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Subject: What We Learned this Week (2413)
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-2413
Welcome to Artelligence
If you have comments, complaints, tips or just want to vent, feel free to c=
ontact us directly:
In This Issue
Lot Watch: Sotheby=E2=80=99s $18 million Warhol-Basquiat collaboration; Swa=
nn=E2=80=99s African American sale
Art Basel Hong Kong sales: Gladstone sold three Salvos and White Cube made =
deals for 15 works
Look Out, World: Here comes Inigo again
Is the Sky is Falling? And why are so few contemporary collectors concerned=
about it?
Lot Watch
Warhol-Basquiat collaboration work at Sotheby=E2=80=99s for $18m in May
Prices for the late body of works that were a collaboration between Andy Wa=
rhol and Jean-Michel Basquiat began bubbling up on the auction market in 20=
16. They eventually reached their peak when Taxi, 45th/Broadway from 1984, =
once owned by Gianni Versace was sold for $9.4 million in 2018. The collabo=
ration works were featured in the second show of Basquiat=E2=80=99s work sh=
ared between collector Peter Brant and the Fondation Louis Vuitton. That sh=
ow last year would seem to have had a significant effect on demand for thes=
e works as one of the untitled paintings from 1984 featured in the exhibiti=
on is now coming to Sotheby=E2=80=99s to anchor their May sale with an $18 =
million estimate.
Howardena Pindell, Sam Gilliam, Hughie Lee Smith and Jacob Lawrence feature=
d at Swann=E2=80=99s African American art auction
It=E2=80=99s been more than a decade since art made by African American art=
ists has been sought after in the market. Black artists who work in diverse=
styles and genres like Ernie Barnes, Rashid Johnson, Mark Bradford and Amy=
Sherald regularly sell for high prices and are featured lots at Sotheby=E2=
=80=99s, Christie=E2=80=99s and Phillips. Before that demand filtered up to=
those global houses, Swann auctions in midtown Manhattan has been building=
markets for African American artists and educating collectors. Led by the =
OG Nigel Freeman, Swann=E2=80=99s sales continue to thrive now that the oth=
er houses have discovered the artists and their markets.=C2=A0
Rather than compete, Freeman stays ahead of the trend selling works by arti=
sts that museums still desperately need and collectors are still learning a=
bout. The preview for Swann=E2=80=99s April 4th sale opens tomorrow with im=
portant works by Kermit Oliver, Sam Gilliam, Howardena Pindell, Jacob Lawre=
nce and Hugie Lee Smith.=C2=A0
The 80-year-old Howardena Pindell has been quietly built into a million-dol=
lar artist by Garth Greenan gallery, Sotheby=E2=80=99s and Christie=E2=80=
=99s in the last several years. That didn=E2=80=99t come easily for an arti=
st who got her MFA at Yale in the mid-sixties before working at MoMA for a =
dozen years then teaching at Stonybrook after 1979. It has only been since =
2022 that her public auction prices have reached the seven-figure mark for =
the large subtle works that she created in the 1970s fusing painting, texti=
les and a tonal approach to color. To give you a sense of how quickly the m=
arket for her work has turned, Freeman had a large work from that period on=
offer in 2009 with an estimate at $75,000. It passed. Today, that work wou=
ld be reasonably estimated above $500,000. Freeman can=E2=80=99t go back an=
d get that work but he has two stunning small assemblages that perfectly ca=
pture the themes of Pindell=E2=80=99s career. Estimated at $75,000 [ https:=
//substack.com/redirect/8b624239-3834-4218-a71c-e5f2e81c7e06?j=3DeyJ1IjoiMj=
djZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ] and $30,000 [ https=
://substack.com/redirect/3197029c-a5be-4051-92af-059c40e0bdda?j=3DeyJ1IjoiM=
jdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ], the two works are=
decorated with colored paper punch outs evoking minimalism and memory.=C2=
=A0
Pindell=E2=80=99s postcard-based works have a hint of Surrealism around the=
m. That=E2=80=99s also a specter haunting Hugie Lee Smith=E2=80=99s work wh=
ose estate is now represented by trend-setting gallery Karma. The Ball Play=
er [ https://substack.com/redirect/221bfbc0-6b4e-4eb1-9f6e-cf3dd572cd84?j=
=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ] from 1=
970 is estimated at $150,000 [ https://substack.com/redirect/221bfbc0-6b4e-=
4eb1-9f6e-cf3dd572cd84?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigH=
Xx6Fx_g6pp7gWdY ]. Smith came of age in the shadow of the Harlem Renaissanc=
e but his work transforms landscapes into pageantry with a raking light and=
empty spaces that bring Giorgio de Chirico to mind. There=E2=80=99s also h=
is much smaller beachscape Bather from 1954 with a $75,000 estimate.=C2=A0
Jacob Lawrence is another African American artist whose career was inspired=
by the Harlem Renaissance. His 1977 set of 22 prints, [ https://substack.=
com/redirect/379f952a-1df4-4cab-8d8a-df5c75bd4a7f?j=3DeyJ1IjoiMjdjZXI5In0.n=
CNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]The Legend of John Brown [ http=
s://substack.com/redirect/379f952a-1df4-4cab-8d8a-df5c75bd4a7f?j=3DeyJ1Ijoi=
MjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ], has 60 impressio=
ns. Swann has a complete set that is still in the original box having never=
been mounted or displayed. It=E2=80=99s estimated at $100,000.=C2=A0=C2=A0
Kermit Oliver is an artist who worked as a postal service employee for most=
of his career to leave himself time for painting. The son of Texas cowboy,=
Oliver was asked to design Southwest-themed scarves for Herm=C3=A8s in the=
1980s upon the recommendation of Neiman Marcus=E2=80=99s Lawrence Marcus. =
Swann has a self portrait in a Hill Country landscape from 1983. Hay Rolls =
[ https://substack.com/redirect/2249ecdc-d50b-4045-8161-3b2ae275a592?j=3Dey=
J1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ] is estimate=
d at $100,000 [ https://substack.com/redirect/2249ecdc-d50b-4045-8161-3b2ae=
275a592?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY=
].=C2=A0
Sam Gilliam=E2=80=99s big break as an artist came in 1967 when he had his f=
rist museum show at the Phillips Collection in his native Washington, DC. A=
t the time, Gilliam was making =E2=80=9Cslice=E2=80=9D paintings and experi=
menting with beveling the edges of his canvases. In the case of the untitle=
d 1967 work in Swann=E2=80=99s sale, the bevel goes behind the picture to m=
ake the work appear to float off the wall. Gilliam included seven of his sl=
ice paintings in the Phillips show. This one, estimated at $80,000 [ https:=
//substack.com/redirect/cd99fce1-9a74-4ded-969c-92207f982db3?j=3DeyJ1IjoiMj=
djZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ], has a palette of m=
etallic silver and muted orange, olive green and faded blues. Works from th=
e same era with similar hues have made as much as $250,000.=C2=A0
More Art Basel HK Sales
White Cube sold a total of 15 works by the end of the second day with =E2=
=80=9Cindicative sale prices=E2=80=9D including:=C2=A0
Lynne Drexler, Plumed Bloom 1967 USD 1,200,000=C2=A0
Christine Ay Tjoe, 3->2 #05 2010 USD750,000=C2=A0
TARWUK, MRTISKLAAH_emoC_saH_eM_gnilbmeseR_enoemoS, 2024 USD80,000
Jessica Rankin, Sea Flare 2023 USD60,000
Sarah Morris, Lippo [Hong Kong] 2024 USD125,000
Cinga Samson, Igcukuma 2024 USD95,000
Gladstone gallery also sold three works by Salvo priced at $375,000, $225,0=
00, and $175,000
Who Choked Off the Ultra Contemporary Art Market
Last weekend, my phone blew up (okay, I got a couple of texts) from active =
market participants=E2=80=94the kinds of collectors who often get called fl=
ippers or speculators=E2=80=94pointing to an Artnet post declaring a crash =
in Contemporary art prices. You would expect these guys=E2=80=94and they ar=
e mostly guys=E2=80=94holding a lot of pictures by mostly young artists to =
be a bit panicked or, at least, a little queasy when they read a headline q=
uoting Jeffrey Deitch stating flatly that =E2=80=9Cit=E2=80=99s not a soft =
landing.=E2=80=9D
The soft landing referred to the idea that the art market could make a tran=
sition from the cyclical focus on (mostly) painters with short market track=
records to something else without seeing those markets dry up entirely. Th=
e art market, like all markets, cycles over several years between historica=
l artists and new artists. No two cycles are ever the same. Some artists ar=
e evergreen, even as their markets wax and wane with intensity; others come=
and go. Stepping back, though, we can see the broad, slow rhythm of change=
not unlike the stock market=E2=80=99s oscillation between value stocks and=
growth companies.
