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Subject: What We Learned this Week (2405)
From: Artelligence <artelligence@substack.com>
To: enzo@showfile.com
Message-Id: <20240202174554.3.3685efd5ab456037@mg2.substack.com>
Date: Fri, 2 Feb 2024 17:45:54 +0000
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sender: Artelligence <artelligence@substack.com>
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View this post on the web at https://artelligence.substack.com/p/what-we-le=
arned-this-week-2405

Welcome to Artelligence
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ontact us directly:
In This Issue
Lot Watch: A lost Klimt resurfaces in what looks like a restitution sale in=
 Vienna
Lot Watch: Christie=E2=80=99s Paris to offer pivotal Andre Derain painting =
held by the same family for nearly 120 years
Results: Anthony van Dyck drawing sells for $2.1m
Sotheby=E2=80=99s New Fee Structure: Sotheby=E2=80=99s Unveils New Commissi=
on Structure to Begin May 20th; How Has the Industry Reacted?; Why Is Sothe=
by=E2=80=99s Changing Their Fees; What If Sotheby=E2=80=99s Gets Stuck with=
 a Different Fee Structure?; Winners and Losers
Lot Watch
Lost $32.5m Klimt Portrait to be Sold in Vienna=20
The Vienna auction house Im Kinsky announced earlier this week that it woul=
d be handling the sale on April 24th of a rediscovered 1917 Klimt portrait =
left unfinished at the artist=E2=80=99s death but given to the family of Ad=
olph Lieser, a patron of Klimt. The painting=E2=80=99s provenance goes back=
 to the 1960s but there is a =E2=80=9Chole=E2=80=9D in the provenance after=
 1925, though there are no records of the painting having been illegally co=
nfiscated from the family. Following the Washington Principles, the sellers=
 are sharing some of the proceeds with the Lieser heirs. Estimated at =E2=
=82=AC30 million, the sale will be the fourth major Klimt to come to auctio=
n in the last three years. Paul Allen=E2=80=99s Birch Forest from 1903 made=
 $104 million in November of 2022; a luminous lakescape Insel im Attersee f=
rom 1901 made $53 million in May last year; followed by Dame mit F=C3=A4che=
r from 1918 selling for $108 million in June. If this example of a female f=
igure from Klimt=E2=80=99s oeuvre sells well above the estimates=E2=80=94an=
d $32.5 million is an attractive estimate considering the last two female f=
igures of a similar size sold for nearly $39 million in 2015 and $28 millio=
n in 2010=E2=80=94we should expect to hear of a very large private sale for=
 Klimt=E2=80=99s Water Serpents II from 1904-1907 that Dmitry Rybolovlev bo=
ught for $183 million a decade ago. All indications are that Russian collec=
tor still owns the painting.=20
Lot Watch
=E2=82=AC2m Painting Commemorating the Birth of Fauvism Offered in Paris
A joint show between the Museum of Fine Art, Houston and the Metropolitan M=
useum in New York exploring the 1905 collaboration between Andr=C3=A9 Derai=
n and Henri Matisse at the Mediterranean fishing village of Collioure near =
the border with Spain just closed. The show charted the two artists=E2=80=
=99 mutual exploration of colore and movement in the South of France. Matis=
se would return to Collioure. But for Derain, it was a unique experience an=
d the more fully works that he made that Summer were the same paintings, al=
ong with Matisse=E2=80=99s own work, that were christened Fauves in Fall sa=
lon exhibition that gave the movement its name. Derain painted a portrait o=
f Matisse that Summer that is a prized possession of the Philadelphia Museu=
m of Art. He also painted a dual portrait of Matisse and the Catalan painte=
r Etienne Terrus, who hosted the two men in Collioure that Summer. Terrus=
=E2=80=99s descendants are now selling the painting for the first time sinc=
e it was presumably gifted to Terrus in 1905. Christie=E2=80=99s Paris has =
estimate the work at =E2=82=AC2 million.
Results
Anthony van Dyck Drawing Sells for $2.1 million
Sir Anthony van Dyck=E2=80=99s portrait of Willem Hondius  [ https://substa=
ck.com/redirect/05ca9603-2c49-401e-b4db-4241512a3960?j=3DeyJ1IjoiMjdjZXI5In=
0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]was estimated at $800,000 bu=
t sold for $2.1m in Christie=E2=80=99s Old Master & British Drawings sale i=
n New York, a bright spot in an otherwise mostly downbeat sales cycle. The =
8.5 x 6.5 inch drawing has been in the same family for a generation or more=
=2E=20
Sotheby=E2=80=99s Unveils New Commission Structure to Begin May 20th
Over the last several decades, but accelerating in the last dozen years, co=
nsignors have eroded the auction house=E2=80=99s main source of revenue, th=
e buyer=E2=80=99s premium, through the spreading use of enhanced hammer dea=
ls where consignors receive a substantial portion of the premium sale price=
=2E=C2=A0On the other hand, seasoned bidd=
ers had already begun complaining of=
 sticker shock when their hammer prices are calculated with the buyer=E2=80=
=99s premium and sales tax.=20
To combat this trend=E2=80=94and because Sotheby=E2=80=99s understandably w=
ants to enhance its cash flow=E2=80=94 the auction house has unveiled a new=
 fee structure that reduces the buyer=E2=80=99s premium, eliminates the 1% =
overhead fee and revives the vendor=E2=80=99s commission across all but the=
 most valuable lots.=C2=A0
=E2=80=9CThere was an obvious need to do something for simplicity and clari=
ty,=E2=80=9D Sotheby=E2=80=99s CEO Charles Stewart said when explaining the=
 new fee structure. =E2=80=9CIf you can calculate your tip at a New York Ci=
ty restaurant, you=E2=80=99ll be able to calculate your buyer=E2=80=99s pre=
mium at Sotheby=E2=80=99s.=E2=80=9D
Calling this a =E2=80=9Cgrowing up=E2=80=9D moment for the art market (whic=
h would make Sotheby=E2=80=99s 279-year history a prolonged adolescence,) S=
tewart compared the new structure to the standard commissions in real estat=
e that are non-negotiable.
Sotheby=E2=80=99s new buyer=E2=80=99s premium will be 20% on the first $6 m=
illion of any lot sold. After $6 million, the remainder of the hammer price=
 will incur a 10% premium. That would mean a $10 million lot that used to s=
ell for $11.824 million with fees will now go for $11.6m. Under the old str=
ucture, a $5 million hammer price resulted in a $6,079,500 premium price. A=
fter May 20th, it will be $6 million.=C2=A0
Sotheby=E2=80=99s will reinstate, or enforce, the previous industry standar=
d of charging seller=E2=80=99s a vendor=E2=80=99s commission; however, that=
 commission will be capped at the first $500,000 of any sale and be charged=
 at a flat 10%. So the seller of a $500,000 lot receives $450,000 but the c=
onsignor of a million-dollar hammer price lot receives $950,000.=C2=A0
Consignments between $5 million and $20 million won=E2=80=99t pay the $50,0=
00 fee. Consignments above $20 million up to $50 million also won=E2=80=99t=
 pay the $50,000 but will receive 40% of the Sotheby=E2=80=99s buyer=E2=80=
=99s premium fees. Consignments above $50 million will be negotiated as the=
y currently are on a =E2=80=9Cbespoke=E2=80=9D basis.=C2=A0
In addition to all of this, Sotheby=E2=80=99s is also declaring it will cha=
rge the consignors whose works surpass the high estimate an additional 2% s=
uccess fee, as well as a new =E2=80=9Cfixed guarantee commitment fee of 4% =
of the guarantee amount, chargeable to the seller.
The new fee structure won=E2=80=99t apply to RM Sotheby=E2=80=99s, the clas=
sic car business, or Concierge auctions, the real estate business, or to th=
e wine and spirits auctions because all of those businesses have their own =
industry standard fee structures.=C2=A0
How Has the Industry Reacted?
=E2=80=9CIf the development of a =E2=80=98buyer=E2=80=99s premium=E2=80=9D=
=E2=80=99 in the late 1970s was an acknowledgement that the houses were inc=
reasingly selling more and more to collectors as opposed to trade,=E2=80=9D=
 Alex Glauber, founder and principal of AWG Art Advisory and President of t=
he Association of Professional Art Advisors observed in response to the new=
 fee structure, =E2=80=9Cthis move suggests to me that the spread between h=
ammer price and purchase price became too wide such that auction results co=
uld be interpreted and used as comps in vastly different ways based on whet=
her you were approaching it from the standpoint of a would be seller or buy=
er.=E2=80=9D
Everyone interprets things for their own purposes but what Glauber is sayin=
g is that the large spread between hammer and premium prices was making it =
very difficult to present clients with legible and reassuring comparables.=
=20
=E2=80=9CAnother interesting element is to see how the model effectively st=
andardizes enhanced hammers for high priced consignments,=E2=80=9D Glauber =
went on to say. =E2=80=9CI think that=E2=80=99s quite the testament to how =
