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Subject: What We Learned this Week (2414)
From: Artelligence <artelligence@substack.com>
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View this post on the web at https://artelligence.substack.com/p/what-we-le=
arned-this-week-2414
Welcome to Artelligence
If you have comments, complaints, tips or just want to vent, feel free to c=
ontact us directly:
In This Issue
But first: Marlborough=E2=80=99s last drag; The Teflon Whitney; Pinault pal=
ace intrigue; Are Ai Weiwei=E2=80=99s Zodiac Heads one of the world=E2=80=
=99s most viewed contemporary artworks? Big Halsey Biennale energy:
Takako Yamaguchi=E2=80=99s Whitney Lift Loses Altitude: The artist=E2=80=99=
s market struggled in Hong Kong
Howard Rachofsky=E2=80=99s $20m Fontana Space Egg to Sell at Sotheby=E2=80=
=99s: The Dallas collector will sell his record-setting Fontana in May
Chardin Leave: France Says They=E2=80=99ll Let This One Go: The Rothschilds=
will sell one of the last Charding still lifes in private hands=20
Results: Sotheby=E2=80=99s Hong Kong Modern & Contemporary Art =3D $108m
But first =E2=80=A6
Marlborough=E2=80=99s last drag: Marlborough Fine Art, which was founded by=
Austrian =C3=A9migr=C3=A9 Frank Lloyd and became the gallery of Francis Ba=
con, Frank Auerbach, Lucian Freud, Barbara Hepworth, and many American abst=
ract expressionists, is closing. The real estate will be sold and the galle=
ry inventory disposed of. Of course, Marlborough=E2=80=99s reputation was d=
amaged during the =E2=80=9970s after a court case brought by Rothko=E2=80=
=99s children revealed self-dealing by the gallery and executors of the art=
ist=E2=80=99s estate. Lloyd, himself, would eventually go to prison for tam=
pering with documents presented in the case. Four years ago, the gallery we=
nt through turmoil again when Pierre and Max Levai, Lloyd=E2=80=99s relativ=
es, were sued by the gallery=E2=80=99s board. The most interesting question=
following the decision is what remains in the gallery=E2=80=99s inventory =
and whether there is any demand for the work.=C2=A0
The Teflon Whitney: In an era when few cultural institutions escape scrutin=
y for their personnel practices, the Whitney museum has thoroughly changed =
its leadership=E2=80=94promoting internal candidates to every position from=
the museum=E2=80=99s director to its chief curator and C.O.O.=E2=80=94with=
out a peep from the mainstream press, the art press, or various vocal inter=
est groups. Scott Rothkopf was named director without a search committee or=
any indication that another candidate was considered by the board.=C2=A0
The Whitney has cannily played to previous critics by having Kim Conaty, th=
e new chief curator filling Rothkopf=E2=80=99s shoes, emphasize that she =
=E2=80=9Cplans to focus on Latino and Indigenous artists, who remain underr=
epresented in the Whitney=E2=80=99s collection,=E2=80=9D according to The N=
ew York Times. But Rothkopf=E2=80=99s previous achievements=E2=80=94especia=
lly the 2014 Jeff Koons retrospective that closed the Whitney=E2=80=99s res=
idency in the Breuer building, a monumental Jasper Johns retrospective that=
mirrored a companion show in Philadelphia (while unintentionally exposing =
the museum=E2=80=99s weakness in pandering to its patrons), and the upcomin=
g 2026 Roy Lichtenstein retrospective=E2=80=94would normally draw vitriol f=
rom the same critics who forced Warren Kanders to resign from the Whitney=
=E2=80=99s board because his company produced tear gas. At the very least, =
it would appear that Rothkopf has pulled off a quiet publicity coup.
Pinault palace intrigue: It=E2=80=99s hard to tell if Bloomberg is having f=
un with us or just got a little too excited when its reporters discovered [=
https://substack.com/redirect/40ebf345-044f-4ae0-9868-3127d8414e11?j=3DeyJ=
1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ] that 26-year=
-old Fran=C3=A7ois Louis Nicolas Pinault had replaced his grandfather=E2=80=
=94the formal and fearsome Monsieur Pinault who first took Christie=E2=80=
=99s private in 1998 as a white knight after a failed takeover bid by SBC W=
arburg Dillon Read=E2=80=94on Christie=E2=80=99s board. Bloomberg=E2=80=99s=
headline declared that the appointment =E2=80=9Creveals succession path at=
Christie=E2=80=99s,=E2=80=9D as if the younger Pinault would be moving tow=
ard an executive role at the auction house. Aside from the fact that no one=
learns to run a business from a board seat, the news was especially intere=
sting to the art trade, which has warily watched Patrick Drahi place his 29=
-year-old son, Nathan, on a path to run Sotheby=E2=80=99s by giving him the=
reins in Asia. The results have been mixed.=C2=A0
Are Ai Weiwei=E2=80=99s Zodiac Heads one of the world=E2=80=99s most viewed=
contemporary artworks?: In 2009, a pair of the 12 famous zodiac head sculp=
tures looted from the Beijing Summer Palace were at the center of an intern=
ational incident when the Chinese government objected to their sale from Yv=
es Saint Laurent and Pierre Berg=C3=A9=E2=80=99s art collection. Christie=
=E2=80=99s eventually donated the two heads to the Chinese government as a =
goodwill gesture, but not before Chinese dissident artist Ai Weiwei created=
his riff on the 12 statutes, which originally formed a clock in the garden=
s of the palace. Because the two works were cast in a larger bronze version=
(in an edition of eight) and a smaller gold version (in an edition of 12),=
the work has proliferated to an astonishing 53 different venues, and still=
counting, around the globe. One set was donated to LACMA, where it will be=
on permanent display in the museum=E2=80=99s garden. Others were on tempor=
ary display at both remote venues=E2=80=94like the Farnsworth in Rockland, =
Maine, or Blenheim Palace in Oxfordshire=E2=80=94and prestigious museums li=
ke Cleveland=E2=80=99s encyclopedic museum and the Art Gallery of Ontario.=
=C2=A0
Big Halsey Biennale energy: On the eve of her inclusion in the Venice Bienn=
ale=E2=80=99s main event exhibition, Foreigners Everywhere [ https://substa=
ck.com/redirect/b3a41a6c-c74b-45e2-b2c8-9d478a983010?j=3DeyJ1IjoiMjdjZXI5In=
0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ], Lauren Halsey gets a profi=
le in [ https://substack.com/redirect/c779f976-74eb-4d17-a07e-b063ce58688f?=
j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ] GQ [ =
https://substack.com/redirect/c779f976-74eb-4d17-a07e-b063ce58688f?j=3DeyJ1=
IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]. Jasmine Sand=
ers, the writer, tries to explain the puzzle of Halsey=E2=80=99s hyper-spec=
ific art and how it also functions as a counternarrative to misrepresentati=
ons of both South Central Los Angeles and the Black urban experience. =E2=
=80=9CHer focus on granular family experiences, is what she calls a =E2=80=
=98B-side=E2=80=99 to the pervading narratives about her hometown. For Hals=
ey, her family is not just the subject of her art, her family is the art.=
=E2=80=9D
Takako Yamaguchi=E2=80=99s Whitney Lift Loses Altitude
Sotheby=E2=80=99s Hong Kong evening sale of Modern & Contemporary art gave =
us a chance to check in on the market progress of Takako Yamaguchi, the Los=
Angeles artist whose work is featured in the current Whitney biennial. It=
=E2=80=99s not uncommon for that exhibition to boost an artist=E2=80=99s ma=
rket, but Sotheby=E2=80=99s didn=E2=80=99t wait around for that to happen. =
In March, Sotheby=E2=80=99s featured Yamaguchi=E2=80=99s 1994 work Catherin=
e and Midnight as the first lot in its London evening sale. Estimated at =
=C2=A3400,000 and backed by an =E2=80=9Cirrevocable bid,=E2=80=9D the work =
sold at almost twice that, eventually making for =C2=A3889,000 with fees, o=
r $1.1 million.=C2=A0
That=E2=80=99s extraordinary considering the artist has had a long career w=
ithout previously appearing on the auction market. In fact, Sotheby=E2=80=
=99s had a false start a week before the successful sale, when another Yama=
guchi work from 2003 was withdrawn from Sotheby=E2=80=99s New York Contempo=
rary Curated sale. Yamaguchi is represented by Ortuzar Projects, and Robert=
a Smith compared her work to elements of Georgia O=E2=80=99Keeffe and Agnes=
Pelton in a brief review of the artist=E2=80=99s show there last year. But=
one successful sale, even a surprise million-dollar sale, does not make an=
artist=E2=80=99s market. There=E2=80=99s no telling who was bidding on the=
work or what their motives might have been; however, Friday=E2=80=99s auct=
ion in Hong Kong was a chance for Sotheby=E2=80=99s to establish a confirma=
tion price=E2=80=94i.e., a sale after a new record that helps establish a n=
ew price structure for the artist.
