File: D:/hMailServer/Data/showfile.com/admin/B4/{B4616A4C-B243-4A06-B9FD-E9937EC543C1}.eml
Return-Path: bounce+c4482c.63af5d-enzo=showfile.com@mg-d0.substack.com
Delivered-To: enzo@showfile.com
Received: from m244-10.mailgun.net (m244-10.mailgun.net [159.112.244.10])
by mail.itpartnership.com with ESMTPS
(version=TLSv1.3 cipher=TLS_AES_128_GCM_SHA256 bits=128)
; Mon, 27 Nov 2023 13:46:51 +0000
DKIM-Signature: a=rsa-sha256; v=1; c=relaxed/relaxed; d=mg-d0.substack.com;
q=dns/txt; s=mailo; t=1701092808; x=1701100008; h=List-Post: List-Id:
List-Unsubscribe: List-Archive: List-Owner: Reply-To: In-Reply-To:
References: sender: sender: Date: Message-Id: To: To: From: From: Subject:
Subject: Content-Type: Mime-Version;
bh=X/TkztlfeVHsU76VNnvOk9u59deMbU2RCpUwLDsqG70=;
b=hlhuTfC1b22NwDO/JoyoUefIATinMlr6/Nzpxh3DZZdFzPpRrQmpKKuA0lcrh1/wUchVl+40s4bkSCgrpORBqDQ8eVSR1/8bpsmRY5Ui0WL4mh+kZJu0+g2Smm7/BN0TD/5On0aWebx9w/CUwzi2XzQAqSOacHSK3yjSGD5gRag=
X-Mailgun-Sending-Ip: 159.112.244.10
X-Mailgun-Sid: WyI4YmI3NCIsImVuem9Ac2hvd2ZpbGUuY29tIiwiNjNhZjVkIl0=
Received: from <unknown> (<unknown> []) by 222833a3e374 with HTTP id
65649dc85487205592732900; Mon, 27 Nov 2023 13:46:20 GMT
X-Mailgun-Batch-Id: 65649dac5487205592729576
Mime-Version: 1.0
Content-Type: multipart/alternative;
boundary="a61fb35d213abc4cb33b69682c664434711af77da79157774d723d51694c"
Subject: What We Learned Last Week (2347)
From: Artelligence <artelligence@substack.com>
To: enzo@showfile.com
X-Mailgun-Tag: post
X-Mailgun-Track-Clicks: false
Message-Id: <20231127134532.3.a6db8a6e5784a4f5@mg-d0.substack.com>
Date: Mon, 27 Nov 2023 13:45:32 +0000
sender: Artelligence <artelligence@substack.com>
References: <post-139183954@substack.com>
In-Reply-To: <post-139183954@substack.com>
Reply-To: Artelligence
<reply+2av70y&27cer9&&f43319761af9b08cfe6b00940c644f46bb4b92249b504fe0bfffe7f0345521e5@mg1.substack.com>
List-Owner: <mailto:artelligence@substack.com>
List-URL: <https://artelligence.substack.com/>
List-Archive: <https://artelligence.substack.com/archive>
List-Unsubscribe: <https://artelligence.substack.com/action/disable_email/disable?token=eyJ1c2VyX2lkIjoxMzMyNjg2NjEsInBvc3RfaWQiOjEzOTE4Mzk1NCwiaWF0IjoxNzAxMDkyNzc3LCJleHAiOjE3MDM2ODQ3NzcsImlzcyI6InB1Yi0yMjU5Iiwic3ViIjoiZGlzYWJsZV9lbWFpbCJ9.C8iEQ-KFr3Qneb3rjhWytTVpqI0TFUGKJWd4Z3Gtg-k&expires=365d>
List-Unsubscribe-Post: List-Unsubscribe=One-Click
List-Id: <artelligence.substack.com>
List-Post: <https://artelligence.substack.com/p/what-we-learned-last-week-2347>
X-Mailgun-Variables: {"category": "post", "email_generated_at": "1701092779357", "is_freemail":
"true", "post_audience": "everyone", "post_id": "139183954", "post_type":
"newsletter", "pub_community_enabled": "true", "publication_id": "2259",
"subdomain": "artelligence", "user_id": "133268661"}
--a61fb35d213abc4cb33b69682c664434711af77da79157774d723d51694c
Content-Type: text/plain; charset="utf-8"
Content-Transfer-Encoding: quoted-printable
View this post on the web at https://artelligence.substack.com/p/what-we-le=
arned-last-week-2347
Welcome to Artelligence
This free newsletter is usually published on Fridays. It comes to you today=
because of the holiday in the United States on Thursday. Additional newsle=
tters containing analysis of data provided by LiveArt or original reporting=
are $12 a month or $120 for a year. If you are a paid subscriber, sharing =
a newsletter on occasion is fine; consistently sharing paid content within =
your organization or with others is not.
