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File: D:/hMailServer/Data/showfile.com/admin/58/{58616F34-BEE5-4B77-9880-E4240099AB56}.eml
Date: Sat, 11 Feb 2023 09:02:03 -0500
From: LiveArt <hello@liveart.io>
Reply-To: hello@liveart.io
To: enzo@showfile.com
Message-ID: <1676124012948.18372447-f055-44c2-93c2-ea7694d69018@bf08x.hubspotemail.net>
Subject: Can Wayne Thiebaud Win Big?
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The Fondation Beyeler show is just the first step in his growing global rep=
utation. With recent record prices, can a big market follow?

View in browser (https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/VVybj-2=
DYR7vW75Xvyx4k-qvdVVm64t4WW9hmN5q1hj95mNXLV3Zsc37CgXC1VKcMty5Rmv8QVWrsWh52K=
cFxW2S2rCD1cGhd5W27hHgl7s2L47VJl6_H46Wgw5N6qTs8S-HFDLN4dpWwX2GCP3N1dz0Q5mMs=
SXW4msMd634LFbSW4t24Qs8zHZwJW18PhhT3JZ70kVmkPCW7CB42jW1Z0lks8-kZyMW5DRTNx4z=
Y7KLW2WXG4f4GHKsSW7jRcZ26f4wChW6Z6Wpm857ym2W74MDN03Q_1C3N8cT03z2d9kzW8B1bcy=
8WjwW7W3pj7MJ204q8BV9vdth6xLrrNW3x6P6j2t7csgW2G42Dj6dRcC6W1vTPNX3F7F-0Vc8p6=
16BjGG-W8bQpm71v2JFdW3pHqvJ3N56yGW4PmjW-1WShnTW7-kGCb3gp3GjW3V56FV4z83gcW17=
n2c44xyFdtW5jZQHQ1xBWTgV-wZwR7_tMTK3fjc1 )

If this email was forwarded to you, subscribe here! (https://email02.livear=
t.io/e3t/Ctc/DO+113/d2xBdp04/VVybj-2DYR7vW75Xvyx4k-qvdVVm64t4WW9hmN5q1hk33p=
drrV1-WJV7CgTPtW86Z1KD5SPcrRW8k32vN7kWw36Vrw80q5sWFlSVQvHgP8Gm9VqW5qqd7c2hl=
ScZW7Cg-fZ2GPd3fN2N7thHq2556V46J3K3FMdQGW8sM5tj47ZgKlW5kwktk4GQcdrN8NV141vM=
hsdW86l5K_3xmVxYW4_lMrk64-6cYV1mGpz8wNyPyW5HJ6qz5mKm2kN2lYxCRqc234W6G4xmw7F=
KMKTW8rgmBT27XTT3W5YpwfD83qJ5-W4b4qNQ8_BD8ZW57CSzS7c-j90Vk1t6B2wBJPjW5BTszq=
3wYBkZW3KbG3V6dMsB42PT1 )

LiveArt (https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/VVybj-2DYR7vW75=
Xvyx4k-qvdVVm64t4WW9hmN5q1hjt3pdqSV1-WJV7CgWj4W92B9PC1V6SP1W52bFlq5fS4MDW9f=
3r9j4Tp-_kW1J3LQN5bLjVxW6gMXmX2FMz2zW5jtLxm4qD7YXW4gtft-78rdGqW5-nLMc9kS_X1=
V-WtCY2B3r6wW6sHt2c4Fsd9zW4xCp_j46t-W8W2qgKnD7Jf-qXW36pyr580fzSGW4778X-7j6T=
NKN2KJcX7sH8mXVMWDRD76p5_kVHbCCw6nmTBsW2q_N8l3gzKCdW44-DnK15-4lPW92T4_93sDW=
qW3j0d1 )

Wayne Thiebaud (https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/VVybj-2D=
YR7vW75Xvyx4k-qvdVVm64t4WW9hmN5q1hk33pdrrV1-WJV7CgH1-W79dwcP4TgqHSW7D7Km44v=
4gvNW2Jz0W58bSKM3W6xrt7r5ZGmP3W1S5Zpq4gsQJ9VVLQ6b6L5ymWW6MrYHG3DtcsBW8LLtdT=
69z3MQW1m0-tB4h65yQN3zMD203QHkBW6sL6j35T_s9MW4PzBGV2C0LkvW1JrPPn4zQcHKW1dry=
Yb8V7PqDW7C_3v11S0gk6W5XyCLs6GlzdDW28KPvR3QmBtCW5k3FN08nhhwKW8bTB-96d17cNW1=
xbG1Y5kgYzYW1Wy4lK5B8yNRW89X_2y6GQcXTVyXWVf336k6NW4Bd4J33tLM1W31tf1 )

The market for Wayne Thiebaud=E2=80=99s art has taken a significant upwards=
 turn in the last five years. Although the artist died at the age of 101 on=
 Christmas Day in 2021, the rise in Thiebaud prices seems unconnected to hi=
s death. With the opening of an important retrospective at the influential =
Fondation Beyeler (https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/VVybj=
-2DYR7vW75Xvyx4k-qvdVVm64t4WW9hmN5q1hk33pdrrV1-WJV7CgKNZW9fVLGx6hvmKzW7nRkL=
s4CWlYzN2gDsc1dwpB2W1xG6fW4bMV0nV5cB1b6bDKMtVPyXHR1XzM3YW9lJ_Pg71KN7kW8BN_2=
Z73xspVW8fBsqK7Y3_LLW4xL0hQ2zrV6DN37MzSd-t6M_W4PDXf55ffS5PW1NyYkR7LhhnHN8nm=
cWlDWLHsVBvJp67ZHXT8N3RPZ47cNCqgW6yx9dg7PsnfHW5HGg3Y7Z-cMDW2RX4Cm58nYZ6W3FR=
XLL3w1gD4W1YtKMM77C88cW9dW7xW4gmcFSW1GCX054cgstkW2zgRvc4Q0-1L3bV61 ) , it i=
s worth taking a look back at the market for this quintessentially American=
 painter.

For far too long, the mormon-raised Thiebaud has been treated as a novelty =
or a regional artist, anything but the major painter that he is. After an a=
pprenticeship with Walt Disney, Thiebaud became a cartoonist and designer b=
efore becoming a teacher. For 30 years, the artist was a professor at the U=
niversity of California in Davis.

During the mid-1950s, Thiebaud took leave and moved to New York. Spurred on=
 by a conversation with Willem de Kooning, who told him he had to find some=
thing he really knew about and was really interested in to pursue both as s=
tyle and subject matter, he decided to take himself seriously as a painter.

WayneThiebaud_Two_Paint_Cans_LAC_300x206mm (https://email02.liveart.io/e3t/=
Ctc/DO+113/d2xBdp04/VVybj-2DYR7vW75Xvyx4k-qvdVVm64t4WW9hmN5q1hk33pdrrV1-WJV=
7CgH1-W79dwcP4TgqHSW7D7Km44v4gvNW2Jz0W58bSKM3W6xrt7r5ZGmP3W1S5Zpq4gsQJ9VVLQ=
6b6L5ymWW6MrYHG3DtcsBW8LLtdT69z3MQW1m0-tB4h65yQN3zMD203QHkBW6sL6j35T_s9MW4P=
zBGV2C0LkvW1JrPPn4zQcHKW1dryYb8V7PqDW7C_3v11S0gk6W5XyCLs6GlzdDW28KPvR3QmBtC=
W5k3FN08nhhwKW8bTB-96d17cNW1xbG1Y5kgYzYW1Wy4lK5B8yNRW89X_2y6GQcXTVyXWVf336k=
6NW4Bd4J33tLM1W31tf1 )

The Pie Guy

Following de Kooning=E2=80=99s advice, =E2=80=9CI took the canvas and made =
some ovals, thinking about C=C3=A9zanne=E2=80=94the cube, the cone and the =
sphere=E2=80=94and put some triangles over them and thought, well, that may=
be could represent a pie on a plate,=E2=80=9D he told Jason Edward Kaufman =
in an interview that appears in the catalogue for the Beyeler show. (https:=
//email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/VVybj-2DYR7vW75Xvyx4k-qvdVVm64=
t4WW9hmN5q1hkZ3pdskV1-WJV7CgM3yV6y-Gz6lvqy3W4qVCS48kkTs4W6S8t8H791Q-jW8HQq6=
453pwkyW5zkLMG5X36QHW5mVDKH7DWvgKW55W-_38PdW_sN7qkVzmh3Jd7VscHDY4b3lqBW32Rm=
ty1vp__JW22hM7519fj9wN500xh7hzZGnN8HVYLBttWfsW5_XG6V6q5VKHW2nNgnd1dgrSpW8zW=
pph9lmX4tN8w6M0LHN1clN85MDFsjTmw9W3bhKFB6T01c4W70Bvqc2Lf3XZW55wVrW1jNXJ3N20=
9FjYSw-rnW74NK7x2Mjh1SW1_02Z48l5b6TVhq4MP8sWzl3Vn0wKX6_CWf_W13PSbn7wldQdW89=
djs92Lhy_3W167vmk1sGKwpW8vm9MK28T2sb3gL-1 )  =E2=80=9CI said, alright, I=E2=
=80=99ll go ahead with this and I=E2=80=99ll make them into pies. I was rea=
lly enjoying myself=E2=80=A6 and as I finished, I looked at it, and said, m=
y god I just painted a bunch of pies. That=E2=80=99s going to be the end of=
 me as a serious painter.=E2=80=9D

It wasn=E2=80=99t the end of him as a painter but it did stand in the way o=
f many artists taking him seriously. When Thiebaud joined Allan Stone=E2=80=
=99s gallery for his first show in 1962, the dealer was heavily involved in=
 representing Abstract Expressionists. Supposedly Barnett Newman had organi=
zed Stone=E2=80=99s other artists to deliver an ultimatum, =E2=80=9Cget rid=
 of the pie guy.=E2=80=9D But the dealer had already become entranced by Th=
iebaud=E2=80=99s work.

After their first meeting, Thiebaud left several un-stretched paintings wit=
h Stone which the dealer decided to display in his apartment among his AbEx=
 works by de Kooning and others. =E2=80=9CI noticed these things really hel=
d their own,=E2=80=9D he says in a documentary made by his daughter. =E2=80=
=9CYou put a Thiebaud next to a de Kooning, Thiebaud wasn=E2=80=99t going a=
nywhere.=E2=80=9D

From 1962 until his death in 2006, Allan Stone was Thiebaud=E2=80=99s deale=
r and stood at the center of his market. Although Thiebaud would not receiv=
e a major New York retrospective until 2000 when he was 80 years old, Stone=
 was able to sell important works to clients and influential collectors lik=
e Larry Aldrich, Joseph Hirshhorn, Carter Burden, Leon Krashaur and Robert =
and Beatrice Mayer.

There were some significant auction sales in the 80s. A depiction of heart =
cakes sold for $605,000; and a painting of cliffs made $495,000. In 1988, t=
otal sales at auction broke $1 million. The next year they shot up to $1.69=
 million before retreating for nearly a decade.

By the end of the 1980s, Stone had sold a work to the National Gallery for =
a million dollars, an important milestone. Then, in 1997, a divorce brought=
 a major work from Thiebaud=E2=80=99s first show in 1962, Bakery Counter, t=
o auction. Famed collector Hunk Anderson had tried to buy Bakery Counter pr=
ivately but was put off by the $100,000 asking price. He would later pay mo=
re than that for a work depicting pinball machines. Bakery Counter was offe=
red with a half-million dollar estimate. At the end of the bidding, it had =
sold for $1.7 million. The buyer, Barney Ebsworth, went out of his way to t=
ell the consignor (https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/VVybj=
-2DYR7vW75Xvyx4k-qvdVVm64t4WW9hmN5q1hkm3pdrLV1-WJV7CgTP_N8T76qP2wg43W2vCxlL=
4yqbtRW7m3m6k2YlHY3W7fPk332W0r55W8stM3N71GhgpW2xHHxp2QxSV4W3G100562dxhDW6YG=
mZ75Q5-vvW5g890l91ZYYjW8124qq5WNDJNW6q_Snp5XwCQfW1-73zx6p0qKKW1-_LNq8YvFQMW=
3fmP9Z9j-wJ5W4WjCR57m1pzDW2rwcjR6p4_2ZW7VqP1R7w7NGHW4pBv4282BpWLW5LBx-q5dJz=
mMW6v7z6W5xjmBzW5t5c3s9lrRwXV1y0HL8ZwbHQW8F03Gb7BTrBYW7KCvFW7T981-W8BJQTG3F=
TtYyN29qzxM6vY6d370S1 )  after the sale that he would have paid more for th=
e painting.

In 1997, Thiebaud=E2=80=99s auction total was $2.2 million based mostly on =
the Bakery Counter sale. In 2001, the Whitney=E2=80=99s retrospective (http=
s://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/VVybj-2DYR7vW75Xvyx4k-qvdVVm=
64t4WW9hmN5q1hk33pdrrV1-WJV7CgTm7W7Kc6z75-x-qBW7fD3RH84f0bDW1x9fnZ5Mb3-wW37=
Pjpd67BH4xW5z5T6S4bqhpdVMlRXt8d6dp4N51GZ3DCV9sDW7XN8s_5NCbJyW1_8-1k8cZ508N6=
jVbVsxrQ01W5L3Npq4hSv-KN8Gc3mWW2T7QW2BcmZh54M7K3W6Whbpz3795HqW2xtgpL1yJpzwW=
4GRGRQ2zhQtbW7KwXJS8JM2whVtnxtX67ZQ92N1wcf6GCdh4WW371HQM8RdV4YW6hY-JP33dmnp=
W7sP-R_6wBcgQW1Yy9Yt8R1LStN7NJK8Zs67Wm3bVx1 ) , put together by SFMoMA, hel=
ped collectors take Thiebaud a little more seriously. Buyers spent $1.4 mil=
lion at auction in 2000 and $5 million in 2002. But the market would have t=
o wait until 2006 for total auction sales to top that again at $6 million.

Takashi Murakami (https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/VVybj-=
2DYR7vW75Xvyx4k-qvdVVm64t4WW9hmN5q1hjN3pdr7V1-WJV7CgLrdW3wW6f84q7h5wW5Xk7DP=
6xVTVYW7XhzwC12d0-PW2GH3Z63Bb0bRW4CtJCB2Wtn4mW4HSfFH7qCp6FW8sJ2HP6_0TfRW2yf=
Fs37t874yW6sy4f04vYBBzW2M1hvP6jknTnW1Hn67h9lkcCsW4csl0-5b9fHCW1PSwd62M73LYW=
6cgGp_8065yYW6SVtkv3fxb44W2CXlss2BgHGRW2mdpzG3WG_pbN3C75y3kbQvJW6nLwGB58nw9=
MW9f34Hm7cSsZrW83l0gt3rkrRGMDygsgynw5_3nG-1 )

Peter Halley (https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/VVybj-2DYR=
7vW75Xvyx4k-qvdVVm64t4WW9hmN5q1hk33pdrrV1-WJV7CgVrSW8VB7513LpkZ4N6TLtXbCM6T=
dW6snlGd6lk3j8W2Tmgrs8Lw2NLVCxTYZ8lHFFlW1fRZdj2n21pzW6_Nw2Y8kgxl1N3bNnM5Z7m=
0nW71SP5q23GYbJN5mrJNVw353JVxVDc36D-843W6vns5879MRhxW4l-kBb40nKn8W7bwzhn4M6=
t2XW93fB-Y7dBZwWW6JGKmR85-ZBKN3-2Z91YGpVbW3HD5JK6tXGLRW67td5H4qN9J2W7lDGFR1=
0_7rVW1SS_zZ8Mbb9PW3qQwgY4RpBtJW9bW_wG4yV8K8W8nMb0z2pLTJC358y1 )

View all requests (https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/VVybj=
-2DYR7vW75Xvyx4k-qvdVVm64t4WW9hmN5q1hjt3pdqSV1-WJV7CgChJW6dnJGv4fXGZ-W7YXql=
v2pnlxsW4nB1nK4Dp0L7W2P1gT36BxxCYW6Tkrq583_hkpVtlfmQ10WxTHW8LkH4C5P0-0nW1zn=
BcR6Y0Y9WW6ll6QQ8cqhjlW2FcLXB856nfLW4TH_Xg3LwF2xW83_PX261WLl6W7WDVfV75-pmDN=
2L9lHmpMgrBW9bmLvd3R-RhLW3ZNyyK2FqdtBW95hKtB2gH_M3W6-fLN-4Kf1VhW4q-_w58MwJJ=
9W1_8gz13pQ_Dl3bdw1 )

Allan Stone Dies

Allan Stone died in 2006. In 2007, Stone=E2=80=99s heirs held an auction th=
at included five works by Thiebaud. That helped contribute to the $19 milli=
on Thiebaud total that year.

