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Subject: What We Learned from the Larry Gagosian Profile
From: Artelligence <artelligence@substack.com>
To: enzo@showfile.com
Message-Id: <20230724184507.3.f8ca2d64fbbb2d13@mg-d1.substack.com>
Date: Mon, 24 Jul 2023 18:45:07 +0000
sender: Artelligence <artelligence@substack.com>
References: <post-135407604@substack.com>
In-Reply-To: <post-135407604@substack.com>
Reply-To: Artelligence
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View this post on the web at https://artelligence.substack.com/p/what-we-le=
arned-from-the-larry-gagosian

Welcome to Artelligence
This is the free newsletter from Artelligence. It normally comes out every =
Friday (the summer schedule and the release of the New Yorker=E2=80=99s pro=
file of Larry Gagosian  [ https://link.sbstck.com/redirect/94ae25b4-d605-48=
82-949c-a70f03592110?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx=
6Fx_g6pp7gWdY ]caused today=E2=80=99s schedule disruption.) Last week, we r=
eleased our analysis of the London sales of Modern and Contemporary art for=
 paid subscribers. This week we hope to release our Hot List for the first =
half of 2023. Both are based on data provided by LiveArt.=C2=A0
Upgrade your subscription to access both=E2=80=94and more data to follow.
Subscriptions are $12 a month or $120 for a year. For organizations, we off=
er group discounts of 30% for each subscription of two or more. (There is a=
lso an option to get a 7-day free trial. Just choose the subscription plan =
you want and click on the 7-day trial option before checkout.)
Gagosian Gets His Close Up
After a few quiet years when Larry Gagosian seemed to have been eclipsed by=
 the rise of other global art galleries built on slightly different sales a=
nd marketing models and emphasizing a more diverse roster of artists, his p=
resence has returned to the public mind. Suddenly the source of gossip last=
 year due to his personal life and his very visible purchase of Warhol=E2=
=80=99s Sage Blue Marilyn, Gagosian=E2=80=99s life story has attracted jour=
nalist=E2=80=99s attention. First came the announcement that Michael Schnay=
erson would write an unauthorized biography following up on his book, Boom:=
 Mad Money, Mega Dealers, and the Rise of Contemporary Art. Now we have a N=
ew Yorker profile written by Patrick Radden Keefe [ https://link.sbstck.com=
/redirect/94ae25b4-d605-4882-949c-a70f03592110?j=3DeyJ1IjoiMjdjZXI5In0.nCNh=
OM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ], the journalist who eviscerated t=
he Sackler family in Empire of Pain. Keefe=E2=80=99s profiles tend to focus=
 on outlandish characters to such an extent that a volume of his collected =
New Yorker profiles is titled Rogues: True Stories of Grifters, Killers, Re=
bels, and Crooks.
As much as the art world once demonized Gagosian for his blunt commercial a=
pproach to art dealing, the 78-year-old hardly fits any of the subtitled ca=
tegories. If Gagosian is some sort of a rogue, at this point, it would have=
 to be a =E2=80=9Clovable rogue=E2=80=9D whom the industry relies upon to m=
ake buying art feel more like a swashbuckling pirate adventure than either =
a boring asset purchase or a decorating exercise. Would it be any fun to bu=
y art if there weren=E2=80=99t art dealers like Gagosian?
Keefe=E2=80=99s profile is happy to play along opening with a breathless de=
scription of Gagosian=E2=80=99s Hamptons home and entertaining. Keefe does =
go further. He makes a number of insightful points that might easily be mis=
sed because the profile tries to do so much to address a checklist of issue=
s surrounding Gagosian=E2=80=99s career.=C2=A0
For our purposes, it seems worth attempting a remix of Keefe=E2=80=99s stor=
y to isolate just what made Gagosian a foundational figure in the current g=
lobal art market.=20
Duveen + Castelli =3D Gagosian=20
Before Gagosian, there were dominant art dealers. Keefe quotes Gagosian as =
a student of Joseph Duveen. Duveen sold baronial European culture to Americ=
an robber barons like Andrew Mellon who eventually gifted those works to Wa=
shington=E2=80=99s National Gallery. Gagosian sees himself as a cross betwe=
en Duveen, the secondary market innovator, and Leo Castelli, the taste-maki=
ng friend of artists whose Mittel-european sophistication beguiled collecto=
rs.=C2=A0
What Gagosian figured out from both Duveen and Castelli was that he had to =
create a social world that collectors aspired to participate in. After cult=
ivating relationships with some of the most visible art collectors of the l=
ast 50 years=E2=80=94Newhouse, Geffen, Broad, Steve Cohen, Tom Hill, Glenn =
Fuhrman=E2=80=94buying from Gagosian and attending his social events became=
 real or perceived access to a club. Keefe does a great job of showing how =
Gagosian became a one-man Davos:=C2=A0
=E2=80=9CA friend of Gagosian=E2=80=99s described attending a dinner at the=
 dealer=E2=80=99s Manhattan town house, along with a fabulously wealthy tec=
h founder, and witnessing a look of =E2=80=9Creal consternation=E2=80=9D on=
 the young man=E2=80=99s face as it dawned on him that, for all his money a=
nd power, he was not as connected as Gagosian, not as cultured, not as cool=
=2E Everybody was having a grand time,=20=
yet this potentate was experiencing an=
 unspoken social demotion. Suddenly, he was a mere arriviste=E2=80=94a visi=
tor at a club to which he didn=E2=80=99t belong. =E2=80=9CIt=E2=80=99s incr=
edible,=E2=80=9D Lo=C3=AFc Gouzer, a friend of Gagosian=E2=80=99s and a for=
mer co-chairman of contemporary art at Christie=E2=80=99s, marvelled. =E2=
=80=9CHe inverted this thing where normally the art dealers were trying to =
emulate their clients. Larry=E2=80=99s clients are trying to emulate him.=
=E2=80=9D
=E2=80=9CThe Hunt=E2=80=9D
How did Gagosian get there? It started with a preternatural understanding o=
f how to deal with people who are=E2=80=94or want to be=E2=80=94powerful. K=
eefe makes the point by quoting Castelli who though himself =E2=80=9Ca very=
 bad salesman and Larry is a very good salesman [=E2=80=A6.] He also knows =
how to deal with very rich people.=E2=80=9D That comfort with the needs and=
 desires of the rich goes beyond casting parties. It includes offering buye=
rs the confidence (or hope) that anything they buy from him will either go =
up in value or very likely could be sold back to Gagosian when he came call=