Artnet=E2=80=99s Chicken Little article [ https://substack.com/redirect/192=
1c53a-5492-4a9f-bd04-617d102b50ff?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpi=
srMe5iRnigHXx6Fx_g6pp7gWdY ] didn't faze these collectors. It didn=E2=80=99=
t say anything they didn=E2=80=99t already know. They=E2=80=99re active buy=
ers and sellers. They have a better sense of pricing=E2=80=94in a market wh=
ere this is no central or public display of prices=E2=80=94than anybody els=
e. For one reason, Chicken Little=E2=80=99s evidence was a few random examp=
les that often confused fundamental elements of the art market to make its =
point. A random Frank Stella auction price was compared to the asking price=
s of new works ignoring the what everybody knows in the art market=E2=80=94=
in good times and bad=E2=80=94 that you price by body of work, size, medium=
, and example, to name just a few factors. That didn=E2=80=99t stop Chicken=
Little from comparing the price of works at auction by Dan Colen, Oscar Mu=
rillo, and Pat Stier to asking prices from dealers for different bodies of =
work. In the Pat Stier example, strong sales in Los Angeles seemed to direc=
tly contradict the hand waving thesis of the article.=C2=A0
What the collectors who called me were more amused by was how close the art=
icle seemed to come to grasping=C2=A0what they felt is actually taking plac=
e here, that primary dealers had choked off many emerging artists=E2=80=99 =
markets by raising prices.=20
From the experience of the collectors I spoke to over the weekend, real exp=
erience buying artists they are happy to continue to own (and good luck to =
them,) the market for artists with emerging markets=E2=80=94not the entire =
art market=E2=80=94has been choked off by their primary galleries. The usua=
l model has been for the primary galleries to keep prices below the seconda=
ry market to maintain control over who gets which works.=20
In recent years, buoyed by pandemic demand, primary prices have been moved =
up to secondary market levels. That=E2=80=99s fine as long holds. And you c=
an=E2=80=99t really blame a gallery for wanting the artist and gallery to b=
enefit from the full market value of the artist=E2=80=99s work. The problem=
with gallery pricing, though, is that it is far from dynamic. Galleries ca=
n clear inventory by offering discounts but that tactic has its own limitat=
ions. Backing down an artist=E2=80=99s broader price structure is far more =
difficult to do than hiking prices.=C2=A0
Nearly a year and a half into the downward price trajectory precipitated by=
the rise in interest rates=E2=80=94remember that in a higher interest rate=
environment active-trading collectors have to look at pictures on their wa=
lls every day that are not making them the 5% interest they would get from =
cash in the bank=E2=80=94these collectors are chasing the demand that remai=
ns for these emerging artists by underpricing the galleries. So now the sec=
ondary market is trading at a discount to primary prices. Early buyers can =
still make money in that environment and many probably are.=C2=A0
The funny thing is that the collectors who got in touch with me last weeken=
d weren=E2=80=99t pulling out of the market. They=E2=80=99re just not buyin=
g from art fairs or directly from galleries. They=E2=80=99re picking up wor=
k they like at prices they think make sense. We can see this in some of Chi=
cken Little=E2=80=99s examples. Take the Emmanuel Taku, Sisters in Pink tha=
t was auctioned in 2021 for $189,000 and sold again at auction this year fo=
r $8,000. Yes, that=E2=80=99s an eye-catching drop.=C2=A0 But if the work w=
as back at auction in early 2024, it must have been offered privately all t=
hrough 2023 and possibly before. Two years of shopping a work privately=E2=
=80=94presumably at prices above $200,000=E2=80=94will thoroughly burn a pa=
inting. There may even have been offers in the six figures that got turned =
down. No buyer likes to reward a seller they believe spurned a reasonable o=
ffer which is how you get to a painting selling for $8,000 instead of seein=
g it withdrawn from the sale.=C2=A0And, of course, someone did buy it.=20
None of this is new. Chicken Little offers a list of =E2=80=9Ccautionary ta=
les=E2=80=9D including Anselm Reyle, the German artist known for his use of=
foil, and the Zombie Formalists. Each represents a period when Contemporar=
y art was hot on the market. For Reyle it was 2007-2008; the Zombies were a=
round 2014. Reyle=E2=80=99s market collapsed so badly that he closed his st=
udio for a number of years. Recent work hasn=E2=80=99t quite had the punch =
of his earlier work. But a foil painting just sold in London for $106,000. =
That price is 17% of what his best foil painting did at auction 16 years ag=
o. Nevertheless, it sold. And Reyles have been selling=C2=A0 slowly and ste=
adily for years now with a blip in 2023 that suggests we=E2=80=99ll see mor=
e works at auction in the future.
As for the Zombies, Jacob Kassay, who made a splash on the auction market f=
rom 2011-13 with his silver-dipped process paintings, also disappeared from=
the art market for a decade. Yet right now he has a show at 303 Gallery th=
at shows up approvingly and often on Instagram feeds.=C2=A0Who knows if the=
y sold? But that=E2=80=99s as good an indicator as much of what were given =
in Artnet.=20
No one said it was easy to become=E2=80=94and stay=E2=80=94a successful art=
ist. Reputations rise and fall when artists are alive and long after they a=
re gone. Markets do too. The worst thing that can happen to an artist is no=
t having prices go down but having no price at all. Those Reyle=E2=80=99s s=
elling at a deep discount to his best prices aren=E2=80=99t necessarily bei=
ng sold at a loss though it is surely not much of a gain after so long. But=
the lower prices brings in new buyers who now become advocates for the art=
ist.=20
When collectors and dealers don=E2=80=99t compromise on prices, that makes =
the market for an artist freeze up. And when that happens, we=E2=80=99ve tr=
uly reached the end.
Inigo Philbrick=E2=80=99s Charm Offensive
When word first started filtering out that double-dealer Inigo Philbrick wa=
s switching from federal prison to home confinement in January, a few quest=
ions came to mind: Had the arrogant sociopath been changed at all by the ex=
perience of being brought to justice? Had prison taught him anything? And, =
would he start fresh with a new life not seeking attention, not trying to p=
roject a life of glamor that he cannot afford, and not dealing art?