The confirmation price is rarely at the same level as the record, but even =
a sale at half a new record price for a work of a different date, size, or =
image, can confirm that depth of demand for the artist. This is the way the=
market verifies a price. But in Hong Kong, 2003=E2=80=99s The Fire Next Ti=
me, which was estimated at the same level as the work withdrawn in New York=
, sold for HKD 2 million which works out to about $264,000. If you=E2=80=99=
re watching this market carefully, either as a holder of Yamaguchi=E2=80=99=
s work or looking to get in on the market momentum, these numbers suggest t=
hat Yamaguchi might become the next Salvo.=C2=A0
Howard Rachofsky=E2=80=99s $20m Fontana Space Egg to Sell at Sotheby=E2=80=
=99s=C2=A0
Dallas art collectors Howard and Cindy Rachofsky are selling their Lucio Fo=
ntana Concetto Spaziale, La Fine di Dio, from 1964, which the couple bought=
at auction in 2003. Fontana has a broad market fueled by a large number of=
his immediately recognizable slash paintings, but the ovoid Fine di Dio wo=
rks sit at the apex. =E2=80=9CThey looked for a long time to find the best =
one,=E2=80=9D Sotheby=E2=80=99s David Galperin said of the Rachofsky=E2=80=
=99s search for a major work by Fontana in the late 1990s and early 2000s. =
=E2=80=9CThat pursuit is visible in the quality.=E2=80=9D The Rachofskys pa=
id a then-record $2.3 million for Fine di Dio. Sotheby=E2=80=99s announced =
late last week that the painting will be back on offer in May. The bright y=
ellow work (one of only four yellow ones among the 38 Fontana made) will be=
sold with a $20 million estimate. That=E2=80=99s at least a 20-fold rise i=
n value, a worthy gain for Rachofsky, who used to manage a hedge fund. Says=
Galperin, =E2=80=9CThere are Fine di Dios, and then there=E2=80=99s this o=
ne.=E2=80=9D=C2=A0
This weekend, the Dallas Art Fair is in full swing, which might explain the=
timing of the announcement. It=E2=80=99s the 15th year that the fair has b=
een held. Dallas is a not-so-stealth art center with a boisterous and somet=
imes competitive collecting community. This gestalt is on display at the Ra=
chofskys=E2=80=99 Richard Meier-designed home, where they hold an annual am=
fAR fundraiser featuring an auction of work by emerging artists. The Rachof=
sky=E2=80=99s also collaborated to found The Warehouse to display the overf=
low of work that no longer fits in their home.=C2=A0
The couple support the Dallas Museum of Art, where they=E2=80=99ve pledged =
their collection with one proviso. They get to continue acquiring and selli=
ng works from their collection during their lifetimes. The Rachofskys sell =
art at auction more often than many realize, but it is usually done without=
their provenance broadcast in the sale. In recent years, they=E2=80=99ve s=
old works by Christina Quarles and Justin Caguiat. Their sales usually time=
the market exceptionally well.=C2=A0
Best known for his solid-colored canvases=E2=80=94often red or white but oc=
casionally other colors=E2=80=94slashed vertically with anywhere from a sin=
gle cut to a dozen or more, Fontana=E2=80=99s work is abstract, gnostic, an=
d broadly appealing across cultures. He also produced a substantial body of=
work, which makes his art appealing in market terms. Between 2005 and Font=
ana=E2=80=99s market peak in 2015, more than a billion dollars was spent at=
auction on the Italian master=E2=80=99s art. Inspired by the first human a=
ttempts to conquer space travel, Fontana=E2=80=99s egg-shaped Fine di Dio w=
orks are viewed as the zenith of his vast body of work. The top five prices=
paid for Fontanas=E2=80=94all above $20 million=E2=80=94were for Fine di D=
io works.=C2=A0=C2=A0
So much of his art has sold in recent years that market supply has faded. =
=E2=80=9CThe Fontana market has changed a lot in the last decade,=E2=80=9D =
Galperin told me. In the last year or two, buyers have been actively search=
ing for, and bidding up, a wider range of works than the more common slash =
paintings. Auction totals for Fontana have been way down since the last hig=
h-volume year of 2018, but last year they rose to a five-year high of $85 m=
illion. This is mostly due to the lack of high-value works on the market. T=
he Fine di Dio works reached a peak price of $29 million nine years ago for=
one of the three other yellow paintings.=C2=A0
One of the axioms of the auction trade is that previous record-setting work=
s often set new record prices when they return to the market, especially if=
the work in question has been in a noted collection for a significant peri=
od of time. This Fine di Dio ticks all of those boxes. Even though the mark=
et for high-value works has faded in the last 18 months, Sotheby=E2=80=99s =
seems to have found a work that could easily attract the very top collector=
s, who still have plenty of money to spend.
Chardin Leave: France Says They=E2=80=99ll Let This One Go
Two years ago, Kimbell Art Museum paid dearly for The Basket of Wild Strawb=
erries, a still life by cult Old Master Jean-Baptiste-Sim=C3=A9on Chardin. =
The painter=E2=80=99s otherworldly work is desperately sought after by muse=
ums like the Kimbell, but even though the Fort Worth museum was willing to =
bid the work to a final selling price twice the =E2=82=AC12 million estimat=
e=E2=80=94they still could not bring the object of their intense affection =
home.=C2=A0
As everyone in the art game knows, money only gets you so far. In this case=
, the Louvre used its right of preemption to raise the money to acquire Str=
awberries and add it to their hoard of 41 other Chardins. French citizens w=
ere so passionate about hanging on to the Chardin that 10,000 individuals h=
elped raise =E2=82=AC1.6 million to get to the magic number. The bulk of th=
e funds came from LVMH, with another large chunk coming from the Soci=C3=A9=
t=C3=A9 des Amis du Louvre.
Last week, Christie=E2=80=99s announced that another Chardin, one of the la=
st works remaining in private hands, will be auctioned in Paris this June. =
Le melon entam=C3=A9, painted in 1760, will carry an =E2=82=AC8 million est=
imate. The rare oval work is another still life of fruit, but this one has =
been cleared for export=E2=80=94or, as Christie=E2=80=99s insists on puttin=
g it, =E2=80=9CThe painting is in free circulation, making it available to =
collectors worldwide.=E2=80=9D
No one would blame the Kimbell if it viewed that statement with some skepti=
cism. The wild strawberries came from the collection of Eudoxe Marcille, wh=
o died in 1890. The painting remained with his descendants until it was sol=
d at Artcurial in 2022. Marcille=E2=80=99s father had been a pioneering col=
lector of 18th century art who led the rediscovery of Chardin in the early =
19th century. Le melon entam=C3=A9 was also in Marcille=E2=80=99s collectio=
n, but it had been bequeathed to Eudoxe=E2=80=99s brother Camille, who died=
15 years before Eudoxe. At that point, in 1875, a branch of the Rothschild=
family bought the still life. Their descendants are selling. Three years a=
go, the Dutch Rijksmuseum bought Rembrandt=E2=80=99s The Standard Bearer fr=
om another branch of the Rothschilds for =E2=82=AC175 million.=C2=A0
Results
Sotheby=E2=80=99s Hong Kong Modern & Contemporary Art =3D $108m
The Contemporary art market continues to fall like a knife. Most buyers are=
choosing to step aside instead of trying to catch it. Sotheby=E2=80=99s Ho=
ng Kong Modern & Contemporary art sales were heavily managed to $108 millio=
n in total sales. The house aggressively removed 11 lots before the sale wi=
th a presale estimate of HKD 82.5 million, or more than $10 million. That=
=E2=80=99s a bit above 10 percent of the presale estimated value removed to=
protect the lots for future sale and project confidence to clients. The ha=
mmer ratio (the aggregate hammer price of all lots before fees, divided by =
the aggregate presale estimates minus withdrawn lots) was a weak but almost=
respectable .96. Add the withdrawn lots back in and the hammer ratio fell =
to .86, which is a number that tells us the estimates for the sale were sti=
ll way above where the market sees value. The sell-through rate after withd=
rawals was an industry average 82 percent. Add the withdrawals back and you=
would have a weak 77 percent. Only 23 percent of the lots saw aggressive b=
idding. Three of those 33 works were by Wu Guanzhong, a painter who fused t=
raditional Chinese painting with the bright colors of Impressionism and Pos=
t-Impressionism, three by Andy Warhol, and two by Zao Wou-ki. The remaining=
25 works were by 25 different artists, which is a good sign for the breadt=
h of the market.=C2=A0=C2=A0
Only one of the top lots by price, an 1881 painting by Renoir, saw aggressi=
ve bidding above the estimate range. Works by Yoshitomo Nara, Picasso, Mone=
t, Yayoi Kusama, and Zao Wou-ki were also among the most expensive lots but=
sold at or below their estimates. Sotheby=E2=80=99s had already reduced th=
e overall number of Hong Kong lots in the Modern and Contemporary category =
by half. That brought down the total estimated value of the sale by a quart=
er in the process. Yet it was still not enough to entice bidders. These res=
ults are a reminder that buyers and sellers remain out of sync with each ot=
her.