ing again.=C2=A0
David Geffen backs this point up. Speaking to Keefe, he said, =E2=80=9CI=E2=
=80=99ve spent an incredible amount of money buying pictures from Larry. At=
 any given moment, I may feel like I=E2=80=99ve overpaid for something. But=
 in the end I=E2=80=99ve never overpaid for anything. For me, they=E2=80=99=
ve been incredibly good investments. Most of the money I=E2=80=99ve given a=
way, which is well over a billion dollars, I financed by selling paintings =
that I owned.=E2=80=9D
Keefe also reveals that Geffen was able to buy Giacometti=E2=80=99s Pointin=
g Man from Steve Cohen for $147 million recently. Observing that Cohen had =
paid $2.4 billion for the Mets, Geffen suggested to Gagosian that, =E2=80=
=9Cperhaps Steve=E2=80=99s in the mood to sell.=E2=80=9D=C2=A0 Whether it i=
s Geffen or Cohen or Newhouse or Ronald Perelman, it may matter less that o=
nly a few of Gagosian=E2=80=99s clients get calls to resell their work thro=
ugh him than that most of the clients are aware of these revolving door tra=
nsactions.=20
When art is bought and sold as an asset, spending more for buying art withi=
n a network where it can be resold adds value. Keefe gets at this here: =E2=
=80=9CBeing a good secondary dealer requires knowing which people are colle=
ctors, where they live, what hangs inside their houses=E2=80=94and whether =
they might be induced to part with any of it. Gagosian excelled at what Dou=
glas Cramer, a soap-opera producer and an early client, once called =E2=80=
=9Cthe hunt.=E2=80=9D
Going Global
Gagosian figured all of this out a very long time ago. What makes him disti=
nctive from Duveen or Castelli or even his current peers is that he was the=
 first to figure out that art could be sold globally. The class of buyers w=
as international. They shared common touch points and interests. That led t=
o the realization that one could access the globally aspirational rich by o=
pening galleries around the world. The problem for most art galleries was f=
inding the capital to expand in such a risky way. All of the biggest galler=
ies in the world remain family businesses.=20
Gagosian saw how to fund his expansion while also proving the model and exp=
anding the market for his star artist, Cy Twombly. Here=E2=80=99s Keefe aga=
in, =E2=80=9DIn another pioneering move, Gagosian opened international gall=
eries=E2=80=94starting with London, Rome, and Paris=E2=80=94and he often in=
augurated them with a show of new Twomblys. [=E2=80=A6] Gagosian sometimes =
jokes that =E2=80=98overhead is the mother of invention,=E2=80=99 and it=E2=
=80=99s not an exaggeration to say that his gallery=E2=80=99s international=
 expansion was subsidized largely by Twombly.=E2=80=9D
With an international network of real estate (read overhead) and a client l=
ist of global rich people, Gagosian became a massive art distribution chann=
el. Any industry has a supply chain and though we don=E2=80=99t like to use=
 such terms for artists, it was only natural that Gagosian=E2=80=99s expand=
ed distribution would affect the way artists behaved within the supply chai=
n. It=E2=80=99s an axiom of industry supply chains that they balance each o=
ther out. The rise of big box retailers caused many mergers in the consumer=
 packaged goods industry so manufacturers and retailers would have equal cl=
out in bargaining with each other. Something similar is happening with arti=
st=E2=80=99s studios and galleries.=20
Keefe puts it another way, =E2=80=9CIt=E2=80=99s fair to say, though, that =
one way Gagosian has transformed the art business is by normalizing poachin=
g. Many artists have clearly absorbed the idea that loyalty is sentimental =
and that, in a free market, they should always keep an eye out for a better=
 deal.=E2=80=9D
Learning from Gagosian
Art dealing is now at a scale that serves a certain type of artist. Those a=
rtists are increasingly bringing the functions a dealer used to provide in =
house. The studio of a successful global artist, the kind whose work can fi=
ll the Gagosian distribution system, is now a medium-sized business all its=
 own. Increasingly, these studios have professional management of one kind =
or another.=20
Keefe doesn=E2=80=99t mention it but Cecily Brown is a case in point. She m=
ay have left Gagosian but she still relies on her former Gagosian director =
(now at an agency serving artists) to manage her gallery and museum relatio=
nships. Could Brown have developed the studio practice she now has without =
having passed through Gagosian Gallery? Sure. Paradoxically, what she seems=
 to have learned from working within the Gagosian empire is that that shoul=
d could control her own distribution directly.  Put another way, Brown seem=
s to have learned to be unapologetically self-interested from a person who =
feels no need to defend his self-interest.=20
Gagosian=E2=80=99s frankness is hard to argue with; though his personality =
and taste cannot be all things to all people. The growth of three other gal=
leries with similar global footprints to Gagosian and handful of other gall=
eries with smaller-but-equally-globe-girdling presences only points to the =
depth of the art market. Gagosian may take up a lot of mindshare on the sub=
ject of Contemporary art but it seems clear he can only be a part of the co=
mplex and variegated global market for art.=20
=E2=80=9CThere=E2=80=99s Larry=E2=80=94and everyone else.=E2=80=9D
Looming over the New Yorker profile is the question of Gagosian Gallery=E2=
=80=99s future. At 78, Gagosian himself is dismissive of the issue but the =
gallery=E2=80=99s appeal is too closely associated with his personality for=
 anyone else to dismiss it. One part of that is simply a management problem=
=2E Keefe quotes Gagosian director=20=
Millicent Wilner saying, =E2=80=9CThere=E2=
=80=99s no hierarchy. There=E2=80=99s Larry=E2=80=94and everyone else.=E2=
=80=9D
That simple observation=E2=80=94despite the gallery=E2=80=99s efforts over =
the last several years under Chief Operating Officer Andrew Fabricant=E2=80=
=94is the easiest way to dismiss rumors that a luxury goods conglomerate wi=
ll buy Gagosian Gallery. It=E2=80=99s currently unmanageable by anyone else=
 without Gagosian making decisions=E2=80=94and why would Gagosian work for =
anyone else. Maybe the gallery will be manageable corporately in three to f=
ive years. But it isn=E2=80=99t currently.
