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Subject: What We Learned this Week (2311)
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View this post on the web at https://artelligence.substack.com/p/what-we-le=
arned-this-week-2311
Welcome to the Artelligence newsletter
This is the new home for news and analysis of the global art market from Ar=
t Market Monitor and LiveArt. Combined with our Artelligence podcast [ http=
s://substack.com/redirect/7afedc2a-d4f9-4521-808b-0f8ddb946704?j=3DeyJ1Ijoi=
MjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ], it offers a uniq=
ue perspective on the global art market.
If you have questions, tips or suggestions for coverage, feel free to conta=
ct us here [ mailto:maneker@artmarketmonitor.com ].
Please feel free to forward the newsletter to anyone you think would like t=
o subscribe. If you don=E2=80=99t want or need another newsletter, feel fre=
e to unsubscribe. But we hope you=E2=80=99ll stick with us.
In This Issue
Artelligence Podcast: Sara Friedlander takes the pulse of the NY sales
Lot Watch: Phillips announces $9m Nara for Hong Kong in March; Sotheby=E2=
=80=99s has a Thiebaud candy counter in May.
Blackrock=E2=80=99s Larry Fink Warns of More Financial Turmoil Ahead: Will =
the liquidity mismatch help the art market or hurt it?
Barkley & Stanley: A friendship born in obscurity, celebrated in posterity
Sachs-ymandias: Is Tom Sachs courting a fall?
Artelligence Podcast
LiveArt=E2=80=99s Market Pulse with Christie=E2=80=99s Sara Friedlander and=
George O=E2=80=99Dell
Sara Friedlander, a deputy Chairman at Christie=E2=80=99s who styles hersel=
f and =E2=80=9Cart merchant,=E2=80=9D joins LiveArt=E2=80=99s George O=E2=
=80=99Dell to discuss the first New York sales of 2023. The auction calenda=
r is anchored by the May & November sales in New York but the rest of the y=
ear is a free-for-all of sales.=C2=A0
On a year-over-year basis, the New York Contemporary art sales were up in d=
ollar volume due to presence of two single-owner sales but down only slight=
ly on a like-for-like basis. Sara points out that she has never seen the pr=
imary market so strong which makes her wonder who are the new names that au=
ctioneers should be bringing to market.=C2=A0
Meanwhile, on the secondary market, sales are heavily dependent upon estima=
tes. Bidders are reacting to perceived value. George and Sara talk about th=
e market for Cecily Brown, Albert Oehlen, Shara Hughes, Leon Polk Smith, Bo=
b Thompson and together they plot a Richard Estes show to spearhead the ret=
urn of Photorealism to market favor. =C2=A0
SELL TO MEET DEMAND: A pre-qualified LiveArt collector is seeking an A+ col=
orful cubist work by George Condo for $1,500,000 - $7,000,000.
Lot Watch
Phillips announced the lead lot for their March 30th auction in Hong Kong, =
the debut of their gleaming new HK headquarters in the M+ complex. Yoshitom=
o Nara=E2=80=99s Lookin=E2=80=99 for Treasure comes from a set of 1995 work=
s made by the artist while he was living in Germany. With a whisper number =
of HKD 70m ($8.9m), Phillips is setting the expectations high for the work.=
Although one work did sell for nearly $25m more than three years ago, the =
top prices for Nara, set mostly in the last two years are around $15m. [ ht=
tps://substack.com/redirect/07bb36cb-09e9-4ed5-ac2d-5f5c95beeecb?j=3DeyJ1Ij=
oiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]=20
Sotheby=E2=80=99s has secured a Wayne Thiebaud Candy Counter from 1969 for =
its May sales in New York. The estimate is $10m which is a crucial price ce=
iling for Thiebaud [ https://substack.com/redirect/06220045-f702-4ed2-bdf3-=
8a3f604bc3ed?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp=
7gWdY ]. The work is a companion to the one owned by Hunk and Moo Anderson =
which is now at their museum in Stanford. Almost four feet tall and three f=
eet wide, the work is quite large for a 1960s Thiebaud. Sotheby=E2=80=99s r=
esearch found only 10 candy works from the 1960s that are larger than 30 in=
ches. Half of those are already in museum collections.=20
GRIDLOCK: There is a Trading Floor request for a Boetti Arazzi work in brig=
ht colors and stellar condition in the price range of =E2=82=AC150,000 - =
=E2=82=AC200,000.
What=E2=80=99s a Liquidity Mismatch? And What Does It Mean for the Art Mark=
et?
Blackrock=E2=80=99s founder and CEO, Larry Fink, released his annual letter=
to investors where he outlines some of the challenges facing the financial=
system in 2023. Noting that =E2=80=9C2022 was one of the most challenging =
market environments in history =E2=80=93 a year in which both equity and bo=
nd markets declined for the first time in decades,=E2=80=9D Fink warns of a=
liquidity mismatch. What does that mean?
Since the financial crisis of 2008, markets were defined by extraordinarily=
aggressive fiscal and monetary policy. As a result of these policies, we=
=E2=80=99ve seen inflation move sharply higher to levels not seen since the=
1980s. To fight this inflation, the Federal Reserve in the past year has r=
aised rates nearly 500 basis points. This is one price we=E2=80=99re alread=
y paying for years of easy money =E2=80=93 and was the first domino to drop=
=2E
Fink believe there are three dominoes lined up here. The second is an asset=
-liability mismatch where banks were lending short-term but investing in lo=
ng-term low yield assets:
This past week we saw the biggest bank failure in more than 15 years as fed=
eral regulators seized Silicon Valley Bank. This is a classic asset-liabili=
ty mismatch. Two smaller banks failed in the past week as well. It=E2=80=99=
s too early to know how widespread the damage is. The regulatory response h=
as so far been swift, and decisive actions have helped stave off contagion =
risks. But markets remain on edge. Will asset-liability mismatches be the s=
econd domino to fall?
Whatever the outcome, Fink warns that banks will necessarily become more co=
nstrained in their lending. On the corporate side, this =E2=80=9Cwill place=
greater importance on the role of capital markets.=E2=80=9D=20
And, there could yet be a third domino to fall. In addition to duration mis=
matches, we may now also see liquidity mismatches. Years of lower rates had=
the effect of driving some asset owners to increase their commitments to i=
lliquid investments =E2=80=93 trading lower liquidity for higher returns. T=
here=E2=80=99s a risk now of a liquidity mismatch for these asset owners, e=
specially those with leveraged portfolios.
Asset owners aren=E2=80=99t only corporations. The very rich, the sort of f=
olks who are active in the art market, especially in the important upper re=
aches, are significant asset owners. Years of low interest rates and now fa=
lling equity and bond markets have driven many of the wealthy into alternat=
ive or illiquid assets. Overall, that=E2=80=99s been good for the art marke=
t. Art is one of those illiquid assets. Much of that money formerly going i=
nto art during a low interest rate cycle might not be there in the future.
That said. Ronald Perelman got into a liquidity mismatch of his own a few y=
ears ago. The result was a massive sale of his art assets which proved far =
more liquid at the time than other financial assets. Will something similar=
happen in the coming year among aggressive art buyers?=20
Larry Fink=E2=80=99s Annual Chairman=E2=80=99s Letter to Investors [ https:=
//substack.com/redirect/8e26e4de-2f6b-4818-a3e2-95c84fb387c4?j=3DeyJ1IjoiMj=
djZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ] (BlackRock)
POPULARITY CONTEST: Several LiveArt collectors are looking for works by Jea=
n-Michel Othoniel including paintings, necklace sculptures, and large-scale=
outdoor sculptures.
The Friendship Behind a $5 Million Barkley L. Hendricks Painting [ https://=
substack.com/redirect/aba0b680-65b9-4086-afe3-1390574595b6?j=3DeyJ1IjoiMjdj=
ZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ] (WSJ)
Gerald Fineberg=E2=80=99s massive collection is coming to Christie=E2=80=99=
s in May with a $270m whisper number. The collection is studded with works =
by de Kooning, Joan Mitchell, Mark Rothko, Helen Frankenthaler, Mark Grotja=
hn, Andy Warhol, Mark Bradford and many more A+ names. The Wall Street Jour=
nal focuses on the one work that combines two great artists of generation t=
hat is now only getting their due. The market for Barkley Hendricks=E2=80=
=99s work only really took off after his death in 2017. His Yale classmate,=
Stanley Whitney, is also in the midst of a market rise. In 1971, Barkley H=
endricks painted Stanley Whitney=E2=80=99s portrait. The work languished on=
the market in 2013 until Fineberg bought it in 2017. Now the painting is p=
oised to set an auction record for Hendricks and further focus attention on=
Whitney who reflected on his friend with the Journal=E2=80=99s Kelly Crow:
Mr. Whitney said his classmate evinced a worldly elegance even then, having=
studied at the Pennsylvania Academy of the Fine Arts and traveled across E=
urope before arriving at Yale. =E2=80=9CI was so jealous of Barkley because=
he always knew what he wanted to paint, and I had no idea then,=E2=80=9D M=
r. Whitney said.=C2=A0
Unlike Hendricks, Whitney had abandoned figuration but was still searching =
for a style:
Increasingly, he found himself visiting the immaculate studio two doors dow=
n, where Mr. Hendricks stood at his easel, holding a palette. Mr. Hendricks=
stood apart from his peers simply because he used traditional painting tec=
hniques that date to the Northern Renaissance, Mr. Whitney said. =E2=80=9CH=
e would tell me, =E2=80=98Rembrandt painted his world, and I=E2=80=99m pain=
ting mine,=E2=80=99=E2=80=9D Mr. Whitney said.