It appears from the =E2=80=9Cconfession=E2=80=9D published in Vanity Fair t=
his week [ https://substack.com/redirect/d54c84d2-e458-4ebe-b1ee-4d12807470=
63?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ] th=
at the answer is a firm: No!=20
Inigo wants you to know that he=E2=80=99s back, that he can explain away hi=
s behavior, shift blame to others, and that he=E2=80=99s going to somehow d=
azzle the art world with his brilliance again. The Vanity Fair story seems =
to be an attempt at a charm offensive but the story is spectacularly tone d=
eaf, the product of a self-deluded conman collaborating with an extremely g=
ullible journalist. Judge for yourself. Here are a few of Philbrick=E2=80=
=99s claims or comments:=C2=A0
Philbrick was shocked to realize how few of the folks he met in prison had =
any =E2=80=9Cconception of what an art dealer does=E2=80=9D
=E2=80=9C=E2=80=98I would never have had an offshore company nor an art-bac=
ked loan had I not met Robert Newland,=E2=80=99 Philbrick says.=E2=80=9D
=E2=80=9C=E2=80=98By no means am I blameless, but the people I was partnere=
d with were all seeking an edge,=E2=80=99 he says.=E2=80=9D
=E2=80=9CAmong the documents he left behind were spreadsheets showing the d=
izzying positions each investor owned in the various percentages of the ove=
rsold art, along with a handwritten note that read, according to the govern=
ment=E2=80=99s sentencing memorandum, =E2=80=98How to fuck them?=E2=80=99 P=
hilbrick says the note was in Newland=E2=80=99s handwriting, but Newland=E2=
=80=99s attorney Burlingame calls this claim =E2=80=98false (and ridiculous=
) [=E2=80=A6]=E2=80=99=E2=80=9D
=E2=80=9C=E2=80=98I was traveling on my US passport, hardly a fugitive,=E2=
=80=99 insists Philbrick. The Justice Department, which considered him one =
in April 2020, disagrees.=E2=80=9D
=E2=80=9C=E2=80=98I=E2=80=99m 36, still a young man, and a second act is go=
ing to require my having been up front and sincere, but also not a martyr,=
=E2=80=99 he says.'=E2=80=9C
=E2=80=9C=E2=80=98Of course, I did things the wrong way,=E2=80=99 says Phil=
brick. =E2=80=98But creatively and with the best of intentions. I=E2=80=99l=
l have to tick the box for the felony. But I believe the art world is sophi=
sticated enough to understand that I wasn=E2=80=99t Bernie Madoff (who neve=
r made an actual investment).=E2=80=99=E2=80=9D
The comparison to Madoff, a sociopath who reveled in the deception, is part=
icularly telling. Like Madoff, Philbrick believed his victims deserved to b=
e exploited and that their trust was evidence of his own superiority. Nothi=
ng in this Vanity Fair piece contradicts that.=C2=A0
As much as Philbrick wants to insist he was sincerely trying to recoup loss=
es or that there will be revelations that can change how his actions are vi=
ewed, that=E2=80=99s all delusional thinking. Philbrick didn=E2=80=99t defr=
aud his partners because of unexpected losses. Like Jho Low, he was a compu=
lsive spender and needed to defraud others to pay for the ridiculous excess=
es.=C2=A0Like Michel Cohen a generation before him, the financial pressures=
came from his own reckless behavior.
There=E2=80=99s another problem with this coordinated attempt to play up Ph=
ilbrick=E2=80=99s notoriety. His girlfriend, Victoria Baker-Harber, posted =
pictures from the Vanity Fair story on her Instagram profile. The comments =
from her 193,000 followers are obsequious. But like those Philbrick met in =
prison, they have no conception of what an art dealer does. Back in the cla=
ustrophobic world of art dealing, his criminality is the least of his limit=
ations. Christopher Wool and Rudolf Stingel no longer have markets active e=
nough for Philbrick to stage a comeback. He=E2=80=99s got $86 million to pa=
y in restitution but no viable leads on art he might sell or flip even if h=
e can convince someone to deal with him. Then there=E2=80=99s the current s=
tate of the market which is not favorable to a quick score. Finally, Philbr=
ick=E2=80=99s been out of the game too long. He no longer has a fulcrum, an=
edge, on any part of the market. =20
Who=E2=80=99s going to let him back in and why?
Unsubscribe https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2V=
uY2Uuc3Vic3RhY2suY29tL2FjdGlvbi9kaXNhYmxlX2VtYWlsP3Rva2VuPWV5SjFjMlZ5WDJsa0=
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one;font-size:1px;color:#333333;line-height:1px;max-height:0px;max-width:0p=
x;opacity:0;overflow:hidden;" class=3D"preview">Inigo Philbrick's Offensive=
Charm + $18m Warhol/Basquiat collab at Sotheby's + Is the sky falling in t=
he ultra-contemporary market? + Swann's African American sale</div><div sty=
le=3D"display:none;font-size:1px;color:#333333;line-height:1px;max-height:0=
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; font-size: 32px; font-weight: bold; line-height: 36px; margin: 0;"><a hre=
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lk" style=3D"color: rgb(54, 55, 55); text-decoration: none;">What We Learne=
d this Week (2413)</a></h1><h3 class=3D"subtitle" style=3D"-moz-appearance:=
optimizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-appearan=
ce: optimizelegibility; -webkit-font-smoothing: antialiased; appearance: op=
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Segoe UI Symbol'; font-size: 18px; font-weight: normal; line-height: 24px; =
margin: 4px 0 0; margin-top: 12px;">Inigo Philbrick's Offensive Charm + $18=
m Warhol/Basquiat collab at Sotheby's + Is the sky falling in the ultra-con=
temporary market? + Swann's African American sale </h3><table role=3D"prese=
ntation" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" cl=
ass=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" cellspa=
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auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td style=3D"ver=
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183 _line-height-20_13a18_95 _font-meta_13a18_131 _size-11_13a18_35 _weight=
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ecoration: unset; text-transform: uppercase;"><a style=3D"color: rgb(54, 55=
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BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Appl=
e Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 11px; font-=
weight: 500; letter-spacing: .2px; line-height: 20px; list-style: none; mar=
gin: 0; text-decoration: none; text-transform: uppercase;" href=3D"https://=
substack.com/@artelligence" class=3D"pencraft pc-reset _color-primary_13a18=
_183 _line-height-20_13a18_95 _font-meta_13a18_131 _size-11_13a18_35 _weigh=
t-medium_13a18_162 _transform-uppercase_13a18_239 _reset_13a18_1 _meta_13a1=
8_439">Marion Maneker</a></div></td></tr></table></td></tr><tr><td><table r=
ole=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D"0" cellpadd=
ing=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_13a=
18_131 _size-11_13a18_35 _weight-medium_13a18_162 _transform-uppercase_13a1=
8_239 _reset_13a18_1 _meta_13a18_439" style=3D"color: rgb(119, 119, 119); f=
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SystemFont, 'Segoe UI', Roboto, Helvetica, Arial, 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: unset; text-transform: uppercase;"><time dateTime=3D"2024-=
03-29T16:45:24.382Z">Mar 29</time></div></td></tr></table></td></tr></table=
></td></tr></table><table role=3D"presentation" width=3D"100%" border=3D"0"=
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size: 0px; line-height: 0;"> </td></tr><tr><td><table role=3D"presenta=
tion" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><=
td><table role=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D"=
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=3D"presentation" width=3D"38" border=3D"0" cellspacing=3D"0" cellpadding=
