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Subject: =?UTF-8?q?Sotheby=E2=80=99s_Fee_Reversal,_Phillips=E2=80=99_C.E.O._Shake-?=
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Dec 23, 2024=C2=A0 =C2=A0
Wall Power ( https://puck.news/newsletters/wall-power/?utm_campaign=3DWall+=
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PREVIEW VERSION
PREVIEW VERSION
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f6c60615e3d301d48d28 )
Welcome to the final Wall Power of 2024. I=E2=80=99m
Marion Maneker.
=C2=A0
Before you settle into your long holiday break, I want to tie up a few loos=
e ends. It feels like a lot more is happening in the art and the auction ma=
rkets than a few personnel changes at the top of Phillips and Sotheby=E2=80=
=99s. But I=E2=80=99ll leave that to next year to explore. For now, let=E2=
=80=99s look at last week=E2=80=99s final bombs: the C.E.O. handoff at Phil=
lips
from Ed Dolman to Martin Wilson, and Sotheby=E2=80=99s abrupt volte-face on=
their new fee structure.=C2=A0
=C2=A0
By the way, if you haven=E2=80=99t taken our survey for the second installm=
ent of The Puck Private Conversation series, powered by Orchestra, you can =
fill out your
responses here ( https://puckprivateconversations.typeform.com/to/kPm9l8LK?=
utm_campaign=3DWall+Power+-+LEADS+%2812%2F22%2F24%29&utm_content=3DWall+Pow=
er+-+LEADS+%2812%2F22%2F24%29&utm_medium=3Demail_action&utm_source=3Dcustom=
er.io&utm_term=3Df6c60615e3d301d48d28 ). It=E2=80=99s fun=E2=80=94this inst=
allment is all about how businesses are navigating the Trump transition=E2=
=80=94and only takes a minute or two.=C2=A0
=C2=A0
Let=E2=80=99s get started=E2=80=A6
* Phillips to Sotheby=E2=80=99s: Hold my beer!: On Wednesday, Phillips anno=
unced that C.E.O. Edward Dolman was stepping down in favor of the company=
=E2=80=99s chief legal officer, Martin Wilson=E2=80=94the latest in a serie=
s of...
A MESSAGE FROM OUR SPONSOR
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Sotheby=E2=80=99s Christmas Retreat
***************************************************************************=
***************************************************************************=
***************************************************************************=
***************************************************************
Sotheby=E2=80=99s Christmas Retreat ( https://puck.news/sothebys-abandons-n=
ew-fee-structure-after-lackluster-fall/?utm_campaign=3DWall+Power+-+LEADS+%=
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28 )
***************************************************************************=
***************************************************************************=
***************************************************************************=
***************************************************************
A bold new fee structure was meant to transform the auction
business=E2=80=94lower buyers fees to spur business and end the brutal pric=
e war between the auction houses. But after Sotheby=E2=80=99s struggled to =
land property in all of its main sales centers, it quietly reversed course =
in the final days of the year=E2=80=A6 effectively burying the news.
Marion Maneker ( https://puck.news/author/marion-maneker/?utm_campaign=3DWa=
ll+Power+-+LEADS+%2812%2F22%2F24%29&utm_content=3DWall+Power+-+LEADS+%2812%=
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f6c60615e3d301d48d28 )
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f6c60615e3d301d48d28 )
To hear Sotheby=E2=80=99s tell it, the change in its fee structure
earlier this year was a bold and heroic effort to fix the auction business.=
And so there was no shortage of defensiveness, last week, when the auction=
house announced it was walking back those changes, raising the most broadl=
y applicable buyer=E2=80=99s premium from 20 to 27 percent. In an interview=
( https://www.theartnewspaper.com/2024/12/19/sothebys-u-turn-on-new-fees-s=
tructure?utm_campaign=3DWall+Power+-+LEADS+%2812%2F22%2F24%29&utm_content=
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ce=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 ) with The Art Newspaper, =
C.E.O. Charles
Stewart noted defiantly, =E2=80=9CWe are totally unafraid to try things tha=
t challenge conventions in ways that benefit the market and expand access t=
o growing audiences.=E2=80=9D=C2=A0
=C2=A0
But the new fee structure ended up being...
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Puck founding partner Matt Belloni takes you inside the business of Hollywo=
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The Treaty of Versace
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The Treaty of Versace ( https://puck.news/versace-is-on-the-block-who-will-=
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------------------------------------------------------
LAUREN SHERMAN
Amazon=E2=80=99s Hybrid War
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MATTHEW BELLONI
NBA=E2=80=99s Ratings Slump
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-------------------------------
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<table class=3D"c" align=3D"center" border=3D"0" cellpadding=3D"0" cellspac=
ing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rsp=
ace:0pt;background-color:#f8f8f8;background-size:auto;background-image:url(=
'https://userimg-assets.customeriomail.com/images/client-env-107382/172=
9522224401_links-bg-80_01JAQRXK9QCQFM5YW931W53SMQ.png');background-repe=
at:no-repeat;border-radius:0;color:#000000;width:600px;margin:0 auto;" widt=
h=3D"600"><tbody><tr><td class=3D"yq o" width=3D"100%" style=3D"mso-table-l=
space:0pt;mso-table-rspace:0pt;font-weight:400;text-align:left;padding-bott=
om:2px;padding-left:24px;padding-right:24px;padding-top:10px;vertical-align=
:top;border-top:0px;border-right:0px;border-bottom:0px;border-left:0px;">
<table class=3D"c4 np" width=3D"100%" border=3D"0" cellpadding=3D"0" cellsp=
acing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-r=
space:0pt;word-break:break-word;"><tbody><tr><td class=3D"r5"><div style=3D=
"color:#767676;direction:ltr;font-family:'Inter','Arial';fo=
nt-size:14px;font-weight:400;letter-spacing:0px;line-height:150%;text-align=
:center;mso-line-height-alt:21px;"><p style=3D"margin:0;">Dec 23, 2024=C2=
=A0 =C2=A0</p></div>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>
<table align=3D"center" width=3D"100%" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-=
rspace:0pt;"><tbody><tr><td>
<table class=3D"c ie" align=3D"center" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-=
rspace:0pt;background-color:#ffffff;color:#000000;border-radius:0;width:600=
px;margin:0 auto;" width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"100=
%" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-=
align:left;border-bottom:1px solid #d40000;vertical-align:top;border-top:0p=
x;border-right:0px;border-left:0px;">
<table class=3D"j np" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rs=
pace:0pt;"><tbody><tr><td class=3D"r5" style=3D"width:100%;"><div class=3D"=
r" align=3D"center" style=3D"line-height:10px"><div style=3D"max-width:600p=
x;"><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5T=
TktOT05LQUdUOFQ0X2xtdVY4RjVoT2JVSDZZTT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3M=
vbmV3c2xldHRlcnMvd2FsbC1wb3dlci8_dXRtX2NhbXBhaWduPVdhbGwrUG93ZXIrLStMRUFEUy=