Some other issues
Let=E2=80=99s not ignore some of the unpleasant revelations in the profile.=
 Keefe chases down accusations that Gagosian made lewd late-night crank cal=
ls to women. Keefe has at least one person who claims to have gotten a call=
 and has witnesses to corroborate her story. The calls stopped decades year=
s ago. Is that because whatever impulses motivated the calls subsided or be=
cause caller ID make the deeply unsavory practice too easily traceable?
Keefe also takes a few passes at the issue of how virtuous art world money =
is. Did Gagosian sell art to oligarchs? Yes. Is he an opportunist willing t=
o play both sides of a transaction or talk the same work of art down while =
buying and then up while selling? Yes.=C2=A0
Where Keefe seems to get a little off track is falling for some self-servin=
g sources:
The Economist has described Andy Warhol as a =E2=80=9Cone-man Dow Jones,=E2=
=80=9D because his work is seen as a bellwether for the contemporary-art ma=
rket. But Tico Mugrabi and his family have effectively cornered the market =
on Warhol. They own about a thousand works by the artist, and are constantl=
y buying and selling his paintings=E2=80=94regulating supply to keep prices=
 high. They describe themselves, without irony, as =E2=80=9Cmarket-makers.=
=E2=80=9D Mugrabi told me, =E2=80=9CFor me, this is inventory. If you=E2=80=
=99re dealing in currencies, and you see the dollar trading low, and you be=
lieve in the dollar, you buy dollars.=E2=80=9D When a Warhol comes up at au=
ction, the Mugrabis often bid on it=E2=80=94either to acquire it or just to=
 boost the price. They collaborate with Gagosian in such strategizing and w=
ill subtly co=C3=B6rdinate with him, bidding on works together in order to =
mitigate their risk. =E2=80=9CWe=E2=80=99re always sitting very close to ea=
ch other in the auction,=E2=80=9D Mugrabi told me. =E2=80=9CSometimes, with=
 just a nod, we will agree we should buy it.=E2=80=9D
If one is really operating a bidding ring, it seems odd to brag about it to=
 a journalist.=20
Equally odd is the fact that Keefe granted anonymity to a former federal pr=
osecutor who said of the Mugrabis=E2=80=99 control over the Warhol market, =
=E2=80=9CIf this were any other asset class, someone would be looking at it=
 from an antitrust perspective, or conflict of interest, or breach of fiduc=
iary duty.=E2=80=9D Why is a former federal prosecutor afraid to say that f=
or attribution if the case is so easy to make? The former prosecutor isn=E2=
=80=99t afraid of the Mugrabis. The former prosecutor is afraid of angering=
 current federal prosecutors who would and should be making that case if it=
 is as easy and winnable as the anonymous source suggests.=20
One final thing on this issue with the Mugrabis. If the family have cornere=
d the Warhol market, why aren=E2=80=99t they selling? The Warhol market has=
 been in hibernation for the better part of a decade. One thing seems clear=
 at this point, the market drought is a supply issue. Major Warhols that ha=
ve come to market recently have still sold at stratospheric prices even whe=
n they=E2=80=99ve disappointed expectations. Two of the top three Warhol au=
ction prices were made last year. Gagosian took advantage of the demand for=
 good Warhols just last year to sell a large skull painting for $24 million=
=2E=20
It stands to reason that if the Mugrabis are sitting on a thousand good wor=
ks, they are missing out on a very good market opportunity to reap strong p=
rofits.

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</style></head><body class=3D"email-body" style=3D"font-kerning: auto;"><im=
g src=3D"https://eotrx.substackcdn.com/open?token=3DeyJtIjoiPDIwMjMwNzI0MTg=
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6bQ2F8fcN7orAA" alt=3D"" width=3D"1" height=3D"1" border=3D"0" style=3D"hei=
ght:1px !important;width:1px !important;border-width:0 !important;margin-to=
p:0 !important;margin-bottom:0 !important;margin-right:0 !important;margin-=
left:0 !important;padding-top:0 !important;padding-bottom:0 !important;padd=
ing-right:0 !important;padding-left:0 !important;"/><div style=3D"display:n=
one;font-size:1px;color:#333333;line-height:1px;max-height:0px;max-width:0p=
x;opacity:0;overflow:hidden;" class=3D"preview">The New Yorker's Patrick Ra=
dden Keefe digs into Larry Gagosian's life &#160;&#8204;&#160;&#8204;&#160;=
&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#1=
60;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;=
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204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;=
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60;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;=
&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#82=
04;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&=
#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#16=
0;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&=
#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#820=
4;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#=
8204;&#160;&#8204;</div><table role=3D"presentation" width=3D"100%" border=
=3D"0" cellspacing=3D"0" cellpadding=3D"0" class=3D"email-body-container"><=
tr><td></td><td width=3D"550" class=3D"content"></td><td></td></tr><tr><td>=
</td><td align=3D"left" width=3D"550" class=3D"content"><div style=3D"font-=
size: 16px; line-height: 26px; margin: 0 auto; max-width: 550px; overflow-w=
rap: break-word; width: 100%;"><table role=3D"presentation" width=3D"100%" =
border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td align=3D"right" st=
yle=3D"height: 20px;"><table role=3D"presentation" width=3D"auto" border=3D=
"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td style=3D"vertical-align: mi=
ddle;"><span class=3D"tw-font-body tw-text-ssm tw-text-substack-secondary" =
style=3D"color: rgb(128, 128, 128) !important; font-family: SF Pro Text, -a=
