=
tyle=3D"color: #404040; text-decoration: underline;">Allen bought it as rec=
ently as 2016 at Phillips for $6.9 million</a><span>. A similar work in siz=
e and date sold two years ago for $8.19 million.</span></p><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=
"512" style=3D"text-align: center;"><a class=3D"image-link" target=3D"_blan=
k" href=3D"https://substack.com/redirect/9f8092df-2862-4882-a51f-083549ad17=
84?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel=
=3D"" style=3D"align-items: center; border: none; display: block; flex-dire=
ction: column; height: auto; margin: 0; padding: 0; position: relative; tex=
t-decoration: none; width: auto;"><img data-attrs=3D"{"src":"=
;https://substack-post-media.s3.amazonaws.com/public/images/b3c3d649-fa40-4=
740-8eb3-b61ab012a32f_512x512.jpeg","fullscreen":null,"=
imageSize":null,"height":512,"width":512,"res=
izeWidth":null,"bytes":66793,"alt":null,"titl=
e":null,"type":"image/jpeg","href":null,=
"belowTheFold":true,"internalRedirect":null}" alt=3D"" =
width=3D"512" height=3D"512" class=3D"" src=3D"https://substackcdn.com/imag=
e/fetch/w_512,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2=
Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb3c3d649-fa40-474=
0-8eb3-b61ab012a32f_512x512.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;"><em>Early Blossom, Woldgate</em><span> =
(above) from 2009 has a $5 million estimate. </span><a href=3D"https://subs=
tack.com/redirect/d3502403-92d4-4e1a-8e1a-9d0bd9205a5e?j=3DeyJ1IjoiMjdjZXI5=
In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel=3D"" style=3D"color: #=
404040; text-decoration: underline;">A work of similar size and slightly la=
ter date but slightly different style sold in 2015 for $5.3 million</a><spa=
n>. That work is more reminiscent in style with </span><em>Felled Trees</em=
><span> (below) from 2008 which is estimated at $4 million.</span></p><div =
class=3D"captioned-image-container-static" style=3D"font-size: 16px; line-h=
eight: 26px; margin: 32px auto;"><figure style=3D"margin: 0 auto; width: 10=
0%;"><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=
" width=3D"512" style=3D"text-align: center;"><a class=3D"image-link" targe=
t=3D"_blank" href=3D"https://substack.com/redirect/e9b9c03d-9f5a-45ab-89f2-=
cae42af2b550?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp=
7gWdY" rel=3D"" style=3D"align-items: center; border: none; display: block;=
flex-direction: column; height: auto; margin: 0; padding: 0; position: rel=
ative; text-decoration: none; width: auto;"><img data-attrs=3D"{"src&q=
uot;:"https://substack-post-media.s3.amazonaws.com/public/images/9c491=
3f5-4cab-402f-b3b3-cbde034e1897_512x512.jpeg","fullscreen":n=
ull,"imageSize":null,"height":512,"width":512=
,"resizeWidth":null,"bytes":83154,"alt":null,=
"title":null,"type":"image/jpeg","href&q=
uot;:null,"belowTheFold":true,"internalRedirect":null}"=
alt=3D"" width=3D"512" height=3D"512" class=3D"" src=3D"https://substackcd=
n.com/image/fetch/w_512,c_limit,f_auto,q_auto:good,fl_progressive:steep/htt=
ps%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9c4913f=
5-4cab-402f-b3b3-cbde034e1897_512x512.jpeg" style=3D"-ms-interpolation-mode=
: bicubic; 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><div style=3D"font-size: 16px; line-hei=
ght: 26px;"><hr style=3D"background: #e0e0e0; border: none; height: 1px; ma=
rgin: 32px 0; padding: 0;"></div><p style=3D"color: #404040; font-size: 16p=
x; line-height: 26px; margin: 0 0 20px 0;"><strong>(NOT THE) BEST PICTURE:<=
/strong><span> Ariana Papademetropoulos’ </span><em>My lap is a wonde=
rland</em><span>—an unusual image for the trending artist—sold =
in Phillips’ New Now sale for $7,620, coming in below estimate. Deman=
d for her signature works remains high; A LiveArt collector is seeking a pa=
inting by the artist for $5,000 - $50,000.</span></p><p class=3D"button-wra=
pper" data-attrs=3D"{"url":"https://liveart.io/wishes/V2lzaG=
xpc3RUeXBlOjg2","text":"View on Trading Floor",&qu=
ot;action":null,"class":null}" style=3D"color: #404040; font=
-size: 16px; line-height: 26px; margin: 0 0 20px 0; text-align: center;"><a=
class=3D"button primary" href=3D"https://substack.com/redirect/5836c184-53=
