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Subject: What We Learned this Week (2341)
From: 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-2341
Welcome to Artelligence
This free Artelligence newsletter is published most Fridays throughout the =
year. Additional newsletters analyzing auction data from LiveArt or featuri=
ng our own reporting are for paid subscribers only.
We=E2=80=99re traveling this week so the newsletter will take the form of n=
otes on the week in London. We=E2=80=99ll have a detailed report on the Lon=
don sales on Tuesday for paid subscribers.=20
If you want to share some insights of your own, have suggestions for covera=
ge, a question you want us to poll our readers about, or simply want to ven=
t=E2=80=94feel free to =E2=80=A6
Subscriptions are $12 a month or $120 for a year. For organizations, we off=
er group discounts for 30% for each subscription of two or more. Sharing a =
newsletter on occasion is fine; consistently circumventing group subscripti=
ons is not.=C2=A0
There is also an option to get a 7-day free trial. Just choose the subscrip=
tion plan you want and click on the 7-day trial option before checkout.=C2=
=A0
In This Issue:
Results (so far): The Frieze auctions showed resilience in the face of a di=
fficult political and economic climate
It=E2=80=99s a Risk Off Market: The mood in London shifts to protecting the=
bottom line
Josefowitz =3D =C2=A351.8m: Christie=E2=80=99s reads the market shift towar=
d historical works
The Matador Market: As collectors are waking up to the fact that they proba=
bly should have sold last year, the auction houses are getting out from in =
between buyers and sellers
Advancing Prices in Slowing Markets: There=E2=80=99s still strong competiti=
on fro select emerging artists but even in the most established markets the=
re=E2=80=99s still room for a little growth
Survey by Thames: London had a slew of strong museum shows all accessible b=
y fast ferry along the Thames
Results (so far)
Christie=E2=80=99s Evening sales =3D =C2=A396,536,220 ($117,774,188)
Phillips Evening =3D =C2=A318,332,400 ($22,182,204); Day =C2=A37,127,558 ($=
8,624,345)
Sotheby=E2=80=99s The Now =3D =C2=A315,505,450 ($19,050,771); Contemporary =
Evening sale =3D =C2=A345,626,550 ($56,059,061)
It=E2=80=99s a Risk Off Market
We=E2=80=99re still not seeing evidence of distress among sellers that woul=
d justify calling this a buyer=E2=80=99s market. The press of fairgoers at =
Frieze and the surprisingly solid results at the auctions suggest there=E2=
=80=99s still a strong appetite for buying art even in these uncertain time=
s. Sales at the fairs seemed to be mostly generated in advance leaving the =
work of the fair to be introductions and conversations that might begin the=
sales process rather than execute sales at the fair itself. Art advisors s=
eemed hard at work shepherding clients around both Frieze and Frieze Master=
s. Going into the sales, risk managers at some of the auction houses were s=
anguine about the results. In other words, the auction houses have not put =
themselves in a difficult spot having recently learned that lesson (either =
directly or through observation) in Hong Kong last week.=C2=A0
First Josefowitz Sale at Christie=E2=80=99s =3D =C2=A351,844,800 ($63,250,6=
56)
It=E2=80=99s a general rule that when the art market shifts away from risk,=
it turns toward historical works with proven provenance. That maxim was te=
sted this week as Christie=E2=80=99 brought the first of its sales of Sam J=
osefowitz=E2=80=99s work to auction in London. An eclectic collector, the s=
ale included a range of works far from the Contemporary art market. The sal=
e was not without disappointments, but on the whole the works out-performed=
expectations with new records for F=C3=A9lix Vallotton, Cinq heures (=C2=
=A33,670,000), Aristide Maillol, Portrait de Mademoiselle Jeanne Faraill (=
=C2=A32,399,500), and Akseli Gallen-Kallela, Autumn - Five Crosses: A preli=
minary work for the fresco in the Jus=C3=A9lius Mausoleum (=C2=A31,008,000)=
=2E Further strong prices were paid for=
Diego Giacometti, La console 'Hommage=
=C3=A0 B=C3=B6cklin' (=C2=A35,122,000), A Wood Sculpture of a Standing Jiz=
