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Date: Mon, 13 Jan 2025 00:00:33 +0000
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Subject: =?UTF-8?q?=E2=80=9924_Auction_Analysis,_Nick_Cave=E2=80=99s_Colossus_&_Ri?=
 =?UTF-8?q?sing_Private_Sales?=
From: Marion Maneker <marion@puck.news>
To: enzo@showfile.com
Message-Id: <20250113000033.6cb5c6bfcce847ea@cio66752.puck.news>

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Jan 13, 2025=C2=A0 =C2=A0

Wall Power ( https://puck.news/newsletters/wall-power/?utm_campaign=3DWall+=
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PREVIEW VERSION
PREVIEW VERSION

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Marion Maneker ( https://puck.news/author/marion-maneker/?utm_campaign=3DWa=
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Marion Maneker ( https://puck.news/author/marion-maneker/?utm_campaign=3DWa=
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c60615e3d301d48d28 )

Welcome to Wall Power, your regular update on the inner
workings of the art world. I=E2=80=99m Marion Maneker.

=C2=A0

Tonight, we have a few things in store for you. Julie Davich went back to J=
ack Shainman=E2=80=99s, but this time to his new, Tribeca-adjacent location=
 for the monumental Nick Cave show that debuted Friday night to over 2,000 =
art lovers and artists, including Hank Willis Thomas,
Marilyn Minter, and Renee Cox. And I=E2=80=99ve got an expansion on the dat=
a-driven analysis I shared Wednesday with Inner Circle members (you can upg=
rade here ( https://puck.news/join/?utm_campaign=3DWall+Power+-+LEADS+%281%=
2F12%2F25%29&utm_content=3DWall+Power+-+LEADS+%281%2F10%2F25%29&utm_medium=
=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 ))=
=2E=C2=A0

=C2=A0

Let=E2=80=99s get started=E2=80=A6

* Phillips=E2=80=99 year-end sales total: Phillips announced sales of $843 =
million for 2024, with $721 million in auction sales and $122 million in pr=
ivate sales. For those keeping score...

Can=E2=80=99t see the full story?=C2=A0You=E2=80=99re receiving the free ve=
rsion of
Wall Power at enzo@showfile.com. For full access to Puck, and to each of my=
 colleagues, subscribe today.

START A FREE 14-DAY TRIAL ( https://puck.news/join/?utm_campaign=3DWall+Pow=
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e3d301d48d28 )

Private Parts

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***************************************************************************=
***************************************************************************=
**************************************
Private Parts ( https://puck.news/why-the-art-market-has-entered-a-private-=
sales-era/?utm_campaign=3DWall+Power+-+LEADS+%281%2F12%2F25%29&utm_content=
=3DWall+Power+-+LEADS+%281%2F10%2F25%29&utm_medium=3Demail_action&utm_sourc=
e=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 )
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**************************************

After perusing endless 2024 sales data, I=E2=80=99m optimistic about the
art market, especially because so much of the growth is at the lower end; i=
n collectibles; and in the uppermost tier, where the impact of the private =
market cannot be captured by data alone.=C2=A0

Marion Maneker ( https://puck.news/author/marion-maneker/?utm_campaign=3DWa=
ll+Power+-+LEADS+%281%2F12%2F25%29&utm_content=3DWall+Power+-+LEADS+%281%2F=
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c60615e3d301d48d28 )
Marion Maneker ( https://puck.news/author/marion-maneker/?utm_campaign=3DWa=
ll+Power+-+LEADS+%281%2F12%2F25%29&utm_content=3DWall+Power+-+LEADS+%281%2F=
10%2F25%29&utm_medium=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6=
c60615e3d301d48d28 )

The auction numbers for 2024=E2=80=94which were down again, as you
know=E2=80=94can be interpreted in several ways, most of them forlorn. I kn=
ow we all draw our own conclusions from the same set of facts, especially t=
he shift of high-value sales to the private market. I offered some insights=
 of my own=E2=80=94based on proprietary auction data from analytics firm AR=
TDAI=E2=80=94for Inner Circle members on Wednesday. (Sign up here ( https:/=
/puck.news/join/?utm_campaign=3DWall+Power+-+LEADS+%281%2F12%2F25%29&utm_co=
ntent=3DWall+Power+-+LEADS+%281%2F10%2F25%29&utm_medium=3Demail_action&utm_=
source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 ), if you haven=E2=80=
=99t already.) Today, I=E2=80=99m offering some related,
higher-level observations, that don=E2=80=99t require wading through the da=
ta at a granular level.

=C2=A0

On the top line, ARTDAI=E2=80=99s auction numbers reinforced...

KEEP READING WITH A FREE TRIAL ( https://puck.news/join/?utm_campaign=3DWal=
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01d48d28 )

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+LEADS+%281%2F12%2F25%29&utm_content=3DWall+Power+-+LEADS+%281%2F10%2F25%29=
&utm_medium=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d3=
01d48d28 )

Puck founding partner Matt Belloni takes you inside the business of Hollywo=
od, using exclusive reporting and
insight to explain the backstories on everything from Marvel movies to the =
streaming wars.