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.typography .markup div.embedded-publication-wrap .embedded-publication.s=
how-subscribe,
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padding: 24px;
}
}
@media screen and (max-width: 650px) {
.typography .markup div.subscription-widget-wrap .subscription-widget.sho=
w-subscribe,
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.typography.editor .markup div.captioned-button-wrap .subscription-widget=
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padding: 24px;
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}
@media screen and (max-width: 650px) {
.typography .markup div.subscription-widget-wrap .subscription-widget.sho=
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.typography.editor .markup div.captioned-button-wrap .subscription-widget=
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padding: 10px 12px;
min-width: 110px;
}
}
@media (max-width: 650px) {
.typography .markup .tweet,
.typography.editor .markup .tweet {
padding: 12px;
}
}
@media (max-width: 650px) {
.typography .markup .tweet .tweet-text,
.typography.editor .markup .tweet .tweet-text {
font-size: 14px;
line-height: 20px;
}
}
@media (max-width: 650px) {
.typography .markup .tweet .tweet-photos-container.two,
.typography.editor .markup .tweet .tweet-photos-container.two,
.typography .markup .tweet .tweet-photos-container.three,
.typography.editor .markup .tweet .tweet-photos-container.three,
.typography .markup .tweet .tweet-photos-container.four,
.typography.editor .markup .tweet .tweet-photos-container.four {
height: 200px;
}
}
@media (max-width: 650px) {
.typography .markup .tweet a.expanded-link .expanded-link-img,
.typography.editor .markup .tweet a.expanded-link .expanded-link-img {
max-height: 180px;
}
}
@media (max-width: 650px) {
.typography .markup .tweet a.expanded-link .expanded-link-description,
.typography.editor .markup .tweet a.expanded-link .expanded-link-descript=
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display: none;
}
}
@media screen and (max-width: 650px) {
.typography .markup .apple-podcast-container,
.typography.editor .markup .apple-podcast-container {
width: unset;
}
}
@media (max-width: 420px) {
.typography .markup .install-substack-app-embed img.install-substack-app-=
embed-img,
.typography.editor .markup .install-substack-app-embed img.install-substa=
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margin: 0 auto 16px auto;
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}
@media screen and (min-width: 420px) and (max-width: 600px) {
.typography .markup .install-substack-app-embed .install-substack-app-emb=
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.typography.editor .markup .install-substack-app-embed .install-substack-=
app-embed-text {
max-width: calc(100% - 100px);
width: initial;
}
}
@media (max-width: 420px) {
.typography .markup .install-substack-app-embed .install-substack-app-emb=
ed-text,
.typography.editor .markup .install-substack-app-embed .install-substack-=
app-embed-text {
margin: 0 0 12px 0;
max-width: 100%;
width: auto;
text-align: center;
}
}
@media (max-width: 600px) {
.typography .markup .install-substack-app-embed .install-substack-app-emb=
ed-link,
.typography.editor .markup .install-substack-app-embed .install-substack-=
app-embed-link {
margin-top: 16px;
width: 100%;
}
}
@media screen and (min-width: 481px) {
.share-button-container {
height: 38px;
}
}
@media screen and (min-width: 481px) {
.share-button-container a.comment {
height: 38px;
line-height: 38px;
padding-right: 10px;
}
}
@media screen and (max-width: 480px) {
.share-button-container .separator {
display: block;
margin: 0;
height: 8px;
border-left: none;
}
}
@media screen and (max-width: 480px) {
.share-button-container a.share.first img {
padding-left: 0;
}
}
@media screen and (min-width: 481px) {
.share-button-container a.mobile {
display: none !important;
}
}
@media screen and (min-width: 541px) {
.settings-add-pub-modal-wrapper .container .add-recommending-pub-modal-co=
ntainer {
padding: 36px;
height: 680px;
}
}
@media screen and (min-width: 541px) {
.settings-add-pub-modal-wrapper .container .add-recommending-pub-modal-co=
ntainer .footer {
position: absolute;
bottom: 36px;
margin: 0px;
}
}
@media screen and (max-width: 840px) {
.header-with-anchor-widget .header-anchor-widget,
.header-anchor-container .header-anchor-widget {
display: none;
}
}
@media screen and (min-width: 768px) {
.post {
padding: 32px 0 0 0;
}
}
@media screen and (max-width: 650px) {
.post .post-header .post-label {
margin-top: 8px;
}
}
@media screen and (max-width: 650px) {
.post .post-header .meta-author-wrap.alternative-meta .meta-right-column =
=2Epost-meta {
margin-top: 6px;
}
}
@media screen and (max-width: 650px) {
.post .footer-facepile-container {
height: 64px;
padding: 0 16px;
display: flex;
align-items: center;
justify-content: flex-start;
width: 100%;
}
}
@media screen and (max-width: 650px) {
.post .post-footer.use-separators {
justify-content: center;
}
}
@media screen and (max-width: 650px) {
.post .post-footer.next-prev {
height: 64px;
justify-content: space-between;
box-sizing: border-box;
}
}
@media screen and (max-width: 650px) {
.post-contributor-footer .post-contributor-bio-table {
display: block;
}
.post-contributor-footer .post-contributor-bio-table-row {
display: flex;
flex-direction: row;
}
.post-contributor-footer .post-contributor-bio-userhead-cell,
.post-contributor-footer .post-contributor-bio-body-cell {
display: block;
}
.post-contributor-footer .post-contributor-bio-body-cell {
flex-grow: 1;
}
.post-contributor-footer .post-contributor-bio-body-table {
display: block;
}
.post-contributor-footer .post-contributor-bio-body-table-row {
display: block;
}
.post-contributor-footer .post-contributor-bio-copy-cell,
.post-contributor-footer .post-contributor-bio-controls-cell {
display: block;
}
.post-contributor-footer .post-contributor-bio-copy-cell {
margin: 0 0 16px 0;
}
.post-contributor-footer .post-contributor-bio-controls-cell {
width: auto;
}
.post-contributor-footer .post-contributor-bio-controls {
margin: auto;
}
.post-contributor-footer .post-contributor-bio-controls .button.primary {
width: 100%;
}
.post-contributor-footer .post-contributor-bio-text {
font-size: 14px;
}
}
@media screen and (min-width: 768px) {
.post-silhouette {
padding: 32px 0;
}
}
@media screen and (max-width: 650px) {
.post-silhouette .post-silhouette-title {
margin-top: 10.44225025px;
height: 120px;
}
}
@media screen and (max-width: 650px) {
.post-silhouette .post-silhouette-meta {
width: 75%;
}
}
@media screen and (max-width: 650px) {
.post-silhouette .post-silhouette-meta.with-byline-image {
margin: 20px 0;
}
}
@media screen and (max-width: 650px) {
.use-theme-bg .post-meta.alternative-meta .post-meta-item,
.post-meta.alternative-meta .post-meta-item {
padding-right: 16px;
}
}
@media screen and (max-width: 370px) {
.use-theme-bg .post-meta.alternative-meta .post-meta-item,
.post-meta.alternative-meta .post-meta-item {
font-size: 14px;
}
}
@media screen and (max-width: 650px) {
.use-theme-bg .post-meta.alternative-meta .post-meta-item.guest-author-pu=
blication,
.post-meta.alternative-meta .post-meta-item.guest-author-publication {
display: none;
}
}
@media screen and (max-width: 370px) {
.post-meta .post-meta-item .post-meta-button {
height: 36px !important;
}
.post-meta .post-meta-item .post-meta-button .meta-button-label {
display: none;
}
.post-meta .post-meta-item .post-meta-button > svg {
margin-right: 0;
}
}
@media screen and (max-width: 370px) {
.post-meta .post-meta-item {
font-size: 12px;
}
}
@media screen and (max-width: 650px) {
.post .floating-subscribe-button {
bottom: 20px;
right: 20px;
}
}
@media all and (-ms-high-contrast: none), (-ms-high-contrast: active) {
body .markup table.image-wrapper img,
body .markup table.kindle-wrapper img {
max-width: 550px;
}
}
@media screen and (max-width: 650px) {
body .markup div.youtube-inner div.youtube-screen,
body .markup div.vimeo-inner div.youtube-screen {
display: none !important;
}
}
@media screen and (max-width: 370px) {
body .markup div.tiktok-wrap {
width: calc(95vw - 32px);
height: calc((95vw - 32px - 2px) / 0.485714);
}
}
@media screen and (max-width: 650px) {
body .markup div.embedded-publication-wrap .embedded-publication.show-sub=
scribe {
padding: 24px;
}
}
@media screen and (max-width: 650px) {
body .markup div.subscription-widget-wrap .subscription-widget.show-subsc=
ribe,
body .markup div.captioned-button-wrap .subscription-widget.show-subscrib=
e {
padding: 24px;
}
}
@media screen and (max-width: 650px) {
body .markup div.subscription-widget-wrap .subscription-widget.show-subsc=
ribe .subscription-widget-subscribe .button,
body .markup div.captioned-button-wrap .subscription-widget.show-subscrib=
e .subscription-widget-subscribe .button {
padding: 10px 12px;
min-width: 110px;
}
}
@media (max-width: 650px) {
body .markup .tweet {
padding: 12px;
}
}
@media (max-width: 650px) {
body .markup .tweet .tweet-text {
font-size: 14px;
line-height: 20px;
}
}
@media (max-width: 650px) {
body .markup .tweet .tweet-photos-container.two,
body .markup .tweet .tweet-photos-container.three,
body .markup .tweet .tweet-photos-container.four {
height: 200px;
}
}
@media (max-width: 650px) {
body .markup .tweet a.expanded-link .expanded-link-img {
max-height: 180px;
}
}
@media (max-width: 650px) {
body .markup .tweet a.expanded-link .expanded-link-description {
display: none;
}
}
@media screen and (max-width: 650px) {
body .markup .apple-podcast-container {
width: unset;
}
}
@media (max-width: 420px) {
body .markup .install-substack-app-embed img.install-substack-app-embed-i=
mg {
margin: 0 auto 16px auto;
}
}
@media screen and (min-width: 420px) and (max-width: 600px) {
body .markup .install-substack-app-embed .install-substack-app-embed-text=
{
max-width: calc(100% - 100px);
width: initial;
}
}
@media (max-width: 420px) {
body .markup .install-substack-app-embed .install-substack-app-embed-text=
{
margin: 0 0 12px 0;
max-width: 100%;
width: auto;
text-align: center;