o Bosatsu (Bodhisattva Kshitigarbha) (=C2=A33,670,000), Albrecht D=C3=BCrer=
, Rhinoceros (=C2=A3604,800), An Assyrian Gypsum Relief of a Winged Genius =
(=C2=A33,912,000) and Kees van Dongen=E2=80=99s La Qui=C3=A9tude made =C2=
=A310,775,000 and Nuages, u Guus van Dongen et sa Fille Dolly port=C3=A9es =
aux Nues sold for =C2=A32,460,000. Part two of the Josefowitz works will be=
sold in Paris next week.=C2=A0
The Matador Market=20
The top lot of the week failed to sell but that may say more about the cons=
ignor than the market. We=E2=80=99ll have more to say about this particular=
lot in our sales report on Tuesday but the fate Richter=E2=80=99s abstract=
may be more emblematic of the situation the auction houses face with consi=
gnors right now than the market=E2=80=99s appetite. The red Richter was bei=
ng sold by a consignor with significant tax exposure. This ought to be a si=
tuation where the sale price is dictated by buyers. Instead, the seller set=
a high bar for the sale at =C2=A316 million=E2=80=94and stuck to it. Sothe=
by=E2=80=99s insist they had buyers at a slightly lower level but the offer=
s were refused. In these cases, the auction houses cannot tell the consigno=
r he is wrong. They can only offer the work, try to entice buyers and step =
out of the way at the last moment like a matador. The week=E2=80=99s sales =
had several moments where works that looked destined to fail found surprise=
bidders and buyers. Philip Guston=E2=80=99s The Canvas was one such case. =
Going into the sale, expectations were for the work to fail to find a buyer=
even though the estimate was set at a price well below what the consignor =
would have paid for the work. In the end, two bidders showed up and the wor=
k was bid above the low estimate. The final price paid by the buyer reflect=
ed perhaps a 10% discount from the price paid to the gallery seven years ag=
o. Despite the Guston retrospective at the Tate Modern, that price seemed m=
ore than fair.=C2=A0
Advancing prices in slowing markets
There were record prices for artists like Lynette Yiadom-Boakye, Frank Bowl=
ing, Mohamed Sami, William Monk, Paula Rego, Sahara Longe and Pam Evelyn. T=
here was also evidence of artists whose formerly strong markets are beginni=
ng to slow. Even in those situations, there still seems to be room for pric=
e advancement. Yayoi Kusama had works fail to sell in Hong Kong last week a=
nd in London this week. But at Sotheby=E2=80=99s on Thursday night, Gagosia=
n Art Advisory=E2=80=99s Sophia Penske, sitting in the front row and warmly=
welcomed by Sotheby=E2=80=99s Lisa Dennison, bought a bronze Kusama Pumpki=
n (s) for $3.7 million from the same edition as one sold in Hong Kong last =
December for $3.4 million, a slight advance in price.
Survey by Thames
The Thames Clipper catamaran ferry was particularly useful last week to mus=
eum goers looking to tick off some of the many strong exhibitions in London=
=2E Starting from the West at Tate Bri=
tain, one could take in Sarah Lucas=E2=
=80=99s focused museum show. Highlighting specific works, Lucas=E2=80=99s s=
how seemed more like a gallery show at a museum (an increasing trend around=
the world) than a survey of the artist=E2=80=99s career; further to the Ea=
st, the National Gallery is a short walk up from the river. There, a Frans =
Hals exhibition organized to raise the artist=E2=80=99s stature was remarka=
bly empty even as the National Gallery was teeming with tourists. For visit=
ors, Hals=E2=80=99s lack of popular appeal was a gift as the sparsely atten=
ded show allowed for a rare museum experience. Judging from Instagram, word=
is getting out to fairgoers, if not the general public. Another stop down =
on the Thames Clipper is the Courtauld Gallery where Black British Arts Mov=
ement pioneer Claudette Johnson=E2=80=99s exhibition is on. Just on the oth=
er side of the river, El Anatsui=E2=80=99s Hyundai commission for the Turbi=
ne Hall is sharing attention with the Philip Guston retrospective. Finally,=
at the Eastern end of the city, the Thames Clipper deposits one not far fr=
om Whitechapel Gallery where Nicole Eisenman=E2=80=99s very good What Happe=
ned retrospective alights on its way from Germany to Chicago.