sophisticated and complex consignments have become since the great recessio=
n.=E2=80=9D
In a way, Sotheby=E2=80=99s has said the quite part out loud. Enhanced hamm=
er may have been the industry=E2=80=99s worst kept secret but it was still =
not something that was acknowledged in polite company. Now Sotheby=E2=80=99=
s has done that for the very top of the market. Representatives for the top=
 collectors=E2=80=94either their lawyers or art advisors=E2=80=94really won=
=E2=80=99t see any change. A $20 million consignment barely gets you a meet=
ing these days.=20
The real impact of these new fees will fall on individual sellers, the kind=
 of seller who consigns to the day sales or has a featured lot in an Evenin=
g sale. Those sellers now face a 10% tax on consigning. =E2=80=9CThis is to=
ugh for the Day sales,=E2=80=9D one collector said in response, =E2=80=9CIn=
 the past, I would consign a $300,000 Thiebaud and pay nothing. Now, it wil=
l cost me $30,000. A $600,000 Kenneth Noland will now cost me $50,000.=E2=
=80=9D=C2=A0
Sotheby=E2=80=99s hopes they will see increased bidding but that will be ha=
rd to demonstrate to consignors because you cannot run two different auctio=
ns with different fees, A/B testing style, to show the difference.=C2=A0
=E2=80=9CFor anything under the $5 million threshold,=E2=80=9D one potentia=
l consignor said, =E2=80=9Cit makes selling private more attractive. Say yo=
u own a $2 million Dubuffet, are you going to go to Sotheby=E2=80=99s or Ac=
quavella to sell it?=E2=80=9D Of course, Sotheby=E2=80=99s has its own priv=
ate sales platform but it is easy to see how this might not go over so well=
 with sellers even if, or especially if, Christie=E2=80=99s and Phillips fo=
llow suit.=C2=A0
Central to Sotheby=E2=80=99s strategy is eliminating the perception that th=
ere will be exceptions to the fee structure. Simply put, in a very cynical =
art world collectors just don=E2=80=99t believe there won=E2=80=99t be exce=
ptions. =E2=80=9COf course there will be exceptions,=E2=80=9D a collector s=
aid. =E2=80=9CThe art market is all about exceptions.=E2=80=9D
Why Is Sotheby=E2=80=99s Changing Their Fees?
A little over a year ago, the art market hit a wall. The rapid shift in mac=
roeconomic policy to combat inflation created a sea change in the market=E2=
=80=99s mood. Since the end of the Paul Allen sale there has been a general=
 wariness in the market about prices. But there=E2=80=99s also been a growi=
ng recognition that the system=E2=80=99s own excesses had reached a limit.=
=C2=A0
The market saw that play out a bit this Fall when Sotheby=E2=80=99s landed =
most of the big collections on offer in the marketplace. Christie=E2=80=99s=
 chose a different tack. Instead of competing on volume, the specialists at=
 Rockefeller center tried to assemble works they felt they could sell at pr=
ices above what the consignors would take in direct incentives (read guaran=
tees.) Separately, there=E2=80=99s been talk in the marketplace that Christ=
ie=E2=80=99s refused to match Sotheby=E2=80=99s terms with not only the big=
 collections but across the board on the issue of enhanced hammer prices.=
=C2=A0Christie=E2=80=99s didn=E2=80=99t have the clout to roll back enhance=
d hammer entirely but they were holding the line at lower level of enhanced=
 hammer.=20
Now Sotheby=E2=80=99s is trying to rapidly shift gears from having scores o=
f Day sale consignors who were previously paying high single-digit commissi=
ons (due to their enhanced hammer deals) now contemplating paying 30% commi=
ssions in November. That=E2=80=99s going to put a few noses out of joint.=
=20
Even so, it=E2=80=99s hard not to have some sympathy for Sotheby=E2=80=99s.=
 The marketplace had become too cluttered with too many hands (attached to =
lawyers and advisors mostly)  trying to get paid out of the auction house=
=E2=80=99s buyer=E2=80=99s premium instead through separate agreements with=
 the consignors. That business model might have continued to work as auctio=
n volumes were rising during the pandemic era of easy money. Now, there is =
just not enough money to go around.=C2=A0
On top of that, it=E2=80=99s no secret that Sotheby=E2=80=99s will need mor=
e cash flow to finance its debt or make itself attractive to investors in t=
he future. With both the auction market and Sotheby=E2=80=99s needing a maj=
or reset, it=E2=80=99s not a huge surprise that we=E2=80=99re seeing Sotheb=
y=E2=80=99s make this move.=20
What If Sotheby=E2=80=99s Gets Stuck with a Different Fee Structure?
Will the other houses follow suit? It=E2=80=99s hard to tell. Since the pri=
ce fixing scandal of the late 1990s, no one at the auction houses would dar=
e try to coordinate or even telegraph these changes. But, as mentioned abov=
e, Christie=E2=80=99s has already been getting tougher on enhanced hammer d=
eals. So this move is good for them. Now they have two choices, adopt some =
version of Sotheby=E2=80=99s fee structure so there=E2=80=99s an industry s=
tandard and both houses can improve their economics or let Sotheby=E2=80=99=
s take the heat from the client base while continuing to push their own enh=
anced hammer deals back toward something more sustainable. It is easier for=
 Christie=E2=80=99s to get to 104% hammer deals if Sotheby=E2=80=99s sticks=
 to its pledge of no enhanced hammer than the 108% deals it has been trying=
 to hold the line at.=C2=A0
In either scenario, Phillips has a lot of room to maneuver to their own adv=
antage.=C2=A0
What if Sotheby=E2=80=99s, Christie=E2=80=99s and Phillips don=E2=80=99t li=
ne up on commission structure but tailor their fees to their own strengths =
and weaknesses? Would it be so bad for the auction business to shrink volum=
e while setting up a more sustainable business for the future? One of the p=
roblems in the entire business is viewing volume as financial health. If th=
e art market is contracting, why not make it smaller faster if it also make=
s the market more profitable and sustainable?
Winners and Losers
Since Sotheby=E2=80=99s has announced this new fee structure well in advanc=
e of it going into effect, we=E2=80=99re likely to learn a great deal more =
during the next 10 weeks as property is gathered for the Winter sales in Lo=
ndon, the Mid-Season sales in New York and the all-important May sales in N=
ew York. The firm=E2=80=99s specialists will be in an awkward position: do =
they enforce the new fee structure now or at least try to split the differe=
nce to reduce enhanced hammers before instituting the vendor=E2=80=99s comm=
ission? Or will there be a free-for-all of relationship building before the=
 April deadline?
There=E2=80=99s already a lot of chatter in the marketplace that may be con=
fusing consigning for the May sales with future deals. But that=E2=80=99s g=
oing to Sotheby=E2=80=99s messaging task.=20
Either way, specialists lose an important tool in landing consignments. If =
Sotheby=E2=80=99s specialists are compensated on their ability to generate =
revenue for the firm and everyone holds the line on terms, the specialists =
will benefit. If better clients get different terms, there will be chaos. E=
ither way, the specialists role is going to shift more to cultivating bidde=
rs to make sales which might not be a bad thing for everyone.
Art advisors are going to get squeezed if the enhanced hammer goes away. To=
p advisors who either are paid by their clients directly or are negotiating=
 large enough consignments, should be fine. But advisors placing a few work=
s for clients who could make the case that they were getting paid off the =
=E2=80=9Csavings=E2=80=9D of the enhanced hammer deals are going to feel a =
pinch here.=C2=A0
Finally, the large galleries with substantial sales forces spread over wide=
 geographies or the dealers who specialize in specific artists either on th=
e primary or secondary market are likely to see more business. Private sale=
s commissions don=E2=80=99t approach 30% and the seller doesn=E2=80=99t hav=
e to take the risk of a work failing at auction. Unless the consignor needs=
 the money=E2=80=94and we=E2=80=99ll see what appetite dealers have for buy=
ing in inventory=E2=80=94galleries will be a strong alternative to auction =
in the second half of this year.=20
What should you look for? To prove they are serious about the new terms, So=
theby=E2=80=99s is going to have to make someone very unhappy in a public w=
ay. There=E2=80=99s already a lot of talk in the marketplace about advisors=
 believing they=E2=80=99re grandfathered in on their previous deals (again,=
 that may be the confusion with consigning for May.) There=E2=80=99s nothin=
g like a public execution to show you=E2=80=99re for real. But does Sotheby=
=E2=80=99s have the stomach for that? And what will be the fallout? This Wi=
nter, the auction market just got a lot more interesting.

