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Subject: What We Learned this Week (2328)
From: Artelligence <artelligence@substack.com>
To: enzo@showfile.com
Message-Id: <20230714173101.3.d5149792e74b7a25@mg-d0.substack.com>
Date: Fri, 14 Jul 2023 17:31:01 +0000
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-2328

Welcome to Artelligence
The Artelligence newsletter comes out every Friday with What We Learned thi=
s Week. It will remain free. Next week we will start sending analysis with =
data provided by LiveArt in a separate email for paid subscribers.=20
If you have questions, tips or suggestions for coverage, contact us here [ =
mailto:maneker@artmarketmonitor.com ].
Feel free to forward the email to anyone you think would like to subscribe.
Please check your spam folder! Some new subscribers may not have received t=
he newsletter in their inbox immediately.=20
Early next week we will send out our analysis of the London sales. That con=
tent will be for paid subscribers only. Subscriptions are $12 a month or $1=
20 for a year. For organizations, we offer group discounts of 30% for each =
subscription of two or more.
In This Issue
Lot Watch: Lost Lalannes at Sotheby=E2=80=99s in October
Deep Cuts: Duncan McCormick
Notes: Frieze Buys EXPO Chicago & Armory Show; Frum=E2=80=99s Benin Revelat=
ions; DIckinson Newsletter; Pinault Likes CAA=20
Christie=E2=80=99s H1 Numbers
Bonhams H1 Numbers
Are We Seeing a Flight to Quality in Cultural Property, Not Art?
Lot Watch
=E2=80=9CLost=E2=80=9D Lalannes at Sotheby=E2=80=99s in October
When Claude Lalannes, the surviving partner in the sui generis pair of Clau=
de and Francois-Xavier Lalannes, died in 2018, the world discovered that th=
e Lalannes were somewhat unique in using their rural home, workshop and gro=
unds in Ury near Fountainbleu as a warehouse for their output of flora-and-=
fauna-inspired objects. The work was divided among the Lalannes=E2=80=99 fo=
ur daughters. Sotheby=E2=80=99s cataloged everything in Ury and held a rema=
rkably successful $101.5 million sale in late 2019. Doroth=C3=A9e didn=E2=
=80=99t sleep on the demand for Lalannes work which had been growing since =
the Yves Saint Laurent-PIerre Berg=C3=A9 sale in 2009. Doroth=C3=A9e=E2=80=
=99s two sales totaled almost =E2=82=AC130 million. Marie followed with a s=
ale at Christie=E2=80=99s late last year. That one, held in New York, total=
ed $77 million. Now comes news from Sotheby=E2=80=99s that a new trove of f=
ewer than 20 pieces was found in a hidden storage room in Ury behind two ma=
ssive bronze bulls Francois-Xavier had made. The space was only discovered =
once the pisces were removed and a concealed door was found. The works will=
 be auctioned in Paris on October 4th. Sotheby=E2=80=99s says these are the=
 =E2=80=9Clast pieces remaining=E2=80=9D in the private collection of the L=
alannes. That=E2=80=99s true. But, of course, there are two other daughters=
 who have not sold any of their holdings. Demand for work by the Lalannes c=
ontinues to be very strong. In May, the fourth highest price for one of Fra=
ncois-Xavier=E2=80=99s sculptures=E2=80=94a Hippotamus bar=E2=80=94was achi=
eved at $7.5 million. In June, half a dozen stone sheep were sold in London=
 and New York for consistent prices between $290,000 and $417,000 which sho=
w no dip in a mainstay object for the pair.
Deep Cuts
Pandemic Artist Duncan McCormick Continues Market March
Duncan McCormick saw a new record price two weeks ago in London for one of =
his pandemic-inspired paintings. Trevor=E2=80=99s Dream from 2022 made $224=
,264. That=E2=80=99s a strong showing for an artist whose first work put up=
 for auction was bought-in late in 2022. Despite that misfire, McCormick go=
t launched in London in late January with a $186,454 opener. In January and=
 February, Waterhouse and Dodd were showing McCormick=E2=80=99s work in Flo=
rida at the Winter fairs in Palm Beach. That seems to have helped provoke c=
onsistent six-figure sales just below the opening price until April when Ph=
illips sold a work from 2020=E2=80=94the year McCormick moved to Shropshire=
 and started painting =E2=80=9Cdeliberately escapist scenes=E2=80=9D with a=
crylics=E2=80=94for $205,132. Now that bidders have pushed McCormick=E2=80=
=99s top price a little higher, smaller works are starting to fill in at fi=
ve-figure prices. Presumably Waterhouse and Dodd are doing well enough to d=
ivert demand to the auctions. So far, of the dozen works that have sold, al=
l seem to have been acquired directly from the artist.
Notes
Frieze Art Fair Acquires Armory Show and Expo Chicago [ https://link.sbstck=
=2Ecom/redirect/965c33fb-b606-4dbe-aa6=
8-579b2450edff?j=3DeyJ1IjoiMjdjZXI5In0.=
nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ] (NYTimes): File this news und=
er things we definitely didn=E2=80=99t expect and still don=E2=80=99t under=
stand. The news is that Frieze is buying these two long-standing fairs and =
keeping their management teams intact. That=E2=80=99s good news for Nicole =
Berry and Tony Karman who have had something of an alliance as underdog fai=
rs. But what does the acquisition do for Frieze? The subsidiary of IMG whic=
h is part of Endeavor bought into Frieze seven years ago. The addition of f=
airs in Los Angeles and Seoul have been high points. But the LA fair has ye=
t to gel in the right location or build momentum. Seoul is too new to judge=
=2E Meanwhile, the New York fairs have=20=
been hampered by the move to The Shed=20=
and the pandemic. Is this acquisition part of a strategy (perhaps to drop F=
rieze New York in favor of the Armory show?) or simply an opportunistic acq=
uisition?