slMjgxMiUyRjIyJTJGMjQlMjlcdTAwMjZ1dG1fY29udGVudD1XYWxsK1Bvd2VyKy0rTEVBRFMrJ=
TI4MTIlMkYyMiUyRjI0JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1f=
c291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJ=
pbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6ODQ0NjI0fQ/fe8660d=
ef5d8f75fb835a2631a6401cf5ab34e3d276604eeb9b0bb1820299198" target=3D"_blank=
" style=3D"outline:none" tabindex=3D"-1"><img src=3D"https://userimg-assets=
=2Ecustomeriomail.com/images/client-env=
-107382/1733412366481_nameplate-wall-p=
ower-290-noborder-notag_01JEBPVA6J61QP5236FKDH7K73.png" style=3D"display:bl=
ock;height:auto;border:0;width:100%;" width=3D"600" alt=3D"Wall Power" titl=
e=3D"Wall Power" height=3D"auto"/></a></div></div>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>
<table align=3D"center" width=3D"100%" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-=
rspace:0pt;"><tbody><tr><td>
<table class=3D"c ie" align=3D"center" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-=
rspace:0pt;background-color:#ffffff;color:#000000;border-radius:0;width:600=
px;margin:0 auto;" width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"100=
%" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-=
align:left;border-bottom:1px solid #d40000;vertical-align:top;border-top:0p=
x;border-right:0px;border-left:0px;">
<table class=3D"j np" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rs=
pace:0pt;"><tbody><tr><td class=3D"r5" style=3D"width:100%;"><div class=3D"=
r" align=3D"center" style=3D"line-height:10px"><div style=3D"max-width:600p=
x;"><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5T=
TktOT05LQUdUOFQ0X2xtdVY4RjVoT2JVSDZZTT0iLCJocmVmIjoiaHR0cHM6Ly9pY29uaWNjb2x=
sZWN0aW9uLmNvbS8_dXRtX3NvdXJjZT1wdWNrXHUwMDI2dXRtX21lZGl1bT1kaXNwbGF5XHUwMD=
I2dXRtX2NhbXBhaWduPWljb25pYy1jb2xsZWN0aW9uXHUwMDI2dXRtX2NvbnRlbnQ9d2FsbC1wb=
3dlclx1MDAyNnV0bV9jYW1wYWlnbj1XYWxsK1Bvd2VyKy0rTEVBRFMrJTI4MTIlMkYyMiUyRjI0=
JTI5XHUwMDI2dXRtX2NvbnRlbnQ9V2FsbCtQb3dlcistK0xFQURTKyUyODEyJTJGMjIlMkYyNCU=
yOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci=
5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2M=
DYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjEwMTAzNzd9/2a5a1d605d429a4c341a762b716=
5a42d18af356e69b7d44e6881f1c738afb07a" target=3D"_blank" style=3D"outline:n=
one" tabindex=3D"-1"><img src=3D"https://images.scalero.io/email_assets/401=
4/VGJZOJ63QP3ZB4L7ZDUVUF8CJ2X7L68VHEL91EYQK0P6HRBF97AVMP8RGSXLSCWQ.png" sty=
le=3D"display:block;height:auto;border:0;width:100%;" width=3D"600" alt=3D"=
Iconic Collection" title=3D"Iconic Collection" height=3D"auto"/></a></div><=
/div>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>
<table align=3D"center" width=3D"100%" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-=
rspace:0pt;"><tbody><tr><td>
<table class=3D"c ie" align=3D"center" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-=
rspace:0pt;background-color:#ffffff;color:#000000;border-radius:0;width:600=
px;margin:0 auto;" width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"100=
%" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-=
align:left;padding-left:24px;padding-right:24px;padding-top:24px;vertical-a=
lign:top;border-top:0px;border-right:0px;border-bottom:0px;border-left:
0px;">
<table class=3D"np" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspaci=
ng=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspa=
ce:0pt;text-align:center;line-height:0;"><tbody><tr><td class=3D"r5" style=
=3D"vertical-align:middle;color:#000000;font-family:'PuckSerifDisplay&#=
39;,'Georgia';font-size:20px;font-weight:400;padding-bottom:12px;te=
xt-align:center;">
<table class=3D"b" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;displ=
ay:inline-block;padding-left:0px;padding-right:0px;" cellpadding=3D"0" cell=
spacing=3D"0" role=3D"presentation"><tbody><tr><td style=3D"vertical-align:=
middle;text-align:center;padding-top:0px;padding-bottom:0px;padding-left:0p=
x;padding-right:8px;"><img alt=3D"PREVIEW VERSION" src=3D"https://userimg-a=
ssets.customeriomail.com/images/client-env-107382/1734018969249_preview-bla=
ck-outline-32_01JEXSBBQMNMC2Q7QT5X7ACH6X.png" height=3D"auto" width=3D"32" =
align=3D"center" style=3D"display:block;height:auto;margin:0 auto;border:0;=
"/>
</td><td style=3D"font-family:'PuckSerifDisplay','Georgia';=
font-size:20px;font-weight:400;color:#000000;vertical-align:middle;letter-s=
pacing:undefined;text-align:center;line-height:normal;">PREVIEW VERSION
</td></tr></tbody></table>
</td></tr></tbody></table>
<table class=3D"c4 oq" width=3D"100%" border=3D"0" cellpadding=3D"0" cellsp=
acing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-r=
space:0pt;word-break:break-word;"><tbody><tr><td class=3D"r5"><div style=3D=
"color:#000000;direction:ltr;font-family:'Inter','Arial';fo=
nt-size:14px;font-weight:400;letter-spacing:0px;line-height:150%;text-align=
:center;mso-line-height-alt:21px;"><p style=3D"margin:0;"><strong><a href=
=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUd=
UOFQ0X2xtdVY4RjVoT2JVSDZZTT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvam9pbi8_dX=
RtX2NhbXBhaWduPVdhbGwrUG93ZXIrLStMRUFEUyslMjgxMiUyRjIyJTJGMjQlMjlcdTAwMjZ1d=
G1fY29udGVudD1XYWxsK1Bvd2VyKy0rTEVBRFMrJTI4MTIlMkYyMiUyRjI0JTI5XHUwMDI2dXRt=
X21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXR=
tX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZD=
Q4ZDI4IiwibGlua19pZCI6NTU4Njc5fQ/56994b394cbacf22cbbcb82d1025b0952108d69d82=
5d618439d817e502dffe46" target=3D"_blank" rel=3D"noopener" style=3D"text-de=
coration:underline;
color:#d40000;">Start a free 14-day trial</a></strong>=C2=A0to unlock unlim=
ited access to Puck.</p></div>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=
=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbo=
dy><tr><td class=3D"r5" style=3D"padding-top:24px;"><div class=3D"r" align=
=3D"center">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentatio=
n" width=3D"100%" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbo=
dy><tr><td style=3D"font-size:1px;line-height:1px;border-top:1px solid #d9d=
9d9;"><span style=3D"word-break:break-word;">=E2=80=8A</span>
</td></tr></tbody></table></div>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>
<table align=3D"center" width=3D"100%" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-=
rspace:0pt;"><tbody><tr><td>
<table class=3D"c ie" align=3D"center" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-=
rspace:0pt;background-color:#ffffff;color:#000000;border-radius:0;width:600=
px;margin:0 auto;" width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"100=
%" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-=
align:left;padding-left:24px;padding-right:24px;padding-top:32px;vertical-a=
lign:top;border-top:0px;border-right:0px;border-bottom:0px;border-left:
0px;">
<table class=3D"np" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspaci=
ng=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspa=
ce:0pt;text-align:left;line-height:0;"><tbody><tr><td class=3D"r5" style=3D=
"vertical-align:middle;color:#d40000;font-family:'PuckSerifDisplay'=
,'Georgia';font-size:24px;font-weight:400;padding-bottom:24px;text-=
align:left;">
<table class=3D"b" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;displ=
ay:inline-block;padding-left:0px;padding-right:0px;" cellpadding=3D"0" cell=
spacing=3D"0" role=3D"presentation"><tbody><tr><td style=3D"vertical-align:=
middle;text-align:center;padding-top:0px;padding-bottom:0px;padding-left:0p=
