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From: "Marion Maneker" <marion@puck.news>
To: <enzo@showfile.com>
Subject: =?UTF-8?Q?Phillips=E2=80=99s_New_Fee_Structure_&_T?=
	=?UTF-8?Q?he_Asher-Guggenheim_Affair?=
Date: Tue, 22 Jul 2025 23:32:00 +0100
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Today, Phillips announced both a new fee structure and a totally new wrinkle 
in the live auction process. Starting this fall, its bidders will be able to 
take an early position on a lot that will enable the bidder to pay a lower 
fee—not just on the initial bid at the low estimate, but also on any 
subsequent bid. I’ll explain more about this dynamic model below.





July 22, 2025








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PREVIEW VERSION


Start a free 14-day trial to unlock access to Puck.






 	Marion Maneker


Welcome back to Wall Power, sports fans. I’m Marion Maneker, writing to you 
from Nantucket, where I’ll be cohosting a Puck event tomorrow at an 
undisclosed but suitably worn-in location.

Today, Phillips announced both a new fee structure and a totally new wrinkle 
in the live auction process. Starting this fall, its bidders will be able to 
take an early position on a lot that will enable the bidder to pay a lower 
fee—not just on the initial bid at the low estimate, but also on any 
subsequent bid. I’ll explain more about this dynamic model below.

Also, there’s been a lot of talk in the chat and over lunches and drinks 
about the legal papers that art advisor Abigail Asher filed as a 
counterclaim against her former partner Barbara Guggenheim, the Los Angeles 
art advisor who was married to the late Bert Fields and just wed the 
legendary venture capitalist Alan Patricof. In the endnotes, I’ll explain 
why some of the heavy breathing over the whole thing is unwarranted and 
wholly disconnected from the perception that the art market is in a malaise.

But first…




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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. The gathering will offer a candid 
discussion about...




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The Phillips Fee Screwdriver



As auction houses look to regain their mojo by tweaking pricing and 
structures, Phillips has announced a true potential game-changer—a triple 
whammy that increases the buyer’s premium, offers a discount to early 
bidders, and previews intent. So… will it work?




 	Marion Maneker




Sandy Heller, the powerful art advisor, was being interviewed by Christie’s 
global president Alex Rotter last week during a conference at Radio City 
Music Hall when he mentioned winning a lot at auction for his client. “Then 
I have to deal with your fees,” he said, taking a good-natured swipe at the 
buyer’s premium Christie’s charges. Regardless of how much money one has, of 
course, no one likes paying fees. Yes, rich people can often seem stingy, 
but sometimes that’s just downstream of the feeling that there’s always more 
to...


KEEP READING WITH A FREE TRIAL






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the oversanitized, legal-and-standards-approved version you read online. 
Join Dylan Byers, Puck’s veteran media reporter, as he sits down with TV 
personalities, moguls, pundits, and industry executives for raw, honest, 
sometimes salacious conversations about the business of media and its 
biggest egos. New episodes publish every Tuesday and Friday.







The industry’s go-to source for unflinching reporting on the trillion-dollar 
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Colbert’s Next Act