Auction markets are driven by demand but also supply. When good Thiebauds c=
ome to market, buyers respond. The heirs held another sale in 2011 that inc=
luded 18 Thiebauds. All but one sold for $27.5 million. In the second Stone=
 sale, Pies from 1961 set a new record price at $4 million (https://email02=
.liveart.io/e3t/Ctc/DO+113/d2xBdp04/VVybj-2DYR7vW75Xvyx4k-qvdVVm64t4WW9hmN5=
q1hk33pdrrV1-WJV7CgZ-xW2hQbtM65WWCsW5sy9ry2w5zH_W40BxCY7Mw_5rW4fK55C1wvyr8W=
9kxnC14hyLFdW81GTj27_ZLMyW8YwxwB7vt2m1W20vMcn5dKKBfW5fmWnj7hBrJpW7DRpc92CGl=
CZW3KhLhD7B9CntW3K2Rfg3WmtXNVWwV0X7yDD4MW2bclW-24Smk7W8SxjHy4Hq542N2qYsMmNf=
jxjW5fzs-t5F0kw-W6CNVJG3-BpLfW1RgvZT2ft9nLW5qmP_M3S_vJzW5Fy7qG1J-GP6W7KR_C4=
3CMr4ZW3PG6444zXkfkW58JcN22vvnxS2V71 )  and Four Pinball Machines (study) f=
rom 1962 made $3.6 million (https://email02.liveart.io/e3t/Ctc/DO+113/d2xBd=
p04/VVybj-2DYR7vW75Xvyx4k-qvdVVm64t4WW9hmN5q1hkm3pdrLV1-WJV7CgLFfVdnYFF5Jj-=
FRW6gHT8B4lzM79VhX1GJ702_c8W4k1lNz4wZp1GW13cNfz6SxBvcW3FVsHT7kNP9rW5YXKGf7r=
Lw72W1nzY8d3TlK8YN4qMWvXF5JF0W4ndC7l6fYfpCW4tX-D26tQ7QMW6flyd83TwFzNW4q1g7p=
6jn_zbW5xmkvF6qvdytW2n38gv15QyT2W1TV0Qm4jMxwYN9jnWSmjXdjkW50TbPn8VDwhBW90Ww=
bJ4FxkFbW4KXn541GPlBFW7ltHBl2Tlk6DVBpGD4797nK3W4tSM8C7zXN-fW61yhyH51_pRLW2Z=
jlQy1vkjW3W97spSn4fCflQ3ph81 ) . There were other multi-million dollar Thie=
bauds in that sale. All together in 2011, 35 works were sold with a total o=
f $40 million for the year. It would take until 2022 to surpass that figure=
 again.

Selling so much work in one year would tax any artist=E2=80=99s market. On =
the private side, Thiebaud switched dealers after the death of his son Paul=
 in 2010 who had taken over from Allan Stone in 2006. In 2011, the Acquavel=
la family took over representation. The gallery=E2=80=99s stature helped si=
gnal to the collecting community that Thiebaud was taken seriously by serio=
us collectors. Still, the Acquavellas had to show that Thiebaud was more th=
an just the =E2=80=9Cpie guy.=E2=80=9D

And they did=E2=80=94by holding shows focused on Thiebaud=E2=80=99s portrai=
ts, landscapes, cityscapes and other still lives. Acquavella also took a pa=
ge from Allan Stone=E2=80=99s book and showed Thiebaud alongside Richard Di=
ebenkorn, another artist with a plangent reputation but a muted market. Die=
benkorn had once been underestimated as a =E2=80=9CCalifornia=E2=80=9D arti=
st too. (Christie=E2=80=99s would supercharge the Diebenkorn market in 2018=
 when it sold a collection of 22 works for $43 million.)

Few may have understood that C=C3=A9zanne lay at the bottom of Thiebaud=E2=
=80=99s practice but the market had a paradoxical approach to his work: he =
was limited by the success of the pies but that was the work the market val=
ued, especially the early work. Until 2010, the auction market was dominate=
d by works from the early 60s with occasional works from the 70s and 80s.

Szabolcs Boz=C3=B3 (https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/VVyb=
j-2DYR7vW75Xvyx4k-qvdVVm64t4WW9hmN5q1hk33pdrrV1-WJV7CgRvXW19lMvf4SZj4BW4qXg=
054y2WTsW8gflCJ4V5KpmW3dV738390yJnW6lZCJJ7RlzmLN1mdpRNqy6FlW2zy7DW8vWP0NW1t=
j9DH1_cDfqW13q4jb2DHBtlW6yLzKn32sq95W34Pm4m45wMd-W4D8gDB7mlzTdW7Y1j3f4hPHxx=
W20QRTy2qnKjXW668S924tQCjTW4HVcf52-YQ0XW5KYfxW6v14pdN8NFQdmw5FtDW7S6sbm8sQr=
wRW6RtCsh12Q601W34F7LY4vmq_6N402nl3D8d5GW1HfkXD2pMlgzW4dKC5L8Y4j0Y3psZ1 )

Shannon Cartier Lucy (https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/VV=
ybj-2DYR7vW75Xvyx4k-qvdVVm64t4WW9hmN5q1hjN3pdr7V1-WJV7CgK_dW5RlZj41Y9wNwW7y=
lc5l3p43PpW19j5q97YjzYSW199l__5fRX3cW24ZBqf6vwFxrW45RJF22kR46TW6CY5YM1Bmq5D=
VzC7nJ3mrMF3N8qBftwnBYwLW5_YTSL26KgNkW926Lx_8SjjR6W4Sng7H4fmn6rW7YSnH_6l9FZ=
KVK6XDw642KxbW3fHsX03ddYzqW8LZrfQ4r2Xr4N32xvjZR3CkFW7BXxbg64by4NW3Qb59645Tt=
w_W2DVdJG2r2S9gW7fGpGN8tkbVRN89nKBZBnN_F35fg1 )

View all requests (https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/VVybj=
-2DYR7vW75Xvyx4k-qvdVVm64t4WW9hmN5q1hjt3pdqSV1-WJV7CgChJW6dnJGv4fXGZ-W7YXql=
v2pnlxsW4nB1nK4Dp0L7W2P1gT36BxxCYW6Tkrq583_hkpVtlfmQ10WxTHW8LkH4C5P0-0nW1zn=
BcR6Y0Y9WW6ll6QQ8cqhjlW2FcLXB856nfLW4TH_Xg3LwF2xW83_PX261WLl6W7WDVfV75-pmDN=
2L9lHmpMgrBW9bmLvd3R-RhLW3ZNyyK2FqdtBW95hKtB2gH_M3W6-fLN-4Kf1VhW4q-_w58MwJJ=
9W1_8gz13pQ_Dl3bdw1 )

The Acquavella Effect

Since Acquavella took over, the auction market has seen a wider appetite fo=
r works from all periods, including the 21st Century. Over time, pricing ha=
s shifted from year of creation to imagery and size. Thiebaud is fairly uni=
que among artists in that his work repeats subject matter over many decades=
 without an obvious change of style. In 2013, the 4-foot-by-5-foot Two Jack=
pots painted in 2005 sold at auction for a new record price of $6.3 million=
. The buyer was happy to ignore the date because the work looked and felt l=
ike Thiebaud of the highest quality. It helped that the picture was large t=
oo.

It would take another six years before that price was beaten again. Again, =
it was by a 21st Century picture. Sotheby=E2=80=99s sold the 4x6-foot Encas=
ed Cakes from 2011 for $8.4 million in 2019. The buyer didn=E2=80=99t hold =
it long. They sold two-and-a-half years later at Poly Auction in Hong Kong =
for $10 million (https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/VVybj-2=
DYR7vW75Xvyx4k-qvdVVm64t4WW9hmN5q1hkm3pdrLV1-WJV7CgD1wN4Lm5sCSpmyMW6WQXK-36=
D0zXW94cpgj41bNytM9x4b7D7zmlVg1mf179JtkFW37FfzY1wFf44W6W4NqK1GMXSgVBcCH_4s3=
6wTW8WG2Yv9fcsTMW4Zy1QP8MYPLbW3BKQ8C6sv3n4W8bST8b6wLFsRVb9gXb7-zKr6W805XbN5=
4rwRsW7XcFj23pJBrPW7Trs7W3XB05GW1VF-G922KKLFW8zQlPn1zg7v5W15T-lM1JBLQ5W2JV9=
mK7nxf42V18xbR8gkMknW8Ww4f37q2mqGW87Bg4J5v-PbVW4QvnrC88ywRYW1vvvFV3K7_JhVwt=
R7_8j4PFg38Z31 ) .

The sale is significant for a couple of reasons. First, Poly=E2=80=99s prim=
ary constituency is Mainland Chinese collectors. The sale shows that Asian =
collectors have Thiebaud on their wishlist and they=E2=80=99re willing to p=
ay a premium (even for a work so recently sold.) Second, the $10 million pr=
ice coupled with $8.4 million paid for one of the artist=E2=80=99s Wimbledo=
n pictures (https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/VVybj-2DYR7v=
W75Xvyx4k-qvdVVm64t4WW9hmN5q1hk33pdrrV1-WJV7CgGfXW1mfLrk2Lhv-wN6FJBmff7wsSN=
386vvT60dVcN7VLQGQLCfCyW6jyrFq8bSS7QW7MpwDx7JyZjhW6256SN5L8Rw0W7g519g7pHZv_=
W3R900_7pg8qpW2NTrTw3_Dr4VW76p7Y66VqqX9W3Qrzml5P_JhxW7d5pZm4tlJCQW74-_SR6_F=
rw1W8mT9Rk3W1xTxW227H4_5bc7ZPVXCQgd7ZqGxdW53rkB-2XxqMKW8gMBHs9bhnXKW8s8P354=
kQYyWW6NYmD74RsR9_W3QGn9T7tVXbJW3RXj7B73cCrDW4QVzrN1Z6FmT3gmD1 ) , Toweling=
 Off from 1968 the year before were strong confirmation prices against the =
stunning record price of $19 million set in 2020 for Four Pinball Machines =
from 1962.

Wayne Thiebaud auction sales shown on a log scale for visibility. Works are=
 color coded by decade of creation. After 2010, a greater number of works f=
rom later decades have sold at auction and for prices at the same level as =
works from the 1960s.

The Pinball Effect

Nearly six-feet square and from the seminal year of 1962 (https://email02.l=
iveart.io/e3t/Ctc/DO+113/d2xBdp04/VVybj-2DYR7vW75Xvyx4k-qvdVVm64t4WW9hmN5q1=
hkm3pdrLV1-WJV7CgVlwW8Vlpl56_BPcNW2VwWvn7WMlT2W7mCWJh6kyjpnVlSmZg310d9nVWG3=
Dm4sXPVHW5gDG9D52R82QW4RXVQD25T3ZyW4pfwys6gjF7cW4Fd73s63qnM7W83_MYd7DBg2DW1=
dz4_266DkTSW773D4r3T4cGsW994Lky21lKm_W8wxJ8637HGCLW7g6yLn3j2ZYLW17r57Q5-NpS=
hW1v908Z78Zg-4Vnc1d850jRqPW4F6JJM24vXcWW5vLtwr2ddcH4W3NW9-42FkrK7W7T2MtY6RF=
HG2W92kbg545fHWVW116JSq1THT3RW1lRPtv8CT-YkW6kBlDH5qG3QG342d1 ) , Four Pinba=
ll Machines ticks every box of art market value. The seller was California =
investment manager Ken Siebel who purchased the work from developer and lan=
downer Donald Bren. Bren had bought the painting in the wake of the Whitney=
=E2=80=99s Thiebaud retrospective (https://email02.liveart.io/e3t/Ctc/DO+11=
3/d2xBdp04/VVybj-2DYR7vW75Xvyx4k-qvdVVm64t4WW9hmN5q1hk33pdrrV1-WJV7CgTm7W7K=
c6z75-x-qBW7fD3RH84f0bDW1x9fnZ5Mb3-wW37Pjpd67BH4xW5z5T6S4bqhpdVMlRXt8d6dp4N=
51GZ3DCV9sDW7XN8s_5NCbJyW1_8-1k8cZ508N6jVbVsxrQ01W5L3Npq4hSv-KN8Gc3mWW2T7QW=
2BcmZh54M7K3W6Whbpz3795HqW2xtgpL1yJpzwW4GRGRQ2zhQtbW7KwXJS8JM2whVtnxtX67ZQ9=
2N1wcf6GCdh4WW371HQM8RdV4YW6hY-JP33dmnpW7sP-R_6wBcgQW1Yy9Yt8R1LStN7NJK8Zs67=
Wm3bVx1 )  which featured Four Pinball Machines as the opening work of the =
exhibition. He sold to the Siebels not long after.

Like the artist himself, the painting is more than a nostalgic evocation of=
 American popular culture. The pinball machines depicted reference Thiebaud=
=E2=80=99s contemporaries, Jasper Johns and Frank Stella; the work foreshad=
ows the collapse of high and low culture while still projecting the kind of=
 wallpower collectors and institutions crave.

More important for the overall growth of the Thiebaud market, since 2017 tw=
ice as many works have sold in the $3-5 million price band than in the prev=
ious six year period. Seven times as many works have sold above $5 million =
in the last three years than ever before.

With substantial museum representation now, growing interest from museums a=
broad like the Beyeler, and rising value for his works, Thiebaud has the po=
tential to provide market leadership in the future. His market will need mo=
re infrastructure but Acquavella now represents the artist=E2=80=99s founda=
tion. Last year, $53 million in Thiebaud=E2=80=99s work sold at auction. Th=
at places Thiebaud 41st in market share, well below Gerhard Richter who sol=
d four times as much and sits at number 8. With the right market infrastruc=
ture and continuing visibility in museums around the world, there=E2=80=99s=
 plenty of room to grow.