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@media (max-width: 420px) {
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}


@media screen and (min-width: 420px) and (max-width: 600px) {
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}


@media (max-width: 420px) {
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}


@media (max-width: 600px) {
  .typography .markup .install-substack-app-embed .install-substack-app-emb=
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}


@media screen and (min-width: 481px) {
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}


@media screen and (min-width: 481px) {
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@media screen and (max-width: 480px) {
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@media screen and (max-width: 480px) {
  .share-button-container a.share.first img {
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}


@media screen and (min-width: 481px) {
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@media screen and (max-width: 650px) {
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}


@media screen and (max-width: 1000px) {
  .congrats-box {
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  .congrats-box .congrats-box-right {
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}


@media screen and (max-width: 500px) {
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}


@media screen and (min-width: 541px) {
  .settings-add-pub-modal-wrapper .container .add-recommending-pub-modal-co=
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}


@media screen and (min-width: 541px) {
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}


@media screen and (max-width: 840px) {
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}


@media screen and (min-width: 768px) {
  .post {
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}


@media screen and (max-width: 650px) {
  .post .post-header .post-label {
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}


@media screen and (max-width: 650px) {
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@media screen and (max-width: 650px) {
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}


@media screen and (max-width: 650px) {
  .post .post-footer.use-separators {
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}


@media screen and (max-width: 650px) {
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@media screen and (max-width: 650px) {
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}


@media screen and (min-width: 768px) {
  .post-silhouette {
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}


@media screen and (max-width: 650px) {
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}


@media screen and (max-width: 650px) {
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}


@media screen and (max-width: 650px) {
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}


@media screen and (max-width: 650px) {
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@media screen and (max-width: 370px) {
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}


@media screen and (max-width: 650px) {
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}


@media screen and (max-width: 370px) {
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}


@media screen and (max-width: 370px) {
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}


@media screen and (max-width: 650px) {
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}


@media all and (-ms-high-contrast: none), (-ms-high-contrast: active) {
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}


@media screen and (max-width: 650px) {
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}


@media screen and (max-width: 370px) {
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}


@media screen and (max-width: 650px) {
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}


@media screen and (max-width: 650px) {
  body .markup div.subscription-widget-wrap .subscription-widget.show-subsc=
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}


@media screen and (max-width: 650px) {
  body .markup div.subscription-widget-wrap .subscription-widget.show-subsc=
ribe .subscription-widget-subscribe .button,
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e .subscription-widget-subscribe .button {
    padding: 10px 12px;
    min-width: 110px;
  }
}


@media (max-width: 650px) {
  body .markup .tweet {
    padding: 12px;
  }
}


@media (max-width: 650px) {
  body .markup .tweet .tweet-text {
    font-size: 14px;
    line-height: 20px;
  }
}


@media (max-width: 650px) {
  body .markup .tweet .tweet-photos-container.two,
  body .markup .tweet .tweet-photos-container.three,
  body .markup .tweet .tweet-photos-container.four {
    height: 200px;
  }
}


@media (max-width: 650px) {
  body .markup .tweet a.expanded-link .expanded-link-img {
    max-height: 180px;
  }
}


@media (max-width: 650px) {
  body .markup .tweet a.expanded-link .expanded-link-description {
    display: none;
  }
}


@media screen and (max-width: 650px) {
  body .markup .apple-podcast-container {
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}


@media (max-width: 420px) {
  body .markup .install-substack-app-embed img.install-substack-app-embed-i=
mg {
    margin: 0 auto 16px auto;
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}


@media screen and (min-width: 420px) and (max-width: 600px) {
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}


@media (max-width: 420px) {
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}


@media (max-width: 600px) {
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}


@media screen and (min-width: 500px) {
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}


@media screen and (max-width: 420px) {
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cription-discount {
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}


@media screen and (min-width: 481px) {
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}


@media screen and (max-width: 480px) {
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}


@media screen and (max-width: 650px) {
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}


@media screen and (min-width: 500px) {
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    height: 42px;
    border-radius: 6px;
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}


@media screen and (max-width: 650px) {
  .comments-page .container .comment-list .collapsed-reply {
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}


@media screen and (max-width: 650px) {
  .comment > .comment-list {
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}


@media screen and (max-width: 650px) {
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}


@media (max-width: 650px) {
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}


@media screen and (max-width: 650px) {
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}


@media screen and (min-width: 541px) {
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}


@media screen and (max-width: 650px) {
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}


@media screen and (min-width: 541px) {
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}


@media screen and (max-width: 650px) {
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}


@media screen and (max-width: 768px) {
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}


@media screen and (max-width: 768px) {
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}


@media screen and (max-width: 768px) {
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}


@media only screen and (max-width: 650px) {
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}


@media only screen and (min-width: 630px) {
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}


@media screen and (min-width: 541px) {
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}


@media screen and (max-width: 650px) {
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}


@media screen and (max-width: 650px) {
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  }
}


@media screen and (max-width: 650px) {
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@media screen and (max-width: 650px) {
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layer-progress-bar .audio-player-progress-bar-popup {
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}


@media (min-width: 250px) {
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  .audio-player-wrapper-fancy .audio-player .btn-group {
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}


@media (min-width: 300px) {
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  .audio-player-wrapper-fancy .audio-player .btn-group .button:first-of-typ=
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    display: block;
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}


@media (min-width: 350px) {
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  .audio-player-wrapper-fancy .audio-player .audio-player-title {
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  .audio-player-wrapper-fancy .audio-player .audio-player-hero-image-contai=
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  .audio-player-wrapper-fancy .audio-player .audio-player-substack-logo {
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}


@media (min-width: 350px) {
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ner {
    padding-top: 25%;
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  .audio-player-wrapper-fancy .audio-player .btn-group .button:first-of-typ=
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    display: block;
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}


@media (min-width: 400px) {
  .audio-player-wrapper-fancy .audio-player .audio-player-hero-image-contai=
ner {
    padding-top: 40%;
    width: 40%;
  }
}


@media (max-width: 400px) {
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  .audio-player-wrapper-fancy .audio-player .btn-group .button {
    font-size: 13px;
    padding: 6px 12px;
    height: auto;
    margin-top: 10px;
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}


@media (min-width: 600px) {
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ner {
    padding-top: 55%;
    width: 55%;
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}


@media (max-width: 650px) {
  .poll-editor-modal {
    min-width: calc(100% - 20px);
  }
}


@media (max-width: 750px) {
  .poll-embed .poll-anchor-target .poll-anchor-copy-button {
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    top: 45px;
  }
}


