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Subject: After Action Report: Phillips Contemporary Evening sale + Christie's Fineberg
Evening sale
From: Artelligence <artelligence@substack.com>
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View this post on the web at https://artelligence.substack.com/p/after-acti=
on-report-phillips-contemporary
The Artelligence newsletter comes out every Friday with What We Learned thi=
s Week. Depending on the art market calendar or news cycle, you will receiv=
e other emails from this account on an irregular basis.
We are eager to hear from you. If you have questions, tips or suggestions f=
or coverage, contact us here [ mailto:maneker@artmarketmonitor.com ]. Feel =
free to forward the email to anyone you think would like to subscribe.
Some new subscribers may not receive the newsletter in their inbox immediat=
ely. Please check your spam folder.
In This Issue
The Dial: Phillips Contemporary Evening sale =3D $69m
About Yesterday: Phillips manages their sale down
Results: Top Ten Lots, Most Dynamic Bidding
Notes: Phillips Secret Weapon, Mar=C3=ADa Berr=C3=ADo, Roy Lichtenstein
The Dial: Christie=E2=80=99s Fineberg Evening sale =3D $153m
About Last Night: Christie=E2=80=99s responds to the market in real time
Results: Top Ten Lots, Most Dynamic Bidding
Notes: What=E2=80=99s the Macro?, How the market downshifts, What do Basqui=
at & Pollock have in common, Willem de Kooning, Lee Krasner, Alice Neel, =
=20
The Dial=20
Phillips Contemporary Evening sale =3D $69,543,100
Phillips Contemporary Evening sale totaled $69,543,100 from the 33 lots sol=
d out of the 37 lots offered (with four lots withdrawn before the sale.) Th=
e 86% sell-through rate reflects the trend of this auction cycle with sell-=
through rates consistent with or above the global sell-through rates for th=
e house. The average lot value was $2.1 million. Only 18% of the lots sold =
above the estimate range; 52% of the lots sold within estimates; and 30% of=
the lots were sacrificed by their consignors for prices below the low esti=
mate.=20
About Yesterday
If we=E2=80=99re using Phillips Contemporary Evening sale as a measure of t=
he art market, we would have to conclude that the market is down by two-thi=
rds because that is the year-over-year drop in Phillips=E2=80=99s sale tota=
l. Using the November sales, the market would be down by 50%. Last year, Ph=
illips comparable sales totals were $225 million in May and $138 million in=
November. Of course, Phillips New York Contemporary Evening sale is too sm=
all a sample base those measurements upon. Despite the drop, and the four l=
ots that were withdrawn before the sale, Phillips was still hold a fast-pac=
ed auction with some moments of real ebullience.=20
Results
Top Ten Lots
Most Dynamic Bidding
Notes
Phillips=E2=80=99s Secret Weapon: With no fanfare or announcement, Phillips=
unveiled a key new market advantage. During the first lot, a rare Noah Dav=
is painting that sold for nearly eight times the estimate, and a later Henr=
y Taylor painting, Ferguson Amo tenaciously manned one of the phones. Amo w=
as hired as an admin in the Contemporary art department at Phillips. He rap=
idly began to fill a variety of roles including content manager. Yesterday,=
he shined as an enthusiastic bidder who won the Noah Davis, the artist=E2=
=80=99s second highest price at auction at $990,600, and the Henry Taylor a=
t $584,200. Both lots ended with a round of applause for the strong prices,=
the determined bidding and, mostly, the good will generated by Amo.=20
Mar=C3=ADa Berr=C3=ADo: [ https://substack.com/redirect/723557b1-bf5c-4fb2-=
8543-b4c9b8da2f66?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx=
_g6pp7gWdY ] Some of what will need to be sorted out over the next few mont=
hs is which artists markets have lost demand and which sales were impeded b=
y market complications. A strong Mar=C3=ADa Berr=C3=ADo work sold for half =
the estimate at Phillips and a third of her top prices; however, most of th=
e strong Berrio results came from works offered with very attractive estima=
tes. Yesterday=E2=80=99s lot had a record estimate based upon past performa=
nce. Would the work have attracted more bidders with an much lower estimate=
? Would the bidding have been strong enough to reach the former levels? A s=
econd work at Sotheby=E2=80=99s tonight [ https://substack.com/redirect/900=
8230b-2d47-43a7-a9af-ad2017cc0e5e?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpi=
srMe5iRnigHXx6Fx_g6pp7gWdY ] might give us more information.
Roy Lichtenstein: Two works in the Phillips sale give us some reference poi=
nts on the Lichtenstein market. Mo Ostin=E2=80=99s paper study for Leda and=
the Swan out-performed expectations but two works involving mirrors show b=
oth cyclical weakness and secular decline. Last May, a record was set at $6=
million for [ https://substack.com/redirect/5f35136b-af3e-4de0-a326-07c62=
39538c4?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY=
]Mirror #9 [ https://substack.com/redirect/5f35136b-af3e-4de0-a326-07c6239=
538c4?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]=
from 1970 in the Macklowe sale [ https://substack.com/redirect/5f35136b-af=
3e-4de0-a326-07c6239538c4?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRn=
igHXx6Fx_g6pp7gWdY ]. Since then, Mirror #5 [ https://substack.com/redirect=
/0cbe7815-87b0-404f-be6c-a3329ecbf7f8?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQ=
mMpisrMe5iRnigHXx6Fx_g6pp7gWdY ] was sold by Agnes Gund at Christie=E2=80=
=99s for $3.1 million [ https://substack.com/redirect/0cbe7815-87b0-404f-be=
6c-a3329ecbf7f8?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g=
6pp7gWdY ] below the level of the Macklowe mirror as well as two other mirr=
ors sold in the last nine years. Mirror #7 sold for $2.8 million which sugg=
ests demand for these works has been successively satisfied. A more direct =
market trace comes in the form of Lichtenstein=E2=80=99s enamel painting Gi=
rl in Mirror from 1964 that is an editioned work that sold for $4 million i=
n 2007. In 2014, an example made $6.8 million. In 2019, one made $6.2 milli=
on. Yesterday, another example made $5.5 million. That 10% decline every 4=
-5 years suggests fading interest in these works but the price variation is=
not enough to ignore the current economic headwinds.
The Dial
Christie=E2=80=99s Fineberg Collection Evening Sale
Christie=E2=80=99s Fineberg Collection Evening sale made $153,053,300 from =
59 lots. The hammer ratio was .77 even though the sell-through rate reached=
91%. The average lot sold for $2,594,124.
About Last Night
In the post-sale press conference, Christie=E2=80=99s Chairman Marc Porter =
summed up the week: =E2=80=9CWe came into the week with a lot of questions,=
=E2=80=9D he said =E2=80=9CNow we have some answers.=E2=80=9D The Fineberg =
collection gave a rare real-time view of the art market. Estimated six mont=
hs ago, the works were sold without a global or individual guarantees. Auct=
ioneer Jussi Pylkkanen added that the usual process for market recalibratio=
n involved a cycle of sales with high reserves and low sell-through rates f=
ollowed by sales the next season with new estimates. In the case of the Fin=
eberg Collection, the estate was open to revising reserves down, many times=
by 50% or more based upon feedback from Christie=E2=80=99s selling team, a=
s a result, more than half of the Fineberg works were sold for prices below=
the estimates. CEO Guillaume Cerutti agreed, adding =E2=80=9Cwe are a mark=
et reflector, not a market maker.=E2=80=9D One question going forward will =
be, how well does the Fineberg Collection reflect the current Contemporary =
art market?