x;padding-right:8px;"><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZC=
I6ImRnVDJ4Z1lEQU5TTktOT05LQUdUOFQ0X2xtdVY4RjVoT2JVSDZZTT0iLCJocmVmIjoiaHR0c=
HM6Ly9wdWNrLm5ld3MvYXV0aG9yL21hcmlvbi1tYW5la2VyLz91dG1fY2FtcGFpZ249V2FsbCtQ=
b3dlcistK0xFQURTKyUyODEyJTJGMjIlMkYyNCUyOVx1MDAyNnV0bV9jb250ZW50PVdhbGwrUG9=
3ZXIrLStMRUFEUyslMjgxMiUyRjIyJTJGMjQlMjlcdTAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdG=
lvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZ=
DMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjo4=
NDc4MTd9/b8b6ea184d14f20f06a8d04cfa0e86bdaaa148569666969ebeb88dee11338bc3" =
target=3D"_self" style=3D"text-decoration:none;"><img alt=3D"Marion Maneker=
" src=3D"https://userimg-assets.customeriomail.com/images/client-env-107382=
/1729518659738_avatar-marion_01JAQNGT7SF2880EH1G4HN5984.png" height=3D"auto=
" width=3D"48" align=3D"center" style=3D"display:block;height:auto;margin:0=
auto;border:0;"/></a>
</td><td style=3D"font-family:'PuckSerifDisplay','Georgia';=
font-size:24px;font-weight:400;color:#d40000;vertical-align:middle;letter-s=
pacing:undefined;text-align:left;line-height:normal;"><a href=3D"https://em=
ail.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdUOFQ0X2xtdVY4R=
jVoT2JVSDZZTT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvYXV0aG9yL21hcmlvbi1tYW5l=
a2VyLz91dG1fY2FtcGFpZ249V2FsbCtQb3dlcistK0xFQURTKyUyODEyJTJGMjIlMkYyNCUyOVx=
1MDAyNnV0bV9jb250ZW50PVdhbGwrUG93ZXIrLStMRUFEUyslMjgxMiUyRjIyJTJGMjQlMjlcdT=
AwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cd=
TAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVl=
M2QzMDFkNDhkMjgiLCJsaW5rX2lkIjo4NDc4MTd9/b8b6ea184d14f20f06a8d04cfa0e86bdaa=
a148569666969ebeb88dee11338bc3" target=3D"_self" style=3D"color:#d40000;tex=
t-decoration:none;">Marion Maneker</a>
</td></tr></tbody></table>
</td></tr></tbody></table>
<table class=3D"c4 oq" width=3D"100%" border=3D"0" cellpadding=3D"0" cellsp=
acing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-r=
space:0pt;word-break:break-word;"><tbody><tr><td class=3D"r5" style=3D"padd=
ing-bottom:32px;"><div style=3D"color:#000000;direction:ltr;font-family:=
9;Inter','Arial';font-size:17px;font-weight:400;letter-spacing:=
0px;line-height:150%;text-align:left;mso-line-height-alt:25.5px;"><p style=
=3D"margin:0;margin-bottom:0px;">Welcome to the final Wall Power of 2024. I=
=E2=80=99m
<strong>Marion</strong> <strong>Maneker</strong>.</p><p style=3D"margin:0;m=
argin-bottom:0px;">=C2=A0</p><p style=3D"margin:0;margin-bottom:0px;">Befor=
e you settle into your long holiday break, I want to tie up a few loose end=
s. It feels like a <em>lot</em> more is happening in the art and the auctio=
n markets than a few personnel changes at the top of Phillips and Sotheby=
=E2=80=99s. But I=E2=80=99ll leave that to next year to explore. For now, l=
et=E2=80=99s look at last week=E2=80=99s final bombs: the C.E.O. handoff at=
Phillips
from <strong>Ed Dolman</strong> to <strong>Martin Wilson</strong>, and Soth=
eby=E2=80=99s abrupt <em>volte-face </em>on their new fee structure.=C2=A0<=
/p><p style=3D"margin:0;margin-bottom:0px;">=C2=A0</p><p style=3D"margin:0;=
margin-bottom:0px;">By the way, if you haven=E2=80=99t taken our survey for=
the second installment of The Puck Private Conversation series, powered by=
Orchestra, you can fill out <a href=3D"https://email.puck.news/e/c/eyJlbWF=
pbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdUOFQ0X2xtdVY4RjVoT2JVSDZZTT0iLCJocmVmIj=
oiaHR0cHM6Ly9wdWNrcHJpdmF0ZWNvbnZlcnNhdGlvbnMudHlwZWZvcm0uY29tL3RvL2tQbTlsO=
ExLP3V0bV9jYW1wYWlnbj1XYWxsK1Bvd2VyKy0rTEVBRFMrJTI4MTIlMkYyMiUyRjI0JTI5XHUw=
MDI2dXRtX2NvbnRlbnQ9V2FsbCtQb3dlcistK0xFQURTKyUyODEyJTJGMjIlMkYyNCUyOVx1MDA=
yNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MD=
AyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZ=
DMwMWQ0OGQyOCIsImxpbmtfaWQiOjIwMTAzMjZ9/dc24049362675e1c5ce311a608c9ff5145b=
999da1c49d352e1ab04a2cce11430" style=3D"text-decoration:underline;color:#d4=
0000;">your
responses here</a>. It=E2=80=99s fun=E2=80=94this installment is all about =
how businesses are navigating the <strong>Trump </strong>transition=E2=80=
=94and only takes a minute or two.=C2=A0</p><p style=3D"margin:0;margin-bot=
tom:0px;">=C2=A0</p><p style=3D"margin:0;"><em>Let=E2=80=99s get started=E2=
=80=A6</em></p></div>
</td></tr></tbody></table>
<table class=3D"q" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacin=
g=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspac=
e:0pt;word-break:break-word;color:#000000;direction:ltr;font-family:'In=
ter','Arial';font-size:17px;font-weight:400;letter-spacing:0px;=
line-height:150%;text-align:left;mso-line-height-alt:25.5px;"><tbody><tr><t=
d class=3D"r5" style=3D"padding-bottom:8px;"><div style=3D"margin-left:-20p=
x"><ul style=3D"margin-top:0;margin-bottom:0;list-style-type:revert;"><li s=
tyle=3D"Margin:0 0
24px 0;"><em>Phillips to Sotheby=E2=80=99s: Hold my beer!</em>: On Wednesda=
y, Phillips announced that C.E.O. Edward Dolman was stepping down in favor =
of the company=E2=80=99s chief legal officer, Martin Wilson=E2=80=94the lat=
est in a series of...</li></ul></div>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>
<table align=3D"center" width=3D"100%" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-=
rspace:0pt;"><tbody><tr><td>
<table class=3D"c ie" align=3D"center" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-=
rspace:0pt;background-color:#ffffff;color:#000000;border-radius:0;width:600=
px;margin:0 auto;" width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"100=
%" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-=
align:left;border-bottom:1px solid #d40000;border-top:1px solid #d40000;pad=
ding-bottom:32px;padding-left:24px;padding-right:24px;padding-top:32px;
vertical-align:top;border-right:0px;border-left:0px;">
<table class=3D"c4 np" width=3D"100%" border=3D"0" cellpadding=3D"0" cellsp=
acing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-r=
space:0pt;word-break:break-word;"><tbody><tr><td class=3D"r5" style=3D"padd=
ing-bottom:16px;"><div style=3D"color:#000000;direction:ltr;font-family:=
9;Inter','Arial';font-size:17px;font-weight:400;letter-spacing:=
0px;line-height:120%;text-align:left;mso-line-height-alt:20.4px;"><p style=
=3D"margin:0;">A MESSAGE FROM OUR SPONSOR</p></div>
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cing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rs=
pace:0pt;"><tbody><tr><td class=3D"r5" style=3D"padding-bottom:16px;width:1=
00%;"><div class=3D"r" align=3D"center" style=3D"line-height:10px"><div sty=
le=3D"max-width:552px;"><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9p=
ZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdUOFQ0X2xtdVY4RjVoT2JVSDZZTT0iLCJocmVmIjoiaHR=
0cHM6Ly9pY29uaWNjb2xsZWN0aW9uLmNvbS8_dXRtX3NvdXJjZT1wdWNrXHUwMDI2dXRtX21lZG=
l1bT1kaXNwbGF5XHUwMDI2dXRtX2NhbXBhaWduPWljb25pYy1jb2xsZWN0aW9uXHUwMDI2dXRtX=
2NvbnRlbnQ9d2FsbC1wb3dlclx1MDAyNnV0bV9jYW1wYWlnbj1XYWxsK1Bvd2VyKy0rTEVBRFMr=
JTI4MTIlMkYyMiUyRjI0JTI5XHUwMDI2dXRtX2NvbnRlbnQ9V2FsbCtQb3dlcistK0xFQURTKyU=
yODEyJTJGMjIlMkYyNCUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3=
NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4Iiwia=
W50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjEwMTAzNzd9/2a5a1d6=
05d429a4c341a762b7165a42d18af356e69b7d44e6881f1c738afb07a" target=3D"_blank=
" style=3D"outline:none" tabindex=3D"-1"><img src=3D"https://images.scalero=