@media screen and (min-width: 541px) {
  .poll-embed .poll-wrapper.poll-web .poll-dialog .modal-table .modal-row .=
modal-content > .container {
    width: 552px;
    padding: 26px 24px;
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}


@media screen and (max-width: 650px) {
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modal-content > .container {
    padding: 40px 0;
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}


@media screen and (max-width: 650px) {
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}
</style></head><body class=3D"email-body" style=3D"font-kerning: auto;"><im=
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important;margin-bottom:0 !important;margin-right:0 !important;margin-left:=
0 !important;padding-top:0 !important;padding-bottom:0 !important;padding-r=
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ont-size:1px;color:#333333;line-height:1px;max-height:0px;max-width:0px;opa=
city:0;overflow:hidden;" class=3D"preview">Sotheby's new fee structure (and=
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n Andre Derain dual portrait from 1905 to be sold in Paris in April &#160;&=
#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#16=
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;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8=
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eight: 26px;"><h1 class=3D"post-title published" style=3D"-moz-appearance: =
optimizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-appearanc=
e: optimizelegibility; -webkit-font-smoothing: antialiased; appearance: opt=
imizelegibility; color: rgb(64, 64, 64); font-family: 'SF Compact Display',=
 -apple-system, system-ui, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetic=
a, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symb=
ol'; font-size: 32px; font-weight: bold; line-height: 36px; margin: 0;"><a =
href=3D"https://substack.com/app-link/post?publication_id=3D2259&post_id=3D=
141310358&utm_source=3Dpost-email-title&utm_campaign=3Demail-post-title&isF=
reemail=3Dtrue&r=3D27cer9&token=3DeyJ1c2VyX2lkIjoxMzMyNjg2NjEsInBvc3RfaWQiO=
jE0MTMxMDM1OCwiaWF0IjoxNzA2ODk1OTc2LCJleHAiOjE3MDk0ODc5NzYsImlzcyI6InB1Yi0y=
MjU5Iiwic3ViIjoicG9zdC1yZWFjdGlvbiJ9.WRNoc8NnVeldJQZWSQvSWhAq-5YSkKaq3gAIzC=
TSJTQ" style=3D"color: rgb(64, 64, 64); text-decoration: none;">What We Lea=
rned this Week (2405)</a></h1><h3 class=3D"subtitle" style=3D"-moz-appearan=
ce: optimizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-appea=
rance: optimizelegibility; -webkit-font-smoothing: antialiased; appearance:=
 optimizelegibility; color: #808080; font-family: 'SF Compact Display', -ap=
ple-system, system-ui, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, A=
rial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol';=
 font-size: 18px; font-weight: normal; line-height: 24px; margin: 4px 0 0; =
margin-top: 12px;">Sotheby's new fee structure (and reaction) + A &#8364;30=
m restituted Klimt is coming to auction + An unknown Andre Derain dual port=
rait from 1905 to be sold in Paris in April </h3><table role=3D"presentatio=
n" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" class=3D=
"post-meta" style=3D"align-items: center; height: 20px; margin: 1em 0;"><tr=
><td><table role=3D"presentation" width=3D"auto" border=3D"0" cellspacing=
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l-align: middle;"><div class=3D"pencraft pc-reset frontend-pencraft-Text-mo=
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0dP8 frontend-pencraft-Text-module__font-meta--U_nxy frontend-pencraft-Text=
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UI Emoji', 'Segoe UI Symbol'; font-size: 11px; font-weight: 500; letter-spa=
cing: .2px; line-height: 20px; list-style: none; margin: 0; text-decoration=
: unset; text-transform: uppercase;"><a style=3D"color: rgb(64, 64, 64); fo=
nt-family: 'SF Compact', -apple-system, system-ui, -apple-system, BlinkMacS=
ystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color E=
moji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 11px; font-weight: 5=
00; letter-spacing: .2px; line-height: 20px; list-style: none; margin: 0; t=
ext-decoration: none; text-transform: uppercase;" href=3D"https://substack.=
com/@artelligence" class=3D"pencraft pc-reset frontend-pencraft-Text-module=
__color-primary--ud4Z0 frontend-pencraft-Text-module__line-height-20--p0dP8=
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ule__size-11--k1e8b frontend-pencraft-Text-module__weight-medium--x7khA fro=
ntend-pencraft-Text-module__transform-uppercase--IDkUL frontend-pencraft-Te=
xt-module__reset--dW0zZ frontend-pencraft-Text-module__meta--jzHdd">Marion =
Maneker</a></div></td></tr></table></td></tr><tr><td><table role=3D"present=
ation" width=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr>=
<td style=3D"vertical-align: middle;"><div class=3D"pencraft pc-reset front=
end-pencraft-Text-module__color-secondary--WRADg frontend-pencraft-Text-mod=
ule__line-height-20--p0dP8 frontend-pencraft-Text-module__font-meta--U_nxy =
frontend-pencraft-Text-module__size-11--k1e8b frontend-pencraft-Text-module=
__weight-medium--x7khA frontend-pencraft-Text-module__transform-uppercase--=
IDkUL frontend-pencraft-Text-module__reset--dW0zZ frontend-pencraft-Text-mo=
dule__meta--jzHdd" style=3D"color: rgb(128, 128, 128); font-family: 'SF Com=
pact', -apple-system, system-ui, -apple-system, BlinkMacSystemFont, 'Segoe =
UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI E=
moji', 'Segoe UI Symbol'; font-size: 11px; font-weight: 500; letter-spacing=
: .2px; line-height: 20px; list-style: none; margin: 0; text-decoration: un=
set; text-transform: uppercase;"><time dateTime=3D"2024-02-02T17:46:05.722Z=
">Feb 2</time></div></td></tr></table></td></tr></table></td></tr></table><=
table role=3D"presentation" width=3D"100%" border=3D"0" cellspacing=3D"0" c=
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ration: none;">Contact Us!</span></a></p><div style=3D"font-size: 16px; lin=
e-height: 26px;"><hr style=3D"background: #e0e0e0; border: none; height: 1p=
x; margin: 32px 0; padding: 0;"></div><h2 class=3D"header-with-anchor-widge=
t" style=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoothing: a=
ntialiased; -webkit-appearance: optimizelegibility; -webkit-font-smoothing:=
 antialiased; appearance: optimizelegibility; color: rgb(64, 64, 64); font-=
family: 'SF Compact Display', -apple-system, system-ui, BlinkMacSystemFont,=
 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Se=
goe UI Emoji', 'Segoe UI Symbol'; font-size: 1.625em; font-weight: bold; li=
ne-height: 1.16em; margin: 1em 0 0.625em 0; position: relative;">In This Is=
sue</h2><ol style=3D"margin-top: 0; padding: 0;"><li style=3D"margin: 8px 0=
 0 32px;"><p style=3D"box-sizing: border-box; color: rgb(64, 64, 64); font-=
size: 16px; line-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4=
px;"><strong>Lot Watch: </strong><span>A lost Klimt resurfaces in what look=
s like a restitution sale in Vienna</span></p></li><li style=3D"margin: 8px=
 0 0 32px;"><p style=3D"box-sizing: border-box; color: rgb(64, 64, 64); fon=
t-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0; padding-left:=
 4px;"><strong>Lot Watch:</strong><span> Christie&#8217;s Paris to offer pi=
votal Andre Derain painting held by the same family for nearly 120 years</s=
pan></p></li><li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: bo=
rder-box; color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margi=
n: 0; margin-bottom: 0; padding-left: 4px;"><strong>Results:</strong><span>=
 Anthony van Dyck drawing sells for $2.1m</span></p></li><li style=3D"margi=
n: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; color: rgb(64, 64, 64=
); font-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0; padding=
-left: 4px;"><strong>Sotheby&#8217;s New Fee Structure: </strong><span>Soth=
eby&#8217;s Unveils New Commission Structure to Begin May 20th; How Has the=
 Industry Reacted?; Why Is Sotheby&#8217;s Changing Their Fees; What If Sot=
heby&#8217;s Gets Stuck with a Different Fee Structure?;</span><strong> </s=
trong><span>Winners and Losers</span></p></li></ol><div style=3D"font-size:=
