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Subject: What We Learned this Week (2412)
From: Artelligence <artelligence@substack.com>
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View this post on the web at https://artelligence.substack.com/p/what-we-le=
arned-this-week-2412
Welcome to Artelligence
If you have comments, complaints, tips or just want to vent, feel free to c=
ontact us directly:
In This Issue
Lot Watch: Francis Bacon=E2=80=99s market is having a resurgence with $30m =
Portrait of George Dyer Crouching coming to Sotheby=E2=80=99s in May
Results: New York=E2=80=99s South Asian Modern and Contemporary Art =3D $3=
9.5m
Notes: Class action lawsuit against Herm=C3=A8s selling handbags like art; =
The story behind a complete set of Hokusai=E2=80=99s 36 Views of Mount Fuji=
; Frieze is looking for a new director for the Armory Show; Pace announces =
Kyoko Hattori for its new Tokyo gallery that will open with a Calder Founda=
tion show; Agnes Pelton=E2=80=99s record-setting The Fountains was bought b=
y MoMA.=20
Lot Watch
Sotheby=E2=80=99s Reveals $30m Francis Bacon Portrait of George Dyer for Ma=
y
Acquired directly from Marlborough gallery in 1970, Portrait of George Dyer=
Crouching from 1966 has remained in one family for more than 50 years. Sot=
heby=E2=80=99s will bring the work to market in May with a $30 million esti=
mate. The sale comes after recent revival of activity in the Bacon market. =
According to LiveArt=E2=80=99s data, Bacon=E2=80=99s market peaked in 2015 =
at $233 million in total sales value followed by a brief secondary high-poi=
nt in spending of $127 million in 2018. Sales volume declined from 2018 to =
2021 when the total sales value was a grim $42 million. The next year, Baco=
n=E2=80=99s sales revived with 37 works making a new total high-water mark =
of $258 million. That included six works sold at prices above $29 million. =
Last year, Bacon=E2=80=99s sales pulled back to the $100 million mark but c=
omprised one work sold for $52 million and another for $34 million which cl=
early demonstrated demand at the top of the Bacon market. So far in 2024, t=
wo significant works have sold for $25 million and $8.6 million which shoul=
d explain how Sotheby=E2=80=99s resident Bacon expert, Gregoire Billault wa=
s able to persuade the family that owns this Portrait of George Dyer Crouch=
ing to sell now.=C2=A0
Results
The Contemporary art market may be entering a period of torpor but that doe=
s not mean buyers are fleeing art. The Spring sales of Asian art in New Yor=
k contain the South Asian Modern and Contemporary sales which have waxed an=
d waned over the last decade. Indian Contemporary saw a brief moment of glo=
bal appeal in the years before the financial crisis but the Modern and Cont=
emporary artists have had lasting staying power. Now that India=E2=80=99s e=
conomy is booming and the country=E2=80=99s richest families have returned =
to supporting art institutions both in India and abroad, the South Asian Mo=
dern and Contemporary art market has suddenly sprung back to life beginning=
last year.=C2=A0
These New York sales were greatly anticipated to see if the buying trend wo=
uld continue. The sales paid off mightily achieving a red-hot 2.45 hammer r=
atio and a 97% sell-through rate on nearly 200 works offered. The total sal=
e was $39,519,495 at both Christie=E2=80=99s and Sotheby=E2=80=99s.=C2=A0
Top lots were works by S.H. Raza and Francis Newton Souza. There were also =
stunning prices for Gulammohammed Sheikh, Nasreen Mohamedi and Kattingeri K=
rishna Hebbar. Nearly half the value of the sales was spent on Souza=E2=80=
=99s art, including the record $4.89 million spent on The Lovers from 1960 =
that was sold by the family of Robin Howard, an early supporter of Souza=E2=
=80=99s work. The painting had only been previously seen in black-and-white=
photographs. Raza=E2=80=99s work attracted 24% of the value spent in these=
sales. M.F. Husain, previously the dominant artist in the category, pulled=
in 7% of the spending. Bhupen Khakhar reached 6% of the sales and Gulammoh=
ammed Sheikh=E2=80=99s single lot that sold for more than seven times the e=
stimate garnered 3.5% of sales.=C2=A0
Estimates will surely rise as these prices attract more works to market. Bu=
t the cycle is likely to still be in the beginning stages with the amount o=
f wealth in India and among Non-Resident Indians abroad who, because of the=
peculiarities of foreign exchange restrictions and the success of NRIs aro=
und the world, have been a mainstay of this market.=C2=A0
Notes
Two Californians sue Herm=C3=A8s, claiming Birkin handbags are offered only=
to repeat customers [ https://substack.com/redirect/87657721-3d7c-4b7b-902=
0-f899ed2b5a12?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6=
pp7gWdY ] (Los Angeles Times): Earlier this year, I spoke to Guillaume Ceru=
tti about the parallels between the way art is sold and, increasingly, the =
way luxury items are sold. Namely, if you go to a Rolex store or an Herm=C3=
=A8s shop you will not be able to easily buy a watch or a Birkin bag unless=
the company identifies you as a customer with a =E2=80=9Cpurchase profile.=
=E2=80=9D That usually means you=E2=80=99ve bought other items from the com=
pany and are considered a good client. This is almost exactly what many of =
the primary market art galleries do where the work of the most desirable ar=
tists is sold to clients who must first =E2=80=9Csupport the program=E2=80=
=9D by acquiring work of other artists on the gallery=E2=80=99s roster or p=
otentially buy one work along with a second work to donate to a museum. Now=
two California residents have filed a class-action lawsuit against Herm=C3=
=A8s for similar tactics. Will the suit get traction in the courts? Even if=