}
}
@media (max-width: 600px) {
body .markup .install-substack-app-embed .install-substack-app-embed-link=
{
margin-top: 16px;
width: 100%;
}
}
@media screen and (min-width: 500px) {
body .header a.logo {
width: 42px;
height: 42px;
border-radius: 12px;
}
}
@media screen and (max-width: 420px) {
body .subscription-receipt table:first-of-type .subscription-amount .subs=
cription-discount {
width: 72px !important;
}
}
@media screen and (min-width: 481px) {
body .share-button-container {
height: auto;
}
}
@media screen and (max-width: 480px) {
body .share-button-container .separator {
display: block !important;
margin: 0 !important;
height: 8px !important;
border-left: none !important;
}
}
@media screen and (max-width: 650px) {
.digest .item .post-meta-item.audience {
display: none;
}
}
@media screen and (min-width: 500px) {
.digest-publication .logo img {
width: 42px;
height: 42px;
border-radius: 8px;
}
}
@media screen and (max-width: 650px) {
.comments-page .container .comment-list .collapsed-reply {
margin-left: calc(10 + 32px - 24px);
}
}
@media screen and (max-width: 650px) {
.comment > .comment-list {
padding-left: 24px;
}
}
@media screen and (max-width: 650px) {
.finish-magic-login-modal .modal-content .container {
padding: 24px 0;
}
}
@media (max-width: 650px) {
.reader2-text-b3 {
line-height: 24px;
}
}
@media screen and (max-width: 650px) {
.reader2-text-h4 {
line-height: 24px;
}
}
@media screen and (min-width: 541px) {
.user-profile-modal {
padding-left: 12px;
padding-right: 12px;
}
}
@media screen and (max-width: 650px) {
.subscribe-widget form.form .sideBySideWrap button.rightButton {
padding: 10px 12px;
}
}
@media screen and (min-width: 541px) {
.pub-icon:hover .logo-hover,
.feed-item-icon:hover .logo-hover {
display: block;
}
}
@media screen and (max-width: 650px) {
.post-ufi.single-full-width-button .post-ufi-button-wrapper {
width: 100%;
padding: 16px;
}
.post-ufi.single-full-width-button .post-ufi-button-wrapper:empty {
display: none;
}
.post-ufi.single-full-width-button .post-ufi-button {
width: 100%;
justify-content: center;
}
}
@media screen and (max-width: 768px) {
.file-embed-wrapper {
padding: 0;
}
}
@media screen and (max-width: 768px) {
.file-embed-wrapper-editor {
padding: 0;
}
}
@media screen and (max-width: 768px) {
.file-embed-wrapper-editor:active {
padding: 0;
}
}
@media only screen and (max-width: 650px) {
.file-embed-button.wide,
.file-embed-error-button.wide {
display: none;
}
}
@media only screen and (min-width: 630px) {
.file-embed-button.narrow,
.file-embed-error-button.narrow {
display: none;
}
}
@media screen and (min-width: 541px) {
.audio-player-wrapper .audio-player {
min-width: 500px;
}
}
@media screen and (max-width: 650px) {
.audio-player-wrapper .audio-player .audio-player-progress {
border-left-width: 16px;
border-right-width: 16px;
}
}
@media screen and (max-width: 650px) {
.audio-player-wrapper .audio-player .audio-player-progress .audio-player-=
progress-bar .audio-player-progress-bar-popup {
top: -54px;
}
}
@media screen and (max-width: 650px) {
.audio-player-wrapper-fancy .audio-player .audio-player-progress {
border-left-width: 16px;
border-right-width: 16px;
}
}
@media screen and (max-width: 650px) {
.audio-player-wrapper-fancy .audio-player .audio-player-progress .audio-p=
layer-progress-bar .audio-player-progress-bar-popup {
top: -54px;
}
}
@media (min-width: 250px) {
.audio-player-wrapper-fancy .audio-player {
padding: 32px;
}
.audio-player-wrapper-fancy .audio-player .btn-group {
display: flex;
}
.audio-player-wrapper-fancy .audio-player .btn-group .button:last-of-type=
{
display: block;
}
}
@media (min-width: 300px) {
.audio-player-wrapper-fancy .audio-player .btn-group {
display: block;
}
.audio-player-wrapper-fancy .audio-player .btn-group .button:first-of-typ=
e {
display: block;
}
}
@media (min-width: 350px) {
.audio-player-wrapper-fancy .audio-player .audio-player-substack-logo {
display: block;
}
.audio-player-wrapper-fancy .audio-player .audio-player-title {
margin-top: 16px;
}
.audio-player-wrapper-fancy .audio-player .audio-player-hero-image-contai=
ner {
padding-top: 15%;
width: 15%;
display: block;
}
.audio-player-wrapper-fancy .audio-player .btn-group .button:first-of-typ=
e {
display: block;
}
.audio-player-wrapper-fancy .audio-player .audio-player-substack-logo {
display: block;
}
}
@media (min-width: 350px) {
.audio-player-wrapper-fancy .audio-player .audio-player-hero-image-contai=
ner {
padding-top: 25%;
width: 25%;
display: block;
}
.audio-player-wrapper-fancy .audio-player .btn-group {
display: flex;
}
.audio-player-wrapper-fancy .audio-player .btn-group .button:first-of-typ=
e {
display: block;
}
}
@media (min-width: 400px) {
.audio-player-wrapper-fancy .audio-player .audio-player-hero-image-contai=
ner {
padding-top: 40%;
width: 40%;
}
}
@media (max-width: 400px) {
.audio-player-wrapper-fancy .audio-player .btn-group {
margin-top: 12px;
}
.audio-player-wrapper-fancy .audio-player .btn-group .button {
font-size: 13px;
padding: 6px 12px;
height: auto;
margin-top: 10px;
}
}
@media (min-width: 600px) {
.audio-player-wrapper-fancy .audio-player .audio-player-hero-image-contai=
ner {
padding-top: 55%;
width: 55%;
}
}
@media (max-width: 650px) {
.poll-editor-modal {
min-width: calc(100% - 20px);
}
}
@media (max-width: 750px) {
.poll-embed .poll-anchor-target .poll-anchor-copy-button {
left: 8px;
top: 45px;
}
}
@media screen and (min-width: 541px) {
.poll-embed .poll-wrapper.poll-web .poll-dialog .modal-table .modal-row .=
modal-content > .container {
width: 552px;
padding: 26px 24px;
}
}
@media screen and (max-width: 650px) {
.poll-embed .poll-wrapper.poll-web .poll-dialog .modal-table .modal-row .=
modal-content > .container {
padding: 40px 0;
}
}
@media screen and (max-width: 650px) {
.poll-embed .poll-wrapper.poll-web .poll-dialog .modal-row .modal-cell .m=
odal-exit-btn {
margin-right: -20px;
}
}
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p:0 !important;margin-bottom:0 !important;margin-right:0 !important;margin-=
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x;opacity:0;overflow:hidden;" class=3D"preview">A Fontana Record-Setter, Ya=
maguchi Blues & An Arnault Ascent</div><div style=3D"display:none;font-=
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il-body-container"><tr><td></td><td width=3D"550" class=3D"content"></td><t=
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yle=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoothing: antial=
iased; -webkit-appearance: optimizelegibility; -webkit-font-smoothing: anti=
aliased; appearance: optimizelegibility; color: rgb(54, 55, 55); font-famil=
y: 'SF Pro Display', -apple-system-headline, system-ui, -apple-system, Blin=
kMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Co=
lor Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 32px; font-weig=
ht: bold; line-height: 36px; margin: 0;"><a href=3D"https://substack.com/ap=
p-link/post?publication_id=3D2259&post_id=3D143302452&utm_source=3Dpost-ema=
il-title&utm_campaign=3Demail-post-title&isFreemail=3Dtrue&r=3D27cer9&token=
=3DeyJ1c2VyX2lkIjoxMzMyNjg2NjEsInBvc3RfaWQiOjE0MzMwMjQ1MiwiaWF0IjoxNzEyNTM1=
Njg2LCJleHAiOjE3MTUxMjc2ODYsImlzcyI6InB1Yi0yMjU5Iiwic3ViIjoicG9zdC1yZWFjdGl=
vbiJ9.gpct4uY0Ot1XWSXdvq564BhR942PWOa6SGTHZRy5hT8" style=3D"color: rgb(54, =
55, 55); text-decoration: none;">What We Learned this Week (2414)</a></h1><=
h3 class=3D"subtitle" style=3D"-moz-appearance: optimizelegibility; -moz-os=
x-font-smoothing: antialiased; -webkit-appearance: optimizelegibility; -web=
kit-font-smoothing: antialiased; appearance: optimizelegibility; color: #77=
7777; font-family: 'SF Pro Display', -apple-system-headline, system-ui, -ap=
ple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-=
serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size:=
18px; font-weight: normal; line-height: 24px; margin: 4px 0 0; margin-top:=
12px;">A Fontana Record-Setter, Yamaguchi Blues & An Arnault Ascent </=
h3><table role=3D"presentation" width=3D"100%" border=3D"0" cellspacing=3D"=
0" cellpadding=3D"0" class=3D"post-meta" style=3D"align-items: center; heig=
ht: 20px; margin: 1em 0;"><tr><td><table role=3D"presentation" width=3D"aut=
o" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><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"pencraft pc-rese=
t _color-primary_13a18_183 _line-height-20_13a18_95 _font-meta_13a18_131 _s=
ize-11_13a18_35 _weight-medium_13a18_162 _transform-uppercase_13a18_239 _re=
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px; font-weight: 500; letter-spacing: .2px; line-height: 20px; list-style: =
none; margin: 0; text-decoration: unset; text-transform: uppercase;"><a sty=
le=3D"color: rgb(54, 55, 55); font-family: 'SF Compact', -apple-system, sys=
tem-ui, -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, A=
rial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol';=
font-size: 11px; font-weight: 500; letter-spacing: .2px; line-height: 20px=
; list-style: none; margin: 0; text-decoration: none; text-transform: upper=
case;" href=3D"https://substack.com/@artelligence" class=3D"pencraft pc-res=
et _color-primary_13a18_183 _line-height-20_13a18_95 _font-meta_13a18_131 _=
size-11_13a18_35 _weight-medium_13a18_162 _transform-uppercase_13a18_239 _r=
eset_13a18_1 _meta_13a18_439">Marion Maneker</a></div></td></tr></table></t=
d></tr><tr><td><table role=3D"presentation" width=3D"auto" border=3D"0" cel=
lspacing=3D"0" cellpadding=3D"0"><tr><td style=3D"vertical-align: middle;">=
<div class=3D"pencraft pc-reset _color-secondary_13a18_186 _line-height-20_=
13a18_95 _font-meta_13a18_131 _size-11_13a18_35 _weight-medium_13a18_162 _t=
ransform-uppercase_13a18_239 _reset_13a18_1 _meta_13a18_439" style=3D"color=
: rgb(119, 119, 119); font-family: 'SF Compact', -apple-system, system-ui, =
-apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sa=
ns-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-si=
ze: 11px; font-weight: 500; letter-spacing: .2px; line-height: 20px; list-s=
tyle: none; margin: 0; text-decoration: unset; text-transform: uppercase;">=