For organizations: We offer group discounts of 30% for each subscription of=
two or more. Group subscriptions [ https://substack.com/redirect/c472df2a-=
2eee-4e25-8585-60d6da24c29a?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5i=
RnigHXx6Fx_g6pp7gWdY ] allow one person within an organization to manage al=
l subscriptions. You may add new subscriptions at the discounted rate whene=
ver you like; and, if an employee leaves, you may replace another employee =
in that seat. You may also move existing subscribers into the group. Create=
group subscriptions here [ https://substack.com/redirect/c472df2a-2eee-4e2=
5-8585-60d6da24c29a?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6=
Fx_g6pp7gWdY ].
There is also an option to get a 7-day free trial. Just choose the subscrip=
tion plan you want and click on the 7-day trial option before checkout.=C2=
=A0
If you have comments, complaints, tips or just want to vent, feel free to c=
ontact us directly:
In This Issue
Lot Watch: Salvo stormed the auction market in 2023. Now Christie=E2=80=99s=
is hoping to push his market farther forward in Hong Kong this week.=20
Vox Orbis Artis (results): Get ready for another nervous Winter in the art =
world. Most respondents to our poll think the market is still over-priced.=
=20
Notes: What generational threat to the art market?; Leo Koenig=E2=80=99s bu=
y of the auction season; Our pick for the buy of the season; Naomi Fry=E2=
=80=99s uplifting interview with Louise Bonnet.
Price Points: What you could buy in New York this month for $40m, $30m, $15=
m, $10m, $5m, $1m and $500,000.=20
Lot Watch
The momentum for Salvo=E2=80=99s market has built rapidly this year. Suppor=
ted on the private market by Gladstone Gallery which held exhibitions of th=
e artist=E2=80=99s work in Brussels and Rome in 2023, the artist hit a new =
auction record nearly seven times the highest price previously achieved fif=
teen years ago. Set in 2007, eight years before the artist=E2=80=99s death =
in 2015, Salvo=E2=80=99s previous record at auction was $123,527. Since Apr=
il of this year, that number has been beaten 14 times with the top price of=
$844,298 seen in October. The New York sales saw three works sell for pric=
es in the $400,000 range confirming that more buyers are waiting in the win=
gs. In all, there have been 28 Salvo paintings at auction in 2023=E2=80=94a=
nd there are are still more to come as the action moves to Hong Kong. On Tu=
esday, Christie=E2=80=99s will up the ante with a $230,000 estimate on Il M=
attino from 1994. The work was bought at auction in 2009 for $116,000. =20
Vox Orbis Artis
Here are the results of last week=E2=80=99s poll on the state of the market=
=2E A full two thirds of respondents st=
ill think the art market is overpriced=
at this point. Get ready for another Winter of nervous discontent as buyer=
s and sellers wait to see whether the other side will accept their price.=
=20
Notes
The generational threat to the art market [ https://substack.com/redirect/a=
423b8dd-e735-4398-a080-7754769e890f?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmM=
pisrMe5iRnigHXx6Fx_g6pp7gWdY ]: The need to say something new and attention=
getting is an unavoidable priority for the news media. But the FT=E2=80=99=
s Art Market column is hard to take seriously when it ascribes the 30% fall=
in the New York sales total to a =E2=80=9Cgenerational shift=E2=80=9D in t=
he art market. Art advisors are meant to talk their book in the press but w=
hat could be the tactical value of Caroline Sayan of the art advisors Cadel=
l North America claiming, =E2=80=9C=E2=80=9Cmillennials don=E2=80=99t want =
to buy what their parents are selling.=E2=80=9D (Her evidence is another ex=
ample of misunderstanding estimates.) Perhaps Sayan believes potential clie=
nts will hire Cadell to dispose of their art collections privately but publ=
ic or private sales would not change her supposition that kids today don=E2=
=80=99t want their parents=E2=80=99 art. The idea might be intriguing=E2=80=