it does, how far will it go? Answers to those questions are a long way off=
but in the meantime, let=E2=80=99s all appreciate the LA Times=E2=80=99s C=
aroline Petrow-Cohen and her description of the price of Birkin bags: =E2=
=80=9CThe bags sell for thousands of dollars, ranging from the price of a s=
mall motorcycle to the price of a small cabin.=E2=80=9D
One Collector=E2=80=99s High Mountain Road to Hokusai [ https://substack.co=
m/redirect/72f6a49a-f0be-4c47-8311-7b04d5960491?j=3DeyJ1IjoiMjdjZXI5In0.nCN=
hOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ] (NYTimes): Geraldine Fabrikant p=
rofiles the Wharton professor who spent a decade, and $3 million, assemblin=
g a complete set of Hokusai=E2=80=99s most famous woodblock prints 36 Views=
of Mount Fuji. There has been rising demand and sales activity over the la=
st several years for the most famous of the images, the Great Wave Off Kana=
gawa. One example sold last year for $2.7 million and another, later in the=
year, for nearly a million. The Ukiyo-e industry, the name for these image=
s of the =E2=80=9Cfloating world,=E2=80=9D was a mass market phenomenon. So=
many of these prints exist but of variable quality. As the woodblocks wore=
down, inking and images changed leaving some prints with different colored=
details and others missing the pink clouds in the sky. According to Fabrik=
ant, there are as fewer than 10 complete sets of the 46 images (the series =
was so successful in the middle of the 19th Century, Hokusai added another =
10.) Professor Singh never displayed his 46 prints. After completing the se=
t in January of 2023, he decided to sell. Christie=E2=80=99s offered the se=
t during its Japanese and Korean art sale with a $3 million estimate. The s=
eries sold for $3.5 million with fees, a record for Hokusai. In the same sa=
le, an example of the =E2=80=9CGreat Wave=E2=80=9D made $693,000 and anothe=
r of the =E2=80=9CBlack Fuji=E2=80=9D made $214,000.=C2=A0
Frieze Makes a Move: Nicole Berry=E2=80=99s departure from the Armory Show =
fair, announced across the art press this week, was filled with cryptic ref=
erences to wishing her =E2=80=9Call the best,=E2=80=9D claiming to already =
be searching for a new fair director. The quote was attributed to Frieze=E2=
=80=99s Kristell Chad=C3=A9 and Christine Messineo, respectively the execut=
ive director of fairs and director of Americas for Frieze. It raises more q=
uestions than it answers about the future of Frieze=E2=80=99s wobbly North =
American fairs. Although Frieze LA was better organized and more functional=
than the previous year when it debuted at the Santa Monica airport, Frieze=
New York remains in the inadequate facilities at The Shed. The Armory Show=
has a far better footprint at New York=E2=80=99s Javits Center with a vast=
open floor plan instead of The Shed=E2=80=99s cramped stack of floors. The=
Armory Show also has a prime spot in the calendar opening the second semes=
ter of the art market in the beginning of September. That=E2=80=99s not as =
good as coinciding with the May sales in New York but it may be far better =
to exchange the real estate for the timing. Will Frieze try to maintain two=
New York fairs or consolidate in one? Strategy has never been Frieze=E2=80=
=99s strong suit. Since Endeavor acquired the Frieze fair in London, only t=
hat fair has remained consistently vibrant and important in the global art =
market calendar. With competition from Art Basel, who now run Paris Plus th=
e week after Frieze London, Frieze London and Frieze Masters are now potent=
ially under competitive threat.=C2=A0
Pace announces Kyoko Hattori to lead its new gallery in Tokyo=E2=80=99s Aza=
budai Hills: In May, Pace will christen its Azabudai Hills gallery location=
with a show of 100 works from the Calder foundation. Although Calder never=
visited Japan himself, the artist had an affinity for Japanese artists and=
poets, according to the Calder Foundation, and there are more than two doz=
en works by Calder in 18 different Japanese museum collections. Pace also a=
nnounced that former Phillips Japan regional director, Kyoko Hattori, will =
join the gallery as a Vice President to run the outpost and =E2=80=9Cdevelo=
p a Japanese collector base for the gallery [=E2=80=A6] cultivating new rel=
ationships with local artists and institutions.=E2=80=9D
MoMA Gets Agnes Pelton=E2=80=99s [ https://substack.com/redirect/3d87d9be-=
dbb9-4f92-9b0c-8f1dcaf3f9de?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5i=
RnigHXx6Fx_g6pp7gWdY ]The Fountains [ https://substack.com/redirect/3d87d9b=
e-dbb9-4f92-9b0c-8f1dcaf3f9de?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe=
5iRnigHXx6Fx_g6pp7gWdY ]: A 2020 show at the Whitney and Phoenix Art Museum=
s, Agnes Pelton: Desert Transcendentalist, was hampered by the pandemic but=
did succeed in bringing attention to an artist who had been overlooked sin=
ce her move to California in 1932. In May of 2023, Christie=E2=80=99s broug=
ht one of the standout works from that exhibition to auction with a $1.5 mi=
llion estimate. Demand for work by female abstract artists, interest in tra=
nscendentalist painters and the new prominence of Pelton from the show caus=
ed the work to be sold for $3.438 million dollars [ https://substack.com/re=
direct/c5e53344-b41c-4c28-85a8-46b55b28367f?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3=
c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]. The buyer was anonymous. Now it wou=
ld appear the works was acquired by the Museum of Modern Art [ https://subs=
tack.com/redirect/3d87d9be-dbb9-4f92-9b0c-8f1dcaf3f9de?j=3DeyJ1IjoiMjdjZXI5=
In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ] using funds from the sale=
of works gifted by Joan Tisch who died in 2017.