Line Sheet ( https://puck.news/newsletters/line-sheet/?utm_campaign=3DWall+=
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2F25%29&utm_medium=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6c60=
615e3d301d48d28 )

The ultimate fashion industry bible, offering incisive reportage on all asp=
ects of the business and its biggest
players. Anchored by preeminent fashion journalist Lauren Sherman, Line She=
et also features veteran reporter Rachel Strugatz, who delivers unparallele=
d intel on what=E2=80=99s happening in the beauty industry, and Sarah Shapi=
ro, a longtime retail strategist who writes about e-commerce, brick-and-mor=
tar, D.T.C., and more.=C2=A0

Hollywood Predictions

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Hollywood Predictions ( https://puck.news/25-surefire-100-percent-probable-=
2025-hollywood-predictions-part-2/?utm_campaign=3DWall+Power+-+LEADS+%281%2=
F12%2F25%29&utm_content=3DWall+Power+-+LEADS+%281%2F10%2F25%29&utm_medium=
=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 )
---------------------------------------------------------------------------=
---------------------------------------------------------------------------=
---------------------------------------------------------------------------=
--------------------------------------------------------------

MATT BELLONI

A SpinCo Casualty

---------------------------------------------------------------------------=
---------------------------------------------------------------------------=
---------------------------------------------------------------------------=
----------------
TikTok Buyers Club ( https://puck.news/trumps-tiktok-flip-flop/?utm_campaig=
n=3DWall+Power+-+LEADS+%281%2F12%2F25%29&utm_content=3DWall+Power+-+LEADS+%=
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m=3Df6c60615e3d301d48d28 )
---------------------------------------------------------------------------=
---------------------------------------------------------------------------=
---------------------------------------------------------------------------=
----------------

TARA PALMERI

Herm=C3=A8s Goes Up, Up, Up Market

Inner Circle Exclusive

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----------------------------
Herm=C3=A8s=E2=80=99s Couture Play ( https://puck.news/hermes-is-considerin=
g-couture/?utm_campaign=3DWall+Power+-+LEADS+%281%2F12%2F25%29&utm_content=
=3DWall+Power+-+LEADS+%281%2F10%2F25%29&utm_medium=3Demail_action&utm_sourc=
e=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 )
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----------------------------