Painting his world meant painting friends like Whitney:
Mr. Hendricks often told him about all the European museums he=E2=80=99d vi=
sited and how so few of them displayed Black people at all, Mr. Whitney sai=
d. =E2=80=9CHe wasn=E2=80=99t out to be revolutionary. He just wanted to pa=
int people he loved,=E2=80=9D Mr. Whitney said. =E2=80=9CHe wanted to see B=
lack people exhibited in those museums.=E2=80=9D
9TH STREET NEEDS: There is a LiveArt Trading Floor request for paintings by=
Helen Frankenthaler for up to =C2=A37,000,000.
Sachs-ymadias: Look on my works, ye Mighty, and despair!
The speed at which the network of young people in the art world identified =
artist Tom Sachs and his wife from a job posting on the NYFA board should h=
ave been a real warning sign. It was no secret that Sachs and his wife were=
=E2=80=9Ctone deaf,=E2=80=9D to put it mildly. Then the New York Times did=
the pusillanimous thing where you cover the buzz [ https://substack.com/re=
direct/c5e16409-848e-4346-ae24-7c2c52abab57?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3=
c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ] without identifying the artist that =
everyone is already talking about. That really chummed the waters daring so=
meone to report out the reality of life in the Sachs household. But the ent=
erprising duo at Curbed didn=E2=80=99t go for the easy target, Sachs=E2=80=
=99s Instagram-happy spouse, they went straight for the motherlode. Katy Sc=
hneider and Adriane Quinlan detailed [ https://substack.com/redirect/a1365a=
a8-ff97-4c1c-a427-16df9d5a7efc?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrM=
e5iRnigHXx6Fx_g6pp7gWdY ] the hot-house atmosphere in Sachs=E2=80=99s studi=
o:
Sachs had a =E2=80=9Ctype,=E2=80=9D which he spoke openly about in the offi=
ce. The administrative employee remembers Sachs bringing his toddler to the=
studio: =E2=80=9CHe pointed to me and was like, =E2=80=98See, this is what=
we call a =E2=80=9Cshiksa goddess.=E2=80=9D This is what we call Daddy=E2=
=80=99s type.=E2=80=99 He said that kind of shit all the time.=E2=80=9D (Sa=
chs=E2=80=99s studio says this was a joke.) Another young female studio mem=
ber says she was afraid to be alone in the studio at night with him. He cal=
led a storage room in the basement the =E2=80=9Crape room=E2=80=9D; in 2016=
, he changed it to the =E2=80=9Cconsent room.=E2=80=9D (Sachs=E2=80=99s stu=
dio says this was also a joke.)=C2=A0
Sachs tried to parry the accusations but some of the denials confirmed the =
overall accusation of unbridled bad behavior:
Most everything else former employees recalled to New York, Sach=E2=80=99s =
studio says is false. He has never thrown anything at an employee and is =
=E2=80=9Cobsessive about safety for his team.=E2=80=9D Furthermore, =E2=80=
=9Cno one has ever been fired or penalized because of an airline seat.=E2=
=80=9D While Sachs =E2=80=9Cexpresses himself when standards aren=E2=80=99t=
met,=E2=80=9D he denies speaking to an employee =E2=80=9Cinches=E2=80=9D f=
rom their face.=20
Not everyone sees the depiction of Sachs as a negative:
A certain type of person loves the idea of all of this =E2=80=94 carefully =
sorting screws all day long as part of a kind of unified art-making organis=
m. There=E2=80=99s a recent Reddit thread called =E2=80=9CHow can I work fo=
r Tom Sachs?=E2=80=9D (One response: =E2=80=9CJust show up at the front of =
the studio, like Fight Club.=E2=80=9D) Says a second former studio assistan=
t, =E2=80=9CIt was a really desirable place to be and a privilege in some w=
ays.=E2=80=9D Owen Zoyt dropped out of NYU in 2021 to join the studio; he h=
ad been applying to work there every year since he was 15. =E2=80=9CIt=E2=
=80=99s really, really lovely to feel like you=E2=80=99re part of something=
and working in a very tightly knit group in a really fast-paced environmen=
t to achieve some really fantastical goal,=E2=80=9D he says.
Unfortunately, bad publicity as a way of generating more bad publicity. Com=
plex [ https://substack.com/redirect/dc452bb1-087f-48e8-9d64-ea8c76eb3bd4?j=
=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ] dredge=
d up a five year old story of Nike scouring references to =E2=80=9Cworking =
like a slave=E2=80=9D [ https://substack.com/redirect/dc452bb1-087f-48e8-9=
d64-ea8c76eb3bd4?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_=
g6pp7gWdY ]from shoe boxes for a Sachs collaboration with the brand. Sounds=
bad but the reference wasn=E2=80=99t Sachs, it was a quote from Brancusi t=
hat Sachs had printed on the box:
The original box for the Mars Yard 2.0 sneaker from 2017 had a quote from R=
omanian sculptor Constantin Brancusi [ https://substack.com/redirect/961daa=
ee-40e7-487f-b54f-13eef040e50f?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrM=
e5iRnigHXx6Fx_g6pp7gWdY ] on the inside of the lid reading, =E2=80=9CWork l=
ike a slave, order like a king, create like a god.=E2=80=9D Sachs=E2=80=99 =
website mentions Brancusi [ https://substack.com/redirect/ba352158-6a07-41b=
7-9805-45d8ab8039d2?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6=
Fx_g6pp7gWdY ], saying that Sachs first learned of Brancusi during his form=
ative years in college and developed =E2=80=9Ca personal relationship=E2=80=
=9D with the sculptor=E2=80=99s work.
All of this attention is putting pressure on Nike who told Footwear News th=
at it was paying attention to the problems:
Nike, a long-time collaborator [ https://substack.com/redirect/ba78245a-3bf=
a-4e29-97d6-b2353c11d554?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRni=
gHXx6Fx_g6pp7gWdY ] with Sachs, said it is =E2=80=9Cdeeply concerned by the=
very serious allegations=E2=80=9D in a statement shared with FN. =E2=80=9C=
We are in contact with Tom and his studio, seeking to better understand the=
situation and how these issues are being addressed,=E2=80=9D the company s=
aid.
