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Subject: The Art-Backed Loan Boom, A $13M Hockney & More Basel Deals
Date: Wed, 18 Jun 2025 23:31:59 +0100
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Welcome back to the Wall Power Inner Circle. I’m Marion Maneker. Art finance
may seem like a niche subject, but it speaks to a key issue for the growth
of the art business. Put simply, a great deal of capital has been searching
for a way into the art world, but there are surprisingly few points of
entry. Adam Chinn thinks he’s found one. It relies on a paradox: Art’s value
is a direct reflection of the availability of capital, and yet the market
makers are starved for capital. Tonight, I’ll explain Chinn’s solution.
Jun 18, 2025
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PREVIEW VERSION
For full access to Puck Inner Circle content, subscribe today.
Marion Maneker
Welcome back to the Wall Power Inner Circle. I’m Marion Maneker.
Art finance may seem like a niche subject, but it speaks to a key issue for
the growth of the art business. Put simply, a great deal of capital has been
searching for a way into the art world, but there are surprisingly few
points of entry. Adam Chinn thinks he’s found one. It relies on a paradox:
Art’s value is a direct reflection of the availability of capital, and yet
the market makers are starved for capital. Tonight, I’ll explain Chinn’s
solution.
The Art of Influence
I hope you’ve heard the news that Puck and the FLAG Art Foundation have
announced our first summit, The Art of Influence, taking place on September
15 in New York at SECOND, an event space in Midtown. We’re planning a day of
frank conversation among the people who set the art world’s agenda, and you’ll
have unparalleled access to...
A MESSAGE FROM OUR SPONSOR
The first steps towards a masterpiece starts with a dream. The all-electric
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Lords of Art Finance
With $1 trillion of art in private hands, and only 5 percent of it
leveraged, the art market is nowhere near as liquid as other asset classes.
A new art-secured lender, backed by the Nahmads and selling discretion, aims
to change that.
Marion Maneker
Last summer, the big news in the world of art finance was that wealthy art
buyers were tapping into their collections to invest in the then-roaring
equity markets. This summer, it’s the emergence of a major new art-secured
lender that has just come out of stealth mode: International Art Finance, a
Nahmad family project managed by Adam Chinn, a former partner at Wachtell
Lipton, co-founder of boutique investment bank Centerview Partners, and the
former chief operating officer of Sotheby’s.
Despite starting up less than two years ago, IAF has made more than...
JOIN THE INNER CIRCLE
A MESSAGE FROM OUR SPONSOR
The first steps towards a masterpiece starts with a dream. The all-electric
BMW i7 – the evolution of brilliance. Learn more at
BMWUSA.com
The ultimate fashion industry bible, offering incisive reportage on all
aspects of the business and its biggest players. Anchored by preeminent
fashion journalist Lauren Sherman, Line Sheet also features veteran reporter
Rachel Strugatz, who delivers unparalleled intel on what’s happening in the
beauty industry, and Sarah Shapiro, a longtime retail strategist who writes
about e-commerce, brick-and-mortar, D.T.C., and more.
Finally, a media podcast about what’s actually happening in the media—not
the oversanitized, legal-and-standards-approved version you read online.
Join Dylan Byers, Puck’s veteran media reporter, as he sits down with TV
personalities, moguls, pundits, and industry executives for raw, honest,
sometimes salacious conversations about the business of media and its
biggest egos. New episodes publish every Tuesday and Friday.