fd-4f7a-b580-f4f653bd3dcc?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRn=
igHXx6Fx_g6pp7gWdY" rel=3D"" style=3D"background-color: #653366; border: no=
ne; border-radius: 4px; box-sizing: border-box; color: #ffffff !important; =
cursor: pointer; display: inline-block; font-family: -apple-system, BlinkMa=
cSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color=
Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 14px; font-weight:=
600; height: auto; line-height: 20px; margin: 0; opacity: 1; outline: none=
; padding: 12px 20px; text-align: center; text-decoration: none !important;=
white-space: nowrap;"><span style=3D"color: #ffffff; text-decoration: none=
;">View on Trading Floor</span></a></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-widget"=
style=3D"-moz-osx-font-smoothing: subpixel-antialiased; -webkit-font-smoot=
hing: subpixel-antialiased; color: #404040; 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: 1.125em; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.62=
5em 0; position: relative;">The Hopper</h4><p style=3D"color: #404040; font=
-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><span>Edward Hopper=
217;s watercolor </span><em>Coast Guard Cove</em><span> from 1929 is being =
offered with a $600,000 estimate. </span><a href=3D"https://substack.com/re=
direct/b0cf079d-3934-4578-9a3d-a34ec21303a3?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3=
c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel=3D"" style=3D"color: #404040; tex=
t-decoration: underline;">Allen paid $1 million for the work in 2014</a><sp=
an> when it was sold in the Bunny Mellon collection. It comes back to marke=
t with two very strong provenances. </span></p><div class=3D"captioned-imag=
e-container-static" style=3D"font-size: 16px; line-height: 26px; margin: 32=
px auto;"><figure style=3D"margin: 0 auto; width: 100%;"><table class=3D"im=
age-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-alig=
n: center;"></td><td align=3D"left" class=3D"content" width=3D"512" style=
=3D"text-align: center;"><a class=3D"image-link" target=3D"_blank" href=3D"=
https://substack.com/redirect/acd63ce4-a732-49bb-a316-d242e973d582?j=3DeyJ1=
IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel=3D"" style=
=3D"align-items: center; border: none; display: block; flex-direction: colu=
mn; height: auto; margin: 0; padding: 0; position: relative; text-decoratio=
n: none; width: auto;"><img data-attrs=3D"{"src":"https://su=
bstack-post-media.s3.amazonaws.com/public/images/ef954240-17df-4d45-a619-cf=
8e9892f1b3_512x512.jpeg","fullscreen":null,"imageSize&q=
uot;:null,"height":512,"width":512,"resizeWidth&qu=
ot;:null,"bytes":54823,"alt":null,"title":nul=
l,"type":"image/jpeg","href":null,"below=
TheFold":true,"internalRedirect":null}" alt=3D"" width=3D"51=
2" height=3D"512" class=3D"" src=3D"https://substackcdn.com/image/fetch/w_5=
12,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-p=
ost-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fef954240-17df-4d45-a619-cf8e=
9892f1b3_512x512.jpeg" style=3D"-ms-interpolation-mode: bicubic; border: no=
ne !important; display: block; height: auto; margin: 0 auto; margin-bottom:=
0; max-width: 100% !important; vertical-align: middle; width: auto !import=
ant;"></a></td><td style=3D"text-align: center;"></td></tr></tbody></table>=
</figure></div><p style=3D"color: #404040; font-size: 16px; line-height: 26=
px; margin: 0 0 20px 0;"><span>The highest price paid for a Hopper watercol=
or is </span><a href=3D"https://substack.com/redirect/b525ac0b-15be-42b3-84=
98-32e43438b0a7?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g=
6pp7gWdY" rel=3D"" style=3D"color: #404040; text-decoration: underline;">th=
e $4.1 million that </a><em><a href=3D"https://substack.com/redirect/b525ac=
0b-15be-42b3-8498-32e43438b0a7?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrM=
e5iRnigHXx6Fx_g6pp7gWdY" rel=3D"" style=3D"color: #404040; text-decoration:=
underline;">Kelly Jenness House </a></em><a href=3D"https://substack.com/r=
edirect/b525ac0b-15be-42b3-8498-32e43438b0a7?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM=
3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel=3D"" style=3D"color: #404040; te=