The West is Returning Priceless African Art to A Single Nigerian Citizen [ =
https://link.sbstck.com/redirect/7402ce3f-de85-4969-aef9-5282be89c037?j=3De=
yJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ] (The Atlan=
tic): David Frum follows up his investigation of the fate of the Benin Bron=
zes with a bombshell of evidence against simply returning the works to the =
Oba of Benin, the descendant of the historical ruler whose art was pillaged=
 by the British in the 19th Century. Citing archaeological research strongl=
y suggesting that the Bronzes (most of the artworks are actually made of br=
ass) were created from metal obtained through the slave trade. Returning wo=
rks of art to the heirs of a slave-trading empire cuts a little differently=
 than the story of looted art works being returned to their rightful owner.=
 This sentiment is made all the more urgent when Frum quotes Deadria Farmer=
-Paellmann, an activist whose lawsuit to prevent the return of the Smithson=
ian=E2=80=99s bronzes to Benin was recently dismissed. =E2=80=9CIt feels li=
ke we are being sold all over again,=E2=80=9D Farmer-Paellmann, an American=
 who can trace her ancestry back to areas controlled by Benin at the height=
 of their slave trading, wrote to Frum. =E2=80=9CWestern politicians and mu=
seum directors are grandstanding and preaching morality from the pulpit of =
decolonisation while completely ignoring that there are Black slave descend=
ants in their own countries whose rights to these objects they have just wa=
ived without any thought or care. To be clear: it is not for them to waive =
our rights. It is not for them to make decisions without having engaged wit=
h the descendants of those who gave their lives so that these bronzes could=
 be made.=E2=80=9D
What is happening in the Old Master market [ https://link.sbstck.com/redire=
ct/49b618ad-3faf-4a7e-9489-240d6cbfa84e?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0=
jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ] (Dickinson): Simon Dickinson=E2=80=99s n=
ewsletter has some interesting comments on the Old Master market in light o=
f last week=E2=80=99s sales in London: =E2=80=9CThe market for masterpieces=
 is growing. It is easier to sell certain works that are considered excepti=
onal but harder to sell good quality mid-tier works. This has been a trend =
for at least a decade but with every passing year this trend is becoming mo=
re apparent.=E2=80=9D Citing the success of Michael Sweerts=E2=80=99s The A=
rtist=E2=80=99s Studio with a Seamstress which made =C2=A312.6 million, Dic=
kinson believes the work was sold on its unlined condition and hopes that, =
once cleaned, it would be a striking find. The newsletter goes on to sugges=
t that some other works would have achieved better prices through private s=
ales which is not surprising coming from an art dealer. Pointing to Canova=
=E2=80=99s Bust of Helen and the Fra Angelico, Dickinson asks, =E2=80=9CIf =
these works were undersold, why didn't dealers buy them? Understanding this=
 is key to understanding today's market. Even if these works were undersold=
, circumstances mean an art dealer couldn't easily sell them on at a worthw=
hile profit. The ease of finding auction prices on the internet has changed=
 the Old Master market beyond recognition. [=E2=80=A6] When private clients=
 could see what a dealer paid, the re-sale market became extremely difficul=
t for dealers. Unless they can 'add value', by reattribution, restoration o=
r research, Old Master dealers increasingly avoid buying at auction. This h=
as created an unpredictable market at auction. As dealers no longer partici=
pate as much at auction, the stabilising element they bring has been lost. =
Previously, if a good picture was offered with a low estimate, dealers woul=
d eye a good deal. Now, without the dealers, good pictures can sell for ver=
y little. At Sotheby's, there was a painful run in the middle of the Evenin=
g auction where very good works by artists such as Frans van Mieris, Willem=
 Kalf and Govert Flinck, which previously would have been bought by the tra=
de, were unsold.=E2=80=9D=C2=A0
French Billionaire Pinault Is in Talks to Buy CAA Talent Agency in $7 Billi=
on Deal [ https://link.sbstck.com/redirect/e061c0aa-329b-45b8-bcc9-f255b800=
905d?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ] =
(Bloomberg): After last year=E2=80=99s rumors that LVMH made a play for Gag=
osian Gallery, Bloomberg is reporting that Francois-Henri Pinault, who is m=
arried to Salma Hayek, is in talks to acquire Hollywood talent agency CAA f=
or as much as $7bn from its private equity owners TPG. The deal may not go =
through. If it does, Bloomberg isn=E2=80=99t clear whether the agency would=
 become an asset of Artemis, the Pinault family holding company that also o=
wns Christie=E2=80=99s, or Kering, the luxury conglomerate that owns Gucci.
Christie=E2=80=99s H1 Results
Christie=E2=80=99s released their H1 results for 2023. Total sales reached =
$3.2bn which is down 23% from the previous year.=C2=A0 Here=E2=80=99s the b=
reakdown Christie=E2=80=99s released:
Auction sales were $2.7 billion, down 24%
Private sales were $484 million, down 19% from 2022.=C2=A0
Christie=E2=80=99s sold 22,100 lots at a very strong 87% sell-through rate.=
=C2=A0
Regional breakdown: Americas 39%; EMEA 35%; APAC 26%. (That=E2=80=99s down =
5pts for Americas and up 1 pt for EMEA and 4pts for APAC.)
Luxury sales highest ever at $590m, up 43%.
APAC 38% of luxury sales; EMEA 34%; Americas 28%
31% of buyers are new to Christie=E2=80=99s
38% of new buyers are Millenials
Bonhams H1 Results
Bonhams had its best first half ever in 2023 with $552 million sales, up 32=
% from the previous year.
New buyers are up 45%
33% of the total hammer sold to Asian-based buyers, up 58%
What Do the H1 Numbers Suggest About a Flight to Quality
Since the final days of 2022, art market participants have been braced for =
a much lower 2023. How big the pullback would be and what the landscape of =
value would look like afterwards was assumed to be some form of a =E2=80=9C=
flight to quality.=E2=80=9D With the results from the first half of the yea=
r becoming public through selective releases from the auction houses and Ar=
tTactic=E2=80=99s analysis, some interesting features of the year are comin=
g into view.=C2=A0
From the numbers, the market focal points=E2=80=94the big sales in London, =
New York and Hong Kong but also across the mid-season sales of Contemporary=
 art=E2=80=94seem to be pulling back more than broader luxury categories an=
d some other collecting areas. Yesterday, Bonhams posted its strongest numb=
ers ever. Christie=E2=80=99s Luxury sales also peaked in the first half of =
2023. As a smaller network of houses that focus on Asian art in Europe and =
luxury items around the world, Bonhams strength seems to refute the =E2=80=
=9Cflight to quality=E2=80=9D expectation. At Christie=E2=80=99s, the stron=
g luxury numbers are skewed toward Asian buyers.=C2=A0
Looking at the deep drop in Impressionist and Modern art reported by ArtTac=
tic (much of that based upon supply and the narrowing of demand to the high=
est quality work), it seems clear we=E2=80=99re in the midst of a shift tow=
ard a new definition of quality. This is only conjecture but the numbers su=
ggest that global buyers continue to see cultural property=E2=80=94art and =
luxury items=E2=80=94as a meaningful store of value. The supply of money is=
 shrinking in the world and returns are more available to cash; nevertheles=
s, buyers have only reduced their spending on cultural property by less tha=
n 20% in the first half of 2023.