 16px; line-height: 26px;"><hr style=3D"background: #e0e0e0; border: none; =
height: 1px; margin: 32px 0; padding: 0;"></div><h2 class=3D"header-with-an=
chor-widget" style=3D"-moz-appearance: optimizelegibility; -moz-osx-font-sm=
oothing: antialiased; -webkit-appearance: optimizelegibility; -webkit-font-=
smoothing: antialiased; appearance: optimizelegibility; color: rgb(64, 64, =
64); font-family: 'SF Compact Display', -apple-system, system-ui, BlinkMacS=
ystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color E=
moji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.625em; font-weight=
: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; position: relative;">=
Lot Watch</h2><h4 class=3D"header-with-anchor-widget" style=3D"-moz-appeara=
nce: optimizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-appe=
arance: optimizelegibility; -webkit-font-smoothing: antialiased; appearance=
: optimizelegibility; color: rgb(64, 64, 64); font-family: 'SF Compact Disp=
lay', -apple-system, system-ui, BlinkMacSystemFont, 'Segoe UI', Roboto, Hel=
vetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI=
 Symbol'; font-size: 1.125em; font-weight: bold; line-height: 1.16em; margi=
n: 1em 0 0.625em 0; position: relative;">Lost $32.5m Klimt Portrait to be S=
old in Vienna </h4><div class=3D"captioned-image-container-static" style=3D=
"font-size: 16px; line-height: 26px; margin: 32px auto;"><figure style=3D"m=
argin: 0 auto; width: 100%;"><table class=3D"image-wrapper" width=3D"100%" =
border=3D"0" cellspacing=3D"0" cellpadding=3D"0" data-component-name=3D"Ima=
ge2ToDOMStatic" style=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td styl=
e=3D"text-align: center;"></td><td align=3D"left" class=3D"content" width=
=3D"1456" style=3D"text-align: center;"><a class=3D"image-link" target=3D"_=
blank" href=3D"https://substack.com/redirect/f554faf4-3243-4698-8af2-7093f2=
86aee3?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY"=
 rel style=3D"align-items: center; border: none; display: block; flex-direc=
tion: column; height: auto; margin: 0; padding: 0; position: relative; text=
-decoration: none; width: auto;"><img data-attrs=3D"{&quot;src&quot;:&quot;=
https://substack-post-media.s3.amazonaws.com/public/images/43ca4dcb-0634-48=
71-9e22-59fe5a96fcf7_1920x1080.png&quot;,&quot;srcNoWatermark&quot;:null,&q=
uot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:819=
,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1641=
296,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;imag=
e/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topIm=
age&quot;:false,&quot;internalRedirect&quot;:null}" alt width=3D"550" heigh=
t=3D"309.375" class=3D"wide-image" src=3D"https://substackcdn.com/image/fet=
ch/w_2912,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsub=
stack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F43ca4dcb-0634-4871-9e=
22-59fe5a96fcf7_1920x1080.png" style=3D"-ms-interpolation-mode: bicubic; bo=
rder: none !important; display: block; height: auto; margin: 0 auto; margin=
-bottom: 0; max-width: 100% !important; vertical-align: middle; width: auto=
 !important;"></a></td><td style=3D"text-align: center;"></td></tr></tbody>=
</table></figure></div><p style=3D"color: rgb(64, 64, 64); font-size: 16px;=
 line-height: 26px; margin: 0 0 20px 0;"><span>The Vienna auction house Im =
Kinsky announced earlier this week that it would be handling the sale on Ap=
ril 24th of a rediscovered 1917 Klimt portrait left unfinished at the artis=
t&#8217;s death but given to the family of Adolph Lieser, a patron of Klimt=
=2E The painting&#8217;s provenance goe=
s back to the 1960s but there is a &#8=
220;hole&#8221; in the provenance after 1925, though there are no records o=
f the painting having been illegally confiscated from the family. Following=
 the Washington Principles, the sellers are sharing some of the proceeds wi=
th the Lieser heirs. Estimated at &#8364;30 million, the sale will be the f=
ourth major Klimt to come to auction in the last three years. Paul Allen&#8=
217;s </span><em>Birch Forest</em><span> from 1903 made $104 million in Nov=
ember of 2022; a luminous lakescape </span><em>Insel im Attersee</em><span>=
 from 1901 made $53 million in May last year; followed by </span><em>Dame m=
it F&#228;cher</em><span> from 1918 selling for $108 million in June. If th=
is example of a female figure from Klimt&#8217;s oeuvre sells well above th=
e estimates&#8212;and $32.5 million is an attractive estimate considering t=
he last two female figures of a similar size sold for nearly $39 million in=
 2015 and $28 million in 2010&#8212;we should expect to hear of a very larg=
e private sale for Klimt&#8217;s </span><em>Water Serpents II</em><span> fr=
om 1904-1907 that Dmitry Rybolovlev bought for $183 million a decade ago. A=
ll indications are that Russian collector still owns the painting. </span><=
/p><div style=3D"font-size: 16px; line-height: 26px;"><hr style=3D"backgrou=
nd: #e0e0e0; border: none; height: 1px; margin: 32px 0; padding: 0;"></div>=
<h2 class=3D"header-with-anchor-widget" style=3D"-moz-appearance: optimizel=
egibility; -moz-osx-font-smoothing: antialiased; -webkit-appearance: optimi=
zelegibility; -webkit-font-smoothing: antialiased; appearance: optimizelegi=
bility; color: rgb(64, 64, 64); font-family: 'SF Compact Display', -apple-s=
ystem, system-ui, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial,=
 sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font=
-size: 1.625em; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.625=
em 0; position: relative;">Lot Watch</h2><h4 class=3D"header-with-anchor-wi=
dget" style=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoothing=
: antialiased; -webkit-appearance: optimizelegibility; -webkit-font-smoothi=
ng: antialiased; appearance: optimizelegibility; color: rgb(64, 64, 64); fo=
nt-family: 'SF Compact Display', -apple-system, system-ui, BlinkMacSystemFo=
nt, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', =
'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.125em; font-weight: bold;=
 line-height: 1.16em; margin: 1em 0 0.625em 0; position: relative;">&#8364;=
2m Painting Commemorating the Birth of Fauvism Offered in Paris</h4><div cl=
ass=3D"captioned-image-container-static" style=3D"font-size: 16px; line-hei=
ght: 26px; margin: 32px auto;"><figure style=3D"margin: 0 auto; width: 100%=
;"><table class=3D"image-wrapper" width=3D"100%" border=3D"0" cellspacing=
=3D"0" cellpadding=3D"0" data-component-name=3D"Image2ToDOMStatic" style=3D=
"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align: center;=
"></td><td align=3D"left" class=3D"content" width=3D"1456" style=3D"text-al=
ign: center;"><a class=3D"image-link" target=3D"_blank" href=3D"https://sub=
stack.com/redirect/83b643f2-1dda-4a48-96f5-040a310e8a72?j=3DeyJ1IjoiMjdjZXI=
5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"align-items:=
 center; border: none; display: block; flex-direction: column; height: auto=
; margin: 0; padding: 0; position: relative; text-decoration: none; width: =
auto;"><img data-attrs=3D"{&quot;src&quot;:&quot;https://substack-post-medi=
a.s3.amazonaws.com/public/images/2aa78485-a685-43c3-bc98-cf8e79e526dd_4000x=
3048.jpeg&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null=
,&quot;imageSize&quot;:null,&quot;height&quot;:1109,&quot;width&quot;:1456,=
&quot;resizeWidth&quot;:null,&quot;bytes&quot;:7804516,&quot;alt&quot;:null=
,&quot;title&quot;:null,&quot;type&quot;:&quot;image/jpeg&quot;,&quot;href&=
quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;i=
nternalRedirect&quot;:null}" alt width=3D"550" height=3D"418.9217032967033"=
 class=3D"wide-image" src=3D"https://substackcdn.com/image/fetch/w_2912,c_l=
imit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-me=
dia.s3.amazonaws.com%2Fpublic%2Fimages%2F2aa78485-a685-43c3-bc98-cf8e79e526=
dd_4000x3048.jpeg" style=3D"-ms-interpolation-mode: bicubic; border: none !=
important; display: block; height: auto; margin: 0 auto; margin-bottom: 0; =
max-width: 100% !important; vertical-align: middle; width: auto !important;=
"></a></td><td style=3D"text-align: center;"></td></tr></tbody></table></fi=
gure></div><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height=