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A.I. on Trial
ERIQ GARDNER
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Art Basel Deal Flow
MARION MANEKER
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Homeland Insecurities
JOHN HEILEMANN
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Wall Power Inner Circle. I=E2=80=99m Marion Maneker. Art finance may =
seem like a niche subject, but it speaks to a key issue for the growth =
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cellspacing=3D"0" role=3D"presentation" =
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eight:0;"><tbody><tr><td =
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m:24px;text-align:left;">
<table class=3D"b" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;display:inline-block;p=
adding-left:0px;padding-right:0px;" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation"><tbody><tr><td =
style=3D"vertical-align:middle;text-align:center;padding-top:0px;padding-=
bottom:0px;padding-left:0px;padding-right:0px;"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYaFN1QTQ3VjcxOS1ucnR1UTcxMD0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvYX=
V0aG9yL21hcmlvbi1tYW5la2VyLz91dG1fY2FtcGFpZ249SUMrRXhjbHVzaXZlK1dhbGwrUG9=
3ZXIrLStMRUFEUyslMjg2JTJGMTglMkYyNSUyOVx1MDAyNnV0bV9jb250ZW50PUlDK0V4Y2x1=
c2l2ZStXYWxsK1Bvd2VyKy0rTEVBRFMrJTI4NiUyRjE4JTJGMjUlMjlcdTAwMjZ1dG1fbWVka=
XVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdG=
VybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDh=
kMjgiLCJsaW5rX2lkIjo4NDc4MTd9/885a2846a3f8cef67020c69612f08dd92b79d47c97a=
19e7f2eec9f108551904b" target=3D"_self" =
style=3D"text-decoration:none;"><img alt=3D"Marion Maneker" =
src=3D"https://userimg-assets.customeriomail.com/images/client-env-107382=
/1739207842260_avatar-marion-update-2025-02-10_01JKRDV6FXDFC5A7AK1PGGWTBD=
.png" height=3D"auto" width=3D"48" align=3D"center" =
style=3D"display:block;height:auto;margin:0 auto;border:0;"/></a>
</td><td =
style=3D"font-family:'PuckSerifDisplay','Georgia';font-si=
ze:20px;font-weight:400;color:#d40000;vertical-align:middle;letter-spacin=
g:undefined;text-align:left;line-height:normal;"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYaFN1QTQ3VjcxOS1ucnR1UTcxMD0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvYX=
V0aG9yL21hcmlvbi1tYW5la2VyLz91dG1fY2FtcGFpZ249SUMrRXhjbHVzaXZlK1dhbGwrUG9=
3ZXIrLStMRUFEUyslMjg2JTJGMTglMkYyNSUyOVx1MDAyNnV0bV9jb250ZW50PUlDK0V4Y2x1=
c2l2ZStXYWxsK1Bvd2VyKy0rTEVBRFMrJTI4NiUyRjE4JTJGMjUlMjlcdTAwMjZ1dG1fbWVka=
XVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdG=
VybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDh=
kMjgiLCJsaW5rX2lkIjo4NDc4MTd9/885a2846a3f8cef67020c69612f08dd92b79d47c97a=
19e7f2eec9f108551904b" target=3D"_self" =
style=3D"color:#d40000;text-decoration:none;">Marion Maneker</a>
</td></tr></tbody></table>
</td></tr></tbody></table>
<table class=3D"oq" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
"><tbody><tr><td style=3D"padding-bottom:32px;"><div =
style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5=
;text-align:left;mso-line-height-alt:26px;"><p =
style=3D"margin:0;">Welcome back to the Wall Power Inner Circle. =
I=E2=80=99m <strong>Marion Maneker</strong>.<br/><br/>Art
finance may seem like a niche subject, but it speaks to a key issue for =
the growth of the art business. Put simply, a great deal of capital has =
been searching for a way into the art world, but there are surprisingly =
few points of entry. <strong>Adam Chinn</strong> thinks he=E2=80=99s =
found one. It relies on a paradox: Art=E2=80=99s value is a direct =
reflection of the availability of capital, and yet the market makers are =
starved for capital. Tonight, I=E2=80=99ll explain Chinn=E2=80=99s =
solution.</p></div>
</td></tr></tbody></table>
<table class=3D"p" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"padding-bottom:32px;"><div class=3D"r" align=3D"center">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" width=3D"30%" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"font-size:1px;line-height:1px;border-top:2px solid =