Results
Top Ten Lots
Most Dynamic Bidding
Notes
What=E2=80=99s the Macro Environment?: One of Christie=E2=80=99s CEO Guilla=
ume Cerutti=E2=80=99s lessons learned from the week was that the macroecono=
mic environment does indeed have an impact on the art market. The question =
going into the week, he said, was which economic indicator would be decisiv=
e. Inflation is said to be a positive driver of the art market. On the othe=
r hand, low interest rates have been essential to the market=E2=80=99s grow=
th for nearly twenty years. One often stated assumption about the art marke=
t is that it is somehow loosely correlated to the stock market. Yet stocks =
were 5% lower in November than they are today. For the time being, it would=
appear that receding liquidity (higher interest rates) and uncertainty abo=
ut future economic performance have made buyers cautious. The result is the=
significant market pull back seen for the past week.
How the market downshifts: Cerutti specifically pointed to the trend this w=
eek for high sell-through rates against lower hammer ratios. This combinati=
on was seen throughout the week. In some cases, direct and third-party guar=
antees allowed the works to sell. But consignors willingness to accept the =
new market rates has helped keep sell-through rates up. Just don=E2=80=99t =
call it a soft landing.
What do Basquiat & Pollock have in common: Christie=E2=80=99s Emily Kaplan =
was manning the phones for a client who won two of the evening=E2=80=99s mo=
re interesting lots. Both were the unexpected focus of bidding wars. Jean-M=
ichel Basquiat=E2=80=99s Brain from 1985 is an unconventional assemblage of=
woodblocks covered with the artist=E2=80=99s signature xeroxes and a shoes=
hine bootblack stand. The compelling work hardly seemed commercial but it w=
as bid to a $5.6 million selling price. Eight lots later, a Jackson Pollock=
painting from 1938-41 was estimated at $800,000. Few Pollocks come to auct=
ion and fewer of those are from the decade before his breakout to fame in 1=
949 which makes the painting difficult to estimate regardless of the macroe=
conomic environment. Kaplan=E2=80=99s bidder stuck it out to $1.6 million.=
=20
Willem de Kooning: The mysterious weakness in the de Kooning market may be =
a function of too much work being offered in response to the strong prices =
of 2022. But all three de Koonings at very different price points last nigh=
t were sold for half of the estimate, including the late work from 1983 tha=
t George O=E2=80=99Dell of Skarstedt Gallery bought for $5.3 million.
Lee Krasner [ https://substack.com/redirect/e441df36-9de4-4e69-9c99-7388df4=
23b37?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]=
: Demand for the artist=E2=80=99s work remains strong on the private market=
where collectors are reluctant to part with their paintings. But both of F=
ineberg=E2=80=99s Krasners offered last night (there=E2=80=99s another one =
in the day sale) sold at significant discounts. And yet these two works sti=
ll achieved Krasner=E2=80=99s seventh and 10th highest prices at auction.
Alice Neel [ https://substack.com/redirect/6038f313-0500-4457-8b6c-92c670e1=
e714?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]:=
Even in an off market, demand for quality Alice Neel works remains high. F=
ineberg=E2=80=99s paintings were sold for what are now the second and fourt=
h highest auction prices for Neel.=20
Beauford Delaney [ https://substack.com/redirect/a7bf3bb2-1ab6-4c72-ad30-8e=
73cf92fa68?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7g=
WdY ]: Last Fall, two portraits that Beauford Delaney painted in the 1960s =
were auctioned in London. One featured James Baldwin and, not surprisingly,=
set a new record for the artist at $1.15 million. Fineberg=E2=80=99s Compo=
sition Bleu from 1960 made $781,200 now the artist=E2=80=99s second highest=
price and the most paid for a Delaney abstract meaningfully advancing his =
market.
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t=3D"" width=3D"1" height=3D"1" border=3D"0" style=3D"height:1px !important=
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tant;padding-left:0 !important;"/><div style=3D"display:none;font-size:1px;=
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ion" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" class=
=3D"email-body-container"><tr><td></td><td width=3D"550" class=3D"content">=
</td><td></td></tr><tr><td></td><td align=3D"left" width=3D"550" class=3D"c=
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style=3D"vertical-align: middle;"><span class=3D"tw-font-body tw-text-ssm t=
w-text-substack-secondary" style=3D"color: #808080 !important; font-family:=
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elvetica, Arial, sans-serif, Apple Color Emoji, Segoe UI Emoji, Segoe UI Sy=
mbol !important; font-size: 13px !important;"><a href=3D"https://open.subst=
ack.com/pub/artelligence/p/after-action-report-phillips-contemporary?utm_so=
urce=3Demail&redirect=3Dapp-store" class=3D"tw-text-substack-secondary tw-u=
nderline" style=3D"-webkit-text-decoration-line: underline !important; colo=
r: #808080 !important; text-decoration-line: underline !important;">Open in=
app</a> or <a href=3D"https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9h=
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nline</a></span></td></tr></table></td></tr></table><table role=3D"presenta=
tion" width=3D"auto" class=3D"header graphic-header" style=3D"border-spacin=
g: 0; padding: 16px 0 32px;"><tr><td align=3D"center" style=3D"padding: 0; =
text-align: center;"><a href=3D"https://substack.com/redirect/2/eyJlIjoiaHR=
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Mk9EY3dNVEEzTkRnc0ltbHpjeUk2SW5CMVlpMHlNalU1SWl3aWMzVmlJam9pY0c5emRDMXlaV0Z=
qZEdsdmJpSjkuS0dIelgxUDVYTmpBS3NtN2ZQNmpfbDJDNVVxOERCRXhmdGFIR0IxbWlFdyIsIn=
AiOjEyMjE3MTQwOSwicyI6MjI1OSwiZiI6dHJ1ZSwidSI6MTMzMjY4NjYxLCJpYXQiOjE2ODQ0M=
Tg3NDgsImV4cCI6MTY4NzAxMDc0OCwiaXNzIjoicHViLTAiLCJzdWIiOiJsaW5rLXJlZGlyZWN0=
In0.kOhGdXhXVlSWRa2fYjZ3WwNJgJcHoXBAreC49Tc36gY?"><img role=3D"presentation=
" width=3D"550" height=3D"110" src=3D"https://substackcdn.com/image/fetch/w=
_1100,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstac=
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c9381cc0cef_1100x220.png" class=3D"header-image" style=3D"border: none !imp=
ortant; display: block; height: auto; margin: 0 auto; max-width: 550px; ver=
tical-align: middle; width: 100%;"></a></td></tr></table><div dir=3D"auto" =
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: optimizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-appeara=
nce: optimizelegibility; -webkit-font-smoothing: antialiased; appearance: o=
ptimizelegibility; color: #404040; font-family: 'SF Compact Display', -appl=
e-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-se=
rif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 3=
2px; font-weight: bold; line-height: 36px; margin: 0;"><a href=3D"https://s=
ubstack.com/app-link/post?publication_id=3D2259&post_id=3D122171409&utm_sou=
rce=3Dpost-email-title&isFreemail=3Dtrue&token=3DeyJ1c2VyX2lkIjoxMzMyNjg2Nj=
EsInBvc3RfaWQiOjEyMjE3MTQwOSwiaWF0IjoxNjg0NDE4NzQ4LCJleHAiOjE2ODcwMTA3NDgsI=