=2Eio/email_assets/4014/67J2O62BGTP7SAY=
J7IV4PZXBJULMFJCTHULE8RHW5U0QX1RF2BJSB=
9BR0DVT3JNV.png" style=3D"display:block;height:auto;border:0;width:100%;" w=
idth=3D"552" alt=3D"Iconic Collection" title=3D"Iconic Collection" height=
=3D"auto"/></a></div></div>
</td></tr></tbody></table>
<table class=3D"c4" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspaci=
ng=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspa=
ce:0pt;word-break:break-word;"><tbody><tr><td class=3D"r5"><div style=3D"co=
lor:#000000;direction:ltr;font-family:'Inter','Arial';font-=
size:12px;font-weight:400;letter-spacing:0px;line-height:120%;text-align:le=
ft;mso-line-height-alt:14.399999999999999px;"><p style=3D"margin:0;">Iconic=
Collection welcomes you to the cutting-edge world of luxury brands and exp=
eriences. More
than just shopping centers, these are destinations for the next generation =
of consumers where traditional retail is reimagined through innovation, sus=
tainability, community partnerships, and one-of-a-kind experiences. Each Ic=
onic Collection property provides visitors with high-profile retailers, ecl=
ectic culinary feats, and cultural concepts in inspiring settings. Furtherm=
ore, Iconic magazine extends this mission and commitment to print. Every is=
sue examines the world of fashion, tech, retail,
and beyond. Uncover upcoming trends, meet industry game changers, learn the=
art and story behind each Iconic Collection property, and so much more.</p=
></div>
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<table class=3D"c ie" align=3D"center" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-=
rspace:0pt;background-color:#ffffff;color:#000000;border-radius:0;width:600=
px;margin:0 auto;" width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"100=
%" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-=
align:left;padding-left:24px;padding-right:24px;padding-top:32px;vertical-a=
lign:top;border-top:0px;border-right:0px;border-bottom:0px;border-left:
0px;">
<table class=3D"c4 np" width=3D"100%" border=3D"0" cellpadding=3D"0" cellsp=
acing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-r=
space:0pt;word-break:break-word;"><tbody><tr><td class=3D"r5" style=3D"padd=
ing-bottom:32px;"><div style=3D"color:#000000;direction:ltr;font-family:=
9;Inter','Arial';font-size:17px;font-weight:400;letter-spacing:=
0px;line-height:150%;text-align:left;mso-line-height-alt:25.5px;"><p style=
=3D"margin:0;"><em>Can=E2=80=99t see the full story?=C2=A0<strong>You=E2=80=
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Wall Power at enzo@showfile.com</strong>. For full access to Puck, and to e=
ach of my colleagues, subscribe today.</em></p></div>
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pace:0pt;"><tbody><tr><td class=3D"r5" style=3D"padding-bottom:32px;text-al=
ign:center;"><div class=3D"r" align=3D"center"><a href=3D"https://email.puc=
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SDZZTT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvam9pbi8_dXRtX2NhbXBhaWduPVdhbGw=
rUG93ZXIrLStMRUFEUyslMjgxMiUyRjIyJTJGMjQlMjlcdTAwMjZ1dG1fY29udGVudD1XYWxsK1=
Bvd2VyKy0rTEVBRFMrJTI4MTIlMkYyMiUyRjI0JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY=
3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVl=
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nt-family:'Inter','Arial';font-size:14px;font-weight:700;ms=
o-border-alt:none;padding-bottom:8px;padding-top:8px;text-align:center;text=
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<table class=3D"x" align=3D"center" width=3D"100%" border=3D"0" cellpadding=
=3D"0" cellspacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0p=
t;mso-table-rspace:0pt;"><tbody><tr><td>
<table class=3D"c ie" align=3D"center" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-=
rspace:0pt;background-color:#ffffff;color:#000000;border-radius:0;width:600=
px;margin:0 auto;" width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"100=
%" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-=
align:left;padding-bottom:12px;padding-top:12px;vertical-align:top;border-r=
adius:0px;border-top:0px;border-right:0px;border-bottom:0px;border-left:
0px;">
<table class=3D"j np" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rs=
pace:0pt;"><tbody><tr><td class=3D"r5" style=3D"width:100%;"><div class=3D"=
r" align=3D"center" style=3D"line-height:10px"><div style=3D"max-width:600p=
x;"><img src=3D"https://userimg-assets.customeriomail.com/images/client-env=
-107382/1734916592173_sothebys_01JFRHCMNETC277GCR13QYSKDZ.jpg" style=3D"dis=
play:block;height:auto;border:0;width:100%;" width=3D"600" alt=3D"Sotheby=
=E2=80=99s Christmas Retreat" title=3D"Sotheby=E2=80=99s Christmas Retreat"=
height=3D"auto"/></div></div>
</td></tr></tbody></table>
<table class=3D"gq oq" width=3D"100%" border=3D"0" cellpadding=3D"0" cellsp=
acing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-r=
space:0pt;"><tbody><tr><td class=3D"r5" style=3D"padding-bottom:16px;paddin=
g-left:24px;padding-right:24px;padding-top:16px;text-align:center;width:100=
%;"><h1 style=3D"margin:0;color:#000000;direction:ltr;font-family:'Puck=
SerifDisplay','Georgia';font-size:48px;font-weight:400;letter-s=
pacing:normal;line-height:120%;text-align:left;margin-top:0;margin-bottom:0=
;
mso-line-height-alt:57.599999999999994px;"><a href=3D"https://email.puck.ne=
ws/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdUOFQ0X2xtdVY4RjVoT2JVSDZZ=
TT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvc290aGVieXMtYWJhbmRvbnMtbmV3LWZlZS1=
zdHJ1Y3R1cmUtYWZ0ZXItbGFja2x1c3Rlci1mYWxsLz91dG1fY2FtcGFpZ249V2FsbCtQb3dlci=
stK0xFQURTKyUyODEyJTJGMjIlMkYyNCUyOVx1MDAyNnV0bV9jb250ZW50PVdhbGwrUG93ZXIrL=
StMRUFEUyslMjgxMiUyRjIyJTJGMjQlMjlcdTAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1=
MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ=
0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjoyMDI1Mz=
MyfQ/7fdf8b015f1a5d52bd402816e4834b2538b92c9965f78590e138ff50a19c5ba3" targ=
et=3D"_blank" style=3D"text-decoration:none;color:#d40000;" rel=3D"noopener=
">Sotheby=E2=80=99s Christmas Retreat</a></h1>
</td></tr></tbody></table>
<table class=3D"c4" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspaci=
ng=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspa=
ce:0pt;word-break:break-word;"><tbody><tr><td class=3D"r5" style=3D"padding=
-left:24px;padding-right:24px;"><div style=3D"color:#000000;direction:ltr;f=
ont-family:'Inter','Arial';font-size:19px;font-weight:400;l=
etter-spacing:0px;line-height:150%;text-align:left;mso-line-height-alt:28.5=
px;"><p style=3D"margin:0;">A bold new fee structure was meant to transform=
the auction
business=E2=80=94lower buyers fees to spur business and end the brutal pric=
e war between the auction houses. But after Sotheby=E2=80=99s struggled to =
land property in all of its main sales centers, it quietly reversed course =
in the final days of the year=E2=80=A6 effectively burying the news.</p></d=
iv>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>
<table align=3D"center" width=3D"100%" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-=
rspace:0pt;"><tbody><tr><td>
<table class=3D"c ie" align=3D"center" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-=
rspace:0pt;background-color:#ffffff;color:#000000;border-radius:0;border-bo=
ttom:8px solid transparent;border-left:24px solid transparent;border-right:=