#d40000;"><span style=3D"word-break:break-word;">=E2=80=8A</span>
</td></tr></tbody></table></div>
</td></tr></tbody></table>
<table class=3D"gq" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"padding-bottom:32px;padding-left:24px;padding-right:24px;text-al=
ign:center;width:100%;"><h3 =
style=3D"margin:0;color:#000000;direction:ltr;font-family:'PuckSerifD=
isplay','Georgia';font-size:24px;font-weight:400;letter-spaci=
ng:normal;line-height:1.2;text-align:center;margin-top:0;margin-bottom:0;=
mso-line-height-alt:29px;">The Art of
Influence</h3>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
"><tbody><tr><td style=3D"padding-bottom:32px;"><div =
style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5=
;text-align:left;mso-line-height-alt:26px;"><p style=3D"margin:0;">I =
hope you=E2=80=99ve heard the news that Puck and the FLAG Art Foundation =
have announced our first summit, The Art
of Influence, taking place on September 15 in New York at SECOND, an =
event space in Midtown. We=E2=80=99re planning a day of frank =
conversation among the people who set the art world=E2=80=99s agenda, =
and you=E2=80=99ll have unparalleled access to...</p></div>
</td></tr></tbody></table>
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<table class=3D"c i" align=3D"center" border=3D"0" cellpadding=3D"0" =
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style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;background-color:#ffff=
ff;border-radius:0;color:#000000;width:600px;margin:0 auto;" =
width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"100%" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-a=
lign:left;border-bottom:1px solid #d40000;border-top:1px solid =
#d40000;padding-bottom:32px;padding-left:24px;padding-right:24px;padding-=
top:32px;
vertical-align:top;">
<table class=3D"np" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
"><tbody><tr><td style=3D"padding-bottom:16px;"><div =
style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.2=
;text-align:left;mso-line-height-alt:20px;"><p style=3D"margin:0;">A =
MESSAGE FROM OUR SPONSOR</p></div>
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evolution of brilliance.
Learn more at=C2=A0</p><p style=3D"margin:0;"><strong><a =
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solid #d40000;
border-top:2px solid =
#d40000;color:#ffffff;display:inline-block;font-family:'Inter',&#=
39;Arial';font-size:14px;font-weight:700;mso-border-alt:none;padding-=
bottom:8px;padding-top:8px;padding-left:20px;padding-right:20px;text-alig=
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<table class=3D"c i" align=3D"center" border=3D"0" cellpadding=3D"0" =
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<table class=3D"j np" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"width:100%;"><div class=3D"r" align=3D"center"><div =
style=3D"max-width:600px;"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYaFN1QTQ3VjcxOS1ucnR1UTcxMD0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvdG=
hlLW5haG1hZHMtbmV3LWJldC1vbi1hcnQtZmluYW5jZS8_dXRtX2NhbXBhaWduPUlDK0V4Y2x=
1c2l2ZStXYWxsK1Bvd2VyKy0rTEVBRFMrJTI4NiUyRjE4JTJGMjUlMjlcdTAwMjZ1dG1fY29u=
dGVudD1JQytFeGNsdXNpdmUrV2FsbCtQb3dlcistK0xFQURTKyUyODYlMkYxOCUyRjI1JTI5X=
HUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLm=
lvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzY=
wNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MjI0MDAzMX0/6a50c24f1a67ccb8e99b8c21=
3bcadced79d12048f6422b08bd6c16673b8a4199" target=3D"_blank" =
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style=3D"display:
block;height:auto;border:0;width:100%;" width=3D"600" alt=3D"Lords of =
Art Finance" title=3D"Lords of Art Finance" =
height=3D"auto"/></a></div></div>
</td></tr></tbody></table>
<table class=3D"j oq" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"padding-bottom:8px;padding-left:24px;padding-right:24px;padding-=
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style=3D"max-width:142px;"><img =