LAUREN SHERMAN

Start your free trial today ( https://puck.news/join/?utm_campaign=3DWall+P=
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kit-text-size-adjust:none;text-size-adjust:none;"><div style=3D"display: no=
ne; max-height: 0px; overflow: hidden; mso-hide:all;">Welcome to Wall Power=
, your regular update on the inner workings of the art world. Tonight, we h=
ave a few things in store for you. Julie Davich went back to Jack Shainman=
=E2=80=99s, but this time to his new, Tribeca-adjacent location for the mon=
umental Nick Cave show that debuted Friday night to over 2,000 art lovers a=
nd artists, including Hank Willis Thomas, Marilyn Minter, and Renee Cox.</d=
iv>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=
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=A0 =C2=A0</p></div>
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n" width=3D"100%" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbo=
dy><tr><td style=3D"font-size:1px;line-height:1px;border-top:1px solid #d9d=
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pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-=
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pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-=
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px;margin:0 auto;" width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"100=
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0px;">
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ng=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspa=
ce:0pt;text-align:left;line-height:0;"><tbody><tr><td class=3D"r5" style=3D=
"vertical-align:middle;color:#d40000;font-family:&#39;PuckSerifDisplay&#39;=
,&#39;Georgia&#39;;font-size:24px;font-weight:400;padding-bottom:24px;text-=
align:left;">
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ay:inline-block;padding-left:0px;padding-right:0px;" cellpadding=3D"0" cell=
spacing=3D"0" role=3D"presentation"><tbody><tr><td style=3D"vertical-align:=
middle;text-align:center;padding-top:0px;padding-bottom:0px;padding-left:0p=
x;padding-right:8px;"><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZC=
I6ImRnVDJ4Z1lEQU5TTktOT05LQUdVWFBYb2k5OXFZUklDM3FleFhsVT0iLCJocmVmIjoiaHR0c=
HM6Ly9wdWNrLm5ld3MvYXV0aG9yL21hcmlvbi1tYW5la2VyLz91dG1fY2FtcGFpZ249V2FsbCtQ=
b3dlcistK0xFQURTKyUyODElMkYxMiUyRjI1JTI5XHUwMDI2dXRtX2NvbnRlbnQ9V2FsbCtQb3d=
lcistK0xFQURTKyUyODElMkYxMCUyRjI1JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb2=
5cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzM=
DFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6ODQ3=
ODE3fQ/e74e5da54dceb7ead60cd4b79fdfdebad125d1d3c40a794f07968283909e6b47" ta=
rget=3D"_self" style=3D"text-decoration:none;"><img alt=3D"Marion Maneker" =
src=3D"https://userimg-assets.customeriomail.com/images/client-env-107382/1=
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width=3D"48" align=3D"center" style=3D"display:block;height:auto;margin:0 a=
uto;border:0;"/></a>
</td><td style=3D"font-family:&#39;PuckSerifDisplay&#39;,&#39;Georgia&#39;;=
font-size:24px;font-weight:400;color:#d40000;vertical-align:middle;letter-s=
pacing:undefined;text-align:left;line-height:normal;"><a href=3D"https://em=
ail.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdVWFBYb2k5OXFZU=
klDM3FleFhsVT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvYXV0aG9yL21hcmlvbi1tYW5l=
a2VyLz91dG1fY2FtcGFpZ249V2FsbCtQb3dlcistK0xFQURTKyUyODElMkYxMiUyRjI1JTI5XHU=
wMDI2dXRtX2NvbnRlbnQ9V2FsbCtQb3dlcistK0xFQURTKyUyODElMkYxMCUyRjI1JTI5XHUwMD=
I2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwM=
DI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNk=
MzAxZDQ4ZDI4IiwibGlua19pZCI6ODQ3ODE3fQ/e74e5da54dceb7ead60cd4b79fdfdebad125=
d1d3c40a794f07968283909e6b47" target=3D"_self" style=3D"color:#d40000;text-=
decoration:none;">Marion Maneker</a>
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<table class=3D"c4 oq" width=3D"100%" border=3D"0" cellpadding=3D"0" cellsp=
acing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-r=
space:0pt;word-break:break-word;"><tbody><tr><td class=3D"r5" style=3D"padd=
ing-bottom:32px;"><div style=3D"color:#000000;direction:ltr;font-family:&#3=
9;Inter&#39;,&#39;Arial&#39;;font-size:17px;font-weight:400;letter-spacing:=
0px;line-height:150%;text-align:left;mso-line-height-alt:25.5px;"><p style=
=3D"margin:0;margin-bottom:0px;">Welcome to Wall Power, your regular update=
 on the inner
workings of the art world. I=E2=80=99m <strong>Marion Maneker</strong>.</p>=
<p style=3D"margin:0;margin-bottom:0px;">=C2=A0</p><p style=3D"margin:0;mar=
gin-bottom:0px;">Tonight, we have a few things in store for you. <strong>Ju=
lie Davich</strong> went back to <strong>Jack Shainman</strong>=E2=80=99s, =
but this time to his new, Tribeca-adjacent location for the monumental <str=
ong>Nick Cave</strong> show that debuted Friday night to over 2,000 art lov=
ers and artists, including <strong>Hank Willis Thomas</strong>,
<strong>Marilyn Minter</strong>, and <strong>Renee Cox</strong>. And I=E2=
=80=99ve got an expansion on the data-driven analysis I shared Wednesday wi=
th Inner Circle members (you can upgrade <a href=3D"https://email.puck.news=
/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdVWFBYb2k5OXFZUklDM3FleFhsVT=
0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvam9pbi8_dXRtX2NhbXBhaWduPVdhbGwrUG93Z=
XIrLStMRUFEUyslMjgxJTJGMTIlMkYyNSUyOVx1MDAyNnV0bV9jb250ZW50PVdhbGwrUG93ZXIr=