High-Profile Art Couple Offers Worst Job Ever [ https://substack.com/redire=
ct/c5e16409-848e-4346-ae24-7c2c52abab57?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0=
jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ] (NYTimes)
Tom Sachs Promised a Fun Cult [ https://substack.com/redirect/a1365aa8-ff97=
-4c1c-a427-16df9d5a7efc?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnig=
HXx6Fx_g6pp7gWdY ] (Curbed/NYMag)
Nike Covered Up a Reference to Slave Work on Tom Sachs Sneaker Box in 2017 =
[ https://substack.com/redirect/dc452bb1-087f-48e8-9d64-ea8c76eb3bd4?j=3Dey=
J1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ] (Complex)
Nike =E2=80=98Deeply Concerned=E2=80=99 With =E2=80=98Very Serious Allegati=
ons=E2=80=99 Against Artist Tom Sachs [ https://substack.com/redirect/2a84=
195c-f886-484b-ad96-81c37fe9ae53?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpis=
rMe5iRnigHXx6Fx_g6pp7gWdY ](Footwear News/ARTnews)
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</style></head><body class=3D"email-body" style=3D"font-kerning: auto;"><im=
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v style=3D"font-size: 16px; line-height: 26px; margin: 0 auto; max-width: 5=
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ign=3D"right" style=3D"height: 20px;"><table role=3D"presentation" width=3D=
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rtical-align: middle;"><span class=3D"tw-font-body tw-text-ssm tw-text-subs=
tack-secondary" style=3D"color: #808080 !important; font-family: SF Pro Tex=
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zGOI?" class=3D"tw-text-substack-secondary tw-underline" style=3D"-webkit-t=
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decoration-line: underline !important;">online</a></span></td></tr></table>=
</td></tr></table><table role=3D"presentation" width=3D"auto" class=3D"head=
er graphic-header" style=3D"border-spacing: 0; padding: 16px 0 32px;"><tr><=
td align=3D"center" style=3D"padding: 0; text-align: center;"><a href=3D"ht=
tps://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2VuY2Uuc3Vic3RhY=
2suY29tL3Avd2hhdC13ZS1sZWFybmVkLXRoaXMtd2Vlay0yMzExP3Rva2VuPWV5SjFjMlZ5WDJs=
a0lqb3hNek15TmpnMk5qRXNJbkJ2YzNSZmFXUWlPakV3TnpRd09ESTJOeXdpYVdGMElqb3hOamM=
1TURZNU56ZzFMQ0psZUhBaU9qRTJPREUyTmpFM09EVXNJbWx6Y3lJNkluQjFZaTB5TWpVNUlpd2=
ljM1ZpSWpvaWNHOXpkQzF5WldGamRHbHZiaUo5LkEzWEdhUlRkYzhLb1BkejBEalpfU0d0Y0N4U=
VBwZ3l4blpBY1NuejU0WHMiLCJwIjoxMDc0MDgyNjcsInMiOjIyNTksImYiOnRydWUsInUiOjEz=
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ic3ViIjoibGluay1yZWRpcmVjdCJ9.qAwIVu_ptc_CLda1UodqBvTqL1aQvDnk25f54qezGOI?"=
><img role=3D"presentation" width=3D"550" height=3D"110" src=3D"https://sub=
stackcdn.com/image/fetch/w_1100,c_limit,f_auto,q_auto:good,fl_progressive:s=
teep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2=
Fe3cfc2fc-ffba-4eae-8c1a-7c9381cc0cef_1100x220.png" class=3D"header-image" =
style=3D"border: none !important; display: block; height: auto; margin: 0 a=
uto; max-width: 550px; vertical-align: middle; width: 100%;"></a></td></tr>=
</table><div dir=3D"auto" class=3D"post typography" style=3D"font-size: 16p=
x; line-height: 26px; padding: 16px 0 0 0;"><div class=3D"post-header" styl=
e=3D"font-size: 16px; line-height: 26px;"><h1 class=3D"post-title published=
" style=3D"-moz-osx-font-smoothing: subpixel-antialiased; -webkit-font-smoo=
thing: subpixel-antialiased; color: #404040; font-family: 'SF Compact Displ=
ay', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Aria=
l, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; fo=
nt-size: 32px; font-weight: bold; line-height: 36px; margin: 0;"><a href=3D=
"https://substack.com/app-link/post?publication_id=3D2259&post_id=3D1074082=
67&utm_source=3Dpost-email-title&isFreemail=3Dtrue&token=3DeyJ1c2VyX2lkIjox=
MzMyNjg2NjEsInBvc3RfaWQiOjEwNzQwODI2NywiaWF0IjoxNjc5MDY5Nzg1LCJleHAiOjE2ODE=
2NjE3ODUsImlzcyI6InB1Yi0yMjU5Iiwic3ViIjoicG9zdC1yZWFjdGlvbiJ9.A3XGaRTdc8KoP=
dz0DjZ_SGtcCxQPpgyxnZAcSnz54Xs" style=3D"color: #404040; text-decoration: n=
one;">What We Learned this Week (2311)</a></h1><table role=3D"presentation"=
width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" class=3D"p=
ost-meta" style=3D"align-items: center; height: 20px; margin: 1em 0;"><tr><=
td><table role=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D"=
0" cellpadding=3D"0"><tr><td><table role=3D"presentation" width=3D"auto" bo=
rder=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td style=3D"vertical-al=
ign: middle;"><div class=3D"frontend-pencraft-Text-module__reset--20JLV fro=
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ontend-pencraft-Text-module__font-meta--2i-cR frontend-pencraft-Text-module=
__color-primary--2I-sF frontend-pencraft-Text-module__meta--3RRSj custom-cs=
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oboto,
Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'S=
egoe UI Symbol'; font-size: 12px; font-weight: 500; letter-spacing: 0.2px; =
line-height: 20px; margin: 0; text-decoration: unset; text-transform: upper=
case;"><a href=3D"https://substack.com/redirect/fc597082-c58e-4433-af80-6b4=
e2ff2b884?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gW=
dY" style=3D"color: #404040; font-family: 'SF Compact Text', 'SF Pro Text',=
-apple-system, BlinkMacSystemFont, 'Inter', 'Segoe UI', Roboto,
Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'S=
egoe UI Symbol'; font-size: 12px; font-weight: 500; letter-spacing: 0.2px; =
line-height: 20px; margin: 0; text-decoration: none; text-transform: upperc=
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ft-Text-module__font-meta--2i-cR frontend-pencraft-Text-module__color-prima=
ry--2I-sF frontend-pencraft-Text-module__meta--3RRSj">Marion Maneker</a></d=
iv></td></tr></table></td></tr><tr><td><table role=3D"presentation" width=
=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td style=3D=
"vertical-align: middle;"><div class=3D"frontend-pencraft-Text-module__rese=
t--20JLV frontend-pencraft-Text-module__size-12--2onFT frontend-pencraft-Te=
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um--aTbx5 frontend-pencraft-Text-module__font-meta--2i-cR frontend-pencraft=
-Text-module__color-secondary--XjVGl frontend-pencraft-Text-module__meta--3=
RRSj" style=3D"color: #808080; font-family: 'SF Compact Text', 'SF Pro Text=
', -apple-system, BlinkMacSystemFont, 'Inter', 'Segoe UI', Roboto,
Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'S=
egoe UI Symbol'; font-size: 12px; font-weight: 500; letter-spacing: 0.2px; =
line-height: 20px; margin: 0; text-decoration: unset; text-transform: upper=
case;"><time dateTime=3D"2023-03-17T16:16:15.562Z">Mar 17</time></div></td>=
</tr></table></td></tr></table></td></tr></table><table role=3D"presentatio=
n" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" class=3D=
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x solid #e0e0e0; min-width: 100%;"><tr height=3D"16"><td height=3D"16" styl=
e=3D"font-size: 0px; line-height: 0;"> </td></tr><tr><td><table role=
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lspacing=3D"0" cellpadding=3D"0"><tr><td style=3D"vertical-align: middle;">=
<table role=3D"presentation" width=3D"38" border=3D"0" cellspacing=3D"0" ce=
llpadding=3D"0"><tr><td align=3D"center"><a href=3D"https://substack.com/ap=
p-link/post?publication_id=3D2259&post_id=3D107408267&utm_source=3Dsubstack=
&isFreemail=3Dtrue&submitLike=3Dtrue&token=3DeyJ1c2VyX2lkIjoxMzMyNjg2NjEsIn=
Bvc3RfaWQiOjEwNzQwODI2NywicmVhY3Rpb24iOiLinaQiLCJpYXQiOjE2NzkwNjk3ODUsImV4c=
CI6MTY4MTY2MTc4NSwiaXNzIjoicHViLTIyNTkiLCJzdWIiOiJyZWFjdGlvbiJ9.90Jxj9W5Axf=
4ggy4GtWQqeMv8e9JNlooX1d1Jt1_yt0&utm_medium=3Demail" style=3D"border: 1px s=
olid #e0e0e0; border-radius: 100000px; box-sizing: border-box; color: #8080=
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er=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td align=3D"center"><a hr=
ef=3D"https://substack.com/app-link/post?publication_id=3D2259&post_id=3D10=
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0IjoxNjc5MDY5Nzg1LCJleHAiOjE2ODE2NjE3ODUsImlzcyI6InB1Yi0yMjU5Iiwic3ViIjoicG=
9zdC1yZWFjdGlvbiJ9.A3XGaRTdc8KoPdz0DjZ_SGtcCxQPpgyxnZAcSnz54Xs&utm_source=
=3Dsubstack&utm_medium=3Demail" style=3D"border: 1px solid #e0e0e0; border-=
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c=3D"https://substackcdn.com/image/fetch/w_36,c_scale,f_png,q_auto:good,fl_=
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><td width=3D"8" style=3D"min-width: 8px"></td><td style=3D"vertical-align:=