That could change in the coming months. For now, let=E2=80=99s assume the t=
rends being reported here continue. What could that mean? We=E2=80=99ve all=
 been impressed by the strength of the market for 21st Century artists and =
the continuing interest in overlooked historical artists. That demand isn=
=E2=80=99t letting up. Though the supply of those artists may not be as ple=
ntiful as we imagine or hope. They can go up in value but there is a limit =
to the number of artists the market can discover.=C2=A0
Art in general has become very expensive and part of the pullback in the ma=
rket seems to be the more expensive works that are not stratospheric. These=
 days that means works from $5 million to $15 million. This price band used=
 to be the definition of quality. These are or ought to be trophy works by =
any definition.Evenn so, the London sales last month saw works estimated at=
 =C2=A31 million or below exhibit much greater volatility, mostly to the do=
wnside.=C2=A0
In a market that is revaluing work across the board, to take this further, =
objects priced in the six figures are becoming less reliable stores of valu=
e. But buyers don=E2=80=99t seem to be leaving cultural property as an asse=
t class=E2=80=94as the numbers above seem to indicate=E2=80=94they=E2=80=99=
re just switching categories. Prints, handbags, watches and other categorie=
s that are either =E2=80=9Ccollectible=E2=80=9D or niche areas of art are s=
eeing money rush in.=C2=A0
Thinking through the choices of a buyer, the dynamic becomes a little clear=
er. New buyers coming into Bonhams and Christie=E2=80=99s with the wherewit=
hal to spend $25,000 to $250,000 would have to be real connoisseurs to spen=
d that money well in most art categories; for ultra-contemporary art, they =
would be better off spending their time and money at gallery dinners.=C2=A0
Good value in those price brackets is better found in prints, watches, hand=
bags, jewelry and other luxury items. These are all of the categories that =
are flourishing at the auction houses. In terms of a flight to quality, it =
makes sense. You want a Warhol in that price range? You are going to buy a =
print. For many people, a Rolex or Patek Philippe watch (or Hermes Birkin b=
ag in exotic leathers) or a design object is as lasting a signifier of succ=
ess and taste as a Picasso drawing or Fontana painting was decades ago.=C2=
=A0
Right now, the luxury markets are deeper and more liquid than many artist=
=E2=80=99s markets. That isn=E2=80=99t necessarily a sign of weakness in po=
st-war and contemporary art. It may be a sign of how little is for sale. It=
 is a sign of the strength of the luxury markets which makes them the right=
 place to hide out during this phase of the cycle. At least, that=E2=80=99s=
 one way to look at these numbers.

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ntainer {
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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 {
    padding: 32px 0 0 0;
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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) {
  .post .footer-facepile-container {
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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) {
  .post .post-footer.next-prev {
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@media screen and (max-width: 650px) {
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@media screen and (min-width: 768px) {
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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: 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 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) {
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}


@media screen and (max-width: 650px) {
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ribe .subscription-widget-subscribe .button,
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e .subscription-widget-subscribe .button {
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}


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


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


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


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


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


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


@media (max-width: 420px) {
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mg {
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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 (max-width: 650px) {
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@media screen and (min-width: 500px) {
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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 (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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progress-bar .audio-player-progress-bar-popup {
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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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}


@media (min-width: 300px) {
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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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e {
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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 {
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e {
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}


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


@media (max-width: 400px) {
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    height: auto;
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}


@media (min-width: 600px) {
  .audio-player-wrapper-fancy .audio-player .audio-player-hero-image-contai=
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 {
    left: 8px;
    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=
g src=3D"https://eotrx.substackcdn.com/open?token=3DeyJtIjoiPDIwMjMwNzE0MTc=
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b3N0IiwiZiI6dHJ1ZSwicG9zaXRpb24iOiJ0b3AiLCJpYXQiOjE2ODkzNTU5MjksImV4cCI6MTY=
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T010GRL7pDBulM" alt=3D"" width=3D"1" height=3D"1" border=3D"0" style=3D"hei=
ght:1px !important;width:1px !important;border-width:0 !important;margin-to=
p:0 !important;margin-bottom:0 !important;margin-right:0 !important;margin-=
left:0 !important;padding-top:0 !important;padding-bottom:0 !important;padd=
ing-right:0 !important;padding-left:0 !important;"/><div style=3D"display:n=
one;font-size:1px;color:#333333;line-height:1px;max-height:0px;max-width:0p=
x;opacity:0;overflow:hidden;" class=3D"preview">H1 numbers suggest a flight=
 to quality might not look like what we expected + Subscribe to get market =
analysis in the future &#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;=
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"0" cellpadding=3D"0" class=3D"email-body-container"><tr><td></td><td width=
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t" width=3D"550" class=3D"content"><div style=3D"font-size: 16px; line-heig=
