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Welcome back to the Wall Power Inner Circle. Tonight, we’re going to look at
some of the first-half sales results from the major auction houses. Christie’s
held the line; Heritage is on pace to have an even better year than 2024. I’ll
try to explain what these numbers mean—and why the auction houses take such
care to communicate them.
July 16, 2025
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PREVIEW VERSION
For full access to Puck Inner Circle content, subscribe today.
Marion Maneker
Welcome back to the Wall Power Inner Circle. I’m Marion Maneker, here to
spill the beans about what happens behind the scenes on an auction house
press call.
Tonight, we’re going to look at some of the first-half sales results from
the major auction houses. Christie’s held the line; Heritage is on pace to
have an even better year than 2024. I’ll try to explain what these numbers
mean—and why the auction houses take such care to communicate them.
But first, some more news about our upcoming art summit…
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We’ve added some speakers to The Art of Influence, the one-day (10 a.m. to 4
p.m.) event Puck is holding in partnership with the FLAG Art Foundation at
SECOND in Chelsea on September 15. This will be a candid discussion about
the current state of...
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JOIN THE INNER CIRCLE
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House Calls
A report from the auction houses’ earnings calls as they try to steer the
press toward a narrative of stability rather than sky-is-falling panic.
While not entirely successful, they did provide some reasons for optimism.
Marion Maneker
Yesterday, in its semiannual call with the global art press, Christie’s
announced that it had sold $2.1 billion worth of art in the first six months
of 2025—flat from the year before. Heritage, meanwhile, announced $962
million in sales for the first half of the year, continuing its upward
trajectory. Each house has its own reason for releasing the numbers:
Heritage wants to highlight its growth; Christie’s instituted these regular
press calls several years ago to, hopefully, instill greater confidence
in...
JOIN THE INNER CIRCLE
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Wall Power Inner Circle. Tonight, we=E2=80=99re going to look at some of =
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Christie=E2=80=99s held the line; Heritage is on pace to have an even =
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style=3D"margin:0;">July 16, 2025</p></div>
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rX2lkIjoyMDcyMTY0fQ/aa8772219eb7abf6596c256c366b8be9d389c387513d2457ed553=
8294828fdcb" target=3D"_blank" =
style=3D"text-decoration:underline;color:#d40000;" =
rel=3D"noopener">subscribe</a></strong> today.</p></div>
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<table align=3D"center" 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;"><tbody><tr><td>
<table class=3D"c i" align=3D"center" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;background-color:#ffff=
ff;border-radius:0;color:#000000;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-a=
lign:left;padding-left:24px;padding-right:24px;padding-top:32px;vertical-=
align:top;">
<table class=3D"np" 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;text-align:left;line-h=
eight:0;"><tbody><tr><td =
style=3D"vertical-align:middle;color:#d40000;font-family:'PuckSerifDi=
splay','Georgia';font-size:20px;font-weight:400;padding-botto=
m:24px;text-align:left;">
<table class=3D"b" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;display:inline-block;p=
adding-left:0px;padding-right:0px;" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation"><tbody><tr><td =
style=3D"vertical-align:middle;text-align:center;padding-top:0px;padding-=
bottom:0px;padding-left:0px;padding-right:0px;"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdZRldtM1dmSTlRNy1ZdXd4aWw1Yz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvYX=
V0aG9yL21hcmlvbi1tYW5la2VyLz91dG1fY2FtcGFpZ249SUMrRXhjbHVzaXZlK1dhbGwrUG9=