: 26px; margin: 0 0 20px 0;">A joint show between the Museum of Fine Art, H=
ouston and the Metropolitan Museum in New York exploring the 1905 collabora=
tion between Andr&#233; Derain and Henri Matisse at the Mediterranean fishi=
ng village of Collioure near the border with Spain just closed. The show ch=
arted the two artists&#8217; mutual exploration of colore and movement in t=
he South of France. Matisse would return to Collioure. But for Derain, it w=
as a unique experience and the more fully works that he made that Summer we=
re the same paintings, along with Matisse&#8217;s own work, that were chris=
tened Fauves in Fall salon exhibition that gave the movement its name. Dera=
in painted a portrait of Matisse that Summer that is a prized possession of=
 the Philadelphia Museum of Art. He also painted a dual portrait of Matisse=
 and the Catalan painter Etienne Terrus, who hosted the two men in Colliour=
e that Summer. Terrus&#8217;s descendants are now selling the painting for =
the first time since it was presumably gifted to Terrus in 1905. Christie&#=
8217;s Paris has estimate the work at &#8364;2 million.</p><div style=3D"fo=
nt-size: 16px; line-height: 26px;"><hr style=3D"background: #e0e0e0; border=
: none; height: 1px; margin: 32px 0; padding: 0;"></div><h2 class=3D"header=
-with-anchor-widget" style=3D"-moz-appearance: optimizelegibility; -moz-osx=
-font-smoothing: antialiased; -webkit-appearance: optimizelegibility; -webk=
it-font-smoothing: antialiased; appearance: optimizelegibility; color: rgb(=
64, 64, 64); font-family: 'SF Compact Display', -apple-system, system-ui, B=
linkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple=
 Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.625em; fon=
t-weight: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; position: rel=
ative;">Results</h2><h4 class=3D"header-with-anchor-widget" style=3D"-moz-a=
ppearance: optimizelegibility; -moz-osx-font-smoothing: antialiased; -webki=
t-appearance: optimizelegibility; -webkit-font-smoothing: antialiased; appe=
arance: optimizelegibility; color: rgb(64, 64, 64); font-family: 'SF Compac=
t Display', -apple-system, system-ui, BlinkMacSystemFont, 'Segoe UI', Robot=
o, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Se=
goe UI Symbol'; font-size: 1.125em; font-weight: bold; line-height: 1.16em;=
 margin: 1em 0 0.625em 0; position: relative;">Anthony van Dyck Drawing Sel=
ls for $2.1 million</h4><div class=3D"captioned-image-container-static" sty=
le=3D"font-size: 16px; line-height: 26px; margin: 32px auto;"><figure style=
=3D"margin: 0 auto; width: 100%;"><table class=3D"image-wrapper" width=3D"1=
00%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" data-component-name=
=3D"Image2ToDOMStatic" style=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><=
td style=3D"text-align: center;"></td><td align=3D"left" class=3D"content" =
width=3D"1456" style=3D"text-align: center;"><a class=3D"image-link" target=
=3D"_blank" href=3D"https://substack.com/redirect/03f7605f-14b4-467b-bbfa-9=
1419ed6fb12?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7=
gWdY" rel style=3D"align-items: center; border: none; display: block; flex-=
direction: column; height: auto; margin: 0; padding: 0; position: relative;=
 text-decoration: none; width: auto;"><img data-attrs=3D"{&quot;src&quot;:&=
quot;https://substack-post-media.s3.amazonaws.com/public/images/a63c38b0-92=
8f-403d-89e4-4d51f2ef88be_1838x2388.png&quot;,&quot;srcNoWatermark&quot;:nu=
ll,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot=
;:1892,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot=
;:9920637,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quo=
t;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot=
;topImage&quot;:false,&quot;internalRedirect&quot;:null}" alt width=3D"550"=
 height=3D"714.6978021978022" class=3D"wide-image" src=3D"https://substackc=
dn.com/image/fetch/w_2912,c_limit,f_auto,q_auto:good,fl_progressive:steep/h=
ttps%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa63c3=
8b0-928f-403d-89e4-4d51f2ef88be_1838x2388.png" style=3D"-ms-interpolation-m=
ode: bicubic; border: none !important; display: block; height: auto; margin=
: 0 auto; margin-bottom: 0; max-width: 100% !important; vertical-align: mid=
dle; width: auto !important;"></a></td><td style=3D"text-align: center;"></=
td></tr></tbody></table></figure></div><p style=3D"color: rgb(64, 64, 64); =
font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><a href=3D"https:/=
/substack.com/redirect/05ca9603-2c49-401e-b4db-4241512a3960?j=3DeyJ1IjoiMjd=
jZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: r=
gb(64, 64, 64); text-decoration: underline;">Sir Anthony van Dyck&#8217;s p=
ortrait of Willem Hondius </a><span>was estimated at $800,000 but sold for =
$2.1m in Christie&#8217;s Old Master &amp; British Drawings sale in New Yor=
k, a bright spot in an otherwise mostly downbeat sales cycle. The 8.5 x 6.5=
 inch drawing has been in the same family for a generation or more. </span>=
</p><div style=3D"font-size: 16px; line-height: 26px;"><hr style=3D"backgro=
und: #e0e0e0; border: none; height: 1px; margin: 32px 0; padding: 0;"></div=
><h2 class=3D"header-with-anchor-widget" style=3D"-moz-appearance: optimize=
legibility; -moz-osx-font-smoothing: antialiased; -webkit-appearance: optim=
izelegibility; -webkit-font-smoothing: antialiased; appearance: optimizeleg=
ibility; color: rgb(64, 64, 64); font-family: 'SF Compact Display', -apple-=
system, system-ui, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial=
, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; fon=
t-size: 1.625em; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.62=
5em 0; position: relative;"><strong>Sotheby&#8217;s Unveils New Commission =
Structure to Begin May 20th</strong></h2><div class=3D"captioned-image-cont=
ainer-static" style=3D"font-size: 16px; line-height: 26px; margin: 32px aut=
o;"><figure style=3D"margin: 0 auto; width: 100%;"><table class=3D"image-wr=
apper" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" data=
-component-name=3D"Image2ToDOMStatic" style=3D"mso-padding-alt: 1em 0 1.6em=
;"><tbody><tr><td style=3D"text-align: center;"></td><td align=3D"left" cla=
ss=3D"content" width=3D"1314" style=3D"text-align: center;"><a class=3D"ima=
ge-link" target=3D"_blank" href=3D"https://substack.com/redirect/6fea4272-a=
d4c-4506-a078-02d44caf975a?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iR=
nigHXx6Fx_g6pp7gWdY" rel style=3D"align-items: center; border: none; displa=
y: block; flex-direction: column; height: auto; margin: 0; padding: 0; posi=
tion: relative; text-decoration: none; width: auto;"><img data-attrs=3D"{&q=
uot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/ima=
ges/18f48949-51d5-40a9-9aaf-a29546498905_1314x1426.png&quot;,&quot;srcNoWat=
ermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&q=
uot;height&quot;:1426,&quot;width&quot;:1314,&quot;resizeWidth&quot;:null,&=
quot;bytes&quot;:230459,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;t=
ype&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&qu=
ot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null}" alt=
 width=3D"550" height=3D"596.8797564687976" class=3D"wide-image" src=3D"htt=
ps://substackcdn.com/image/fetch/w_2628,c_limit,f_auto,q_auto:good,fl_progr=
essive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2F=
images%2F18f48949-51d5-40a9-9aaf-a29546498905_1314x1426.png" style=3D"-ms-i=
nterpolation-mode: bicubic; border: none !important; display: block; height=
: auto; margin: 0 auto; margin-bottom: 0; max-width: 100% !important; verti=
cal-align: middle; width: auto !important;"></a></td><td style=3D"text-alig=
n: center;"></td></tr></tbody></table></figure></div><p style=3D"color: rgb=
(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">Over=
 the last several decades, but accelerating in the last dozen years, consig=
nors have eroded the auction house&#8217;s main source of revenue, the buye=
r&#8217;s premium, through the spreading use of enhanced hammer deals where=
 consignors receive a substantial portion of the premium sale price.&#160;O=
n the other hand, seasoned bidders had already begun complaining of sticker=
 shock when their hammer prices are calculated with the buyer&#8217;s premi=