<time dateTime=3D"2024-04-08T00:21:13.394Z">Apr 8</time></div></td></tr></t=
able></td></tr></table></td></tr></table><table role=3D"presentation" width=
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=3D"16" style=3D"font-size: 0px; line-height: 0;"> </td></tr><tr><td><=
table role=3D"presentation" width=3D"100%" border=3D"0" cellspacing=3D"0" c=
ellpadding=3D"0"><tr><td><table role=3D"presentation" width=3D"auto" border=
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<span style=3D"color: #ffffff; text-decoration: none;">Contact Us!</span></=
a></p><div style=3D"font-size: 16px; line-height: 26px;"><hr style=3D"backg=
round: #d4d4d4; border: none; height: 1px; margin: 32px 0; padding: 0;"></d=
iv><h2 class=3D"header-with-anchor-widget" style=3D"-moz-appearance: optimi=
zelegibility; -moz-osx-font-smoothing: antialiased; -webkit-appearance: opt=
imizelegibility; -webkit-font-smoothing: antialiased; appearance: optimizel=
egibility; color: rgb(54, 55, 55); font-family: 'SF Pro Display', -apple-sy=
stem-headline, system-ui, -apple-system, BlinkMacSystemFont, 'Segoe UI', Ro=
boto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', =
'Segoe UI Symbol'; font-size: 1.625em; font-weight: bold; line-height: 1.16=
em; margin: 1em 0 0.625em 0; position: relative;">In This Issue</h2><ol sty=
le=3D"margin-top: 0; padding: 0;"><li style=3D"margin: 8px 0 0 32px;"><p st=
yle=3D"box-sizing: border-box; color: rgb(54, 55, 55); font-size: 16px; lin=
e-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><strong>Bu=
t first: </strong><em>Marlborough’s last drag; The Teflon Whitney; Pi=
nault palace intrigue; Are Ai Weiwei’s Zodiac Heads one of the world&=
#8217;s most viewed contemporary artworks? Big Halsey Biennale energy</em><=
span>:</span></p></li><li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-s=
izing: border-box; color: rgb(54, 55, 55); font-size: 16px; line-height: 26=
px; margin: 0; margin-bottom: 0; padding-left: 4px;"><strong>Takako Yamaguc=
hi’s Whitney Lift Loses Altitude: </strong><span>The artist’s m=
arket struggled in Hong Kong</span></p></li><li style=3D"margin: 8px 0 0 32=
px;"><p style=3D"box-sizing: border-box; color: rgb(54, 55, 55); font-size:=
16px; line-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;">=
<strong>Howard Rachofsky’s $20m Fontana Space Egg to Sell at Sotheby&=
#8217;s: </strong><span>The Dallas collector will sell his record-setting F=
ontana in May</span></p></li><li style=3D"margin: 8px 0 0 32px;"><p style=
=3D"box-sizing: border-box; color: rgb(54, 55, 55); font-size: 16px; line-h=
eight: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><strong>Chard=
in Leave: France Says They’ll Let This One Go: </strong><span>The Rot=
hschilds will sell one of the last Charding still lifes in private hands </=
span></p></li><li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: b=
order-box; color: rgb(54, 55, 55); font-size: 16px; line-height: 26px; marg=
in: 0; margin-bottom: 0; padding-left: 4px;"><strong>Results: </strong><spa=
n>Sotheby’s Hong Kong Modern & Contemporary Art =3D $108m</span><=
/p></li></ol><div style=3D"font-size: 16px; line-height: 26px;"><hr style=
=3D"background: #d4d4d4; border: none; height: 1px; margin: 32px 0; padding=
: 0;"></div><h4 class=3D"header-with-anchor-widget" style=3D"-moz-appearanc=
e: optimizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-appear=
ance: optimizelegibility; -webkit-font-smoothing: antialiased; appearance: =
optimizelegibility; color: rgb(54, 55, 55); font-family: 'SF Pro Display', =
-apple-system-headline, system-ui, -apple-system, BlinkMacSystemFont, 'Sego=
e UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI=
Emoji', 'Segoe UI Symbol'; font-size: 1.125em; font-weight: bold; line-hei=
ght: 1.16em; margin: 1em 0 0.625em 0; position: relative;"><em>But first &#=
8230;</em></h4><ul style=3D"margin-top: 0; padding: 0;"><li style=3D"margin=
: 8px 0 0 32px; mso-special-format: bullet;"><p style=3D"box-sizing: border=
-box; color: rgb(54, 55, 55); font-size: 16px; line-height: 26px; margin: 0=
; margin-bottom: 0; padding-left: 4px;"><em>Marlborough’s last drag</=
em><span>: Marlborough Fine Art, which was founded by Austrian émigr&#=
233; </span><strong>Frank Lloyd </strong><span>and became the gallery of </=
span><strong>Francis Bacon</strong><span>, </span><strong>Frank Auerbach</s=
trong><span>, </span><strong>Lucian Freud</strong><span>, </span><strong>Ba=
rbara Hepworth</strong><span>,</span><strong> </strong><span>and many Ameri=
can abstract expressionists, is closing. The real estate will be sold and t=
he gallery inventory disposed of. Of course, Marlborough’s reputation=
was damaged during the ’70s after a court case brought by RothkoR=
17;s children revealed self-dealing by the gallery and executors of the art=
ist’s estate. Lloyd, himself, would eventually go to prison for tampe=
ring with documents presented in the case. Four years ago, the gallery went=
through turmoil again when </span><strong>Pierre</strong><span> and </span=
><strong>Max Levai</strong><span>, Lloyd’s relatives, were sued by th=
e gallery’s board. The most interesting question following the decisi=
on is what remains in the gallery’s inventory and whether there is an=
y demand for the work. </span></p></li><li style=3D"margin: 8px 0 0 32=
px; mso-special-format: bullet;"><p style=3D"box-sizing: border-box; color:=
rgb(54, 55, 55); font-size: 16px; line-height: 26px; margin: 0 0 20px 0; m=
argin-bottom: 0; padding-left: 4px;"><em>The Teflon Whitney</em><span>: In =
an era when few cultural institutions escape scrutiny for their personnel p=
ractices, the Whitney museum has thoroughly changed its leadership—pr=
omoting internal candidates to every position from the museum’s direc=
tor to its chief curator and C.O.O.—without a peep from the mainstrea=
m press, the art press, or various vocal interest groups. </span><strong>Sc=
ott Rothkopf </strong><span>was named director without a search committee o=
r any indication that another candidate was considered by the board. <=
/span></p><p style=3D"box-sizing: border-box; color: rgb(54, 55, 55); font-=
size: 16px; line-height: 26px; margin: 0 0 20px 0; margin-bottom: 0; paddin=
g-left: 4px;"><span>The Whitney has cannily played to previous critics by h=
aving</span><strong> Kim Conaty</strong><span>, the new chief curator filli=
ng Rothkopf’s shoes, emphasize that she “plans to focus on Lati=
no and Indigenous artists, who remain underrepresented in the Whitney’=
;s collection,” according to </span><em>The</em><span> </span><em>New=
York Times</em><span>. But Rothkopf’s previous achievements—es=
pecially the 2014 </span><strong>Jeff Koons</strong><span> retrospective th=
at closed the Whitney’s residency in the Breuer building, a monumenta=
l </span><strong>Jasper Johns </strong><span>retrospective that mirrored a =
companion show in Philadelphia (while unintentionally exposing the museum&#=
8217;s weakness in pandering to its patrons), and the upcoming 2026 </span>=
<strong>Roy Lichtenstein</strong><span> retrospective—would normally =
draw vitriol from the same critics who forced </span><strong>Warren Kanders=
</strong><span> to resign from the Whitney’s board because his compan=
y produced tear gas. At the very least, it would appear that Rothkopf has p=
ulled off a quiet publicity coup.</span></p></li><li style=3D"margin: 8px 0=
0 32px; mso-special-format: bullet;"><p style=3D"box-sizing: border-box; c=
olor: rgb(54, 55, 55); font-size: 16px; line-height: 26px; margin: 0; margi=
n-bottom: 0; padding-left: 4px;"><em>Pinault palace intrigue</em><span>: It=
’s hard to tell if Bloomberg is having fun with us or just got a litt=
le too excited when its reporters </span><a href=3D"https://substack.com/re=
direct/40ebf345-044f-4ae0-9868-3127d8414e11?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3=
c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: rgb(54, 55, 55); =
text-decoration: underline;">discovered</a><span> that 26-year-old </span><=
strong>François Louis Nicolas Pinault</strong><span> had replaced his =
grandfather—the formal and fearsome </span><em><strong>Monsieur</stro=
ng></em><strong> Pinault</strong><span> who first took Christie’s pri=
vate in 1998 as a white knight after a failed takeover bid by SBC Warburg D=
illon Read—on Christie’s board. Bloomberg’s headline decl=
ared that the appointment “reveals succession path at Christie’=
s,” as if the younger Pinault would be moving toward an executive rol=
e at the auction house. Aside from the fact that no one learns to run a bus=
iness from a board seat, the news was especially interesting to the art tra=
de, which has warily watched </span><strong>Patrick Drahi</strong><span> pl=
ace his 29-year-old son, </span><strong>Nathan</strong><span>, on a path to=
run Sotheby’s by giving him the reins in Asia. The results have been=
mixed. </span></p></li><li style=3D"margin: 8px 0 0 32px; mso-special=
-format: bullet;"><p style=3D"box-sizing: border-box; color: rgb(54, 55, 55=
); font-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0; padding=
-left: 4px;"><em>Are Ai Weiwei’s Zodiac Heads one of the world’=
s most viewed contemporary artworks?</em><span>: In 2009, a pair of the 12 =
famous zodiac head sculptures looted from the Beijing Summer Palace were at=
the center of an international incident when the Chinese government object=
ed to their sale from </span><strong>Yves Saint Laurent </strong><span>and =
</span><strong>Pierre Bergé</strong><span>’s art collection. Chr=
istie’s eventually donated the two heads to the Chinese government as=
a goodwill gesture, but not before Chinese dissident artist </span><strong=
>Ai Weiwei </strong><span>created his riff on the 12 statutes, which origin=
ally formed a clock in the gardens of the palace. Because the two works wer=
e cast in a larger bronze version (in an edition of eight) and a smaller go=
ld version (in an edition of 12), the work has proliferated to an astonishi=
ng</span><em> 53</em><span> different venues, and still counting, around th=