middle;"><table role=3D"presentation" width=3D"38" border=3D"0" cellspacin=
g=3D"0" cellpadding=3D"0"><tr><td align=3D"center"><a href=3D"https://subst=
ack.com/app-link/post?publication_id=3D2259&post_id=3D107408267&utm_source=
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are=3Dtrue&isFreemail=3Dtrue&token=3DeyJ1c2VyX2lkIjoxMzMyNjg2NjEsInBvc3RfaW=
QiOjEwNzQwODI2NywiaWF0IjoxNjc5MDY5Nzg1LCJleHAiOjE2ODE2NjE3ODUsImlzcyI6InB1Y=
i0yMjU5Iiwic3ViIjoicG9zdC1yZWFjdGlvbiJ9.A3XGaRTdc8KoPdz0DjZ_SGtcCxQPpgyxnZA=
cSnz54Xs" style=3D"border: 1px solid #e0e0e0; border-radius: 100000px; box-=
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se; width: 38px;" class=3D"email-icon-button"><img src=3D"https://substackc=
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table role=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D"0" c=
ellpadding=3D"0"><tr><td align=3D"center"><a href=3D"https://substack.com/a=
pp-link/post?publication_id=3D2259&post_id=3D107408267&utm_source=3Dsubstac=
k&utm_medium=3Demail&action=3Dsave&triggerSave=3Dtrue&token=3DeyJ1c2VyX2lkI=
joxMzMyNjg2NjEsInBvc3RfaWQiOjEwNzQwODI2NywiaWF0IjoxNjc5MDY5Nzg1LCJleHAiOjE2=
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ansform: uppercase;"><div class=3D"email-button-spacer" style=3D"display: i=
nline-block; font-size: 16px; line-height: 26px; max-width: 0; min-height: =
18px; vertical-align: middle;"></div><span class=3D"email-button-text" styl=
e=3D"vertical-align: middle;">Save</span></a></td></tr></table></td><td wid=
th=3D"8" style=3D"min-width: 8px"></td><td style=3D"vertical-align: middle;=
"><table role=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D"0=
" cellpadding=3D"0"><tr><td align=3D"center"><a href=3D"https://open.substa=
ck.com/pub/artelligence/p/what-we-learned-this-week-2311?utm_source=3Demail=
-ufi&play_audio=3Dtrue&token=3DeyJ1c2VyX2lkIjoxMzMyNjg2NjEsInBvc3RfaWQiOjEw=
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er-radius: 100000px; color: #808080; display: inline-block; font-family: 'S=
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, 'Segoe UI Symbol'; font-size: 12px; font-weight: 500; line-height: 12px; =
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class=3D"email-button-spacer" style=3D"display: inline-block; font-size: 16=
px; line-height: 26px; max-width: 0; min-height: 18px; vertical-align: midd=
le;"></div><span class=3D"email-button-text" style=3D"vertical-align: middl=
e;">▷  Listen</span></a></td></tr></table></td></tr></table=
></td></tr></table></td></tr><tr height=3D"16"><td height=3D"16" style=3D"f=
ont-size: 0px; line-height: 0;"> </td></tr></table></div></div><div di=
r=3D"auto" class=3D"post typography" style=3D"font-size: 16px; line-height:=
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=3D"font-family: 'SF Pro Display', -apple-system, BlinkMacSystemFont, 'Inte=
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osx-font-smoothing: subpixel-antialiased; -webkit-font-smoothing: subpixel-=
antialiased; color: #404040; font-family: 'SF Compact Display', -apple-syst=
em, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, '=
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; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; margin-t=
op: 0; position: relative;"><span>Welcome to the </span><strong>Artelligenc=
e</strong><span> newsletter</span></h4><p style=3D"color: #404040; font-siz=
e: 16px; line-height: 26px; margin: 0 0 20px 0;"><span>This is the new home=
for news and analysis of the global art market from </span><strong>Art Mar=
ket Monitor</strong><span> and </span><strong>LiveArt</strong><span>. Combi=
ned with our </span><a href=3D"https://substack.com/redirect/7afedc2a-d4f9-=
4521-808b-0f8ddb946704?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigH=
Xx6Fx_g6pp7gWdY" rel=3D"" style=3D"color: #404040; text-decoration: underli=
ne;">Artelligence podcast</a><span>, it offers a unique perspective on the =
global art market.</span></p><p style=3D"color: #404040; font-size: 16px; l=
ine-height: 26px; margin: 0 0 20px 0;"><span>If you have questions, tips or=
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ation: underline;">feel free to contact us here</a><span>.</span></p><p sty=
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rgin: 0 0 20px 0; text-align: center;"><a href=3D"https://substack.com/redi=
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5Nzg1LCJleHAiOjE2ODE2NjE3ODUsImlzcyI6InB1Yi0wIiwic3ViIjoibGluay1yZWRpcmVjdC=
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system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-seri=
f, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 14p=
x; font-weight: 600; height: auto; line-height: 20px; margin: 0 auto; opaci=
ty: 1; outline: none; padding: 12px 20px; text-align: center; text-decorati=
on: none !important; white-space: nowrap;"><img src=3D"https://substackcdn.=
com/image/fetch/w_40,c_scale,f_png,q_auto:good,fl_progressive:steep/https%3=
A%2F%2Fsubstack.com%2Ficon%2FLucideCheck%3Fv%3D4%26height%3D40%26fill%3Dtra=
nsparent%26stroke%3D%2523653366%26strokeWidth%3D3.6" width=3D"20" height=3D=
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text-decoration: none;">Subscribe</span></a></p></div><div style=3D"font-si=
ze: 16px; line-height: 26px;"><hr style=3D"background: #e0e0e0; border: non=
e; height: 1px; margin: 32px 0; padding: 0;"></div><h2 class=3D"header-with=
-anchor-widget" style=3D"-moz-osx-font-smoothing: subpixel-antialiased; -we=
bkit-font-smoothing: subpixel-antialiased; color: #404040; font-family: 'SF=
Compact Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, H=
elvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe =
UI Symbol'; font-size: 1.625em; font-weight: bold; line-height: 1.16em; mar=
gin: 1em 0 0.625em 0; position: relative;">In This Issue</h2><ol style=3D"m=
argin-top: 0; padding: 0;"><li style=3D"margin: 8px 0 0 32px;"><p style=3D"=
box-sizing: border-box; color: #404040; font-size: 16px; line-height: 26px;=
margin: 0; margin-bottom: 0; padding-left: 4px;"><strong>Artelligence Podc=
ast: </strong><span>Sara Friedlander takes the pulse of the NY sales</span>=
</p></li><li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: border=
-box; color: #404040; font-size: 16px; line-height: 26px; margin: 0; margin=
-bottom: 0; padding-left: 4px;"><strong>Lot Watch: </strong><span>Phillips =
announces $9m Nara for Hong Kong in March; Sotheby’s has a Thiebaud c=
andy counter in May.</span></p></li><li style=3D"margin: 8px 0 0 32px;"><p =
style=3D"box-sizing: border-box; color: #404040; font-size: 16px; line-heig=
ht: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><strong>Blackroc=
k’s Larry Fink Warns of More Financial Turmoil Ahead:</strong><span> =
Will the liquidity mismatch help the art market or hurt it?</span></p></li>=
<li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; col=
or: #404040; font-size: 16px; line-height: 26px; margin: 0; margin-bottom: =
0; padding-left: 4px;"><strong>Barkley & Stanley:</strong><span> A frie=
ndship born in obscurity, celebrated in posterity</span></p></li><li style=
=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; color: #4040=
40; font-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0; paddin=
g-left: 4px;"><strong>Sachs-ymandias: </strong><span>Is Tom Sachs courting =
a fall?</span></p></li></ol><div style=3D"font-size: 16px; line-height: 26p=
x;"><hr style=3D"background: #e0e0e0; border: none; height: 1px; margin: 32=
px 0; padding: 0;"></div><h2 class=3D"header-with-anchor-widget" style=3D"-=
moz-osx-font-smoothing: subpixel-antialiased; -webkit-font-smoothing: subpi=
xel-antialiased; color: #404040; font-family: 'SF Compact Display', -apple-=
system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-seri=
f, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.6=
25em; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; posi=
tion: relative;">Artelligence Podcast</h2><div class=3D"captioned-image-con=
tainer-static" style=3D"font-size: 16px; line-height: 26px; margin: 32px au=
to;"><figure style=3D"margin: 0 auto; width: 100%;"><table class=3D"image-w=
rapper" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" sty=
le=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align: ce=
nter;"></td><td align=3D"left" class=3D"content" width=3D"448" style=3D"tex=
t-align: center;"><a class=3D"image-link" target=3D"_blank" href=3D"https:/=
/substack.com/redirect/f0afdf5b-74a3-4cfe-87e7-2be9d4b5d68d?j=3DeyJ1IjoiMjd=
jZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel=3D"" style=3D"ali=
gn-items: center; border: none; display: block; flex-direction: column; hei=
ght: auto; margin: 0; padding: 0; position: relative; text-decoration: none=
; width: auto;"><img data-attrs=3D"{"src":"https://substack-=
post-media.s3.amazonaws.com/public/images/81a7df3d-fcff-449a-a202-1289aee91=
fdd_448x627.jpeg","fullscreen":null,"imageSize":nu=
ll,"height":627,"width":448,"resizeWidth":nul=
l,"bytes":191180,"alt":null,"title":null,&quo=
t;type":"image/jpeg","href":"https://soundclo=
ud.com/artelligence/new-yorks-march-sales-with-christies-sara-friedlander-a=
nd-livearts-george-odell?si=3Dcc98c9bed1b04da9accb5e5f60a2e375&utm_sour=
ce=3Dclipboard&utm_medium=3Dtext&utm_campaign=3Dsocial_sharing"=
;,"belowTheFold":true,"internalRedirect":null}" alt=3D"=
" width=3D"448" height=3D"627" class=3D"" src=3D"https://substackcdn.com/im=
age/fetch/w_448,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F=
%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F81a7df3d-fcff-4=
49a-a202-1289aee91fdd_448x627.jpeg" style=3D"-ms-interpolation-mode: bicubi=
c; border: none !important; display: block; height: auto; margin: 0 auto; m=
argin-bottom: 0; max-width: 100% !important; vertical-align: middle; width:=
auto !important;"></a></td><td style=3D"text-align: center;"></td></tr></t=
body></table></figure></div><h4 class=3D"header-with-anchor-widget" style=
=3D"-moz-osx-font-smoothing: subpixel-antialiased; -webkit-font-smoothing: =
subpixel-antialiased; color: #404040; 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;">LiveArt’s Market Pulse with Christie’s Sa=
ra Friedlander and George O’Dell</h4><p style=3D"color: #404040; font=
-size: 16px; line-height: 26px; margin: 0 0 20px 0;">Sara Friedlander, a de=
puty Chairman at Christie’s who styles herself and “art merchan=
t,” joins LiveArt’s George O’Dell to discuss the first Ne=
w York sales of 2023. The auction calendar is anchored by the May & Nov=
ember sales in New York but the rest of the year is a free-for-all of sales=
=2E </p><p style=3D"color: #404040;=20=
font-size: 16px; line-height: 26px; =
margin: 0 0 20px 0;">On a year-over-year basis, the New York Contemporary a=
rt sales were up in dollar volume due to presence of two single-owner sales=
but down only slightly on a like-for-like basis. Sara points out that she =
has never seen the primary market so strong which makes her wonder who are =
the new names that auctioneers should be bringing to market. </p><p st=
yle=3D"color: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px=
0;">Meanwhile, on the secondary market, sales are heavily dependent upon e=
stimates. Bidders are reacting to perceived value. George and Sara talk abo=
ut the market for Cecily Brown, Albert Oehlen, Shara Hughes, Leon Polk Smit=
h, Bob Thompson and together they plot a Richard Estes show to spearhead th=
e return of Photorealism to market favor.  </p><p class=3D"button-wrap=
per" data-attrs=3D"{"url":"https://soundcloud.com/artelligen=
ce/new-yorks-march-sales-with-christies-sara-friedlander-and-livearts-georg=
e-odell?si=3Dcc98c9bed1b04da9accb5e5f60a2e375&utm_source=3Dclipboard&am=
p;utm_medium=3Dtext&utm_campaign=3Dsocial_sharing","text"=
;:"Listen Now!","action":null,"class":null}" =
style=3D"color: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20=
px 0; text-align: center;"><a class=3D"button primary" href=3D"https://subs=
tack.com/redirect/f0afdf5b-74a3-4cfe-87e7-2be9d4b5d68d?j=3DeyJ1IjoiMjdjZXI5=
In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel=3D"" style=3D"backgrou=
nd-color: #653366; border: none; border-radius: 4px; box-sizing: border-box=
; color: #ffffff !important; cursor: pointer; display: inline-block; font-f=
amily: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Ar=
ial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; =
font-size: 14px; font-weight: 600; height: auto; line-height: 20px; margin:=
0; opacity: 1; outline: none; padding: 12px 20px; text-align: center; text=
-decoration: none !important; white-space: nowrap;"><span style=3D"color: #=
ffffff; text-decoration: none;">Listen Now!</span></a></p><div style=3D"fon=
t-size: 16px; line-height: 26px;"><hr style=3D"background: #e0e0e0; border:=
none; height: 1px; margin: 32px 0; padding: 0;"></div><p style=3D"color: #=
404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><strong>SE=
LL TO MEET DEMAND:</strong><span> A pre-qualified LiveArt collector is seek=
ing an A+ colorful cubist work by George Condo for $1,500,000 - $7,000,000.=
</span></p><p class=3D"button-wrapper" data-attrs=3D"{"url":"=
;https://liveart.io/wishes/V2lzaGxpc3RUeXBlOjExNDA=3D","text"=
;:"View on Trading Floor","action":null,"class&quo=
t;:null}" style=3D"color: #404040; font-size: 16px; line-height: 26px; marg=
in: 0 0 20px 0; text-align: center;"><a class=3D"button primary" href=3D"ht=
tps://substack.com/redirect/0b9bb421-d943-499a-8378-957da114bcdc?j=3DeyJ1Ij=
oiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel=3D"" style=
=3D"background-color: #653366; border: none; border-radius: 4px; box-sizing=
: border-box; color: #ffffff !important; cursor: pointer; display: inline-b=
lock; font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, H=
elvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe =
UI Symbol'; font-size: 14px; font-weight: 600; height: auto; line-height: 2=
0px; margin: 0; opacity: 1; outline: none; padding: 12px 20px; text-align: =
center; text-decoration: none !important; white-space: nowrap;"><span style=
=3D"color: #ffffff; text-decoration: none;">View on Trading Floor</span></a=
></p><div style=3D"font-size: 16px; line-height: 26px;"><hr style=3D"backgr=
ound: #e0e0e0; border: none; height: 1px; margin: 32px 0; padding: 0;"></di=
v><p style=3D"color: #404040; font-size: 16px; line-height: 26px; margin: 0=
0 20px 0;"><strong>Lot Watch</strong></p><div class=3D"captioned-image-con=
tainer-static" style=3D"font-size: 16px; line-height: 26px; margin: 32px au=
to;"><figure style=3D"margin: 0 auto; width: 100%;"><table class=3D"image-w=
rapper" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" sty=
le=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align: ce=
nter;"></td><td align=3D"left" class=3D"content" width=3D"443" style=3D"tex=
t-align: center;"><a class=3D"image-link" target=3D"_blank" href=3D"https:/=
/substack.com/redirect/4105037b-7e1b-4c22-b901-3156606eb5ef?j=3DeyJ1IjoiMjd=
jZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel=3D"" style=3D"ali=
gn-items: center; border: none; display: block; flex-direction: column; hei=
ght: auto; margin: 0; padding: 0; position: relative; text-decoration: none=
; width: auto;"><img data-attrs=3D"{"src":"https://substack-=
post-media.s3.amazonaws.com/public/images/a3365f37-3532-40c0-95c6-288e271a8=
679_1909x2085.jpeg","fullscreen":null,"imageSize":=
null,"height":1590,"width":1456,"resizeWidth"=
:443,"bytes":244744,"alt":null,"title":null,&=
quot;type":"image/jpeg","href":null,"belowThe=
Fold":true,"internalRedirect":null}" alt=3D"" width=3D"443" =
height=3D"483.7706043956044" class=3D"" src=3D"https://substackcdn.com/imag=
e/fetch/w_443,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2=
Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa3365f37-3532-40c=
0-95c6-288e271a8679_1909x2085.jpeg" style=3D"-ms-interpolation-mode: bicubi=
c; border: none !important; display: block; height: auto; margin: 0 auto; m=
argin-bottom: 0; max-width: 100% !important; vertical-align: middle; width:=
auto !important;"></a></td><td style=3D"text-align: center;"></td></tr></t=
body></table></figure></div><p style=3D"color: #404040; font-size: 16px; li=
ne-height: 26px; margin: 0 0 20px 0;"><strong>Phillips</strong><span> annou=
nced the lead lot for their March 30th auction in Hong Kong, the debut of t=
heir gleaming new HK headquarters in the M+ complex. </span><strong>Yoshito=
mo Nara</strong><span>’s </span><em>Lookin’ for Treasure</em><s=
pan> comes from a set of 1995 works made by the artist while he was living =
in Germany. With a whisper number of HKD 70m ($8.9m), Phillips is setting t=
he expectations high for the work. </span><a href=3D"https://substack.com/r=
edirect/07bb36cb-09e9-4ed5-ac2d-5f5c95beeecb?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM=
3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel=3D"" style=3D"color: #404040; te=
xt-decoration: underline;">Although one work did sell for nearly $25m more =