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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=3DeyJtIjoiPDIwMjMxMDE0MTA=
wMDQzLjMuZmM5Zjg3NWQ2ZTExYjUxN0BtZy1kMS5zdWJzdGFjay5jb20-IiwidSI6MTMzMjY4Nj=
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b3N0IiwiZiI6dHJ1ZSwicG9zaXRpb24iOiJ0b3AiLCJpYXQiOjE2OTcyNzc3ODIsImV4cCI6MTY=
5OTg2OTc4MiwiaXNzIjoicHViLTAiLCJzdWIiOiJlbyJ9.zWrjTnbZcpnca64XmwaislprOZAXY=
UpaYQcrFTgdG-I" 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">Frieze Week in London: Soli=
d auctions, strong fair attendance and plenty to see in London  ‌=
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#160;‌ ‌ ‌</div><table role=3D"presentation" wi=
dth=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" class=3D"emai=
l-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"content">=
<div style=3D"font-size: 16px; line-height: 26px; margin: 0 auto; max-width=
: 550px; overflow-wrap: break-word; width: 100%;"><table role=3D"presentati=
on" width=3D"100%" border=3D"0" cellspacing=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=
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ule__reset--VfQY8 frontend-pencraft-Text-module__reset--dW0zZ tw-font-body =
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!important; font-family: SF Pro Text, -apple-system, BlinkMacSystemFont, In=
ter, Segoe UI, Roboto, Helvetica, Arial, sans-serif, Apple Color Emoji, Seg=
oe UI Emoji, Segoe UI Symbol !important; font-size: 13px !important; margin=
: 0; text-decoration: unset;"><div class=3D"pencraft frontend-pencraft-Box-=
module__reset--VfQY8 frontend-pencraft-Text-module__align-right--PcYkZ fron=
tend-pencraft-Text-module__size-12--KorQF frontend-pencraft-Text-module__re=
set--dW0zZ" style=3D"color: unset; font-size: 12px; letter-spacing: 0; line=
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translated class=3D"pencraft frontend-pencraft-Box-module__reset--VfQY8 fr=
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2NlcjkmbmV4dD1odHRwcyUzQSUyRiUyRmFydGVsbGlnZW5jZS5zdWJzdGFjay5jb20lMkZwJTJG=
d2hhdC13ZS1sZWFybmVkLXRoaXMtd2Vlay0yMzQxIiwicCI6MTM3OTQ3MzczLCJzIjoyMjU5LCJ=
mIjp0cnVlLCJ1IjoxMzMyNjg2NjEsImlhdCI6MTY5NzI3Nzc4MiwiZXhwIjoxNjk5ODY5NzgyLC=
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ecoration: unset; text-decoration-line: underline;">Subscribe here</a> for =
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r-spacing: 0; padding: 16px 0 32px;"><tr><td align=3D"center" style=3D"padd=
ing: 0; text-align: center;"><a href=3D"https://substack.com/redirect/2/eyJ=
lIjoiaHR0cHM6Ly9hcnRlbGxpZ2VuY2Uuc3Vic3RhY2suY29tL3Avd2hhdC13ZS1sZWFybmVkLX=
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CMVlpMHlNalU1SWl3aWMzVmlJam9pY0c5emRDMXlaV0ZqZEdsdmJpSjkuOGFOVWdTMGJlSVB4el=
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aXNzIjoicHViLTAiLCJzdWIiOiJsaW5rLXJlZGlyZWN0In0.IvNFS9QkJeZnzhVB3RbcMoF3qWG=
ALRDd9Fu47fMRMig?"><img role=3D"presentation" width=3D"550" height=3D"117" =
src=3D"https://substackcdn.com/image/fetch/w_1100,c_limit,f_auto,q_auto:goo=
d,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2=
Fpublic%2Fimages%2Fecde5dbd-aa76-4984-bfac-acb56639185e_2800x591.png" class=
=3D"header-image" style=3D"border: none !important; display: block; height:=
auto; margin: 0 auto; max-width: 550px; vertical-align: middle; width: 100=
%;"></a></td></tr></table><div dir=3D"auto" class=3D"post typography" style=
=3D"font-size: 16px; line-height: 26px; padding: 16px 0 0 0;"><div class=3D=
"post-header" style=3D"font-size: 16px; line-height: 26px;"><h1 class=3D"po=
st-title published" style=3D"-moz-appearance: optimizelegibility; -moz-osx-=
font-smoothing: antialiased; -webkit-appearance: optimizelegibility; -webki=