xt-decoration: underline;">from 1932 made in 2013</a><span>. In November, a=
nother one of Allen’s Hopper watercolors, </span><em><a href=3D"https=
://substack.com/redirect/cfe533e1-e3ae-4503-9cda-20a82d3cd829?j=3DeyJ1IjoiM=
jdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel=3D"" style=3D"c=
olor: #404040; text-decoration: underline;">Gloucester Roofs</a></em><a hre=
f=3D"https://substack.com/redirect/cfe533e1-e3ae-4503-9cda-20a82d3cd829?j=
=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel=3D"=
" style=3D"color: #404040; text-decoration: underline;"> from 1928, was sol=
d for $1.98 million</a><span>. </span></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><p style=3D"color: #404040; font-siz=
e: 16px; line-height: 26px; margin: 0 0 20px 0;"><strong>NOSTALGIA-DRIVEN:<=
/strong><span> Katherine Bernhardt’s R</span><em>ubik’s Cubes +=
Watermelon + Duracell</em><span> sold at Phillips yesterday for $63,500; T=
here is a Trading Floor request for one of her signature Pink Panthers for =
up to $170,000.</span></p><p class=3D"button-wrapper" data-attrs=3D"{"=
url":"https://liveart.io/wishes/V2lzaGxpc3RUeXBlOjU2MA=3D=3D"=
;,"text":"View on Trading Floor","action":nul=
l,"class":null}" style=3D"color: #404040; font-size: 16px; line-h=
eight: 26px; margin: 0 0 20px 0; text-align: center;"><a class=3D"button pr=
imary" href=3D"https://substack.com/redirect/f2ad3e11-fc84-4c06-95cd-d2a425=
da7b8b?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY"=
rel=3D"" style=3D"background-color: #653366; border: none; border-radius: =
4px; box-sizing: border-box; color: #ffffff !important; cursor: pointer; di=
splay: inline-block; font-family: -apple-system, BlinkMacSystemFont, 'Segoe=
UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI =
Emoji', 'Segoe UI Symbol'; font-size: 14px; font-weight: 600; height: auto;=
line-height: 20px; margin: 0; opacity: 1; outline: none; padding: 12px 20p=
x; text-align: center; text-decoration: none !important; white-space: nowra=
p;"><span style=3D"color: #ffffff; text-decoration: none;">View on Trading =
Floor</span></a></p><div style=3D"font-size: 16px; line-height: 26px;"><hr =
style=3D"background: #e0e0e0; border: none; height: 1px; margin: 32px 0; pa=
dding: 0;"></div><h4 class=3D"header-with-anchor-widget" style=3D"-moz-osx-=
font-smoothing: subpixel-antialiased; -webkit-font-smoothing: subpixel-anti=
aliased; color: #404040; font-family: 'SF Compact Display', -apple-system, =
BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Appl=
e Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.125em; fo=
nt-weight: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; position: re=
lative;">A Brief Look at the O’Keeffe Market</h4><p style=3D"color: #=
404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">For a hand=
ful of historically significant and sought-after artists, the market is dri=
ven by supply. Georgia O’Keeffe’s market is a classic example. =
Here is chart of the auction sales for O’Keeffe from the LiveArt data=
base going back to 1986. </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"684" style=3D"text-align: cent=
er;"><a class=3D"image-link" target=3D"_blank" href=3D"https://substack.com=
/redirect/81d4091e-995b-492d-8316-c8b92e3d52ca?j=3DeyJ1IjoiMjdjZXI5In0.nCNh=
OM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel=3D"" 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/8007875d-9=
060-4524-9f10-47aee0ab066a_600x371.p=
ng","fullscreen":null,"imageSize":null,"heigh=
t":371,"width":600,"resizeWidth":684,"bytes&q=
uot;:27436,"alt":null,"title":null,"type":&qu=
ot;image/png","href":null,"belowTheFold":true,&quo=
t;internalRedirect":null}" alt=3D"" width=3D"550" height=3D"340.083333=
3333333" class=3D"wide-image" src=3D"https://substackcdn.com/image/fetch/w_=
1368,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack=
-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8007875d-9060-4524-9f10-47=
aee0ab066a_600x371.png" style=3D"-ms-interpolation-mode: bicubic; border: n=
one !important; display: block; height: auto; margin: 0 auto; margin-bottom=
: 0; max-width: 100% !important; vertical-align: middle; width: auto !impor=