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keomXnIG4fc_4sZr-gYTovkuRWUXiaWvWREU9wEZZVz)

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r:#EEEEEE;line-height:1px;max-height:0px;max-width:0px;opacity:0;overflow:h=
idden;">The Fondation Beyeler show is just the first step in his growing gl=
obal reputation. With recent record prices, can a big market follow?</div>
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04/VVybj-2DYR7vW75Xvyx4k-qvdVVm64t4WW9hmN5q1hj95nCT_V3Zsc37CgW4bW6nZ5YK6mwH=
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table-lspace:0pt; mso-table-rspace:0pt"><tbody><tr><td class=3D"hs_padded" =
style=3D"border-collapse:collapse; mso-line-height-rule:exactly; font-famil=
y:Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; =
padding:10px 20px"><div id=3D"hs_cos_wrapper_module_16760526734682" class=
=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=
=3D"color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-=
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exactly; color:#ff24ff; font-weight:bold; font-style:italic" rel=3D"noopene=
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                    <a href=3D"https://email02.liveart.io/e3t/Ctc/DO+113/d2=
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=09
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e=3DWayne%20Thiebaud.png" style=3D"outline:none; text-decoration:none; -ms-=
interpolation-mode:bicubic; border:none; max-width:100%; font-size:16px" wi=
dth=3D"560" align=3D"middle" srcset=3D"https://email02.liveart.io/hs-fs/hub=
fs/Wayne%20Thiebaud.png?upscale=3Dtrue&amp;width=3D1120&amp;upscale=3Dtrue&=
amp;name=3DWayne%20Thiebaud.png 560w, https://email02.liveart.io/hs-fs/hubf=
s/Wayne%20Thiebaud.png?upscale=3Dtrue&amp;width=3D2240&amp;upscale=3Dtrue&a=
mp;name=3DWayne%20Thiebaud.png 1120w" sizes=3D"(max-width: 560px) 100vw, 56=
0px">
               =20
                    </a>
               =20
            </td>
        </tr>
    </tbody>
</table></div>
<table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D"1=
00%" style=3D"border-spacing:0 !important; border-collapse:collapse; mso-ta=
ble-lspace:0pt; mso-table-rspace:0pt"><tbody><tr><td class=3D"hs_padded" st=
yle=3D"border-collapse:collapse; mso-line-height-rule:exactly; font-family:=
Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; pa=
dding:10px 20px"><div id=3D"hs_cos_wrapper_module_16754572759221" class=3D"=
hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"c=
olor: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-gener=
al-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"hs_cos_wrapper_mo=
dule_16754572759221_" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_=
wrapper_type_rich_text" style=3D"color: inherit; font-size: inherit; line-h=
eight: inherit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"ri=
ch_text"><p style=3D"mso-line-height-rule:exactly; line-height:175%">The ma=
rket for <span style=3D"font-weight: bold;">Wayne Thiebaud</span>=E2=80=99s=
 art has taken a significant upwards turn in the last five years. Although =
the artist died at the age of 101 on Christmas Day in 2021, the rise in Thi=
ebaud prices seems unconnected to his death. With the opening of&nbsp;<a hr=
ef=3D"https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/VVybj-2DYR7vW75Xvy=
x4k-qvdVVm64t4WW9hmN5q1hk33q3nJV1-WJV7CgNVcW3cz_j832vQVpW22dDh_10rrClW6Ycbv=
C4CP6T5W2g0td66h9Z4XW8y8Lf87rq-87W59Z8Fd5N6NXjW3yjh5k5GR950W9kqPBf5TjtYfW1F=
44xW8bLpb7VmDvKt2nXnVpTRnq-3cHQkSW4FK-7p2Xm5QWW3Mr5tW8L0gBZW75Ntkq1f3Jd1W4F=
r5yp4j-8JXV88-hK9cXPmYW4QyMsz4_BDmrW2QtTXm8qz78hW84sspM6T0X9WW2vbXZb42hJ9kW=
3C69Bw2YfVbsW6h8Z7g97rZMjW8-HtYs4TlcNHW4XRj3N19GngX3bl21" style=3D"mso-line=
-height-rule:exactly; color:#ff24ff; font-weight:bold" data-hs-link-id=3D"0=
" target=3D"_blank">an important retrospective at the influential Fondation=
 Beyeler</a>, it is worth taking a look back at the market for this quintes=
sentially American painter.&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">For far too lon=
g, the mormon-raised Thiebaud has been treated as a novelty or a regional a=
rtist, anything but the major painter that he is. After an apprenticeship w=
ith Walt Disney, Thiebaud became a cartoonist and designer before becoming =
a teacher. For 30 years, the artist was a professor at the University of Ca=
lifornia in Davis.&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">During the mid-=
1950s, Thiebaud took leave and moved to New York. Spurred on by a conversat=
ion with <span style=3D"font-weight: bold;">Willem de Kooning</span>, who t=
old him he had to find something he really knew about and was really intere=
sted in to pursue both as style and subject matter, he decided to take hims=
elf seriously as a painter.&nbsp;</p></div></div></td></tr></tbody></table>
<div id=3D"hs_cos_wrapper_module_16742516258211" class=3D"hs_cos_wrapper hs=
_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"color: inherit; fo=
nt-size: inherit; line-height: inherit;" data-hs-cos-general-type=3D"widget=
" data-hs-cos-type=3D"module">
=09
<table class=3D"hse-image-wrapper" role=3D"presentation" width=3D"100%" cel=
lpadding=3D"0" cellspacing=3D"0" style=3D"border-spacing:0 !important; bord=
er-collapse:collapse; mso-table-lspace:0pt; mso-table-rspace:0pt">
    <tbody>
        <tr>
            <td align=3D"center" valign=3D"top" style=3D"border-collapse:co=
llapse; mso-line-height-rule:exactly; font-family:Arial, sans-serif; color:=
#000000; word-break:break-word; text-align:center; padding:0px 20px 10px; f=
ont-size:0px">
               =20
                    <a href=3D"https://email02.liveart.io/e3t/Ctc/DO+113/d2=
xBdp04/VVybj-2DYR7vW75Xvyx4k-qvdVVm64t4WW9hmN5q1hkm3q3n_V1-WJV7CgZZmW62hMg6=
7R3MxhW4LVpmf4mtsKXV3y0v75Cm1z7W7vYBTk3w1lgwW2vr51Y9gdnfkW2Hkxh_2thDzlN5Blc=
Q0pGVWGW4G06pm1XGdhPW5rNmVW6wMGmHN9g2bd6g-6Q-W7YP3r-5BjttlW5pG04b3X-tQXW3dM=
RTC96vhwjW5wpp-P8g8fGLW7cSlNS1C4DygW1ySbc-6DdSTrW44L-fN2hlpF7W8TcRjw94Jj6YW=
23Vnm88GCwJkW6tWjTb5skp1hW5Y3bGc84SVpHW6lx5nT5Lcq7cVZcDnG5gsCg8W1zlm7W7WyCS=
hW2QRl8q78nLtnW6n8XW41y2qz235T-1" target=3D"_blank" style=3D"color:#00a4bd;=
 mso-line-height-rule:exactly" data-hs-link-id=3D"1">
               =20
                <img alt=3D"WayneThiebaud_Two_Paint_Cans_LAC_300x206mm" src=
=3D"https://email02.liveart.io/hs-fs/hubfs/WayneThiebaud_Two_Paint_Cans_LAC=
_300x206mm.jpg?width=3D1120&amp;upscale=3Dtrue&amp;name=3DWayneThiebaud_Two=
_Paint_Cans_LAC_300x206mm.jpg" style=3D"outline:none; text-decoration:none;=
 -ms-interpolation-mode:bicubic; border:none; max-width:100%; font-size:16p=
x" width=3D"560" align=3D"middle" srcset=3D"https://email02.liveart.io/hs-f=
s/hubfs/WayneThiebaud_Two_Paint_Cans_LAC_300x206mm.jpg?upscale=3Dtrue&amp;w=
idth=3D1120&amp;upscale=3Dtrue&amp;name=3DWayneThiebaud_Two_Paint_Cans_LAC_=
300x206mm.jpg 560w, https://email02.liveart.io/hs-fs/hubfs/WayneThiebaud_Tw=
o_Paint_Cans_LAC_300x206mm.jpg?upscale=3Dtrue&amp;width=3D2240&amp;upscale=
=3Dtrue&amp;name=3DWayneThiebaud_Two_Paint_Cans_LAC_300x206mm.jpg 1120w" si=
zes=3D"(max-width: 560px) 100vw, 560px">
               =20
                    </a>
               =20
            </td>
        </tr>
    </tbody>
</table></div>
<table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D"1=
00%" style=3D"border-spacing:0 !important; border-collapse:collapse; mso-ta=
ble-lspace:0pt; mso-table-rspace:0pt"><tbody><tr><td class=3D"hs_padded" st=
yle=3D"border-collapse:collapse; mso-line-height-rule:exactly; font-family:=
Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; pa=
dding:10px 20px 15px"><div id=3D"hs_cos_wrapper_module_16609334467646" clas=
s=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=
=3D"color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-=
general-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"hs_cos_wrapp=
er_module_16609334467646_" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs=
_cos_wrapper_type_rich_text" style=3D"color: inherit; font-size: inherit; l=
ine-height: inherit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=
=3D"rich_text"><p style=3D"mso-line-height-rule:exactly; line-height:175%">=
<strong>The Pie Guy</strong></p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">Following de Ko=
oning=E2=80=99s advice, =E2=80=9CI took the canvas and made some ovals, thi=
nking about <span style=3D"font-weight: bold;">C=C3=A9zanne</span>=E2=80=94=
the cube, the cone and the sphere=E2=80=94and put some triangles over them =
and thought, well, that maybe could represent a pie on a plate,=E2=80=9D he=
 told&nbsp;<a href=3D"https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/VV=
ybj-2DYR7vW75Xvyx4k-qvdVVm64t4WW9hmN5q1hkZ3q3pBV1-WJV7CgZRZW5JlTTt3t3FjSW2j=
ZNJ18ykWTPW6-HDPp4FRMxmW32-fD87TJTKdW5lsCrR1PwrQrW7QW8NM4Jg-7_V1hbnP6DGRkQW=
2Cw7FP2PjZH5W3PZnR95chMbHN4h6VW_2cHVwW8D0fVp1T5d2MW8fkGXM6z8_SKW2mK45V8K0Y-=
-W5VK_666ZYV5VN2h6pnHN0x_dW3xgxqs4pwfQSW76KrtY345frrW9cV9356h66-TW75QPxn1K7=
hvyW6TGFvX1W54w-MQS3Fjtd2FJW6h_yQF4prXvpW7vybV52v2sMbVtxKWQ6jqzFzW4H_Dc16y9=
YPFN3PbHLH3bC6ZVJ-wtT8rrWRYW6sP_xw6zGK1QW8KMrxp3rwBdmVGGnND1svwzk3bLn1" sty=
le=3D"mso-line-height-rule:exactly; color:#ff24ff; font-weight:bold" rel=3D=
"noopener" data-hs-link-id=3D"0" target=3D"_blank">Jason Edward Kaufman in =
an interview that appears in the catalogue for the Beyeler show.</a>&nbsp;=
=E2=80=9CI said, alright, I=E2=80=99ll go ahead with this and I=E2=80=99ll =
make them into pies. I was really enjoying myself=E2=80=A6 and as I finishe=
d, I looked at it, and said, my god I just painted a bunch of pies. That=E2=
=80=99s going to be the end of me as a serious painter.=E2=80=9D</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">It wasn=E2=80=
=99t the end of him as a painter but it did stand in the way of many artist=
s taking him seriously. When Thiebaud joined <span style=3D"font-weight: bo=
ld;">Allan Stone</span>=E2=80=99s gallery for his first show in 1962, the d=
ealer was heavily involved in representing Abstract Expressionists. Suppose=
dly Barnett Newman had organized Stone=E2=80=99s other artists to deliver a=
n ultimatum, =E2=80=9Cget rid of the pie guy.=E2=80=9D But the dealer had a=
lready become entranced by Thiebaud=E2=80=99s work.&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">After their fir=
st meeting, Thiebaud left several un-stretched paintings with Stone which t=
he dealer decided to display in his apartment among his AbEx works by de Ko=
oning and others. =E2=80=9CI noticed these things really held their own,=E2=
=80=9D he says in a documentary made by his daughter. =E2=80=9CYou put a Th=
iebaud next to a de Kooning, Thiebaud wasn=E2=80=99t going anywhere.=E2=80=
=9D&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">From 1962 until=
 his death in 2006, Allan Stone was Thiebaud=E2=80=99s dealer and stood at =
the center of his market. Although Thiebaud would not receive a major New Y=
ork retrospective until 2000 when he was 80 years old, Stone was able to se=
ll important works to clients and influential collectors like <span style=
=3D"font-weight: bold;">Larry Aldrich</span>, <span style=3D"font-weight: b=
old;">Joseph Hirshhor</span>n, <span style=3D"font-weight: bold;">Carter Bu=
rden</span>, <span style=3D"font-weight: bold;">Leon</span> <span style=3D"=
font-weight: bold;">Krashaur</span> and <span style=3D"font-weight: bold;">=
Robert</span> <span style=3D"font-weight: bold;">and</span> <span style=3D"=
font-weight: bold;">Beatrice</span> <span style=3D"font-weight: bold;">Maye=
r</span>.&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">There were some=
 significant auction sales in the 80s. A depiction of heart cakes sold for =
$605,000; and a painting of cliffs made $495,000. In 1988, total sales at a=
uction broke $1 million. The next year they shot up to $1.69 million before=
 retreating for nearly a decade.&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">By the end of t=
he 1980s, Stone had sold a work to the <span style=3D"font-weight: bold;">N=
ational Gallery</span> for a million dollars, an important milestone. Then,=
 in 1997, a divorce brought a major work from Thiebaud=E2=80=99s first show=
 in 1962,&nbsp;<em>Bakery Counter,</em>&nbsp;to auction. Famed collector <s=
pan style=3D"font-weight: bold;">Hunk Anderson</span> had tried to buy&nbsp=
;<em>Bakery Counter</em>&nbsp;privately but was put off by the $100,000 ask=
ing price. He would later pay more than that for a work depicting pinball m=
achines.&nbsp;<em>Bakery Counter</em>&nbsp;was offered with a half-million =
dollar estimate. At the end of the bidding, it had sold for $1.7 million. T=
he buyer, <span style=3D"font-weight: bold;">Barney Ebsworth</span>,&nbsp;<=
a href=3D"https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/VVybj-2DYR7vW7=
5Xvyx4k-qvdVVm64t4WW9hmN5q1hkm3q3n_V1-WJV7CgQMGW29Wl3P3f5mDxW81w0Dh4hZK8nW7=
R4gm35g_KvXW5ycMwc1WlXQ8N7tcLN2cmCFjN8Lc1PtVsd20W7lQx9W7MMqNZW5-fWtr5yqgNlW=
7qvmj55QVct0W8lmxqb13b6TYW7ymx1763CDK9W8Bbcbl8zkKl0W1sYLfc4VmcnQW3pY7p577m9=