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21tZW50JmFjdGlvbj1yZXN0YWNrLWNvbW1lbnQmcj0yN2NlcjkmdG9rZW49ZXlKMWMyVnlYMmxr=
SWpveE16TXlOamcyTmpFc0luQnZjM1JmYVdRaU9qRTBNekEzTlRjM015d2lhV0YwSWpveE56RXh=
Oek13TnpNMkxDSmxlSEFpT2pFM01UUXpNakkzTXpZc0ltbHpjeUk2SW5CMVlpMHlNalU1SWl3aW=
MzVmlJam9pY0c5emRDMXlaV0ZqZEdsdmJpSjkuYS1tYzJiUkMzRzhHRnJfVGd0ZU9lc0N0N3VtL=
XltaUF2U2VhZHFpOVNsayIsInAiOjE0MzA3NTc3MywicyI6MjI1OSwiZiI6dHJ1ZSwidSI6MTMz=
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zdWIiOiJsaW5rLXJlZGlyZWN0In0.rCAYeIHvmkT1SulGdjO0vT0m4fi2HZV626S3NQ8Emnk?&u=
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rder=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td align=3D"center"><a =
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/td></tr></table></td></tr></table></td></tr></table></td></tr><tr height=
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/td></tr></table></div></div><div dir=3D"auto" class=3D"post typography" st=
yle=3D"font-size: 16px; line-height: 26px; padding: 16px 0 0 0;"><div dir=
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ple-system, system-ui, BlinkMacSystemFont, 'Inter', 'Segoe UI', Roboto, Hel=
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Symbol'; font-size: 16px; font-weight: 400; line-height: 26px; margin-bott=
om: 16px; text-align: initial; width: 100%; word-break: break-word;"><h2 cl=
ass=3D"header-with-anchor-widget" style=3D"-moz-appearance: optimizelegibil=
ity; -moz-osx-font-smoothing: antialiased; -webkit-appearance: optimizelegi=
bility; -webkit-font-smoothing: antialiased; appearance: optimizelegibility=
; color: rgb(54, 55, 55); font-family: 'SF Pro Display', -apple-system-head=
line, system-ui, -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Hel=
vetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI=
Symbol'; font-size: 1.625em; font-weight: bold; line-height: 1.16em; margi=
n: 1em 0 0.625em 0; margin-top: 0; position: relative;">Welcome to Artellig=
ence</h2><p style=3D"color: rgb(54, 55, 55); font-size: 16px; line-height: =
26px; margin: 0 0 20px 0;">If you have comments, complaints, tips or just w=
ant to vent, feel free to contact us directly:</p><p class=3D"button-wrappe=
r" data-attrs=3D"{"url":"Mailto:maneker@artmarketmonitor.com=
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ot;class":null}" data-component-name=3D"ButtonCreateButton" style=3D"c=
olor: rgb(54, 55, 55); font-size: 16px; line-height: 26px; margin: 0 0 20px=
0; text-align: center;"><a class=3D"button primary" href=3D"https://substa=
ck.com/redirect/687746f7-19b7-4c8f-86fa-e5e4579d4d7b?j=3DeyJ1IjoiMjdjZXI5In=
0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"background-colo=
r: #653366; border: none; border-radius: 8px; box-sizing: border-box; color=
: #ffffff !important; cursor: pointer; display: inline-block; font-family: =
system-ui, -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica=
, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbo=
l'; font-size: 14px; font-weight: 600; height: auto; line-height: 20px; mar=
gin: 0; opacity: 1; outline: none; padding: 12px 20px; text-align: center; =
text-decoration: none !important; white-space: nowrap;"><span style=3D"colo=
r: #ffffff; text-decoration: none;">Contact Us!</span></a></p><div style=3D=
"font-size: 16px; line-height: 26px;"><hr style=3D"background: #e0e0e0; bor=
der: none; height: 1px; margin: 32px 0; padding: 0;"></div><h2 class=3D"hea=
der-with-anchor-widget" style=3D"-moz-appearance: optimizelegibility; -moz-=
osx-font-smoothing: antialiased; -webkit-appearance: optimizelegibility; -w=
ebkit-font-smoothing: antialiased; appearance: optimizelegibility; color: r=
gb(54, 55, 55); font-family: 'SF Pro Display', -apple-system-headline, syst=
em-ui, -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Ar=
ial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; =
font-size: 1.625em; font-weight: bold; line-height: 1.16em; margin: 1em 0 0=
=2E625em 0; position: relative;">In Th=
is Issue</h2><ol style=3D"margin-top: 0=
; padding: 0;"><li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: =
border-box; color: rgb(54, 55, 55); font-size: 16px; line-height: 26px; mar=
gin: 0; margin-bottom: 0; padding-left: 4px;"><strong>Lot Watch: </strong><=
span>Sotheby’s $18 million Warhol-Basquiat collaboration; Swann’=
;s African American sale</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: 16p=
x; line-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><str=
ong>Art Basel Hong Kong sales: </strong><span>Gladstone sold three Salvos a=
nd White Cube made deals for 15 works</span></p></li><li style=3D"margin: 8=
px 0 0 32px;"><p style=3D"box-sizing: border-box; color: rgb(54, 55, 55); f=
ont-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0; padding-lef=
t: 4px;"><strong>Look Out, World:</strong><span> Here comes Inigo again</sp=
an></p></li><li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: bor=
der-box; color: rgb(54, 55, 55); font-size: 16px; line-height: 26px; margin=
: 0; margin-bottom: 0; padding-left: 4px;"><strong>Is the Sky is Falling? <=
/strong><span>And why are so few contemporary collectors concerned about it=
?</span></p></li></ol><div style=3D"font-size: 16px; line-height: 26px;"><h=
r style=3D"background: #e0e0e0; border: none; height: 1px; margin: 32px 0; =
padding: 0;"></div><h2 class=3D"header-with-anchor-widget" style=3D"-moz-ap=
pearance: optimizelegibility; -moz-osx-font-smoothing: antialiased; -webkit=
-appearance: optimizelegibility; -webkit-font-smoothing: antialiased; appea=
rance: optimizelegibility; color: rgb(54, 55, 55); font-family: 'SF Pro Dis=
play', -apple-system-headline, system-ui, -apple-system, BlinkMacSystemFont=
, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'S=
egoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.625em; font-weight: bold; l=
ine-height: 1.16em; margin: 1em 0 0.625em 0; position: relative;">Lot Watch=
</h2><h4 class=3D"header-with-anchor-widget" style=3D"-moz-appearance: opti=
mizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-appearance: o=
ptimizelegibility; -webkit-font-smoothing: antialiased; appearance: optimiz=
elegibility; color: rgb(54, 55, 55); font-family: 'SF Pro Display', -apple-=
system-headline, 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; margin: 1em 0 0.625em 0; position: relative;"><strong>Warhol-Basquiat=
collaboration work at Sotheby’s for $18m in May</strong></h4><div cl=
ass=3D"captioned-image-container-static" style=3D"font-size: 16px; line-hei=
ght: 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" 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"1456" style=3D"text-al=
ign: center;"><a class=3D"image-link" target=3D"_blank" href=3D"https://sub=
stack.com/redirect/7906a0bd-a25b-4de6-be6a-8a12068198b6?j=3DeyJ1IjoiMjdjZXI=
5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_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-medi=
a.s3.amazonaws.com/public/images/1bb5aae8-2b06-4670-9d48-3641516679e7_4000x=
2831.jpeg","srcNoWatermark":null,"fullscreen":null=
,"imageSize":null,"height":1030,"width":1456,=
"resizeWidth":null,"bytes":1662714,"alt":null=
,"title":null,"type":"image/jpeg","href&=
quot;:null,"belowTheFold":true,"topImage":false,"i=
nternalRedirect":null}" alt width=3D"550" height=3D"389.0796703296703"=
class=3D"wide-image" src=3D"https://substackcdn.com/image/fetch/w_2912,c_l=
imit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-me=
dia.s3.amazonaws.com%2Fpublic%2Fimages%2F1bb5aae8-2b06-4670-9d48-3641516679=
e7_4000x2831.jpeg" style=3D"-ms-interpolation-mode: bicubic; border: none !=
important; display: block; height: auto; margin: 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><fig=