ht: 26px; margin: 0 auto; max-width: 550px; overflow-wrap: break-word; widt=
h: 100%;"><table role=3D"presentation" width=3D"100%" border=3D"0" cellspac=
ing=3D"0" cellpadding=3D"0"><tr><td align=3D"right" style=3D"height: 20px;"=
><table role=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D"0"=
 cellpadding=3D"0"><tr><td style=3D"vertical-align: middle;"><span class=3D=
"tw-font-body tw-text-ssm tw-text-substack-secondary" style=3D"color: rgb(1=
28, 128, 128) !important; font-family: SF Pro Text, -apple-system, BlinkMac=
SystemFont, Inter, Segoe UI, Roboto, Helvetica, Arial, sans-serif, Apple Co=
lor Emoji, Segoe UI Emoji, Segoe UI Symbol !important; font-size: 13px !imp=
ortant;"><a href=3D"https://open.substack.com/pub/artelligence/p/what-we-le=
arned-this-week-2328?utm_source=3Demail&redirect=3Dapp-store" class=3D"tw-t=
ext-substack-secondary tw-underline" style=3D"-webkit-text-decoration-line:=
 underline !important; color: rgb(128, 128, 128) !important; text-decoratio=
n-line: underline !important;">Open in app</a> or <a href=3D"https://substa=
ck.com/redirect/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2VuY2Uuc3Vic3RhY2suY29tL3Avd=
2hhdC13ZS1sZWFybmVkLXRoaXMtd2Vlay0yMzI4P3Rva2VuPWV5SjFjMlZ5WDJsa0lqb3hNek15=
TmpnMk5qRXNJbkJ2YzNSZmFXUWlPakV6TkRjNU56WTNPQ3dpYVdGMElqb3hOamc1TXpVMU9USTV=
MQ0psZUhBaU9qRTJPVEU1TkRjNU1qa3NJbWx6Y3lJNkluQjFZaTB5TWpVNUlpd2ljM1ZpSWpvaW=
NHOXpkQzF5WldGamRHbHZiaUo5LmhaSTl2MFNPb2RwN1JXeU5DeXF2VWVkUTFMc2hFbXlxejdtQ=
nNsc1V6c1kiLCJwIjoxMzQ3OTc2NzgsInMiOjIyNTksImYiOnRydWUsInUiOjEzMzI2ODY2MSwi=
aWF0IjoxNjg5MzU1OTI5LCJleHAiOjE2OTE5NDc5MjksImlzcyI6InB1Yi0wIiwic3ViIjoibGl=
uay1yZWRpcmVjdCJ9.jTJv5FI0uLEzMAz0_afH-fsU-Fe6blCyQ3FWD0qKuQQ?" class=3D"tw=
-text-substack-secondary tw-underline" style=3D"-webkit-text-decoration-lin=
e: underline !important; color: rgb(128, 128, 128) !important; text-decorat=
ion-line: underline !important;">online</a></span></td></tr></table></td></=
tr></table><table role=3D"presentation" width=3D"auto" class=3D"header grap=
hic-header" style=3D"border-spacing: 0; padding: 16px 0 32px;"><tr><td alig=
n=3D"center" style=3D"padding: 0; text-align: center;"><a href=3D"https://s=
ubstack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2VuY2Uuc3Vic3RhY2suY29t=
L3Avd2hhdC13ZS1sZWFybmVkLXRoaXMtd2Vlay0yMzI4P3Rva2VuPWV5SjFjMlZ5WDJsa0lqb3h=
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ejdtQnNsc1V6c1kiLCJwIjoxMzQ3OTc2NzgsInMiOjIyNTksImYiOnRydWUsInUiOjEzMzI2ODY=
2MSwiaWF0IjoxNjg5MzU1OTI5LCJleHAiOjE2OTE5NDc5MjksImlzcyI6InB1Yi0wIiwic3ViIj=
oibGluay1yZWRpcmVjdCJ9.jTJv5FI0uLEzMAz0_afH-fsU-Fe6blCyQ3FWD0qKuQQ?"><img r=
ole=3D"presentation" width=3D"550" height=3D"110" src=3D"https://substackcd=
n.com/image/fetch/w_1100,c_limit,f_auto,q_auto:good,fl_progressive:steep/ht=
tps%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe3cfc2=
fc-ffba-4eae-8c1a-7c9381cc0cef_1100x220.png" class=3D"header-image" style=
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le><div dir=3D"auto" class=3D"post typography" style=3D"font-size: 16px; li=
ne-height: 26px; padding: 16px 0 0 0;"><div class=3D"post-header" style=3D"=
font-size: 16px; line-height: 26px;"><h1 class=3D"post-title published" sty=
le=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoothing: antiali=
ased; -webkit-appearance: optimizelegibility; -webkit-font-smoothing: antia=
liased; appearance: optimizelegibility; color: rgb(64, 64, 64); font-family=
: 'SF Compact Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', Robo=
to, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'S=
egoe UI Symbol'; font-size: 32px; font-weight: bold; line-height: 36px; mar=
gin: 0;"><a href=3D"https://substack.com/app-link/post?publication_id=3D225=
9&post_id=3D134797678&utm_source=3Dpost-email-title&isFreemail=3Dtrue&token=
=3DeyJ1c2VyX2lkIjoxMzMyNjg2NjEsInBvc3RfaWQiOjEzNDc5NzY3OCwiaWF0IjoxNjg5MzU1=
OTI5LCJleHAiOjE2OTE5NDc5MjksImlzcyI6InB1Yi0yMjU5Iiwic3ViIjoicG9zdC1yZWFjdGl=
vbiJ9.hZI9v0SOodp7RWyNCyqvUedQ1LshEmyqz7mBslsUzsY" style=3D"color: rgb(64, =
64, 64); text-decoration: none;">What We Learned this Week (2328)</a></h1><=
h3 class=3D"subtitle" style=3D"-moz-appearance: optimizelegibility; -moz-os=
x-font-smoothing: antialiased; -webkit-appearance: optimizelegibility; -web=
kit-font-smoothing: antialiased; appearance: optimizelegibility; color: #80=
8080; font-family: 'SF Compact Display', -apple-system, BlinkMacSystemFont,=
 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Se=
goe UI Emoji', 'Segoe UI Symbol'; font-size: 18px; font-weight: normal; lin=
e-height: 24px; margin: 4px 0 0; margin-top: 12px;">H1 numbers suggest a fl=
ight to quality might not look like what we expected + Subscribe to get mar=
ket analysis in the future</h3><table role=3D"presentation" 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=3D"0" cellpadding=
=3D"0"><tr><td><table role=3D"presentation" width=3D"auto" border=3D"0" cel=
lspacing=3D"0" cellpadding=3D"0"><tr><td style=3D"vertical-align: middle;">=
<div class=3D"pencraft frontend-pencraft-Box-module__reset--VfQY8 frontend-=
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font-family: 'SF Compact', -apple-system, -apple-system, -system-ui, BlinkM=
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: 500; letter-spacing: .2px; line-height: 20px; margin: 0; text-decoration:=
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t-family: 'SF Compact', -apple-system, -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: 11px; font-weight: 5=
00; letter-spacing: .2px; line-height: 20px; margin: 0; text-decoration: no=
ne; text-transform: uppercase;" href=3D"https://link.sbstck.com/redirect/9a=
00b6f7-9352-45d2-bab4-b628f149300d?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMp=
isrMe5iRnigHXx6Fx_g6pp7gWdY" class=3D"pencraft frontend-pencraft-Box-module=
__reset--VfQY8 frontend-pencraft-Text-module__size-11--k1e8b frontend-pencr=
aft-Text-module__line-height-20--p0dP8 frontend-pencraft-Text-module__weigh=
t-medium--x7khA frontend-pencraft-Text-module__font-meta--U_nxy frontend-pe=
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nsform-uppercase--IDkUL frontend-pencraft-Text-module__reset--dW0zZ fronten=
d-pencraft-Text-module__meta--jzHdd">Marion Maneker</a></div></td></tr></ta=
ble></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: mi=
ddle;"><div class=3D"pencraft frontend-pencraft-Box-module__reset--VfQY8 fr=
ontend-pencraft-Text-module__size-11--k1e8b frontend-pencraft-Text-module__=
line-height-20--p0dP8 frontend-pencraft-Text-module__weight-medium--x7khA f=
rontend-pencraft-Text-module__font-meta--U_nxy frontend-pencraft-Text-modul=
e__color-secondary--WRADg frontend-pencraft-Text-module__transform-uppercas=
e--IDkUL frontend-pencraft-Text-module__reset--dW0zZ frontend-pencraft-Text=
-module__meta--jzHdd" style=3D"color: rgb(128, 128, 128); font-family: 'SF =
Compact', -apple-system, -apple-system, -system-ui, BlinkMacSystemFont, 'Se=
goe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe =
UI Emoji', 'Segoe UI Symbol'; font-size: 11px; font-weight: 500; letter-spa=
cing: .2px; line-height: 20px; margin: 0; text-decoration: unset; text-tran=
sform: uppercase;"><time dateTime=3D"2023-07-14T17:31:12.449Z">Jul 14</time=