t-font-smoothing: antialiased; appearance: optimizelegibility; color: rgb(6=
4, 64, 64); font-family: 'SF Compact Display', -apple-system, BlinkMacSyste=
mFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji=
', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 32px; font-weight: bold;=
line-height: 36px; margin: 0;"><a href=3D"https://substack.com/app-link/po=
st?publication_id=3D2259&post_id=3D137947373&utm_source=3Dpost-email-title&=
utm_campaign=3Demail-post-title&isFreemail=3Dtrue&r=3D27cer9&token=3DeyJ1c2=
VyX2lkIjoxMzMyNjg2NjEsInBvc3RfaWQiOjEzNzk0NzM3MywiaWF0IjoxNjk3Mjc3NzgyLCJle=
HAiOjE2OTk4Njk3ODIsImlzcyI6InB1Yi0yMjU5Iiwic3ViIjoicG9zdC1yZWFjdGlvbiJ9.8aN=
UgS0beIPxzUGam982juxdaHsnQjrtwdlleSjGE-A" style=3D"color: rgb(64, 64, 64); =
text-decoration: none;">What We Learned this Week (2341)</a></h1><h3 class=
=3D"subtitle" style=3D"-moz-appearance: optimizelegibility; -moz-osx-font-s=
moothing: antialiased; -webkit-appearance: optimizelegibility; -webkit-font=
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nt-family: 'SF Compact Display', -apple-system, BlinkMacSystemFont, 'Segoe =
UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI E=
moji', 'Segoe UI Symbol'; font-size: 18px; font-weight: normal; line-height=
: 24px; margin: 4px 0 0; margin-top: 12px;">Frieze Week in London: Solid au=
ctions, strong fair attendance and plenty to see in London</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; marg=
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ght: auto; line-height: 20px; margin: 0 auto; opacity: 1; outline: none; pa=
dding: 12px 20px; text-align: center; text-decoration: none !important; whi=
te-space: nowrap;"><span style=3D"color: #ffffff; text-decoration: none;">U=
pgrade to paid</span></a></p></div><div style=3D"font-size: 16px; line-heig=
ht: 26px;"><hr style=3D"background: #e0e0e0; border: none; height: 1px; mar=
gin: 32px 0; padding: 0;"></div><h2 class=3D"header-with-anchor-widget" 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: 1.625em; font-weight: bold; line-height: 1.16em=
; margin: 1em 0 0.625em 0; position: relative;">In This Issue:</h2><ol styl=
e=3D"margin-top: 0; padding: 0;"><li style=3D"margin: 8px 0 0 32px;"><p sty=
le=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>Res=
ults (so far)</strong><span>: The Frieze auctions showed resilience in the =
face of a difficult political and economic climate</span></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;"><strong>It’s a Risk Off Market</strong><span>: =
The mood in London shifts to protecting the bottom line</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-height: 26px; margin: 0; margin-bott=
om: 0; padding-left: 4px;"><strong>Josefowitz =3D £51.8m: </strong><sp=
an>Christie’s reads the market shift toward historical works</span></=
p></li><li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: border-b=
ox; color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0; =
margin-bottom: 0; padding-left: 4px;"><strong>The Matador Market:</strong><=
span> As collectors are waking up to the fact that they probably should hav=
e sold last year, the auction houses are getting out from in between buyers=
and sellers</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-heig=
ht: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><strong>Advancin=
g Prices in Slowing Markets: </strong><span>There’s still strong comp=
etition fro select emerging artists but even in the most established market=
s there’s still room for a little growth</span></p></li><li style=3D"=
margin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; color: rgb(64, 6=
4, 64); font-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0; pa=