caption class=3D"image-caption" style=3D"box-sizing: content-box; color: #8=
08080; font-size: 14px; font-weight: 400; letter-spacing: -.15px; line-heig=
ht: 20px; margin-top: 8px; padding-left: 15%; padding-right: 15%; text-alig=
n: center; width: 70%;">Jean-Michel Basquiat & Andy Warhol, untitled (1=
984), estimate $8 million</figcaption></figure></div><p style=3D"color: rgb=
(54, 55, 55); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><spa=
n>Prices for the late body of works that were a collaboration between Andy =
Warhol and Jean-Michel Basquiat began bubbling up on the auction market in =
2016. They eventually reached their peak when</span><em> Taxi, 45th/Broadwa=
y</em><span> from 1984, once owned by Gianni Versace was sold for $9.4 mill=
ion in 2018. The collaboration works were featured in the second show of Ba=
squiat’s work shared between collector Peter Brant and the Fondation =
Louis Vuitton. That show last year would seem to have had a significant eff=
ect on demand for these works as one of the untitled paintings from 1984 fe=
atured in the exhibition is now coming to Sotheby’s to anchor their M=
ay sale with an $18 million estimate.</span></p><div style=3D"font-size: 16=
px; line-height: 26px;"><hr style=3D"background: #e0e0e0; border: none; hei=
ght: 1px; margin: 32px 0; padding: 0;"></div><h4 class=3D"header-with-ancho=
r-widget" style=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoot=
hing: antialiased; -webkit-appearance: optimizelegibility; -webkit-font-smo=
othing: 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-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;"><strong>Howardena Pindell, Sam Gilliam, Hughie Lee Smith a=
nd Jacob Lawrence featured at Swann’s African American art auction</s=
trong></h4><div class=3D"captioned-image-container-static" style=3D"font-si=
ze: 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" cellpadding=3D"0" data-component-name=3D"Image2ToD=
OMStatic" style=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"t=
ext-align: center;"></td><td align=3D"left" class=3D"content" width=3D"1200=
" style=3D"text-align: center;"><a class=3D"image-link" target=3D"_blank" h=
ref=3D"https://substack.com/redirect/719d074c-f853-4f21-8510-60a218185c66?j=
=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel sty=
le=3D"align-items: center; border: none; display: block; flex-direction: co=
lumn; height: auto; margin: 0; padding: 0; position: relative; text-decorat=
ion: none; width: auto;"><img data-attrs=3D"{"src":"https://=
substack-post-media.s3.amazonaws.com/public/images/ea8568e1-a610-4e0d-a9b9-=
378e70ce3437_1200x724.jpeg","srcNoWatermark":null,"full=
screen":null,"imageSize":null,"height":724,"w=
idth":1200,"resizeWidth":null,"bytes":449861,"=
;alt":null,"title":null,"type":"image/jpeg&qu=
ot;,"href":null,"belowTheFold":true,"topImage"=
;:false,"internalRedirect":null}" alt width=3D"550" height=3D"331=
=2E8333333333333" class=3D"wide-image"=20=
src=3D"https://substackcdn.com/image/f=
etch/w_2400,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fs=
ubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fea8568e1-a610-4e0d-=
a9b9-378e70ce3437_1200x724.jpeg" style=3D"-ms-interpolation-mode: bicubic; =
border: none !important; display: block; height: auto; margin: 0 auto; marg=
in-bottom: 0; max-width: 100% !important; vertical-align: middle; width: au=
to !important;"></a></td><td style=3D"text-align: center;"></td></tr></tbod=
y></table><figcaption class=3D"image-caption" style=3D"box-sizing: content-=
box; color: #808080; font-size: 14px; font-weight: 400; letter-spacing: -.1=
5px; line-height: 20px; margin-top: 8px; padding-left: 15%; padding-right: =
15%; text-align: center; width: 70%;"><span>Howardena Pindell, S</span><em>=
kowhegan Series: Lake Lillies for Karen</em><span> (1980-81), estimate $75,=
000</span></figcaption></figure></div><p style=3D"color: rgb(54, 55, 55); f=
ont-size: 16px; line-height: 26px; margin: 0 0 20px 0;">It’s been mor=
e than a decade since art made by African American artists has been sought =
after in the market. Black artists who work in diverse styles and genres li=
ke Ernie Barnes, Rashid Johnson, Mark Bradford and Amy Sherald regularly se=
ll for high prices and are featured lots at Sotheby’s, Christie’=
;s and Phillips. Before that demand filtered up to those global houses, Swa=
nn auctions in midtown Manhattan has been building markets for African Amer=
ican artists and educating collectors. Led by the OG Nigel Freeman, Swann&#=
8217;s sales continue to thrive now that the other houses have discovered t=
he artists and their markets. </p><p style=3D"color: rgb(54, 55, 55); =
font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">Rather than compet=
e, Freeman stays ahead of the trend selling works by artists that museums s=
till desperately need and collectors are still learning about. The preview =
for Swann’s April 4th sale opens tomorrow with important works by Ker=
mit Oliver, Sam Gilliam, Howardena Pindell, Jacob Lawrence and Hugie Lee Sm=
ith. </p><p style=3D"color: rgb(54, 55, 55); font-size: 16px; line-hei=
ght: 26px; margin: 0 0 20px 0;"><span>The 80-year-old </span><strong>Howard=
ena Pindell</strong><span> has been quietly built into a million-dollar art=
ist by Garth Greenan gallery, Sotheby’s and Christie’s in the l=
ast several years. That didn’t come easily for an artist who got her =
MFA at Yale in the mid-sixties before working at MoMA for a dozen years the=
n teaching at Stonybrook after 1979. It has only been since 2022 that her p=
ublic auction prices have reached the seven-figure mark for the large subtl=
e works that she created in the 1970s fusing painting, textiles and a tonal=
approach to color. To give you a sense of how quickly the market for her w=
ork has turned, Freeman had a large work from that period on offer in 2009 =
with an estimate at $75,000. It passed. Today, that work would be reasonabl=
y estimated above $500,000. Freeman can’t go back and get that work b=
ut he has two stunning small assemblages that perfectly capture the themes =
of Pindell’s career. </span><a href=3D"https://substack.com/redirect/=
8b624239-3834-4218-a71c-e5f2e81c7e06?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQm=
MpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: rgb(54, 55, 55); text-de=
coration: underline;">Estimated at $75,000</a><span> and </span><a href=3D"=
https://substack.com/redirect/3197029c-a5be-4051-92af-059c40e0bdda?j=3DeyJ1=
IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"c=
olor: rgb(54, 55, 55); text-decoration: underline;">$30,000</a><span>, the =
two works are decorated with colored paper punch outs evoking minimalism an=
d memory. </span></p><p style=3D"color: rgb(54, 55, 55); font-size: 16=
px; line-height: 26px; margin: 0 0 20px 0;"><span>Pindell’s postcard-=
based works have a hint of Surrealism around them. That’s also a spec=
ter haunting </span><strong>Hugie Lee Smith</strong><span>’s work who=
se estate is now represented by trend-setting gallery Karma. </span><em><a =
href=3D"https://substack.com/redirect/221bfbc0-6b4e-4eb1-9f6e-cf3dd572cd84?=
j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel st=
yle=3D"color: rgb(54, 55, 55); text-decoration: underline;">The Ball Player=
</a></em><a href=3D"https://substack.com/redirect/221bfbc0-6b4e-4eb1-9f6e-c=
f3dd572cd84?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7=
gWdY" rel style=3D"color: rgb(54, 55, 55); text-decoration: underline;"> fr=
om 1970 is estimated at $150,000</a><span>. Smith came of age in the shadow=
of the Harlem Renaissance but his work transforms landscapes into pageantr=
y with a raking light and empty spaces that bring Giorgio de Chirico to min=
d. There’s also his much smaller beachscape </span><em>Bather</em><sp=