></div></td></tr></table></td></tr></table></td></tr></table><table role=3D=
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60;</td></tr><tr><td><table role=3D"presentation" width=3D"100%" border=3D"=
0" cellspacing=3D"0" cellpadding=3D"0"><tr><td><table role=3D"presentation"=
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m9aV05yYjNWMEluMC5WWUhQTU9SNzUzZHhoVTdxOWQ4WDF1a3dpSHZ2U2tEcUZSMk9fSk1NVGpj=
JnV0bV9zb3VyY2U9cG9zdCIsInAiOjEzNDc5NzY3OCwicyI6MjI1OSwiZiI6dHJ1ZSwidSI6MTM=
zMjY4NjYxLCJpYXQiOjE2ODkzNTU5MjksImV4cCI6MTY5MTk0NzkyOSwiaXNzIjoicHViLTAiLC=
JzdWIiOiJsaW5rLXJlZGlyZWN0In0.FUFFWCmrORfEpRDwT18Cn65CinU68_nU1bmmNMWnudI?&=
utm_medium=3Demail&utm_source=3Dsubscribe-widget&utm_content=3D134797678" c=
lass=3D"button subscribe-btn primary" style=3D"background-color: #653366; b=
order: none; border-radius: 6px; box-sizing: border-box; color: #ffffff !im=
portant; cursor: pointer; display: inline-block; font-family: -apple-system=
, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Ap=
ple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 14px; fon=
t-weight: 600; height: auto; line-height: 20px; margin: 0 auto; opacity: 1;=
 outline: none; padding: 12px 20px; text-align: center; text-decoration: no=
ne !important; white-space: nowrap;"><span style=3D"color: #ffffff; text-de=
coration: none;">Upgrade to paid</span></a></p></div><div style=3D"font-siz=
e: 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; -webkit-fon=
t-smoothing: antialiased; appearance: optimizelegibility; color: rgb(64, 64=
, 64); font-family: 'SF Compact Display', -apple-system, BlinkMacSystemFont=
, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'S=
egoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.625em; font-weight: bold; l=
ine-height: 1.16em; margin: 1em 0 0.625em 0; position: relative;"><strong>I=
n This Issue</strong></h2><ol style=3D"margin-top: 0; padding: 0;"><li styl=
e=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: 4px;">Lot Watch: Lost Lalannes at Sotheby&#8217;s in Octob=
er</p></li><li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: bord=
er-box; color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin:=
 0; margin-bottom: 0; padding-left: 4px;">Deep Cuts: Duncan McCormick</p></=
li><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; marg=
in-bottom: 0; padding-left: 4px;">Notes: Frieze Buys EXPO Chicago &amp; Arm=
ory Show; Frum&#8217;s Benin Revelations; DIckinson Newsletter; Pinault Lik=
es CAA </p></li><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; ma=
rgin: 0; margin-bottom: 0; padding-left: 4px;">Christie&#8217;s H1 Numbers<=
/p></li><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: 4px;">Bonhams H1 Numbers</p></li><li style=
=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; color: rgb(6=
4, 64, 64); font-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0=
; padding-left: 4px;">Are We Seeing a Flight to Quality in Cultural Propert=
y, Not Art?</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-anchor-widget" style=3D"-moz=
-appearance: optimizelegibility; -moz-osx-font-smoothing: antialiased; -web=
kit-appearance: optimizelegibility; -webkit-font-smoothing: antialiased; ap=
pearance: optimizelegibility; color: rgb(64, 64, 64); font-family: 'SF Comp=
act Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvet=
ica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Sy=
mbol'; font-size: 1.625em; font-weight: bold; line-height: 1.16em; margin: =
1em 0 0.625em 0; position: relative;"><strong>Lot Watch</strong></h2><h4 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: rgb(64, 64, 64); font-family: 'SF Compact Display', -apple-system,=
 BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'App=
le Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.125em; f=
ont-weight: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; position: r=
elative;">&#8220;Lost&#8221; Lalannes at Sotheby&#8217;s in October</h4><di=
v class=3D"captioned-image-container-static" style=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"100%" border=3D"0" cellspaci=
ng=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: cent=
er;"></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://=
link.sbstck.com/redirect/7da51d5e-eb32-4a5d-a1df-2637831f5027?j=3DeyJ1IjoiM=
jdjZXI5In0.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; w=
idth: auto;"><img data-attrs=3D"{&quot;src&quot;:&quot;https://substack-pos=
t-media.s3.amazonaws.com/public/images/9a9d3b88-4c05-4415-8b8c-d75115b708be=
_3713x5353.jpeg&quot;,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:nul=
l,&quot;height&quot;:2099,&quot;width&quot;:1456,&quot;resizeWidth&quot;:nu=
ll,&quot;bytes&quot;:3982870,&quot;alt&quot;:null,&quot;title&quot;:null,&q=
uot;type&quot;:&quot;image/jpeg&quot;,&quot;href&quot;:null,&quot;belowTheF=
old&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null=
}" alt width=3D"550" height=3D"792.8914835164835" class=3D"wide-image" src=
=3D"https://substackcdn.com/image/fetch/w_2912,c_limit,f_auto,q_auto:good,f=
l_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpu=
blic%2Fimages%2F9a9d3b88-4c05-4415-8b8c-d75115b708be_3713x5353.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%;">=
Francois-Xavier and Claude Lalanne</figcaption></figure></div><p style=3D"c=
olor: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px=
 0;">When Claude Lalannes, the surviving partner in the sui generis pair of=
 Claude and Francois-Xavier Lalannes, died in 2018, the world discovered th=
at the Lalannes were somewhat unique in using their rural home, workshop an=
d grounds in Ury near Fountainbleu as a warehouse for their output of flora=
-and-fauna-inspired objects. The work was divided among the Lalannes&#8217;=
 four daughters. Sotheby&#8217;s cataloged everything in Ury and held a rem=
arkably successful $101.5 million sale in late 2019. Doroth&#233;e didn&#82=
17;t sleep on the demand for Lalannes work which had been growing since the=
 Yves Saint Laurent-PIerre Berg&#233; sale in 2009. Doroth&#233;e&#8217;s t=
wo sales totaled almost &#8364;130 million. Marie followed with a sale at C=
hristie&#8217;s late last year. That one, held in New York, totaled $77 mil=
lion. Now comes news from Sotheby&#8217;s that a new trove of fewer than 20=
 pieces was found in a hidden storage room in Ury behind two massive bronze=
 bulls Francois-Xavier had made. The space was only discovered once the pis=
ces were removed and a concealed door was found. The works will be auctione=
d in Paris on October 4th. Sotheby&#8217;s says these are the &#8220;last p=
ieces remaining&#8221; in the private collection of the Lalannes. That&#821=
7;s true. But, of course, there are two other daughters who have not sold a=
ny of their holdings. Demand for work by the Lalannes continues to be very =
strong. In May, the fourth highest price for one of Francois-Xavier&#8217;s=
 sculptures&#8212;a Hippotamus bar&#8212;was achieved at $7.5 million. In J=
une, half a dozen stone sheep were sold in London and New York for consiste=
nt prices between $290,000 and $417,000 which show no dip in a mainstay obj=
ect for the pair.</p><div style=3D"font-size: 16px; line-height: 26px;"><hr=
 style=3D"background: #e0e0e0; border: none; height: 1px; margin: 32px 0; p=