e globe. One set was donated to LACMA, where it will be on permanent displa=
y in the museum’s garden. Others were on temporary display at both re=
mote venues—like the Farnsworth in Rockland, Maine, or Blenheim Palac=
e in Oxfordshire—and prestigious museums like Cleveland’s encyc=
lopedic museum and the Art Gallery of Ontario. </span></p></li><li sty=
le=3D"margin: 8px 0 0 32px; mso-special-format: bullet;"><p style=3D"box-si=
zing: border-box; color: rgb(54, 55, 55); font-size: 16px; line-height: 26p=
x; margin: 0 0 20px 0; margin-bottom: 0; padding-left: 4px;"><em>Big Halsey=
Biennale energy</em><span>: On the eve of her inclusion in the Venice Bien=
nale’s main event exhibition, </span><em><a href=3D"https://substack.=
com/redirect/b3a41a6c-c74b-45e2-b2c8-9d478a983010?j=3DeyJ1IjoiMjdjZXI5In0.n=
CNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: rgb(54, 55,=
55); text-decoration: underline;">Foreigners Everywhere</a></em><span>, </=
span><strong>Lauren Halsey</strong><span> gets</span><a href=3D"https://sub=
stack.com/redirect/c779f976-74eb-4d17-a07e-b063ce58688f?j=3DeyJ1IjoiMjdjZXI=
5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: rgb(5=
4, 55, 55); text-decoration: underline;"> a profile in</a><em><a href=3D"ht=
tps://substack.com/redirect/c779f976-74eb-4d17-a07e-b063ce58688f?j=3DeyJ1Ij=
oiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"col=
or: rgb(54, 55, 55); text-decoration: underline;"> GQ</a></em><span>. </spa=
n><strong>Jasmine Sanders</strong><span>, the writer, tries to explain the =
puzzle of Halsey’s hyper-specific art and how it also functions as a =
counternarrative to misrepresentations of both South Central Los Angeles an=
d the Black urban experience. “Her focus on granular family experienc=
es, is what she calls a ‘B-side’ to the pervading narratives ab=
out her hometown. For Halsey, her family is not just the subject of her art=
, her family </span><em>is</em><span> the art.”</span></p><div style=
=3D"font-size: 16px; line-height: 26px;"><hr style=3D"background: #d4d4d4; =
border: none; height: 1px; margin: 32px 0; padding: 0;"></div></li></ul><h4=
class=3D"header-with-anchor-widget" style=3D"-moz-appearance: optimizelegi=
bility; -moz-osx-font-smoothing: antialiased; -webkit-appearance: optimizel=
egibility; -webkit-font-smoothing: antialiased; appearance: optimizelegibil=
ity; color: rgb(54, 55, 55); font-family: 'SF Pro Display', -apple-system-h=
eadline, system-ui, -apple-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; ma=
rgin: 1em 0 0.625em 0; position: relative;"><strong>Takako Yamaguchi’=
s Whitney Lift Loses Altitude</strong></h4><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" da=
ta-component-name=3D"Image2ToDOMStatic" style=3D"mso-padding-alt: 1em 0 1.6=
em;"><tbody><tr><td style=3D"text-align: center;"></td><td align=3D"left" c=
lass=3D"content" width=3D"1456" style=3D"text-align: center;"><a class=3D"i=
mage-link" target=3D"_blank" href=3D"https://substack.com/redirect/945a3a39=
-2cd2-48d6-b285-b81e19b50b3f?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5=
iRnigHXx6Fx_g6pp7gWdY" rel style=3D"align-items: center; border: none; disp=
lay: block; flex-direction: column; height: auto; margin: 0; padding: 0; po=
sition: relative; text-decoration: none; width: auto;"><img data-attrs=3D"{=
"src":"https://substack-post-media.s3.amazonaws.com/public/i=
mages/b3bef1e1-29ee-477c-bd92-a05e08bd4517_1600x1253.png","srcNoW=
atermark":null,"fullscreen":null,"imageSize":null,=
"height":1140,"width":1456,"resizeWidth":null=
,"bytes":null,"alt":null,"title":null,"t=
ype":null,"href":null,"belowTheFold":true,"to=
pImage":false,"internalRedirect":null}" alt width=3D"550" he=
ight=3D"430.63186813186815" class=3D"wide-image" src=3D"https://substackcdn=
=2Ecom/image/fetch/w_2912,c_limit,f_aut=
o,q_auto:good,fl_progressive:steep/htt=
ps%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb3bef1e=
1-29ee-477c-bd92-a05e08bd4517_1600x1253.png" style=3D"-ms-interpolation-mod=
e: bicubic; border: none !important; display: block; height: auto; margin: =
0 auto; margin-bottom: 0; max-width: 100% !important; vertical-align: middl=
e; width: auto !important;"></a></td><td style=3D"text-align: center;"></td=
></tr></tbody></table><figcaption class=3D"image-caption" style=3D"box-sizi=
ng: content-box; color: #777777; font-size: 14px; font-weight: 400; letter-=
spacing: -.15px; line-height: 20px; margin-top: 8px; padding-left: 15%; pad=
ding-right: 15%; text-align: center; width: 70%;"><span>Takako Yamaguchi, <=
/span><em>The Fire Next Time </em><span>(2004), HKD 2.032 million</span></f=
igcaption></figure></div><p style=3D"color: rgb(54, 55, 55); font-size: 16p=
x; line-height: 26px; margin: 0 0 20px 0;"><span>Sotheby’s Hong Kong =
evening sale of Modern & Contemporary art gave us a chance to check in =
on the market progress of </span><strong>Takako Yamaguchi</strong><span>, t=
he Los Angeles artist whose work is featured in the current Whitney biennia=
l. It’s not uncommon for that exhibition to boost an artist’s m=
arket, but Sotheby’s didn’t wait around for that to happen. In =
March, Sotheby’s featured Yamaguchi’s 1994 work </span><em>Cath=
erine and Midnight </em><span>as the first lot in its London evening sale. =
Estimated at £400,000 and backed by an “irrevocable bid,” =
the work sold at almost twice that, eventually making for £889,000 wit=
h fees, or $1.1 million. </span></p><p style=3D"color: rgb(54, 55, 55)=
; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><span>That’=
;s extraordinary considering the artist has had a long career without previ=
ously appearing on the auction market. In fact, Sotheby’s had a false=
start a week before the successful sale, when another Yamaguchi work from =
2003 was withdrawn from Sotheby’s New York Contemporary Curated sale.=
Yamaguchi is represented by Ortuzar Projects, and </span><strong>Roberta S=
mith</strong><span> compared her work to elements of </span><strong>Georgia=
O’Keeffe </strong><span>and </span><strong>Agnes Pelton </strong><sp=
an>in a brief review of the artist’s show there last year. But one su=
ccessful sale, even a surprise million-dollar sale, does not make an artist=
’s market. There’s no telling who was bidding on the work or wh=
at their motives might have been; however, Friday’s auction in Hong K=
ong was a chance for Sotheby’s to establish a confirmation price̵=
2;i.e., a sale after a new record that helps establish a new price structur=
e for the artist.</span></p><p style=3D"color: rgb(54, 55, 55); font-size: =
16px; line-height: 26px; margin: 0 0 20px 0;"><span>The confirmation price =
is rarely at the same level as the record, but even a sale at half a new re=
cord price for a work of a different date, size, or image, can confirm that=
depth of demand for the artist. This is the way the market verifies a pric=
e. But in Hong Kong, 2003’s </span><em>The Fire Next Time</em><span>,=
which was estimated at the same level as the work withdrawn in New York, s=
old for HKD 2 million which works out to about $264,000. If you’re wa=
tching this market carefully, either as a holder of Yamaguchi’s work =
or looking to get in on the market momentum, these numbers suggest that Yam=
aguchi might become the next Salvo. </span></p><div style=3D"font-size=
: 16px; line-height: 26px;"><hr style=3D"background: #d4d4d4; border: none;=
height: 1px; margin: 32px 0; padding: 0;"></div><h4 class=3D"header-with-a=
nchor-widget" style=3D"-moz-appearance: optimizelegibility; -moz-osx-font-s=
moothing: antialiased; -webkit-appearance: optimizelegibility; -webkit-font=
-smoothing: antialiased; appearance: optimizelegibility; color: rgb(54, 55,=
55); font-family: 'SF Pro Display', -apple-system-headline, system-ui, -ap=
ple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-=
serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size:=
1.125em; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; =
position: relative;"><strong>Howard Rachofsky’s $20m Fontana Space Eg=
g to Sell at Sotheby’s </strong></h4><div class=3D"captioned-ima=
ge-container-static" style=3D"font-size: 16px; line-height: 26px; margin: 3=
2px auto;"><figure style=3D"margin: 0 auto; width: 100%;"><table class=3D"i=
mage-wrapper" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"=
0" data-component-name=3D"Image2ToDOMStatic" style=3D"mso-padding-alt: 1em =
0 1.6em;"><tbody><tr><td style=3D"text-align: center;"></td><td align=3D"le=
ft" class=3D"content" width=3D"1456" style=3D"text-align: center;"><a class=
=3D"image-link" target=3D"_blank" href=3D"https://substack.com/redirect/bf2=
c5447-2f79-4f6f-8289-d548be835f4a?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpi=
srMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"align-items: center; border: none;=
display: block; flex-direction: column; height: auto; margin: 0; padding: =
0; position: relative; text-decoration: none; width: auto;"><img data-attrs=
=3D"{"src":"https://substack-post-media.s3.amazonaws.com/pub=
lic/images/b2ed458d-6b3c-4088-ae61-0b7c8d5bd1ed_1580x1600.jpeg","=
srcNoWatermark":null,"fullscreen":null,"imageSize"=
:null,"height":1474,"width":1456,"resizeWidth"=
;:null,"bytes":null,"alt":null,"title":null,&=
quot;type":null,"href":null,"belowTheFold":true,&q=
uot;topImage":false,"internalRedirect":null}" alt width=3D"5=
50" height=3D"556.7994505494505" class=3D"wide-image" src=3D"https://substa=
ckcdn.com/image/fetch/w_2912,c_limit,f_auto,q_auto:good,fl_progressive:stee=
p/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb2=
ed458d-6b3c-4088-ae61-0b7c8d5bd1ed_1580x1600.jpeg" style=3D"-ms-interpolati=
on-mode: bicubic; border: none !important; display: block; height: auto; ma=
rgin: 0 auto; margin-bottom: 0; max-width: 100% !important; vertical-align:=
middle; width: auto !important;"></a></td><td style=3D"text-align: center;=
"></td></tr></tbody></table><figcaption class=3D"image-caption" style=3D"bo=
x-sizing: content-box; color: #777777; font-size: 14px; font-weight: 400; l=
etter-spacing: -.15px; line-height: 20px; margin-top: 8px; padding-left: 15=