=94or even frightening=E2=80=94if there was any evidence to back the claim =
up. There isn=E2=80=99t much. Let=E2=80=99s start with the generations. Emi=
ly Fisher Landau was born in 1921. She=E2=80=99s a couple of years too earl=
y to be a member of the so-called Silent Generation. Her generation was suc=
ceeded by the Baby Boomers. Paul Allen was one of those. Allen died young b=
ut over the next few decades Boomers will provide the bulk of the supply to=
the art market. We don=E2=80=99t have access to auction house client data =
but our understanding is that the current buyers, especially for big ticket=
items, are primarily still Boomers or Gen X buyers who were born after 196=
4. There are a number of reasons for this. It turns out that wealth in the =
US still primarily lies with Baby Boomers. They have 50% of US assets. Gene=
ration X has nearly 30%. The Silent Generation is still holding on to 12% o=
f assets. But Millenials only control 8.5% of assets. They=E2=80=99re more =
likely to be buying homes or cars or spending their money on travel than bu=
ying art. That isn=E2=80=99t to say that there are not Millenials who colle=
ct but they would have to overcome huge hurdles to influence the market. On=
e of those hurdles is simply age. Art collecting is something that appeals =
to someone who has reached a later stage in life. It requires wealth which =
generally builds over time and the desire to own something =E2=80=9Cimporta=
nt.=E2=80=9D Finally, we have seen a shift in the artists who drive the mar=
ket. The art market is now less dominated by a few figures. But not this se=
ason. These New York sales snapped back to a list of names we could have se=
en a decade or two ago dominating the market share. The one new name among =
the top artists was Joan Mitchell but she=E2=80=99s an Abstract Expressioni=
st, an avatar of Baby Boomer taste.=20
Did Leo Koenig really get the buy of the auction season? [ https://substack=
=2Ecom/redirect/107829ec-fbd5-4a70-83b=
b-126ad1df2a8e?j=3DeyJ1IjoiMjdjZXI5In0.=
nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ] Artnet tells us that dealer L=
eo Koenig got =E2=80=9Cpossibly the best deal of the season=E2=80=9D having=
bought the Long Museum=E2=80=99s very large late Richter stripe painting f=
or $1 million on a third-party guarantee that was half of the low estimate.=
Artnet believes this is evidence that, =E2=80=9Ctrading is thinner.=E2=80=
=9D That=E2=80=99s true. But also that, =E2=80=9Dit=E2=80=99s a buyer=E2=80=
=99s market and many savvy participants got below-market deals or outright =
steals.=E2=80=9D The supposed evidence of this steal is that the work was o=
nce offered on Marian Goodman=E2=80=99s stand for $3 million, a figure clos=
e to what Liu Yiqian probably paid though one should assume there was a dis=
count from that price. Still, in Artnet=E2=80=99s reasoning, the painting m=
ust be worth more than $2 million because that=E2=80=99s what the previous =
buyer paid. Demand for Richter=E2=80=99s work continues apace on the public=
and private markets. Prices are not rising but they aren=E2=80=99t falling=
either if we=E2=80=99re to believe the evidence of the two large abstract =
paintings that sold last in November for prices consistent with Richter=E2=
=80=99s market over the last decade or more. And it may turn out to be true=
that Koenig will be able to sell this work for somewhere near $3 million. =
Though there will be a fair amount of costs in moving and storing a 36-foot=
work. The work=E2=80=99s institutional size suggests that Koenig will have=
to wait until he can find buyer connected to a museum who wants to acquire=
and donate the work. If he can, there=E2=80=99s not likely to be much comp=
etition among buyers; thus, Koenig will be lucky to get some profit margin =
over $1 million for his trouble. There=E2=80=99s a lot of Richter=E2=80=99s=
art out there. The buying pressure is mostly in the historical work, not h=
is late stripe paintings. It takes more time that most people think, someti=