dding-left: 4px;"><strong>Survey by Thames:</strong><span> London had a sle=
w of strong museum shows all accessible by fast ferry along the Thames</spa=
n></p></li></ol><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: rgb(64, 64, 64); 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: 1.625em; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.6=
25em 0; position: relative;">Results (so far)</h2><div class=3D"captioned-i=
mage-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" cellspacing=3D"0" cellpadding=
=3D"0" data-component-name=3D"Image2ToDOMStatic" style=3D"mso-padding-alt: =
1em 0 1.6em;"><tbody><tr><td style=3D"text-align: center;"></td><td align=
=3D"left" class=3D"content" width=3D"1456" style=3D"text-align: center;"><a=
class=3D"image-link" target=3D"_blank" href=3D"https://substack.com/redire=
ct/71c872bf-a8fc-4142-9bc2-23a16e5f7465?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0=
jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"align-items: center; border:=
none; display: block; flex-direction: column; height: auto; margin: 0; pad=
ding: 0; position: relative; text-decoration: none; width: auto;"><img data=
-attrs=3D"{"src":"https://substack-post-media.s3.amazonaws.c=
om/public/images/a0f7b353-ef20-479b-bbfb-dd7ecd0bde2c_6000x3913.jpeg",=
"srcNoWatermark":null,"fullscreen":null,"imageSize=
":null,"height":950,"width":1456,"resizeWidth=
":null,"bytes":3497536,"alt":null,"title"=
;:null,"type":"image/jpeg","href":null,"=
belowTheFold":true,"topImage":false,"internalRedirect&q=
uot;:null}" alt width=3D"550" height=3D"358.8598901098901" class=3D"wide-im=
age" src=3D"https://substackcdn.com/image/fetch/w_2912,c_limit,f_auto,q_aut=
o:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.=
com%2Fpublic%2Fimages%2Fa0f7b353-ef20-479b-bbfb-dd7ecd0bde2c_6000x3913.jpeg=
" style=3D"-ms-interpolation-mode: bicubic; border: none !important; displa=
y: block; height: auto; margin: 0 auto; margin-bottom: 0; max-width: 100% !=
important; vertical-align: middle; width: auto !important;"></a></td><td st=
yle=3D"text-align: center;"></td></tr></tbody></table></figure></div><p sty=
le=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0=
0 20px 0;"><span>Christie’s Evening sales =3D</span><strong> £9=
6,536,220</strong><span> ($117,774,188)</span></p><p style=3D"color: rgb(64=
, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><span>P=
hillips Evening =3D </span><strong>£18,332,400</strong><span> ($22,182=
,204); Day </span><strong>£7,127,558</strong><span> ($8,624,345)</span=
></p><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px=
; margin: 0 0 20px 0;"><span>Sotheby’s The Now =3D </span><strong>=
63;15,505,450</strong><span> ($19,050,771); Contemporary Evening sale =3D <=
/span><strong>£45,626,550 </strong><span>($56,059,061)</span></p><div =
style=3D"font-size: 16px; line-height: 26px;"><hr style=3D"background: #e0e=
0e0; border: none; height: 1px; margin: 32px 0; padding: 0;"></div><h4 clas=
s=3D"header-with-anchor-widget" style=3D"-moz-appearance: optimizelegibilit=
y; -moz-osx-font-smoothing: antialiased; -webkit-appearance: optimizelegibi=
lity; -webkit-font-smoothing: antialiased; appearance: optimizelegibility; =
color: rgb(64, 64, 64); font-family: 'SF Compact Display', -apple-system, B=
linkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple=
Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.125em; fon=
t-weight: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; position: rel=
ative;"><strong>It’s a Risk Off Market</strong></h4><p style=3D"color=
: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"=
>We’re still not seeing evidence of distress among sellers that would=