adding: 0;"></div><h2 class=3D"header-with-anchor-widget" style=3D"-moz-app=
earance: optimizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-=
appearance: optimizelegibility; -webkit-font-smoothing: antialiased; appear=
ance: optimizelegibility; color: rgb(64, 64, 64); font-family: 'SF Compact =
Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica,=
 Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol=
'; font-size: 1.625em; font-weight: bold; line-height: 1.16em; margin: 1em =
0 0.625em 0; position: relative;"><strong>Deep Cuts</strong></h2><h4 class=
=3D"header-with-anchor-widget" style=3D"-moz-appearance: optimizelegibility=
; -moz-osx-font-smoothing: antialiased; -webkit-appearance: optimizelegibil=
ity; -webkit-font-smoothing: antialiased; appearance: optimizelegibility; c=
olor: rgb(64, 64, 64); 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: 1.125em; font=
-weight: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; position: rela=
tive;">Pandemic Artist Duncan McCormick Continues Market March</h4><div cla=
ss=3D"captioned-image-container-static" style=3D"font-size: 16px; line-heig=
ht: 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"ms=
o-padding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align: center;"><=
/td><td align=3D"left" class=3D"content" width=3D"1199" style=3D"text-align=
: center;"><a class=3D"image-link" target=3D"_blank" href=3D"https://link.s=
bstck.com/redirect/b43a82d8-f290-445b-832f-a6a6fcd18025?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/a75958eb-b4e0-4e3b-b1dd-286613c54fb3_1199x=
960.jpeg&quot;,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot=
;height&quot;:960,&quot;width&quot;:1199,&quot;resizeWidth&quot;:null,&quot=
;bytes&quot;:189451,&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;internalRedirect&quot;:null}" alt wi=
dth=3D"550" height=3D"440.3669724770642" class=3D"wide-image" src=3D"https:=
//substackcdn.com/image/fetch/w_2398,c_limit,f_auto,q_auto:good,fl_progress=
ive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fima=
ges%2Fa75958eb-b4e0-4e3b-b1dd-286613c54fb3_1199x960.jpeg" style=3D"-ms-inte=
rpolation-mode: bicubic; border: none !important; display: block; height: a=
uto; margin: 0 auto; margin-bottom: 0; max-width: 100% !important; vertical=
-align: middle; width: auto !important;"></a></td><td style=3D"text-align: =
center;"></td></tr></tbody></table><figcaption class=3D"image-caption" styl=
e=3D"box-sizing: content-box; color: #808080; font-size: 14px; font-weight:=
 400; letter-spacing: -.15px; line-height: 20px; margin-top: 8px; padding-l=
eft: 15%; padding-right: 15%; text-align: center; width: 70%;">Duncan McCor=
mick, Trevor&#8217;s Dream (2022)</figcaption></figure></div><p style=3D"co=
lor: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px =
0;"><span>Duncan McCormick saw a new record price two weeks ago in London f=
or one of his pandemic-inspired paintings. </span><em>Trevor&#8217;s Dream<=
/em><span> from 2022 made $224,264. That&#8217;s a strong showing for an ar=
tist whose first work put up for auction was bought-in late in 2022. Despit=
e that misfire, McCormick got launched in London in late January with a $18=
6,454 opener. In January and February, Waterhouse and Dodd were showing McC=
ormick&#8217;s work in Florida at the Winter fairs in Palm Beach. That seem=
s to have helped provoke consistent six-figure sales just below the opening=
 price until April when Phillips sold a work from 2020&#8212;the year McCor=
mick moved to Shropshire and started painting &#8220;deliberately escapist =
scenes&#8221; with acrylics&#8212;for $205,132. Now that bidders have pushe=
d McCormick&#8217;s top price a little higher, smaller works are starting t=
o fill in at five-figure prices. Presumably Waterhouse and Dodd are doing w=
ell enough to divert demand to the auctions. So far, of the dozen works tha=
t have sold, all seem to have been acquired directly from the artist.</span=
></p><div style=3D"font-size: 16px; line-height: 26px;"><hr style=3D"backgr=
ound: #e0e0e0; border: none; height: 1px; margin: 32px 0; padding: 0;"></di=
v><h2 class=3D"header-with-anchor-widget" style=3D"-moz-appearance: optimiz=
elegibility; -moz-osx-font-smoothing: antialiased; -webkit-appearance: opti=
mizelegibility; -webkit-font-smoothing: antialiased; appearance: optimizele=
gibility; color: rgb(64, 64, 64); font-family: 'SF Compact Display', -apple=
-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-ser=
if, '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; pos=
ition: relative;"><strong>Notes</strong></h2><ol style=3D"margin-top: 0; pa=
dding: 0;"><li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: bord=
er-box; color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin:=
 0; margin-bottom: 0; padding-left: 4px;"><strong><a href=3D"https://link.s=
bstck.com/redirect/965c33fb-b606-4dbe-aa68-579b2450edff?j=3DeyJ1IjoiMjdjZXI=
5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: rgb(6=
4, 64, 64); text-decoration: underline;">Frieze Art Fair Acquires Armory Sh=
ow and Expo Chicago</a><span> (NYTimes): </span></strong><span>File this ne=
ws under things we definitely didn&#8217;t expect and still don&#8217;t und=
erstand. The news is that Frieze is buying these two long-standing fairs an=
d keeping their management teams intact. That&#8217;s good news for Nicole =
Berry and Tony Karman who have had something of an alliance as underdog fai=
rs. But what does the acquisition do for Frieze? The subsidiary of IMG whic=
h is part of Endeavor bought into Frieze seven years ago. The addition of f=
airs in Los Angeles and Seoul have been high points. But the LA fair has ye=
t to gel in the right location or build momentum. Seoul is too new to judge=
=2E Meanwhile, the New York fairs have=20=
been hampered by the move to The Shed=20=
and the pandemic. Is this acquisition part of a strategy (perhaps to drop F=
rieze New York in favor of the Armory show?) or simply an opportunistic acq=
uisition?</span></p></li><li style=3D"margin: 8px 0 0 32px;"><p style=3D"bo=
x-sizing: border-box; color: rgb(64, 64, 64); font-size: 16px; line-height:=
 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><a href=3D"https://=
link.sbstck.com/redirect/7402ce3f-de85-4969-aef9-5282be89c037?j=3DeyJ1IjoiM=
jdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color:=
 rgb(64, 64, 64); text-decoration: underline;">The West is Returning Pricel=
ess African Art to A Single Nigerian Citizen</a><span> (</span><strong>The =
Atlantic</strong><span>): David Frum follows up his investigation of the fa=
te of the Benin Bronzes with a bombshell of evidence against simply returni=
ng the works to the Oba of Benin, the descendant of the historical ruler wh=
ose art was pillaged by the British in the 19th Century. Citing archaeologi=
cal research strongly suggesting that the Bronzes (most of the artworks are=
 actually made of brass) were created from metal obtained through the slave=
 trade. Returning works of art to the heirs of a slave-trading empire cuts =
a little differently than the story of looted art works being returned to t=
heir rightful owner. This sentiment is made all the more urgent when Frum q=