mes decades, for value to migrate from the apex of art artist=E2=80=99s bod=
y of work to the edges. That means there=E2=80=99s a lot of risk for Koenig=
=2E That risk also reveals a fundamenta=
l misunderstanding about prices and es=
timates. An estimate isn=E2=80=99t an appraisal. At best, it is a signal ab=
out what price the seller will accept. In this case, it was a misleading si=
gnal because the seller, Sotheby=E2=80=99s, was willing to accept much less=
than $2 million. It will take some time for Koenig to discover if the work=
was mis-priced at $1 million (that=E2=80=99s his hope) or fully priced the=
re. If he does well, we might be able to look back at this moment and call =
it a buyer=E2=80=99s market. If not, the sale will be a steal but with Koen=
ig as the victim, not the thief.=20
The buy of the season usually doesn=E2=80=99t come cheap: While Artnet was =
hyping Koenig=E2=80=99s buy, others looked at a very different work as pote=
ntially being a shrewd purchase. Among John Cheim=E2=80=99s consignment at =
Sotheby=E2=80=99s was a small Joan Mitchell work on paper, [ https://subst=
ack.com/redirect/23e48e24-6cf9-418e-8b65-dbfe4c794664?j=3DeyJ1IjoiMjdjZXI5I=
n0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]Pastel [ https://substack.=
com/redirect/23e48e24-6cf9-418e-8b65-dbfe4c794664?j=3DeyJ1IjoiMjdjZXI5In0.n=
CNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]from 1991, that sold for $825,5=
00 in the day sale [ https://substack.com/redirect/23e48e24-6cf9-418e-8b65=
-dbfe4c794664?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6p=
p7gWdY ]over a $250,000 estimate. No one would call that a steal. On the ba=
sis of estimate alone, the two other 90s Mitchell works sold this season=E2=
=80=94a small Sunflowers that made the low estimate of $5 million and sold =
for $6.1 million all in, and the large Sunflowers that hammered at $24 mill=
ion over a $20 million estimate=E2=80=94were better buys. Over the long ter=
m, it seems more likely that the exquisitely composed work on paper has mor=
e room to appreciate in the future as Mitchell=E2=80=99s prices seem to be =
breaking out toward a new level. =20
Louise Bonnet in the New Yorker: [ https://substack.com/redirect/55842292-6=
49f-4921-8408-2d8b75750c54?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iR=
nigHXx6Fx_g6pp7gWdY ] Naomi Fry=E2=80=99s thrilling interview with Louise B=
onnet is worth reading for its uplifting tone and wry sense of self. The ar=
t influences and late-blooming career are only a bonus. Here=E2=80=99s a sa=
mple: =E2=80=9CIn the art world, often, you=E2=80=99re successful as a woma=
n either when you=E2=80=99re straight out of, like, Yale, and you=E2=80=99r=
e twenty-six, or you=E2=80=99re eighty. But I think I got unbelievably luck=
y on many levels. I came along at a point when people were realizing there =
weren=E2=80=99t enough women in their programs. And I was making something =
that was right for the moment, so I=E2=80=99m very aware of the fact that, =
because it=E2=80=99s successful, there will be a backlash that=E2=80=99s pr=
obably coming soon. So that=E2=80=99s why I=E2=80=99m just trying to do wha=
t I want=E2=80=94because, when the backlash comes, I won=E2=80=99t care.=E2=
=80=9D
Price Points
Here=E2=80=99s what you could buy in the New York auctions for nearly the s=
ame price:
$40 million
$30 million
$15 million
$10 million
$5 million
$1 million
$500,000
Unsubscribe https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2V=
uY2Uuc3Vic3RhY2suY29tL2FjdGlvbi9kaXNhYmxlX2VtYWlsP3Rva2VuPWV5SjFjMlZ5WDJsa0=
lqb3hNek15TmpnMk5qRXNJbkJ2YzNSZmFXUWlPakV6T1RFNE16azFOQ3dpYVdGMElqb3hOekF4T=
URreU56YzNMQ0psZUhBaU9qRTNNRE0yT0RRM056Y3NJbWx6Y3lJNkluQjFZaTB5TWpVNUlpd2lj=
M1ZpSWpvaVpHbHpZV0pzWlY5bGJXRnBiQ0o5LkM4aUVRLUtGcjNRbmViM3JqaFd5dFRWcHFJMFR=
GVUdLSldkNFozR3RnLWsmZXhwaXJlcz0zNjVkIiwicCI6MTM5MTgzOTU0LCJzIjoyMjU5LCJmIj=
p0cnVlLCJ1IjoxMzMyNjg2NjEsImlhdCI6MTcwMTA5Mjc3NywiZXhwIjoxNzAzNjg0Nzc3LCJpc=
3MiOiJwdWItMCIsInN1YiI6ImxpbmstcmVkaXJlY3QifQ.TkcMwxNTONgiT3_gKpGOFnTJRGfO6=
GX4IBoK7feoLwA?