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VybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDh=
kMjgiLCJsaW5rX2lkIjo4NDc4MTd9/6347f588f150d9eb98cc0472d171759a190dc9a2fa1=
4cfb7789b570175c1b3a0" target=3D"_self" =
style=3D"text-decoration:none;"><img alt=3D"Marion Maneker" =
src=3D"https://userimg-assets.customeriomail.com/images/client-env-107382=
/1739207842260_avatar-marion-update-2025-02-10_01JKRDV6FXDFC5A7AK1PGGWTBD=
.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-si=
ze:20px;font-weight:400;color:#d40000;vertical-align:middle;letter-spacin=
g:undefined;text-align:left;line-height:normal;"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdZRldtM1dmSTlRNy1ZdXd4aWw1Yz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvYX=
V0aG9yL21hcmlvbi1tYW5la2VyLz91dG1fY2FtcGFpZ249SUMrRXhjbHVzaXZlK1dhbGwrUG9=
3ZXIrLStMRUFEUyslMjg3JTJGMTYlMkYyNSUyOVx1MDAyNnV0bV9jb250ZW50PUlDK0V4Y2x1=
c2l2ZStXYWxsK1Bvd2VyKy0rTEVBRFMrJTI4NyUyRjE2JTJGMjUlMjlcdTAwMjZ1dG1fbWVka=
XVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdG=
VybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDh=
kMjgiLCJsaW5rX2lkIjo4NDc4MTd9/6347f588f150d9eb98cc0472d171759a190dc9a2fa1=
4cfb7789b570175c1b3a0" target=3D"_self" =
style=3D"color:#d40000;text-decoration:none;">Marion Maneker</a>
</td></tr></tbody></table>
</td></tr></tbody></table>
<table class=3D"oq" 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;word-break:break-word;=
"><tbody><tr><td style=3D"padding-bottom:32px;"><div =
style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5=
;text-align:left;mso-line-height-alt:26px;"><p =
style=3D"margin:0;">Welcome back to the Wall Power Inner Circle. =
I=E2=80=99m <strong>Marion</strong> <strong>Maneker</strong>,
here to spill the beans about what happens behind the scenes on an =
auction house press call.<br/><br/>Tonight, we=E2=80=99re going to look =
at some of the first-half sales results from the major auction houses. =
Christie=E2=80=99s held the line; Heritage is on pace to have an even =
better year than 2024. I=E2=80=99ll try to explain what these numbers =
mean=E2=80=94and why the auction houses take such care to communicate =
them.<br/><br/><em>But first, some more news about our upcoming art =
summit=E2=80=A6</em></p></div>
</td></tr></tbody></table>
<table class=3D"p" 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;"><tbody><tr><td =
style=3D"padding-bottom:36px;"><div class=3D"r" align=3D"center">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" width=3D"30%" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"font-size:1px;line-height:1px;border-top:2px solid =
#d40000;"><span style=3D"word-break:break-word;">=E2=80=8A</span>
</td></tr></tbody></table></div>
</td></tr></tbody></table>
<table class=3D"j" 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;"><tbody><tr><td =
style=3D"padding-bottom:32px;width:100%;"><div class=3D"r" =
align=3D"center"><div style=3D"max-width:552px;"><img =
src=3D"https://userimg-assets.customeriomail.com/images/client-env-107382=
/1752703158010_AOI%20additional%20talent_01K0AKZHY78EWC9CRJMJBSGFJY.jpg" =
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 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;word-break:break-word;=
"><tbody><tr><td style=3D"padding-bottom:32px;"><div =
style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5=
;text-align:left;mso-line-height-alt:26px;"><p =
style=3D"margin:0;">We=E2=80=99ve added some speakers to The Art of =
Influence, the one-day (10 a.m. to 4 p.m.) event Puck is holding in
partnership with the FLAG Art Foundation at SECOND in Chelsea on =
September 15. This will be a candid discussion about the current state =
of...</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" =
cellspacing=3D"0" role=3D"presentation" =
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<table class=3D"c i" align=3D"center" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;background-color:#ffff=
ff;border-radius:0;color:#000000;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-a=
lign:left;border-bottom:1px solid #d40000;border-top:1px solid =
#d40000;padding-bottom:32px;padding-left:24px;padding-right:24px;padding-=
top:32px;
vertical-align:top;">