LStMRUFEUyslMjgxJTJGMTAlMkYyNSUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHU=
wMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZD=
Q4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjU1ODY3O=
X0/e2b9a76f993e76552f9161a683fe18de60ef42a39db038d3bb6d227d827558a0" style=
=3D"text-decoration:underline;color:#d40000;">here</a>).=C2=A0</p><p style=
=3D"margin:0;margin-bottom:0px;">=C2=A0</p><p style=3D"margin:0;"><em>Let=
=E2=80=99s get started=E2=80=A6</em></p></div>
</td></tr></tbody></table>
<table class=3D"q" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacin=
g=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspac=
e:0pt;word-break:break-word;color:#000000;direction:ltr;font-family:&#39;In=
ter&#39;,&#39;Arial&#39;;font-size:17px;font-weight:400;letter-spacing:0px;=
line-height:150%;text-align:left;mso-line-height-alt:25.5px;"><tbody><tr><t=
d class=3D"r5" style=3D"padding-bottom:8px;"><div style=3D"margin-left:-20p=
x"><ul style=3D"margin-top:0;margin-bottom:0;list-style-type:revert;"><li s=
tyle=3D"Margin:0 0
24px 0;"><em>Phillips=E2=80=99 year-end sales total</em>: Phillips announce=
d sales of $843 million for 2024, with $721 million in auction sales and $1=
22 million in private sales. For those keeping score...</li></ul></div>
</td></tr></tbody></table>
</td></tr></tbody></table>
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<table class=3D"u" align=3D"center" width=3D"100%" border=3D"0" cellpadding=
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rspace:0pt;background-color:#ffffff;color:#000000;border-radius:0;width:600=
px;margin:0 auto;" width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"100=
%" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-=
align:left;padding-left:24px;padding-right:24px;padding-top:12px;vertical-a=
lign:top;border-top:0px;border-right:0px;border-bottom:0px;border-left:
0px;">
<table class=3D"c4 np" width=3D"100%" border=3D"0" cellpadding=3D"0" cellsp=
acing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-r=
space:0pt;word-break:break-word;"><tbody><tr><td class=3D"r5" style=3D"padd=
ing-bottom:32px;"><div style=3D"color:#000000;direction:ltr;font-family:&#3=
9;Inter&#39;,&#39;Arial&#39;;font-size:17px;font-weight:400;letter-spacing:=
0px;line-height:150%;text-align:left;mso-line-height-alt:25.5px;"><p style=
=3D"margin:0;"><em>Can=E2=80=99t see the full story?=C2=A0<strong>You=E2=80=
=99re receiving the free version of
Wall Power at enzo@showfile.com</strong>. For full access to Puck, and to e=
ach of my colleagues, subscribe today.</em></p></div>
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g-left:24px;padding-right:24px;padding-top:16px;text-align:center;width:100=
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b3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsIml=
udGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjoyMDQyNjQ2fQ/1649a15=
999768e01c902f6485b347c279e4e89fbc272e5cd213870bd53f75519" target=3D"_blank=
" style=3D"text-decoration:none;color:#d40000;" rel=3D"noopener"><span styl=
e=3D"word-break:break-word;position:relative;" data-position=3D"60-0-1" dat=
a-qa=3D"tinyeditor-root-element" data-lt-tmp-id=3D"lt-812291" data-gramm=3D=
"false">Private Parts</span></a></h1>
</td></tr></tbody></table>
<table class=3D"c4" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspaci=
ng=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspa=
ce:0pt;word-break:break-word;"><tbody><tr><td class=3D"r5" style=3D"padding=
-left:24px;padding-right:24px;"><div style=3D"color:#000000;direction:ltr;f=
ont-family:&#39;Inter&#39;,&#39;Arial&#39;;font-size:19px;font-weight:400;l=
etter-spacing:0px;line-height:150%;text-align:left;mso-line-height-alt:28.5=
px;"><p style=3D"margin:0;">After perusing endless 2024 sales data, I=E2=80=
=99m optimistic about the
art market, especially because so much of the growth is at the lower end; i=
n collectibles; and in the uppermost tier, where the impact of the private =
market cannot be captured by data alone.=C2=A0</p></div>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>
<table align=3D"center" width=3D"100%" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-=
rspace:0pt;"><tbody><tr><td>
<table class=3D"c ie" align=3D"center" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-=
rspace:0pt;background-color:#ffffff;color:#000000;border-radius:0;border-bo=
ttom:8px solid transparent;border-left:24px solid transparent;border-right:=
24px solid transparent;border-top:8px solid transparent;width:600px;margin:=
0 auto;" width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"100%" style=
=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-align:
left;border-bottom:1px solid #d40000;border-top:1px solid #d40000;vertical-=
align:top;border-radius:0px;border-right:0px;border-left:0px;">
<table class=3D"np" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspaci=
ng=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspa=
ce:0pt;text-align:left;line-height:0;"><tbody><tr><td class=3D"r5" style=3D=
"vertical-align:middle;color:#d40000;font-family:&#39;PuckSerifDisplay&#39;=
,&#39;Georgia&#39;;font-size:24px;font-weight:400;padding-bottom:8px;paddin=
g-right:8px;padding-top:8px;text-align:left;">
<table class=3D"b" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;displ=
ay:inline-block;padding-left:0px;padding-right:0px;" cellpadding=3D"0" cell=