um and sales tax. </p><p style=3D"color: rgb(64, 64, 64); font-size: 16px; =
line-height: 26px; margin: 0 0 20px 0;">To combat this trend&#8212;and beca=
use Sotheby&#8217;s understandably wants to enhance its cash flow&#8212; th=
e auction house has unveiled a new fee structure that reduces the buyer&#82=
17;s premium, eliminates the 1% overhead fee and revives the vendor&#8217;s=
 commission across all but the most valuable lots.&#160;</p><p style=3D"col=
or: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0=
;">&#8220;There was an obvious need to do something for simplicity and clar=
ity,&#8221; Sotheby&#8217;s CEO Charles Stewart said when explaining the ne=
w fee structure. &#8220;If you can calculate your tip at a New York City re=
staurant, you&#8217;ll be able to calculate your buyer&#8217;s premium at S=
otheby&#8217;s.&#8221;</p><p style=3D"color: rgb(64, 64, 64); font-size: 16=
px; line-height: 26px; margin: 0 0 20px 0;">Calling this a &#8220;growing u=
p&#8221; moment for the art market (which would make Sotheby&#8217;s 279-ye=
ar history a prolonged adolescence,) Stewart compared the new structure to =
the standard commissions in real estate that are non-negotiable.</p><p styl=
e=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 =
0 20px 0;">Sotheby&#8217;s new buyer&#8217;s premium will be 20% on the fir=
st $6 million of any lot sold. After $6 million, the remainder of the hamme=
r price will incur a 10% premium. That would mean a $10 million lot that us=
ed to sell for $11.824 million with fees will now go for $11.6m. Under the =
old structure, a $5 million hammer price resulted in a $6,079,500 premium p=
rice. After May 20th, it will be $6 million.&#160;</p><p style=3D"color: rg=
b(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">Sot=
heby&#8217;s will reinstate, or enforce, the previous industry standard of =
charging seller&#8217;s a vendor&#8217;s commission; however, that commissi=
on will be capped at the first $500,000 of any sale and be charged at a fla=
t 10%. So the seller of a $500,000 lot receives $450,000 but the consignor =
of a million-dollar hammer price lot receives $950,000.&#160;</p><p style=
=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0=
 20px 0;">Consignments between $5 million and $20 million won&#8217;t pay t=
he $50,000 fee. Consignments above $20 million up to $50 million also won&#=
8217;t pay the $50,000 but will receive 40% of the Sotheby&#8217;s buyer&#8=
217;s premium fees. Consignments above $50 million will be negotiated as th=
ey currently are on a &#8220;bespoke&#8221; basis.&#160;</p><p style=3D"col=
or: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0=
;">In addition to all of this, Sotheby&#8217;s is also declaring it will ch=
arge the consignors whose works surpass the high estimate an additional 2% =
success fee, as well as a new &#8220;fixed guarantee commitment fee of 4% o=
f the guarantee amount, chargeable to the seller.</p><p style=3D"color: rgb=
(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">The =
new fee structure won&#8217;t apply to RM Sotheby&#8217;s, the classic car =
business, or Concierge auctions, the real estate business, or to the wine a=
nd spirits auctions because all of those businesses have their own industry=
 standard fee structures.&#160;</p><p style=3D"color: rgb(64, 64, 64); font=
-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><strong>How Has the In=
dustry Reacted?</strong></p><p style=3D"color: rgb(64, 64, 64); font-size: =
16px; line-height: 26px; margin: 0 0 20px 0;">&#8220;If the development of =
a &#8216;buyer&#8217;s premium&#8221;&#8217; in the late 1970s was an ackno=
wledgement that the houses were increasingly selling more and more to colle=
ctors as opposed to trade,&#8221; Alex Glauber, founder and principal of AW=
G Art Advisory and President of the Association of Professional Art Advisor=
s observed in response to the new fee structure, &#8220;this move suggests =
to me that the spread between hammer price and purchase price became too wi=
de such that auction results could be interpreted and used as comps in vast=
ly different ways based on whether you were approaching it from the standpo=
int of a would be seller or buyer.&#8221;</p><p style=3D"color: rgb(64, 64,=
 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">Everyone int=
erprets things for their own purposes but what Glauber is saying is that th=
e large spread between hammer and premium prices was making it very difficu=
lt to present clients with legible and reassuring comparables. </p><p style=
=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0=
 20px 0;">&#8220;Another interesting element is to see how the model effect=
ively standardizes enhanced hammers for high priced consignments,&#8221; Gl=
auber went on to say. &#8220;I think that&#8217;s quite the testament to ho=
w sophisticated and complex consignments have become since the great recess=
ion.&#8221;</p><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-he=
ight: 26px; margin: 0 0 20px 0;">In a way, Sotheby&#8217;s has said the qui=
te part out loud. Enhanced hammer may have been the industry&#8217;s worst =
kept secret but it was still not something that was acknowledged in polite =
company. Now Sotheby&#8217;s has done that for the very top of the market. =
Representatives for the top collectors&#8212;either their lawyers or art ad=
visors&#8212;really won&#8217;t see any change. A $20 million consignment b=
arely gets you a meeting these days. </p><p style=3D"color: rgb(64, 64, 64)=
; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">The real impact =
of these new fees will fall on individual sellers, the kind of seller who c=
onsigns to the day sales or has a featured lot in an Evening sale. Those se=
llers now face a 10% tax on consigning. &#8220;This is tough for the Day sa=
les,&#8221; one collector said in response, &#8220;In the past, I would con=
sign a $300,000 Thiebaud and pay nothing. Now, it will cost me $30,000. A $=
600,000 Kenneth Noland will now cost me $50,000.&#8221;&#160;</p><p style=
=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0=
 20px 0;">Sotheby&#8217;s hopes they will see increased bidding but that wi=
ll be hard to demonstrate to consignors because you cannot run two differen=
t auctions with different fees, A/B testing style, to show the difference.&=
#160;</p><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: =
26px; margin: 0 0 20px 0;">&#8220;For anything under the $5 million thresho=
ld,&#8221; one potential consignor said, &#8220;it makes selling private mo=
re attractive. Say you own a $2 million Dubuffet, are you going to go to So=
theby&#8217;s or Acquavella to sell it?&#8221; Of course, Sotheby&#8217;s h=
as its own private sales platform but it is easy to see how this might not =
go over so well with sellers even if, or especially if, Christie&#8217;s an=
d Phillips follow suit.&#160;</p><p style=3D"color: rgb(64, 64, 64); font-s=
ize: 16px; line-height: 26px; margin: 0 0 20px 0;">Central to Sotheby&#8217=
;s strategy is eliminating the perception that there will be exceptions to =
the fee structure. Simply put, in a very cynical art world collectors just =
don&#8217;t believe there won&#8217;t be exceptions. &#8220;Of course there=
 will be exceptions,&#8221; a collector said. &#8220;The art market is all =
about exceptions.&#8221;</p><p style=3D"color: rgb(64, 64, 64); font-size: =
16px; line-height: 26px; margin: 0 0 20px 0;"><strong>Why Is Sotheby&#8217;=
s Changing Their Fees?</strong></p><p style=3D"color: rgb(64, 64, 64); font=
-size: 16px; line-height: 26px; margin: 0 0 20px 0;">A little over a year a=
go, the art market hit a wall. The rapid shift in macroeconomic policy to c=
ombat inflation created a sea change in the market&#8217;s mood. Since the =
end of the Paul Allen sale there has been a general wariness in the market =
about prices. But there&#8217;s also been a growing recognition that the sy=
stem&#8217;s own excesses had reached a limit.&#160;</p><p style=3D"color: =
rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">T=
he market saw that play out a bit this Fall when Sotheby&#8217;s landed mos=
t of the big collections on offer in the marketplace. Christie&#8217;s chos=