<table class=3D"np" 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;word-break:break-word;=
"><tbody><tr><td style=3D"padding-bottom:16px;"><div =
style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.2=
;text-align:left;mso-line-height-alt:20px;"><p style=3D"margin:0;">A =
MESSAGE FROM OUR SPONSOR</p></div>
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<table class=3D"j oq n5" 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;"><tbody><tr><td =
style=3D"padding-bottom:16px;width:100%;"><div class=3D"r" =
align=3D"center"><div style=3D"max-width:552px;"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdZRldtM1dmSTlRNy1ZdXd4aWw1Yz0iLCJocmVmIjoiaHR0cHM6Ly9hZC5kb3VibGVjbG=
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lua19pZCI6MjI3MjYxNH0/e3c5f6ed34a748252d61ddfd16176817c554f0284a3876ed5f9=
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style=3D"display:block;height:auto;border:0;width:100%;" width=3D"552" =
alt=3D"BMW" title=3D"BMW" height=3D"auto"/></a>
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<table class=3D"j p n" 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;mso-hide:all;display:n=
one;max-height:0;overflow:hidden;"><tbody><tr><td =
style=3D"padding-bottom:16px;width:100%;"><div class=3D"r" =
align=3D"center"><div style=3D"max-width:552px;"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdZRldtM1dmSTlRNy1ZdXd4aWw1Yz0iLCJocmVmIjoiaHR0cHM6Ly9hZC5kb3VibGVjbG=
ljay5uZXQvZGRtL3RyYWNrY2xrL04yMjY3MDgzLjQyMzU4NjVQVUNLTkVXUy9CMzI5ODMyMzI=
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lua19pZCI6MjI3MjYxNX0/876d7e6df02efd803fb152e3c12608cd17f1e517aae83a8cdb0=
d61aef95fda45" target=3D"_blank"><img =
src=3D"https://userimg-assets.customeriomail.com/images/client-env-107382=
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style=3D"display:block;height:auto;border:0;width:100%;" width=3D"552" =
alt=3D"BMW" title=3D"BMW" height=3D"auto"/></a>
</div></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;word-break:break-word;=
"><tbody><tr><td><div =
style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.2=
;text-align:center;mso-line-height-alt:20px;"><p =
style=3D"margin:0;margin-bottom:0px;">The first steps towards a =
masterpiece starts with a dream. The all-electric BMW i7 =E2=80=93 the =
evolution of brilliance.
Learn more at=C2=A0</p><p style=3D"margin:0;"><strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdZRldtM1dmSTlRNy1ZdXd4aWw1Yz0iLCJocmVmIjoiaHR0cHM6Ly93d3cuYm13dXNhLm=
NvbS8_dXRtX2NhbXBhaWduPUlDK0V4Y2x1c2l2ZStXYWxsK1Bvd2VyKy0rTEVBRFMrJTI4NyU=
yRjE2JTJGMjUlMjlcdTAwMjZ1dG1fY29udGVudD1JQytFeGNsdXNpdmUrV2FsbCtQb3dlcist=
K0xFQURTKyUyODclMkYxNiUyRjI1JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cd=
TAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMD=
FkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MjE=
2NjY4NX0/fa18196060db880b7b04e5be890fa6adbfdc0e0d330c70cc33cf1bd546654ee4=
" target=3D"_blank" style=3D"text-decoration:underline;color:#d40000;" =
rel=3D"noopener">BMWUSA.com</a></strong></p></div>
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cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;background-color:#ffff=
ff;border-radius:0;color:#000000;width:600px;margin:0 auto;" =
width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"100%" =
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lign:left;padding-left:24px;padding-right:24px;padding-top:22px;vertical-=
align:top;">
<table class=3D"np" 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;word-break:break-word;=
"><tbody><tr><td style=3D"padding-bottom:32px;"><div =
style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5=
;text-align:left;mso-line-height-alt:26px;"><p =
style=3D"margin:0;"><em>Can=E2=80=99t see the full story? For full =
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style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"padding-bottom:32px;text-align:center;"><div class=3D"r" =
align=3D"center"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdZRldtM1dmSTlRNy1ZdXd4aWw1Yz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvaW=
5uZXItY2lyY2xlLz91dG1fY2FtcGFpZ249SUMrRXhjbHVzaXZlK1dhbGwrUG93ZXIrLStMRUF=