-BW13v6kn30wLqvW6RNxb160nRsdW2RvKSG6mrWXFW6Klh2J3YFVrBW8z9P3N185D-nW1_8pZm7=
p_X5RW1LMf6D4z2MsqW5NGktV91n0QvVLp1_68xYbDLW1GqXBN3vKzGZW15XnWc6-_yLYW8J7mc=
s4Rrg2J3n5L1" style=3D"mso-line-height-rule:exactly; color:#ff24ff; font-we=
ight:bold" data-hs-link-id=3D"0" target=3D"_blank">went out of his way to t=
ell the consignor</a>&nbsp;after the sale that he would have paid more for =
the painting.&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">In 1997, Thieba=
ud=E2=80=99s auction total was $2.2 million based mostly on the&nbsp;<em>Ba=
kery Counter&nbsp;</em>sale. In 2001,&nbsp;<a href=3D"https://email02.livea=
rt.io/e3t/Ctc/DO+113/d2xBdp04/VVybj-2DYR7vW75Xvyx4k-qvdVVm64t4WW9hmN5q1hk33=
q3nJV1-WJV7CgR5BVc6K8q2n2f0gW7XDNHL32r_W5VwTl1M5XwdkdW940Nnr2LzKLmN2smf9DMs=
xKGW89rtC96H8V86W50ctN59hS2tMW5mFqcH7Gq8tkW92DKHG7m9bKgW3xvnjq3_fB2QW5SqCMd=
12j-zYW7Fv7cb2MHj_MN6yQ7F_r2SypVj66yc3kVhP4N74-rCQ5rFBjW17qRpH1YQ8KlW7ncn6Y=
7dScVJW3pzHwQ5Jk2qLW1_JDKN2zNCr5W6X2GDh6V-fy8V57nt819nZSHW3HcRsy8G4w6MW2Kwx=
dx2_FygYW7hqLL53hxcmn3n9B1" style=3D"mso-line-height-rule:exactly; color:#f=
f24ff; font-weight:bold" data-hs-link-id=3D"0" target=3D"_blank">the Whitne=
y=E2=80=99s retrospective</a>, put together by <span style=3D"font-weight: =
bold;">SFMoMA</span>, helped collectors take Thiebaud a little more serious=
ly. Buyers spent $1.4 million at auction in 2000 and $5 million in 2002. Bu=
t the market would have to wait until 2006 for total auction sales to top t=
hat again at $6 million.&nbsp;</p></div></div></td></tr></tbody></table>
<table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D"1=
00%" style=3D"border-spacing:0 !important; border-collapse:collapse; mso-ta=
ble-lspace:0pt; mso-table-rspace:0pt"><tbody><tr><td class=3D"hs_padded" st=
yle=3D"border-collapse:collapse; mso-line-height-rule:exactly; font-family:=
Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; pa=
dding:10px 20px"><div id=3D"hs_cos_wrapper_module_167165342448814" class=3D=
"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"=
color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-gene=
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get" data-hs-cos-type=3D"module">
=09
<table class=3D"hse-image-wrapper" role=3D"presentation" width=3D"100%" cel=
lpadding=3D"0" cellspacing=3D"0" style=3D"border-spacing:0 !important; bord=
er-collapse:collapse; mso-table-lspace:0pt; mso-table-rspace:0pt">
    <tbody>
        <tr>
            <td align=3D"center" valign=3D"top" style=3D"border-collapse:co=
llapse; mso-line-height-rule:exactly; font-family:Arial, sans-serif; color:=
#000000; word-break:break-word; text-align:center; padding:10px 20px; font-=
size:0px">
               =20
                    <a href=3D"https://email02.liveart.io/e3t/Ctc/DO+113/d2=
xBdp04/VVybj-2DYR7vW75Xvyx4k-qvdVVm64t4WW9hmN5q1hk33q3nJV1-WJV7CgNBzW7lnDMf=
8djXThW5-yJL-91Y119N6GPsgKmxSpTW2BY82N2JbmCzW6l7GXH7X03d_N3cR9KH_gX1zW8TyYJ=
g8FJj7xW4_nk1S87YYMKW4_7Dcb4HzBChVw0Qzw2p6Jp3W9ckSpz1kmP6-W1pXP-F5gSd2vW1rs=
WtH2khzWkN3Vsw0HZQWZZW7gVfb28wkdKHW6mMrJh7-pMS8W2SfyR48QSnxxW6QfGCP2GTpG_W1=
69RJc22FYxtW8sDYqH1CwZygW7S8q_k4nZgG0W6r2N2K9bnvW7W2gXxVD1t4ZzdVhsXRh1Y4hWC=
3gXM1" target=3D"_blank" style=3D"color:#00a4bd; mso-line-height-rule:exact=
ly" data-hs-link-id=3D"0">
               =20
                <img alt=3D"Takashi Murakami" src=3D"https://email02.livear=
t.io/hs-fs/hubfs/4-Feb-10-2023-06-49-04-6328-PM.png?width=3D520&amp;upscale=
=3Dtrue&amp;name=3D4-Feb-10-2023-06-49-04-6328-PM.png" style=3D"outline:non=
e; text-decoration:none; -ms-interpolation-mode:bicubic; border:none; max-w=
idth:100%; font-size:16px" width=3D"260" align=3D"middle" srcset=3D"https:/=
/email02.liveart.io/hs-fs/hubfs/4-Feb-10-2023-06-49-04-6328-PM.png?upscale=
=3Dtrue&amp;width=3D520&amp;upscale=3Dtrue&amp;name=3D4-Feb-10-2023-06-49-0=
4-6328-PM.png 260w, https://email02.liveart.io/hs-fs/hubfs/4-Feb-10-2023-06=
-49-04-6328-PM.png?upscale=3Dtrue&amp;width=3D1040&amp;upscale=3Dtrue&amp;n=
ame=3D4-Feb-10-2023-06-49-04-6328-PM.png 520w" sizes=3D"(max-width: 260px) =
100vw, 260px">
               =20
                    </a>
               =20
            </td>
        </tr>
    </tbody>
</table></div>
</div>
<!--[if gte mso 9]></table><![endif]-->
<!--[if (mso)|(IE)]></td><![endif]-->
<!--[if (mso)|(IE)]>
  <td valign=3D"top" style=3D"width:300px;">
<![endif]-->
<!--[if gte mso 9]>
  <table role=3D"presentation" width=3D"300" cellpadding=3D"0" cellspacing=
=3D"0" style=3D"border-collapse:collapse;mso-table-lspace:0pt;mso-table-rsp=
ace:0pt;width:300px">
<![endif]-->
<div id=3D"column_1673632378845_1" class=3D"hse-column hse-size-6">
  <div id=3D"hs_cos_wrapper_module_167363278165417" class=3D"hs_cos_wrapper=
 hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"color: inherit;=
 font-size: inherit; line-height: inherit;" data-hs-cos-general-type=3D"wid=
get" data-hs-cos-type=3D"module">
=09
<table class=3D"hse-image-wrapper" role=3D"presentation" width=3D"100%" cel=
lpadding=3D"0" cellspacing=3D"0" style=3D"border-spacing:0 !important; bord=
er-collapse:collapse; mso-table-lspace:0pt; mso-table-rspace:0pt">
    <tbody>
        <tr>
            <td align=3D"center" valign=3D"top" style=3D"border-collapse:co=
llapse; mso-line-height-rule:exactly; font-family:Arial, sans-serif; color:=
#000000; word-break:break-word; text-align:center; padding:10px 20px; font-=
size:0px">
               =20
                    <a href=3D"https://email02.liveart.io/e3t/Ctc/DO+113/d2=
xBdp04/VVybj-2DYR7vW75Xvyx4k-qvdVVm64t4WW9hmN5q1hk33q3nJV1-WJV7CgLnKW5D2P-x=
97K9PfW6C9bCQ4Y5kNnW76Yg9w3Z9vDRW8qV6wX9chlmkW6PlxVp1403NQW2qZQqb9b-N7kW3Cs=
1vJ6-KCdXW35STLH49bQjrW7h5NcR2pGtQmW8FS-9L2NFvHTVHdG6B1XDmLTW4PQlsg1H84SmW7=
2Sb5W44C8LQW7ZhKPs47cDf7W5kXNv64C-dm0W5t24Xc13Bt7vVzkWj83DNjWFW9chFWZ7fsbv8=
W6YZxyp6dT2SvW51-g428zbLLWW2_J17D1Dhqc_W8hhFq-5yhNtwW1cdWzf7125FCW56-P485kj=
TpC36b51" target=3D"_blank" style=3D"color:#00a4bd; mso-line-height-rule:ex=
actly" data-hs-link-id=3D"0">
               =20
                <img alt=3D"Peter Halley" src=3D"https://email02.liveart.io=
/hs-fs/hubfs/2-Feb-10-2023-06-49-04-5440-PM.png?width=3D520&amp;upscale=3Dt=
rue&amp;name=3D2-Feb-10-2023-06-49-04-5440-PM.png" style=3D"outline:none; t=
ext-decoration:none; -ms-interpolation-mode:bicubic; border:none; max-width=
:100%; font-size:16px" width=3D"260" align=3D"middle" srcset=3D"https://ema=
il02.liveart.io/hs-fs/hubfs/2-Feb-10-2023-06-49-04-5440-PM.png?upscale=3Dtr=
ue&amp;width=3D520&amp;upscale=3Dtrue&amp;name=3D2-Feb-10-2023-06-49-04-544=
0-PM.png 260w, https://email02.liveart.io/hs-fs/hubfs/2-Feb-10-2023-06-49-0=
4-5440-PM.png?upscale=3Dtrue&amp;width=3D1040&amp;upscale=3Dtrue&amp;name=
=3D2-Feb-10-2023-06-49-04-5440-PM.png 520w" sizes=3D"(max-width: 260px) 100=
vw, 260px">
               =20
                    </a>
               =20
            </td>
        </tr>
    </tbody>
</table></div>
</div>
<!--[if gte mso 9]></table><![endif]-->
<!--[if (mso)|(IE)]></td><![endif]-->
    <!--[if (mso)|(IE)]></tr></table><![endif]-->
    </div>
  =20
  </div>
  <div id=3D"section_1671653389034" class=3D"hse-section" style=3D"padding-=
left:10px; padding-right:10px">
   =20
   =20
    <!--[if !((mso)|(IE))]><!-- -->
      <div class=3D"hse-column-container" style=3D"min-width:280px; max-wid=
th:600px; width:100%; Margin-left:auto; Margin-right:auto; border-collapse:=
collapse; border-spacing:0; background-color:#FFFFFF" bgcolor=3D"#FFFFFF">
    <!--<![endif]-->
   =20
    <!--[if (mso)|(IE)]>
      <div class=3D"hse-column-container" style=3D"min-width:280px;max-widt=
h:600px;width:100%;Margin-left:auto;Margin-right:auto;border-collapse:colla=
pse;border-spacing:0;">
      <table align=3D"center" style=3D"border-collapse:collapse;mso-table-l=
space:0pt;mso-table-rspace:0pt;width:600px;" cellpadding=3D"0" cellspacing=
=3D"0" role=3D"presentation" width=3D"600" bgcolor=3D"#FFFFFF">
      <tr style=3D"background-color:#FFFFFF;">
    <![endif]-->
    <!--[if (mso)|(IE)]>
  <td valign=3D"top" style=3D"width:600px;">
<![endif]-->
<!--[if gte mso 9]>
  <table role=3D"presentation" width=3D"600" cellpadding=3D"0" cellspacing=
=3D"0" style=3D"border-collapse:collapse;mso-table-lspace:0pt;mso-table-rsp=
ace:0pt;width:600px">
<![endif]-->
<div id=3D"column_1671653389034_0" class=3D"hse-column hse-size-12">
  <div id=3D"hs_cos_wrapper_module_16716509919396" class=3D"hs_cos_wrapper =
hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"color: inherit; =
font-size: inherit; line-height: inherit;" data-hs-cos-general-type=3D"widg=
et" data-hs-cos-type=3D"module">
=09
<table class=3D"hse-image-wrapper" role=3D"presentation" width=3D"100%" cel=
lpadding=3D"0" cellspacing=3D"0" style=3D"border-spacing:0 !important; bord=
er-collapse:collapse; mso-table-lspace:0pt; mso-table-rspace:0pt">
    <tbody>
        <tr>
            <td align=3D"center" valign=3D"top" style=3D"border-collapse:co=
llapse; mso-line-height-rule:exactly; font-family:Arial, sans-serif; color:=
#000000; word-break:break-word; text-align:center; padding:10px 20px; font-=
size:0px">
               =20
                    <a href=3D"https://email02.liveart.io/e3t/Ctc/DO+113/d2=
xBdp04/VVybj-2DYR7vW75Xvyx4k-qvdVVm64t4WW9hmN5q1hjt3q3n5V1-WJV7CgTCDW2VjlCS=
16YmtXW3jLDsw17XqT_W8-ysRW8VKG4nW3K_fQD1qkg3NW9lv9qk32s108W1g_NWc1ByYypN5Bc=
xtJLBCX0W15lJ2s4q2SqxW2r1plc3tD4R2W5LzJNW4TJ9wcW398tP978RY6sW8XtZMn8_22nwW3=
gJHxb5y8ZghW6Jrg932ghLfWVR4Ff74hmnW1W5d-17l7zmSZzVyQVnx8yqD4gW7rnDDl5fnH0tW=
5w99XV3wqG9-W2-Fbl373TFJs35wr1" target=3D"_blank" style=3D"color:#00a4bd; m=
so-line-height-rule:exactly" data-hs-link-id=3D"0">
               =20
                <img alt=3D"View all requests" src=3D"https://email02.livea=
rt.io/hs-fs/hubfs/View%20all%20requests.png?width=3D600&amp;upscale=3Dtrue&=
amp;name=3DView%20all%20requests.png" style=3D"outline:none; text-decoratio=
n:none; -ms-interpolation-mode:bicubic; border:none; max-width:100%; font-s=
ize:16px" width=3D"300" align=3D"middle" srcset=3D"https://email02.liveart.=
io/hs-fs/hubfs/View%20all%20requests.png?upscale=3Dtrue&amp;width=3D600&amp=
;upscale=3Dtrue&amp;name=3DView%20all%20requests.png 300w, https://email02.=
liveart.io/hs-fs/hubfs/View%20all%20requests.png?upscale=3Dtrue&amp;width=
=3D1200&amp;upscale=3Dtrue&amp;name=3DView%20all%20requests.png 600w" sizes=
=3D"(max-width: 300px) 100vw, 300px">
               =20
                    </a>
               =20
            </td>
        </tr>
    </tbody>
</table></div>
<table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D"1=
00%" style=3D"border-spacing:0 !important; border-collapse:collapse; mso-ta=
ble-lspace:0pt; mso-table-rspace:0pt"><tbody><tr><td class=3D"hs_padded" st=
yle=3D"border-collapse:collapse; mso-line-height-rule:exactly; font-family:=
Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; pa=
dding:10px 20px"><div id=3D"hs_cos_wrapper_module_16716508967434" class=3D"=
hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"c=
olor: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-gener=
al-type=3D"widget" data-hs-cos-type=3D"module">
<!--[if gte mso 9]>
<div style=3D"line-height: 0; font-size: 0px">
  <v:rect xmlns:v=3D"urn:schemas-microsoft-com:vml" fill=3D"true" stroke=3D=
"false" style=3D"width:560px; height:2pt;" fillcolor=3D"none">
    <v:fill type=3D"tile"/>
    <v:textbox inset=3D"0,0,0,0">
      <div>
<![endif]-->
<table role=3D"presentation" width=3D"100%" align=3D"center" border=3D"0" s=
tyle=3D"position:relative; top:-1px; min-width:20px; width:100%; max-width:=
100%; border-spacing:0; mso-table-lspace:0pt; mso-table-rspace:0pt; border-=
collapse:collapse; font-size:1px">
  <tbody><tr>
   =20
   =20
    <td width=3D"auto" style=3D"border-collapse:collapse; mso-line-height-r=
ule:exactly; font-family:Arial, sans-serif; font-size:15px; color:#000000; =
word-break:break-word; line-height:0"><!--[if mso 16]>&nbsp;<![endif]--></t=
d>
   =20
   =20
    <td width=3D"30%" valign=3D"middle" style=3D"border-collapse:collapse; =
mso-line-height-rule:exactly; font-family:Arial, sans-serif; font-size:15px=
; color:#000000; word-break:break-word; line-height:0; border:transparent; =
border-bottom:1px solid #000000; mso-border-bottom-alt:2pt solid #000000; b=
order-bottom-width:1px"><!--[if mso 16]>&nbsp;<![endif]--></td>
   =20
   =20
    <td width=3D"auto" style=3D"border-collapse:collapse; mso-line-height-r=
ule:exactly; font-family:Arial, sans-serif; font-size:15px; color:#000000; =
word-break:break-word; line-height:0"><!--[if mso 16]>&nbsp;<![endif]--></t=
d>
   =20
  </tr>
</tbody></table>
<!--[if gte mso 9]></div></v:textbox></v:rect></div><![endif]--></div></td>=
</tr></tbody></table>
</div>
<!--[if gte mso 9]></table><![endif]-->
<!--[if (mso)|(IE)]></td><![endif]-->
    <!--[if (mso)|(IE)]></tr></table><![endif]-->
    </div>
  =20
  </div>
  <div id=3D"module_1674253105501" class=3D"hse-section" style=3D"padding-l=
eft:10px; padding-right:10px">
   =20
   =20
    <!--[if !((mso)|(IE))]><!-- -->
      <div class=3D"hse-column-container" style=3D"min-width:280px; max-wid=