pple-system, BlinkMacSystemFont, Inter, Segoe UI, Roboto, Helvetica, Arial,=
 sans-serif, Apple Color Emoji, Segoe UI Emoji, Segoe UI Symbol !important;=
 font-size: 13px !important;"><a href=3D"https://open.substack.com/pub/arte=
lligence/p/what-we-learned-from-the-larry-gagosian?utm_source=3Demail&redir=
ect=3Dapp-store" class=3D"tw-text-substack-secondary tw-underline" style=3D=
"-webkit-text-decoration-line: underline !important; color: rgb(128, 128, 1=
28) !important; text-decoration-line: underline !important;">Open in app</a=
> or <a href=3D"https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGx=
pZ2VuY2Uuc3Vic3RhY2suY29tL3Avd2hhdC13ZS1sZWFybmVkLWZyb20tdGhlLWxhcnJ5LWdhZ2=
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TI4MTYzMjksImlzcyI6InB1Yi0wIiwic3ViIjoibGluay1yZWRpcmVjdCJ9.RGVCiy3rrXvG9Rc=
MnIPNJx1lGVdfTUzRY2hUx07X5ZQ?" class=3D"tw-text-substack-secondary tw-under=
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online</a></span></td></tr></table></td></tr></table><table role=3D"present=
ation" width=3D"auto" class=3D"header graphic-header" style=3D"border-spaci=
ng: 0; padding: 16px 0 32px;"><tr><td align=3D"center" style=3D"padding: 0;=
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R0cHM6Ly9hcnRlbGxpZ2VuY2Uuc3Vic3RhY2suY29tL3Avd2hhdC13ZS1sZWFybmVkLWZyb20td=
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joxMzU0MDc2MDQsInMiOjIyNTksImYiOnRydWUsInUiOjEzMzI2ODY2MSwiaWF0IjoxNjkwMjI0=
MzI5LCJleHAiOjE2OTI4MTYzMjksImlzcyI6InB1Yi0wIiwic3ViIjoibGluay1yZWRpcmVjdCJ=
9.RGVCiy3rrXvG9RcMnIPNJx1lGVdfTUzRY2hUx07X5ZQ?"><img role=3D"presentation" =
width=3D"550" height=3D"117" src=3D"https://substackcdn.com/image/fetch/w_1=
100,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-=
post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fecde5dbd-aa76-4984-bfac-acb=
56639185e_2800x591.png" class=3D"header-image" style=3D"border: none !impor=
tant; display: block; height: auto; margin: 0 auto; max-width: 550px; verti=
cal-align: middle; width: 100%;"></a></td></tr></table><div dir=3D"auto" cl=
ass=3D"post typography" style=3D"font-size: 16px; line-height: 26px; paddin=
g: 16px 0 0 0;"><div class=3D"post-header" style=3D"font-size: 16px; line-h=
eight: 26px;"><h1 class=3D"post-title published" style=3D"-moz-appearance: =
optimizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-appearanc=
e: optimizelegibility; -webkit-font-smoothing: antialiased; appearance: opt=
imizelegibility; color: rgb(64, 64, 64); font-family: 'SF Compact Display',=
 -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, s=
ans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-s=
ize: 32px; font-weight: bold; line-height: 36px; margin: 0;"><a href=3D"htt=
ps://substack.com/app-link/post?publication_id=3D2259&post_id=3D135407604&u=
tm_source=3Dpost-email-title&isFreemail=3Dtrue&token=3DeyJ1c2VyX2lkIjoxMzMy=
Njg2NjEsInBvc3RfaWQiOjEzNTQwNzYwNCwiaWF0IjoxNjkwMjI0MzI5LCJleHAiOjE2OTI4MTY=
zMjksImlzcyI6InB1Yi0yMjU5Iiwic3ViIjoicG9zdC1yZWFjdGlvbiJ9.r7Q9J79mfzbVqXOUM=
6QlYaP2u-zPwRLGOhh2w8AffEI" style=3D"color: rgb(64, 64, 64); text-decoratio=
n: none;">What We Learned from the Larry Gagosian Profile</a></h1><h3 class=
=3D"subtitle" style=3D"-moz-appearance: optimizelegibility; -moz-osx-font-s=
moothing: antialiased; -webkit-appearance: optimizelegibility; -webkit-font=
-smoothing: antialiased; appearance: optimizelegibility; color: #808080; fo=
nt-family: 'SF Compact Display', -apple-system, BlinkMacSystemFont, 'Segoe =
UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI E=
moji', 'Segoe UI Symbol'; font-size: 18px; font-weight: normal; line-height=
: 24px; margin: 4px 0 0; margin-top: 12px;">The New Yorker's Patrick Radden=
 Keefe digs into Larry Gagosian's life</h3><table role=3D"presentation" wid=
th=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" class=3D"post-=
meta" style=3D"align-items: center; height: 20px; margin: 1em 0;"><tr><td><=
table role=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D"0" c=
ellpadding=3D"0"><tr><td><table role=3D"presentation" width=3D"auto" border=
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></tr></table></td></tr><tr><td><table role=3D"presentation" width=3D"auto"=
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l 24</time></div></td></tr></table></td></tr></table></td></tr></table><tab=
le role=3D"presentation" width=3D"100%" border=3D"0" cellspacing=3D"0" cell=
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%;"><tr height=3D"16"><td height=3D"16" style=3D"font-size: 0px; line-heigh=
t: 0;">&#160;</td></tr><tr><td><table role=3D"presentation" width=3D"100%" =
border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td><table role=3D"pre=
sentation" width=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0">=
<tr><td style=3D"vertical-align: middle;"><table role=3D"presentation" widt=
h=3D"38" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td align=3D"=
center"><a href=3D"https://substack.com/app-link/post?publication_id=3D2259=
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kup" style=3D"font-family: 'SF Pro Display', -apple-system, BlinkMacSystemF=
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e=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoothing: antialia=
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iased; appearance: optimizelegibility; color: rgb(64, 64, 64); font-family:=
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goe UI Symbol'; font-size: 1.625em; font-weight: bold; line-height: 1.16em;=
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ze: 16px; line-height: 26px; margin: 0 0 20px 0;"><span>This is the free ne=
wsletter from Artelligence. It normally comes out every Friday (the summer =
schedule and </span><a href=3D"https://link.sbstck.com/redirect/94ae25b4-d6=
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zdCIsInAiOjEzNTQwNzYwNCwicyI6MjI1OSwiZiI6dHJ1ZSwidSI6MTMzMjY4NjYxLCJpYXQiOj=
E2OTAyMjQzMjksImV4cCI6MTY5MjgxNjMyOSwiaXNzIjoicHViLTAiLCJzdWIiOiJsaW5rLXJlZ=