--a61fb35d213abc4cb33b69682c664434711af77da79157774d723d51694c
Content-Type: text/html; charset="utf-8"
Content-Transfer-Encoding: quoted-printable
<html><head><meta charset=3D"utf-8"><title>What We Learned Last Week (2347)=
</title><style>
@media all and (-ms-high-contrast: none), (-ms-high-contrast: active) {
.typography .markup table.image-wrapper img,
.typography.editor .markup table.image-wrapper img,
.typography .markup table.kindle-wrapper img,
.typography.editor .markup table.kindle-wrapper img {
max-width: 550px;
}
}
@media screen and (max-width: 650px) {
.typography .markup div.youtube-inner div.youtube-screen,
.typography.editor .markup div.youtube-inner div.youtube-screen,
.typography .markup div.vimeo-inner div.youtube-screen,
.typography.editor .markup div.vimeo-inner div.youtube-screen {
display: none !important;
}
}
@media screen and (max-width: 370px) {
.typography .markup div.tiktok-wrap,
.typography.editor .markup div.tiktok-wrap {
width: calc(95vw - 32px);
height: calc((95vw - 32px - 2px) / 0.485714);
}
}
@media screen and (max-width: 650px) {
.typography .markup div.embedded-publication-wrap .embedded-publication.s=
how-subscribe,
.typography.editor .markup div.embedded-publication-wrap .embedded-public=
ation.show-subscribe {
padding: 24px;
}
}
@media screen and (max-width: 650px) {
.typography .markup div.subscription-widget-wrap .subscription-widget.sho=
w-subscribe,
.typography.editor .markup div.subscription-widget-wrap .subscription-wid=
get.show-subscribe,
.typography .markup div.captioned-button-wrap .subscription-widget.show-s=
ubscribe,
.typography.editor .markup div.captioned-button-wrap .subscription-widget=
=2Eshow-subscribe {
padding: 24px;
}
}
@media screen and (max-width: 650px) {
.typography .markup div.subscription-widget-wrap .subscription-widget.sho=
w-subscribe .subscription-widget-subscribe .button,
.typography.editor .markup div.subscription-widget-wrap .subscription-wid=
get.show-subscribe .subscription-widget-subscribe .button,
.typography .markup div.captioned-button-wrap .subscription-widget.show-s=
ubscribe .subscription-widget-subscribe .button,
.typography.editor .markup div.captioned-button-wrap .subscription-widget=
=2Eshow-subscribe .subscription-widget-subscribe .button {
padding: 10px 12px;
min-width: 110px;
}
}
@media (max-width: 650px) {
.typography .markup .tweet,
.typography.editor .markup .tweet {
padding: 12px;
}
}
@media (max-width: 650px) {
.typography .markup .tweet .tweet-text,
.typography.editor .markup .tweet .tweet-text {
font-size: 14px;
line-height: 20px;
}
}
@media (max-width: 650px) {
.typography .markup .tweet .tweet-photos-container.two,
.typography.editor .markup .tweet .tweet-photos-container.two,
.typography .markup .tweet .tweet-photos-container.three,
.typography.editor .markup .tweet .tweet-photos-container.three,
.typography .markup .tweet .tweet-photos-container.four,
.typography.editor .markup .tweet .tweet-photos-container.four {
height: 200px;
}
}
@media (max-width: 650px) {
.typography .markup .tweet a.expanded-link .expanded-link-img,
.typography.editor .markup .tweet a.expanded-link .expanded-link-img {
max-height: 180px;
}
}
@media (max-width: 650px) {
.typography .markup .tweet a.expanded-link .expanded-link-description,
.typography.editor .markup .tweet a.expanded-link .expanded-link-descript=
ion {
display: none;
}
}
@media screen and (max-width: 650px) {
.typography .markup .apple-podcast-container,
.typography.editor .markup .apple-podcast-container {
width: unset;
}
}
@media (max-width: 420px) {