mlzcyI6InB1Yi0yMjU5Iiwic3ViIjoicG9zdC1yZWFjdGlvbiJ9.KGHzX1P5XNjAKsm7fP6j_l2=
C5Uq8DBExftaHGB1miEw" style=3D"color: #404040; text-decoration: none;">Afte=
r Action Report: Phillips Contemporary Evening sale + Christie's Fineberg E=
vening sale</a></h1><h3 class=3D"subtitle" style=3D"-moz-appearance: optimi=
zelegibility; -moz-osx-font-smoothing: antialiased; -webkit-appearance: opt=
imizelegibility; -webkit-font-smoothing: antialiased; appearance: optimizel=
egibility; color: #808080; font-family: 'SF Compact Display', -apple-system=
, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Ap=
ple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 18px; fon=
t-weight: normal; line-height: 24px; margin: 4px 0 0; margin-top: 12px;">Th=
e art market accepts the new reality.</h3><table role=3D"presentation" widt=
h=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" class=3D"post-m=
eta" style=3D"align-items: center; height: 20px; margin: 1em 0;"><tr><td><t=
able role=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D"0" ce=
llpadding=3D"0"><tr><td><table role=3D"presentation" width=3D"auto" border=
=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td style=3D"vertical-align:=
middle;"><div class=3D"pencraft frontend-pencraft-Box-module__reset--tAIEo=
frontend-pencraft-Text-module__size-11--1-ofT frontend-pencraft-Text-modul=
e__line-height-20--1soeQ frontend-pencraft-Text-module__weight-medium--aTbx=
5 frontend-pencraft-Text-module__font-meta--2i-cR frontend-pencraft-Text-mo=
dule__color-primary--2I-sF frontend-pencraft-Text-module__transform-upperca=
se--38jbr frontend-pencraft-Text-module__reset--20JLV frontend-pencraft-Tex=
t-module__meta--3RRSj custom-css-email-post-author" style=3D"color: #404040=
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kMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Co=
lor Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 11px; font-weig=
ht: 500; letter-spacing: .2px; line-height: 20px; margin: 0; text-decoratio=
n: unset; text-transform: uppercase;"><a style=3D"color: #404040; font-fami=
ly: 'SF Compact', -apple-system, -apple-system, -system-ui, BlinkMacSystemF=
ont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji',=
'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 11px; font-weight: 500; le=
tter-spacing: .2px; line-height: 20px; margin: 0; text-decoration: none; te=
xt-transform: uppercase;" href=3D"https://substack.com/profile/735466-mario=
n-maneker" class=3D"pencraft frontend-pencraft-Box-module__reset--tAIEo fro=
ntend-pencraft-Text-module__size-11--1-ofT frontend-pencraft-Text-module__l=
ine-height-20--1soeQ frontend-pencraft-Text-module__weight-medium--aTbx5 fr=
ontend-pencraft-Text-module__font-meta--2i-cR frontend-pencraft-Text-module=
__color-primary--2I-sF frontend-pencraft-Text-module__transform-uppercase--=
38jbr frontend-pencraft-Text-module__reset--20JLV frontend-pencraft-Text-mo=
dule__meta--3RRSj">Marion Maneker</a></div></td></tr></table></td></tr><tr>=
<td><table role=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D=
"0" cellpadding=3D"0"><tr><td style=3D"vertical-align: middle;"><div class=
=3D"pencraft frontend-pencraft-Box-module__reset--tAIEo frontend-pencraft-T=
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soeQ frontend-pencraft-Text-module__weight-medium--aTbx5 frontend-pencraft-=
Text-module__font-meta--2i-cR frontend-pencraft-Text-module__color-secondar=
y--XjVGl frontend-pencraft-Text-module__transform-uppercase--38jbr frontend=
-pencraft-Text-module__reset--20JLV frontend-pencraft-Text-module__meta--3R=
RSj" style=3D"color: #808080; font-family: 'SF Compact', -apple-system, -ap=
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Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'=
; font-size: 11px; font-weight: 500; letter-spacing: .2px; line-height: 20p=
x; margin: 0; text-decoration: unset; text-transform: uppercase;"><time dat=
eTime=3D"2023-05-18T14:04:42.944Z">May 18</time></div></td></tr></table></t=
d></tr></table></td></tr></table><table role=3D"presentation" width=3D"100%=
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line-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><stron=
g>The Dial: </strong><span>Phillips Contemporary Evening sale =3D $69m</spa=
n></p></li><li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: bord=
er-box; color: #404040; font-size: 16px; line-height: 26px; margin: 0; marg=
in-bottom: 0; padding-left: 4px;"><strong>About Yesterday:</strong><span> P=
hillips manages their sale down</span></p></li><li style=3D"margin: 8px 0 0=
32px;"><p style=3D"box-sizing: border-box; color: #404040; font-size: 16px=
; line-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><stro=
ng>Results: </strong><span>Top Ten Lots, Most Dynamic Bidding</span></p></l=
i><li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; c=
olor: #404040; font-size: 16px; line-height: 26px; margin: 0; margin-bottom=
: 0; padding-left: 4px;"><strong>Notes: </strong><span>Phillips Secret Weap=
on, María Berrío, Roy Lichtenstein</span></p></li><li style=3D"ma=
rgin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; color: #404040; fo=
nt-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0; padding-left=
: 4px;"><strong>The Dial: </strong><span>Christie’s Fineberg Evening =
sale =3D $153m</span></p></li><li style=3D"margin: 8px 0 0 32px;"><p style=
=3D"box-sizing: border-box; color: #404040; font-size: 16px; line-height: 2=
6px; margin: 0; margin-bottom: 0; padding-left: 4px;"><strong>About Last Ni=
ght:</strong><span> Christie’s responds to the market in real time</s=
pan></p></li><li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: bo=
rder-box; color: #404040; font-size: 16px; line-height: 26px; margin: 0; ma=
rgin-bottom: 0; padding-left: 4px;"><strong>Results: </strong><span>Top Ten=
Lots, Most Dynamic Bidding</span></p></li><li style=3D"margin: 8px 0 0 32p=
x;"><p style=3D"box-sizing: border-box; color: #404040; font-size: 16px; li=
ne-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><strong>N=
otes: </strong><span>What’s the Macro?, How the market downshifts, Wh=
at do Basquiat & Pollock have in common, Willem de Kooning, Lee Krasner=
, Alice Neel, </span></p></li></ol><div style=3D"font-size: 16px; line-hei=
ght: 26px;"><hr style=3D"background: #e0e0e0; border: none; height: 1px; ma=
rgin: 32px 0; padding: 0;"></div><h2 class=3D"header-with-anchor-widget" st=
yle=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoothing: antial=
iased; -webkit-appearance: optimizelegibility; -webkit-font-smoothing: anti=
aliased; appearance: optimizelegibility; color: #404040; font-family: 'SF C=
ompact Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Hel=
vetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI=
Symbol'; font-size: 1.625em; font-weight: bold; line-height: 1.16em; margi=
n: 1em 0 0.625em 0; position: relative;">The Dial </h2><h4 class=3D"header-=
with-anchor-widget" style=3D"-moz-appearance: optimizelegibility; -moz-osx-=
font-smoothing: antialiased; -webkit-appearance: optimizelegibility; -webki=
t-font-smoothing: antialiased; appearance: optimizelegibility; color: #4040=
40; font-family: 'SF Compact Display', -apple-system, BlinkMacSystemFont, '=
Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Sego=
e UI Emoji', 'Segoe UI Symbol'; font-size: 1.125em; font-weight: bold; line=
-height: 1.16em; margin: 1em 0 0.625em 0; position: relative;">Phillips Con=
temporary Evening sale =3D $69,543,100</h4><div class=3D"captioned-image-co=
ntainer-static" style=3D"font-size: 16px; line-height: 26px; margin: 32px a=
uto;"><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" st=
yle=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align: c=
enter;"></td><td align=3D"left" class=3D"content" width=3D"434" style=3D"te=
xt-align: center;"><a class=3D"image-link" target=3D"_blank" href=3D"https:=
//substack.com/redirect/7a0e46fe-3bda-44ac-a40d-74571c9a8490?j=3DeyJ1IjoiMj=
djZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"align-i=
tems: center; border: none; display: block; flex-direction: column; height:=
auto; margin: 0; padding: 0; position: relative; text-decoration: none; wi=
dth: auto;"><img data-attrs=3D"{"src":"https://substack-post=
-media.s3.amazonaws.com/public/images/246f11be-d9b2-49dc-8333-0bcfb800f232_=
1024x1024.jpeg","fullscreen":null,"imageSize":null=
,"height":1024,"width":1024,"resizeWidth":434=
,"bytes":239939,"alt":null,"title":null,"=
;type":"image/jpeg","href":null,"belowTheFold=
":true,"internalRedirect":null}" alt width=3D"434" height=3D=
"434" class src=3D"https://substackcdn.com/image/fetch/w_434,c_limit,f_auto=
,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amaz=
onaws.com%2Fpublic%2Fimages%2F246f11be-d9b2-49dc-8333-0bcfb800f232_1024x102=
4.jpeg" style=3D"-ms-interpolation-mode: bicubic; border: none !important; =
display: block; height: auto; margin: 0 auto; margin-bottom: 0; max-width: =
100% !important; vertical-align: middle; width: auto !important;"></a></td>=
<td style=3D"text-align: center;"></td></tr></tbody></table><figcaption cla=
ss=3D"image-caption" style=3D"box-sizing: content-box; color: #808080; font=
-size: 14px; font-weight: 400; letter-spacing: -.15px; line-height: 20px; m=
argin-top: 8px; padding-left: 15%; padding-right: 15%; text-align: center; =
width: 70%;">Phillips Contemporary Evening Sale, May 2023</figcaption></fig=
ure></div><p style=3D"color: #404040; font-size: 16px; line-height: 26px; m=
argin: 0 0 20px 0;">Phillips Contemporary Evening sale totaled $69,543,100 =
from the 33 lots sold out of the 37 lots offered (with four lots withdrawn =
before the sale.) The 86% sell-through rate reflects the trend of this auct=
ion cycle with sell-through rates consistent with or above the global sell-=
through rates for the house. The average lot value was $2.1 million. Only 1=
8% of the lots sold above the estimate range; 52% of the lots sold within e=
stimates; and 30% of the lots were sacrificed by their consignors for price=
s below the low estimate. </p><div class=3D"captioned-image-container-stati=
c" style=3D"font-size: 16px; line-height: 26px; margin: 32px auto;"><figure=
style=3D"margin: 0 auto; width: 100%;"><table class=3D"image-wrapper" widt=
h=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" style=3D"mso-pa=
dding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align: center;"></td>=
<td align=3D"left" class=3D"content" width=3D"436" style=3D"text-align: cen=
ter;"><a class=3D"image-link" target=3D"_blank" href=3D"https://substack.co=
m/redirect/3f278e73-902b-44d8-9f74-608be3d718f7?j=3DeyJ1IjoiMjdjZXI5In0.nCN=
hOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"align-items: center;=
border: none; display: block; flex-direction: column; height: auto; margin=
: 0; padding: 0; position: relative; text-decoration: none; width: auto;"><=
img data-attrs=3D"{"src":"https://substack-post-media.s3.ama=
zonaws.com/public/images/df7b635b-d58d-4333-a8b8-5ea6912dfb94_1024x1024.jpe=
g","fullscreen":null,"imageSize":null,"height=
":1024,"width":1024,"resizeWidth":436,"bytes&=
quot;:345828,"alt":null,"title":null,"type":&=
quot;image/jpeg","href":null,"belowTheFold":true,&=
quot;internalRedirect":null}" alt width=3D"436" height=3D"436" class s=
rc=3D"https://substackcdn.com/image/fetch/w_436,c_limit,f_auto,q_auto:good,=
fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fp=
ublic%2Fimages%2Fdf7b635b-d58d-4333-a8b8-5ea6912dfb94_1024x1024.jpeg" style=
=3D"-ms-interpolation-mode: bicubic; border: none !important; display: bloc=
k; height: auto; margin: 0 auto; margin-bottom: 0; max-width: 100% !importa=
nt; vertical-align: middle; width: auto !important;"></a></td><td style=3D"=
text-align: center;"></td></tr></tbody></table><figcaption class=3D"image-c=
aption" style=3D"box-sizing: content-box; color: #808080; font-size: 14px; =
font-weight: 400; letter-spacing: -.15px; line-height: 20px; margin-top: 8p=
x; padding-left: 15%; padding-right: 15%; text-align: center; width: 70%;">=
Phillips Contemporary Evening sale, May 2023</figcaption></figure></div><di=
v style=3D"font-size: 16px; line-height: 26px;"><hr style=3D"background: #e=
0e0e0; border: none; height: 1px; margin: 32px 0; padding: 0;"></div><h2 cl=
ass=3D"header-with-anchor-widget" style=3D"-moz-appearance: optimizelegibil=
ity; -moz-osx-font-smoothing: antialiased; -webkit-appearance: optimizelegi=
bility; -webkit-font-smoothing: antialiased; appearance: optimizelegibility=
; color: #404040; font-family: 'SF Compact Display', -apple-system, BlinkMa=
cSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color=
Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.625em; font-weig=
ht: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; position: relative;=
">About Yesterday</h2><p style=3D"color: #404040; font-size: 16px; line-hei=
ght: 26px; margin: 0 0 20px 0;">If we’re using Phillips Contemporary =
Evening sale as a measure of the art market, we would have to conclude that=
the market is down by two-thirds because that is the year-over-year drop i=
n Phillips’s sale total. Using the November sales, the market would b=
e down by 50%. Last year, Phillips comparable sales totals were $225 millio=
n in May and $138 million in November. Of course, Phillips New York Contemp=
orary Evening sale is too small a sample base those measurements upon. Desp=
ite the drop, and the four lots that were withdrawn before the sale, Philli=
ps was still hold a fast-paced auction with some moments of real ebullience=
=2E </p><div style=3D"font-size: 16px;=20=
line-height: 26px;"><hr style=3D"backg=
round: #e0e0e0; border: none; height: 1px; margin: 32px 0; padding: 0;"></d=
iv><h2 class=3D"header-with-anchor-widget" style=3D"-moz-appearance: optimi=
zelegibility; -moz-osx-font-smoothing: antialiased; -webkit-appearance: opt=
imizelegibility; -webkit-font-smoothing: antialiased; appearance: optimizel=
egibility; color: #404040; font-family: 'SF Compact Display', -apple-system=
, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Ap=
ple Color Emoji', '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;">Results</h2><h4 class=3D"header-with-anchor-widget" style=3D"-mo=
z-appearance: optimizelegibility; -moz-osx-font-smoothing: antialiased; -we=
bkit-appearance: optimizelegibility; -webkit-font-smoothing: antialiased; a=
ppearance: optimizelegibility; color: #404040; font-family: 'SF Compact Dis=
play', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Ar=
ial, 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=
=2E625em 0; position: relative;">Top T=
en Lots</h4><div class=3D"captioned-ima=
ge-container-static" style=3D"font-size: 16px; line-height: 26px; margin: 3=
2px auto;"><figure style=3D"margin: 0 auto; width: 100%;"><table class=3D"i=
mage-wrapper" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"=
0" style=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-ali=
gn: center;"></td><td align=3D"left" class=3D"content" width=3D"1190" style=
=3D"text-align: center;"><a class=3D"image-link" target=3D"_blank" href=3D"=
https://substack.com/redirect/6d0e4414-eb22-47be-8300-d74687103aca?j=3DeyJ1=
IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"a=
lign-items: center; border: none; display: block; flex-direction: column; h=
eight: auto; margin: 0; padding: 0; position: relative; text-decoration: no=
ne; width: auto;"><img data-attrs=3D"{"src":"https://substac=
k-post-media.s3.amazonaws.com/public/images/99d1b0e0-7b7e-4282-b5ce-c93873e=
2c9f6_1190x482.png","fullscreen":null,"imageSize":=
null,"height":482,"width":1190,"resizeWidth":=
null,"bytes":163301,"alt":null,"title":null,&=
quot;type":"image/png","href":null,"belowTheF=
old":true,"internalRedirect":null}" alt width=3D"550" height=
=3D"222.7731092436975" class=3D"wide-image" src=3D"https://substackcdn.com/=
image/fetch/w_2380,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A=
%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F99d1b0e0-7b7=
e-4282-b5ce-c93873e2c9f6_1190x482.png" style=3D"-ms-interpolation-mode: bic=
ubic; border: none !important; display: block; height: auto; margin: 0 auto=
; margin-bottom: 0; max-width: 100% !important; vertical-align: middle; wid=
th: auto !important;"></a></td><td style=3D"text-align: center;"></td></tr>=
</tbody></table><figcaption class=3D"image-caption" style=3D"box-sizing: co=
ntent-box; color: #808080; font-size: 14px; font-weight: 400; letter-spacin=
g: -.15px; line-height: 20px; margin-top: 8px; padding-left: 15%; padding-r=
ight: 15%; text-align: center; width: 70%;">Phillips Contemporary Evening s=
ale, Top Ten Lots</figcaption></figure></div><h4 class=3D"header-with-ancho=
r-widget" style=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoot=
hing: antialiased; -webkit-appearance: optimizelegibility; -webkit-font-smo=
othing: antialiased; appearance: optimizelegibility; color: #404040; font-f=
amily: 'SF Compact Display', -apple-system, BlinkMacSystemFont, 'Segoe UI',=
Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji=
', 'Segoe UI Symbol'; font-size: 1.125em; font-weight: bold; line-height: 1=
=2E16em; margin: 1em 0 0.625em 0; posit=
ion: relative;">Most Dynamic Bidding</=
h4><div class=3D"captioned-image-container-static" style=3D"font-size: 16px=
; line-height: 26px; margin: 32px auto;"><figure style=3D"margin: 0 auto; w=
idth: 100%;"><table class=3D"image-wrapper" width=3D"100%" border=3D"0" cel=
lspacing=3D"0" cellpadding=3D"0" style=3D"mso-padding-alt: 1em 0 1.6em;"><t=
body><tr><td style=3D"text-align: center;"></td><td align=3D"left" class=3D=
"content" width=3D"1186" style=3D"text-align: center;"><a class=3D"image-li=
nk" target=3D"_blank" href=3D"https://substack.com/redirect/632a10fb-5135-4=
ce7-93cb-af3a26297360?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHX=
x6Fx_g6pp7gWdY" rel style=3D"align-items: center; border: none; display: bl=
ock; flex-direction: column; height: auto; margin: 0; padding: 0; position:=
relative; text-decoration: none; width: auto;"><img data-attrs=3D"{"s=
rc":"https://substack-post-media.s3.amazonaws.com/public/images/c=
9678f1d-81e8-4063-86bc-b6afc2234a07_1186x448.png","fullscreen&quo=
t;:null,"imageSize":null,"height":448,"width"=
:1186,"resizeWidth":null,"bytes":154727,"alt"=
:null,"title":null,"type":"image/png","h=
ref":null,"belowTheFold":true,"internalRedirect":n=
ull}" alt width=3D"550" height=3D"207.75716694772345" class=3D"wide-image" =
src=3D"https://substackcdn.com/image/fetch/w_2372,c_limit,f_auto,q_auto:goo=
d,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2=
Fpublic%2Fimages%2Fc9678f1d-81e8-4063-86bc-b6afc2234a07_1186x448.png" style=
=3D"-ms-interpolation-mode: bicubic; border: none !important; display: bloc=
k; height: auto; margin: 0 auto; margin-bottom: 0; max-width: 100% !importa=
nt; vertical-align: middle; width: auto !important;"></a></td><td style=3D"=
text-align: center;"></td></tr></tbody></table><figcaption class=3D"image-c=
aption" style=3D"box-sizing: content-box; color: #808080; font-size: 14px; =
font-weight: 400; letter-spacing: -.15px; line-height: 20px; margin-top: 8p=
x; padding-left: 15%; padding-right: 15%; text-align: center; width: 70%;">=
Phillips Contemporary Evening sale, Most Dynamic Bidding</figcaption></figu=
re></div><div style=3D"font-size: 16px; line-height: 26px;"><hr style=3D"ba=
ckground: #e0e0e0; border: none; height: 1px; margin: 32px 0; padding: 0;">=
</div><h2 class=3D"header-with-anchor-widget" style=3D"-moz-appearance: opt=
imizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-appearance: =
optimizelegibility; -webkit-font-smoothing: antialiased; appearance: optimi=
zelegibility; color: #404040; font-family: 'SF Compact Display', -apple-sys=
tem, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, =
'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.625e=
m; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; positio=
n: relative;">Notes</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: #4040=
40; font-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0; paddin=
g-left: 4px;"><strong>Phillips’s Secret Weapon: </strong><span>With n=
o fanfare or announcement, Phillips unveiled a key new market advantage. Du=
ring the first lot, a rare Noah Davis painting that sold for nearly eight t=
imes the estimate, and a later Henry Taylor painting, Ferguson Amo tenaciou=
sly manned one of the phones. Amo was hired as an admin in the Contemporary=
art department at Phillips. He rapidly began to fill a variety of roles in=
cluding content manager. Yesterday, he shined as an enthusiastic bidder who=
won the Noah Davis, the artist’s second highest price at auction at =
$990,600, and the Henry Taylor at $584,200. Both lots ended with a round of=
applause for the strong prices, the determined bidding and, mostly, the go=
od will generated by Amo. </span></p></li><li style=3D"margin: 8px 0 0 32px=
;"><p style=3D"box-sizing: border-box; color: #404040; font-size: 16px; lin=
e-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><strong><a=
href=3D"https://substack.com/redirect/723557b1-bf5c-4fb2-8543-b4c9b8da2f66=
?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel s=
tyle=3D"color: #404040; text-decoration: underline;">María Berrío=
:</a><span> </span></strong><span>Some of what will need to be sorted out o=
ver the next few months is which artists markets have lost demand and which=
sales were impeded by market complications. A strong María Berrí=
o work sold for half the estimate at Phillips and a third of her top prices=
; however, most of the strong Berrio results came from works offered with v=
ery attractive estimates. Yesterday’s lot had a record estimate based=