src=3D"https://userimg-assets.customeriomail.com/images/client-env-107382=
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style=3D"display:block;height:auto;border:0;width:100%;" width=3D"142" =
alt=3D"Inner Circle Exclusive" title=3D"Inner Circle Exclusive" =
height=3D"auto"/></div></div>
</td></tr></tbody></table>
<table class=3D"gq p" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"padding-bottom:16px;padding-left:24px;padding-right:24px;text-al=
ign:center;width:100%;"><h1 =
style=3D"margin:0;color:#000000;direction:ltr;font-family:'PuckSerifD=
isplay','Georgia';font-size:48px;font-weight:400;letter-spaci=
ng:normal;line-height:1.2;text-align:left;margin-top:0;margin-bottom:0;ms=
o-line-height-alt:58px;"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYaFN1QTQ3VjcxOS1ucnR1UTcxMD0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvdG=
hlLW5haG1hZHMtbmV3LWJldC1vbi1hcnQtZmluYW5jZS8_dXRtX2NhbXBhaWduPUlDK0V4Y2x=
1c2l2ZStXYWxsK1Bvd2VyKy0rTEVBRFMrJTI4NiUyRjE4JTJGMjUlMjlcdTAwMjZ1dG1fY29u=
dGVudD1JQytFeGNsdXNpdmUrV2FsbCtQb3dlcistK0xFQURTKyUyODYlMkYxOCUyRjI1JTI5X=
HUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLm=
lvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzY=
wNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MjI0MDAzMX0/6a50c24f1a67ccb8e99b8c21=
3bcadced79d12048f6422b08bd6c16673b8a4199" target=3D"_blank" =
style=3D"text-decoration:none;color:#d40000;" =
data-mce-attribute-name-1=3D"" data-mce-attribute-value-1=3D"" =
data-mce-attributes-count=3D"1" rel=3D"noopener"><span =
style=3D"word-break:break-word;position:relative;" =
data-position=3D"80-0-2" data-qa=3D"tinyeditor-root-element">Lords of =
Art Finance</span></a></h1>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
"><tbody><tr><td style=3D"padding-left:24px;padding-right:24px;"><div =
style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:19px;font-weight:400;letter-spacing:0px;line-height:1.5=
;text-align:left;mso-line-height-alt:29px;"><p style=3D"margin:0;">With =
$1 trillion of art in private hands, and only 5 percent of it leveraged, =
the art market
is nowhere near as liquid as other asset classes. A new art-secured =
lender, backed by the Nahmads and selling discretion, aims to change =
that.</p></div>
</td></tr></tbody></table>
</td></tr></tbody></table>
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transparent;border-radius:0;border-right:24px solid =
transparent;border-top:8px solid =
transparent;color:#000000;width:600px;margin:0 auto;" =
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05LQUdYaFN1QTQ3VjcxOS1ucnR1UTcxMD0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvYX=
V0aG9yL21hcmlvbi1tYW5la2VyLz91dG1fY2FtcGFpZ249SUMrRXhjbHVzaXZlK1dhbGwrUG9=
3ZXIrLStMRUFEUyslMjg2JTJGMTglMkYyNSUyOVx1MDAyNnV0bV9jb250ZW50PUlDK0V4Y2x1=
c2l2ZStXYWxsK1Bvd2VyKy0rTEVBRFMrJTI4NiUyRjE4JTJGMjUlMjlcdTAwMjZ1dG1fbWVka=
XVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdG=
VybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDh=
kMjgiLCJsaW5rX2lkIjo4NDc4MTd9/885a2846a3f8cef67020c69612f08dd92b79d47c97a=
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style=3D"display:block;height:auto;margin:0 auto;border:0;"/></a>
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ze:20px;font-weight:400;color:#d40000;vertical-align:middle;letter-spacin=
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05LQUdYaFN1QTQ3VjcxOS1ucnR1UTcxMD0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvYX=
V0aG9yL21hcmlvbi1tYW5la2VyLz91dG1fY2FtcGFpZ249SUMrRXhjbHVzaXZlK1dhbGwrUG9=
3ZXIrLStMRUFEUyslMjg2JTJGMTglMkYyNSUyOVx1MDAyNnV0bV9jb250ZW50PUlDK0V4Y2x1=
c2l2ZStXYWxsK1Bvd2VyKy0rTEVBRFMrJTI4NiUyRjE4JTJGMjUlMjlcdTAwMjZ1dG1fbWVka=
XVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdG=
VybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDh=
kMjgiLCJsaW5rX2lkIjo4NDc4MTd9/885a2846a3f8cef67020c69612f08dd92b79d47c97a=
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<table align=3D"center" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td>