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</style></head><body class=3D"email-body" style=3D"font-kerning: auto;"><im=
g src=3D"https://eotrx.substackcdn.com/open?token=3DeyJtIjoiPDIwMjQwMzIyMTY=
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1y5VJ8cq6m7P7Y" alt=3D"" width=3D"1" height=3D"1" border=3D"0" style=3D"hei=
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one;font-size:1px;color:#333333;line-height:1px;max-height:0px;max-width:0p=
x;opacity:0;overflow:hidden;" class=3D"preview">South Asian art is on fire =
+ Sotheby's $30m Francis Bacon + Agnes Pelton at MoMA</div><div style=3D"di=
splay:none;font-size:1px;color:#333333;line-height:1px;max-height:0px;max-w=
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"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" c=
lass=3D"content"><div style=3D"font-size: 16px; line-height: 26px; margin: =
0 auto; max-width: 550px; overflow-wrap: break-word; width: 100%;"><table r=
ole=3D"presentation" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadd=
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esentation" width=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"=
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=3D"color: rgb(119, 119, 119) !important; font-family: SF Pro Text, -apple-=
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rtant; font-size: 13px !important; list-style: none; margin: 0; text-decora=
tion: unset;"><div class=3D"pencraft pc-reset _align-right_13a18_16 _size-1=
2_13a18_40 _reset_13a18_1" style=3D"color: unset; font-size: 12px; letter-s=
pacing: 0px; line-height: 16px; list-style: none; margin: 0; text-align: ri=
ght; text-decoration: unset;"><span translated class=3D"pencraft pc-reset _=
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dG1fc291cmNlPWVtYWlsJnV0bV9jYW1wYWlnbj1lbWFpbC1zdWJzY3JpYmUmcj0yN2NlcjkmbmV=
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1sZWFybmVkLXRoaXMtd2Vlay0yNDEyIiwicCI6MTQyODYzMDY0LCJzIjoyMjU5LCJmIjp0cnVlL=
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QUAdXU0?" class=3D"pencraft pc-reset _decoration-underline_13a18_282 _reset=
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on: unset; text-decoration-line: underline;">Subscribe here</a> for more</s=
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ng: 0; padding: 16px 0 32px;"><tr><td align=3D"center" style=3D"padding: 0;=
text-align: center;"><a href=3D"https://substack.com/redirect/2/eyJlIjoiaH=
R0cHM6Ly9hcnRlbGxpZ2VuY2Uuc3Vic3RhY2suY29tL3Avd2hhdC13ZS1sZWFybmVkLXRoaXMtd=
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lNalU1SWl3aWMzVmlJam9pY0c5emRDMXlaV0ZqZEdsdmJpSjkuOGdsby1LYWNGNS1GSU1lRFdfT=
1RqbDROb2xBQllENVNXNUZWOVVjTHlMOCIsInAiOjE0Mjg2MzA2NCwicyI6MjI1OSwiZiI6dHJ1=
ZSwidSI6MTMzMjY4NjYxLCJpYXQiOjE3MTExMjU5ODIsImV4cCI6MTcxMzcxNzk4MiwiaXNzIjo=
icHViLTAiLCJzdWIiOiJsaW5rLXJlZGlyZWN0In0.QddvAs1F8tNrnA9Dem-YPT2JIkNHfnBG9h=
1_FbXPszA?"><img role=3D"presentation" width=3D"550" height=3D"117" src=3D"=
https://substackcdn.com/image/fetch/w_1100,c_limit,f_auto,q_auto:good,fl_pr=
ogressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic=
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der-image" style=3D"border: none !important; display: block; height: auto; =
margin: 0 auto; max-width: 550px; vertical-align: middle; width: 100%;"></a=
></td></tr></table><div dir=3D"auto" class=3D"post typography" style=3D"fon=
t-size: 16px; line-height: 26px; padding: 16px 0 0 0;"><div class=3D"post-h=
eader" style=3D"font-size: 16px; line-height: 26px;"><h1 class=3D"post-titl=
e published" style=3D"-moz-appearance: optimizelegibility; -moz-osx-font-sm=
oothing: antialiased; -webkit-appearance: optimizelegibility; -webkit-font-=
smoothing: antialiased; appearance: optimizelegibility; color: rgb(54, 55, =
55); font-family: 'SF Pro Display', -apple-system-headline, system-ui, -app=
le-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-s=
erif, '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_id=3D142863064&utm_so=
urce=3Dpost-email-title&utm_campaign=3Demail-post-title&isFreemail=3Dtrue&r=
=3D27cer9&token=3DeyJ1c2VyX2lkIjoxMzMyNjg2NjEsInBvc3RfaWQiOjE0Mjg2MzA2NCwia=
WF0IjoxNzExMTI1OTgyLCJleHAiOjE3MTM3MTc5ODIsImlzcyI6InB1Yi0yMjU5Iiwic3ViIjoi=
cG9zdC1yZWFjdGlvbiJ9.8glo-KacF5-FIMeDW_OTjl4NolABYD5SW5FV9UcLyL8" style=3D"=
color: rgb(54, 55, 55); text-decoration: none;">What We Learned this Week (=
2412)</a></h1><h3 class=3D"subtitle" style=3D"-moz-appearance: optimizelegi=
bility; -moz-osx-font-smoothing: antialiased; -webkit-appearance: optimizel=
egibility; -webkit-font-smoothing: antialiased; appearance: optimizelegibil=
ity; color: #808080; font-family: 'SF Pro Display', -apple-system-headline,=
system-ui, -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetic=
a, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symb=
ol'; font-size: 18px; font-weight: normal; line-height: 24px; margin: 4px 0=
0; margin-top: 12px;">South Asian art is on fire + Sotheby's $30m Francis =
Bacon + Agnes Pelton at MoMA</h3><table role=3D"presentation" width=3D"100%=
" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" class=3D"post-meta" styl=
e=3D"align-items: center; height: 20px; margin: 1em 0;"><tr><td><table role=
=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=
=3D"0"><tr><td><table role=3D"presentation" width=3D"auto" border=3D"0" cel=