upon past performance. Would the work have attracted more bidders with an =
much lower estimate? Would the bidding have been strong enough to reach the=
former levels? </span><a href=3D"https://substack.com/redirect/9008230b-2d=
47-43a7-a9af-ad2017cc0e5e?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRn=
igHXx6Fx_g6pp7gWdY" rel style=3D"color: #404040; text-decoration: underline=
;">A second work at Sotheby’s tonight</a><span> might give us more in=
formation.</span></p></li><li style=3D"margin: 8px 0 0 32px;"><p style=3D"b=
ox-sizing: border-box; color: #404040; font-size: 16px; line-height: 26px; =
margin: 0; margin-bottom: 0; padding-left: 4px;"><strong>Roy Lichtenstein: =
</strong><span>Two works in the Phillips sale give us some reference points=
on the Lichtenstein market. Mo Ostin’s paper study for </span><em>Le=
da and the Swan</em><span> out-performed expectations but two works involvi=
ng mirrors show both cyclical weakness and secular decline. Last May, </spa=
n><a href=3D"https://substack.com/redirect/5f35136b-af3e-4de0-a326-07c62395=
38c4?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" r=
el style=3D"color: #404040; text-decoration: underline;">a record was set a=
t $6 million for </a><em><a href=3D"https://substack.com/redirect/5f35136b-=
af3e-4de0-a326-07c6239538c4?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5i=
RnigHXx6Fx_g6pp7gWdY" rel style=3D"color: #404040; text-decoration: underli=
ne;">Mirror #9</a></em><a href=3D"https://substack.com/redirect/5f35136b-af=
3e-4de0-a326-07c6239538c4?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRn=
igHXx6Fx_g6pp7gWdY" rel style=3D"color: #404040; text-decoration: underline=
;"> from 1970 in the Macklowe sale</a><span>. Since then, </span><em><a hre=
f=3D"https://substack.com/redirect/0cbe7815-87b0-404f-be6c-a3329ecbf7f8?j=
=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel sty=
le=3D"color: #404040; text-decoration: underline;">Mirror #5</a></em><a hre=
f=3D"https://substack.com/redirect/0cbe7815-87b0-404f-be6c-a3329ecbf7f8?j=
=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel sty=
le=3D"color: #404040; text-decoration: underline;"> was sold by Agnes Gund =
at Christie’s for $3.1 million</a><span> below the level of the Mackl=
owe mirror as well as two other mirrors sold in the last nine years. </span=
><em>Mirror #7</em><span> sold for $2.8 million which suggests demand for t=
hese works has been successively satisfied. A more direct market trace come=
s in the form of Lichtenstein’s enamel painting </span><em>Girl in Mi=
rror</em><span> from 1964 that is an editioned work that sold for $4 millio=
n in 2007. In 2014, an example made $6.8 million. In 2019, one made $6.2 mi=
llion. Yesterday, another example made $5.5 million. That 10% decline ever=
y 4-5 years suggests fading interest in these works but the price variation=
is not enough to ignore the current economic headwinds.</span></p></li></o=
l><div style=3D"font-size: 16px; line-height: 26px;"><hr style=3D"backgroun=
d: #e0e0e0; border: none; height: 1px; margin: 32px 0; padding: 0;"></div><=
h2 class=3D"header-with-anchor-widget" style=3D"-moz-appearance: optimizele=
gibility; -moz-osx-font-smoothing: antialiased; -webkit-appearance: optimiz=
elegibility; -webkit-font-smoothing: antialiased; appearance: optimizelegib=
ility; color: #404040; font-family: 'SF Compact Display', -apple-system, Bl=
inkMacSystemFont, '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 0.625em 0; position: rela=
tive;">The Dial</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: #404040; font-family: 'SF Compact Displa=
y', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial=
, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; fon=
t-size: 1.125em; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.62=
5em 0; position: relative;">Christie’s Fineberg Collection Evening Sa=
le</h4><div class=3D"captioned-image-container-static" style=3D"font-size: =
16px; line-height: 26px; margin: 32px auto;"><figure style=3D"margin: 0 aut=
o; width: 100%;"><table class=3D"image-wrapper" width=3D"100%" border=3D"0"=
cellspacing=3D"0" cellpadding=3D"0" style=3D"mso-padding-alt: 1em 0 1.6em;=
"><tbody><tr><td style=3D"text-align: center;"></td><td align=3D"left" clas=
s=3D"content" width=3D"466" style=3D"text-align: center;"><a class=3D"image=
-link" target=3D"_blank" href=3D"https://substack.com/redirect/17334b43-d60=
b-4481-b39d-956c38f38190?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRni=
gHXx6Fx_g6pp7gWdY" rel style=3D"align-items: center; border: none; display:=
block; flex-direction: column; height: auto; margin: 0; padding: 0; positi=
on: relative; text-decoration: none; width: auto;"><img data-attrs=3D"{&quo=
t;src":"https://substack-post-media.s3.amazonaws.com/public/image=
s/d854424e-a1e7-4d3c-adc0-7eff2c167bdd_1024x1024.jpeg","fullscree=
n":null,"imageSize":null,"height":1024,"width=
":1024,"resizeWidth":466,"bytes":238394,"alt&=
quot;:null,"title":null,"type":"image/jpeg",&=
quot;href":null,"belowTheFold":true,"internalRedirect&q=
uot;:null}" alt width=3D"466" height=3D"466" class src=3D"https://substackc=
dn.com/image/fetch/w_466,c_limit,f_auto,q_auto:good,fl_progressive:steep/ht=
tps%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd85442=
4e-a1e7-4d3c-adc0-7eff2c167bdd_1024x1024.jpeg" 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><figcaption class=3D"image-caption" style=3D"box-si=
zing: content-box; color: #808080; font-size: 14px; font-weight: 400; lette=
r-spacing: -.15px; line-height: 20px; margin-top: 8px; padding-left: 15%; p=
adding-right: 15%; text-align: center; width: 70%;">Christie’s Finebe=
rg Evening sale, May 2023</figcaption></figure></div><p style=3D"color: #40=
4040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">ChristieR=
17;s Fineberg Collection Evening sale made $153,053,300 from 59 lots. The h=
ammer ratio was .77 even though the sell-through rate reached 91%. The aver=
age lot sold for $2,594,124.</p><div class=3D"captioned-image-container-sta=
tic" style=3D"font-size: 16px; line-height: 26px; margin: 32px auto;"><figu=
re style=3D"margin: 0 auto; width: 100%;"><table class=3D"image-wrapper" wi=
dth=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" style=3D"mso-=
padding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align: center;"></t=
d><td align=3D"left" class=3D"content" width=3D"484" style=3D"text-align: c=
enter;"><a class=3D"image-link" target=3D"_blank" href=3D"https://substack.=
com/redirect/2f376e78-9070-432d-8fd8-09e7929bf549?j=3DeyJ1IjoiMjdjZXI5In0.n=
CNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"align-items: cente=
r; border: none; display: block; flex-direction: column; height: auto; marg=
in: 0; padding: 0; position: relative; text-decoration: none; width: auto;"=
><img data-attrs=3D"{"src":"https://substack-post-media.s3.a=
mazonaws.com/public/images/f9d78470-c3d3-454d-8e91-ebf7d9c87889_1024x1024.j=
peg","fullscreen":null,"imageSize":null,"heig=
ht":1024,"width":1024,"resizeWidth":484,"byte=
s":357240,"alt":null,"title":null,"type"=
:"image/jpeg","href":null,"belowTheFold":true=
,"internalRedirect":null}" alt width=3D"484" height=3D"484" class=