GlyZWN0In0.pKsW-SLQtkKUt27xGMl1olc1QsTDNdDngElFX6jg_6g?&utm_medium=3Demail&=
utm_source=3Dsubscribe-widget&utm_content=3D135407604" class=3D"button subs=
cribe-btn primary" style=3D"background-color: #653366; border: none; border=
-radius: 6px; box-sizing: border-box; color: #ffffff !important; cursor: po=
inter; display: inline-block; font-family: -apple-system, BlinkMacSystemFon=
t, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', '=
Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 14px; font-weight: 600; heig=
ht: auto; line-height: 20px; margin: 0 auto; opacity: 1; outline: none; pad=
ding: 12px 20px; text-align: center; text-decoration: none !important; whit=
e-space: nowrap;"><span style=3D"color: #ffffff; text-decoration: none;">Up=
grade to paid</span></a></p></div><h2 class=3D"header-with-anchor-widget" s=
tyle=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoothing: antia=
liased; -webkit-appearance: optimizelegibility; -webkit-font-smoothing: ant=
ialiased; appearance: optimizelegibility; color: rgb(64, 64, 64); font-fami=
ly: 'SF Compact Display', -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;"><strong>Gagosian Gets His=
 Close Up</strong></h2><div class=3D"captioned-image-container-static" styl=
e=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"615" style=3D"text-align: center;"><a class=3D"image-link" target=
=3D"_blank" href=3D"https://link.sbstck.com/redirect/8f24dc39-9487-4f0d-88e=
8-c3916002390d?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6=
pp7gWdY" rel style=3D"align-items: center; border: none; display: block; fl=
ex-direction: column; height: auto; margin: 0; padding: 0; position: relati=
ve; text-decoration: none; width: auto;"><img data-attrs=3D"{&quot;src&quot=
;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/40af829c=
-46c2-4e9d-bf1e-06e2fe648df3_615x615.jpeg&quot;,&quot;fullscreen&quot;:null=
,&quot;imageSize&quot;:null,&quot;height&quot;:615,&quot;width&quot;:615,&q=
uot;resizeWidth&quot;:null,&quot;bytes&quot;:95779,&quot;alt&quot;:null,&qu=
ot;title&quot;:null,&quot;type&quot;:&quot;image/jpeg&quot;,&quot;href&quot=
;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;inter=
nalRedirect&quot;:null}" alt width=3D"550" height=3D"550" class=3D"wide-ima=
ge" src=3D"https://substackcdn.com/image/fetch/w_1230,c_limit,f_auto,q_auto=
:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.c=
om%2Fpublic%2Fimages%2F40af829c-46c2-4e9d-bf1e-06e2fe648df3_615x615.jpeg" s=
tyle=3D"-ms-interpolation-mode: bicubic; border: none !important; display: =
block; height: auto; margin: 0 auto; margin-bottom: 0; max-width: 100% !imp=
ortant; vertical-align: middle; width: auto !important;"></a></td><td style=
=3D"text-align: center;"></td></tr></tbody></table><figcaption class=3D"ima=
ge-caption" style=3D"box-sizing: content-box; color: #808080; font-size: 14=
px; font-weight: 400; letter-spacing: -.15px; line-height: 20px; margin-top=
: 8px; padding-left: 15%; padding-right: 15%; text-align: center; width: 70=
%;">Larry Gagosian  (Courtesy Gagosian)</figcaption></figure></div><p style=
=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0=
 20px 0;"><span>After a few quiet years when Larry Gagosian seemed to have =
been eclipsed by the rise of other global art galleries built on slightly d=
ifferent sales and marketing models and emphasizing a more diverse roster o=
f artists, his presence has returned to the public mind. Suddenly the sourc=
e of gossip last year due to his personal life and his very visible purchas=
e of Warhol&#8217;s </span><em>Sage Blue Marilyn</em><span>, Gagosian&#8217=
;s life story has attracted journalist&#8217;s attention. First came the an=
nouncement that Michael Schnayerson would write an unauthorized biography f=
ollowing up on his book, </span><em>Boom: Mad Money, Mega Dealers, and the =
Rise of Contemporary Art. </em><a href=3D"https://link.sbstck.com/redirect/=
94ae25b4-d605-4882-949c-a70f03592110?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQm=
MpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: rgb(64, 64, 64); text-de=
coration: underline;">Now we have a New Yorker profile written by Patrick R=
adden Keefe</a><span>, the journalist who eviscerated the Sackler family in=
 </span><em>Empire of Pain.</em><span> Keefe&#8217;s profiles tend to focus=
 on outlandish characters to such an extent that a volume of his collected =
New Yorker profiles is titled </span><em>Rogues: True Stories of Grifters, =
Killers, Rebels, and Crooks</em><span>.</span></p><p style=3D"color: rgb(64=
, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">As much=
 as the art world once demonized Gagosian for his blunt commercial approach=
 to art dealing, the 78-year-old hardly fits any of the subtitled categorie=
s. If Gagosian is some sort of a rogue, at this point, it would have to be =
a &#8220;lovable rogue&#8221; whom the industry relies upon to make buying =
art feel more like a swashbuckling pirate adventure than either a boring as=
set purchase or a decorating exercise. Would it be any fun to buy art if th=
ere weren&#8217;t art dealers like Gagosian?</p><p style=3D"color: rgb(64, =
64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">Keefe&#82=
17;s profile is happy to play along opening with a breathless description o=
f Gagosian&#8217;s Hamptons home and entertaining. Keefe does go further. H=
e makes a number of insightful points that might easily be missed because t=
he profile tries to do so much to address a checklist of issues surrounding=
 Gagosian&#8217;s career.&#160;</p><p style=3D"color: rgb(64, 64, 64); font=
-size: 16px; line-height: 26px; margin: 0 0 20px 0;">For our purposes, it s=
eems worth attempting a remix of Keefe&#8217;s story to isolate just what m=
ade Gagosian a foundational figure in the current global art market. </p><h=
4 class=3D"header-with-anchor-widget" style=3D"-moz-appearance: optimizeleg=
ibility; -moz-osx-font-smoothing: antialiased; -webkit-appearance: optimize=