.typography .markup .install-substack-app-embed img.install-substack-app-=
embed-img,
.typography.editor .markup .install-substack-app-embed img.install-substa=
ck-app-embed-img {
margin: 0 auto 16px auto;
}
}
@media screen and (min-width: 420px) and (max-width: 600px) {
.typography .markup .install-substack-app-embed .install-substack-app-emb=
ed-text,
.typography.editor .markup .install-substack-app-embed .install-substack-=
app-embed-text {
max-width: calc(100% - 100px);
width: initial;
}
}
@media (max-width: 420px) {
.typography .markup .install-substack-app-embed .install-substack-app-emb=
ed-text,
.typography.editor .markup .install-substack-app-embed .install-substack-=
app-embed-text {
margin: 0 0 12px 0;
max-width: 100%;
width: auto;
text-align: center;
}
}
@media (max-width: 600px) {
.typography .markup .install-substack-app-embed .install-substack-app-emb=
ed-link,
.typography.editor .markup .install-substack-app-embed .install-substack-=
app-embed-link {
margin-top: 16px;
width: 100%;
}
}
@media screen and (min-width: 481px) {
.share-button-container {
height: 38px;
}
}
@media screen and (min-width: 481px) {
.share-button-container a.comment {
height: 38px;
line-height: 38px;
padding-right: 10px;
}
}
@media screen and (max-width: 480px) {
.share-button-container .separator {
display: block;
margin: 0;
height: 8px;
border-left: none;
}
}
@media screen and (max-width: 480px) {
.share-button-container a.share.first img {
padding-left: 0;
}
}
@media screen and (min-width: 481px) {
.share-button-container a.mobile {
display: none !important;
}
}
@media screen and (max-width: 650px) {
.social-media-share-preview__description {
-webkit-line-clamp: 2;
}
}
@media screen and (max-width: 1000px) {
.congrats-box {
flex-direction: column;
}
.congrats-box .congrats-box-right {
margin-left: 38px;
margin-top: 16px;
}
}
@media screen and (max-width: 500px) {
.congrats-box {
display: none;
}
}
@media screen and (min-width: 541px) {
.settings-add-pub-modal-wrapper .container .add-recommending-pub-modal-co=
ntainer {
padding: 36px;
height: 680px;
}
}
@media screen and (min-width: 541px) {
.settings-add-pub-modal-wrapper .container .add-recommending-pub-modal-co=
ntainer .footer {
position: absolute;
bottom: 36px;
margin: 0px;
}
}
@media screen and (max-width: 840px) {
.header-with-anchor-widget .header-anchor-widget,
.header-anchor-container .header-anchor-widget {
display: none;
}
}
@media screen and (min-width: 768px) {
.post {
padding: 32px 0 0 0;
}
}
@media screen and (max-width: 650px) {
.post .post-header .post-label {
margin-top: 8px;
}
}
@media screen and (max-width: 650px) {
.post .post-header .meta-author-wrap.alternative-meta .meta-right-column =
=2Epost-meta {
margin-top: 6px;
}
}
@media screen and (max-width: 650px) {
.post .footer-facepile-container {
height: 64px;
padding: 0 16px;
display: flex;
align-items: center;
justify-content: flex-start;
width: 100%;
}
}
@media screen and (max-width: 650px) {
.post .post-footer.use-separators {
justify-content: center;
}
}
@media screen and (max-width: 650px) {
.post .post-footer.next-prev {
height: 64px;
justify-content: space-between;
box-sizing: border-box;
}
}
@media screen and (max-width: 650px) {
.post-contributor-footer .post-contributor-bio-table {
display: block;
}
.post-contributor-footer .post-contributor-bio-table-row {
display: flex;
flex-direction: row;
}
.post-contributor-footer .post-contributor-bio-userhead-cell,
.post-contributor-footer .post-contributor-bio-body-cell {
display: block;
}
.post-contributor-footer .post-contributor-bio-body-cell {
flex-grow: 1;
}
.post-contributor-footer .post-contributor-bio-body-table {