spacing=3D"0" role=3D"presentation"><tbody><tr><td style=3D"vertical-align:=
middle;text-align:center;padding-top:0px;padding-bottom:0px;padding-left:8p=
x;padding-right:8px;"><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZC=
I6ImRnVDJ4Z1lEQU5TTktOT05LQUdVWFBYb2k5OXFZUklDM3FleFhsVT0iLCJocmVmIjoiaHR0c=
HM6Ly9wdWNrLm5ld3MvYXV0aG9yL21hcmlvbi1tYW5la2VyLz91dG1fY2FtcGFpZ249V2FsbCtQ=
b3dlcistK0xFQURTKyUyODElMkYxMiUyRjI1JTI5XHUwMDI2dXRtX2NvbnRlbnQ9V2FsbCtQb3d=
lcistK0xFQURTKyUyODElMkYxMCUyRjI1JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb2=
5cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzM=
DFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6ODQ3=
ODE3fQ/e74e5da54dceb7ead60cd4b79fdfdebad125d1d3c40a794f07968283909e6b47" ta=
rget=3D"_self" style=3D"text-decoration:none;"><img alt=3D"Marion Maneker" =
src=3D"https://userimg-assets.customeriomail.com/images/client-env-107382/1=
729518659738_avatar-marion_01JAQNGT7SF2880EH1G4HN5984.png" height=3D"auto" =
width=3D"48" align=3D"center" style=3D"display:block;height:auto;margin:0 a=
uto;border:0;"/></a>
</td><td style=3D"font-family:&#39;PuckSerifDisplay&#39;,&#39;Georgia&#39;;=
font-size:24px;font-weight:400;color:#d40000;vertical-align:middle;letter-s=
pacing:undefined;text-align:left;line-height:normal;"><a href=3D"https://em=
ail.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdVWFBYb2k5OXFZU=
klDM3FleFhsVT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvYXV0aG9yL21hcmlvbi1tYW5l=
a2VyLz91dG1fY2FtcGFpZ249V2FsbCtQb3dlcistK0xFQURTKyUyODElMkYxMiUyRjI1JTI5XHU=
wMDI2dXRtX2NvbnRlbnQ9V2FsbCtQb3dlcistK0xFQURTKyUyODElMkYxMCUyRjI1JTI5XHUwMD=
I2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwM=
DI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNk=
MzAxZDQ4ZDI4IiwibGlua19pZCI6ODQ3ODE3fQ/e74e5da54dceb7ead60cd4b79fdfdebad125=
d1d3c40a794f07968283909e6b47" target=3D"_self" style=3D"color:#d40000;text-=
decoration:none;">Marion Maneker</a>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>
<table align=3D"center" width=3D"100%" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-=
rspace:0pt;"><tbody><tr><td>
<table class=3D"c ie" align=3D"center" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-=
rspace:0pt;background-color:#ffffff;color:#000000;border-radius:0;width:600=
px;margin:0 auto;" width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"100=
%" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-=
align:left;padding-left:24px;padding-right:24px;padding-top:16px;vertical-a=
lign:top;border-top:0px;border-right:0px;border-bottom:0px;border-left:
0px;">
<table class=3D"c4 np" width=3D"100%" border=3D"0" cellpadding=3D"0" cellsp=
acing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-r=
space:0pt;word-break:break-word;"><tbody><tr><td class=3D"r5" style=3D"padd=
ing-bottom:32px;"><div style=3D"color:#000000;direction:ltr;font-family:&#3=
9;Inter&#39;,&#39;Arial&#39;;font-size:17px;font-weight:400;letter-spacing:=
0px;line-height:150%;text-align:left;mso-line-height-alt:25.5px;"><p style=
=3D"margin:0;margin-bottom:0px;">The auction numbers for 2024=E2=80=94which=
 were down again, as you
know=E2=80=94can be interpreted in several ways, most of them forlorn. I kn=
ow we all draw our own conclusions from the same set of facts, especially t=
he shift of high-value sales to the private market. I offered some insights=
 of my own=E2=80=94based on proprietary auction data from analytics firm AR=
TDAI=E2=80=94for Inner Circle members on Wednesday. (Sign up <a href=3D"htt=
ps://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdVWFBYb2=
k5OXFZUklDM3FleFhsVT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvam9pbi8_dXRtX2Nhb=
XBhaWduPVdhbGwrUG93ZXIrLStMRUFEUyslMjgxJTJGMTIlMkYyNSUyOVx1MDAyNnV0bV9jb250=
ZW50PVdhbGwrUG93ZXIrLStMRUFEUyslMjgxJTJGMTAlMkYyNSUyOVx1MDAyNnV0bV9tZWRpdW0=
9ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPW=
Y2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsI=
mxpbmtfaWQiOjU1ODY3OX0/e2b9a76f993e76552f9161a683fe18de60ef42a39db038d3bb6d=
227d827558a0" style=3D"text-decoration:underline;color:#d40000;">here</a>, =
if you haven=E2=80=99t already.) Today, I=E2=80=99m offering some related,
higher-level observations, that don=E2=80=99t require wading through the da=
ta at a granular level.</p><p style=3D"margin:0;margin-bottom:0px;">=C2=A0<=
/p><p style=3D"margin:0;">On the top line, ARTDAI=E2=80=99s auction numbers=
 reinforced...</p></div>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>
<table class=3D"yy" align=3D"center" width=3D"100%" border=3D"0" cellpaddin=
g=3D"0" cellspacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0=
pt;mso-table-rspace:0pt;"><tbody><tr><td>
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pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-=
rspace:0pt;background-color:#ffffff;color:#000000;border-radius:0;width:600=
px;margin:0 auto;" width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"100=
%" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-=
align:left;padding-left:24px;padding-right:24px;vertical-align:top;border-t=
op:0px;border-right:0px;border-bottom:0px;border-left:0px;">
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cing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rs=
pace:0pt;"><tbody><tr><td class=3D"r5" style=3D"padding-bottom:32px;text-al=
ign:center;"><div class=3D"r" align=3D"center"><a href=3D"https://email.puc=