legibility; -webkit-font-smoothing: antialiased; appearance: optimizelegibi=
lity; color: rgb(64, 64, 64); font-family: 'SF Compact Display', -apple-sys=
tem, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, =
'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.125e=
m; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; positio=
n: relative;">Duveen + Castelli =3D Gagosian </h4><p style=3D"color: rgb(64=
, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">Before =
Gagosian, there were dominant art dealers. Keefe quotes Gagosian as a stude=
nt of Joseph Duveen. Duveen sold baronial European culture to American robb=
er barons like Andrew Mellon who eventually gifted those works to Washingto=
n&#8217;s National Gallery. Gagosian sees himself as a cross between Duveen=
, the secondary market innovator, and Leo Castelli, the taste-making friend=
 of artists whose Mittel-european sophistication beguiled collectors.&#160;=
</p><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px;=
 margin: 0 0 20px 0;">What Gagosian figured out from both Duveen and Castel=
li was that he had to create a social world that collectors aspired to part=
icipate in. After cultivating relationships with some of the most visible a=
rt collectors of the last 50 years&#8212;Newhouse, Geffen, Broad, Steve Coh=
en, Tom Hill, Glenn Fuhrman&#8212;buying from Gagosian and attending his so=
cial events became real or perceived access to a club. Keefe does a great j=
ob of showing how Gagosian became a one-man Davos:&#160;</p><blockquote sty=
le=3D"border-left: 4px solid #653366; margin: 20px 0; padding: 0;"><p style=
=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0=
 20px 0; margin-left: 20px;"><span>&#8220;A friend of Gagosian&#8217;s desc=
ribed attending a dinner at the dealer&#8217;s Manhattan town house, along =
with a fabulously wealthy tech founder, and witnessing a look of &#8220;rea=
l consternation&#8221; on the young man&#8217;s face as it dawned on him th=
at, for all his money and power, he was not as connected as Gagosian, not a=
s cultured, not as cool. Everybody was having a grand time, yet this potent=
ate was experiencing an unspoken social demotion. Suddenly, he was a mere a=
rriviste&#8212;a visitor at a club to which he didn&#8217;t belong. &#8220;=
It&#8217;s incredible,&#8221; Lo&#239;c Gouzer, a friend of Gagosian&#8217;=
s and a former co-chairman of contemporary art at Christie&#8217;s, marvell=
ed. &#8220;He inverted this thing where normally the art dealers were tryin=
g to emulate their clients. Larry&#8217;s clients are trying to emulate </s=
pan><em>him</em><span>.&#8221;</span></p></blockquote><h4 class=3D"header-w=
ith-anchor-widget" style=3D"-moz-appearance: optimizelegibility; -moz-osx-f=
ont-smoothing: antialiased; -webkit-appearance: optimizelegibility; -webkit=
-font-smoothing: antialiased; appearance: optimizelegibility; color: rgb(64=
, 64, 64); font-family: 'SF Compact Display', -apple-system, BlinkMacSystem=
Font, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji'=
, 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.125em; font-weight: bol=
d; line-height: 1.16em; margin: 1em 0 0.625em 0; position: relative;">&#822=
0;The Hunt&#8221;</h4><p style=3D"color: rgb(64, 64, 64); font-size: 16px; =
line-height: 26px; margin: 0 0 20px 0;">How did Gagosian get there? It star=
ted with a preternatural understanding of how to deal with people who are&#=
8212;or want to be&#8212;powerful. Keefe makes the point by quoting Castell=
i who though himself &#8220;a very bad salesman and Larry is a very good sa=
lesman [&#8230;.] He also knows how to deal with very rich people.&#8221; T=
hat comfort with the needs and desires of the rich goes beyond casting part=
ies. It includes offering buyers the confidence (or hope) that anything the=
y buy from him will either go up in value or very likely could be sold back=
 to Gagosian when he came calling again.&#160;</p><p style=3D"color: rgb(64=
, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">David G=
effen backs this point up. Speaking to Keefe, he said, &#8220;I&#8217;ve sp=
ent an incredible amount of money buying pictures from Larry. At any given =
moment, I may feel like I&#8217;ve overpaid for something. But in the end I=
&#8217;ve never overpaid for anything. For me, they&#8217;ve been incredibl=
y good investments. Most of the money I&#8217;ve given away, which is well =
over a billion dollars, I financed by selling paintings that I owned.&#8221=
;</p><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px=
; margin: 0 0 20px 0;"><span>Keefe also reveals that Geffen was able to buy=
 Giacometti&#8217;s </span><em>Pointing Man </em><span>from Steve Cohen for=
 $147 million recently. Observing that Cohen had paid $2.4 billion for the =
Mets, Geffen suggested to Gagosian that, &#8220;perhaps Steve&#8217;s in th=
e mood to sell.&#8221;&#160; Whether it is Geffen or Cohen or Newhouse or R=
onald Perelman, it may matter less that only a few of Gagosian&#8217;s clie=
nts get calls to resell their work through him than that most of the client=
s are aware of these revolving door transactions. </span></p><p style=3D"co=
lor: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px =
0;">When art is bought and sold as an asset, spending more for buying art w=
ithin a network where it can be resold adds value. Keefe gets at this here:=
 &#8220;Being a good secondary dealer requires knowing which people are col=
lectors, where they live, what hangs inside their houses&#8212;and whether =
they might be induced to part with any of it. Gagosian excelled at what Dou=
glas Cramer, a soap-opera producer and an early client, once called &#8220;=
the hunt.&#8221;</p><h4 class=3D"header-with-anchor-widget" style=3D"-moz-a=
ppearance: optimizelegibility; -moz-osx-font-smoothing: antialiased; -webki=
t-appearance: optimizelegibility; -webkit-font-smoothing: antialiased; appe=
arance: optimizelegibility; color: rgb(64, 64, 64); font-family: 'SF Compac=
t Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetic=
a, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symb=
ol'; font-size: 1.125em; font-weight: bold; line-height: 1.16em; margin: 1e=
m 0 0.625em 0; position: relative;">Going Global</h4><p style=3D"color: rgb=
(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">Gago=
sian figured all of this out a very long time ago. What makes him distincti=
ve from Duveen or Castelli or even his current peers is that he was the fir=
st to figure out that art could be sold globally. The class of buyers was i=
nternational. They shared common touch points and interests. That led to th=
e realization that one could access the globally aspirational rich by openi=
ng galleries around the world. The problem for most art galleries was findi=
ng the capital to expand in such a risky way. All of the biggest galleries =
in the world remain family businesses. </p><p style=3D"color: rgb(64, 64, 6=
4); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">Gagosian saw h=
ow to fund his expansion while also proving the model and expanding the mar=
ket for his star artist, Cy Twombly. Here&#8217;s Keefe again, &#8221;In an=
other pioneering move, Gagosian opened international galleries&#8212;starti=
ng with London, Rome, and Paris&#8212;and he often inaugurated them with a =
show of new Twomblys. [&#8230;] Gagosian sometimes jokes that &#8216;overhe=
ad is the mother of invention,&#8217; and it&#8217;s not an exaggeration to=
 say that his gallery&#8217;s international expansion was subsidized largel=
y by Twombly.&#8221;</p><p style=3D"color: rgb(64, 64, 64); font-size: 16px=
; line-height: 26px; margin: 0 0 20px 0;">With an international network of =
real estate (read overhead) and a client list of global rich people, Gagosi=
an became a massive art distribution channel. Any industry has a supply cha=
in and though we don&#8217;t like to use such terms for artists, it was onl=
y natural that Gagosian&#8217;s expanded distribution would affect the way =
artists behaved within the supply chain. It&#8217;s an axiom of industry su=
pply chains that they balance each other out. The rise of big box retailers=
 caused many mergers in the consumer packaged goods industry so manufacture=
rs and retailers would have equal clout in bargaining with each other. Some=
thing similar is happening with artist&#8217;s studios and galleries. </p><=
p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; marg=
in: 0 0 20px 0;">Keefe puts it another way, &#8220;It&#8217;s fair to say, =
though, that one way Gagosian has transformed the art business is by normal=
izing poaching. Many artists have clearly absorbed the idea that loyalty is=
 sentimental and that, in a free market, they should always keep an eye out=
 for a better deal.&#8221;</p><h4 class=3D"header-with-anchor-widget" style=
=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoothing: antialias=
ed; -webkit-appearance: optimizelegibility; -webkit-font-smoothing: antiali=
ased; appearance: optimizelegibility; color: rgb(64, 64, 64); font-family: =
'SF Compact Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto=
, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Seg=
oe UI Symbol'; font-size: 1.125em; font-weight: bold; line-height: 1.16em; =
margin: 1em 0 0.625em 0; position: relative;">Learning from Gagosian</h4><p=
 style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margi=
n: 0 0 20px 0;">Art dealing is now at a scale that serves a certain type of=
 artist. Those artists are increasingly bringing the functions a dealer use=
d to provide in house. The studio of a successful global artist, the kind w=
hose work can fill the Gagosian distribution system, is now a medium-sized =
business all its own. Increasingly, these studios have professional managem=
ent of one kind or another. </p><p style=3D"color: rgb(64, 64, 64); font-si=
ze: 16px; line-height: 26px; margin: 0 0 20px 0;">Keefe doesn&#8217;t menti=
on it but Cecily Brown is a case in point. She may have left Gagosian but s=
he still relies on her former Gagosian director (now at an agency serving a=
rtists) to manage her gallery and museum relationships. Could Brown have de=
veloped the studio practice she now has without having passed through Gagos=
ian Gallery? Sure. Paradoxically, what she seems to have learned from worki=
ng within the Gagosian empire is that that should could control her own dis=
tribution directly.  Put another way, Brown seems to have learned to be una=
pologetically self-interested from a person who feels no need to defend his=
 self-interest. </p><p style=3D"color: rgb(64, 64, 64); font-size: 16px; li=
ne-height: 26px; margin: 0 0 20px 0;">Gagosian&#8217;s frankness is hard to=
 argue with; though his personality and taste cannot be all things to all p=
eople. The growth of three other galleries with similar global footprints t=
o Gagosian and handful of other galleries with smaller-but-equally-globe-gi=
rdling presences only points to the depth of the art market. Gagosian may t=
ake up a lot of mindshare on the subject of Contemporary art but it seems c=
lear he can only be a part of the complex and variegated global market for =
art. </p><h4 class=3D"header-with-anchor-widget" style=3D"-moz-appearance: =
optimizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-appearanc=
e: optimizelegibility; -webkit-font-smoothing: antialiased; appearance: opt=
imizelegibility; color: rgb(64, 64, 64); font-family: 'SF Compact Display',=
 -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, s=
ans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-s=
ize: 1.125em; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.625em=
 0; position: relative;">&#8220;There&#8217;s Larry&#8212;and everyone else=
=2E&#8221;</h4><p style=3D"color: rgb(64=
, 64, 64); font-size: 16px; line-heig=
ht: 26px; margin: 0 0 20px 0;">Looming over the New Yorker profile is the q=
uestion of Gagosian Gallery&#8217;s future. At 78, Gagosian himself is dism=