24px solid transparent;border-top:8px solid transparent;width:600px;margin:=
0 auto;" width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"100%" style=
=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-align:
left;border-bottom:1px solid #d40000;border-top:1px solid #d40000;vertical-=
align:top;border-radius:0px;border-right:0px;border-left:0px;">
<table class=3D"np" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspaci=
ng=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspa=
ce:0pt;text-align:left;line-height:0;"><tbody><tr><td class=3D"r5" style=3D=
"vertical-align:middle;color:#d40000;font-family:'PuckSerifDisplay'=
,'Georgia';font-size:24px;font-weight:400;padding-bottom:8px;paddin=
g-right:8px;padding-top:8px;text-align:left;">
<table class=3D"b" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;displ=
ay:inline-block;padding-left:0px;padding-right:0px;" cellpadding=3D"0" cell=
spacing=3D"0" role=3D"presentation"><tbody><tr><td style=3D"vertical-align:=
middle;text-align:center;padding-top:0px;padding-bottom:0px;padding-left:8p=
x;padding-right:8px;"><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZC=
I6ImRnVDJ4Z1lEQU5TTktOT05LQUdUOFQ0X2xtdVY4RjVoT2JVSDZZTT0iLCJocmVmIjoiaHR0c=
HM6Ly9wdWNrLm5ld3MvYXV0aG9yL21hcmlvbi1tYW5la2VyLz91dG1fY2FtcGFpZ249V2FsbCtQ=
b3dlcistK0xFQURTKyUyODEyJTJGMjIlMkYyNCUyOVx1MDAyNnV0bV9jb250ZW50PVdhbGwrUG9=
3ZXIrLStMRUFEUyslMjgxMiUyRjIyJTJGMjQlMjlcdTAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdG=
lvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZ=
DMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjo4=
NDc4MTd9/b8b6ea184d14f20f06a8d04cfa0e86bdaaa148569666969ebeb88dee11338bc3" =
target=3D"_self" style=3D"text-decoration:none;"><img alt=3D"Marion Maneker=
" src=3D"https://userimg-assets.customeriomail.com/images/client-env-107382=
/1729518659738_avatar-marion_01JAQNGT7SF2880EH1G4HN5984.png" height=3D"auto=
" width=3D"48" align=3D"center" style=3D"display:block;height:auto;margin:0=
auto;border:0;"/></a>
</td><td style=3D"font-family:'PuckSerifDisplay','Georgia';=
font-size:24px;font-weight:400;color:#d40000;vertical-align:middle;letter-s=
pacing:undefined;text-align:left;line-height:normal;"><a href=3D"https://em=
ail.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdUOFQ0X2xtdVY4R=
jVoT2JVSDZZTT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvYXV0aG9yL21hcmlvbi1tYW5l=
a2VyLz91dG1fY2FtcGFpZ249V2FsbCtQb3dlcistK0xFQURTKyUyODEyJTJGMjIlMkYyNCUyOVx=
1MDAyNnV0bV9jb250ZW50PVdhbGwrUG93ZXIrLStMRUFEUyslMjgxMiUyRjIyJTJGMjQlMjlcdT=
AwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cd=
TAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVl=
M2QzMDFkNDhkMjgiLCJsaW5rX2lkIjo4NDc4MTd9/b8b6ea184d14f20f06a8d04cfa0e86bdaa=
a148569666969ebeb88dee11338bc3" target=3D"_self" style=3D"color:#d40000;tex=
t-decoration:none;">Marion Maneker</a>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>
<table align=3D"center" width=3D"100%" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-=
rspace:0pt;"><tbody><tr><td>
<table class=3D"c ie" align=3D"center" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-=
rspace:0pt;background-color:#ffffff;color:#000000;border-radius:0;width:600=
px;margin:0 auto;" width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"100=
%" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-=
align:left;padding-left:24px;padding-right:24px;padding-top:16px;vertical-a=
lign:top;border-top:0px;border-right:0px;border-bottom:0px;border-left:
0px;">
<table class=3D"c4 np" width=3D"100%" border=3D"0" cellpadding=3D"0" cellsp=
acing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-r=
space:0pt;word-break:break-word;"><tbody><tr><td class=3D"r5" style=3D"padd=
ing-bottom:32px;"><div style=3D"color:#000000;direction:ltr;font-family:=
9;Inter','Arial';font-size:17px;font-weight:400;letter-spacing:=
0px;line-height:150%;text-align:left;mso-line-height-alt:25.5px;"><p style=
=3D"margin:0;margin-bottom:0px;">To hear Sotheby=E2=80=99s tell it, the cha=
nge in its fee structure
earlier this year was a bold and heroic effort to fix the auction business.=
And so there was no shortage of defensiveness, last week, when the auction=
house announced it was walking back those changes, raising the most broadl=
y applicable buyer=E2=80=99s premium from 20 to 27 percent. In an <a href=
=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUd=
UOFQ0X2xtdVY4RjVoT2JVSDZZTT0iLCJocmVmIjoiaHR0cHM6Ly93d3cudGhlYXJ0bmV3c3BhcG=
VyLmNvbS8yMDI0LzEyLzE5L3NvdGhlYnlzLXUtdHVybi1vbi1uZXctZmVlcy1zdHJ1Y3R1cmU_d=
XRtX2NhbXBhaWduPVdhbGwrUG93ZXIrLStMRUFEUyslMjgxMiUyRjIyJTJGMjQlMjlcdTAwMjZ1=
dG1fY29udGVudD1XYWxsK1Bvd2VyKy0rTEVBRFMrJTI4MTIlMkYyMiUyRjI0JTI5XHUwMDI2dXR=
tX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dX=
RtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZ=
DQ4ZDI4IiwibGlua19pZCI6MjAyNTMzM30/919442df62edd0b96ce6a1c2dad537fab7316208=
c5ed517b9a278faaac8c2aba" style=3D"text-decoration:underline;color:#d40000;=
">interview</a> with <em>The Art Newspaper</em>, C.E.O. <strong>Charles
Stewart</strong> noted defiantly, =E2=80=9CWe are totally unafraid to try t=
hings that challenge conventions in ways that benefit the market and expand=
access to growing audiences.=E2=80=9D=C2=A0</p><p style=3D"margin:0;margin=
-bottom:0px;">=C2=A0</p><p style=3D"margin:0;">But the new fee structure en=
ded up being...</p></div>
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pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-=
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px;margin:0 auto;" width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"100=
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op:0px;border-right:0px;border-bottom:0px;border-left:0px;">
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pace:0pt;"><tbody><tr><td class=3D"r5" style=3D"padding-bottom:32px;text-al=
ign:center;"><div class=3D"r" align=3D"center"><a href=3D"https://email.puc=
k.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdUOFQ0X2xtdVY4RjVoT2JV=
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6NTU4Njc5fQ/56994b394cbacf22cbbcb82d1025b0952108d69d825d618439d817e502dffe4=
6" target=3D"_blank" style=3D"background-color:#d40000;border-bottom:2px so=
lid #d40000;border-left:2px solid #d40000;border-radius:4px;border-right:2p=
x solid #d40000;border-top:2px solid #d40000;color:#ffffff;display:block;fo=
nt-family:'Inter','Arial';font-size:14px;font-weight:700;ms=
o-border-alt:none;padding-bottom:8px;padding-top:8px;text-align:center;text=
-decoration:none;width:60%;word-break:keep-all;"><span style=3D"word-break:=
break-word;padding-left:0px;padding-right:0px;font-size:14px;display:inline=
-block;letter-spacing:normal;"><span style=3D"word-break:break-word;line-he=
ight:28px;">KEEP READING WITH A FREE TRIAL</span></span></a></div>
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px;margin:0 auto;" width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"100=
%" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-=
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vertical-align:top;border-right:0px;border-left:0px;">
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cing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rs=
pace:0pt;"><tbody><tr><td class=3D"r5" style=3D"width:100%;"><div class=3D"=
r" align=3D"center" style=3D"line-height:10px"><div style=3D"max-width:552p=
x;"><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5T=