th:600px; width:100%; Margin-left:auto; Margin-right:auto; border-collapse:=
collapse; border-spacing:0; background-color:#FFFFFF" bgcolor=3D"#FFFFFF">
    <!--<![endif]-->
   =20
    <!--[if (mso)|(IE)]>
      <div class=3D"hse-column-container" style=3D"min-width:280px;max-widt=
h:600px;width:100%;Margin-left:auto;Margin-right:auto;border-collapse:colla=
pse;border-spacing:0;">
      <table align=3D"center" style=3D"border-collapse:collapse;mso-table-l=
space:0pt;mso-table-rspace:0pt;width:600px;" cellpadding=3D"0" cellspacing=
=3D"0" role=3D"presentation" width=3D"600" bgcolor=3D"#FFFFFF">
      <tr style=3D"background-color:#FFFFFF;">
    <![endif]-->
    <!--[if (mso)|(IE)]>
  <td valign=3D"top" style=3D"width:600px;">
<![endif]-->
<!--[if gte mso 9]>
  <table role=3D"presentation" width=3D"600" cellpadding=3D"0" cellspacing=
=3D"0" style=3D"border-collapse:collapse;mso-table-lspace:0pt;mso-table-rsp=
ace:0pt;width:600px">
<![endif]-->
<div id=3D"module_1674253105501_0" class=3D"hse-column hse-size-12">
  <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D=
"100%" style=3D"border-spacing:0 !important; border-collapse:collapse; mso-=
table-lspace:0pt; mso-table-rspace:0pt"><tbody><tr><td class=3D"hs_padded" =
style=3D"border-collapse:collapse; mso-line-height-rule:exactly; font-famil=
y:Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; =
padding:10px 20px 15px"><div id=3D"hs_cos_wrapper_module_16742531054423" cl=
ass=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" sty=
le=3D"color: inherit; font-size: inherit; line-height: inherit;" data-hs-co=
s-general-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"hs_cos_wra=
pper_module_16742531054423_" class=3D"hs_cos_wrapper hs_cos_wrapper_widget =
hs_cos_wrapper_type_rich_text" style=3D"color: inherit; font-size: inherit;=
 line-height: inherit;" data-hs-cos-general-type=3D"widget" data-hs-cos-typ=
e=3D"rich_text"><p style=3D"mso-line-height-rule:exactly; line-height:175%"=
><strong>Allan Stone Dies</strong></p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">Allan Stone die=
d in 2006. In 2007, Stone=E2=80=99s heirs held an auction that included fiv=
e works by Thiebaud. That helped contribute to the $19 million Thiebaud tot=
al that year.</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">Auction markets=
 are driven by demand but also supply. When good Thiebauds come to market, =
buyers respond. The heirs held another sale in 2011 that included 18 Thieba=
uds. All but one sold for $27.5 million. In the second Stone sale,&nbsp;<em=
>Pies</em>&nbsp;from 1961&nbsp;<a href=3D"https://email02.liveart.io/e3t/Ct=
c/DO+113/d2xBdp04/VVybj-2DYR7vW75Xvyx4k-qvdVVm64t4WW9hmN5q1hk33q3nJV1-WJV7C=
gFMWN3fxKBxcW3_yW678x1t2PL8NkW8_xxFS1nwsBrW3yqH6664Y5KWN8Tfrhp4sbj1W4Hnx9p9=
h2PcyW5nm0DS4NWmgQW8xJ-Lj4BCntrW1TXGBX90JBmwW1-yjJM69SXS_W54VRbW2j4-KhW3dJ8=
jS8k8YVFW1kzn6R62XqbvW8Z079Z5kgcWnW5J1Bct1wz2kCW5yD8HS25hMGHW6BmhrC8n9JhZW5=
Vtbym2yV4yZW2_fLxp1NqJbzW4B6FQH5Vp396W8s1Q3H7N7glVVh3M-93p_-trW8XMzKd23DDKS=
W816ld45yn8123lCb1" style=3D"mso-line-height-rule:exactly; color:#ff24ff; f=
ont-weight:bold" data-hs-link-id=3D"0" target=3D"_blank">set a new record p=
rice at $4 million</a>&nbsp;and&nbsp;<em>Four Pinball Machines (study)</em>=
&nbsp;<a href=3D"https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/VVybj-2=
DYR7vW75Xvyx4k-qvdVVm64t4WW9hmN5q1hkm3q3n_V1-WJV7CgVFXVz-cbC1hgwNvW3dB7bc7F=
XDrMW2sStrd3mt4H5W3lB1W119W4_kVMGLgP7JhNBHW1QBK673L-VYwN4mWLfFC909hW94TCNF3=
L8S7SW5Lhg8641mQxXW6sWm1T77Kxz-W8YngJt2MfxK0VN8YTM8Tblv7W2pfBpx3Br2zmW7rh_d=
h4B8nnjV3GGm11B8W-gW1QK5Y48XD9LFW8rCbT18s-zndW5L5Krh1ZCKRqVNLFfD3V1BBCW70w_=
yF8DT5RsW2cVY7M7lHB8BW4DyDWG251gGsW4gnctw46sql6VZvG-Y7WKTgmW6KRzMs8RlJsvW2s=
dGS78t3q2z38H01" style=3D"mso-line-height-rule:exactly; color:#ff24ff; font=
-weight:bold" data-hs-link-id=3D"0" target=3D"_blank">from 1962 made $3.6 m=
illion</a>. There were other multi-million dollar Thiebauds in that sale. A=
ll together in 2011, 35 works were sold with a total of $40 million for the=
 year. It would take until 2022 to surpass that figure again.</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">Selling so much=
 work in one year would tax any artist=E2=80=99s market. On the private sid=
e, Thiebaud switched dealers after the death of his son Paul in 2010 who ha=
d taken over from Allan Stone in 2006. In 2011, <span style=3D"font-weight:=
 bold;">the Acquavella family</span> took over representation. The gallery=
=E2=80=99s stature helped signal to the collecting community that Thiebaud =
was taken seriously by serious collectors. Still, the Acquavellas had to sh=
ow that Thiebaud was more than just the =E2=80=9Cpie guy.=E2=80=9D&nbsp;</p=
>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">And they did=E2=
=80=94by holding shows focused on Thiebaud=E2=80=99s portraits, landscapes,=
 cityscapes and other still lives. Acquavella also took a page from Allan S=
tone=E2=80=99s book and showed Thiebaud alongside <span style=3D"font-weigh=
t: bold;">Richard Diebenkorn</span>, another artist with a plangent reputat=
ion but a muted market. Diebenkorn had once been underestimated as a =E2=80=
=9CCalifornia=E2=80=9D artist too. (Christie=E2=80=99s would supercharge th=
e Diebenkorn market in 2018 when it sold a collection of 22 works for $43 m=
illion.)</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">Few may have un=
derstood that C=C3=A9zanne lay at the bottom of Thiebaud=E2=80=99s practice=
 but the market had a paradoxical approach to his work: he was limited by t=
he success of the pies but that was the work the market valued, especially =
the early work. Until 2010, the auction market was dominated by works from =
the early 60s with occasional works from the 70s and 80s.&nbsp;</p></div></=
div></td></tr></tbody></table>
</div>
<!--[if gte mso 9]></table><![endif]-->
<!--[if (mso)|(IE)]></td><![endif]-->
    <!--[if (mso)|(IE)]></tr></table><![endif]-->
    </div>
  =20
  </div>
  <div id=3D"module_1673632357369" class=3D"hse-section" style=3D"padding-l=
eft:10px; padding-right:10px">
   =20
   =20
    <!--[if !((mso)|(IE))]><!-- -->
      <div class=3D"hse-column-container" style=3D"min-width:280px; max-wid=
th:600px; width:100%; Margin-left:auto; Margin-right:auto; border-collapse:=
collapse; border-spacing:0; background-color:#FFFFFF" bgcolor=3D"#FFFFFF">
    <!--<![endif]-->
   =20
    <!--[if (mso)|(IE)]>
      <div class=3D"hse-column-container" style=3D"min-width:280px;max-widt=
h:600px;width:100%;Margin-left:auto;Margin-right:auto;border-collapse:colla=
pse;border-spacing:0;">
      <table align=3D"center" style=3D"border-collapse:collapse;mso-table-l=
space:0pt;mso-table-rspace:0pt;width:600px;" cellpadding=3D"0" cellspacing=
=3D"0" role=3D"presentation" width=3D"600" bgcolor=3D"#FFFFFF">
      <tr style=3D"background-color:#FFFFFF;">
    <![endif]-->
    <!--[if (mso)|(IE)]>
  <td valign=3D"top" style=3D"width:600px;">
<![endif]-->
<!--[if gte mso 9]>
  <table role=3D"presentation" width=3D"600" cellpadding=3D"0" cellspacing=
=3D"0" style=3D"border-collapse:collapse;mso-table-lspace:0pt;mso-table-rsp=
ace:0pt;width:600px">
<![endif]-->
<div id=3D"module_1673632357369_0" class=3D"hse-column hse-size-12">
  <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D=
"100%" style=3D"border-spacing:0 !important; border-collapse:collapse; mso-=
table-lspace:0pt; mso-table-rspace:0pt"><tbody><tr><td class=3D"hs_padded" =
style=3D"border-collapse:collapse; mso-line-height-rule:exactly; font-famil=
y:Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; =
padding:10px 20px"><div id=3D"hs_cos_wrapper_module_167363286787023" class=
=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=
=3D"color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-=
general-type=3D"widget" data-hs-cos-type=3D"module">
<!--[if gte mso 9]>
<div style=3D"line-height: 0; font-size: 0px">
  <v:rect xmlns:v=3D"urn:schemas-microsoft-com:vml" fill=3D"true" stroke=3D=
"false" style=3D"width:560px; height:2pt;" fillcolor=3D"none">
    <v:fill type=3D"tile"/>
    <v:textbox inset=3D"0,0,0,0">
      <div>
<![endif]-->
<table role=3D"presentation" width=3D"100%" align=3D"center" border=3D"0" s=
tyle=3D"position:relative; top:-1px; min-width:20px; width:100%; max-width:=
100%; border-spacing:0; mso-table-lspace:0pt; mso-table-rspace:0pt; border-=
collapse:collapse; font-size:1px">
  <tbody><tr>
   =20
   =20
    <td width=3D"auto" style=3D"border-collapse:collapse; mso-line-height-r=
ule:exactly; font-family:Arial, sans-serif; font-size:15px; color:#000000; =
word-break:break-word; line-height:0"><!--[if mso 16]>&nbsp;<![endif]--></t=
d>
   =20
   =20
    <td width=3D"30%" valign=3D"middle" style=3D"border-collapse:collapse; =
mso-line-height-rule:exactly; font-family:Arial, sans-serif; font-size:15px=
; color:#000000; word-break:break-word; line-height:0; border:transparent; =
border-bottom:1px solid #000000; mso-border-bottom-alt:2pt solid #000000; b=
order-bottom-width:1px"><!--[if mso 16]>&nbsp;<![endif]--></td>
   =20
   =20
    <td width=3D"auto" style=3D"border-collapse:collapse; mso-line-height-r=
ule:exactly; font-family:Arial, sans-serif; font-size:15px; color:#000000; =
word-break:break-word; line-height:0"><!--[if mso 16]>&nbsp;<![endif]--></t=
d>
   =20
  </tr>
</tbody></table>
<!--[if gte mso 9]></div></v:textbox></v:rect></div><![endif]--></div></td>=
</tr></tbody></table>
</div>
<!--[if gte mso 9]></table><![endif]-->
<!--[if (mso)|(IE)]></td><![endif]-->
    <!--[if (mso)|(IE)]></tr></table><![endif]-->
    </div>
  =20
  </div>
  <div id=3D"module_1673632892109" class=3D"hse-section" style=3D"padding-l=
eft:10px; padding-right:10px">
   =20
   =20
    <!--[if !((mso)|(IE))]><!-- -->
      <div class=3D"hse-column-container" style=3D"min-width:280px; max-wid=
th:600px; width:100%; Margin-left:auto; Margin-right:auto; border-collapse:=
collapse; border-spacing:0; background-color:#FFFFFF" bgcolor=3D"#FFFFFF">
    <!--<![endif]-->
   =20
    <!--[if (mso)|(IE)]>
      <div class=3D"hse-column-container" style=3D"min-width:280px;max-widt=
h:600px;width:100%;Margin-left:auto;Margin-right:auto;border-collapse:colla=
pse;border-spacing:0;">
      <table align=3D"center" style=3D"border-collapse:collapse;mso-table-l=
space:0pt;mso-table-rspace:0pt;width:600px;" cellpadding=3D"0" cellspacing=
=3D"0" role=3D"presentation" width=3D"600" bgcolor=3D"#FFFFFF">
      <tr style=3D"background-color:#FFFFFF;">
    <![endif]-->
    <!--[if (mso)|(IE)]>
  <td valign=3D"top" style=3D"width:300px;">
<![endif]-->
<!--[if gte mso 9]>
  <table role=3D"presentation" width=3D"300" cellpadding=3D"0" cellspacing=
=3D"0" style=3D"border-collapse:collapse;mso-table-lspace:0pt;mso-table-rsp=
ace:0pt;width:300px">
<![endif]-->
<div id=3D"module_1673632892109_0" class=3D"hse-column hse-size-6">
  <div id=3D"hs_cos_wrapper_module_167363289206225" class=3D"hs_cos_wrapper=
 hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"color: inherit;=
 font-size: inherit; line-height: inherit;" data-hs-cos-general-type=3D"wid=
get" data-hs-cos-type=3D"module">
=09
<table class=3D"hse-image-wrapper" role=3D"presentation" width=3D"100%" cel=
lpadding=3D"0" cellspacing=3D"0" style=3D"border-spacing:0 !important; bord=
er-collapse:collapse; mso-table-lspace:0pt; mso-table-rspace:0pt">
    <tbody>
        <tr>
            <td align=3D"center" valign=3D"top" style=3D"border-collapse:co=
llapse; mso-line-height-rule:exactly; font-family:Arial, sans-serif; color:=
#000000; word-break:break-word; text-align:center; padding:10px 20px; font-=
size:0px">
               =20
                    <a href=3D"https://email02.liveart.io/e3t/Ctc/DO+113/d2=
xBdp04/VVybj-2DYR7vW75Xvyx4k-qvdVVm64t4WW9hmN5q1hk33q3nJV1-WJV7CgYStW6Kfvrl=
7nMRrNW5CVCQH1c98vpW7NQl0r1fKWDzW1C3mZJ5_yzg-W3PTXQp22t8b9W2QQWwP3yFvq5W8C2=
35n4-zTpwW3m9d3P5zZlLLW5HXKBl12ThyVW5bPYNt8YbdKrW7RPnM14GhzZSW3DSbt14qF-BPW=
1xzT836F4CpNN63PYP83ZJkrW3t8Rv25LDjKsW2-WC5c3Dhm5kN2Qt-z0c8nNwW1GBd0z84NNHr=
W3nNrzS4TDf3lW855gVn2nf0gNW6qD5PV1zJWMqW4S3w4v7Krc2MW2Dh7np6ZFrWpW1F2x6m4xL=
T3w319k1" target=3D"_blank" style=3D"color:#00a4bd; mso-line-height-rule:ex=
actly" data-hs-link-id=3D"0">
               =20
                <img alt=3D"Szabolcs Boz=C3=B3" src=3D"https://email02.live=
art.io/hs-fs/hubfs/1-Feb-10-2023-06-49-04-4507-PM.png?width=3D520&amp;upsca=
le=3Dtrue&amp;name=3D1-Feb-10-2023-06-49-04-4507-PM.png" style=3D"outline:n=
one; text-decoration:none; -ms-interpolation-mode:bicubic; border:none; max=
-width:100%; font-size:16px" width=3D"260" align=3D"middle" srcset=3D"https=
://email02.liveart.io/hs-fs/hubfs/1-Feb-10-2023-06-49-04-4507-PM.png?upscal=
e=3Dtrue&amp;width=3D520&amp;upscale=3Dtrue&amp;name=3D1-Feb-10-2023-06-49-=
04-4507-PM.png 260w, https://email02.liveart.io/hs-fs/hubfs/1-Feb-10-2023-0=
6-49-04-4507-PM.png?upscale=3Dtrue&amp;width=3D1040&amp;upscale=3Dtrue&amp;=
name=3D1-Feb-10-2023-06-49-04-4507-PM.png 520w" sizes=3D"(max-width: 260px)=
 100vw, 260px">
               =20
                    </a>
               =20