%; padding-right: 15%; text-align: center; width: 70%;">Lucio Fontana in hi=
s studio (the Rachofsky’s Fine di Dio is seen on the right in the bac=
kground behind other works.)</figcaption></figure></div><p style=3D"color: =
rgb(54, 55, 55); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><=
span>Dallas art collectors </span><strong>Howard </strong><span>and </span>=
<strong>Cindy Rachofsky </strong><span>are selling their </span><strong>Luc=
io Fontana </strong><em>Concetto Spaziale, La Fine di Dio</em><span>, from =
1964, which the couple bought at auction in 2003. Fontana has a broad marke=
t fueled by a large number of his immediately recognizable slash paintings,=
but the ovoid </span><em>Fine di Dio</em><span> works sit at the apex. =
220;They looked for a long time to find the best one,” Sotheby’=
s </span><strong>David Galperin </strong><span>said of the Rachofsky’=
s search for a major work by Fontana in the late 1990s and early 2000s. =
220;That pursuit is visible in the quality.” The Rachofskys paid a th=
en-record $2.3 million for </span><em>Fine di Dio</em><span>. Sotheby’=
;s announced late last week that the painting will be back on offer in May.=
The bright yellow work (one of only four yellow ones among the 38 Fontana =
made) will be sold with a $20 million estimate. That’s at least a 20-=
fold rise in value, a worthy gain for Rachofsky, who used to manage a hedge=
fund. Says Galperin, “There are </span><em>Fine di Dio</em><span>s, =
and then there’s this one.” </span></p><p style=3D"color: =
rgb(54, 55, 55); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><=
span>This weekend, the Dallas Art Fair is in full swing, which might explai=
n the timing of the announcement. It’s the 15th year that the fair ha=
s been held. Dallas is a not-so-stealth art center with a boisterous and so=
metimes competitive collecting community. This gestalt is on display at the=
Rachofskys’ </span><strong>Richard Meier</strong><span>-designed hom=
e, where they hold an annual amfAR fundraiser featuring an auction of work =
by emerging artists. The Rachofsky’s also collaborated to found The W=
arehouse to display the overflow of work that no longer fits in their home.=
 </span></p><p style=3D"color: rgb(54, 55, 55); font-size: 16px; line-=
height: 26px; margin: 0 0 20px 0;"><span>The couple support the Dallas Muse=
um of Art, where they’ve pledged their collection with one proviso. T=
hey get to continue acquiring and selling works from their collection durin=
g their lifetimes. The Rachofskys sell art at auction more often than many =
realize, but it is usually done without their provenance broadcast in the s=
ale. In recent years, they’ve sold works by </span><strong>Christina =
Quarles </strong><span>and </span><strong>Justin Caguiat</strong><span>. Th=
eir sales usually time the market exceptionally well. </span></p><p st=
yle=3D"color: rgb(54, 55, 55); font-size: 16px; line-height: 26px; margin: =
0 0 20px 0;"><span>Best known for his solid-colored canvases—often re=
d or white but occasionally other colors—slashed vertically with anyw=
here from a single cut to a dozen or more, Fontana’s work is abstract=
, gnostic, and broadly appealing across cultures. He also produced a substa=
ntial body of work, which makes his art appealing in market terms. Between =
2005 and Fontana’s market peak in 2015, more than a billion dollars w=
as spent at auction on the Italian master’s art. Inspired by the firs=
t human attempts to conquer space travel, Fontana’s egg-shaped </span=
><em>Fine di Dio</em><span> works are viewed as the zenith of his vast body=
of work. The top five prices paid for Fontanas—all above $20 million=
—were for </span><em>Fine di Dio</em><span> works.  </span>=
</p><p style=3D"color: rgb(54, 55, 55); font-size: 16px; line-height: 26px;=
margin: 0 0 20px 0;"><span>So much of his art has sold in recent years tha=
t market supply has faded. “The Fontana market has changed a lot in t=
he last decade,” Galperin told me. In the last year or two, buyers ha=
ve been actively searching for, and bidding up, a wider range of works than=
the more common slash paintings. Auction totals for Fontana have been way =
down since the last high-volume year of 2018, but last year they rose to a =
five-year high of $85 million. This is mostly due to the lack of high-value=
works on the market. The </span><em>Fine di Dio</em><span> works reached a=
peak price of $29 million nine years ago for one of the three other yellow=
paintings. </span></p><p style=3D"color: rgb(54, 55, 55); font-size: =
16px; line-height: 26px; margin: 0 0 20px 0;"><span>One of the axioms of th=
e auction trade is that previous record-setting works often set new record =
prices when they return to the market, especially if the work in question h=
as been in a noted collection for a significant period of time. This </span=
><em>Fine di Dio</em><span> ticks all of those boxes. Even though the marke=
t for high-value works has faded in the last 18 months, Sotheby’s see=
ms to have found a work that could easily attract the very top collectors, =
who still have plenty of money to spend.</span></p><div class=3D"captioned-=
image-container-static" style=3D"font-size: 16px; line-height: 26px; margin=
: 32px auto;"><figure style=3D"margin: 0 auto; width: 100%;"><table class=
=3D"image-wrapper" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpaddin=
g=3D"0" data-component-name=3D"Image2ToDOMStatic" style=3D"mso-padding-alt:=
1em 0 1.6em;"><tbody><tr><td style=3D"text-align: center;"></td><td align=
=3D"left" class=3D"content" width=3D"1182" style=3D"text-align: center;"><a=
class=3D"image-link" target=3D"_blank" href=3D"https://substack.com/redire=
ct/2c51605b-f7dd-49f9-aca2-380c05f850b7?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0=
jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"align-items: center; border:=
none; display: block; flex-direction: column; height: auto; margin: 0; pad=
ding: 0; position: relative; text-decoration: none; width: auto;"><img data=
-attrs=3D"{"src":"https://substack-post-media.s3.amazonaws.c=
om/public/images/7d67093c-f3c3-4432-83f7-492583934737_1182x1600.jpeg",=
"srcNoWatermark":null,"fullscreen":null,"imageSize=
":null,"height":1600,"width":1182,"resizeWidt=
h":null,"bytes":null,"alt":null,"title":=
null,"type":null,"href":null,"belowTheFold":t=
rue,"topImage":false,"internalRedirect":null}" alt widt=
h=3D"550" height=3D"744.5008460236886" class=3D"wide-image" src=3D"https://=
substackcdn.com/image/fetch/w_2364,c_limit,f_auto,q_auto:good,fl_progressiv=
e:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimage=
s%2F7d67093c-f3c3-4432-83f7-492583934737_1182x1600.jpeg" style=3D"-ms-inter=
polation-mode: bicubic; border: none !important; display: block; height: au=
to; margin: 0 auto; margin-bottom: 0; max-width: 100% !important; vertical-=
align: middle; width: auto !important;"></a></td><td style=3D"text-align: c=
enter;"></td></tr></tbody></table></figure></div><div style=3D"font-size: 1=
6px; line-height: 26px;"><hr style=3D"background: #d4d4d4; border: none; he=
ight: 1px; margin: 32px 0; padding: 0;"></div><h4 class=3D"header-with-anch=
or-widget" style=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoo=
thing: antialiased; -webkit-appearance: optimizelegibility; -webkit-font-sm=
oothing: antialiased; appearance: optimizelegibility; color: rgb(54, 55, 55=
); font-family: 'SF Pro Display', -apple-system-headline, system-ui, -apple=
-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-ser=
if, '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; pos=
ition: relative;"><strong>Chardin Leave: France Says They’ll Let This=
One Go</strong></h4><div class=3D"captioned-image-container-static" style=
=3D"font-size: 16px; line-height: 26px; margin: 32px auto;"><figure style=
=3D"margin: 0 auto; width: 100%;"><table class=3D"image-wrapper" width=3D"1=
00%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" data-component-name=
=3D"Image2ToDOMStatic" style=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><=
td style=3D"text-align: center;"></td><td align=3D"left" class=3D"content" =
width=3D"1392" style=3D"text-align: center;"><a class=3D"image-link" target=
=3D"_blank" href=3D"https://substack.com/redirect/4622be4c-3f8a-4195-90d1-0=
66d024c169d?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7=
gWdY" rel style=3D"align-items: center; border: none; display: block; flex-=
direction: column; height: auto; margin: 0; padding: 0; position: relative;=
text-decoration: none; width: auto;"><img data-attrs=3D"{"src":&=
quot;https://substack-post-media.s3.amazonaws.com/public/images/e953dc00-3f=
ec-4d29-a860-9ba3de0ab5f2_1392x1600.jpeg","srcNoWatermark":n=
ull,"fullscreen":null,"imageSize":null,"height&quo=
t;:1600,"width":1392,"resizeWidth":null,"bytes&quo=
t;:null,"alt":null,"title":null,"type":null,&=
quot;href":null,"belowTheFold":true,"topImage":fal=
se,"internalRedirect":null}" alt width=3D"550" height=3D"632.1839=
08045977" class=3D"wide-image" src=3D"https://substackcdn.com/image/fetch/w=
_2784,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstac=
k-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe953dc00-3fec-4d29-a860-9=
ba3de0ab5f2_1392x1600.jpeg" style=3D"-ms-interpolation-mode: bicubic; borde=
r: none !important; display: block; height: auto; margin: 0 auto; margin-bo=
ttom: 0; max-width: 100% !important; vertical-align: middle; width: auto !i=
mportant;"></a></td><td style=3D"text-align: center;"></td></tr></tbody></t=
able><figcaption class=3D"image-caption" style=3D"box-sizing: content-box; =
color: #777777; font-size: 14px; font-weight: 400; letter-spacing: -.15px; =
line-height: 20px; margin-top: 8px; padding-left: 15%; padding-right: 15%; =
text-align: center; width: 70%;"><span>Jean-Baptiste-Siméon Chardin, <=
/span><em>The Sliced Melon</em><span> (1760) estimate €8m</span></fig=
caption></figure></div><p style=3D"color: rgb(54, 55, 55); font-size: 16px;=
line-height: 26px; margin: 0 0 20px 0;"><span>Two years ago, Kimbell Art M=