TktOT05LQUdUOFQ0X2xtdVY4RjVoT2JVSDZZTT0iLCJocmVmIjoiaHR0cHM6Ly9pY29uaWNjb2x=
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5a42d18af356e69b7d44e6881f1c738afb07a" target=3D"_blank" style=3D"outline:n=
one" tabindex=3D"-1"><img src=3D"https://images.scalero.io/email_assets/401=
4/67J2O62BGTP7SAYJ7IV4PZXBJULMFJCTHULE8RHW5U0QX1RF2BJSB9BR0DVT3JNV.png" sty=
le=3D"display:block;height:auto;border:0;width:100%;" width=3D"552" alt=3D"=
Iconic Collection" title=3D"Iconic Collection" height=3D"auto"/></a></div><=
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pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-=
rspace:0pt;background-color:#ffffff;color:#000000;border-radius:0;width:600=
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%" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-=
align:left;padding-bottom:32px;padding-left:24px;padding-right:24px;padding=
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border-bottom:0px;border-left:0px;">
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spacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table=
-rspace:0pt;"><tbody><tr><td class=3D"r5" style=3D"padding-bottom:32px;widt=
h:100%;"><div class=3D"r" align=3D"center" style=3D"line-height:10px"><div =
style=3D"max-width:552px;"><a href=3D"https://email.puck.news/e/c/eyJlbWFpb=
F9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdUOFQ0X2xtdVY4RjVoT2JVSDZZTT0iLCJocmVmIjoi=
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zNTY2M30/6d2f3841518fba406f74afe4e93b2dae7c1f9a26efed87092455c67c09c45041" =
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//userimg-assets.customeriomail.com/images/client-env-107382/1729518749533_=
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pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-=
rspace:0pt;mso-hide:all;display:none;max-height:0;overflow:hidden;"><tbody>=
<tr><td class=3D"r5" style=3D"padding-bottom:32px;width:100%;"><div class=
=3D"r" align=3D"center" style=3D"line-height:10px"><div style=3D"max-width:=
552px;"><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lE=
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ld3MvcG9kY2FzdHMvdGhlLXRvd24vP3V0bV9jYW1wYWlnbj1XYWxsK1Bvd2VyKy0rTEVBRFMrJT=
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DEyJTJGMjIlMkYyNCUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3Nv=
dXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW5=
0ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjYzNTY2M30/6d2f384151=
8fba406f74afe4e93b2dae7c1f9a26efed87092455c67c09c45041" target=3D"_blank" s=
tyle=3D"outline:none" tabindex=3D"-1"><img src=3D"https://userimg-assets.cu=
stomeriomail.com/images/client-env-107382/1729518749151_pod-visual-tt-mobil=
e_01JAQNKHJ13YS1TGJ0YBFGG9EX.png" style=3D"display:block;height:auto;border=
:0;width:100%;" width=3D"552" alt=3D"The Town" title=3D"The Town" height=3D=
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<table class=3D"c4" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspaci=
ng=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspa=
ce:0pt;word-break:break-word;"><tbody><tr><td class=3D"r5"><div style=3D"co=
lor:#000000;direction:ltr;font-family:'Inter','Arial';font-=
size:17px;font-weight:400;letter-spacing:0px;line-height:120%;text-align:le=
ft;mso-line-height-alt:20.4px;"><p style=3D"margin:0;">Puck founding partne=
r Matt Belloni takes you inside the business of Hollywood, using exclusive =
reporting and
insight to explain the backstories on everything from Marvel movies to the =
streaming wars.</p></div>
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pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-=
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px;margin:0 auto;" width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"100=
%" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-=
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h:100%;"><div class=3D"r" align=3D"center" style=3D"line-height:10px"><div =
style=3D"max-width:552px;"><a href=3D"https://email.puck.news/e/c/eyJlbWFpb=
F9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdUOFQ0X2xtdVY4RjVoT2JVSDZZTT0iLCJocmVmIjoi=
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MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19=
pZCI6NDI2MDQ1fQ/ed207580c67d63079bcde3be4b1ada3fd481f8e9ecce44dc0f9c0b8dfd7=
7183b" target=3D"_blank" style=3D"outline:none" tabindex=3D"-1"><img src=3D=
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779960_nl-visual-ls_01JAQNMFMSP520BWTEQ3YRCXW3.png" style=3D"display:block;=
height:auto;border:0;width:100%;" width=3D"552" alt=3D"Line Sheet" title=3D=
"Line Sheet" height=3D"auto"/></a></div></div>
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pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-=
rspace:0pt;mso-hide:all;display:none;max-height:0;overflow:hidden;"><tbody>=
<tr><td class=3D"r5" style=3D"padding-bottom:32px;width:100%;"><div class=
=3D"r" align=3D"center" style=3D"line-height:10px"><div style=3D"max-width:=
552px;"><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lE=
QU5TTktOT05LQUdUOFQ0X2xtdVY4RjVoT2JVSDZZTT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5=
ld3MvbmV3c2xldHRlcnMvbGluZS1zaGVldC8_dXRtX2NhbXBhaWduPVdhbGwrUG93ZXIrLStMRU=
FEUyslMjgxMiUyRjIyJTJGMjQlMjlcdTAwMjZ1dG1fY29udGVudD1XYWxsK1Bvd2VyKy0rTEVBR=
FMrJTI4MTIlMkYyMiUyRjI0JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1=
dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjg=
iLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6NDI2MDQ1fQ/ed2=
07580c67d63079bcde3be4b1ada3fd481f8e9ecce44dc0f9c0b8dfd77183b" target=3D"_b=
lank" style=3D"outline:none" tabindex=3D"-1"><img src=3D"https://userimg-as=
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border:0;width:100%;" width=3D"552" alt=3D"Line Sheet" title=3D"Line Sheet"=
height=3D"auto"/></a></div></div>
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ng=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspa=
ce:0pt;word-break:break-word;"><tbody><tr><td class=3D"r5"><div style=3D"co=
lor:#000000;direction:ltr;font-family:'Inter','Arial';font-=
size:17px;font-weight:400;letter-spacing:0px;line-height:120%;text-align:le=
ft;mso-line-height-alt:20.4px;"><p style=3D"margin:0;">Lauren Sherman, a fo=
rmer top executive at Business of Fashion, is the preeminent fashion journa=
list of her
generation. Line Sheet offers incisive reportage on all aspects of the indu=
stry and its biggest players. Every Wednesday, Lauren is joined by the beau=
ty industry=E2=80=99s leading reporter, Rachel Strugatz, who writes the def=
initive guide to what=E2=80=99s happening across the category, from M&A=
to executive shuffles.</p></div>
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pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-=
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px;margin:0 auto;" width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"100=
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border-bottom:0px;border-left:0px;">
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spacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table=
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=3D"r" align=3D"center" style=3D"line-height:10px"><div style=3D"max-width:=
552px;"><img src=3D"https://userimg-assets.customeriomail.com/images/client=
-env-107382/1729518810212_rec-title-stories_01JAQNND652H5Y7600TMP7468A.png"=