            </td>
        </tr>
    </tbody>
</table></div>
</div>
<!--[if gte mso 9]></table><![endif]-->
<!--[if (mso)|(IE)]></td><![endif]-->
<!--[if (mso)|(IE)]>
  <td valign=3D"top" style=3D"width:300px;">
<![endif]-->
<!--[if gte mso 9]>
  <table role=3D"presentation" width=3D"300" cellpadding=3D"0" cellspacing=
=3D"0" style=3D"border-collapse:collapse;mso-table-lspace:0pt;mso-table-rsp=
ace:0pt;width:300px">
<![endif]-->
<div id=3D"module_1673632892109_1" class=3D"hse-column hse-size-6">
  <div id=3D"hs_cos_wrapper_module_167363289206226" class=3D"hs_cos_wrapper=
 hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"color: inherit;=
 font-size: inherit; line-height: inherit;" data-hs-cos-general-type=3D"wid=
get" data-hs-cos-type=3D"module">
=09
<table class=3D"hse-image-wrapper" role=3D"presentation" width=3D"100%" cel=
lpadding=3D"0" cellspacing=3D"0" style=3D"border-spacing:0 !important; bord=
er-collapse:collapse; mso-table-lspace:0pt; mso-table-rspace:0pt">
    <tbody>
        <tr>
            <td align=3D"center" valign=3D"top" style=3D"border-collapse:co=
llapse; mso-line-height-rule:exactly; font-family:Arial, sans-serif; color:=
#000000; word-break:break-word; text-align:center; padding:10px 20px; font-=
size:0px">
               =20
                    <a href=3D"https://email02.liveart.io/e3t/Ctc/DO+113/d2=
xBdp04/VVybj-2DYR7vW75Xvyx4k-qvdVVm64t4WW9hmN5q1hk33q3nJV1-WJV7CgHtxW2lN7ws=
1k397tW4fkkm11jNgq6W6zLSdS4NfGWcW6V59mR1KJp7mW4tmDPJ96yXQlW7lqRb25bY454W4Mt=
g2T86L2ggW3s-Lql55137SV8wL1d5CLGzxW64NC753dVXRtW2x3Y8m7JLNc1W6LPbjr4Gfl7XW7=
Yz5j98bWVGCW7FFCjf2YVwTbW5DL8X_12NZ5qW2NzLBr234Fy1W49tc-D5xjTVbVrp3gj3VtSBg=
Vh_WSk7PbC3wW7hCJkJ7ckm_9W51DTRW1vjTzFW2jV0HC74d3v7W2XRRZM57bZ5sW2mwSKp6Dbq=
VD3dGs1" target=3D"_blank" style=3D"color:#00a4bd; mso-line-height-rule:exa=
ctly" data-hs-link-id=3D"0">
               =20
                <img alt=3D"Shannon Cartier Lucy" src=3D"https://email02.li=
veart.io/hs-fs/hubfs/3-Feb-10-2023-06-49-04-5729-PM.png?width=3D520&amp;ups=
cale=3Dtrue&amp;name=3D3-Feb-10-2023-06-49-04-5729-PM.png" style=3D"outline=
:none; text-decoration:none; -ms-interpolation-mode:bicubic; border:none; m=
ax-width:100%; font-size:16px" width=3D"260" align=3D"middle" srcset=3D"htt=
ps://email02.liveart.io/hs-fs/hubfs/3-Feb-10-2023-06-49-04-5729-PM.png?upsc=
ale=3Dtrue&amp;width=3D520&amp;upscale=3Dtrue&amp;name=3D3-Feb-10-2023-06-4=
9-04-5729-PM.png 260w, https://email02.liveart.io/hs-fs/hubfs/3-Feb-10-2023=
-06-49-04-5729-PM.png?upscale=3Dtrue&amp;width=3D1040&amp;upscale=3Dtrue&am=
p;name=3D3-Feb-10-2023-06-49-04-5729-PM.png 520w" sizes=3D"(max-width: 260p=
x) 100vw, 260px">
               =20
                    </a>
               =20
            </td>
        </tr>
    </tbody>
</table></div>
</div>
<!--[if gte mso 9]></table><![endif]-->
<!--[if (mso)|(IE)]></td><![endif]-->
    <!--[if (mso)|(IE)]></tr></table><![endif]-->
    </div>
  =20
  </div>
  <div id=3D"module_1673632867909" class=3D"hse-section" style=3D"padding-l=
eft:10px; padding-right:10px">
   =20
   =20
    <!--[if !((mso)|(IE))]><!-- -->
      <div class=3D"hse-column-container" style=3D"min-width:280px; max-wid=
th:600px; width:100%; Margin-left:auto; Margin-right:auto; border-collapse:=
collapse; border-spacing:0; background-color:#FFFFFF" bgcolor=3D"#FFFFFF">
    <!--<![endif]-->
   =20
    <!--[if (mso)|(IE)]>
      <div class=3D"hse-column-container" style=3D"min-width:280px;max-widt=
h:600px;width:100%;Margin-left:auto;Margin-right:auto;border-collapse:colla=
pse;border-spacing:0;">
      <table align=3D"center" style=3D"border-collapse:collapse;mso-table-l=
space:0pt;mso-table-rspace:0pt;width:600px;" cellpadding=3D"0" cellspacing=
=3D"0" role=3D"presentation" width=3D"600" bgcolor=3D"#FFFFFF">
      <tr style=3D"background-color:#FFFFFF;">
    <![endif]-->
    <!--[if (mso)|(IE)]>
  <td valign=3D"top" style=3D"width:600px;">
<![endif]-->
<!--[if gte mso 9]>
  <table role=3D"presentation" width=3D"600" cellpadding=3D"0" cellspacing=
=3D"0" style=3D"border-collapse:collapse;mso-table-lspace:0pt;mso-table-rsp=
ace:0pt;width:600px">
<![endif]-->
<div id=3D"module_1673632867909_0" class=3D"hse-column hse-size-12">
  <div id=3D"hs_cos_wrapper_module_167363286787022" class=3D"hs_cos_wrapper=
 hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"color: inherit;=
 font-size: inherit; line-height: inherit;" data-hs-cos-general-type=3D"wid=
get" data-hs-cos-type=3D"module">
=09
<table class=3D"hse-image-wrapper" role=3D"presentation" width=3D"100%" cel=
lpadding=3D"0" cellspacing=3D"0" style=3D"border-spacing:0 !important; bord=
er-collapse:collapse; mso-table-lspace:0pt; mso-table-rspace:0pt">
    <tbody>
        <tr>
            <td align=3D"center" valign=3D"top" style=3D"border-collapse:co=
llapse; mso-line-height-rule:exactly; font-family:Arial, sans-serif; color:=
#000000; word-break:break-word; text-align:center; padding:10px 20px; font-=
size:0px">
               =20
                    <a href=3D"https://email02.liveart.io/e3t/Ctc/DO+113/d2=
xBdp04/VVybj-2DYR7vW75Xvyx4k-qvdVVm64t4WW9hmN5q1hjt3q3n5V1-WJV7CgK8cW3D8K4k=
83BDZBN37fTh4Fp1phW8KGXtY9l4C0GW5nJx0y85_6g-VRPN-l6sXsVNMPc_FLgrTmcW47r6Vb1=
Kcg1fW728-dz420BVpW7Sp4vp8HNQ9-W5jN71m77PmqVM2gjMhhvFF1W8jlJYn4140JVW4b3kvv=
85gvhnW5TGbMk3GKwN-W4g5y6m1lBShGW5HqRv68j4h5CW23w_JT1V6FYcW2wPpGZ2FDs0HN89q=
CY0XsFyKW8S315M6PtWQW33HY1" target=3D"_blank" style=3D"color:#00a4bd; mso-l=
ine-height-rule:exactly" data-hs-link-id=3D"1">
               =20
                <img alt=3D"View all requests" src=3D"https://email02.livea=
rt.io/hs-fs/hubfs/View%20all%20requests.png?width=3D600&amp;upscale=3Dtrue&=
amp;name=3DView%20all%20requests.png" style=3D"outline:none; text-decoratio=
n:none; -ms-interpolation-mode:bicubic; border:none; max-width:100%; font-s=
ize:16px" width=3D"300" align=3D"middle" srcset=3D"https://email02.liveart.=
io/hs-fs/hubfs/View%20all%20requests.png?upscale=3Dtrue&amp;width=3D600&amp=
;upscale=3Dtrue&amp;name=3DView%20all%20requests.png 300w, https://email02.=
liveart.io/hs-fs/hubfs/View%20all%20requests.png?upscale=3Dtrue&amp;width=
=3D1200&amp;upscale=3Dtrue&amp;name=3DView%20all%20requests.png 600w" sizes=
=3D"(max-width: 300px) 100vw, 300px">
               =20
                    </a>
               =20
            </td>
        </tr>
    </tbody>
</table></div>
<table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D"1=
00%" style=3D"border-spacing:0 !important; border-collapse:collapse; mso-ta=
ble-lspace:0pt; mso-table-rspace:0pt"><tbody><tr><td class=3D"hs_padded" st=
yle=3D"border-collapse:collapse; mso-line-height-rule:exactly; font-family:=
Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; pa=
dding:10px 20px"><div id=3D"hs_cos_wrapper_module_167363288456824" class=3D=
"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"=
color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-gene=
ral-type=3D"widget" data-hs-cos-type=3D"module">
<!--[if gte mso 9]>
<div style=3D"line-height: 0; font-size: 0px">
  <v:rect xmlns:v=3D"urn:schemas-microsoft-com:vml" fill=3D"true" stroke=3D=
"false" style=3D"width:560px; height:2pt;" fillcolor=3D"none">
    <v:fill type=3D"tile"/>
    <v:textbox inset=3D"0,0,0,0">
      <div>
<![endif]-->
<table role=3D"presentation" width=3D"100%" align=3D"center" border=3D"0" s=
tyle=3D"position:relative; top:-1px; min-width:20px; width:100%; max-width:=
100%; border-spacing:0; mso-table-lspace:0pt; mso-table-rspace:0pt; border-=
collapse:collapse; font-size:1px">
  <tbody><tr>
   =20
   =20
    <td width=3D"auto" style=3D"border-collapse:collapse; mso-line-height-r=
ule:exactly; font-family:Arial, sans-serif; font-size:15px; color:#000000; =
word-break:break-word; line-height:0"><!--[if mso 16]>&nbsp;<![endif]--></t=
d>
   =20
   =20
    <td width=3D"30%" valign=3D"middle" style=3D"border-collapse:collapse; =
mso-line-height-rule:exactly; font-family:Arial, sans-serif; font-size:15px=
; color:#000000; word-break:break-word; line-height:0; border:transparent; =
border-bottom:1px solid #000000; mso-border-bottom-alt:2pt solid #000000; b=
order-bottom-width:1px"><!--[if mso 16]>&nbsp;<![endif]--></td>
   =20
   =20
    <td width=3D"auto" style=3D"border-collapse:collapse; mso-line-height-r=
ule:exactly; font-family:Arial, sans-serif; font-size:15px; color:#000000; =
word-break:break-word; line-height:0"><!--[if mso 16]>&nbsp;<![endif]--></t=
d>
   =20
  </tr>
</tbody></table>
<!--[if gte mso 9]></div></v:textbox></v:rect></div><![endif]--></div></td>=
</tr></tbody></table>
<table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D"1=
00%" style=3D"border-spacing:0 !important; border-collapse:collapse; mso-ta=
ble-lspace:0pt; mso-table-rspace:0pt"><tbody><tr><td class=3D"hs_padded" st=
yle=3D"border-collapse:collapse; mso-line-height-rule:exactly; font-family:=
Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; pa=
dding:10px 20px 15px"><div id=3D"hs_cos_wrapper_module_16760529626431" clas=
s=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=
=3D"color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-=
general-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"hs_cos_wrapp=
er_module_16760529626431_" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs=
_cos_wrapper_type_rich_text" style=3D"color: inherit; font-size: inherit; l=
ine-height: inherit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=
=3D"rich_text"><p style=3D"mso-line-height-rule:exactly; line-height:175%">=
<strong>The Acquavella Effect</strong></p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">Since Acquavell=
a took over, the auction market has seen a wider appetite for works from al=
l periods, including the 21st Century. Over time, pricing has shifted from =
year of creation to imagery and size. Thiebaud is fairly unique among artis=
ts in that his work repeats subject matter over many decades without an obv=
ious change of style. In 2013, the 4-foot-by-5-foot&nbsp;<em>Two Jackpots</=
em>&nbsp;painted in 2005 sold at auction for a new record price of $6.3 mil=
lion. The buyer was happy to ignore the date because the work looked and fe=
lt like Thiebaud of the highest quality. It helped that the picture was lar=
ge too.&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">It would take a=
nother six years before that price was beaten again. Again, it was by a 21s=
t Century picture. Sotheby=E2=80=99s sold the 4x6-foot&nbsp;<em>Encased Cak=
es&nbsp;</em>from 2011 for $8.4 million in 2019. The buyer didn=E2=80=99t h=
old it long.&nbsp;<a href=3D"https://email02.liveart.io/e3t/Ctc/DO+113/d2xB=
dp04/VVybj-2DYR7vW75Xvyx4k-qvdVVm64t4WW9hmN5q1hkm3q3n_V1-WJV7CgGn3W4-KkrR6m=
V2rzW7DGng47s3flmW5h9kKH1yfhDJW6vGsQQ53cbv6W8JLW0s3m7_tGW3rHlZS4VNtGsW3y-bl=
M2YpvhfW1bp5BS69PPbnW8xstYn4hsNpVW300hDZ5N1XF9W57NqMy8qhh2kW73LWr-4rK7d2W6L=
0DcW1bDWPfW7xRjRX8XsSWVW6HHbnd8B51GDW4J9ND_1HDYG2W3x9Kjv897M4tW91Ml2g6Cm53g=
W90Q-9L7x1jcFN3P3MFMwnycZW9lW9S36yGNKYW4RMRTD10Rgz_W2YF4Y51cw1bbW8KGxzf25qn=
23N6mRdYZmQ8rTW3m7ZGm4-n6Hq3p9m1" style=3D"mso-line-height-rule:exactly; co=
lor:#ff24ff; font-weight:bold" data-hs-link-id=3D"0" target=3D"_blank">They=
 sold two-and-a-half years later at Poly Auction in Hong Kong for $10 milli=
on</a>.&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">The sale is sig=
nificant for a couple of reasons. First, Poly=E2=80=99s primary constituenc=
y is <span style=3D"font-weight: bold;">Mainland Chinese collectors</span>.=
 The sale shows that Asian collectors have Thiebaud on their wishlist and t=
hey=E2=80=99re willing to pay a premium (even for a work so recently sold.)=
 Second, the $10 million price coupled&nbsp;<a href=3D"https://email02.live=
art.io/e3t/Ctc/DO+113/d2xBdp04/VVybj-2DYR7vW75Xvyx4k-qvdVVm64t4WW9hmN5q1hk3=
3q3nJV1-WJV7CgKBYW1YB96M5NhSVNW18mYKn3WhPspW1Vs0116Mfb3yW5LQmJm35-TkyW8-7hg=
Q87BfrVW5s_DVX1t8GHbW5BjFWb1v5vh7W5Q78bp1Hz1M5W2ppv1F4z4mCwW6X1rwX3mtJ3sW6N=
PRd78tQjfgW1nH07J1JbK8DW9k1Xgg943T_XW2BP14G4t5v35W5lxqGy8TglSDW5D4J9m50nhY9=
W4l7WNh88XCLzN88K8fbfCFF1W68yrsh7XfWHCW6JWvyb1sSnc_W719yRG28bKs5W1VqD6q8ztq=
ZrW3FWYPP82bNZ2W7xR_3k5Nb7X23bJ61" style=3D"mso-line-height-rule:exactly; c=
olor:#ff24ff; font-weight:bold" data-hs-link-id=3D"0" target=3D"_blank">wit=
h $8.4 million paid for one of the artist=E2=80=99s Wimbledon pictures</a>,=
&nbsp;<em>Toweling Off&nbsp;</em>from 1968 the year before were strong conf=
irmation prices against the stunning record price of $19 million set in 202=
0 for&nbsp;<em>Four Pinball Machines</em>&nbsp;from 1962.</p></div></div></=
td></tr></tbody></table>
<div id=3D"hs_cos_wrapper_module_16760530516952" class=3D"hs_cos_wrapper hs=
_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"color: inherit; fo=
nt-size: inherit; line-height: inherit;" data-hs-cos-general-type=3D"widget=
" data-hs-cos-type=3D"module">
=09
<table class=3D"hse-image-wrapper" role=3D"presentation" width=3D"100%" cel=
lpadding=3D"0" cellspacing=3D"0" style=3D"border-spacing:0 !important; bord=
er-collapse:collapse; mso-table-lspace:0pt; mso-table-rspace:0pt">
    <tbody>
        <tr>