issive of the issue but the gallery&#8217;s appeal is too closely associate=
d with his personality for anyone else to dismiss it. One part of that is s=
imply a management problem. Keefe quotes Gagosian director Millicent Wilner=
 saying, &#8220;There&#8217;s no hierarchy. There&#8217;s Larry&#8212;and e=
veryone else.&#8221;</p><p style=3D"color: rgb(64, 64, 64); font-size: 16px=
; line-height: 26px; margin: 0 0 20px 0;">That simple observation&#8212;des=
pite the gallery&#8217;s efforts over the last several years under Chief Op=
erating Officer Andrew Fabricant&#8212;is the easiest way to dismiss rumors=
 that a luxury goods conglomerate will buy Gagosian Gallery. It&#8217;s cur=
rently unmanageable by anyone else without Gagosian making decisions&#8212;=
and why would Gagosian work for anyone else. Maybe the gallery will be mana=
geable corporately in three to five years. But it isn&#8217;t currently.</p=
><h4 class=3D"header-with-anchor-widget" style=3D"-moz-appearance: optimize=
legibility; -moz-osx-font-smoothing: antialiased; -webkit-appearance: optim=
izelegibility; -webkit-font-smoothing: antialiased; appearance: optimizeleg=
ibility; color: rgb(64, 64, 64); font-family: 'SF Compact Display', -apple-=
system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-seri=
f, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.1=
25em; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; posi=
tion: relative;">Some other issues</h4><p style=3D"color: rgb(64, 64, 64); =
font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">Let&#8217;s not ig=
nore some of the unpleasant revelations in the profile. Keefe chases down a=
ccusations that Gagosian made lewd late-night crank calls to women. Keefe h=
as at least one person who claims to have gotten a call and has witnesses t=
o corroborate her story. The calls stopped decades years ago. Is that becau=
se whatever impulses motivated the calls subsided or because caller ID make=
 the deeply unsavory practice too easily traceable?</p><p style=3D"color: r=
gb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">Ke=
efe also takes a few passes at the issue of how virtuous art world money is=
=2E Did Gagosian sell art to oligarchs?=
 Yes. Is he an opportunist willing to=20=
play both sides of a transaction or talk the same work of art down while bu=
ying and then up while selling? Yes.&#160;</p><p style=3D"color: rgb(64, 64=
, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">Where Keefe=
 seems to get a little off track is falling for some self-serving sources:<=
/p><blockquote style=3D"border-left: 4px solid #653366; margin: 20px 0; pad=
ding: 0;"><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height:=
 26px; margin: 0 0 20px 0; margin-left: 20px;"><em>The Economist</em><span>=
 has described Andy Warhol as a &#8220;one-man Dow Jones,&#8221; because hi=
s work is seen as a bellwether for the contemporary-art market. But Tico Mu=
grabi and his family have effectively cornered the market on Warhol. They o=
wn about a thousand works by the artist, and are constantly buying and sell=
ing his paintings&#8212;regulating supply to keep prices high. They describ=
e themselves, without irony, as &#8220;market-makers.&#8221; Mugrabi told m=
e, &#8220;For me, this is </span><em>inventory</em><span>. If you&#8217;re =
dealing in currencies, and you see the dollar trading low, and you believe =
in the dollar, you buy dollars.&#8221; When a Warhol comes up at auction, t=
he Mugrabis often bid on it&#8212;either to acquire it or just to boost the=
 price. They collaborate with Gagosian in such strategizing and will subtly=
 co&#246;rdinate with him, bidding on works together in order to mitigate t=
heir risk. &#8220;We&#8217;re always sitting very close to each other in th=
e auction,&#8221; Mugrabi told me. &#8220;Sometimes, with just a nod, we wi=
ll agree we should buy it.&#8221;</span></p></blockquote><p style=3D"color:=
 rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">=
If one is really operating a bidding ring, it seems odd to brag about it to=
 a journalist. </p><p style=3D"color: rgb(64, 64, 64); font-size: 16px; lin=
e-height: 26px; margin: 0 0 20px 0;">Equally odd is the fact that Keefe gra=
nted anonymity to a former federal prosecutor who said of the Mugrabis&#821=
7; control over the Warhol market, &#8220;If this were any other asset clas=
s, someone would be looking at it from an antitrust perspective, or conflic=
t of interest, or breach of fiduciary duty.&#8221; Why is a former federal =
prosecutor afraid to say that for attribution if the case is so easy to mak=
e? The former prosecutor isn&#8217;t afraid of the Mugrabis. The former pro=
secutor is afraid of angering current federal prosecutors who would and sho=
uld be making that case if it is as easy and winnable as the anonymous sour=
ce suggests. </p><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-=
height: 26px; margin: 0 0 20px 0;">One final thing on this issue with the M=
ugrabis. If the family have cornered the Warhol market, why aren&#8217;t th=
ey selling? The Warhol market has been in hibernation for the better part o=
f a decade. One thing seems clear at this point, the market drought is a su=
pply issue. Major Warhols that have come to market recently have still sold=
 at stratospheric prices even when they&#8217;ve disappointed expectations.=
 Two of the top three Warhol auction prices were made last year. Gagosian t=
ook advantage of the demand for good Warhols just last year to sell a large=
 skull painting for $24 million. </p><p style=3D"color: rgb(64, 64, 64); fo=
nt-size: 16px; line-height: 26px; margin: 0 0 20px 0; margin-bottom: 0;">It=
 stands to reason that if the Mugrabis are sitting on a thousand good works=
, they are missing out on a very good market opportunity to reap strong pro=
fits. </p></div></div><div class=3D"postscript-placeholder" style=3D"box-si=
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