e a different tack. Instead of competing on volume, the specialists at Rock=
efeller center tried to assemble works they felt they could sell at prices =
above what the consignors would take in direct incentives (read guarantees.=
) Separately, there&#8217;s been talk in the marketplace that Christie&#821=
7;s refused to match Sotheby&#8217;s terms with not only the big collection=
s but across the board on the issue of enhanced hammer prices.&#160;Christi=
e&#8217;s didn&#8217;t have the clout to roll back enhanced hammer entirely=
 but they were holding the line at lower level of enhanced hammer. </p><p s=
tyle=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin:=
 0 0 20px 0;">Now Sotheby&#8217;s is trying to rapidly shift gears from hav=
ing scores of Day sale consignors who were previously paying high single-di=
git commissions (due to their enhanced hammer deals) now contemplating payi=
ng 30% commissions in November. That&#8217;s going to put a few noses out o=
f joint. </p><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-heig=
ht: 26px; margin: 0 0 20px 0;">Even so, it&#8217;s hard not to have some sy=
mpathy for Sotheby&#8217;s. The marketplace had become too cluttered with t=
oo many hands (attached to lawyers and advisors mostly)  trying to get paid=
 out of the auction house&#8217;s buyer&#8217;s premium instead through sep=
arate agreements with the consignors. That business model might have contin=
ued to work as auction volumes were rising during the pandemic era of easy =
money. Now, there is just not enough money to go around.&#160;</p><p style=
=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0=
 20px 0;">On top of that, it&#8217;s no secret that Sotheby&#8217;s will ne=
ed more cash flow to finance its debt or make itself attractive to investor=
s in the future. With both the auction market and Sotheby&#8217;s needing a=
 major reset, it&#8217;s not a huge surprise that we&#8217;re seeing Sotheb=
y&#8217;s make this move. </p><p style=3D"color: rgb(64, 64, 64); font-size=
: 16px; line-height: 26px; margin: 0 0 20px 0;"><strong>What If Sotheby&#82=
17;s Gets Stuck with a Different Fee Structure?</strong></p><p style=3D"col=
or: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0=
;">Will the other houses follow suit? It&#8217;s hard to tell. Since the pr=
ice fixing scandal of the late 1990s, no one at the auction houses would da=
re try to coordinate or even telegraph these changes. But, as mentioned abo=
ve, Christie&#8217;s has already been getting tougher on enhanced hammer de=
als. So this move is good for them. Now they have two choices, adopt some v=
ersion of Sotheby&#8217;s fee structure so there&#8217;s an industry standa=
rd and both houses can improve their economics or let Sotheby&#8217;s take =
the heat from the client base while continuing to push their own enhanced h=
ammer deals back toward something more sustainable. It is easier for Christ=
ie&#8217;s to get to 104% hammer deals if Sotheby&#8217;s sticks to its ple=
dge of no enhanced hammer than the 108% deals it has been trying to hold th=
e line at.&#160;</p><p style=3D"color: rgb(64, 64, 64); font-size: 16px; li=
ne-height: 26px; margin: 0 0 20px 0;">In either scenario, Phillips has a lo=
t of room to maneuver to their own advantage.&#160;</p><p style=3D"color: r=
gb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">Wh=
at if Sotheby&#8217;s, Christie&#8217;s and Phillips don&#8217;t line up on=
 commission structure but tailor their fees to their own strengths and weak=
nesses? Would it be so bad for the auction business to shrink volume while =
setting up a more sustainable business for the future? One of the problems =
in the entire business is viewing volume as financial health. If the art ma=
rket is contracting, why not make it smaller faster if it also makes the ma=
rket more profitable and sustainable?</p><p style=3D"color: rgb(64, 64, 64)=
; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><strong>Winners =
and Losers</strong></p><p style=3D"color: rgb(64, 64, 64); font-size: 16px;=
 line-height: 26px; margin: 0 0 20px 0;">Since Sotheby&#8217;s has announce=
d this new fee structure well in advance of it going into effect, we&#8217;=
re likely to learn a great deal more during the next 10 weeks as property i=
s gathered for the Winter sales in London, the Mid-Season sales in New York=
 and the all-important May sales in New York. The firm&#8217;s specialists =
will be in an awkward position: do they enforce the new fee structure now o=
r at least try to split the difference to reduce enhanced hammers before in=
stituting the vendor&#8217;s commission? Or will there be a free-for-all of=
 relationship building before the April deadline?</p><p style=3D"color: rgb=
(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">Ther=
e&#8217;s already a lot of chatter in the marketplace that may be confusing=
 consigning for the May sales with future deals. But that&#8217;s going to =
Sotheby&#8217;s messaging task. </p><p style=3D"color: rgb(64, 64, 64); fon=
t-size: 16px; line-height: 26px; margin: 0 0 20px 0;">Either way, specialis=
ts lose an important tool in landing consignments. If Sotheby&#8217;s speci=
alists are compensated on their ability to generate revenue for the firm an=
d everyone holds the line on terms, the specialists will benefit. If better=
 clients get different terms, there will be chaos. Either way, the speciali=
sts role is going to shift more to cultivating bidders to make sales which =
might not be a bad thing for everyone.</p><p style=3D"color: rgb(64, 64, 64=
); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">Art advisors ar=
e going to get squeezed if the enhanced hammer goes away. Top advisors who =
either are paid by their clients directly or are negotiating large enough c=
onsignments, should be fine. But advisors placing a few works for clients w=
ho could make the case that they were getting paid off the &#8220;savings&#=
8221; of the enhanced hammer deals are going to feel a pinch here.&#160;</p=
><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; ma=
rgin: 0 0 20px 0;">Finally, the large galleries with substantial sales forc=
es spread over wide geographies or the dealers who specialize in specific a=
rtists either on the primary or secondary market are likely to see more bus=
iness. Private sales commissions don&#8217;t approach 30% and the seller do=
esn&#8217;t have to take the risk of a work failing at auction. Unless the =
consignor needs the money&#8212;and we&#8217;ll see what appetite dealers h=
ave for buying in inventory&#8212;galleries will be a strong alternative to=
 auction in the second half of this year. </p><p style=3D"color: rgb(64, 64=
, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0; margin-botto=
m: 0;">What should you look for? To prove they are serious about the new te=
rms, Sotheby&#8217;s is going to have to make someone very unhappy in a pub=
lic way. There&#8217;s already a lot of talk in the marketplace about advis=
ors believing they&#8217;re grandfathered in on their previous deals (again=
, that may be the confusion with consigning for May.) There&#8217;s nothing=
 like a public execution to show you&#8217;re for real. But does Sotheby&#8=
217;s have the stomach for that? And what will be the fallout? This Winter,=
 the auction market just got a lot more interesting. </p></div></div><div c=
lass=3D"container-border" style=3D"border-top: 1px solid #e0e0e0; box-sizin=
g: border-box; font-size: 16px; line-height: 26px; margin: 32px 0 0; width:=
 100%;"></div><div class=3D"post-cta typography markup" style=3D"font-famil=
y: 'SF Pro Display', -apple-system, system-ui, BlinkMacSystemFont, 'Inter',=
 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Se=
goe UI Emoji', 'Segoe UI Symbol'; font-size: 16px; font-weight: 400; line-h=
eight: 26px; margin: 32px 0; margin-bottom: 32px; text-align: initial; word=
-break: break-word;"><p style=3D"color: rgb(64, 64, 64); font-size: 16px; l=
ine-height: 26px; margin: 0 auto 20px; margin-top: 0; text-align: center; w=
idth: 90%;"><span translated class=3D"pencraft pc-reset frontend-pencraft-T=
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