            <td align=3D"center" valign=3D"top" style=3D"border-collapse:co=
llapse; mso-line-height-rule:exactly; font-family:Arial, sans-serif; color:=
#000000; word-break:break-word; text-align:center; padding:10px 20px; font-=
size:0px">
               =20
                <img alt=3D"Wayne Thiebaud auction sales shown on a log sca=
le for visibility" src=3D"https://email02.liveart.io/hs-fs/hubfs/Screenshot=
%202023-02-01%20at%202.14.12%20PM.png?width=3D1120&amp;upscale=3Dtrue&amp;n=
ame=3DScreenshot%202023-02-01%20at%202.14.12%20PM.png" style=3D"outline:non=
e; text-decoration:none; -ms-interpolation-mode:bicubic; max-width:100%; fo=
nt-size:16px" width=3D"560" align=3D"middle" srcset=3D"https://email02.live=
art.io/hs-fs/hubfs/Screenshot%202023-02-01%20at%202.14.12%20PM.png?upscale=
=3Dtrue&amp;width=3D1120&amp;upscale=3Dtrue&amp;name=3DScreenshot%202023-02=
-01%20at%202.14.12%20PM.png 560w, https://email02.liveart.io/hs-fs/hubfs/Sc=
reenshot%202023-02-01%20at%202.14.12%20PM.png?upscale=3Dtrue&amp;width=3D22=
40&amp;upscale=3Dtrue&amp;name=3DScreenshot%202023-02-01%20at%202.14.12%20P=
M.png 1120w" sizes=3D"(max-width: 560px) 100vw, 560px">
               =20
            </td>
        </tr>
    </tbody>
</table></div>
<table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D"1=
00%" style=3D"border-spacing:0 !important; border-collapse:collapse; mso-ta=
ble-lspace:0pt; mso-table-rspace:0pt"><tbody><tr><td class=3D"hs_padded" st=
yle=3D"border-collapse:collapse; mso-line-height-rule:exactly; font-family:=
Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; pa=
dding:0px 20px 10px"><div id=3D"hs_cos_wrapper_module_16760530829294" class=
=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=
=3D"color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-=
general-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"hs_cos_wrapp=
er_module_16760530829294_" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs=
_cos_wrapper_type_rich_text" style=3D"color: inherit; font-size: inherit; l=
ine-height: inherit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=
=3D"rich_text"><p style=3D"mso-line-height-rule:exactly; font-size:12px; li=
ne-height:115%; text-align:center" align=3D"center">Wayne Thiebaud auction =
sales shown on a log scale for visibility. Works are color coded by decade =
of creation. After 2010, a greater number of works from later decades have =
sold at auction and for prices at the same level as works from the 1960s.</=
p></div></div></td></tr></tbody></table>
</div>
<!--[if gte mso 9]></table><![endif]-->
<!--[if (mso)|(IE)]></td><![endif]-->
    <!--[if (mso)|(IE)]></tr></table><![endif]-->
    </div>
  =20
  </div>
  <div id=3D"section_16712037777403" class=3D"hse-section" style=3D"padding=
-left:10px; padding-right:10px">
   =20
   =20
    <!--[if !((mso)|(IE))]><!-- -->
      <div class=3D"hse-column-container" style=3D"min-width:280px; max-wid=
th:600px; width:100%; Margin-left:auto; Margin-right:auto; border-collapse:=
collapse; border-spacing:0; background-color:#FFFFFF" bgcolor=3D"#FFFFFF">
    <!--<![endif]-->
   =20
    <!--[if (mso)|(IE)]>
      <div class=3D"hse-column-container" style=3D"min-width:280px;max-widt=
h:600px;width:100%;Margin-left:auto;Margin-right:auto;border-collapse:colla=
pse;border-spacing:0;">
      <table align=3D"center" style=3D"border-collapse:collapse;mso-table-l=
space:0pt;mso-table-rspace:0pt;width:600px;" cellpadding=3D"0" cellspacing=
=3D"0" role=3D"presentation" width=3D"600" bgcolor=3D"#FFFFFF">
      <tr style=3D"background-color:#FFFFFF;">
    <![endif]-->
    <!--[if (mso)|(IE)]>
  <td valign=3D"top" style=3D"width:600px;">
<![endif]-->
<!--[if gte mso 9]>
  <table role=3D"presentation" width=3D"600" cellpadding=3D"0" cellspacing=
=3D"0" style=3D"border-collapse:collapse;mso-table-lspace:0pt;mso-table-rsp=
ace:0pt;width:600px">
<![endif]-->
<div id=3D"column-0-0" class=3D"hse-column hse-size-12">
  <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D=
"100%" style=3D"border-spacing:0 !important; border-collapse:collapse; mso-=
table-lspace:0pt; mso-table-rspace:0pt"><tbody><tr><td class=3D"hs_padded" =
style=3D"border-collapse:collapse; mso-line-height-rule:exactly; font-famil=
y:Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; =
padding:10px 20px"><div id=3D"hs_cos_wrapper_module_16760531330655" class=
=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=
=3D"color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-=
general-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"hs_cos_wrapp=
er_module_16760531330655_" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs=
_cos_wrapper_type_rich_text" style=3D"color: inherit; font-size: inherit; l=
ine-height: inherit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=
=3D"rich_text"><p style=3D"mso-line-height-rule:exactly; line-height:175%">=
<strong>The Pinball Effect</strong></p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%"><a href=3D"http=
s://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/VVybj-2DYR7vW75Xvyx4k-qvdVVm=
64t4WW9hmN5q1hkm3q3n_V1-WJV7CgP5-W3_sJ9019RJntN4mrnxDQbYFzVrhkWW4Z_ypcW6J4y=
gY7ZTlB9W5fH_Ws3ZwfszW4pPjDY92M51lW5Vc0rk2Sl4rvN6bvMsCcPm6YW48fttP1VBKhDW98=
CGWf1dCpG8W4WTn-Z5VJDTPW88-_2G6m6X-zW6whmhX28htkwW7Xj8pp7Js4HgW7tZHk05rZgxN=
W4klR9-7fNXwPW5FNSHH4Ky7JpW5Krg-68l-6s7W27tn9Z4HJnfLW7h5R3w2L2Q2KN13lXCdsyK=
MQW1g4ptK3bm344W3s-yhr8z6ZsvW2Fks8M30wRd1W60j1Q_4SDRQ5W9gwMnl2Yl4Bn2rn1" st=
yle=3D"mso-line-height-rule:exactly; color:#ff24ff; font-weight:bold" data-=
hs-link-id=3D"0" target=3D"_blank">Nearly six-feet square and from the semi=
nal year of 1962</a>,&nbsp;<em>Four Pinball Machines</em>&nbsp;ticks every =
box of art market value. The seller was California investment manager <span=
 style=3D"font-weight: bold;">Ken Siebel</span> who purchased the work from=
 developer and landowner <span style=3D"font-weight: bold;">Donald Bren</sp=
an>.&nbsp;<a  href=3D"https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/VV=
ybj-2DYR7vW75Xvyx4k-qvdVVm64t4WW9hmN5q1hk33q3nJV1-WJV7CgXcyW3-NGDR26Cc8CW66=
8nRP45v3wRN43TX6G1xHB5W6V2CDh7VxhC0W8gZlwB53ydQ4W4DF1095sp2l8W44pNJY6TyvNSN=
7l2nXs9BnbnW8xh71R2FHcQtVWqDdC1NQDJNN2pX4GDVx_f8W6F2nKd1Q9K_dW8WMQ971NQgnLV=
nvPNx38zPzHW2MRmQ06tdv9-W71YhN07hST1PW2Y-YY24Y05RjW1Mqh_q5nrs_6W630-SQ7gS6c=
7W6VBxCb8R8Kf1W1_j87W5N-jrdW3V4l8Y4rDFdKW7YBp-Q7dtqBqW4WxtQC2pVQCx32X-1" st=
yle=3D"mso-line-height-rule:exactly; color:#ff24ff; font-weight:bold" data-=
hs-link-id=3D"1" target=3D"_blank">Bren had bought the painting in the wake=
 of the Whitney=E2=80=99s Thiebaud retrospective</a>&nbsp;which featured&nb=
sp;<em>Four Pinball Machines</em>&nbsp;as the opening work of the exhibitio=
n. He sold to the Siebels not long after.&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">Like the artist=
 himself, the painting is more than a nostalgic evocation of American popul=
ar culture. The pinball machines depicted reference Thiebaud=E2=80=99s cont=
emporaries, <span style=3D"font-weight: bold;">Jasper</span> <span style=3D=
"font-weight: bold;">Johns</span> and <span style=3D"font-weight: bold;">Fr=
ank</span> <span style=3D"font-weight: bold;">Stella</span>; the work fores=
hadows the collapse of high and low culture while still projecting the kind=
 of wallpower collectors and institutions crave.&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">More important =
for the overall growth of the Thiebaud market, since 2017 twice as many wor=
ks have sold in the $3-5 million price band than in the previous six year p=
eriod. Seven times as many works have sold above $5 million in the last thr=
ee years than ever before.&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">With substantia=
l museum representation now, growing interest from museums abroad like the =
<span style=3D"font-weight: bold;">Beyeler</span>, and rising value for his=
 works, Thiebaud has the potential to provide market leadership in the futu=
re. His market will need more infrastructure but Acquavella now represents =
the artist=E2=80=99s foundation. Last year, $53 million in Thiebaud=E2=80=
=99s work sold at auction. That places Thiebaud <span style=3D"font-weight:=
 bold;">41st in market share</span>, well below Gerhard Richter who sold fo=
ur times as much and sits at number 8. With the right market infrastructure=
 and continuing visibility in museums around the world, there=E2=80=99s ple=
nty of room to grow.&nbsp;</p></div></div></td></tr></tbody></table>
<table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D"1=
00%" style=3D"border-spacing:0 !important; border-collapse:collapse; mso-ta=
ble-lspace:0pt; mso-table-rspace:0pt"><tbody><tr><td class=3D"hs_padded" st=
yle=3D"border-collapse:collapse; mso-line-height-rule:exactly; font-family:=
Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; pa=
dding:10px 20px"><div id=3D"hs_cos_wrapper_module_16712037777402" class=3D"=
hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"c=
olor: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-gener=
al-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"hs_cos_wrapper_mo=
dule_16712037777402_" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_=
wrapper_type_rich_text" style=3D"color: inherit; font-size: inherit; line-h=
eight: inherit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"ri=
ch_text"><p style=3D"mso-line-height-rule:exactly; line-height:175%; text-a=
lign:center" align=3D"center"><a href=3D"mailto:?subject=3DI%20thought%20th=
at%20you%20would%20be%20interested%20in%20this%20email&amp;body=3DCheck%20o=
ut%20https://email02.liveart.io/can-wayne-thiebaud-win-big?ecid=3DACsprvu6y=
ZyO57Dsr3RRaPu2qfUQQbJ-RkeomXnIG4fc_4sZr-gYTovkuRWUXiaWvWREU9wEZZVz" target=
=3D"_blank" style=3D"mso-line-height-rule:exactly; color:#ff24ff; font-weig=
ht:bold" rel=3D"noopener" data-hs-link-id=3D"0">Forward to a Friend</a></p>=
</div></div></td></tr></tbody></table>
</div>
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  <div id=3D"section_166091123325430" class=3D"hse-section hse-section-last=
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pse;border-spacing:0;">
      <table align=3D"center" style=3D"border-collapse:collapse;mso-table-l=
space:0pt;mso-table-rspace:0pt;width:600px;" cellpadding=3D"0" cellspacing=
=3D"0" role=3D"presentation" width=3D"600" bgcolor=3D"#000000">
      <tr style=3D"background-color:#000000;">
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    <!--[if (mso)|(IE)]>
  <td valign=3D"top" style=3D"width:600px;">
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ble-lspace:0pt; mso-table-rspace:0pt"><tbody><tr><td class=3D"hs_padded" st=
yle=3D"border-collapse:collapse; mso-line-height-rule:exactly; font-family:=
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dding:0px 20px"><div id=3D"hs_cos_wrapper_module_166091123325425" class=3D"=
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04/VVybj-2DYR7vW75Xvyx4k-qvdVVm64t4WW9hmN5q1hjN3q3npV1-WJV7CgTl-W3bBBvD6TkL=
jPW36gPt88WyJ3xW2wcgLx199lkHW3-B3n1557Ws9W4_m5lp4nRqspW8wzgYm7Yt9skW2DLT3R2=
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l22QPMmW2gQMfX71l8--W3K500p4z_2lCW6JvBrH4DjqjMW3lyk831gwbvXW3F7yLl358-B6W2d=
Ndx75chDjvW4_WfTJ88FLTsN2Qt7b52T3cMW246BYh5Rf03W3lBX1" style=3D"color:#00a4=
bd; mso-line-height-rule:exactly; text-decoration:none !important" data-hs-=
link-id=3D"0" target=3D"_blank">
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                  <img src=3D"https://email02.liveart.io/hs-fs/hubfs/Instag=
ram-alt-v02.png?height=3D60&amp;upscale=3Dtrue&amp;name=3DInstagram-alt-v02=
.png" alt=3D"Instagram" height=3D"30" style=3D"outline:none; text-decoratio=
n:none; -ms-interpolation-mode:bicubic; border:none; width:auto!important; =
height:30px!important; vertical-align:middle" valign=3D"middle" width=3D"au=
to">
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                </a>
              </td>
             =20
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            </tr>
          </tbody>
        </table>
      </td>
     =20
      <td class=3D"social-network-cell" style=3D"border-collapse:collapse; =
mso-line-height-rule:exactly; font-family:Arial, sans-serif; font-size:15px=
; color:#000000; word-break:break-word">
        <table role=3D"presentation" align=3D"center" style=3D"border-spaci=
ng:0 !important; border-collapse:collapse; mso-table-lspace:0pt; mso-table-=
rspace:0pt; width:auto; text-align:center" class=3D"hs_cos_wrapper_type_soc=
ial_module_single" width=3D"auto">
          <tbody>
            <tr align=3D"center">
             =20
              <td class=3D"display_block_on_small_screens" style=3D"border-=
collapse:collapse; mso-line-height-rule:exactly; font-family:Arial, sans-se=
rif; font-size:15px; color:#000000; word-break:break-word; padding:8px 5px;=
 line-height:1; vertical-align:middle" valign=3D"middle">
                <a href=3D"https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp=
04/VVybj-2DYR7vW75Xvyx4k-qvdVVm64t4WW9hmN5q1hjt3q3n5V1-WJV7Cg-cYN8b-jX_qX18=