justify calling this a buyer’s market. The press of fairgoers at Fri=
eze and the surprisingly solid results at the auctions suggest there’=
s still a strong appetite for buying art even in these uncertain times. Sal=
es at the fairs seemed to be mostly generated in advance leaving the work o=
f the fair to be introductions and conversations that might begin the sales=
process rather than execute sales at the fair itself. Art advisors seemed =
hard at work shepherding clients around both Frieze and Frieze Masters. Goi=
ng into the sales, risk managers at some of the auction houses were sanguin=
e about the results. In other words, the auction houses have not put themse=
lves in a difficult spot having recently learned that lesson (either direct=
ly or through observation) in Hong Kong last week. </p><div style=3D"f=
ont-size: 16px; line-height: 26px;"><hr style=3D"background: #e0e0e0; borde=
r: none; height: 1px; margin: 32px 0; padding: 0;"></div><h4 class=3D"heade=
r-with-anchor-widget" style=3D"-moz-appearance: optimizelegibility; -moz-os=
x-font-smoothing: antialiased; -webkit-appearance: optimizelegibility; -web=
kit-font-smoothing: antialiased; appearance: optimizelegibility; color: rgb=
(64, 64, 64); font-family: 'SF Compact Display', -apple-system, BlinkMacSys=
temFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emo=
ji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.125em; font-weight: =
bold; line-height: 1.16em; margin: 1em 0 0.625em 0; position: relative;"><s=
trong>First Josefowitz Sale at Christie’s =3D £51,844,800 ($63,2=
50,656)</strong></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; width: 100%;"><table class=3D"image-wrapper" width=3D"1=
00%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" data-component-name=
=3D"Image2ToDOMStatic" style=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><=
td style=3D"text-align: center;"></td><td align=3D"left" class=3D"content" =
width=3D"1456" style=3D"text-align: center;"><a class=3D"image-link" target=
=3D"_blank" href=3D"https://substack.com/redirect/3eac450b-e6bf-4fca-beaa-5=
d4b972ba555?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7=
gWdY" rel style=3D"align-items: center; border: none; display: block; flex-=
direction: column; height: auto; margin: 0; padding: 0; position: relative;=
text-decoration: none; width: auto;"><img data-attrs=3D"{"src":&=
quot;https://substack-post-media.s3.amazonaws.com/public/images/4858d37c-b5=
b4-4546-b9b3-114e65b219dd_4800x1508.jpeg","srcNoWatermark":n=
ull,"fullscreen":null,"imageSize":null,"height&quo=
t;:457,"width":1456,"resizeWidth":null,"bytes"=
;:1242084,"alt":null,"title":null,"type":&quo=
t;image/jpeg","href":null,"belowTheFold":true,&quo=
t;topImage":false,"internalRedirect":null}" alt width=3D"550=
" height=3D"172.6304945054945" class=3D"wide-image" src=3D"https://substack=
cdn.com/image/fetch/w_2912,c_limit,f_auto,q_auto:good,fl_progressive:steep/=
https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4858=
d37c-b5b4-4546-b9b3-114e65b219dd_4800x1508.jpeg" style=3D"-ms-interpolation=
-mode: bicubic; border: none !important; display: block; height: auto; marg=
in: 0 auto; margin-bottom: 0; max-width: 100% !important; vertical-align: m=
iddle; width: auto !important;"></a></td><td style=3D"text-align: center;">=
</td></tr></tbody></table></figure></div><p style=3D"color: rgb(64, 64, 64)=
; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><span>It’s=
a general rule that when the art market shifts away from risk, it turns to=
ward historical works with proven provenance. That maxim was tested this we=
ek as Christie’ brought the first of its sales of Sam Josefowitz̵=