style=3D"display:block;height:auto;border:0;width:100%;" width=3D"552" alt=
=3D"" title=3D"" height=3D"auto"/></div></div>
</td></tr></tbody></table>
<table class=3D"j oq n" width=3D"100%" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-=
rspace:0pt;mso-hide:all;display:none;max-height:0;overflow:hidden;"><tbody>=
<tr><td class=3D"r5" style=3D"width:100%;"><div class=3D"r" align=3D"center=
" style=3D"line-height:10px"><div style=3D"max-width:552px;"><img src=3D"ht=
tps://userimg-assets.customeriomail.com/images/client-env-107382/1729518809=
961_rec-title-stories-mobile_01JAQNNCY9EWQ39NQX129SGS8M.png" style=3D"displ=
ay:block;
height:auto;border:0;width:100%;" width=3D"552" alt=3D"" title=3D"" height=
=3D"auto"/></div></div>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>
<table class=3D"s" align=3D"center" width=3D"100%" border=3D"0" cellpadding=
=3D"0" cellspacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0p=
t;mso-table-rspace:0pt;"><tbody><tr><td>
<table class=3D"c ie" align=3D"center" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-=
rspace:0pt;background-color:#ffffff;color:#000000;border-radius:0;width:600=
px;margin:0 auto;" width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"41.=
666666666666664%" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-w=
eight:400;text-align:left;padding-bottom:16px;padding-left:24px;padding-rig=
ht:16px;padding-top:16px;vertical-align:top;border-top:0px;border-right:
0px;border-bottom:0px;border-left:0px;">
<table class=3D"j np" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rs=
pace:0pt;"><tbody><tr><td class=3D"r5" style=3D"width:100%;padding-right:0p=
x;padding-left:0px;"><div class=3D"r" align=3D"center" style=3D"line-height=
:10px"><div class=3D"f" style=3D"max-width:210px;"><img src=3D"https://user=
img-assets.customeriomail.com/images/client-env-107382/1734676470953_donate=
lla_01JFHCCQ9FNQPQTWBPZVHFY1R6.jpg" style=3D"display:block;height:auto;bord=
er:0;width:
100%;" width=3D"210" alt=3D"The Treaty of Versace" title=3D"The Treaty of V=
ersace" height=3D"auto"/></div></div>
</td></tr></tbody></table>
</td><td class=3D"yq p" width=3D"58.333333333333336%" style=3D"mso-table-ls=
pace:0pt;mso-table-rspace:0pt;font-weight:400;text-align:left;padding-botto=
m:32px;padding-right:24px;padding-top:16px;vertical-align:top;border-top:0p=
x;border-right:0px;border-bottom:0px;border-left:0px;">
<table class=3D"gq np" width=3D"100%" border=3D"0" cellpadding=3D"0" cellsp=
acing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-r=
space:0pt;"><tbody><tr><td class=3D"r5" style=3D"padding-bottom:8px;text-al=
ign:center;width:100%;"><h2 style=3D"margin:0;color:#000000;direction:ltr;f=
ont-family:'PuckSerifDisplay','Georgia';font-size:32px;font=
-weight:400;letter-spacing:normal;line-height:120%;text-align:left;margin-t=
op:0;margin-bottom:0;mso-line-height-alt:38.4px;"><a href=3D"https://email.=
puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdUOFQ0X2xtdVY4RjVoT=
2JVSDZZTT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvdmVyc2FjZS1pcy1vbi10aGUtYmxv=
Y2std2hvLXdpbGwtYnV5LWl0LXdpdGhlci1kb25hdGVsbGEvP3V0bV9jYW1wYWlnbj1XYWxsK1B=
vd2VyKy0rTEVBRFMrJTI4MTIlMkYyMiUyRjI0JTI5XHUwMDI2dXRtX2NvbnRlbnQ9V2FsbCtQb3=
dlcistK0xFQURTKyUyODEyJTJGMjIlMkYyNCUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0a=
W9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNk=
MzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjI=
wMjM2NzB9/d2e8017469776c8a71237d11e47dca72395083e716e2c930a034a0c81cdea61e"=
target=3D"_blank" style=3D"text-decoration:none;color:#d40000;" rel=3D"noo=
pener"><span style=3D"word-break:break-word;position:relative;" data-positi=
on=3D"10-1-0" data-qa=3D"tinyeditor-root-element" data-lt-tmp-id=3D"lt-4561=
36" data-gramm=3D"false">The Treaty of Versace</span></a></h2>
</td></tr></tbody></table>
<table class=3D"c4 oq" width=3D"100%" border=3D"0" cellpadding=3D"0" cellsp=
acing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-r=
space:0pt;word-break:break-word;"><tbody><tr><td class=3D"r5"><div style=3D=
"color:#000;direction:ltr;font-family:'Inter','Arial';font-=
size:14px;font-weight:700;letter-spacing:0px;line-height:120%;text-align:le=
ft;mso-line-height-alt:16.8px;"><p style=3D"margin:0;">LAUREN SHERMAN</p></=
div>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>
<table class=3D"t" align=3D"center" width=3D"100%" border=3D"0" cellpadding=
=3D"0" cellspacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0p=
t;mso-table-rspace:0pt;"><tbody><tr><td>
<table class=3D"c ie" align=3D"center" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-=
rspace:0pt;background-color:#ffffff;color:#000000;border-radius:0;width:600=
px;margin:0 auto;" width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"41.=
666666666666664%" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-w=
eight:400;text-align:left;padding-bottom:16px;padding-left:24px;padding-rig=
ht:16px;padding-top:16px;vertical-align:top;border-top:0px;border-right:
0px;border-bottom:0px;border-left:0px;">
<table class=3D"j np" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rs=
pace:0pt;"><tbody><tr><td class=3D"r5" style=3D"width:100%;padding-right:0p=
x;padding-left:0px;"><div class=3D"r" align=3D"center" style=3D"line-height=
:10px"><div class=3D"f" style=3D"max-width:210px;"><img src=3D"https://user=
img-assets.customeriomail.com/images/client-env-107382/1734676471725_red%20=
one_01JFHCCQZNJQWY1HE3X21V7BYN.jpg" style=3D"display:block;height:auto;bord=
er:0;width:
100%;" width=3D"210" alt=3D"Amazon=E2=80=99s Hybrid War" title=3D"Amazon=E2=
=80=99s Hybrid War" height=3D"auto"/></div></div>
</td></tr></tbody></table>
</td><td class=3D"yq p" width=3D"58.333333333333336%" style=3D"mso-table-ls=
pace:0pt;mso-table-rspace:0pt;font-weight:400;text-align:left;padding-botto=
m:32px;padding-right:24px;padding-top:16px;vertical-align:top;border-top:0p=
x;border-right:0px;border-bottom:0px;border-left:0px;">
<table class=3D"gq np" width=3D"100%" border=3D"0" cellpadding=3D"0" cellsp=
acing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-r=
space:0pt;"><tbody><tr><td class=3D"r5" style=3D"padding-bottom:8px;text-al=
ign:center;width:100%;"><h2 style=3D"margin:0;color:#000000;direction:ltr;f=
ont-family:'PuckSerifDisplay','Georgia';font-size:32px;font=
-weight:400;letter-spacing:normal;line-height:120%;text-align:left;margin-t=
op:0;margin-bottom:0;mso-line-height-alt:38.4px;"><a href=3D"https://email.=
puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdUOFQ0X2xtdVY4RjVoT=
2JVSDZZTT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvYW1hem9uLW1vdmVkLXJlZC1vbmUt=
dG8tcHJpbWUtdGhlYXRlci1vd25lcnMtYXJlLXBpc3NlZC8_dXRtX2NhbXBhaWduPVdhbGwrUG9=
3ZXIrLStMRUFEUyslMjgxMiUyRjIyJTJGMjQlMjlcdTAwMjZ1dG1fY29udGVudD1XYWxsK1Bvd2=
VyKy0rTEVBRFMrJTI4MTIlMkYyMiUyRjI0JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb=
25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2Qz=
MDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MjA=
yMzg2M30/a9ad88c38ed582bd4003aaa37e4164bab2cbade9ec9bef66d67eec7478e3f1ff" =
target=3D"_blank" style=3D"text-decoration:none;color:#d40000;" rel=3D"noop=
ener">Amazon=E2=80=99s Hybrid War</a></h2>
</td></tr></tbody></table>
<table class=3D"c4 oq" width=3D"100%" border=3D"0" cellpadding=3D"0" cellsp=
acing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-r=
space:0pt;word-break:break-word;"><tbody><tr><td class=3D"r5"><div style=3D=