uotes Deadria Farmer-Paellmann, an activist whose lawsuit to prevent the re=
turn of the Smithsonian&#8217;s bronzes to Benin was recently dismissed. &#=
8220;It feels like we are being sold all over again,&#8221; Farmer-Paellman=
n, an American who can trace her ancestry back to areas controlled by Benin=
 at the height of their slave trading, wrote to Frum. &#8220;Western politi=
cians and museum directors are grandstanding and preaching morality from th=
e pulpit of decolonisation while completely ignoring that there are Black s=
lave descendants in their own countries whose rights to these objects they =
have just waived without any thought or care. To be clear: it is not for th=
em to waive our rights. It is not for them to make decisions without having=
 engaged with the descendants of those who gave their lives so that these b=
ronzes could be made.&#8221;</span></p></li><li style=3D"margin: 8px 0 0 32=
px;"><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><a href=3D"https://link.sbstck.com/redirect/49b618ad-3faf-4a7e-9489=
-240d6cbfa84e?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6p=
p7gWdY" rel style=3D"color: rgb(64, 64, 64); text-decoration: underline;">W=
hat is happening in the Old Master market</a></strong><span> (</span><stron=
g>Dickinson</strong><span>): Simon Dickinson&#8217;s newsletter has some in=
teresting comments on the Old Master market in light of last week&#8217;s s=
ales in London: &#8220;The market for masterpieces is growing. It is easier=
 to sell certain works that are considered exceptional but harder to sell g=
ood quality mid-tier works. This has been a trend for at least a decade but=
 with every passing year this trend is becoming more apparent.&#8221; Citin=
g the success of Michael Sweerts&#8217;s </span><em>The Artist&#8217;s Stud=
io with a Seamstress</em><span> which made &#163;12.6 million, Dickinson be=
lieves the work was sold on its unlined condition and hopes that, once clea=
ned, it would be a striking find. The newsletter goes on to suggest that so=
me other works would have achieved better prices through private sales whic=
h is not surprising coming from an art dealer. Pointing to Canova&#8217;s B=
ust of Helen and the Fra Angelico, Dickinson asks, &#8220;If these works we=
re undersold, why didn't dealers buy them? Understanding this is key to und=
erstanding today's market. Even if these works were undersold, circumstance=
s mean an art dealer couldn't easily sell them on at a worthwhile profit. T=
he ease of finding auction prices on the internet has changed the Old Maste=
r market beyond recognition. [&#8230;] When private clients could see what =
a dealer paid, the re-sale market became extremely difficult for dealers. U=
nless they can 'add value', by reattribution, restoration or research, Old =
Master dealers increasingly avoid buying at auction. This has created an un=
predictable market at auction. As dealers no longer participate as much at =
auction, the stabilising element they bring has been lost. Previously, if a=
 good picture was offered with a low estimate, dealers would eye a good dea=
l. Now, without the dealers, good pictures can sell for very little. At Sot=
heby's, there was a painful run in the middle of the Evening auction where =
very good works by artists such as Frans van Mieris, Willem Kalf and Govert=
 Flinck, which previously would have been bought by the trade, were unsold.=
&#8221;&#160;</span></p></li><li style=3D"margin: 8px 0 0 32px;"><p style=
=3D"box-sizing: border-box; color: rgb(64, 64, 64); font-size: 16px; line-h=
eight: 26px; margin: 0 0 20px 0; margin-bottom: 0; padding-left: 4px;"><str=
ong><a href=3D"https://link.sbstck.com/redirect/e061c0aa-329b-45b8-bcc9-f25=
5b800905d?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gW=
dY" rel style=3D"color: rgb(64, 64, 64); text-decoration: underline;">Frenc=
h Billionaire Pinault Is in Talks to Buy CAA Talent Agency in $7 Billion De=
al</a><span> (Bloomberg): </span></strong><span>After last year&#8217;s rum=
ors that LVMH made a play for Gagosian Gallery, Bloomberg is reporting that=
 Francois-Henri Pinault, who is married to Salma Hayek, is in talks to acqu=
ire Hollywood talent agency CAA for as much as $7bn from its private equity=
 owners TPG. The deal may not go through. If it does, Bloomberg isn&#8217;t=
 clear whether the agency would become an asset of Artemis, the Pinault fam=
ily holding company that also owns Christie&#8217;s, or Kering, the luxury =
conglomerate that owns Gucci.</span></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></li></ol><h4 class=3D"header-with-anc=
hor-widget" style=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smo=
othing: antialiased; -webkit-appearance: optimizelegibility; -webkit-font-s=
moothing: antialiased; appearance: optimizelegibility; color: rgb(64, 64, 6=
4); 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;"><strong>Chri=
stie&#8217;s H1 Results</strong></h4><p style=3D"color: rgb(64, 64, 64); fo=
nt-size: 16px; line-height: 26px; margin: 0 0 20px 0;">Christie&#8217;s rel=
eased their H1 results for 2023. Total sales reached $3.2bn which is down 2=
3% from the previous year.&#160; Here&#8217;s the breakdown Christie&#8217;=
s released:</p><ul style=3D"margin-top: 0; padding: 0;"><li style=3D"margin=
: 8px 0 0 32px; mso-special-format: bullet;"><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;">Auction sales were $2.7 billion, do=
wn 24%</p></li><li style=3D"margin: 8px 0 0 32px; mso-special-format: bulle=
t;"><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;">P=
rivate sales were $484 million, down 19% from 2022.&#160;</p></li><li style=
=3D"margin: 8px 0 0 32px; mso-special-format: bullet;"><p style=3D"box-sizi=
ng: border-box; color: rgb(64, 64, 64); font-size: 16px; line-height: 26px;=
 margin: 0; margin-bottom: 0; padding-left: 4px;">Christie&#8217;s sold 22,=
100 lots at a very strong 87% sell-through rate.&#160;</p></li><li style=3D=
"margin: 8px 0 0 32px; mso-special-format: bullet;"><p style=3D"box-sizing:=
 border-box; color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; ma=
rgin: 0; margin-bottom: 0; padding-left: 4px;">Regional breakdown: Americas=
 39%; EMEA 35%; APAC 26%. (That&#8217;s down 5pts for Americas and up 1 pt =
for EMEA and 4pts for APAC.)</p></li><li style=3D"margin: 8px 0 0 32px; mso=
-special-format: bullet;"><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;">Luxury sales highest ever at $590m, up 43%.</p></li><l=
i style=3D"margin: 8px 0 0 32px; mso-special-format: bullet;"><p style=3D"b=
ox-sizing: border-box; color: rgb(64, 64, 64); font-size: 16px; line-height=
: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;">APAC 38% of luxury=
 sales; EMEA 34%; Americas 28%</p></li><li style=3D"margin: 8px 0 0 32px; m=
so-special-format: bullet;"><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;">31% of buyers are new to Christie&#8217;s</p></li><l=
i style=3D"margin: 8px 0 0 32px; mso-special-format: bullet;"><p style=3D"b=
ox-sizing: border-box; color: rgb(64, 64, 64); font-size: 16px; line-height=
: 26px; margin: 0 0 20px 0; margin-bottom: 0; padding-left: 4px;">38% of ne=