KIM MASTERS




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G.O.P. Epstein Anxieties



ABBY LIVINGSTON




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NFL’s Rights War



JOHN OURAND








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max-height: 0px; overflow: hidden; mso-hide:all;">Today, Phillips =
announced both a new fee structure and a totally new wrinkle in the live =
auction process. Starting this fall, its bidders will be able to take an =
early position on a lot that will enable the bidder to pay a lower =
fee=E2=80=94not just on the initial bid at the low estimate, but also on =
any subsequent bid. I=E2=80=99ll explain more about this dynamic model =
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05LQUdZTkVPOEctaTNPakM5eU9HdGl2cz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvYX=
V0aG9yL21hcmlvbi1tYW5la2VyLz91dG1fY2FtcGFpZ249V2FsbCtQb3dlcistK0xFQURTKyU=
yODclMkYyMiUyRjI1JTI5XHUwMDI2dXRtX2NvbnRlbnQ9V2FsbCtQb3dlcistK0xFQURTKyUy=
ODclMkYyMiUyRjI1JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc=
291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLC=
JpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6ODQ3ODE3fQ/cede=
985459e4c50563fac7779bc7e2a299e0e7bc97c11053bbd294e71447bc05" =
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:&#39;Inter&#39;,&#39;Ari=
al&#39;;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 Wall Power, sports fans. I=E2=80=99m =
<strong>Marion Maneker</strong>, writing to
you from Nantucket, where I=E2=80=99ll be cohosting a Puck event =
tomorrow at an undisclosed but suitably worn-in =
location.<br/><br/>Today, Phillips announced both a new fee structure =
and a totally new wrinkle in the live auction process. Starting this =
fall, its bidders will be able to take an early position on a lot that =
will enable the bidder to pay a lower fee=E2=80=94not just on the =
initial bid at the low estimate, but also on any subsequent bid. =
I=E2=80=99ll explain more about this dynamic model
below.<br/><br/>Also, there=E2=80=99s been a lot of talk in the chat and =
over lunches and drinks about the legal papers that art advisor =
<strong>Abigail Asher</strong> filed as a counterclaim against her =
former partner <strong>Barbara Guggenheim</strong>, the Los Angeles art =
advisor who was married to the late <strong>Bert Fields</strong> and =
just wed the legendary venture capitalist <strong>Alan =
Patricof</strong>. In the endnotes, I=E2=80=99ll explain why some of the =
heavy breathing over the whole thing is
unwarranted and wholly disconnected from the perception that the art =
market is in a malaise.<br/><br/><em>But first=E2=80=A6</em></p></div>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"padding-bottom:32px;"><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=
/1753217741445_AOI%20additional%20talent_01K0SYQCN2YVW13BV7BFEC8XE5.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:12px;"><div =
style=3D"color:#000000;direction:ltr;font-family:&#39;Inter&#39;,&#39;Ari=
al&#39;;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. The gathering will offer a candid discussion =
about...</p></div>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>
<table class=3D"u" align=3D"center" width=3D"100%" border=3D"0" =
cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace: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;color:#000000;border-radius:0;width:600px;margin:0 auto;" =
width=3D"600"><tbody><tr><td class=3D"y 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:12px;vertical-=
align:top;">
<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:&#39;Inter&#39;,&#39;Ari=
al&#39;;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?=C2=A0<strong>You=E2=80=99re receiving the free version of Wall =
Power at
enzo@showfile.com</strong>. For full access to Puck, and to each of my =
colleagues, subscribe today.</em></p></div>
</td></tr></tbody></table>
<table class=3D"g 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:37px;text-align:center;"><div class=3D"r" =
align=3D"center"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdZTkVPOEctaTNPakM5eU9HdGl2cz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvam=
9pbi8_dXRtX2NhbXBhaWduPVdhbGwrUG93ZXIrLStMRUFEUyslMjg3JTJGMjIlMkYyNSUyOVx=
1MDAyNnV0bV9jb250ZW50PVdhbGwrUG93ZXIrLStMRUFEUyslMjg3JTJGMjIlMkYyNSUyOVx1=
MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb=
1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MD=
YxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjU1ODY3OX0/851b5fd9c64cffbd23de78466e7=
005c20fa8e4b5aba6a4a524ca33a7579b31b0" 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:&#39;Inter&#39;,&#=
39;Arial&#39;;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;">START A FREE 14-DAY =
TRIAL</span></span></a></div>
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</td></tr></tbody></table>
<table class=3D"v" 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;color:#000000;border-radius:0;width:600px;margin:0 auto;" =
width=3D"600"><tbody><tr><td class=3D"y 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" 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=
05LQUdZTkVPOEctaTNPakM5eU9HdGl2cz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvdG=
hlLW5ldy1waGlsbGlwcy1mZWUtc3RydWN0dXJlLWV4cGxhaW5lZC8_dXRtX2NhbXBhaWduPVd=
hbGwrUG93ZXIrLStMRUFEUyslMjg3JTJGMjIlMkYyNSUyOVx1MDAyNnV0bV9jb250ZW50PVdh=
bGwrUG93ZXIrLStMRUFEUyslMjg3JTJGMjIlMkYyNSUyOVx1MDAyNnV0bV9tZWRpdW09ZW1ha=
WxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2Yz=
YwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImx=