an> from 1954 with a $75,000 estimate. </span></p><p style=3D"color: r=
gb(54, 55, 55); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><s=
trong>Jacob Lawrence</strong><span> is another African American artist whos=
e career was inspired by the Harlem Renaissance.</span><a href=3D"https://s=
ubstack.com/redirect/379f952a-1df4-4cab-8d8a-df5c75bd4a7f?j=3DeyJ1IjoiMjdjZ=
XI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: rgb=
(54, 55, 55); text-decoration: underline;"> His 1977 set of 22 prints, </a>=
<em><a href=3D"https://substack.com/redirect/379f952a-1df4-4cab-8d8a-df5c75=
bd4a7f?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY"=
rel style=3D"color: rgb(54, 55, 55); text-decoration: underline;">The Lege=
nd of John Brown</a></em><span>, has 60 impressions. Swann has a complete s=
et that is still in the original box having never been mounted or displayed=
=2E It’s estimated at $100,000.&=
#160; </span></p><div class=3D"cap=
tioned-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" cellp=
adding=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 a=
lign=3D"left" class=3D"content" width=3D"1200" style=3D"text-align: center;=
"><a class=3D"image-link" target=3D"_blank" href=3D"https://substack.com/re=
direct/6fd5b74f-f525-4e81-aa5a-b81fbbef9403?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3=
c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"align-items: center; bor=
der: 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.amazona=
ws.com/public/images/e0415d33-61b7-4358-a8d7-48997490d5c0_1200x1208.jpeg&qu=
ot;,"srcNoWatermark":null,"fullscreen":null,"image=
Size":null,"height":1208,"width":1200,"resize=
Width":null,"bytes":626348,"alt":null,"title&=
quot;:null,"type":"image/jpeg","href":null,&q=
uot;belowTheFold":true,"topImage":false,"internalRedire=
ct":null}" alt width=3D"550" height=3D"553.6666666666666" class=3D"wid=
e-image" src=3D"https://substackcdn.com/image/fetch/w_2400,c_limit,f_auto,q=
_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazon=
aws.com%2Fpublic%2Fimages%2Fe0415d33-61b7-4358-a8d7-48997490d5c0_1200x1208.=
jpeg" style=3D"-ms-interpolation-mode: bicubic; border: none !important; di=
splay: block; height: auto; margin: 0 auto; margin-bottom: 0; max-width: 10=
0% !important; vertical-align: middle; width: auto !important;"></a></td><t=
d style=3D"text-align: center;"></td></tr></tbody></table><figcaption class=
=3D"image-caption" style=3D"box-sizing: content-box; color: #808080; font-s=
ize: 14px; font-weight: 400; letter-spacing: -.15px; line-height: 20px; mar=
gin-top: 8px; padding-left: 15%; padding-right: 15%; text-align: center; wi=
dth: 70%;"><span>Kermit Oliver, </span><em>Hay Rolls</em><span> (1983) esti=
mate $100,000</span></figcaption></figure></div><p style=3D"color: rgb(54, =
55, 55); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><strong>K=
ermit Oliver </strong><span>is an artist who worked as a postal service emp=
loyee for most of his career to leave himself time for painting. The son of=
Texas cowboy, Oliver was asked to design Southwest-themed scarves for Herm=
ès in the 1980s upon the recommendation of Neiman Marcus’s Lawre=
nce Marcus. Swann has a self portrait in a Hill Country landscape from 1983=
=2E </span><em><a href=3D"https://substa=
ck.com/redirect/2249ecdc-d50b-4045-81=
61-3b2ae275a592?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g=
6pp7gWdY" rel style=3D"color: rgb(54, 55, 55); text-decoration: underline;"=
>Hay Rolls</a></em><a href=3D"https://substack.com/redirect/2249ecdc-d50b-4=
045-8161-3b2ae275a592?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHX=
x6Fx_g6pp7gWdY" rel style=3D"color: rgb(54, 55, 55); text-decoration: under=
line;"> is estimated at $100,000</a><span>. </span></p><p style=3D"col=
or: rgb(54, 55, 55); font-size: 16px; line-height: 26px; margin: 0 0 20px 0=
;"><strong>Sam Gilliam</strong><span>’s big break as an artist came i=
n 1967 when he had his frist museum show at the Phillips Collection in his =
native Washington, DC. At the time, Gilliam was making “slice” =
paintings and experimenting with beveling the edges of his canvases. In the=
case of the untitled 1967 work in Swann’s sale, the bevel goes behin=
d the picture to make the work appear to float off the wall. Gilliam includ=
ed seven of his slice paintings in the Phillips show. This one, </span><a h=
ref=3D"https://substack.com/redirect/cd99fce1-9a74-4ded-969c-92207f982db3?j=
=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel sty=
le=3D"color: rgb(54, 55, 55); text-decoration: underline;">estimated at $80=
,000</a><span>, has a palette of metallic silver and muted orange, olive gr=
een and faded blues. Works from the same era with similar hues have made as=
much as $250,000. </span></p><div style=3D"font-size: 16px; line-heig=
ht: 26px;"><hr style=3D"background: #e0e0e0; border: none; height: 1px; mar=
gin: 32px 0; padding: 0;"></div><h2 class=3D"header-with-anchor-widget" sty=
le=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoothing: antiali=
ased; -webkit-appearance: optimizelegibility; -webkit-font-smoothing: antia=
liased; appearance: optimizelegibility; color: rgb(54, 55, 55); font-family=
: 'SF Pro Display', -apple-system-headline, system-ui, -apple-system, Blink=
MacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Col=
or Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.625em; font-we=
ight: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; position: relativ=
e;">More Art Basel HK Sales</h2><p style=3D"color: rgb(54, 55, 55); font-si=
ze: 16px; line-height: 26px; margin: 0 0 20px 0;"><strong>White Cube</stron=
g><span> sold a total of 15 works by the end of the second day with “=
indicative sale prices” including: </span></p><ul style=3D"margi=
n-top: 0; padding: 0;"><li style=3D"margin: 8px 0 0 32px; mso-special-forma=
t: bullet;"><p style=3D"box-sizing: border-box; color: rgb(54, 55, 55); fon=
t-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0; padding-left:=
4px;"><strong>Lynne Drexler</strong><span>, Plumed Bloom 1967 USD 1,200,00=
0 </span></p></li><li style=3D"margin: 8px 0 0 32px; mso-special-forma=
t: bullet;"><p style=3D"box-sizing: border-box; color: rgb(54, 55, 55); fon=
t-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0; padding-left:=
4px;"><strong>Christine Ay Tjoe</strong><span>, 3->2 #05 2010 USD750,00=
0 </span></p></li><li style=3D"margin: 8px 0 0 32px; mso-special-forma=
t: bullet;"><p style=3D"box-sizing: border-box; color: rgb(54, 55, 55); fon=
t-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0; padding-left:=
4px;"><strong>TARWUK</strong><span>, MRTISKLAAH_emoC_saH_eM_gnilbmeseR_eno=
emoS, 2024 USD80,000</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;"><strong>Jessica Rankin</strong><span>, Sea Flare 2023 U=
SD60,000</span></p></li><li style=3D"margin: 8px 0 0 32px; mso-special-form=
at: bullet;"><p style=3D"box-sizing: border-box; color: rgb(54, 55, 55); fo=
nt-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0; padding-left=
: 4px;"><strong>Sarah Morris</strong><span>, Lippo [Hong Kong] 2024 USD125,=
000</span></p></li><li style=3D"margin: 8px 0 0 32px; mso-special-format: b=
ullet;"><p style=3D"box-sizing: border-box; color: rgb(54, 55, 55); font-si=
ze: 16px; line-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4px=
;"><strong>Cinga Samson</strong><span>, Igcukuma 2024 USD95,000</span></p><=
/li></ul><p style=3D"color: rgb(54, 55, 55); font-size: 16px; line-height: =
26px; margin: 0 0 20px 0;"><strong>Gladstone</strong><span> gallery also so=
ld three works by </span><strong>Salvo</strong><span> priced at $375,000, $=
225,000, and $175,000</span></p><div style=3D"font-size: 16px; line-height:=
26px;"><hr style=3D"background: #e0e0e0; border: none; height: 1px; margin=