tant;"></a></td><td style=3D"text-align: center;"></td></tr></tbody></table=
></figure></div><p style=3D"color: #404040; font-size: 16px; line-height: 2=
6px; margin: 0 0 20px 0;">You can see that there are supply-driven spikes i=
n 2014, 2018 and last year primarily from the first Allen collection sale. =
The red line charts the average price of an O’Keeffe auctioned in tha=
t year. You can see that last year, the average price of an O’Keeffe =
at auction was around $6 million which is where these latest O’Keeffe=
works are estimated.</p><p style=3D"color: #404040; font-size: 16px; line-=
height: 26px; margin: 0 0 20px 0;">The chart also shows that in early perio=
ds—2001, 2007, 2010 and 2012—average prices spiked more than sa=
les volume. Those are usually indicators of periods when buyers are revalui=
ng an artist’s work upwards. Starting in 2014, the O’Keeffe au=
ction market shifts to both higher volumes and higher average prices. This =
is an indication that supply helps generate demand at a new level. </p><p s=
tyle=3D"color: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20p=
x 0;">In 2014, the average price of an O’Keeffe at auction was simila=
r to the average price in 2022. It lagged in 2018 when a handful of drawing=
s and multiples were auctioned helping to lower the average price. </p><p s=
tyle=3D"color: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20p=
x 0;">The chart also indicates that the O’Keeffe market tends to paus=
e after a season or two of strong sales. Christie’s following so clos=
ely on the success of the O’Keeffes in the November sale suggests the=
y have sufficient interest from underbidders and other potential buyers. </=
p><div style=3D"font-size: 16px; line-height: 26px;"><hr style=3D"backgroun=
d: #e0e0e0; border: none; height: 1px; margin: 32px 0; padding: 0;"></div><=
p style=3D"color: #404040; font-size: 16px; line-height: 26px; margin: 0 0 =
20px 0;"><strong>BULL MARKET:</strong><span> An untitled 2019 painting by L=
ucy Bull brought in $40,640 at Phillips New Now (it was one of two in the s=
ale, splitting bids); A LiveArt collector is seeking a large, colorful canv=
as by Bull for $200,000 - $400,000.</span></p><p class=3D"button-wrapper" d=
ata-attrs=3D"{"url":"https://liveart.io/wishes/V2lzaGxpc3RUe=
XBlOjQzMw=3D=3D","text":"View on Trading Floor",&q=
uot;action":null,"class":null}" style=3D"color: #404040; fon=
t-size: 16px; line-height: 26px; margin: 0 0 20px 0; text-align: center;"><=
a class=3D"button primary" href=3D"https://substack.com/redirect/61215c37-4=
eba-4f2f-b433-cfa95162c98d?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iR=
nigHXx6Fx_g6pp7gWdY" rel=3D"" style=3D"background-color: #653366; border: n=
one; border-radius: 4px; box-sizing: border-box; color: #ffffff !important;=
cursor: pointer; display: inline-block; font-family: -apple-system, BlinkM=
acSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Colo=
r Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 14px; font-weight=
: 600; height: auto; line-height: 20px; margin: 0; opacity: 1; outline: non=
e; padding: 12px 20px; text-align: center; text-decoration: none !important=
; white-space: nowrap;"><span style=3D"color: #ffffff; text-decoration: non=
e;">View on Trading Floor</span></a></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-widget=
" style=3D"-moz-osx-font-smoothing: subpixel-antialiased; -webkit-font-smoo=
thing: subpixel-antialiased; color: #404040; font-family: 'SF Compact Displ=
ay', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Aria=
l, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; fo=
nt-size: 1.125em; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.6=
25em 0; position: relative;">Phillips New Now =3D $8.4 million</h4><div cla=
ss=3D"captioned-image-container-static" style=3D"font-size: 16px; line-heig=
ht: 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><t=
d style=3D"text-align: center;"></td><td align=3D"left" class=3D"content" w=
idth=3D"1456" style=3D"text-align: center;"><a class=3D"image-link" target=
=3D"_blank" href=3D"https://substack.com/redirect/72196721-8114-41d7-b12d-b=
64132ed8dd9?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7=