k.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdVWFBYb2k5OXFZUklDM3Fl=
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rUG93ZXIrLStMRUFEUyslMjgxJTJGMTIlMkYyNSUyOVx1MDAyNnV0bV9jb250ZW50PVdhbGwrUG=
93ZXIrLStMRUFEUyslMjgxJTJGMTAlMkYyNSUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0a=
W9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNk=
MzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjU=
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target=3D"_blank" style=3D"background-color:#d40000;border-bottom:2px solid=
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olid #d40000;border-top:2px solid #d40000;color:#ffffff;display:block;font-=
family:&#39;Inter&#39;,&#39;Arial&#39;;font-size:14px;font-weight:700;mso-b=
order-alt:none;padding-bottom:8px;padding-top:8px;text-align:center;text-de=
coration:none;width:60%;word-break:keep-all;"><span style=3D"word-break:bre=
ak-word;padding-left:0px;padding-right:0px;font-size:14px;display:inline-bl=
ock;letter-spacing:normal;"><span style=3D"word-break:break-word;line-heigh=
t:28px;">KEEP READING WITH A FREE TRIAL</span></span></a></div>
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insight to explain the backstories on everything from Marvel movies to the =
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ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQ=
iOjQyNjA0NX0/37932f0c52e52adce912ac514a1f459fb7601a91876709e35adf086aa61de3=
88" target=3D"_blank" style=3D"outline:none" tabindex=3D"-1"><img src=3D"ht=
tps://userimg-assets.customeriomail.com/images/client-env-107382/1736296198=
448_nl-visual-ls-update_01JH1N2WATXE4BD3G0YD329A44.png" style=3D"display:bl=
ock;height:auto;border:0;width:100%;" width=3D"552" alt=3D"Line Sheet" titl=
e=3D"Line Sheet" height=3D"auto"/></a></div></div>
</td></tr></tbody></table>
<table class=3D"j oq n" width=3D"100%" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-=
rspace:0pt;mso-hide:all;display:none;max-height:0;overflow:hidden;"><tbody>=
<tr><td class=3D"r5" style=3D"padding-bottom:32px;width:100%;"><div class=
=3D"r" align=3D"center" style=3D"line-height:10px"><div style=3D"max-width:=
552px;"><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lE=
QU5TTktOT05LQUdVWFBYb2k5OXFZUklDM3FleFhsVT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5=
ld3MvbmV3c2xldHRlcnMvbGluZS1zaGVldC8_dXRtX2NhbXBhaWduPVdhbGwrUG93ZXIrLStMRU=
FEUyslMjgxJTJGMTIlMkYyNSUyOVx1MDAyNnV0bV9jb250ZW50PVdhbGwrUG93ZXIrLStMRUFEU=
yslMjgxJTJGMTAlMkYyNSUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRt=
X3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4Iiw=
iaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjQyNjA0NX0/37932f=
0c52e52adce912ac514a1f459fb7601a91876709e35adf086aa61de388" target=3D"_blan=
k" style=3D"outline:none" tabindex=3D"-1"><img src=3D"https://userimg-asset=
s.customeriomail.com/images/client-env-107382/1736296198094_nl-visual-ls-up=
date-mobile_01JH1N2W0A4A4099JQGZEB0K38.png" style=3D"display:block;height:a=
uto;border:0;width:100%;" width=3D"552" alt=3D"Line Sheet" title=3D"Line Sh=
eet" height=3D"auto"/></a></div></div>
</td></tr></tbody></table>
<table class=3D"c4" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspaci=
ng=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspa=
ce:0pt;word-break:break-word;"><tbody><tr><td class=3D"r5"><div style=3D"co=
lor:#000000;direction:ltr;font-family:&#39;Inter&#39;,&#39;Arial&#39;;font-=
size:17px;font-weight:400;letter-spacing:0px;line-height:120%;text-align:le=
ft;mso-line-height-alt:20.4px;"><p style=3D"margin:0;">The ultimate fashion=
 industry bible, offering incisive reportage on all aspects of the business=
 and its biggest
players. Anchored by preeminent fashion journalist Lauren Sherman, Line She=
et also features veteran reporter Rachel Strugatz, who delivers unparallele=
d intel on what=E2=80=99s happening in the beauty industry, and Sarah Shapi=
ro, a longtime retail strategist who writes about e-commerce, brick-and-mor=
tar, D.T.C., and more.=C2=A0</p></div>
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pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-=
rspace:0pt;"><tbody><tr><td>
<table class=3D"c ie" align=3D"center" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-=
rspace:0pt;background-color:#ffffff;color:#000000;border-radius:0;width:600=
px;margin:0 auto;" width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"100=
%" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-=
align:left;padding-bottom:32px;padding-left:24px;padding-right:24px;padding=
-top:32px;vertical-align:top;border-top:0px;border-right:0px;
border-bottom:0px;border-left:0px;">
<table class=3D"j np n5" width=3D"100%" border=3D"0" cellpadding=3D"0" cell=
spacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table=
-rspace:0pt;"><tbody><tr><td class=3D"r5" style=3D"width:100%;"><div class=
=3D"r" align=3D"center" style=3D"line-height:10px"><div style=3D"max-width:=
552px;"><img src=3D"https://userimg-assets.customeriomail.com/images/client=
-env-107382/1729518810212_rec-title-stories_01JAQNND652H5Y7600TMP7468A.png"=
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pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-=
rspace:0pt;mso-hide:all;display:none;max-height:0;overflow:hidden;"><tbody>=
<tr><td class=3D"r5" style=3D"width:100%;"><div class=3D"r" align=3D"center=
" style=3D"line-height:10px"><div style=3D"max-width:552px;"><img src=3D"ht=