w buyers are Millenials</p><div style=3D"font-size: 16px; line-height: 26px=
;"><hr style=3D"background: #e0e0e0; border: none; height: 1px; margin: 32p=
x 0; padding: 0;"></div></li></ul><h4 class=3D"header-with-anchor-widget" s=
tyle=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoothing: antia=
liased; -webkit-appearance: optimizelegibility; -webkit-font-smoothing: ant=
ialiased; appearance: optimizelegibility; color: rgb(64, 64, 64); font-fami=
ly: 'SF Compact Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', Ro=
boto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', =
'Segoe UI Symbol'; font-size: 1.125em; font-weight: bold; line-height: 1.16=
em; margin: 1em 0 0.625em 0; position: relative;"><strong>Bonhams H1 Result=
s</strong></h4><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-he=
ight: 26px; margin: 0 0 20px 0;">Bonhams had its best first half ever in 20=
23 with $552 million sales, up 32% from the previous year.</p><ul style=3D"=
margin-top: 0; padding: 0;"><li style=3D"margin: 8px 0 0 32px; mso-special-=
format: bullet;"><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;">New buyers are up 45%</p></li><li style=3D"margin: 8px 0 0 32px=
; mso-special-format: bullet;"><p style=3D"box-sizing: border-box; color: r=
gb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0; margin-botto=
m: 0; padding-left: 4px;">33% of the total hammer sold to Asian-based buyer=
s, up 58%</p></li></ul><div style=3D"font-size: 16px; line-height: 26px;"><=
hr style=3D"background: #e0e0e0; border: none; height: 1px; margin: 32px 0;=
 padding: 0;"></div><p style=3D"color: rgb(64, 64, 64); font-size: 16px; li=
ne-height: 26px; margin: 0 0 20px 0;"><strong>What Do the H1 Numbers Sugges=
t About a Flight to Quality</strong></p><p style=3D"color: rgb(64, 64, 64);=
 font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">Since the final d=
ays of 2022, art market participants have been braced for a much lower 2023=
=2E How big the pullback would be and w=
hat the landscape of value would look=20=
like afterwards was assumed to be some form of a &#8220;flight to quality.&=
#8221; With the results from the first half of the year becoming public thr=
ough selective releases from the auction houses and ArtTactic&#8217;s analy=
sis, some interesting features of the year are coming into view.&#160;</p><=
p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; marg=
in: 0 0 20px 0;">From the numbers, the market focal points&#8212;the big sa=
les in London, New York and Hong Kong but also across the mid-season sales =
of Contemporary art&#8212;seem to be pulling back more than broader luxury =
categories and some other collecting areas. Yesterday, Bonhams posted its s=
trongest numbers ever. Christie&#8217;s Luxury sales also peaked in the fir=
st half of 2023. As a smaller network of houses that focus on Asian art in =
Europe and luxury items around the world, Bonhams strength seems to refute =
the &#8220;flight to quality&#8221; expectation. At Christie&#8217;s, the s=
trong luxury numbers are skewed toward Asian buyers.&#160;</p><p style=3D"c=
olor: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px=
 0;">Looking at the deep drop in Impressionist and Modern art reported by A=
rtTactic (much of that based upon supply and the narrowing of demand to the=
 highest quality work), it seems clear we&#8217;re in the midst of a shift =
toward a new definition of quality. This is only conjecture but the numbers=
 suggest that global buyers continue to see cultural property&#8212;art and=
 luxury items&#8212;as a meaningful store of value. The supply of money is =
shrinking in the world and returns are more available to cash; nevertheless=
, buyers have only reduced their spending on cultural property by less than=
 20% in the first half of 2023.</p><p style=3D"color: rgb(64, 64, 64); font=
-size: 16px; line-height: 26px; margin: 0 0 20px 0;">That could change in t=
he coming months. For now, let&#8217;s assume the trends being reported her=
e continue. What could that mean? We&#8217;ve all been impressed by the str=
ength of the market for 21st Century artists and the continuing interest in=
 overlooked historical artists. That demand isn&#8217;t letting up. Though =
the supply of those artists may not be as plentiful as we imagine or hope. =
They can go up in value but there is a limit to the number of artists the m=
arket can discover.&#160;</p><p style=3D"color: rgb(64, 64, 64); font-size:=
 16px; line-height: 26px; margin: 0 0 20px 0;">Art in general has become ve=
ry expensive and part of the pullback in the market seems to be the more ex=
pensive works that are not stratospheric. These days that means works from =
$5 million to $15 million. This price band used to be the definition of qua=
lity. These are or ought to be trophy works by any definition.Evenn so, the=
 London sales last month saw works estimated at &#163;1 million or below ex=
hibit much greater volatility, mostly to the downside.&#160;</p><p style=3D=
"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20=
px 0;">In a market that is revaluing work across the board, to take this fu=
rther, objects priced in the six figures are becoming less reliable stores =
of value. But buyers don&#8217;t seem to be leaving cultural property as an=
 asset class&#8212;as the numbers above seem to indicate&#8212;they&#8217;r=
e just switching categories. Prints, handbags, watches and other categories=
 that are either &#8220;collectible&#8221; or niche areas of art are seeing=
 money rush in.&#160;</p><p style=3D"color: rgb(64, 64, 64); font-size: 16p=
x; line-height: 26px; margin: 0 0 20px 0;">Thinking through the choices of =
a buyer, the dynamic becomes a little clearer. New buyers coming into Bonha=
ms and Christie&#8217;s with the wherewithal to spend $25,000 to $250,000 w=
ould have to be real connoisseurs to spend that money well in most art cate=
gories; for ultra-contemporary art, they would be better off spending their=
 time and money at gallery dinners.&#160;</p><p style=3D"color: rgb(64, 64,=
 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">Good value i=
n those price brackets is better found in prints, watches, handbags, jewelr=
y and other luxury items. These are all of the categories that are flourish=
ing at the auction houses. In terms of a flight to quality, it makes sense.=
 You want a Warhol in that price range? You are going to buy a print. For m=
any people, a Rolex or Patek Philippe watch (or Hermes Birkin bag in exotic=
 leathers) or a design object is as lasting a signifier of success and tast=
e as a Picasso drawing or Fontana painting was decades ago.&#160;</p><p sty=
le=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0=
 0 20px 0; margin-bottom: 0;">Right now, the luxury markets are deeper and =
more liquid than many artist&#8217;s markets. That isn&#8217;t necessarily =
a sign of weakness in post-war and contemporary art. It may be a sign of ho=
w little is for sale. It is a sign of the strength of the luxury markets wh=
ich makes them the right place to hide out during this phase of the cycle. =
At least, that&#8217;s one way to look at these numbers.</p></div></div><di=
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