lspacing=3D"0" cellpadding=3D"0"><tr><td style=3D"vertical-align: middle;">=
<div class=3D"pencraft pc-reset _color-primary_13a18_183 _line-height-20_13=
a18_95 _font-meta_13a18_131 _size-11_13a18_35 _weight-medium_13a18_162 _tra=
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to, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'S=
egoe UI Symbol'; font-size: 11px; font-weight: 500; letter-spacing: .2px; l=
ine-height: 20px; list-style: none; margin: 0; text-decoration: unset; text=
-transform: uppercase;"><a style=3D"color: rgb(54, 55, 55); font-family: 'S=
F Compact', -apple-system, system-ui, -apple-system, BlinkMacSystemFont, 'S=
egoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe=
UI Emoji', 'Segoe UI Symbol'; font-size: 11px; font-weight: 500; letter-sp=
acing: .2px; line-height: 20px; list-style: none; margin: 0; text-decoratio=
n: none; text-transform: uppercase;" href=3D"https://substack.com/@artellig=
ence" class=3D"pencraft pc-reset _color-primary_13a18_183 _line-height-20_1=
3a18_95 _font-meta_13a18_131 _size-11_13a18_35 _weight-medium_13a18_162 _tr=
ansform-uppercase_13a18_239 _reset_13a18_1 _meta_13a18_439">Marion Maneker<=
/a></div></td></tr></table></td></tr><tr><td><table role=3D"presentation" w=
idth=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td styl=
e=3D"vertical-align: middle;"><div class=3D"pencraft pc-reset _color-second=
ary_13a18_186 _line-height-20_13a18_95 _font-meta_13a18_131 _size-11_13a18_=
35 _weight-medium_13a18_162 _transform-uppercase_13a18_239 _reset_13a18_1 _=
meta_13a18_439" style=3D"color: rgb(119, 119, 119); font-family: 'SF Compac=
t', -apple-system, system-ui, -apple-system, BlinkMacSystemFont, 'Segoe UI'=
, Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoj=
i', 'Segoe UI Symbol'; font-size: 11px; font-weight: 500; letter-spacing: .=
2px; line-height: 20px; list-style: none; margin: 0; text-decoration: unset=
; text-transform: uppercase;"><time dateTime=3D"2024-03-22T16:46:11.285Z">M=
ar 22</time></div></td></tr></table></td></tr></table></td></tr></table><ta=
ble role=3D"presentation" width=3D"100%" border=3D"0" cellspacing=3D"0" cel=
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nt-weight: 400; line-height: 26px; margin-bottom: 16px; text-align: initial=
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'SF Pro Display', -apple-system-headline, system-ui, -apple-system, BlinkMa=
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ht: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; position: relative;=
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, 55); font-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0; pad=
ding-left: 4px;"><strong>Lot Watch: </strong><span>Francis Bacon’s ma=
rket is having a resurgence with $30m </span><em>Portrait of George Dyer Cr=
ouching</em><span> coming to Sotheby’s in May</span></p></li><li styl=
e=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; color: rgb(=
54, 55, 55); font-size: 16px; line-height: 26px; margin: 0; margin-bottom: =
0; padding-left: 4px;"><strong>Results: </strong><span>New York’s Sou=
th Asian Modern and Contemporary Art =3D $39.5m</span></p></li><li style=
=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; color: rgb(5=
4, 55, 55); font-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0=
; padding-left: 4px;"><strong>Notes:</strong><span> Class action lawsuit ag=
ainst Hermès selling handbags like art; The story behind a complete se=
t of Hokusai’s 36 Views of Mount Fuji; Frieze is looking for a new di=
rector for the Armory Show; Pace announces Kyoko Hattori for its new Tokyo =
gallery that will open with a Calder Foundation show; Agnes Pelton’s =
record-setting </span><em>The Fountains</em><span> was bought by MoMA. </sp=
an></p></li></ol><div style=3D"font-size: 16px; line-height: 26px;"><hr sty=
le=3D"background: #e0e0e0; border: none; height: 1px; margin: 32px 0; paddi=
ng: 0;"></div><h2 class=3D"header-with-anchor-widget" style=3D"-moz-appeara=
nce: optimizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-appe=
arance: optimizelegibility; -webkit-font-smoothing: antialiased; appearance=
: optimizelegibility; color: rgb(54, 55, 55); font-family: 'SF Pro Display'=
, -apple-system-headline, system-ui, -apple-system, BlinkMacSystemFont, 'Se=
goe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe =
UI Emoji', 'Segoe UI Symbol'; font-size: 1.625em; font-weight: bold; line-h=
eight: 1.16em; margin: 1em 0 0.625em 0; position: relative;">Lot Watch</h2>=
<h4 class=3D"header-with-anchor-widget" style=3D"-moz-appearance: optimizel=
egibility; -moz-osx-font-smoothing: antialiased; -webkit-appearance: optimi=
zelegibility; -webkit-font-smoothing: antialiased; appearance: optimizelegi=
bility; color: rgb(54, 55, 55); font-family: 'SF Pro Display', -apple-syste=
m-headline, system-ui, -apple-system, BlinkMacSystemFont, 'Segoe UI', Robot=
o, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Se=
goe UI Symbol'; font-size: 1.125em; font-weight: bold; line-height: 1.16em;=
margin: 1em 0 0.625em 0; position: relative;"><strong>Sotheby’s Reve=
als $30m Francis Bacon Portrait of George Dyer for May</strong></h4><div cl=
ass=3D"captioned-image-container-static" style=3D"font-size: 16px; line-hei=
ght: 26px; margin: 32px auto;"><figure style=3D"margin: 0 auto; width: 100%=
;"><table class=3D"image-wrapper" width=3D"100%" border=3D"0" cellspacing=