tps://userimg-assets.customeriomail.com/images/client-env-107382/1729518809=
961_rec-title-stories-mobile_01JAQNNCY9EWQ39NQX129SGS8M.png" style=3D"displ=
ay:block;
height:auto;border:0;width:100%;" width=3D"552" alt=3D"" title=3D"" height=
=3D"auto"/></div></div>
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</td></tr></tbody></table>
<table class=3D"p5" align=3D"center" width=3D"100%" border=3D"0" cellpaddin=
g=3D"0" cellspacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0=
pt;mso-table-rspace:0pt;"><tbody><tr><td>
<table class=3D"c ie" align=3D"center" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-=
rspace:0pt;background-color:#ffffff;color:#000000;border-radius:0;width:600=
px;margin:0 auto;" width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"41.=
666666666666664%" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-w=
eight:400;text-align:left;padding-bottom:16px;padding-left:24px;padding-rig=
ht:16px;padding-top:16px;vertical-align:top;border-top:0px;border-right:
0px;border-bottom:0px;border-left:0px;">
<table class=3D"j np" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rs=
pace:0pt;"><tbody><tr><td class=3D"r5" style=3D"width:100%;padding-right:0p=
x;padding-left:0px;"><div class=3D"r" align=3D"center" style=3D"line-height=
:10px"><div class=3D"f" style=3D"max-width:210px;"><img src=3D"https://user=
img-assets.customeriomail.com/images/client-env-107382/1736489489682_bieber=
_01JH7DDNCGJ9HKMA17D1ME5A0V.jpg" style=3D"display:block;height:auto;border:=
0;width:100%;" width=3D"210" alt=3D"Hollywood Predictions" title=3D"Hollywo=
od Predictions" height=3D"auto"/></div></div>
</td></tr></tbody></table>
</td><td class=3D"yq p" width=3D"58.333333333333336%" style=3D"mso-table-ls=
pace:0pt;mso-table-rspace:0pt;font-weight:400;text-align:left;padding-botto=
m:32px;padding-right:24px;padding-top:16px;vertical-align:top;border-top:0p=
x;border-right:0px;border-bottom:0px;border-left:0px;">
<table class=3D"gq np" width=3D"100%" border=3D"0" cellpadding=3D"0" cellsp=
acing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-r=
space:0pt;"><tbody><tr><td class=3D"r5" style=3D"padding-bottom:8px;text-al=
ign:center;width:100%;"><h2 style=3D"margin:0;color:#000000;direction:ltr;f=
ont-family:&#39;PuckSerifDisplay&#39;,&#39;Georgia&#39;;font-size:32px;font=
-weight:400;letter-spacing:normal;line-height:120%;text-align:left;margin-t=
op:0;margin-bottom:0;mso-line-height-alt:38.4px;"><a href=3D"https://email.=
puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdVWFBYb2k5OXFZUklDM=
3FleFhsVT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvMjUtc3VyZWZpcmUtMTAwLXBlcmNl=
bnQtcHJvYmFibGUtMjAyNS1ob2xseXdvb2QtcHJlZGljdGlvbnMtcGFydC0yLz91dG1fY2FtcGF=
pZ249V2FsbCtQb3dlcistK0xFQURTKyUyODElMkYxMiUyRjI1JTI5XHUwMDI2dXRtX2NvbnRlbn=
Q9V2FsbCtQb3dlcistK0xFQURTKyUyODElMkYxMCUyRjI1JTI5XHUwMDI2dXRtX21lZGl1bT1lb=
WFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZj=
NjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGl=
ua19pZCI6MjAzODkxNn0/ad393b835dd4cd44bc0d7c573f700cc633577646b3a4ea893825ab=
2c3659af04" target=3D"_blank" style=3D"text-decoration:none;color:#d40000;"=
 rel=3D"noopener"><span style=3D"word-break:break-word;position:relative;" =
data-position=3D"10-1-0" data-qa=3D"tinyeditor-root-element" data-lt-tmp-id=
=3D"lt-791924" data-gramm=3D"false">Hollywood Predictions</span></a></h2>
</td></tr></tbody></table>
<table class=3D"c4 oq" width=3D"100%" border=3D"0" cellpadding=3D"0" cellsp=
acing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-r=
space:0pt;word-break:break-word;"><tbody><tr><td class=3D"r5"><div style=3D=
"color:#000;direction:ltr;font-family:&#39;Inter&#39;,&#39;Arial&#39;;font-=
size:14px;font-weight:700;letter-spacing:0px;line-height:120%;text-align:le=
ft;mso-line-height-alt:16.8px;"><p style=3D"margin:0;">MATT BELLONI</p></di=
v>
</td></tr></tbody></table>
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g=3D"0" cellspacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0=
pt;mso-table-rspace:0pt;"><tbody><tr><td>
<table class=3D"c ie" align=3D"center" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-=
rspace:0pt;background-color:#ffffff;color:#000000;border-radius:0;width:600=
px;margin:0 auto;" width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"41.=
666666666666664%" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-w=
eight:400;text-align:left;padding-bottom:16px;padding-left:24px;padding-rig=
ht:16px;padding-top:16px;vertical-align:top;border-top:0px;border-right:
0px;border-bottom:0px;border-left:0px;">
<table class=3D"j np" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rs=
pace:0pt;"><tbody><tr><td class=3D"r5" style=3D"width:100%;padding-right:0p=
x;padding-left:0px;"><div class=3D"r" align=3D"center" style=3D"line-height=
:10px"><div class=3D"f" style=3D"max-width:210px;"><img src=3D"https://user=
img-assets.customeriomail.com/images/client-env-107382/1736489490036_tiktok=
_01JH7DDNMRED5P05V7BX0DBAGM.jpg" style=3D"display:block;height:auto;border:=
0;width:100%;" width=3D"210" alt=3D"A SpinCo Casualty" title=3D"A SpinCo Ca=
sualty" height=3D"auto"/></div></div>
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pace:0pt;mso-table-rspace:0pt;font-weight:400;text-align:left;padding-botto=
m:32px;padding-right:24px;padding-top:16px;vertical-align:top;border-top:0p=
x;border-right:0px;border-bottom:0px;border-left:0px;">