7;s work to auction in London. An eclectic collector, the sale included a r=
ange of works far from the Contemporary art market. The sale was not withou=
t disappointments, but on the whole the works out-performed expectations wi=
th new records for</span><strong> Félix Vallotton</strong><span>, </sp=
an><em>Cinq heures </em><span>(£3,670,000), </span><strong>Aristide Ma=
illol</strong><span>, </span><em>Portrait de Mademoiselle Jeanne Faraill</e=
m><span> (£2,399,500), and </span><strong>Akseli Gallen-Kallela</stron=
g><span>, </span><em>Autumn - Five Crosses: A preliminary work for the fres=
co in the Jusélius Mausoleum</em><span> (£1,008,000). Further str=
ong prices were paid for </span><strong>Diego Giacometti</strong><span>, </=
span><em>La console 'Hommage à Böcklin' </em><span>(£5,122,0=
00), </span><em>A Wood Sculpture of a Standing Jizo Bosatsu (Bodhisattva Ks=
hitigarbha)</em><span> (£3,670,000), </span><strong>Albrecht Düre=
r</strong><span>, </span><em>Rhinoceros </em><span>(£604,800), </span>=
<em>An Assyrian Gypsum Relief of a Winged Genius </em><span>(£3,912,00=
0) and </span><strong>Kees van Dongen’s </strong><em>La Quiétude=
</em><span>made £10,775,000 and</span><em> Nuages, u Guus van Dongen =
et sa Fille Dolly portées aux Nues</em><span> sold for £2,460,000=
=2E Part two of the Josefowitz works wi=
ll be sold in Paris next week. </=
span></p><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><h4 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: rgb(64, 64, 64); font-family: 'SF Compact Display', -a=
pple-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: 1.16em; margin: 1em 0 0.625em 0;=
position: relative;"><strong>The Matador Market</strong><span> </span></h4=
><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; ma=
rgin: 0 0 20px 0;"><span>The top lot of the week failed to sell but that ma=
y say more about the consignor than the market. We’ll have more to sa=
y about this particular lot in our sales report on Tuesday but the fate Ric=
hter’s abstract may be more emblematic of the situation the auction h=
ouses face with consignors right now than the market’s appetite. The =
red Richter was being sold by a consignor with significant tax exposure. Th=
is ought to be a situation where the sale price is dictated by buyers. Inst=
ead, the seller set a high bar for the sale at £16 million—and s=
tuck to it. Sotheby’s insist they had buyers at a slightly lower leve=
l but the offers were refused. In these cases, the auction houses cannot te=
ll the consignor he is wrong. They can only offer the work, try to entice b=
uyers and step out of the way at the last moment like a matador. The week&#=
8217;s sales had several moments where works that looked destined to fail f=
ound surprise bidders and buyers. Philip Guston’s </span><em>The Canv=
as</em><span> was one such case. Going into the sale, expectations were for=
the work to fail to find a buyer even though the estimate was set at a pri=
ce well below what the consignor would have paid for the work. In the end, =
two bidders showed up and the work was bid above the low estimate. The fina=
l price paid by the buyer reflected perhaps a 10% discount from the price p=
aid to the gallery seven years ago. Despite the Guston retrospective at the=
Tate Modern, that price seemed more than fair. </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><h4 class=3D"=
header-with-anchor-widget" style=3D"-moz-appearance: optimizelegibility; -m=
oz-osx-font-smoothing: antialiased; -webkit-appearance: optimizelegibility;=
-webkit-font-smoothing: antialiased; appearance: optimizelegibility; color=
: rgb(64, 64, 64); font-family: 'SF Compact Display', -apple-system, BlinkM=
acSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Colo=
r Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.125em; font-wei=
ght: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; position: relative=
;"><strong>Advancing prices in slowing markets</strong></h4><p style=3D"col=
or: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0=
;"><span>There were record prices for artists like Lynette Yiadom-Boakye, F=
rank Bowling, Mohamed Sami, William Monk, Paula Rego, Sahara Longe and Pam =
Evelyn. There was also evidence of artists whose formerly strong markets ar=
e beginning to slow. Even in those situations, there still seems to be room=
for price advancement. Yayoi Kusama had works fail to sell in Hong Kong la=
st week and in London this week. But at Sotheby’s on Thursday night, =
Gagosian Art Advisory’s Sophia Penske, sitting in the front row and w=
armly welcomed by Sotheby’s Lisa Dennison, bought a bronze Kusama </s=
pan><em>Pumpkin (s) </em><span>for $3.7 million from the same edition as on=
e sold in Hong Kong last December for $3.4 million, a slight advance in pri=
ce.</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><h4 class=3D"header-with-anchor-widget" style=3D"-moz-appearanc=
e: optimizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-appear=
ance: optimizelegibility; -webkit-font-smoothing: antialiased; appearance: =
optimizelegibility; color: rgb(64, 64, 64); 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;"><strong>Survey by Thames</strong></h4><p style=
=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0=
20px 0; margin-bottom: 0;"><span>The Thames Clipper catamaran ferry was pa=
rticularly useful last week to museum goers looking to tick off some of the=
many strong exhibitions in London. Starting from the West at Tate Britain,=
one could take in Sarah Lucas’s focused museum show. Highlighting sp=
ecific works, Lucas’s show seemed more like a gallery show at a museu=
m (an increasing trend around the world) than a survey of the artist’=
s career; further to the East, the National Gallery is a short walk up from=
the river. There, a Frans Hals exhibition organized to raise the artist=
217;s stature was remarkably empty even as the National Gallery was teeming=
with tourists. For visitors, Hals’s lack of popular appeal was a gif=
t as the sparsely attended show allowed for a rare museum experience. Judgi=
ng from Instagram, word is getting out to fairgoers, if not the general pub=
lic. Another stop down on the Thames Clipper is the Courtauld Gallery where=
Black British Arts Movement pioneer Claudette Johnson’s exhibition i=
s on. Just on the other side of the river, El Anatsui’s Hyundai commi=
ssion for the Turbine Hall is sharing attention with the Philip Guston retr=
ospective. Finally, at the Eastern end of the city, the Thames Clipper depo=
sits one not far from Whitechapel Gallery where Nicole Eisenman’s ver=
y good </span><em>What Happened</em><span> retrospective alights on its way=
from Germany to Chicago.  </span></p></div></div><div class=3D"c=
ontainer-border" style=3D"border-top: 1px solid #e0e0e0; box-sizing: border=
-box; font-size: 16px; line-height: 26px; margin: 32px 0 0; width: 100%;"><=
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e UI Symbol'; font-size: 16px; font-weight: 400; line-height: 26px; margin:=
32px 0; margin-bottom: 32px; text-align: initial; word-break: break-word;"=
><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; ma=
rgin: 0 auto 20px; margin-top: 0; text-align: center; width: 90%;"><span tr=
anslated class=3D"pencraft frontend-pencraft-Box-module__reset--VfQY8 front=
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