src=3D"https://substackcdn.com/image/fetch/w_484,c_limit,f_auto,q_auto:goo=
d,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2=
Fpublic%2Fimages%2Ff9d78470-c3d3-454d-8e91-ebf7d9c87889_1024x1024.jpeg" sty=
le=3D"-ms-interpolation-mode: bicubic; border: none !important; display: bl=
ock; height: auto; margin: 0 auto; margin-bottom: 0; max-width: 100% !impor=
tant; vertical-align: middle; width: auto !important;"></a></td><td style=
=3D"text-align: center;"></td></tr></tbody></table><figcaption class=3D"ima=
ge-caption" style=3D"box-sizing: content-box; color: #808080; font-size: 14=
px; font-weight: 400; letter-spacing: -.15px; line-height: 20px; margin-top=
: 8px; padding-left: 15%; padding-right: 15%; text-align: center; width: 70=
%;">Christie’s Fineberg Collection Evening sale, May 2023</figcaption=
></figure></div><div style=3D"font-size: 16px; line-height: 26px;"><hr styl=
e=3D"background: #e0e0e0; border: none; height: 1px; margin: 32px 0; paddin=
g: 0;"></div><h2 class=3D"header-with-anchor-widget" style=3D"-moz-appearan=
ce: optimizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-appea=
rance: optimizelegibility; -webkit-font-smoothing: antialiased; appearance:=
optimizelegibility; color: #404040; font-family: 'SF Compact Display', -ap=
ple-system, 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 0.625em 0; =
position: relative;">About Last Night</h2><p style=3D"color: #404040; font-=
size: 16px; line-height: 26px; margin: 0 0 20px 0;">In the post-sale press =
conference, Christie’s Chairman Marc Porter summed up the week: ̶=
0;We came into the week with a lot of questions,” he said “Now =
we have some answers.” The Fineberg collection gave a rare real-time =
view of the art market. Estimated six months ago, the works were sold witho=
ut a global or individual guarantees. Auctioneer Jussi Pylkkanen added that=
the usual process for market recalibration involved a cycle of sales with =
high reserves and low sell-through rates followed by sales the next season =
with new estimates. In the case of the Fineberg Collection, the estate was =
open to revising reserves down, many times by 50% or more based upon feedba=
ck from Christie’s selling team, as a result, more than half of the F=
ineberg works were sold for prices below the estimates. CEO Guillaume Cerut=
ti agreed, adding “we are a market reflector, not a market maker.R=
21; One question going forward will be, how well does the Fineberg Collecti=
on reflect the current Contemporary art market?</p><div style=3D"font-size:=
16px; line-height: 26px;"><hr style=3D"background: #e0e0e0; border: none; =
height: 1px; margin: 32px 0; padding: 0;"></div><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: #404040; fon=
t-family: 'SF Compact Display', -apple-system, BlinkMacSystemFont, 'Segoe U=
I', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Em=
oji', 'Segoe UI Symbol'; font-size: 1.625em; font-weight: bold; line-height=
: 1.16em; margin: 1em 0 0.625em 0; position: relative;">Results</h2><h4 cla=
ss=3D"header-with-anchor-widget" style=3D"-moz-appearance: optimizelegibili=
ty; -moz-osx-font-smoothing: antialiased; -webkit-appearance: optimizelegib=
ility; -webkit-font-smoothing: antialiased; appearance: optimizelegibility;=
color: #404040; font-family: 'SF Compact Display', -apple-system, BlinkMac=
SystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color =
Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.125em; font-weigh=
t: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; position: relative;"=
>Top Ten Lots</h4><div class=3D"captioned-image-container-static" style=3D"=
font-size: 16px; line-height: 26px; margin: 32px auto;"><figure style=3D"ma=
rgin: 0 auto; width: 100%;"><table class=3D"image-wrapper" width=3D"100%" b=
order=3D"0" cellspacing=3D"0" cellpadding=3D"0" style=3D"mso-padding-alt: 1=
em 0 1.6em;"><tbody><tr><td style=3D"text-align: center;"></td><td align=3D=
"left" class=3D"content" width=3D"1180" style=3D"text-align: center;"><a cl=
ass=3D"image-link" target=3D"_blank" href=3D"https://substack.com/redirect/=
488b7ecd-b729-49b9-884a-ee7217556e9a?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQm=
MpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"align-items: center; border: no=
ne; display: block; flex-direction: column; height: auto; margin: 0; paddin=
g: 0; position: relative; text-decoration: none; width: auto;"><img data-at=
trs=3D"{"src":"https://substack-post-media.s3.amazonaws.com/=
public/images/c07a29af-10ac-4872-9dab-2b7ab666458f_1180x450.png","=
;fullscreen":null,"imageSize":null,"height":450,&q=
uot;width":1180,"resizeWidth":null,"bytes":158487,=
"alt":null,"title":null,"type":"image/pn=
g","href":null,"belowTheFold":true,"internalR=
edirect":null}" alt width=3D"550" height=3D"209.74576271186442" class=
=3D"wide-image" src=3D"https://substackcdn.com/image/fetch/w_2360,c_limit,f=
_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3=
=2Eamazonaws.com%2Fpublic%2Fimages%2Fc0=
7a29af-10ac-4872-9dab-2b7ab666458f_118=
0x450.png" style=3D"-ms-interpolation-mode: bicubic; border: none !importan=
t; display: block; height: auto; margin: 0 auto; margin-bottom: 0; max-widt=
h: 100% !important; vertical-align: middle; width: auto !important;"></a></=
td><td style=3D"text-align: center;"></td></tr></tbody></table><figcaption =
class=3D"image-caption" style=3D"box-sizing: content-box; color: #808080; f=
ont-size: 14px; font-weight: 400; letter-spacing: -.15px; line-height: 20px=
; margin-top: 8px; padding-left: 15%; padding-right: 15%; text-align: cente=
r; width: 70%;">Christie’s Fineberg Evening sale, Top Ten Lots</figca=
ption></figure></div><h4 class=3D"header-with-anchor-widget" style=3D"-moz-=
appearance: optimizelegibility; -moz-osx-font-smoothing: antialiased; -webk=
it-appearance: optimizelegibility; -webkit-font-smoothing: antialiased; app=
earance: optimizelegibility; color: #404040; font-family: 'SF Compact Displ=
ay', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Aria=
l, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; fo=
nt-size: 1.125em; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.6=
25em 0; position: relative;">Most Dynamic Bidding</h4><div class=3D"caption=
ed-image-container-static" style=3D"font-size: 16px; line-height: 26px; mar=
gin: 32px auto;"><figure style=3D"margin: 0 auto; width: 100%;"><table clas=
s=3D"image-wrapper" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpaddi=
ng=3D"0" style=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"te=
xt-align: center;"></td><td align=3D"left" class=3D"content" width=3D"1182"=
style=3D"text-align: center;"><a class=3D"image-link" target=3D"_blank" hr=
ef=3D"https://substack.com/redirect/c7a7c9ff-2049-4262-84fe-66826b27aabb?j=
=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel sty=
le=3D"align-items: center; border: none; display: block; flex-direction: co=
lumn; height: auto; margin: 0; padding: 0; position: relative; text-decorat=
ion: none; width: auto;"><img data-attrs=3D"{"src":"https://=
substack-post-media.s3.amazonaws.com/public/images/bd4151ff-c63b-4dbf-908f-=
e7457832f246_1182x530.png","fullscreen":null,"imageSize=
":null,"height":530,"width":1182,"resizeWidth=