than three years ago, the top prices for Nara, set mostly in the last two y=
ears are around $15m.</a><span> </span></p><div class=3D"captioned-image-co=
ntainer-static" style=3D"font-size: 16px; line-height: 26px; margin: 32px a=
uto;"><figure style=3D"margin: 0 auto; width: 100%;"><table class=3D"image-=
wrapper" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" st=
yle=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align: c=
enter;"></td><td align=3D"left" class=3D"content" width=3D"343" style=3D"te=
xt-align: center;"><a class=3D"image-link" target=3D"_blank" href=3D"https:=
//substack.com/redirect/cfda0824-7637-45d9-90fa-ff93c540b587?j=3DeyJ1IjoiMj=
djZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel=3D"" style=3D"al=
ign-items: center; border: none; display: block; flex-direction: column; he=
ight: auto; margin: 0; padding: 0; position: relative; text-decoration: non=
e; width: auto;"><img data-attrs=3D"{"src":"https://substack=
-post-media.s3.amazonaws.com/public/images/656d4fdf-3c5b-4b6e-b898-9ddca20b=
a55c_2660x3474.jpeg","fullscreen":null,"imageSize"=
:null,"height":1902,"width":1456,"resizeWidth"=
;:343,"bytes":9257237,"alt":null,"title":null=
,"type":"image/jpeg","href":null,"belowT=
heFold":true,"internalRedirect":null}" alt=3D"" width=3D"343=
" height=3D"448.0673076923077" class=3D"" src=3D"https://substackcdn.com/im=
age/fetch/w_343,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F=
%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F656d4fdf-3c5b-4=
b6e-b898-9ddca20ba55c_2660x3474.jpeg" style=3D"-ms-interpolation-mode: bicu=
bic; border: none !important; display: block; height: auto; margin: 0 auto;=
margin-bottom: 0; max-width: 100% !important; vertical-align: middle; widt=
h: auto !important;"></a></td><td style=3D"text-align: center;"></td></tr><=
/tbody></table></figure></div><p style=3D"color: #404040; font-size: 16px; =
line-height: 26px; margin: 0 0 20px 0;"><span>Sotheby’s has secured a=
</span><strong>Wayne Thiebaud</strong><span> </span><em>Candy Counter</em>=
<span> from 1969 for its May sales in New York. The estimate is $10m </span=
><a href=3D"https://substack.com/redirect/06220045-f702-4ed2-bdf3-8a3f604bc=
3ed?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" re=
l=3D"" style=3D"color: #404040; text-decoration: underline;">which is a cru=
cial price ceiling for Thiebaud</a><span>. The work is a companion to the o=
ne owned by Hunk and Moo Anderson which is now at their museum in Stanford.=
Almost four feet tall and three feet wide, the work is quite large for a 1=
960s Thiebaud. Sotheby’s research found only 10 candy works from the =
1960s that are larger than 30 inches. Half of those are already in museum c=
ollections. </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><p style=3D"color: #404040; font-size: 16px; line-heigh=
t: 26px; margin: 0 0 20px 0;"><strong>GRIDLOCK:</strong><span> There is a T=
rading Floor request for a Boetti </span><em>Arazzi</em><span> work in brig=
ht colors and stellar condition in the price range of €150,000 - S=
64;200,000.</span></p><p class=3D"button-wrapper" data-attrs=3D"{"url&=
quot;:"https://liveart.io/wishes/V2lzaGxpc3RUeXBlOjExMzE=3D",&quo=
t;text":"View on Trading Floor","action":null,&quo=
t;class":null}" style=3D"color: #404040; font-size: 16px; line-height:=
26px; margin: 0 0 20px 0; text-align: center;"><a class=3D"button primary"=
href=3D"https://substack.com/redirect/33c45a38-b586-4c11-891b-f6e830a4b918=
?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel=
=3D"" style=3D"background-color: #653366; border: none; border-radius: 4px;=
box-sizing: border-box; color: #ffffff !important; cursor: pointer; displa=
y: inline-block; font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI'=
, Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoj=
i', 'Segoe UI Symbol'; font-size: 14px; font-weight: 600; height: auto; lin=
e-height: 20px; margin: 0; opacity: 1; outline: none; padding: 12px 20px; t=
ext-align: center; text-decoration: none !important; white-space: nowrap;">=
<span style=3D"color: #ffffff; text-decoration: none;">View on Trading Floo=
r</span></a></p><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><h4 class=3D"header-with-anchor-widget" style=3D"-moz-osx-font=
-smoothing: subpixel-antialiased; -webkit-font-smoothing: subpixel-antialia=
sed; color: #404040; font-family: 'SF Compact Display', -apple-system, Blin=
kMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Co=
lor Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.125em; font-w=
eight: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; position: relati=
ve;">What’s a Liquidity Mismatch? And What Does It Mean for the Art M=
arket?</h4><p style=3D"color: #404040; font-size: 16px; line-height: 26px; =
margin: 0 0 20px 0;"><span>Blackrock’s founder and CEO, Larry Fink, r=
eleased his annual letter to investors where he outlines some of the challe=
nges facing the financial system in 2023. Noting that “2022 was one o=
f the most challenging market environments in history – a year in whi=
ch </span><em>both</em><span> equity and bond markets declined for the firs=
t time in decades,” Fink warns of a liquidity mismatch. What does tha=
t mean?</span></p><blockquote style=3D"border-left: 4px solid #653366; marg=
in: 20px 0; padding: 0;"><p style=3D"color: #404040; font-size: 16px; line-=
height: 26px; margin: 0 0 20px 0; margin-left: 20px;">Since the financial c=
risis of 2008, markets were defined by extraordinarily aggressive fiscal an=
d monetary policy. As a result of these policies, we’ve seen inflatio=
n move sharply higher to levels not seen since the 1980s. To fight this inf=
lation, the Federal Reserve in the past year has raised rates nearly 500 ba=
sis points. This is one price we’re already paying for years of easy =
money – and was the first domino to drop.</p></blockquote><p style=3D=
"color: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">F=
ink believe there are three dominoes lined up here. The second is an asset-=
liability mismatch where banks were lending short-term but investing in lon=
g-term low yield assets:</p><blockquote style=3D"border-left: 4px solid #65=
3366; margin: 20px 0; padding: 0;"><p style=3D"color: #404040; font-size: 1=
6px; line-height: 26px; margin: 0 0 20px 0; margin-left: 20px;">This past w=
eek we saw the biggest bank failure in more than 15 years as federal regula=
tors seized Silicon Valley Bank. This is a classic asset-liability mismatch=
=2E Two smaller banks failed in the past=20=
week as well. It’s too early t=
o know how widespread the damage is. The regulatory response has so far bee=
n swift, and decisive actions have helped stave off contagion risks. But ma=
rkets remain on edge. Will asset-liability mismatches be the second domino =
to fall?</p></blockquote><p style=3D"color: #404040; font-size: 16px; line-=
height: 26px; margin: 0 0 20px 0;">Whatever the outcome, Fink warns that ba=
nks will necessarily become more constrained in their lending. On the corpo=
rate side, this “will place greater importance on the role of capital=
markets.” </p><blockquote style=3D"border-left: 4px solid #653366; m=
argin: 20px 0; padding: 0;"><p style=3D"color: #404040; font-size: 16px; li=
ne-height: 26px; margin: 0 0 20px 0; margin-left: 20px;">And, there could y=
et be a third domino to fall. In addition to duration mismatches, we may no=
w also see liquidity mismatches. Years of lower rates had the effect of dri=
ving some asset owners to increase their commitments to illiquid investment=
s – trading lower liquidity for higher returns. There’s a risk =
now of a liquidity mismatch for these asset owners, especially those with l=
everaged portfolios.</p></blockquote><p style=3D"color: #404040; font-size:=
16px; line-height: 26px; margin: 0 0 20px 0;">Asset owners aren’t on=
ly corporations. The very rich, the sort of folks who are active in the art=
market, especially in the important upper reaches, are significant asset o=
wners. Years of low interest rates and now falling equity and bond markets =
have driven many of the wealthy into alternative or illiquid assets. Overal=
l, that’s been good for the art market. Art is one of those illiquid =
assets. Much of that money formerly going into art during a low interest ra=
te cycle might not be there in the future.</p><p style=3D"color: #404040; f=
ont-size: 16px; line-height: 26px; margin: 0 0 20px 0;">That said. Ronald P=
erelman got into a liquidity mismatch of his own a few years ago. The resul=