: 32px 0; padding: 0;"></div><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(54, 55, 55); font-family: =
'SF Pro Display', -apple-system-headline, system-ui, -apple-system, BlinkMa=
cSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color=
Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.125em; font-weig=
ht: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; position: relative;=
"><strong>Who Choked Off the Ultra Contemporary Art Market</strong></h4><p =
style=3D"color: rgb(54, 55, 55); font-size: 16px; line-height: 26px; margin=
: 0 0 20px 0;">Last weekend, my phone blew up (okay, I got a couple of text=
s) from active market participants—the kinds of collectors who often =
get called flippers or speculators—pointing to an Artnet post declari=
ng a crash in Contemporary art prices. You would expect these guys—an=
d they are mostly guys—holding a lot of pictures by mostly young arti=
sts to be a bit panicked or, at least, a little queasy when they read a hea=
dline quoting Jeffrey Deitch stating flatly that “it’s not a so=
ft landing.”</p><p style=3D"color: rgb(54, 55, 55); font-size: 16px; =
line-height: 26px; margin: 0 0 20px 0;">The soft landing referred to the id=
ea that the art market could make a transition from the cyclical focus on (=
mostly) painters with short market track records to something else without =
seeing those markets dry up entirely. The art market, like all markets, cyc=
les over several years between historical artists and new artists. No two c=
ycles are ever the same. Some artists are evergreen, even as their markets =
wax and wane with intensity; others come and go. Stepping back, though, we =
can see the broad, slow rhythm of change not unlike the stock market’=
s oscillation between value stocks and growth companies.</p><p style=3D"col=
or: rgb(54, 55, 55); font-size: 16px; line-height: 26px; margin: 0 0 20px 0=
;"><a href=3D"https://substack.com/redirect/1921c53a-5492-4a9f-bd04-617d102=
b50ff?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" =
rel style=3D"color: rgb(54, 55, 55); text-decoration: underline;">Artnet=
217;s Chicken Little article</a><span> didn't faze these collectors. It did=
n’t say anything they didn’t already know. They’re active=
buyers and sellers. They have a better sense of pricing—in a market =
where this is no central or public display of prices—than anybody els=
e. For one reason, Chicken Little’s evidence was a few random example=
s that often confused fundamental elements of the art market to make its po=
int. A random Frank Stella auction price was compared to the asking prices =
of new works ignoring the what everybody knows in the art market—in g=
ood times and bad— that you price by body of work, size, medium, and =
example, to name just a few factors. That didn’t stop Chicken Little =
from comparing the price of works at auction by Dan Colen, Oscar Murillo, a=
nd Pat Stier to asking prices from dealers for different bodies of work. In=
the Pat Stier example, strong sales in Los Angeles seemed to directly cont=
radict the hand waving thesis of the article. </span></p><p style=3D"c=
olor: rgb(54, 55, 55); font-size: 16px; line-height: 26px; margin: 0 0 20px=
0;">What the collectors who called me were more amused by was how close th=
e article seemed to come to grasping what they felt is actually taking=
place here, that primary dealers had choked off many emerging artists̵=
7; markets by raising prices. </p><p style=3D"color: rgb(54, 55, 55); font-=
size: 16px; line-height: 26px; margin: 0 0 20px 0;">From the experience of =
the collectors I spoke to over the weekend, real experience buying artists =
they are happy to continue to own (and good luck to them,) the market for a=
rtists with emerging markets—not the entire art market—has been=
choked off by their primary galleries. The usual model has been for the pr=
imary galleries to keep prices below the secondary market to maintain contr=
ol over who gets which works. </p><p style=3D"color: rgb(54, 55, 55); font-=
size: 16px; line-height: 26px; margin: 0 0 20px 0;">In recent years, buoyed=
by pandemic demand, primary prices have been moved up to secondary market =
levels. That’s fine as long holds. And you can’t really blame a=
gallery for wanting the artist and gallery to benefit from the full market=
value of the artist’s work. The problem with gallery pricing, though=
, is that it is far from dynamic. Galleries can clear inventory by offering=
discounts but that tactic has its own limitations. Backing down an artist&=
#8217;s broader price structure is far more difficult to do than hiking pri=
ces. </p><p style=3D"color: rgb(54, 55, 55); font-size: 16px; line-hei=
ght: 26px; margin: 0 0 20px 0;">Nearly a year and a half into the downward =
price trajectory precipitated by the rise in interest rates—remember =
that in a higher interest rate environment active-trading collectors have t=
o look at pictures on their walls every day that are not making them the 5%=
interest they would get from cash in the bank—these collectors are c=
hasing the demand that remains for these emerging artists by underpricing t=
he galleries. So now the secondary market is trading at a discount to prima=
ry prices. Early buyers can still make money in that environment and many p=
robably are. </p><p style=3D"color: rgb(54, 55, 55); font-size: 16px; =
line-height: 26px; margin: 0 0 20px 0;"><span>The funny thing is that the c=
ollectors who got in touch with me last weekend weren’t pulling out o=
f the market. They’re just not buying from art fairs or directly from=
galleries. They’re picking up work they like at prices they think ma=
ke sense. We can see this in some of Chicken Little’s examples. Take =
the Emmanuel Taku, </span><em>Sisters in Pink</em><span> that was auctioned=
in 2021 for $189,000 and sold again at auction this year for $8,000. Yes, =
that’s an eye-catching drop.  But if the work was back at auctio=
n in early 2024, it must have been offered privately all through 2023 and p=
ossibly before. Two years of shopping a work privately—presumably at =
prices above $200,000—will thoroughly burn a painting. There may even=
have been offers in the six figures that got turned down. No buyer likes t=
o reward a seller they believe spurned a reasonable offer which is how you =
get to a painting selling for $8,000 instead of seeing it withdrawn from th=
e sale. And, of course, someone did buy it. </span></p><p style=3D"col=
or: rgb(54, 55, 55); font-size: 16px; line-height: 26px; margin: 0 0 20px 0=
;">None of this is new. Chicken Little offers a list of “cautionary t=
ales” including Anselm Reyle, the German artist known for his use of =
foil, and the Zombie Formalists. Each represents a period when Contemporary=
art was hot on the market. For Reyle it was 2007-2008; the Zombies were ar=
ound 2014. Reyle’s market collapsed so badly that he closed his studi=
o for a number of years. Recent work hasn’t quite had the punch of hi=
s earlier work. But a foil painting just sold in London for $106,000. That =
price is 17% of what his best foil painting did at auction 16 years ago. Ne=
vertheless, it sold. And Reyles have been selling  slowly and steadily=
for years now with a blip in 2023 that suggests we’ll see more works=
at auction in the future.</p><p style=3D"color: rgb(54, 55, 55); font-size=
: 16px; line-height: 26px; margin: 0 0 20px 0;">As for the Zombies, Jacob K=
assay, who made a splash on the auction market from 2011-13 with his silver=
-dipped process paintings, also disappeared from the art market for a decad=
e. Yet right now he has a show at 303 Gallery that shows up approvingly and=
often on Instagram feeds. Who knows if they sold? But that’s as=
good an indicator as much of what were given in Artnet. </p><p style=3D"co=