"color:#000;direction:ltr;font-family:'Inter','Arial';font-=
size:14px;font-weight:700;letter-spacing:0px;line-height:120%;text-align:le=
ft;mso-line-height-alt:16.8px;"><p style=3D"margin:0;">MATTHEW BELLONI</p><=
/div>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>
<table class=3D"u" align=3D"center" width=3D"100%" border=3D"0" cellpadding=
=3D"0" cellspacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0p=
t;mso-table-rspace:0pt;"><tbody><tr><td>
<table class=3D"c ie" align=3D"center" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-=
rspace:0pt;background-color:#ffffff;color:#000000;border-radius:0;width:600=
px;margin:0 auto;" width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"41.=
666666666666664%" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-w=
eight:400;text-align:left;padding-bottom:16px;padding-left:24px;padding-rig=
ht:16px;padding-top:16px;vertical-align:top;border-top:0px;border-right:
0px;border-bottom:0px;border-left:0px;">
<table class=3D"j np" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rs=
pace:0pt;"><tbody><tr><td class=3D"r5" style=3D"width:100%;padding-right:0p=
x;padding-left:0px;"><div class=3D"r" align=3D"center" style=3D"line-height=
:10px"><div class=3D"f" style=3D"max-width:210px;"><img src=3D"https://user=
img-assets.customeriomail.com/images/client-env-107382/1734676471472_nba_01=
JFHCCQQS4YAW4N2TWY2B73R6.jpg" style=3D"display:block;height:auto;border:0;w=
idth:100%;" width=3D"210" alt=3D"NBA=E2=80=99s Ratings Slump" title=3D"NBA=
=E2=80=99s Ratings Slump" height=3D"auto"/></div></div>
</td></tr></tbody></table>
</td><td class=3D"yq p" width=3D"58.333333333333336%" style=3D"mso-table-ls=
pace:0pt;mso-table-rspace:0pt;font-weight:400;text-align:left;padding-botto=
m:32px;padding-right:24px;padding-top:16px;vertical-align:top;border-top:0p=
x;border-right:0px;border-bottom:0px;border-left:0px;">
<table class=3D"gq np" width=3D"100%" border=3D"0" cellpadding=3D"0" cellsp=
acing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-r=
space:0pt;"><tbody><tr><td class=3D"r5" style=3D"padding-bottom:8px;text-al=
ign:center;width:100%;"><h2 style=3D"margin:0;color:#000000;direction:ltr;f=
ont-family:'PuckSerifDisplay','Georgia';font-size:32px;font=
-weight:400;letter-spacing:normal;line-height:120%;text-align:left;margin-t=
op:0;margin-bottom:0;mso-line-height-alt:38.4px;"><a href=3D"https://email.=
puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdUOFQ0X2xtdVY4RjVoT=
2JVSDZZTT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvdGhlLW5iYS1uZWVkcy1hLWNocmlz=
dG1hcy1taXJhY2xlLz91dG1fY2FtcGFpZ249V2FsbCtQb3dlcistK0xFQURTKyUyODEyJTJGMjI=
lMkYyNCUyOVx1MDAyNnV0bV9jb250ZW50PVdhbGwrUG93ZXIrLStMRUFEUyslMjgxMiUyRjIyJT=
JGMjQlMjlcdTAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3Vzd=
G9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoi=
ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjoyMDIzNzYyfQ/ec9119599e9916fe79ab=
80b68e073840da9cfde40e220786e500bf8dfb3af214" target=3D"_blank" style=3D"te=
xt-decoration:none;color:#d40000;" rel=3D"noopener">NBA=E2=80=99s Ratings S=
lump</a></h2>
</td></tr></tbody></table>
<table class=3D"c4 oq" width=3D"100%" border=3D"0" cellpadding=3D"0" cellsp=
acing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-r=
space:0pt;word-break:break-word;"><tbody><tr><td class=3D"r5"><div style=3D=
"color:#000;direction:ltr;font-family:'Inter','Arial';font-=
size:14px;font-weight:700;letter-spacing:0px;line-height:120%;text-align:le=
ft;mso-line-height-alt:16.8px;"><p style=3D"margin:0;">JOHN OURAND</p></div=
>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>
<table align=3D"center" width=3D"100%" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-=
rspace:0pt;"><tbody><tr><td>
<table class=3D"c ie" align=3D"center" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-=
rspace:0pt;background-color:#ffffff;color:#000000;border-radius:0;width:600=
px;margin:0 auto;" width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"100=
%" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-=
align:left;padding-bottom:32px;padding-left:24px;padding-right:24px;padding=
-top:32px;vertical-align:top;border-top:0px;border-right:0px;
border-bottom:0px;border-left:0px;">
<table class=3D"j np" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rs=
pace:0pt;"><tbody><tr><td class=3D"r5" style=3D"width:100%;"><div class=3D"=
r" align=3D"center" style=3D"line-height:10px"><div style=3D"max-width:552p=
x;"><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5T=
TktOT05LQUdUOFQ0X2xtdVY4RjVoT2JVSDZZTT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3M=
vam9pbi8_dXRtX2NhbXBhaWduPVdhbGwrUG93ZXIrLStMRUFEUyslMjgxMiUyRjIyJTJGMjQlMj=
lcdTAwMjZ1dG1fY29udGVudD1XYWxsK1Bvd2VyKy0rTEVBRFMrJTI4MTIlMkYyMiUyRjI0JTI5X=
HUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlv=
XHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE=
1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6NTU4Njc5fQ/56994b394cbacf22cbbcb82d1025b09=
52108d69d825d618439d817e502dffe46" target=3D"_blank" style=3D"outline:none"=
tabindex=3D"-1"><img src=3D"https://userimg-assets.customeriomail.com/imag=
es/client-env-107382/1734452182740_leads-image-generic-update_01JFAPFZSWVMP=
QPPQVAPP551DS.jpg" style=3D"display:block;height:auto;border:0;width:100%;"=
width=3D"552" alt=3D"Start your free trial today" title=3D"Start your free=
trial today" height=3D"auto"/></a></div></div>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>
<table align=3D"center" width=3D"100%" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-=
rspace:0pt;"><tbody><tr><td>
<table class=3D"c ie" align=3D"center" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-=
rspace:0pt;background-color:#ffffff;color:#000000;border-radius:0;width:600=
px;margin:0 auto;" width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"100=
%" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-=
align:left;padding-bottom:32px;padding-left:24px;padding-right:24px;vertica=
l-align:top;border-top:0px;border-right:0px;border-bottom:0px;
border-left:0px;">
<table class=3D"j np n5" width=3D"100%" border=3D"0" cellpadding=3D"0" cell=
spacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table=
-rspace:0pt;"><tbody><tr><td class=3D"r5" style=3D"padding-bottom:32px;padd=
ing-top:32px;width:100%;"><div class=3D"r" align=3D"center" style=3D"line-h=
eight:10px"><div style=3D"max-width:552px;"><img src=3D"https://userimg-ass=
ets.customeriomail.com/images/client-env-107382/1729537427139_footer-logo_0=
1JAR7DHY1VEFQNQ5FAAGYVJS4.png" style=3D"display:block;height:auto;border:0;=
width:100%;" width=3D"552" alt=3D"Puck" title=3D"Puck" height=3D"auto"/></d=
iv></div>
</td></tr></tbody></table>
<table class=3D"j oq n" width=3D"100%" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-=
rspace:0pt;mso-hide:all;display:none;max-height:0;overflow:hidden;"><tbody>=
<tr><td class=3D"r5" style=3D"padding-bottom:32px;padding-top:32px;width:10=
0%;"><div class=3D"r" align=3D"center" style=3D"line-height:10px"><div styl=
e=3D"max-width:552px;"><img src=3D"https://userimg-assets.customeriomail.co=
m/images/client-env-107382/1729518947977_footer-logo-mobile_01JAQNSKRJ58SD3=
S55GZQRSGS0.png" style=3D"display:block;height:auto;border:0;width:100%;" w=
idth=3D"552" alt=3D"Puck" title=3D"Puck" height=3D"auto"/></div></div>
</td></tr></tbody></table>
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