useum paid dearly for </span><em>The Basket of Wild Strawberries</em><span>=
, a still life by cult Old Master </span><strong>Jean-Baptiste-Siméon =
Chardin</strong><span>. The painter’s otherworldly work is desperatel=
y sought after by museums like the Kimbell, but even though the Fort Worth =
museum was willing to bid the work to a final selling price twice the ̈́=
4;12 million estimate—they still could not bring the object of their =
intense affection home. </span></p><p style=3D"color: rgb(54, 55, 55);=
font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><span>As everyone=
in the art game knows, money only gets you so far. In this case, the Louvr=
e used its right of preemption to raise the money to acquire </span><em>Str=
awberries</em><span> and add it to their hoard of 41 other Chardins. French=
citizens were so passionate about hanging on to the Chardin that 10,000 in=
dividuals helped raise €1.6 million to get to the magic number. The b=
ulk of the funds came from LVMH, with another large chunk coming from the S=
ociété des Amis du Louvre.</span></p><p style=3D"color: rgb(54, 5=
5, 55); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><span>Last=
week, Christie’s announced that another Chardin, one of the last wor=
ks remaining in private hands, will be auctioned in Paris this June. </span=
><em>Le melon entamé</em><span>, painted in 1760, will carry an €=
;8 million estimate. The rare oval work is another still life of fruit, but=
this one has been cleared for export—or, as Christie’s insists=
on putting it, “The painting is in free circulation, making it avail=
able to collectors worldwide.”</span></p><p style=3D"color: rgb(54, 5=
5, 55); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><span>No o=
ne would blame the Kimbell if it viewed that statement with some skepticism=
=2E The wild strawberries came from the=
collection of </span><strong>Eudoxe M=
arcille</strong><span>, who died in 1890. The painting remained with his de=
scendants until it was sold at Artcurial in 2022. Marcille’s father h=
ad been a pioneering collector of 18th century art who led the rediscovery =
of Chardin in the early 19th century. </span><em>Le melon entamé </em>=
<span>was also in Marcille’s collection, but it had been bequeathed t=
o Eudoxe’s brother </span><strong>Camille</strong><span>, who died 15=
years before Eudoxe. At that point, in 1875, a branch of the Rothschild fa=
mily bought the still life. Their descendants are selling. Three years ago,=
the Dutch Rijksmuseum bought Rembrandt’s </span><em>The Standard Bea=
rer</em><span> from another branch of the Rothschilds for €175 millio=
n. </span></p><div style=3D"font-size: 16px; line-height: 26px;"><hr s=
tyle=3D"background: #d4d4d4; border: none; height: 1px; margin: 32px 0; pad=
ding: 0;"></div><h2 class=3D"header-with-anchor-widget" style=3D"-moz-appea=
rance: optimizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-ap=
pearance: optimizelegibility; -webkit-font-smoothing: antialiased; appearan=
ce: optimizelegibility; color: rgb(54, 55, 55); font-family: 'SF Pro Displa=
y', -apple-system-headline, system-ui, -apple-system, BlinkMacSystemFont, '=
Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Sego=
e UI Emoji', 'Segoe UI Symbol'; font-size: 1.625em; font-weight: bold; line=
-height: 1.16em; margin: 1em 0 0.625em 0; position: relative;"><strong>Resu=
lts</strong></h2><h4 class=3D"header-with-anchor-widget" style=3D"-moz-appe=
arance: optimizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-a=
ppearance: optimizelegibility; -webkit-font-smoothing: antialiased; appeara=
nce: optimizelegibility; color: rgb(54, 55, 55); font-family: 'SF Pro Displ=
ay', -apple-system-headline, system-ui, -apple-system, BlinkMacSystemFont, =
'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Seg=
oe UI Emoji', 'Segoe UI Symbol'; font-size: 1.125em; font-weight: bold; lin=
e-height: 1.16em; margin: 1em 0 0.625em 0; position: relative;"><strong>Sot=
heby’s Hong Kong Modern & Contemporary Art =3D $108m</strong></h4=
><div class=3D"captioned-image-container-static" style=3D"font-size: 16px; =
line-height: 26px; margin: 32px auto;"><figure style=3D"margin: 0 auto; wid=
th: 100%;"><table class=3D"image-wrapper" width=3D"100%" border=3D"0" cells=
pacing=3D"0" cellpadding=3D"0" data-component-name=3D"Image2ToDOMStatic" 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"445" style=3D"te=
xt-align: center;"><a class=3D"image-link" target=3D"_blank" href=3D"https:=
//substack.com/redirect/ab5ea8c1-87c9-4bc1-9752-3e0592547ab4?j=3DeyJ1IjoiMj=
djZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"align-i=
tems: center; border: none; display: block; flex-direction: column; height:=
auto; margin: 0; padding: 0; position: relative; text-decoration: none; wi=
dth: auto;"><img data-attrs=3D"{"src":"https://substack-post=
-media.s3.amazonaws.com/public/images/329b5a09-1c5a-4d47-9de1-5568026a5743_=
1024x1024.png","srcNoWatermark":null,"fullscreen":=
null,"imageSize":null,"height":1024,"width":1=
024,"resizeWidth":445,"bytes":null,"alt":null=
,"title":null,"type":null,"href":null,"b=
elowTheFold":true,"topImage":false,"internalRedirect&qu=
ot;:null}" alt width=3D"445" height=3D"445" class src=3D"https://substackcd=
n.com/image/fetch/w_445,c_limit,f_auto,q_auto:good,fl_progressive:steep/htt=
ps%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F329b5a0=
9-1c5a-4d47-9de1-5568026a5743_1024x1024.png" style=3D"-ms-interpolation-mod=
e: bicubic; border: none !important; display: block; height: auto; margin: =
0 auto; margin-bottom: 0; max-width: 100% !important; vertical-align: middl=
e; width: auto !important;"></a></td><td style=3D"text-align: center;"></td=
></tr></tbody></table></figure></div><p style=3D"color: rgb(54, 55, 55); fo=
nt-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><span>The Contempora=
ry art market continues to fall like a knife. Most buyers are choosing to s=
tep aside instead of trying to catch it. Sotheby’s Hong Kong Modern &=
amp; Contemporary art sales were heavily managed to $108 million in total s=
ales. The house aggressively removed 11 lots before the sale with a presale=
estimate of HKD 82.5 million, or more than $10 million. That’s a bit=
above 10 percent of the presale estimated value removed to protect the lot=
s for future sale and project confidence to clients. The hammer ratio (the =
aggregate hammer price of all lots before fees, divided by the aggregate pr=
esale estimates minus withdrawn lots) was a weak but almost respectable .96=
=2E Add the withdrawn lots back in and=20=
the hammer ratio fell to .86, which is=
a number that tells us the estimates for the sale were still way above whe=
re the market sees value. The sell-through rate after withdrawals was an in=
dustry average 82 percent. Add the withdrawals back and you would have a we=
ak 77 percent. Only 23 percent of the lots saw aggressive bidding. Three of=
those 33 works were by </span><strong>Wu Guanzhong</strong><span>, a paint=
er who fused traditional Chinese painting with the bright colors of Impress=
ionism and Post-Impressionism, three by </span><strong>Andy Warhol</strong>=
<span>, and two by </span><strong>Zao Wou-ki</strong><span>. The remaining =
25 works were by 25 different artists, which is a good sign for the breadth=
of the market.  </span></p><p style=3D"color: rgb(54, 55, 55); f=
ont-size: 16px; line-height: 26px; margin: 0 0 20px 0; margin-bottom: 0;"><=
span>Only one of the top lots by price, an 1881 painting by </span><strong>=
Renoir</strong><span>, saw aggressive bidding above the estimate range. Wor=
ks by</span><strong> Yoshitomo Nara</strong><span>,</span><strong> Picasso<=
/strong><span>,</span><strong> Monet</strong><span>,</span><strong> Yayoi K=
usama</strong><span>,</span><strong> </strong><span>and</span><strong> </st=
rong><span>Zao Wou-ki were also among the most expensive lots but sold at o=
r below their estimates. Sotheby’s had already reduced the overall nu=
mber of Hong Kong lots in the Modern and Contemporary category by half. Tha=
t brought down the total estimated value of the sale by a quarter in the pr=
ocess. Yet it was still not enough to entice bidders. These results are a r=
eminder that buyers and sellers remain out of sync with each other. </=
span></p></div></div><div class=3D"container-border" style=3D"border-top: 1=
px solid #d4d4d4; box-sizing: border-box; font-size: 16px; line-height: 26p=
x; margin: 32px 0 0; width: 100%;"></div><div class=3D"post-cta typography =
markup" style=3D"font-family: 'SF Pro Display', -apple-system, system-ui, B=
linkMacSystemFont, 'Inter', 'Segoe UI', Roboto, Helvetica, Arial, sans-seri=
f, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 16p=
x; font-weight: 400; line-height: 26px; margin: 32px 0; margin-bottom: 32px=
; text-align: initial; word-break: break-word;"><p style=3D"color: rgb(54, =
55, 55); font-size: 16px; line-height: 26px; margin: auto; margin-top: 0; m=
ax-width: 384px; text-align: center; width: 90%;" class=3D"referrals-cta-te=
xt"></p><h4 style=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smo=
othing: antialiased; -webkit-appearance: optimizelegibility; -webkit-font-s=
moothing: antialiased; appearance: optimizelegibility; color: rgb(54, 55, 5=
5); font-family: 'SF Pro Display', -apple-system-headline, system-ui, -appl=
e-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-se=
rif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1=
=2E125em; font-weight: bold; line-heigh=
t: 1.16em; margin: 1em 0 0.625em 0; te=
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ox" style=3D"color: rgb(54, 55, 55); font-size: 16px; line-height: 26px; ma=
rgin: 0 auto 20px; margin-bottom: 0; margin-left: auto; margin-right: auto;=
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ck.com/redirect/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2VuY2Uuc3Vic3RhY2suY29tL2xlY=
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te-space: nowrap;">Invite Friends</a></p></div><table role=3D"presentation"=
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