=3D"0" cellpadding=3D"0" data-component-name=3D"Image2ToDOMStatic" style=3D=
"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align: center;=
"></td><td align=3D"left" class=3D"content" width=3D"1273" style=3D"text-al=
ign: center;"><a class=3D"image-link" target=3D"_blank" href=3D"https://sub=
stack.com/redirect/2adb8924-5a6e-4480-ba99-80479bdf3a4b?j=3DeyJ1IjoiMjdjZXI=
5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel 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-medi=
a.s3.amazonaws.com/public/images/fefe528b-33b9-4bef-aacb-05b3f3c3af95_1273x=
1600.jpeg","srcNoWatermark":null,"fullscreen":null=
,"imageSize":null,"height":1600,"width":1273,=
"resizeWidth":null,"bytes":null,"alt":null,&q=
uot;title":null,"type":null,"href":null,"belo=
wTheFold":true,"topImage":false,"internalRedirect"=
:null}" alt width=3D"550" height=3D"691.2804399057345" class=3D"wide-image"=
src=3D"https://substackcdn.com/image/fetch/w_2546,c_limit,f_auto,q_auto:go=
od,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%=
2Fpublic%2Fimages%2Ffefe528b-33b9-4bef-aacb-05b3f3c3af95_1273x1600.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: rgb(54, 55, 55); font-size: 16px; line-height: 26px; margin: 0 0=
20px 0;"><span>Acquired directly from Marlborough gallery in 1970, </span>=
<em>Portrait of George Dyer Crouching</em><span> from 1966 has remained in =
one family for more than 50 years. Sotheby’s will bring the work to m=
arket in May with a $30 million estimate. The sale comes after recent reviv=
al of activity in the Bacon market. According to LiveArt’s data, Baco=
n’s market peaked in 2015 at $233 million in total sales value follow=
ed by a brief secondary high-point in spending of $127 million in 2018. Sal=
es volume declined from 2018 to 2021 when the total sales value was a grim =
$42 million. The next year, Bacon’s sales revived with 37 works makin=
g a new total high-water mark of $258 million. That included six works sold=
at prices above $29 million. Last year, Bacon’s sales pulled back to=
the $100 million mark but comprised one work sold for $52 million and anot=
her for $34 million which clearly demonstrated demand at the top of the Bac=
on market. So far in 2024, two significant works have sold for $25 million =
and $8.6 million which should explain how Sotheby’s resident Bacon ex=
pert, Gregoire Billault was able to persuade the family that owns this </sp=
an><em>Portrait of George Dyer Crouching </em><span>to sell now. </spa=
n></p><div style=3D"font-size: 16px; line-height: 26px;"><hr style=3D"backg=
round: #e0e0e0; border: none; height: 1px; margin: 32px 0; padding: 0;"></d=
iv><h2 class=3D"header-with-anchor-widget" style=3D"-moz-appearance: optimi=
zelegibility; -moz-osx-font-smoothing: antialiased; -webkit-appearance: opt=
imizelegibility; -webkit-font-smoothing: antialiased; appearance: optimizel=
egibility; color: rgb(54, 55, 55); font-family: 'SF Pro Display', -apple-sy=
stem-headline, system-ui, -apple-system, BlinkMacSystemFont, 'Segoe UI', Ro=
boto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', =
'Segoe UI Symbol'; font-size: 1.625em; font-weight: bold; line-height: 1.16=
em; margin: 1em 0 0.625em 0; position: relative;"><strong>Results</strong><=
/h2><div class=3D"captioned-image-container-static" style=3D"font-size: 16p=
x; 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" ce=
llspacing=3D"0" cellpadding=3D"0" data-component-name=3D"Image2ToDOMStatic"=
style=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align=
: center;"></td><td align=3D"left" class=3D"content" width=3D"509" style=3D=
"text-align: center;"><a class=3D"image-link" target=3D"_blank" href=3D"htt=
ps://substack.com/redirect/6a85c0a9-62d2-4bc5-bfcd-60e4da557c0b?j=3DeyJ1Ijo=
iMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel 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/98195b0f-4a3b-430b-bb03-c44141d5c8=
ba_1024x1024.png","srcNoWatermark":null,"fullscreen&quo=
t;:null,"imageSize":null,"height":1024,"width"=
;:1024,"resizeWidth":509,"bytes":null,"alt":n=
ull,"title":null,"type":null,"href":null,&quo=
t;belowTheFold":true,"topImage":false,"internalRedirect=
":null}" alt width=3D"509" height=3D"509" class src=3D"https://substac=
kcdn.com/image/fetch/w_509,c_limit,f_auto,q_auto:good,fl_progressive:steep/=
https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9819=
5b0f-4a3b-430b-bb03-c44141d5c8ba_1024x1024.png" 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: rgb(54, 55, 55);=
font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">The Contemporary =
art market may be entering a period of torpor but that does not mean buyers=
are fleeing art. The Spring sales of Asian art in New York contain the Sou=
th Asian Modern and Contemporary sales which have waxed and waned over the =
last decade. Indian Contemporary saw a brief moment of global appeal in the=
years before the financial crisis but the Modern and Contemporary artists =
have had lasting staying power. Now that India’s economy is booming a=
nd the country’s richest families have returned to supporting art ins=
titutions both in India and abroad, the South Asian Modern and Contemporary=
art market has suddenly sprung back to life beginning last year. </p>=
<p style=3D"color: rgb(54, 55, 55); font-size: 16px; line-height: 26px; mar=