t was a massive sale of his art assets which proved far more liquid at the =
time than other financial assets. Will something similar happen in the comi=
ng year among aggressive art buyers? </p><p style=3D"color: #404040; font-s=
ize: 16px; line-height: 26px; margin: 0 0 20px 0;"><a href=3D"https://subst=
ack.com/redirect/8e26e4de-2f6b-4818-a3e2-95c84fb387c4?j=3DeyJ1IjoiMjdjZXI5I=
n0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel=3D"" style=3D"color: #4=
04040; text-decoration: underline;">Larry Fink’s Annual Chairman̵=
7;s Letter to Investors</a><span> (BlackRock)</span></p><div style=3D"font-=
size: 16px; line-height: 26px;"><hr style=3D"background: #e0e0e0; border: n=
one; height: 1px; margin: 32px 0; padding: 0;"></div><p style=3D"color: #40=
4040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><strong>POPU=
LARITY CONTEST:</strong><span> Several LiveArt collectors are looking for w=
orks by Jean-Michel Othoniel including paintings, necklace sculptures, and =
large-scale outdoor sculptures.</span></p><p class=3D"button-wrapper" data-=
attrs=3D"{"url":"https://liveart.io/wishes/V2lzaGxpc3RUeXBlO=
jg0Mw=3D=3D","text":"View on Trading Floor","=
action":null,"class":null}" style=3D"color: #404040; font-si=
ze: 16px; line-height: 26px; margin: 0 0 20px 0; text-align: center;"><a cl=
ass=3D"button primary" href=3D"https://substack.com/redirect/8a1e67eb-cc9a-=
4a51-96a1-8c2b1536982f?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigH=
Xx6Fx_g6pp7gWdY" rel=3D"" style=3D"background-color: #653366; border: none;=
border-radius: 4px; box-sizing: border-box; color: #ffffff !important; cur=
sor: pointer; display: inline-block; font-family: -apple-system, BlinkMacSy=
stemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Em=
oji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 14px; font-weight: 60=
0; height: auto; line-height: 20px; margin: 0; opacity: 1; outline: none; p=
adding: 12px 20px; text-align: center; text-decoration: none !important; wh=
ite-space: nowrap;"><span style=3D"color: #ffffff; text-decoration: none;">=
View on Trading Floor</span></a></p><div style=3D"font-size: 16px; line-hei=
ght: 26px;"><hr style=3D"background: #e0e0e0; border: none; height: 1px; ma=
rgin: 32px 0; padding: 0;"></div><h4 class=3D"header-with-anchor-widget" st=
yle=3D"-moz-osx-font-smoothing: subpixel-antialiased; -webkit-font-smoothin=
g: subpixel-antialiased; color: #404040; font-family: 'SF Compact Display',=
-apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, s=
ans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-s=
ize: 1.125em; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.625em=
0; position: relative;"><a href=3D"https://substack.com/redirect/aba0b680-=
65b9-4086-afe3-1390574595b6?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5i=
RnigHXx6Fx_g6pp7gWdY" rel=3D"" style=3D"color: #404040; text-decoration: un=
derline;">The Friendship Behind a $5 Million Barkley L. Hendricks Painting<=
/a><strong> </strong><span>(WSJ)</span></h4><p style=3D"color: #404040; fon=
t-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><span>Gerald Fineberg=
’s massive collection is coming to Christie’s in May with a $27=
0m whisper number. The collection is studded with works by de Kooning, Joan=
Mitchell, Mark Rothko, Helen Frankenthaler, Mark Grotjahn, Andy Warhol, Ma=
rk Bradford and many more A+ names. The </span><em>Wall Street Journal</em>=
<span> focuses on the one work that combines two great artists of generatio=
n that is now only getting their due. The market for Barkley Hendricks̵=
7;s work only really took off after his death in 2017. His Yale classmate, =
Stanley Whitney, is also in the midst of a market rise. In 1971, Barkley He=
ndricks painted Stanley Whitney’s portrait. The work languished on th=
e market in 2013 until Fineberg bought it in 2017. Now the painting is pois=
ed to set an auction record for Hendricks and further focus attention on Wh=
itney who reflected on his friend with the Journal’s Kelly Crow:</spa=
n></p><blockquote style=3D"border-left: 4px solid #653366; margin: 20px 0; =
padding: 0;"><p style=3D"color: #404040; font-size: 16px; line-height: 26px=
; margin: 0 0 20px 0; margin-left: 20px;">Mr. Whitney said his classmate ev=
inced a worldly elegance even then, having studied at the Pennsylvania Acad=
emy of the Fine Arts and traveled across Europe before arriving at Yale. &#=
8220;I was so jealous of Barkley because he always knew what he wanted to p=
aint, and I had no idea then,” Mr. Whitney said. </p></blockquot=
e><p style=3D"color: #404040; font-size: 16px; line-height: 26px; margin: 0=
0 20px 0;">Unlike Hendricks, Whitney had abandoned figuration but was stil=
l searching for a style:</p><blockquote style=3D"border-left: 4px solid #65=
3366; margin: 20px 0; padding: 0;"><p style=3D"color: #404040; font-size: 1=
6px; line-height: 26px; margin: 0 0 20px 0; margin-left: 20px;">Increasingl=
y, he found himself visiting the immaculate studio two doors down, where Mr=
=2E Hendricks stood at his easel, holding=
a palette. Mr. Hendricks stood apar=
t from his peers simply because he used traditional painting techniques tha=
t date to the Northern Renaissance, Mr. Whitney said. “He would tell =
me, ‘Rembrandt painted his world, and I’m painting mine,’=
” Mr. Whitney said.</p></blockquote><p style=3D"color: #404040; font-=
size: 16px; line-height: 26px; margin: 0 0 20px 0;">Painting his world mean=
t painting friends like Whitney:</p><blockquote style=3D"border-left: 4px s=
olid #653366; margin: 20px 0; padding: 0;"><p style=3D"color: #404040; font=
-size: 16px; line-height: 26px; margin: 0 0 20px 0; margin-left: 20px;">Mr.=
Hendricks often told him about all the European museums he’d visited=
and how so few of them displayed Black people at all, Mr. Whitney said. &#=
8220;He wasn’t out to be revolutionary. He just wanted to paint peopl=
e he loved,” Mr. Whitney said. “He wanted to see Black people e=
xhibited in those museums.”</p></blockquote><div style=3D"font-size: =
16px; line-height: 26px;"><hr style=3D"background: #e0e0e0; border: none; h=
eight: 1px; margin: 32px 0; padding: 0;"></div><p style=3D"color: #404040; =
font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><strong>9TH STREET=
NEEDS:</strong><span> There is a LiveArt Trading Floor request for paintin=
gs by Helen Frankenthaler for up to £7,000,000.</span></p><p class=3D"=
button-wrapper" data-attrs=3D"{"url":"https://liveart.io/wis=
hes/V2lzaGxpc3RUeXBlOjgyNQ=3D=3D","text":"View on Tradi=
ng Floor","action":null,"class":null}" style=3D"co=
lor: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0; text-=
align: center;"><a class=3D"button primary" href=3D"https://substack.com/re=
direct/c6df14bc-255a-47c6-9d51-92945ce7fba4?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3=
c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel=3D"" style=3D"background-color: #=
653366; border: none; border-radius: 4px; box-sizing: border-box; color: #f=
fffff !important; cursor: pointer; display: inline-block; font-family: -app=
le-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-s=
erif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: =
14px; font-weight: 600; height: auto; line-height: 20px; margin: 0; opacity=
: 1; outline: none; padding: 12px 20px; text-align: center; text-decoration=
: none !important; white-space: nowrap;"><span style=3D"color: #ffffff; tex=
t-decoration: none;">View on Trading Floor</span></a></p><blockquote style=
=3D"border-left: 4px solid #653366; margin: 20px 0; padding: 0;"><div style=
=3D"font-size: 16px; line-height: 26px; margin-left: 20px;"><hr style=3D"ba=
ckground: #e0e0e0; border: none; height: 1px; margin: 32px 0; padding: 0;">=
</div></blockquote><h4 class=3D"header-with-anchor-widget" style=3D"-moz-os=
x-font-smoothing: subpixel-antialiased; -webkit-font-smoothing: subpixel-an=
tialiased; color: #404040; font-family: 'SF Compact Display', -apple-system=
, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Ap=
ple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.125em; =
font-weight: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; position: =
relative;">Sachs-ymadias: Look on my works, ye Mighty, and despair!</h4><p =
style=3D"color: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20=
px 0;"><span>The speed at which the network of young people in the art worl=
d identified artist Tom Sachs and his wife from a job posting on the NYFA b=