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8294828fdcb" target=3D"_blank" =
style=3D"color:#ffffff;text-decoration:none;"><span class=3D"m" =
style=3D"background-color:#d40000;border-bottom:2px solid =
#d40000;border-left:2px solid #d40000;border-radius:4px;border-right:2px =
solid #d40000;
border-top:2px solid =
#d40000;color:#ffffff;display:inline-block;font-family:'Inter',&#=
39;Arial';font-size:14px;font-weight:700;mso-border-alt:none;padding-=
bottom:8px;padding-top:8px;padding-left:20px;padding-right:20px;text-alig=
n:center;width:60%;word-break:keep-all;letter-spacing:normal;"><span =
style=3D"word-break:break-word;line-height:28px;">JOIN THE INNER =
CIRCLE</span></span></a></div>
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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" =
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<table class=3D"c i" align=3D"center" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;background-color:#ffff=
ff;border-radius:0;color:#000000;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-a=
lign:left;padding-bottom:12px;vertical-align:top;border-radius:0px;">
<table class=3D"j np" 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;"><tbody><tr><td =
style=3D"width:100%;"><div class=3D"r" align=3D"center"><div =
style=3D"max-width:600px;"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdZRldtM1dmSTlRNy1ZdXd4aWw1Yz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvd2=
hhdC10aGUtMWgyNS1hdWN0aW9uLWhvdXNlLXJlc3VsdHMtbWVhbi1mb3ItdGhlLWFydC1tYXJ=
rZXQvP3V0bV9jYW1wYWlnbj1JQytFeGNsdXNpdmUrV2FsbCtQb3dlcistK0xFQURTKyUyODcl=
MkYxNiUyRjI1JTI5XHUwMDI2dXRtX2NvbnRlbnQ9SUMrRXhjbHVzaXZlK1dhbGwrUG93ZXIrL=
StMRUFEUyslMjg3JTJGMTYlMkYyNSUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXH=
UwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzA=
xZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjIy=
NzYxNTR9/93440c0e43acae03f5fab2756dd0e216a8d2de7159931c2bec69d268587d7f68=
" target=3D"_blank"><img =
src=3D"https://userimg-assets.customeriomail.com/images/client-env-107382=
/1752702906424_bonnie_01K0AKQWFH2ED9E0J38NA3RPFX.jpg" =
style=3D"display:block;height:
auto;border:0;width:100%;" width=3D"600" alt=3D"House Calls" =
title=3D"House Calls" height=3D"auto"/></a></div></div>
</td></tr></tbody></table>
<table class=3D"j oq" 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;"><tbody><tr><td =
style=3D"padding-bottom:8px;padding-left:24px;padding-right:24px;padding-=
top:24px;width:100%;"><div class=3D"r" align=3D"left"><div =
style=3D"max-width:142px;"><img =
src=3D"https://userimg-assets.customeriomail.com/images/client-env-107382=
/1735839782111_ice-badge_01JGM1T57TV42CK4RX9AZ2QJ1N.png" =
style=3D"display:block;height:auto;border:0;width:100%;" width=3D"142" =
alt=3D"Inner Circle Exclusive" title=3D"Inner Circle Exclusive" =
height=3D"auto"/></div></div>
</td></tr></tbody></table>
<table class=3D"gq p" 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;"><tbody><tr><td =
style=3D"padding-bottom:16px;padding-left:24px;padding-right:24px;text-al=
ign:center;width:100%;"><h1 =
style=3D"margin:0;color:#000000;direction:ltr;font-family:'PuckSerifD=
isplay','Georgia';font-size:48px;font-weight:400;letter-spaci=
ng:normal;line-height:1.2;text-align:left;margin-top:0;margin-bottom:0;ms=
o-line-height-alt:58px;"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdZRldtM1dmSTlRNy1ZdXd4aWw1Yz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvd2=
hhdC10aGUtMWgyNS1hdWN0aW9uLWhvdXNlLXJlc3VsdHMtbWVhbi1mb3ItdGhlLWFydC1tYXJ=
rZXQvP3V0bV9jYW1wYWlnbj1JQytFeGNsdXNpdmUrV2FsbCtQb3dlcistK0xFQURTKyUyODcl=
MkYxNiUyRjI1JTI5XHUwMDI2dXRtX2NvbnRlbnQ9SUMrRXhjbHVzaXZlK1dhbGwrUG93ZXIrL=
StMRUFEUyslMjg3JTJGMTYlMkYyNSUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXH=
UwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzA=
xZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjIy=
NzYxNTR9/93440c0e43acae03f5fab2756dd0e216a8d2de7159931c2bec69d268587d7f68=
" target=3D"_blank" style=3D"text-decoration:none;color:#d40000;" =
data-mce-attribute-name-1=3D"" data-mce-attribute-value-1=3D"" =
data-mce-attributes-count=3D"1" rel=3D"noopener"><span =
style=3D"word-break:break-word;position:relative;" =