gin: 0 0 20px 0;">These New York sales were greatly anticipated to see if t=
he buying trend would continue. The sales paid off mightily achieving a red=
-hot 2.45 hammer ratio and a 97% sell-through rate on nearly 200 works offe=
red. The total sale was $39,519,495 at both Christie’s and Sotheby=
217;s. </p><p style=3D"color: rgb(54, 55, 55); font-size: 16px; line-h=
eight: 26px; margin: 0 0 20px 0;"><span>Top lots were works by </span><stro=
ng>S.H. Raza</strong><span> and </span><strong>Francis Newton Souza</strong=
><span>. There were also stunning prices for </span><strong>Gulammohammed S=
heikh</strong><span>,</span><strong> Nasreen Mohamedi</strong><span> and </=
span><strong>Kattingeri Krishna Hebbar</strong><span>. Nearly half the valu=
e of the sales was spent on Souza’s art, including the record $4.89 m=
illion spent on </span><em>The Lovers </em><span>from 1960 that was sold by=
the family of Robin Howard, an early supporter of Souza’s work. The =
painting had only been previously seen in black-and-white photographs. Raza=
’s work attracted 24% of the value spent in these sales. </span><stro=
ng>M.F. Husain</strong><span>, previously the dominant artist in the catego=
ry, pulled in 7% of the spending. </span><strong>Bhupen Khakhar</strong><sp=
an> reached 6% of the sales and Gulammohammed Sheikh’s single lot tha=
t sold for more than seven times the estimate garnered 3.5% of sales. =
</span></p><p style=3D"color: rgb(54, 55, 55); font-size: 16px; line-height=
: 26px; margin: 0 0 20px 0;">Estimates will surely rise as these prices att=
ract more works to market. But the cycle is likely to still be in the begin=
ning stages with the amount of wealth in India and among Non-Resident India=
ns abroad who, because of the peculiarities of foreign exchange restriction=
s and the success of NRIs around the world, have been a mainstay of this ma=
rket. </p><div class=3D"captioned-image-container-static" style=3D"fon=
t-size: 16px; line-height: 26px; margin: 32px auto;"><figure style=3D"margi=
n: 0 auto; width: 100%;"><table class=3D"image-wrapper" width=3D"100%" bord=
er=3D"0" cellspacing=3D"0" cellpadding=3D"0" data-component-name=3D"Image2T=
oDOMStatic" style=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D=
"text-align: center;"></td><td align=3D"left" class=3D"content" width=3D"11=
66" style=3D"text-align: center;"><a class=3D"image-link" target=3D"_blank"=
href=3D"https://substack.com/redirect/bd6752f9-db24-4401-bef0-da92767567c1=
?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel s=
tyle=3D"align-items: center; border: none; display: block; flex-direction: =
column; height: auto; margin: 0; padding: 0; position: relative; text-decor=
ation: none; width: auto;"><img data-attrs=3D"{"src":"https:=
//substack-post-media.s3.amazonaws.com/public/images/c90ea51e-6293-420c-b36=
8-b9cb7f9da52b_1166x1600.png","srcNoWatermark":null,"fu=
llscreen":null,"imageSize":null,"height":1600,&quo=
t;width":1166,"resizeWidth":null,"bytes":null,&quo=
t;alt":null,"title":null,"type":null,"href&qu=
ot;:null,"belowTheFold":true,"topImage":false,"int=
ernalRedirect":null}" alt width=3D"550" height=3D"754.7169811320755" c=
lass=3D"wide-image" src=3D"https://substackcdn.com/image/fetch/w_2332,c_lim=
it,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-medi=
a.s3.amazonaws.com%2Fpublic%2Fimages%2Fc90ea51e-6293-420c-b368-b9cb7f9da52b=
_1166x1600.png" style=3D"-ms-interpolation-mode: bicubic; border: none !imp=
ortant; display: block; height: auto; margin: 0 auto; margin-bottom: 0; max=
-width: 100% !important; vertical-align: middle; width: auto !important;"><=
/a></td><td style=3D"text-align: center;"></td></tr></tbody></table><figcap=
tion class=3D"image-caption" style=3D"box-sizing: content-box; color: #8080=
80; font-size: 14px; font-weight: 400; letter-spacing: -.15px; line-height:=
20px; margin-top: 8px; padding-left: 15%; padding-right: 15%; text-align: =
center; width: 70%;"><span>F.N. Souza, </span><em>The Lovers</em><span> (19=
60) $4.89 million</span></figcaption></figure></div><p style=3D"color: rgb(=
54, 55, 55); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">Notes=
</p><ol style=3D"margin-top: 0; padding: 0;"><li style=3D"margin: 8px 0 0 3=
2px;"><p style=3D"box-sizing: border-box; color: rgb(54, 55, 55); font-size=
: 16px; line-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"=
><strong><a href=3D"https://substack.com/redirect/87657721-3d7c-4b7b-9020-f=
899ed2b5a12?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7=
gWdY" rel style=3D"color: rgb(54, 55, 55); text-decoration: underline;">Two=
Californians sue Hermès, claiming Birkin handbags are offered only to=
repeat customers</a><span> (Los Angeles Times)</span></strong><span>: Earl=
ier this year, I spoke to Guillaume Cerutti about the parallels between the=
way art is sold and, increasingly, the way luxury items are sold. Namely, =
if you go to a Rolex store or an Hermès shop you will not be able to e=
asily buy a watch or a Birkin bag unless the company identifies you as a cu=
stomer with a “purchase profile.” That usually means you’=
ve bought other items from the company and are considered a good client. Th=
is is almost exactly what many of the primary market art galleries do where=
the work of the most desirable artists is sold to clients who must first &=