<table class=3D"gq np" width=3D"100%" border=3D"0" cellpadding=3D"0" cellsp=
acing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-r=
space:0pt;"><tbody><tr><td class=3D"r5" style=3D"padding-bottom:8px;text-al=
ign:center;width:100%;"><h2 style=3D"margin:0;color:#000;direction:ltr;font=
-family:&#39;PuckSerifDisplay&#39;,&#39;Georgia&#39;;font-size:32px;font-we=
ight:400;letter-spacing:normal;line-height:120%;text-align:left;margin-top:=
0;margin-bottom:0;mso-line-height-alt:38.4px;"><span style=3D"word-break:br=
eak-word;"><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z=
1lEQU5TTktOT05LQUdVWFBYb2k5OXFZUklDM3FleFhsVT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNr=
Lm5ld3MvdHJ1bXBzLXRpa3Rvay1mbGlwLWZsb3AvP3V0bV9jYW1wYWlnbj1XYWxsK1Bvd2VyKy0=
rTEVBRFMrJTI4MSUyRjEyJTJGMjUlMjlcdTAwMjZ1dG1fY29udGVudD1XYWxsK1Bvd2VyKy0rTE=
VBRFMrJTI4MSUyRjEwJTJGMjUlMjlcdTAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyN=
nV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQy=
OCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjoyMDM4ODQ4fQ/=
d1594373d8ed35f00ef0e5972b17fab63060b619e6e0435eb9cd8f6eff736f15" target=3D=
"_blank" style=3D"text-decoration:none;color:#d40000;" rel=3D"noopener"><sp=
an style=3D"word-break:break-word;position:relative;" data-position=3D"10-1=
-0" data-qa=3D"tinyeditor-root-element"><span style=3D"word-break:break-wor=
d;">TikTok Buyers Club</span></span></a></span></h2>
</td></tr></tbody></table>
<table class=3D"c4 oq" width=3D"100%" border=3D"0" cellpadding=3D"0" cellsp=
acing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-r=
space:0pt;word-break:break-word;"><tbody><tr><td class=3D"r5"><div style=3D=
"color:#000;direction:ltr;font-family:&#39;Inter&#39;,&#39;Arial&#39;;font-=
size:14px;font-weight:700;letter-spacing:0px;line-height:120%;text-align:le=
ft;mso-line-height-alt:16.8px;"><p style=3D"margin:0;">TARA PALMERI</p></di=
v>
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<table class=3D"r7s" align=3D"center" width=3D"100%" border=3D"0" cellpaddi=
ng=3D"0" cellspacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:=
0pt;mso-table-rspace:0pt;"><tbody><tr><td>
<table class=3D"c ie" align=3D"center" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-=
rspace:0pt;background-color:#ffffff;color:#000000;border-radius:0;width:600=
px;margin:0 auto;" width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"41.=
666666666666664%" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-w=
eight:400;text-align:left;padding-bottom:16px;padding-left:24px;padding-rig=
ht:16px;padding-top:16px;vertical-align:top;border-top:0px;border-right:
0px;border-bottom:0px;border-left:0px;">
<table class=3D"j np" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rs=
pace:0pt;"><tbody><tr><td class=3D"r5" style=3D"width:100%;padding-right:0p=
x;padding-left:0px;"><div class=3D"r" align=3D"center" style=3D"line-height=
:10px"><div class=3D"f" style=3D"max-width:210px;"><img src=3D"https://user=
img-assets.customeriomail.com/images/client-env-107382/1736489600246_hermes=
_01JH7DH18W46SCY4BD8C7SV1RS.jpg" style=3D"display:block;height:auto;border:=
0;width:100%;" width=3D"210" alt=3D"Herm=C3=A8s Goes Up, Up, Up Market" tit=
le=3D"Herm=C3=A8s Goes Up, Up, Up Market" height=3D"auto"/></div></div>
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pace:0pt;mso-table-rspace:0pt;font-weight:400;text-align:left;padding-botto=
m:32px;padding-right:24px;padding-top:16px;vertical-align:top;border-top:0p=
x;border-right:0px;border-bottom:0px;border-left:0px;">
<table class=3D"j np" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rs=
pace:0pt;"><tbody><tr><td class=3D"r5" style=3D"padding-bottom:6px;width:10=
0%;"><div class=3D"r" align=3D"center" style=3D"line-height:10px"><div styl=
e=3D"max-width:326px;"><img src=3D"https://userimg-assets.customeriomail.co=
m/images/client-env-107382/1735839771941_ice-badge-wide_01JGM1SVAAMKDPHBMR6=
DZCNERG.png" style=3D"display:block;height:auto;border:0;width:100%;" width=
=3D"326" alt=3D"Inner Circle Exclusive" title=3D"Inner Circle Exclusive" he=
ight=3D"auto"/></div></div>
</td></tr></tbody></table>
<table class=3D"gq oq" width=3D"100%" border=3D"0" cellpadding=3D"0" cellsp=
acing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-r=
space:0pt;"><tbody><tr><td class=3D"r5" style=3D"padding-bottom:8px;text-al=
ign:center;width:100%;"><h2 style=3D"margin:0;color:#000000;direction:ltr;f=
ont-family:&#39;PuckSerifDisplay&#39;,&#39;Georgia&#39;;font-size:32px;font=
-weight:400;letter-spacing:normal;line-height:120%;text-align:left;margin-t=
op:0;margin-bottom:0;mso-line-height-alt:38.4px;"><a href=3D"https://email.=
puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdVWFBYb2k5OXFZUklDM=
3FleFhsVT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvaGVybWVzLWlzLWNvbnNpZGVyaW5n=
LWNvdXR1cmUvP3V0bV9jYW1wYWlnbj1XYWxsK1Bvd2VyKy0rTEVBRFMrJTI4MSUyRjEyJTJGMjU=
lMjlcdTAwMjZ1dG1fY29udGVudD1XYWxsK1Bvd2VyKy0rTEVBRFMrJTI4MSUyRjEwJTJGMjUlMj=
lcdTAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIua=
W9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2=
MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjoyMDM4Mjc0fQ/be14e08e00960c167c507f711e45=
4779085331b075ee41ce13a2870a84101e50" target=3D"_blank" style=3D"text-decor=
ation:none;color:#d40000;" rel=3D"noopener">Herm=C3=A8s=E2=80=99s Couture P=
lay</a></h2>
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