data-position=3D"80-0-2" data-qa=3D"tinyeditor-root-element">House =
Calls</span></a></h1>
</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;word-break:break-word;=
"><tbody><tr><td style=3D"padding-left:24px;padding-right:24px;"><div =
style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:19px;font-weight:400;letter-spacing:0px;line-height:1.5=
;text-align:left;mso-line-height-alt:29px;"><p style=3D"margin:0;">A =
report from the auction houses=E2=80=99 earnings calls as they try to =
steer the press toward a
narrative of stability rather than sky-is-falling panic. While not =
entirely successful, they did provide some reasons for =
optimism.</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" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td>
<table class=3D"c i" align=3D"center" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;background-color:#ffff=
ff;border-bottom:8px solid transparent;border-left:24px solid =
transparent;border-radius:0;border-right:24px solid =
transparent;border-top:8px solid =
transparent;color:#000000;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-a=
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left;border-bottom:1px solid #d40000;border-top:1px solid =
#d40000;vertical-align:top;border-radius:0px;">
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eight:0;"><tbody><tr><td =
style=3D"vertical-align:middle;color:#d40000;font-family:'PuckSerifDi=
splay','Georgia';font-size:20px;font-weight:400;padding-botto=
m:8px;padding-right:8px;padding-top:8px;text-align:left;">
<table class=3D"b" =
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adding-left:0px;padding-right:0px;" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation"><tbody><tr><td =
style=3D"vertical-align:middle;text-align:center;padding-top:0px;padding-=
bottom:0px;padding-left:0px;padding-right:0px;"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdZRldtM1dmSTlRNy1ZdXd4aWw1Yz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvYX=
V0aG9yL21hcmlvbi1tYW5la2VyLz91dG1fY2FtcGFpZ249SUMrRXhjbHVzaXZlK1dhbGwrUG9=
3ZXIrLStMRUFEUyslMjg3JTJGMTYlMkYyNSUyOVx1MDAyNnV0bV9jb250ZW50PUlDK0V4Y2x1=
c2l2ZStXYWxsK1Bvd2VyKy0rTEVBRFMrJTI4NyUyRjE2JTJGMjUlMjlcdTAwMjZ1dG1fbWVka=
XVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdG=
VybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDh=
kMjgiLCJsaW5rX2lkIjo4NDc4MTd9/6347f588f150d9eb98cc0472d171759a190dc9a2fa1=
4cfb7789b570175c1b3a0" target=3D"_self" =
style=3D"text-decoration:none;"><img alt=3D"Marion Maneker" =
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.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-si=
ze:20px;font-weight:400;color:#d40000;vertical-align:middle;letter-spacin=
g:undefined;text-align:left;line-height:normal;"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdZRldtM1dmSTlRNy1ZdXd4aWw1Yz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvYX=
V0aG9yL21hcmlvbi1tYW5la2VyLz91dG1fY2FtcGFpZ249SUMrRXhjbHVzaXZlK1dhbGwrUG9=
3ZXIrLStMRUFEUyslMjg3JTJGMTYlMkYyNSUyOVx1MDAyNnV0bV9jb250ZW50PUlDK0V4Y2x1=
c2l2ZStXYWxsK1Bvd2VyKy0rTEVBRFMrJTI4NyUyRjE2JTJGMjUlMjlcdTAwMjZ1dG1fbWVka=
XVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdG=
VybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDh=
kMjgiLCJsaW5rX2lkIjo4NDc4MTd9/6347f588f150d9eb98cc0472d171759a190dc9a2fa1=
4cfb7789b570175c1b3a0" target=3D"_self" =
style=3D"color:#d40000;text-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" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td>
<table class=3D"c i" align=3D"center" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;background-color:#ffff=
ff;border-radius:0;color:#000000;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-a=
lign:left;padding-left:24px;padding-right:24px;padding-top:16px;vertical-=
align:top;">
<table class=3D"np" 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;word-break:break-word;=
"><tbody><tr><td style=3D"padding-bottom:32px;"><div =
style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5=
;text-align:left;mso-line-height-alt:26px;"><p =
style=3D"margin:0;">Yesterday, in its semiannual call with the global =
art press, Christie=E2=80=99s announced that it had sold