#8220;support the program” by acquiring work of other artists on the =
gallery’s roster or potentially buy one work along with a second work=
to donate to a museum. Now two California residents have filed a class-act=
ion lawsuit against Hermès for similar tactics. Will the suit get trac=
tion in the courts? Even if it does, how far will it go? Answers to those q=
uestions are a long way off but in the meantime, let’s all appreciate=
the </span><em>LA Times</em><span>’s Caroline Petrow-Cohen and her d=
escription of the price of Birkin bags: “The bags sell for thousands =
of dollars, ranging from the price of a small motorcycle to the price of a =
small cabin.”</span></p></li><li style=3D"margin: 8px 0 0 32px;"><p s=
tyle=3D"box-sizing: border-box; color: rgb(54, 55, 55); font-size: 16px; li=
ne-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><strong><=
a href=3D"https://substack.com/redirect/72f6a49a-f0be-4c47-8311-7b04d596049=
1?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel =
style=3D"color: rgb(54, 55, 55); text-decoration: underline;">One Collector=
’s High Mountain Road to Hokusai</a><span> (NYTimes)</span></strong><=
span>: Geraldine Fabrikant profiles the Wharton professor who spent a decad=
e, and $3 million, assembling a complete set of Hokusai’s most famous=
woodblock prints </span><em>36 Views of Mount Fuji.</em><span> There has b=
een rising demand and sales activity over the last several years for the mo=
st famous of the images, the </span><em>Great Wave Off Kanagawa</em><span>.=
One example sold last year for $2.7 million and another, later in the year=
, for nearly a million. The Ukiyo-e industry, the name for these images of =
the “floating world,” was a mass market phenomenon. So many of =
these prints exist but of variable quality. As the woodblocks wore down, in=
king and images changed leaving some prints with different colored details =
and others missing the pink clouds in the sky. According to Fabrikant, ther=
e are as fewer than 10 complete sets of the 46 images (the series was so su=
ccessful in the middle of the 19th Century, Hokusai added another 10.) Prof=
essor Singh never displayed his 46 prints. After completing the set in Janu=
ary of 2023, he decided to sell. Christie’s offered the set during it=
s Japanese and Korean art sale with a $3 million estimate. The series sold =
for $3.5 million with fees, a record for Hokusai. In the same sale, an exam=
ple of the “Great Wave” made $693,000 and another of the “=
;Black Fuji” made $214,000. </span></p></li><li style=3D"margin:=
8px 0 0 32px;"><p style=3D"box-sizing: border-box; color: rgb(54, 55, 55);=
font-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0; padding-l=
eft: 4px;"><strong>Frieze Makes a Move: </strong><span>Nicole Berry’s=
departure from the Armory Show fair, announced across the art press this w=
eek, was filled with cryptic references to wishing her “all the best,=
” claiming to already be searching for a new fair director. The quote=
was attributed to Frieze’s Kristell Chadé and Christine Messine=
o, respectively the executive director of fairs and director of Americas fo=
r Frieze. It raises more questions than it answers about the future of Frie=
ze’s wobbly North American fairs. Although Frieze LA was better organ=
ized and more functional than the previous year when it debuted at the Sant=
a Monica airport, Frieze New York remains in the inadequate facilities at T=
he Shed. The Armory Show has a far better footprint at New York’s Jav=
its Center with a vast open floor plan instead of The Shed’s cramped =
stack of floors. The Armory Show also has a prime spot in the calendar open=
ing the second semester of the art market in the beginning of September. Th=
at’s not as good as coinciding with the May sales in New York but it =
may be far better to exchange the real estate for the timing. Will Frieze t=
ry to maintain two New York fairs or consolidate in one? Strategy has never=
been Frieze’s strong suit. Since Endeavor acquired the Frieze fair i=
n London, only that fair has remained consistently vibrant and important in=
the global art market calendar. With competition from Art Basel, who now r=
un Paris Plus the week after Frieze London, Frieze London and Frieze Master=
s are now potentially under competitive threat. </span></p></li><li st=
yle=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; color: rg=
b(54, 55, 55); font-size: 16px; line-height: 26px; margin: 0 0 20px 0; marg=
in-bottom: 0; padding-left: 4px;"><strong>Pace announces Kyoko Hattori to l=
ead its new gallery in Tokyo’s Azabudai Hills</strong><span>: In May,=
Pace will christen its Azabudai Hills gallery location with a show of 100 =
works from the Calder foundation. Although Calder never visited Japan himse=
lf, the artist had an affinity for Japanese artists and poets, according to=
the Calder Foundation, and there are more than two dozen works by Calder i=
n 18 different Japanese museum collections. Pace also announced that former=
Phillips Japan regional director, Kyoko Hattori, will join the gallery as =
a Vice President to run the outpost and “develop a Japanese collector=
base for the gallery […] cultivating new relationships with local ar=
tists and institutions.”</span></p><div class=3D"captioned-image-cont=
ainer-static" style=3D"font-size: 16px; line-height: 26px; margin: 32px aut=