oard should have been a real warning sign. It was no secret that Sachs and =
his wife were “tone deaf,” to put it mildly. Then the </span><e=
m>New York Times</em><span> did </span><a href=3D"https://substack.com/redi=
rect/c5e16409-848e-4346-ae24-7c2c52abab57?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1=
d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel=3D"" style=3D"color: #404040; text-=
decoration: underline;">the pusillanimous thing where you cover the buzz</a=
><span> without identifying the artist that everyone is already talking abo=
ut. That really chummed the waters daring someone to report out the reality=
of life in the Sachs household. But the enterprising duo at Curbed didn=
217;t go for the easy target, Sachs’s Instagram-happy spouse, they we=
nt straight for the motherlode. </span><a href=3D"https://substack.com/redi=
rect/a1365aa8-ff97-4c1c-a427-16df9d5a7efc?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1=
d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel=3D"" style=3D"color: #404040; text-=
decoration: underline;">Katy Schneider and Adriane Quinlan detailed</a><spa=
n> the hot-house atmosphere in Sachs’s studio:</span></p><blockquote =
style=3D"border-left: 4px solid #653366; margin: 20px 0; padding: 0;"><p st=
yle=3D"color: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px=
0; margin-left: 20px;">Sachs had a “type,” which he spoke open=
ly about in the office. The administrative employee remembers Sachs bringin=
g his toddler to the studio: “He pointed to me and was like, ‘S=
ee, this is what we call a “shiksa goddess.” This is what we ca=
ll Daddy’s type.’ He said that kind of shit all the time.”=
; (Sachs’s studio says this was a joke.) Another young female studio =
member says she was afraid to be alone in the studio at night with him. He =
called a storage room in the basement the “rape room”; in 2016,=
he changed it to the “consent room.” (Sachs’s studio say=
s this was also a joke.) </p></blockquote><p style=3D"color: #404040; =
font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">Sachs tried to par=
ry the accusations but some of the denials confirmed the overall accusation=
of unbridled bad behavior:</p><blockquote style=3D"border-left: 4px solid =
#653366; margin: 20px 0; padding: 0;"><p style=3D"color: #404040; font-size=
: 16px; line-height: 26px; margin: 0 0 20px 0; margin-left: 20px;"><span>Mo=
st everything else former employees recalled to </span><em>New York,</em><s=
pan> Sach’s studio says is false. He has never thrown anything at an =
employee and is “obsessive about safety for his team.” Furtherm=
ore, “no one has ever been fired or penalized because of an airline s=
eat.” While Sachs “expresses himself when standards aren’=
t met,” he denies speaking to an employee “inches” from t=
heir face. </span></p></blockquote><p style=3D"color: #404040; font-size: 1=
6px; line-height: 26px; margin: 0 0 20px 0;">Not everyone sees the depictio=
n of Sachs as a negative:</p><blockquote style=3D"border-left: 4px solid #6=
53366; margin: 20px 0; padding: 0;"><p style=3D"color: #404040; font-size: =
16px; line-height: 26px; margin: 0 0 20px 0; margin-left: 20px;"><span>A ce=
rtain type of person loves the idea of all of this — carefully sortin=
g screws all day long as part of a kind of unified art-making organism. The=
re’s a recent Reddit thread called “How can I work for Tom Sach=
s?” (One response: “Just show up at the front of the studio, li=
ke </span><em>Fight Club.</em><span>”) Says a second former studio as=
sistant, “It was a really desirable place to be and a privilege in so=
me ways.” Owen Zoyt dropped out of NYU in 2021 to join the studio; he=
had been applying to work there every year since he was 15. “It̵=
7;s really, really lovely to feel like you’re part of something and w=
orking in a very tightly knit group in a really fast-paced environment to a=
chieve some really fantastical goal,” he says.</span></p></blockquote=
><p style=3D"color: #404040; font-size: 16px; line-height: 26px; margin: 0 =
0 20px 0;"><span>Unfortunately, bad publicity as a way of generating more b=
ad publicity. </span><em><a href=3D"https://substack.com/redirect/dc452bb1-=
087f-48e8-9d64-ea8c76eb3bd4?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5i=
RnigHXx6Fx_g6pp7gWdY" rel=3D"" style=3D"color: #404040; text-decoration: un=
derline;">Complex</a></em><a href=3D"https://substack.com/redirect/dc452bb1=
-087f-48e8-9d64-ea8c76eb3bd4?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5=
iRnigHXx6Fx_g6pp7gWdY" rel=3D"" style=3D"color: #404040; text-decoration: u=
nderline;"> dredged up a five year old story of Nike scouring references to=
“working like a slave” </a><span>from shoe boxes for a Sachs c=
ollaboration with the brand. Sounds bad but the reference wasn’t Sach=
s, it was a quote from Brancusi that Sachs had printed on the box:</span></=
p><blockquote style=3D"border-left: 4px solid #653366; margin: 20px 0; padd=
ing: 0;"><p style=3D"color: #404040; font-size: 16px; line-height: 26px; ma=
rgin: 0 0 20px 0; margin-left: 20px;"><span>The original box for the Mars Y=
ard 2.0 sneaker from 2017 had </span><a href=3D"https://substack.com/redire=
ct/961daaee-40e7-487f-b54f-13eef040e50f?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0=
jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel=3D"" style=3D"color: #404040; text-de=
coration: underline;">a quote from Romanian sculptor Constantin Brancusi</a=
><span> on the inside of the lid reading, “Work like a slave, order l=
ike a king, create like a god.” Sachs’ website </span><a href=
=3D"https://substack.com/redirect/ba352158-6a07-41b7-9805-45d8ab8039d2?j=3D=
eyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel=3D"" s=
tyle=3D"color: #404040; text-decoration: underline;">mentions Brancusi</a><=
span>, saying that Sachs first learned of Brancusi during his formative yea=
rs in college and developed “a personal relationship” with the =
sculptor’s work.</span></p></blockquote><p style=3D"color: #404040; f=
ont-size: 16px; line-height: 26px; margin: 0 0 20px 0;">All of this attenti=
on is putting pressure on Nike who told Footwear News that it was paying at=
tention to the problems:</p><p style=3D"color: #404040; font-size: 16px; li=
ne-height: 26px; margin: 0 0 20px 0;"><span>Nike, a long-time </span><a hre=
f=3D"https://substack.com/redirect/ba78245a-3bfa-4e29-97d6-b2353c11d554?j=
=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel=3D"=
" style=3D"color: #404040; text-decoration: underline;">collaborator</a><sp=
an> with Sachs, said it is “deeply concerned by the very serious alle=
gations” in a statement shared with FN. “We are in contact with=
Tom and his studio, seeking to better understand the situation and how the=
se issues are being addressed,” the company said.</span></p><p style=
=3D"color: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;=
"></p><h5 style=3D"-moz-osx-font-smoothing: subpixel-antialiased; -webkit-f=
ont-smoothing: subpixel-antialiased; color: #404040; font-family: 'SF Compa=
ct Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helveti=
ca, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Sym=
bol'; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.625em 0;"><a =
href=3D"https://substack.com/redirect/c5e16409-848e-4346-ae24-7c2c52abab57?=
j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel=3D=
"" style=3D"color: #404040; text-decoration: underline;">High-Profile Art C=
ouple Offers Worst Job Ever</a><span> (NYTimes)</span></h5><h5 style=3D"-mo=
z-osx-font-smoothing: subpixel-antialiased; -webkit-font-smoothing: subpixe=
l-antialiased; color: #404040; font-family: 'SF Compact Display', -apple-sy=
stem, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif,=
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d; line-height: 1.16em; margin: 1em 0 0.625em 0;"><a href=3D"https://substa=
ck.com/redirect/a1365aa8-ff97-4c1c-a427-16df9d5a7efc?j=3DeyJ1IjoiMjdjZXI5In=
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4040; text-decoration: underline;">Tom Sachs Promised a Fun Cult</a><span> =
(Curbed/NYMag)</span></h5><h5 style=3D"-moz-osx-font-smoothing: subpixel-an=
tialiased; -webkit-font-smoothing: subpixel-antialiased; color: #404040; fo=
nt-family: 'SF Compact Display', -apple-system, BlinkMacSystemFont, 'Segoe =
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ixel-antialiased; -webkit-font-smoothing: subpixel-antialiased; color: #404=
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