$2.1 billion worth of art in the first six months of 2025=E2=80=94flat =
from the year before. Heritage, meanwhile, announced $962 million in =
sales for the first half of the year, continuing its upward trajectory. =
Each house has its own reason for releasing the numbers: Heritage wants =
to highlight its growth; Christie=E2=80=99s instituted these regular =
press calls several years ago to, hopefully, instill greater confidence =
in...</p></div>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>
<table class=3D"n3" align=3D"center" 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;"><tbody><tr><td>
<table class=3D"c i" align=3D"center" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;background-color:#ffff=
ff;border-radius:0;color:#000000;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-a=
lign:left;padding-left:24px;padding-right:24px;vertical-align:top;">
<table class=3D"g np" 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;"><tbody><tr><td =
style=3D"padding-bottom:32px;text-align:center;"><div class=3D"r" =
align=3D"center"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdZRldtM1dmSTlRNy1ZdXd4aWw1Yz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvaW=
5uZXItY2lyY2xlLz91dG1fY2FtcGFpZ249SUMrRXhjbHVzaXZlK1dhbGwrUG93ZXIrLStMRUF=
EUyslMjg3JTJGMTYlMkYyNSUyOVx1MDAyNnV0bV9jb250ZW50PUlDK0V4Y2x1c2l2ZStXYWxs=
K1Bvd2VyKy0rTEVBRFMrJTI4NyUyRjE2JTJGMjUlMjlcdTAwMjZ1dG1fbWVkaXVtPWVtYWlsX=
2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNmM2MD=
YxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5=
rX2lkIjoyMDcyMTY0fQ/aa8772219eb7abf6596c256c366b8be9d389c387513d2457ed553=
8294828fdcb" target=3D"_blank" =
style=3D"color:#ffffff;text-decoration:none;"><span class=3D"m" =
style=3D"background-color:#d40000;border-bottom:2px solid =
#d40000;border-left:2px solid #d40000;border-radius:4px;border-right:2px =
solid #d40000;
border-top:2px solid =
#d40000;color:#ffffff;display:inline-block;font-family:'Inter',&#=
39;Arial';font-size:14px;font-weight:700;mso-border-alt:none;padding-=
bottom:8px;padding-top:8px;padding-left:0px;padding-right:0px;text-align:=
center;width:60%;word-break:keep-all;letter-spacing:normal;"><span =
style=3D"word-break:break-word;line-height:28px;">JOIN THE INNER =
CIRCLE</span></span></a></div>
</td></tr></tbody></table>
</td></tr></tbody></table>
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<table align=3D"center" 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;"><tbody><tr><td>
<table class=3D"c i" align=3D"center" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;background-color:#ffff=
ff;border-radius:0;color:#000000;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-a=
lign:left;border-bottom:1px solid #d40000;border-top:1px solid =
#d40000;padding-bottom:32px;padding-left:24px;padding-right:24px;padding-=
top:32px;
vertical-align:top;">
<table class=3D"np" 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;word-break:break-word;=
"><tbody><tr><td style=3D"padding-bottom:16px;"><div =
style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.2=
;text-align:left;mso-line-height-alt:20px;"><p style=3D"margin:0;">A =
MESSAGE FROM OUR SPONSOR</p></div>
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<table class=3D"j oq n5" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
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style=3D"padding-bottom:16px;width:100%;"><div class=3D"r" =
align=3D"center"><div style=3D"max-width:552px;"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdZRldtM1dmSTlRNy1ZdXd4aWw1Yz0iLCJocmVmIjoiaHR0cHM6Ly9hZC5kb3VibGVjbG=
ljay5uZXQvZGRtL3RyYWNrY2xrL04yMjY3MDgzLjQyMzU4NjVQVUNLTkVXUy9CMzI5ODMyMzI=
uNDEzMjcyMjczO2RjX3Rya19haWQ9NjE3NjYxMjQ3O2RjX3Rya19jaWQ9MjM3Nzk0MDQ4O2Rj=
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VBRFMrJTI4NyUyRjE2JTJGMjUlMjlcdTAwMjZ1dG1fY29udGVudD1JQytFeGNsdXNpdmUrV2F=
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bF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjN=
jA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibG=
lua19pZCI6MjI3MjYxNH0/e3c5f6ed34a748252d61ddfd16176817c554f0284a3876ed5f9=
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