o; margin-bottom: 0;"><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" data-component-name=3D"Image2ToDOMStatic" 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"365" style=3D"text-align: center;=
"><a class=3D"image-link" target=3D"_blank" href=3D"https://substack.com/re=
direct/a0b60d0d-d4d8-45db-a3ef-b4cd3a0443b7?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3=
c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"align-items: center; bor=
der: 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.amazona=
ws.com/public/images/32848ccd-373c-419e-b36b-f8cd9a62cf71_365x548.jpeg"=
;,"srcNoWatermark":null,"fullscreen":null,"imageSi=
ze":null,"height":548,"width":365,"resizeWidt=
h":null,"bytes":39345,"alt":null,"title"=
:null,"type":"image/jpeg","href":null,"b=
elowTheFold":true,"topImage":false,"internalRedirect&qu=
ot;:null}" alt width=3D"365" height=3D"548" class src=3D"https://substackcd=
n.com/image/fetch/w_365,c_limit,f_auto,q_auto:good,fl_progressive:steep/htt=
ps%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F32848cc=
d-373c-419e-b36b-f8cd9a62cf71_365x548.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><figcaption class=3D"image-caption" style=3D"box-sizin=
g: content-box; color: #808080; font-size: 14px; font-weight: 400; letter-s=
pacing: -.15px; line-height: 20px; margin-bottom: 0; margin-top: 8px; paddi=
ng-bottom: 0; padding-left: 15%; padding-right: 15%; text-align: center; wi=
dth: 70%;">Kyoko Hattori </figcaption></figure></div></li><li style=3D=
"margin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; color: rgb(54, =
55, 55); font-size: 16px; line-height: 26px; margin: 0 0 20px 0; margin-bot=
tom: 0; padding-left: 4px;"><strong><a href=3D"https://substack.com/redirec=
t/3d87d9be-dbb9-4f92-9b0c-8f1dcaf3f9de?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0j=
QmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: rgb(54, 55, 55); text-=
decoration: underline;">MoMA Gets Agnes Pelton’s </a></strong><em><st=
rong><a href=3D"https://substack.com/redirect/3d87d9be-dbb9-4f92-9b0c-8f1dc=
af3f9de?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY=
" rel style=3D"color: rgb(54, 55, 55); text-decoration: underline;">The Fou=
ntains</a></strong></em><strong>: </strong><span>A 2020 show at the Whitney=
and Phoenix Art Museums, </span><em>Agnes Pelton: Desert Transcendentalist=
</em><span>, was hampered by the pandemic but did succeed in bringing atten=
tion to an artist who had been overlooked since her move to California in 1=
932. In May of 2023, Christie’s brought one of the standout works fro=
m that exhibition to auction with a $1.5 million estimate. Demand for work =
by female abstract artists, interest in transcendentalist painters and the =
new prominence of Pelton from the show caused the work to </span><a href=3D=
"https://substack.com/redirect/c5e53344-b41c-4c28-85a8-46b55b28367f?j=3DeyJ=
1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"=
color: rgb(54, 55, 55); text-decoration: underline;">be sold for $3.438 mil=
lion dollars</a><span>. The buyer was anonymous. Now it would appear the wo=
rks was acquired </span><a href=3D"https://substack.com/redirect/3d87d9be-d=
bb9-4f92-9b0c-8f1dcaf3f9de?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iR=
nigHXx6Fx_g6pp7gWdY" rel style=3D"color: rgb(54, 55, 55); text-decoration: =
underline;">by the Museum of Modern Art</a><span> using funds from the sale=
of works gifted by Joan Tisch who died in 2017.</span></p><div class=3D"ca=
ptioned-image-container-static" style=3D"font-size: 16px; line-height: 26px=
; margin: 32px auto; margin-bottom: 0;"><figure style=3D"margin: 0 auto; wi=
dth: 100%;"><table class=3D"image-wrapper" width=3D"100%" border=3D"0" cell=
spacing=3D"0" cellpadding=3D"0" data-component-name=3D"Image2ToDOMStatic" s=
tyle=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align: =
center;"></td><td align=3D"left" class=3D"content" width=3D"1456" style=3D"=
text-align: center;"><a class=3D"image-link" target=3D"_blank" href=3D"http=
s://substack.com/redirect/9ec28d56-1072-4d04-b057-1592cf2e052d?j=3DeyJ1Ijoi=
MjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"align=
-items: center; border: none; display: block; flex-direction: column; heigh=
t: auto; margin: 0; padding: 0; position: relative; text-decoration: none; =
width: auto;"><img data-attrs=3D"{"src":"https://substack-po=
st-media.s3.amazonaws.com/public/images/15dee97d-0bae-4d9e-8d2d-6bc934e435e=
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t;:null,"title":null,"type":"image/png","=
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35165" class=3D"wide-image" src=3D"https://substackcdn.com/image/fetch/w_29=
12,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-p=
ost-media.s3.amazonaws.com%2Fpublic%2Fimages%2F15dee97d-0bae-4d9e-8d2d-6bc9=
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tant;"></a></td><td style=3D"text-align: center;"></td></tr></tbody></table=
><figcaption class=3D"image-caption" style=3D"box-sizing: content-box; colo=
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g-left: 15%; padding-right: 15%; text-align: center; width: 70%;"><span>Agn=
es Pelton, </span><em>The Fountains </em><span>(1926)</span></figcaption></=
figure></div></li></ol><div style=3D"font-size: 16px; line-height: 26px; ma=
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