gWdY" rel=3D"" style=3D"align-items: center; border: none; display: block; =
flex-direction: column; height: auto; margin: 0; padding: 0; position: rela=
tive; text-decoration: none; width: auto;"><img data-attrs=3D"{"src&qu=
ot;:"https://substack-post-media.s3.amazonaws.com/public/images/443ad0=
56-c5b6-4d45-909e-e69e1799cf3c_1920x1080.png","fullscreen":n=
ull,"imageSize":null,"height":819,"width":145=
6,"resizeWidth":null,"bytes":512420,"alt":nul=
l,"title":null,"type":"image/png","href&=
quot;:null,"belowTheFold":true,"internalRedirect":null}=
" alt=3D"" width=3D"550" height=3D"309.375" class=3D"wide-image" src=3D"htt=
ps://substackcdn.com/image/fetch/w_2912,c_limit,f_auto,q_auto:good,fl_progr=
essive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2F=
images%2F443ad056-c5b6-4d45-909e-e69e1799cf3c_1920x1080.png" style=3D"-ms-i=
nterpolation-mode: bicubic; border: none !important; display: block; height=
: auto; margin: 0 auto; margin-bottom: 0; max-width: 100% !important; verti=
cal-align: middle; width: auto !important;"></a></td><td style=3D"text-alig=
n: center;"></td></tr></tbody></table></figure></div><p style=3D"color: #40=
4040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">Offering mor=
e proof that the so-called “ultra-contemporary” market—or=
the market for art made in the 21st Century—remains strong despite r=
ising interest rates and recessionary fears, Phillips was able to sell $8.4=
million in art yesterday. That’s exactly the same figure the New Now=
auction in March of 2022 produced. </p><p style=3D"color: #404040; font-si=
ze: 16px; line-height: 26px; margin: 0 0 20px 0;">The sale composition was =
different. Phillips offered 40% more lots in 2023 than in 2022 and the aver=
age price of a lot sold at Phillips dropped from $50,011 in ‘22 to $3=
8,045 yesterday. </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"1456" style=3D"text-align: center;"=
><a class=3D"image-link" target=3D"_blank" href=3D"https://substack.com/red=
irect/42aaa2ce-8f2f-4690-94a7-19a448a331da?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/b913bed6-26c8-4278-aeed-4effdb2d473a_1494x988.png&=
quot;,"fullscreen":null,"imageSize":null,"height&q=
uot;:963,"width":1456,"resizeWidth":null,"bytes&qu=
ot;:213221,"alt":null,"title":null,"type":&qu=
ot;image/png","href":null,"belowTheFold":true,&quo=
t;internalRedirect":null}" alt=3D"" width=3D"550" height=3D"363.770604=
3956044" 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.amazonaws.com%2Fpublic%2Fimages%2Fb913bed6-26c8-4278-aeed-4e=
ffdb2d473a_1494x988.png" style=3D"-ms-interpolation-mode: bicubic; border: =
none !important; display: block; height: auto; margin: 0 auto; margin-botto=
m: 0; max-width: 100% !important; vertical-align: middle; width: auto !impo=
rtant;"></a></td><td style=3D"text-align: center;"></td></tr></tbody></tabl=
e></figure></div><p style=3D"color: #404040; font-size: 16px; line-height: =
26px; margin: 0 0 20px 0;"></p><div class=3D"subscription-widget-wrap" styl=
e=3D"font-size: 16px; line-height: 26px; margin-bottom: 0;"><div class=3D"s=
ubscription-widget show-subscribe" style=3D"align-items: flex-start; color:=
#404040; direction: ltr !important; display: block; font-family: -apple-sy=
stem, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif,=
'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 16px;=
font-weight: 400; line-height: 1.5; margin: 24px auto; max-width: 560px; p=
adding: 32px; text-align: center; text-decoration: none;"><div class=3D"pre=
amble" style=3D"align-items: center; display: flex; font-family: -apple-sys=
tem, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, =
'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 18px; =
font-weight: 400; line-height: 22px; margin-left: auto; margin-right: auto;=
margin-top: 16px; max-width: 384px; text-align: center; width: fit-content=
;"><p style=3D"color: #404040; font-size: 16px; line-height: 26px; margin: =
0 0 20px 0;">Thanks for reading Artelligence! Subscribe for free.</p></div>=
<div class=3D"subscribe-widget is-signed-up is-fully-subscribed" style=3D"d=
irection: ltr; font-size: 16px; line-height: 26px; margin: 0 0 1em;"><p cla=
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