<table class=3D"c i" align=3D"center" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;background-color:#ffff=
ff;border-radius:0;color:#000000;width:600px;margin:0 auto;" =
width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"100%" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-a=
lign:left;padding-left:24px;padding-right:24px;padding-top:11px;vertical-=
align:top;">
<table class=3D"np" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
"><tbody><tr><td style=3D"padding-bottom:32px;"><div =
style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5=
;text-align:left;mso-line-height-alt:26px;"><p style=3D"margin:0;">Last =
summer, the big news in the world of art finance was that wealthy art =
buyers were tapping
into their collections to invest in the then-roaring equity markets. =
This summer, it=E2=80=99s the emergence of a major new art-secured =
lender that has just come out of stealth mode: International Art =
Finance, a <strong>Nahmad </strong>family project managed by =
<strong>Adam Chinn</strong>, a former partner at Wachtell Lipton, =
co-founder of boutique investment bank Centerview Partners, and the =
former chief operating officer of Sotheby=E2=80=99s.<br/><br/>Despite =
starting up less than two years ago,
IAF has made more than...</p></div>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>
<table class=3D"n3" align=3D"center" width=3D"100%" border=3D"0" =
cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td>
<table class=3D"c i" align=3D"center" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;background-color:#ffff=
ff;border-radius:0;color:#000000;width:600px;margin:0 auto;" =
width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"100%" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-a=
lign:left;padding-left:24px;padding-right:24px;vertical-align:top;">
<table class=3D"g np" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
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YxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5=
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solid #d40000;
border-top:2px solid =
#d40000;color:#ffffff;display:inline-block;font-family:'Inter',&#=
39;Arial';font-size:14px;font-weight:700;mso-border-alt:none;padding-=
bottom:8px;padding-top:8px;padding-left:0px;padding-right:0px;text-align:=
center;width:60%;word-break:keep-all;letter-spacing:normal;"><span =
style=3D"word-break:break-word;line-height:28px;">JOIN THE INNER =
CIRCLE</span></span></a></div>
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cellspacing=3D"0" role=3D"presentation" =
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lign:left;border-bottom:1px solid #d40000;border-top:1px solid =
#d40000;padding-bottom:32px;padding-left:24px;padding-right:24px;padding-=
top:32px;
vertical-align:top;">
<table class=3D"np" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
"><tbody><tr><td style=3D"padding-bottom:16px;"><div =
style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.2=
;text-align:left;mso-line-height-alt:20px;"><p style=3D"margin:0;">A =
MESSAGE FROM OUR SPONSOR</p></div>
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href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYaFN1QTQ3VjcxOS1ucnR1UTcxMD0iLCJocmVmIjoiaHR0cHM6Ly9hZC5kb3VibGVjbG=
ljay5uZXQvZGRtL3RyYWNrY2xrL04yMjY3MDgzLjQyMzU4NjVQVUNLTkVXUy9CMzI5ODMyMzI=
uNDEzNzE5NTA2O2RjX3Rya19haWQ9NjEyMDMzOTE0O2RjX3Rya19jaWQ9MjMzNzMxMDcwO2Rj=
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style=3D"margin:0;margin-bottom:0px;">The first steps towards a =
masterpiece starts with a dream. The all-electric BMW i7 =E2=80=93 the =
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href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
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al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.2=
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and Sarah Shapiro, a longtime retail strategist who writes about =
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