":null,"bytes":179775,"alt":null,"title"=
:null,"type":"image/png","href":null,"be=
lowTheFold":true,"internalRedirect":null}" alt width=3D"550"=
height=3D"246.61590524534688" class=3D"wide-image" src=3D"https://substack=
cdn.com/image/fetch/w_2364,c_limit,f_auto,q_auto:good,fl_progressive:steep/=
https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbd41=
51ff-c63b-4dbf-908f-e7457832f246_1182x530.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><figcaption class=3D"image-caption" style=3D"box-si=
zing: content-box; color: #808080; font-size: 14px; font-weight: 400; lette=
r-spacing: -.15px; line-height: 20px; margin-top: 8px; padding-left: 15%; p=
adding-right: 15%; text-align: center; width: 70%;">Christie’s Finebe=
rg Collection Evening sale, Most Dynamic Bidding</figcaption></figure></div=
><div style=3D"font-size: 16px; line-height: 26px;"><hr style=3D"background=
: #e0e0e0; border: none; height: 1px; margin: 32px 0; padding: 0;"></div><h=
2 class=3D"header-with-anchor-widget" style=3D"-moz-appearance: optimizeleg=
ibility; -moz-osx-font-smoothing: antialiased; -webkit-appearance: optimize=
legibility; -webkit-font-smoothing: antialiased; appearance: optimizelegibi=
lity; color: #404040; font-family: 'SF Compact Display', -apple-system, Bli=
nkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple C=
olor Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.625em; font-=
weight: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; position: relat=
ive;">Notes</h2><ol style=3D"margin-bottom: 0; margin-top: 0; padding: 0;">=
<li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; col=
or: #404040; font-size: 16px; line-height: 26px; margin: 0; margin-bottom: =
0; padding-left: 4px;"><strong>What’s the Macro Environment?:</strong=
><span> One of Christie’s CEO Guillaume Cerutti’s lessons learn=
ed from the week was that the macroeconomic environment does indeed have an=
impact on the art market. The question going into the week, he said, was w=
hich economic indicator would be decisive. Inflation is said to be a positi=
ve driver of the art market. On the other hand, low interest rates have bee=
n essential to the market’s growth for nearly twenty years. One often=
stated assumption about the art market is that it is somehow loosely corre=
lated to the stock market. Yet stocks were 5% lower in November than they a=
re today. For the time being, it would appear that receding liquidity (high=
er interest rates) and uncertainty about future economic performance have m=
ade buyers cautious. The result is the significant market pull back seen fo=
r the past week.</span></p></li><li style=3D"margin: 8px 0 0 32px;"><p styl=
e=3D"box-sizing: border-box; color: #404040; font-size: 16px; line-height: =
26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><strong>How the mark=
et downshifts: </strong><span>Cerutti specifically pointed to the trend thi=
s week for high sell-through rates against lower hammer ratios. This combin=
ation was seen throughout the week. In some cases, direct and third-party g=
uarantees allowed the works to sell. But consignors willingness to accept t=
he new market rates has helped keep sell-through rates up. Just don’t=
call it a soft landing.</span></p></li><li style=3D"margin: 8px 0 0 32px;"=
><p style=3D"box-sizing: border-box; color: #404040; font-size: 16px; line-=
height: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><strong>What=
do Basquiat & Pollock have in common: </strong><span>Christie’s =
Emily Kaplan was manning the phones for a client who won two of the evening=
’s more interesting lots. Both were the unexpected focus of bidding w=
ars. Jean-Michel Basquiat’s </span><em>Brain</em><span> from 1985 is =
an unconventional assemblage of woodblocks covered with the artist’s =
signature xeroxes and a shoeshine bootblack stand. The compelling work hard=
ly seemed commercial but it was bid to a $5.6 million selling price. Eight =
lots later, a Jackson Pollock painting from 1938-41 was estimated at $800,0=
00. Few Pollocks come to auction and fewer of those are from the decade bef=
ore his breakout to fame in 1949 which makes the painting difficult to esti=
mate regardless of the macroeconomic environment. Kaplan’s bidder stu=
ck it out to $1.6 million. </span></p></li><li style=3D"margin: 8px 0 0 32p=
x;"><p style=3D"box-sizing: border-box; color: #404040; font-size: 16px; li=
ne-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><strong>W=
illem de Kooning:</strong><span> The mysterious weakness in the de Kooning =
market may be a function of too much work being offered in response to the =
strong prices of 2022. But all three de Koonings at very different price po=
ints last night were sold for half of the estimate, including the late work=
from 1983 that George O’Dell of Skarstedt Gallery bought for $5.3 mi=
llion.</span></p></li><li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-s=
izing: border-box; color: #404040; font-size: 16px; line-height: 26px; marg=
in: 0; margin-bottom: 0; padding-left: 4px;"><strong><a href=3D"https://sub=
stack.com/redirect/e441df36-9de4-4e69-9c99-7388df423b37?j=3DeyJ1IjoiMjdjZXI=
5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: #4040=
40; text-decoration: underline;">Lee Krasner</a><span>:</span></strong><spa=
n> Demand for the artist’s work remains strong on the private market =
where collectors are reluctant to part with their paintings. But both of Fi=
neberg’s Krasners offered last night (there’s another one in th=
e day sale) sold at significant discounts. And yet these two works still ac=
hieved Krasner’s seventh and 10th highest prices at auction.</span></=
p></li><li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: border-b=
ox; color: #404040; font-size: 16px; line-height: 26px; margin: 0; margin-b=
ottom: 0; padding-left: 4px;"><strong><a href=3D"https://substack.com/redir=
ect/6038f313-0500-4457-8b6c-92c670e1e714?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d=
0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: #404040; text-decora=
tion: underline;">Alice Neel</a><span>:</span></strong><span> Even in an of=
f market, demand for quality Alice Neel works remains high. Fineberg’=
s paintings were sold for what are now the second and fourth highest auctio=
n prices for Neel. </span></p></li><li style=3D"margin: 8px 0 0 32px;"><p s=
tyle=3D"box-sizing: border-box; color: #404040; font-size: 16px; line-heigh=
t: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><strong><a href=
=3D"https://substack.com/redirect/a7bf3bb2-1ab6-4c72-ad30-8e73cf92fa68?j=3D=
eyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=
=3D"color: #404040; text-decoration: underline;">Beauford Delaney</a><span>=
:</span></strong><span> Last Fall, two portraits that Beauford Delaney pain=
ted in the 1960s were auctioned in London. One featured James Baldwin and, =
not surprisingly, set a new record for the artist at $1.15 million. Fineber=
g’s </span><em>Composition Bleu</em><span> from 1960 made $781,200 no=
w the artist’s second highest price and the most paid for a Delaney a=
bstract meaningfully advancing his market. </span></p></li></ol></div></div=
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