display: block;
}
.post-contributor-footer .post-contributor-bio-body-table-row {
display: block;
}
.post-contributor-footer .post-contributor-bio-copy-cell,
.post-contributor-footer .post-contributor-bio-controls-cell {
display: block;
}
.post-contributor-footer .post-contributor-bio-copy-cell {
margin: 0 0 16px 0;
}
.post-contributor-footer .post-contributor-bio-controls-cell {
width: auto;
}
.post-contributor-footer .post-contributor-bio-controls {
margin: auto;
}
.post-contributor-footer .post-contributor-bio-controls .button.primary {
width: 100%;
}
.post-contributor-footer .post-contributor-bio-text {
font-size: 14px;
}
}
@media screen and (min-width: 768px) {
.post-silhouette {
padding: 16px 0;
}
}
@media screen and (max-width: 650px) {
.post-silhouette .post-silhouette-title {
margin-top: 10.44225025px;
height: 120px;
}
}
@media screen and (max-width: 650px) {
.post-silhouette .post-silhouette-meta {
width: 75%;
}
}
@media screen and (max-width: 650px) {
.post-silhouette .post-silhouette-meta.with-byline-image {
margin: 20px 0;
}
}
@media screen and (max-width: 650px) {
.use-theme-bg .post-meta.alternative-meta .post-meta-item,
.post-meta.alternative-meta .post-meta-item {
padding-right: 16px;
}
}
@media screen and (max-width: 370px) {
.use-theme-bg .post-meta.alternative-meta .post-meta-item,
.post-meta.alternative-meta .post-meta-item {
font-size: 14px;
}
}
@media screen and (max-width: 650px) {
.use-theme-bg .post-meta.alternative-meta .post-meta-item.guest-author-pu=
blication,
.post-meta.alternative-meta .post-meta-item.guest-author-publication {
display: none;
}
}
@media screen and (max-width: 370px) {
.post-meta .post-meta-item .post-meta-button {
height: 36px !important;
}
.post-meta .post-meta-item .post-meta-button .meta-button-label {
display: none;
}
.post-meta .post-meta-item .post-meta-button > svg {
margin-right: 0;
}
}
@media screen and (max-width: 370px) {
.post-meta .post-meta-item {
font-size: 12px;
}
}
@media screen and (max-width: 650px) {
.post-preview .post-preview-content .post-preview-meta {
margin-top: 12px 0;
}
}
@media screen and (max-width: 650px) {
.post-preview .post-preview-image {
display: none;
}
}
@media screen and (max-width: 650px) {
.post-preview-silhouette .post-preview-silhouette-image {
display: none;
}
}
@media screen and (max-width: 650px) {
.post .floating-subscribe-button {
bottom: 20px;
right: 20px;
}
}
@media all and (-ms-high-contrast: none), (-ms-high-contrast: active) {
body .markup table.image-wrapper img,
body .markup table.kindle-wrapper img {
max-width: 550px;
}
}
@media screen and (max-width: 650px) {
body .markup div.youtube-inner div.youtube-screen,
body .markup div.vimeo-inner div.youtube-screen {
display: none !important;
}
}
@media screen and (max-width: 370px) {
body .markup div.tiktok-wrap {
width: calc(95vw - 32px);
height: calc((95vw - 32px - 2px) / 0.485714);
}
}
@media screen and (max-width: 650px) {
body .markup div.embedded-publication-wrap .embedded-publication.show-sub=
scribe {
padding: 24px;
}
}
@media screen and (max-width: 650px) {
body .markup div.subscription-widget-wrap .subscription-widget.show-subsc=
ribe,
body .markup div.captioned-button-wrap .subscription-widget.show-subscrib=
e {
padding: 24px;
}
}
@media screen and (max-width: 650px) {
body .markup div.subscription-widget-wrap .subscription-widget.show-subsc=
ribe .subscription-widget-subscribe .button,
body .markup div.captioned-button-wrap .subscription-widget.show-subscrib=
e .subscription-widget-subscribe .button {
padding: 10px 12px;
min-width: 110px;
}
}