pbmtfaWQiOjIyODM2Mzh9/875764d710c336bf922ba30b1f334b8d3e22032cdc9137bdaaf=
1b0a3f1854164" target=3D"_blank"><img =
src=3D"https://userimg-assets.customeriomail.com/images/client-env-107382=
/1753217185518_WP_01K0SY6DR1T7TSJQHVN53D2ZPM.jpg" =
style=3D"display:block;height:auto;border:0;width:100%;" width=3D"600" =
alt=3D"The Phillips Fee Screwdriver" title=3D"The Phillips Fee =
Screwdriver" height=3D"auto"/></a></div></div>
</td></tr></tbody></table>
<table class=3D"gq 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:16px;padding-left:24px;padding-right:24px;padding=
-top:16px;text-align:center;width:100%;"><h1 =
style=3D"margin:0;color:#000000;direction:ltr;font-family:&#39;PuckSerifD=
isplay&#39;,&#39;Georgia&#39;;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=
05LQUdZTkVPOEctaTNPakM5eU9HdGl2cz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvdG=
hlLW5ldy1waGlsbGlwcy1mZWUtc3RydWN0dXJlLWV4cGxhaW5lZC8_dXRtX2NhbXBhaWduPVd=
hbGwrUG93ZXIrLStMRUFEUyslMjg3JTJGMjIlMkYyNSUyOVx1MDAyNnV0bV9jb250ZW50PVdh=
bGwrUG93ZXIrLStMRUFEUyslMjg3JTJGMjIlMkYyNSUyOVx1MDAyNnV0bV9tZWRpdW09ZW1ha=
WxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2Yz=
YwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImx=
pbmtfaWQiOjIyODM2Mzh9/875764d710c336bf922ba30b1f334b8d3e22032cdc9137bdaaf=
1b0a3f1854164" 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"40-0-1" data-qa=3D"tinyeditor-root-element">The =
Phillips Fee Screwdriver</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:&#39;Inter&#39;,&#39;Ari=
al&#39;;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;">As =
auction houses look to regain their mojo by tweaking pricing and =
structures, Phillips has
announced a true potential game-changer=E2=80=94a triple whammy that =
increases the buyer=E2=80=99s premium, offers a discount to early =
bidders, and previews intent. So=E2=80=A6 will it work?</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;color:#000000;border-radius:0;border-bottom:8px solid =
transparent;border-left:24px solid transparent;border-right:24px solid =
transparent;border-top:8px solid transparent;width:600px;margin:0 auto;" =
width=3D"600"><tbody><tr><td class=3D"y 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;vertical-align:top;border-radius:0px;">
<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;text-align:left;line-h=
eight:0;"><tbody><tr><td =
style=3D"vertical-align:middle;color:#d40000;font-family:&#39;PuckSerifDi=
splay&#39;,&#39;Georgia&#39;;font-size:20px;font-weight:400;padding-botto=
m:8px;padding-right:8px;padding-top:8px;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=
05LQUdZTkVPOEctaTNPakM5eU9HdGl2cz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvYX=
V0aG9yL21hcmlvbi1tYW5la2VyLz91dG1fY2FtcGFpZ249V2FsbCtQb3dlcistK0xFQURTKyU=
yODclMkYyMiUyRjI1JTI5XHUwMDI2dXRtX2NvbnRlbnQ9V2FsbCtQb3dlcistK0xFQURTKyUy=
ODclMkYyMiUyRjI1JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc=
291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLC=
JpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6ODQ3ODE3fQ/cede=
985459e4c50563fac7779bc7e2a299e0e7bc97c11053bbd294e71447bc05" =
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:&#39;PuckSerifDisplay&#39;,&#39;Georgia&#39;;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=
05LQUdZTkVPOEctaTNPakM5eU9HdGl2cz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvYX=
V0aG9yL21hcmlvbi1tYW5la2VyLz91dG1fY2FtcGFpZ249V2FsbCtQb3dlcistK0xFQURTKyU=
yODclMkYyMiUyRjI1JTI5XHUwMDI2dXRtX2NvbnRlbnQ9V2FsbCtQb3dlcistK0xFQURTKyUy=
ODclMkYyMiUyRjI1JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc=
291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLC=
JpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6ODQ3ODE3fQ/cede=
985459e4c50563fac7779bc7e2a299e0e7bc97c11053bbd294e71447bc05" =
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 class=3D"x" align=3D"center" width=3D"100%" border=3D"0" =
cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace: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;color:#000000;border-radius:0;width:600px;margin:0 auto;" =
width=3D"600"><tbody><tr><td class=3D"y 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:12px;vertical-=
align:top;">
<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:&#39;Inter&#39;,&#39;Ari=
al&#39;;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;"><strong>Sandy Heller</strong>, the powerful art =
advisor, was being interviewed by Christie=E2=80=99s global president
<strong>Alex Rotter</strong> last week during a conference at Radio City =
Music Hall when he mentioned winning a lot at auction for his client. =
=E2=80=9CThen I have to deal with your fees,=E2=80=9D he said, taking a =
good-natured swipe at the buyer=E2=80=99s premium Christie=E2=80=99s =
charges. Regardless of how much money one has, of course, no one likes =
paying fees. Yes, rich people can often seem stingy, but sometimes =
that=E2=80=99s just downstream of the feeling that there=E2=80=99s =
always more to...</p></div>
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#d9d9d9;"><span style=3D"word-break:break-word;">=E2=80=8A</span>
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<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:#000;direction:ltr;font-family:&#39;Inter&#39;,&#39;Arial&=
#39;;font-size:14px;font-weight:400;letter-spacing:0px;line-height:1.2;te=
xt-align:left;mso-line-height-alt:17px;"><p style=3D"margin:0;">Puck is =
published by Heat Media LLC.=C2=A0107=C2=A0Greenwich=C2=A0St, New York, =
NY 10006</p></div>
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