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b8G6W1csSZY1k_MXlN1-1q8gp3G1HW1fnljm28L3JHW55xnY_8PxxzzW45wtXV1c3713W714GR1=
2frn7FW1VsPVp96M_K83kcK1" style=3D"color:#00a4bd; mso-line-height-rule:exac=
tly; text-decoration:none !important" data-hs-link-id=3D"0" target=3D"_blan=
k">
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                  <img src=3D"https://email02.liveart.io/hs-fs/hubfs/twitte=
r-alt-v02.png?height=3D60&amp;upscale=3Dtrue&amp;name=3Dtwitter-alt-v02.png=
" alt=3D"Twitter" height=3D"30" style=3D"outline:none; text-decoration:none=
; -ms-interpolation-mode:bicubic; border:none; width:auto!important; height=
:30px!important; vertical-align:middle" valign=3D"middle" width=3D"auto">
                 =20
                </a>
              </td>
             =20
             =20
            </tr>
          </tbody>
        </table>
      </td>
     =20
      <td class=3D"social-network-cell" style=3D"border-collapse:collapse; =
mso-line-height-rule:exactly; font-family:Arial, sans-serif; font-size:15px=
; color:#000000; word-break:break-word">
        <table role=3D"presentation" align=3D"center" style=3D"border-spaci=
ng:0 !important; border-collapse:collapse; mso-table-lspace:0pt; mso-table-=
rspace:0pt; width:auto; text-align:center" class=3D"hs_cos_wrapper_type_soc=
ial_module_single" width=3D"auto">
          <tbody>
            <tr align=3D"center">
             =20
              <td class=3D"display_block_on_small_screens" style=3D"border-=
collapse:collapse; mso-line-height-rule:exactly; font-family:Arial, sans-se=
rif; font-size:15px; color:#000000; word-break:break-word; padding:8px 5px;=
 line-height:1; vertical-align:middle" valign=3D"middle">
                <a href=3D"https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp=
04/VVybj-2DYR7vW75Xvyx4k-qvdVVm64t4WW9hmN5q1hjN3q3npV1-WJV7CgQhNVDBNCn7sLkx=
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so-line-height-rule:exactly; text-decoration:none !important" data-hs-link-=
id=3D"0" target=3D"_blank">
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                 =20
                  <img src=3D"https://email02.liveart.io/hs-fs/hubfs/facebo=
ok-alt-v02.png?height=3D60&amp;upscale=3Dtrue&amp;name=3Dfacebook-alt-v02.p=
ng" alt=3D"Facebook" height=3D"30" style=3D"outline:none; text-decoration:n=
one; -ms-interpolation-mode:bicubic; border:none; width:auto!important; hei=
ght:30px!important; vertical-align:middle" valign=3D"middle" width=3D"auto"=
>
                 =20
                </a>
              </td>
             =20
             =20
            </tr>
          </tbody>
        </table>
      </td>
     =20
      <td class=3D"social-network-cell" style=3D"border-collapse:collapse; =
mso-line-height-rule:exactly; font-family:Arial, sans-serif; font-size:15px=
; color:#000000; word-break:break-word">
        <table role=3D"presentation" align=3D"center" style=3D"border-spaci=
ng:0 !important; border-collapse:collapse; mso-table-lspace:0pt; mso-table-=
rspace:0pt; width:auto; text-align:center" class=3D"hs_cos_wrapper_type_soc=
ial_module_single" width=3D"auto">
          <tbody>
            <tr align=3D"center">
             =20
              <td class=3D"display_block_on_small_screens" style=3D"border-=
collapse:collapse; mso-line-height-rule:exactly; font-family:Arial, sans-se=
rif; font-size:15px; color:#000000; word-break:break-word; padding:8px 5px;=
 line-height:1; vertical-align:middle" valign=3D"middle">
                <a href=3D"https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp=
04/VVybj-2DYR7vW75Xvyx4k-qvdVVm64t4WW9hmN5q1hjN3q3npV1-WJV7CgF7zW7gB7x556f6=
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; mso-line-height-rule:exactly; text-decoration:none !important" data-hs-li=
nk-id=3D"0" target=3D"_blank">
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                  <img src=3D"https://email02.liveart.io/hs-fs/hubfs/linked=
in-alt-v02.png?height=3D60&amp;upscale=3Dtrue&amp;name=3Dlinkedin-alt-v02.p=
ng" alt=3D"LinkedIn" height=3D"30" style=3D"outline:none; text-decoration:n=
one; -ms-interpolation-mode:bicubic; border:none; width:auto!important; hei=
ght:30px!important; vertical-align:middle" valign=3D"middle" width=3D"auto"=
>
                 =20
                </a>
              </td>
             =20
             =20
            </tr>
          </tbody>
        </table>
      </td>
     =20
      <td class=3D"social-network-cell" style=3D"border-collapse:collapse; =
mso-line-height-rule:exactly; font-family:Arial, sans-serif; font-size:15px=
; color:#000000; word-break:break-word">
        <table role=3D"presentation" align=3D"center" style=3D"border-spaci=
ng:0 !important; border-collapse:collapse; mso-table-lspace:0pt; mso-table-=
rspace:0pt; width:auto; text-align:center" class=3D"hs_cos_wrapper_type_soc=
ial_module_single" width=3D"auto">
          <tbody>
            <tr align=3D"center">
             =20
              <td class=3D"display_block_on_small_screens" style=3D"border-=
collapse:collapse; mso-line-height-rule:exactly; font-family:Arial, sans-se=
rif; font-size:15px; color:#000000; word-break:break-word; padding:8px 5px;=
 line-height:1; vertical-align:middle" valign=3D"middle">
                <a href=3D"https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp=
04/VVybj-2DYR7vW75Xvyx4k-qvdVVm64t4WW9hmN5q1hjN3q3npV1-WJV7CgC1vW8JCK4m20yL=
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mso-line-height-rule:exactly; text-decoration:none !important" data-hs-link=
-id=3D"0" target=3D"_blank">
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                  <img src=3D"https://email02.liveart.io/hs-fs/hubfs/discor=
d-alt-v02.png?height=3D60&amp;upscale=3Dtrue&amp;name=3Ddiscord-alt-v02.png=
" alt=3D"Discord" height=3D"30" style=3D"outline:none; text-decoration:none=
; -ms-interpolation-mode:bicubic; border:none; width:auto!important; height=
:30px!important; vertical-align:middle" valign=3D"middle" width=3D"auto">
                 =20
                </a>
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             =20
             =20
            </tr>
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        </table>
      </td>
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    </tr>
  </tbody>
</table>
</div></td></tr></tbody></table>
<div id=3D"hs_cos_wrapper_module_166091123325426" class=3D"hs_cos_wrapper h=
s_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"color: inherit; f=
ont-size: inherit; line-height: inherit;" data-hs-cos-general-type=3D"widge=
t" data-hs-cos-type=3D"module">
=09
<table class=3D"hse-image-wrapper" role=3D"presentation" width=3D"100%" cel=
lpadding=3D"0" cellspacing=3D"0" style=3D"border-spacing:0 !important; bord=
er-collapse:collapse; mso-table-lspace:0pt; mso-table-rspace:0pt">
    <tbody>
        <tr>
            <td align=3D"center" valign=3D"top" style=3D"border-collapse:co=
llapse; mso-line-height-rule:exactly; font-family:Arial, sans-serif; color:=
#000000; word-break:break-word; text-align:center; padding:5px 20px; font-s=
ize:0px">
               =20
                    <a href=3D"https://email02.liveart.io/e3t/Ctc/DO+113/d2=
xBdp04/VVybj-2DYR7vW75Xvyx4k-qvdVVm64t4WW9hmN5q1hjN3q3npV1-WJV7Cg-bTW6xNgt2=
4TRd73W6Syk5n3B79-cW8k6CkK2VL6twW7kVysZ6xXMmRW2VHVcM5NLM5_W5rGpkQ8PXcymW7GJ=
3-X5mkqlqW3hQN6h5v5MvZW8XgF2d25KTlzW58S08Y1ZJWH4W188bQ07LnG6NVGnJNf3h79nMW7=
DCxYB6ln9PmW5_njJT5ztnJpW14MfRl2PTmn9TG83P2MdfwcW7dr3Sz4zTYbCW82xkC25Gr-9yW=
1TBcxX3PQKHPW4qTMJb1fQRqcN1ylZ-z4QFvWW3rjcK310bWk837nk1" target=3D"_blank" =
style=3D"color:#00a4bd; mso-line-height-rule:exactly" data-hs-link-id=3D"0"=
>
               =20
                <img alt=3D"App Store | Google Play" src=3D"https://email02=
.liveart.io/hs-fs/hubfs/20220322_Tue_Newsletter/App-Badges.png?width=3D600&=
amp;upscale=3Dtrue&amp;name=3DApp-Badges.png" style=3D"outline:none; text-d=
ecoration:none; -ms-interpolation-mode:bicubic; border:none; max-width:100%=
; font-size:16px" width=3D"300" align=3D"middle" srcset=3D"https://email02.=
liveart.io/hs-fs/hubfs/20220322_Tue_Newsletter/App-Badges.png?upscale=3Dtru=
e&amp;width=3D600&amp;upscale=3Dtrue&amp;name=3DApp-Badges.png 300w, https:=
//email02.liveart.io/hs-fs/hubfs/20220322_Tue_Newsletter/App-Badges.png?ups=
cale=3Dtrue&amp;width=3D1200&amp;upscale=3Dtrue&amp;name=3DApp-Badges.png 6=
00w" sizes=3D"(max-width: 300px) 100vw, 300px">
               =20
                    </a>
               =20
            </td>
        </tr>
    </tbody>
</table></div>
<table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D"1=
00%" style=3D"border-spacing:0 !important; border-collapse:collapse; mso-ta=
ble-lspace:0pt; mso-table-rspace:0pt"><tbody><tr><td class=3D"hs_padded" st=
yle=3D"border-collapse:collapse; mso-line-height-rule:exactly; font-family:=
Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; pa=
dding:10px 5px"><div id=3D"hs_cos_wrapper_module_166091123325427" class=3D"=
hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"c=
olor: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-gener=
al-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"hs_cos_wrapper_mo=
dule_166091123325427_" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos=
_wrapper_type_rich_text" style=3D"color: inherit; font-size: inherit; line-=
height: inherit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"r=
ich_text"><p style=3D"mso-line-height-rule:exactly; font-size:12px; line-he=
ight:125%; text-align:center; font-weight:bold" align=3D"center"><span styl=
e=3D"color: #ffffff;"><a href=3D"https://email02.liveart.io/e3t/Ctc/DO+113/=
d2xBdp04/VVybj-2DYR7vW75Xvyx4k-qvdVVm64t4WW9hmN5q1hjt3q3n5V1-WJV7CgVyLW54YG=
216dpgzbW8djN351zlPZSW4wQ7WQ3gxgGPW1jwP0J4F1QKgVrPMTC2L9c81N8_NJNGzPdqCW93S=
h7h8-dxg7W3K7C3M6RT_kWW5ByBpZ2nV78XW14d5Jw2Jx4kYW4pv6gb4lMkt9W3LSRcV7prl0ZN=
8RlDcZsn3QMW311ggb2GRX5VVl02hp1jnwsnW8YRBmB4LNMDjW470qhS3YNJMhW28rtZN83Xnv7=
W320x5p68kdVmW19c1ct7ghgtP3lH51" style=3D"mso-line-height-rule:exactly; col=
or:#ffffff; font-weight:bold" rel=3D"noopener" data-hs-link-id=3D"2" target=
=3D"_blank">BUY</a>&nbsp; |&nbsp; <a href=3D"https://email02.liveart.io/e3t=
/Ctc/DO+113/d2xBdp04/VVybj-2DYR7vW75Xvyx4k-qvdVVm64t4WW9hmN5q1hjt3q3n5V1-WJ=
V7CgSxJN4WnH8H-DTBkW2VZTJM6843x_W7w3PmP4FwVn3W56XhC07J6Z77N4wTSl273HKmW8-M8=
Gh6KG0_PW3LV-rY2XmYVwW4-Nb2_1c-jd1W3YpCrd10pr1VW3SWTwq7Bm0jpW4cTN6J4WjJGtN2=
9ylmtB-B_QW6r2BRj7VcVnxW9dxply90vTkMW6HhLPZ8-RDMsW7nTwdW47v5m1W831B2H2xVTg_=
N1FL-RsnMw8lW3ZlQ2H1qKLRzW3yZpmx8SKYqH3gdm1" style=3D"mso-line-height-rule:=
exactly; font-weight:bold; color:#ffffff" rel=3D"noopener" data-hs-link-id=
=3D"3" target=3D"_blank">SELL</a>&nbsp; | <a href=3D"https://email02.livear=
t.io/e3t/Ctc/DO+113/d2xBdp04/VVybj-2DYR7vW75Xvyx4k-qvdVVm64t4WW9hmN5q1hjt3q=
3n5V1-WJV7CgzG9N6WC39JyDhZrW8tZykr8Wq03BW5_D5Vt40Kp6fW1VbZs018N554W1p_3Gj6K=
0m7bW5NKwzX5Z9bWbW5Tkq4g72BQKQW7G0vVD7LxXjXVyTqwh4f2MjJW8G-stg6LpsfXW1HwLL0=
3kT---W55vzJh380pDRW1YfTVT7pg0LkW7FLYZB46c815W1QXGnZ1yh9P4N54Qg5Kms__5W3yYv=
YZ62jd_TW13pYKR89FQbpW1G48j83V6QphVbl7Tf2rBy2z2cG1" style=3D"mso-line-heigh=
t-rule:exactly; color:#ffffff; font-weight:bold" rel=3D"noopener" data-hs-l=
ink-id=3D"4" target=3D"_blank">TRADING FLOOR</a> |&nbsp; <a href=3D"https:/=
/email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/VVybj-2DYR7vW75Xvyx4k-qvdVVm64t=
4WW9hmN5q1hjt3q3n5V1-WJV7CgFcKW3rr2Sj7GWbfqW3YSQN_8cm7sMW6MF7z77m8XfGW276Pk=
q61558XW4zT9C85mzGhkVpJ0qz6QyDt1W8Sp2Lq6_ljXCW1lLGjh738hS-W5CHgnl6Jk_ZNVjWV=
cl6TFYb4W4LlBsZ1WhnkbW6Fvjcc9jQHZ4W3hPnPj13HNsYN4jm8p-Gfx3YW4YJ7747NCnldW5Z=
Z5cZ77Sc3PW7JvwDl8b5cjSW8gNJkd4N2zW_W4cCpV23pFNgyW18DKy83dqqtb3cYP1" style=
=3D"mso-line-height-rule:exactly; font-weight:bold; color:#ffffff" rel=3D"n=
oopener" data-hs-link-id=3D"0" target=3D"_blank">STORIES</a>&nbsp; | <a hre=
f=3D"https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/VVybj-2DYR7vW75Xvyx=
4k-qvdVVm64t4WW9hmN5q1hjt3q3n5V1-WJV7CgJcYW4WJ0f97c8pwJW7Wn5DJ3ZJpd8W7X9xFh=
5VHZffW254TPC54fYmPN5l8Jn8q3FwYW4MHyrb5KVrbvW1xrmqw7DZnyYW35SWz38rCjXWW5q3P=
8k5k6wR8W5_Ht2j24ylkVW5gRWLN63N1pTV8Grz-2_dwXzW9lbrw15R361NW3J9skv3556m_V4L=
GJQ3jPjm9W5ctxvK90k674W4Grd805Qfkj1W2W3H2G627ncFW2QMHJs358HQVW1yhkvv16yQ1N3=
l5d1" style=3D"mso-line-height-rule:exactly; font-weight:bold; color:#fffff=
f" rel=3D"noopener" data-hs-link-id=3D"0" target=3D"_blank">NFT</a></span><=
/p></div></div></td></tr></tbody></table>
<table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D"1=
00%" style=3D"border-spacing:0 !important; border-collapse:collapse; mso-ta=
ble-lspace:0pt; mso-table-rspace:0pt"><tbody><tr><td class=3D"hs_padded" st=
yle=3D"border-collapse:collapse; mso-line-height-rule:exactly; font-family:=
Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; pa=
dding:5px 20px 0px"><div id=3D"hs_cos_wrapper_module_166091123325428" class=
=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=
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general-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"hs_cos_wrapp=
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