lor: rgb(54, 55, 55); font-size: 16px; line-height: 26px; margin: 0 0 20px =
0;">No one said it was easy to become—and stay—a successful art=
ist. Reputations rise and fall when artists are alive and long after they a=
re gone. Markets do too. The worst thing that can happen to an artist is no=
t having prices go down but having no price at all. Those Reyle’s sel=
ling at a deep discount to his best prices aren’t necessarily being s=
old at a loss though it is surely not much of a gain after so long. But the=
lower prices brings in new buyers who now become advocates for the artist.=
</p><p style=3D"color: rgb(54, 55, 55); font-size: 16px; line-height: 26px=
; margin: 0 0 20px 0;">When collectors and dealers don’t compromise o=
n prices, that makes the market for an artist freeze up. And when that happ=
ens, we’ve truly reached the end.</p><div style=3D"font-size: 16px; l=
ine-height: 26px;"><hr style=3D"background: #e0e0e0; border: none; height: =
1px; margin: 32px 0; padding: 0;"></div><h4 class=3D"header-with-anchor-wid=
get" style=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoothing:=
antialiased; -webkit-appearance: optimizelegibility; -webkit-font-smoothin=
g: antialiased; appearance: optimizelegibility; color: rgb(54, 55, 55); fon=
t-family: 'SF Pro Display', -apple-system-headline, system-ui, -apple-syste=
m, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'A=
pple 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>Inigo Philbrick’s Charm Offensive</strong></h4><p=
style=3D"color: rgb(54, 55, 55); font-size: 16px; line-height: 26px; margi=
n: 0 0 20px 0;">When word first started filtering out that double-dealer In=
igo Philbrick was switching from federal prison to home confinement in Janu=
ary, a few questions came to mind: Had the arrogant sociopath been changed =
at all by the experience of being brought to justice? Had prison taught him=
anything? And, would he start fresh with a new life not seeking attention,=
not trying to project a life of glamor that he cannot afford, and not deal=
ing art?</p><p style=3D"color: rgb(54, 55, 55); font-size: 16px; line-heigh=
t: 26px; margin: 0 0 20px 0;"><span>It appears from </span><a href=3D"https=
://substack.com/redirect/d54c84d2-e458-4ebe-b1ee-4d1280747063?j=3DeyJ1IjoiM=
jdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color:=
rgb(54, 55, 55); text-decoration: underline;">the “confession”=
published in Vanity Fair this week</a><span> that the answer is a firm: No=
! </span></p><p style=3D"color: rgb(54, 55, 55); font-size: 16px; line-heig=
ht: 26px; margin: 0 0 20px 0;">Inigo wants you to know that he’s back=
, that he can explain away his behavior, shift blame to others, and that he=
’s going to somehow dazzle the art world with his brilliance again. T=
he Vanity Fair story seems to be an attempt at a charm offensive but the st=
ory is spectacularly tone deaf, the product of a self-deluded conman collab=
orating with an extremely gullible journalist. Judge for yourself. Here are=
a few of Philbrick’s claims or comments: </p><ul style=3D"margi=
n-top: 0; padding: 0;"><li style=3D"margin: 8px 0 0 32px; mso-special-forma=
t: bullet;"><p style=3D"box-sizing: border-box; color: rgb(54, 55, 55); fon=
t-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0; padding-left:=
4px;">Philbrick was shocked to realize how few of the folks he met in pris=
on had any “conception of what an art dealer does”</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;">“‘I woul=
d never have had an offshore company nor an art-backed loan had I not met R=
obert Newland,’ Philbrick says.”</p></li><li style=3D"margin: 8=
px 0 0 32px; mso-special-format: bullet;"><p style=3D"box-sizing: border-bo=
x; color: rgb(54, 55, 55); font-size: 16px; line-height: 26px; margin: 0; m=
argin-bottom: 0; padding-left: 4px;">“‘By no means am I blamele=
ss, but the people I was partnered with were all seeking an edge,’ he=
says.”</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;">“Among the documents he left behind were spreadsheets showing t=
he dizzying positions each investor owned in the various percentages of the=
oversold art, along with a handwritten note that read, according to the go=
vernment’s sentencing memorandum, ‘How to fuck them?’ Phi=
lbrick says the note was in Newland’s handwriting, but Newland’=
s attorney Burlingame calls this claim ‘false (and ridiculous) [̷=
0;]’”</p></li><li style=3D"margin: 8px 0 0 32px; mso-special-fo=
rmat: 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-le=
ft: 4px;">“‘I was traveling on my US passport, hardly a fugitiv=
e,’ insists Philbrick. The Justice Department, which considered him o=
ne in April 2020, disagrees.”</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; margin-bot=
tom: 0; padding-left: 4px;">“‘I’m 36, still a young man, =
and a second act is going to require my having been up front and sincere, b=
ut also not a martyr,’ he says.'“</p></li><li style=3D"margin: =
8px 0 0 32px; mso-special-format: bullet;"><p style=3D"box-sizing: border-b=
ox; color: rgb(54, 55, 55); font-size: 16px; line-height: 26px; margin: 0; =
margin-bottom: 0; padding-left: 4px;">“‘Of course, I did things=
the wrong way,’ says Philbrick. ‘But creatively and with the b=
est of intentions. I’ll have to tick the box for the felony. But I be=
lieve the art world is sophisticated enough to understand that I wasn’=
;t Bernie Madoff (who never made an actual investment).’”</p></=
li></ul><p style=3D"color: rgb(54, 55, 55); font-size: 16px; line-height: 2=
6px; margin: 0 0 20px 0;">The comparison to Madoff, a sociopath who reveled=
in the deception, is particularly telling. Like Madoff, Philbrick believed=
his victims deserved to be exploited and that their trust was evidence of =
his own superiority. Nothing in this Vanity Fair piece contradicts that.=
60;</p><p style=3D"color: rgb(54, 55, 55); font-size: 16px; line-height: 26=
px; margin: 0 0 20px 0;">As much as Philbrick wants to insist he was sincer=
ely trying to recoup losses or that there will be revelations that can chan=
ge how his actions are viewed, that’s all delusional thinking. Philbr=
ick didn’t defraud his partners because of unexpected losses. Like Jh=
o Low, he was a compulsive spender and needed to defraud others to pay for =
the ridiculous excesses. Like Michel Cohen a generation before him, th=
e financial pressures came from his own reckless behavior.</p><p style=3D"c=
olor: rgb(54, 55, 55); font-size: 16px; line-height: 26px; margin: 0 0 20px=
0;">There’s another problem with this coordinated attempt to play up=
Philbrick’s notoriety. His girlfriend, Victoria Baker-Harber, posted=
pictures from the Vanity Fair story on her Instagram profile. The comments=
from her 193,000 followers are obsequious. But like those Philbrick met in=
prison, they have no conception of what an art dealer does. Back in the cl=
austrophobic world of art dealing, his criminality is the least of his limi=
tations. Christopher Wool and Rudolf Stingel no longer have markets active =
enough for Philbrick to stage a comeback. He’s got $86 million to pay=
in restitution but no viable leads on art he might sell or flip even if he=
can convince someone to deal with him. Then there’s the current stat=
e of the market which is not favorable to a quick score. Finally, Philbrick=
’s been out of the game too long. He no longer has a fulcrum, an edge=
, on any part of the market. </p><p style=3D"color: rgb(54, 55, 55); font-=
size: 16px; line-height: 26px; margin: 0 0 20px 0;">Who’s going to le=
t him back in and why? </p><div style=3D"font-size: 16px; line-height: 26px=
; margin-bottom: 0;"><hr style=3D"background: #e0e0e0; border: none; height=
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