@media (max-width: 650px) {
body .markup .tweet {
padding: 12px;
}
}
@media (max-width: 650px) {
body .markup .tweet .tweet-text {
font-size: 14px;
line-height: 20px;
}
}
@media (max-width: 650px) {
body .markup .tweet .tweet-photos-container.two,
body .markup .tweet .tweet-photos-container.three,
body .markup .tweet .tweet-photos-container.four {
height: 200px;
}
}
@media (max-width: 650px) {
body .markup .tweet a.expanded-link .expanded-link-img {
max-height: 180px;
}
}
@media (max-width: 650px) {
body .markup .tweet a.expanded-link .expanded-link-description {
display: none;
}
}
@media screen and (max-width: 650px) {
body .markup .apple-podcast-container {
width: unset;
}
}
@media (max-width: 420px) {
body .markup .install-substack-app-embed img.install-substack-app-embed-i=
mg {
margin: 0 auto 16px auto;
}
}
@media screen and (min-width: 420px) and (max-width: 600px) {
body .markup .install-substack-app-embed .install-substack-app-embed-text=
{
max-width: calc(100% - 100px);
width: initial;
}
}
@media (max-width: 420px) {
body .markup .install-substack-app-embed .install-substack-app-embed-text=
{
margin: 0 0 12px 0;
max-width: 100%;
width: auto;
text-align: center;
}
}
@media (max-width: 600px) {
body .markup .install-substack-app-embed .install-substack-app-embed-link=
{
margin-top: 16px;
width: 100%;
}
}
@media screen and (min-width: 500px) {
body .header a.logo {
width: 42px;
height: 42px;
border-radius: 12px;
}
}
@media screen and (max-width: 420px) {
body .subscription-receipt table:first-of-type .subscription-amount .subs=
cription-discount {
width: 72px !important;
}
}
@media screen and (min-width: 481px) {
body .share-button-container {
height: auto;
}
}
@media screen and (max-width: 480px) {
body .share-button-container .separator {
display: block !important;
margin: 0 !important;
height: 8px !important;
border-left: none !important;
}
}
@media screen and (max-width: 650px) {
.digest .item .post-meta-item.audience {
display: none;
}
}
@media screen and (min-width: 500px) {
.digest-publication .logo img {
width: 42px;
height: 42px;
border-radius: 6px;
}
}
@media screen and (max-width: 650px) {
.comments-page .container .comment-list .collapsed-reply {
margin-left: 17px;
}
}
@media screen and (max-width: 650px) {
.comment > .comment-list {
padding-left: 25px;
}
}
@media screen and (max-width: 650px) {
.finish-magic-login-modal .modal-content .container {
padding: 24px 0;
}
}
@media (max-width: 650px) {
.reader2-text-b3 {
line-height: 24px;
}
}
@media screen and (max-width: 650px) {
.reader2-text-h4 {
line-height: 24px;
}
}
@media screen and (min-width: 541px) {
.user-profile-modal {
padding-left: 12px;
padding-right: 12px;
}
}
@media screen and (max-width: 650px) {
.subscribe-widget form.form .sideBySideWrap button.rightButton {
padding: 10px 12px;
}
}
@media screen and (min-width: 541px) {
.pub-icon:hover .logo-hover,
.feed-item-icon:hover .logo-hover {
display: block;
}
}
@media screen and (max-width: 650px) {
.post-ufi.single-full-width-button .post-ufi-button-wrapper {
width: 100%;
padding: 16px;
}
.post-ufi.single-full-width-button .post-ufi-button-wrapper:empty {
display: none;
}
.post-ufi.single-full-width-button .post-ufi-button {
width: 100%;
justify-content: center;
}
}
@media screen and (max-width: 768px) {
.file-embed-wrapper {
padding: 0;
}
}
@media screen and (max-width: 768px) {
.file-embed-wrapper-editor {
padding: 0;
}
}
@media screen and (max-width: 768px) {
.file-embed-wrapper-editor:active {
padding: 0;
}
}
@media only screen and (max-width: 650px) {
.file-embed-button.wide,
.file-embed-error-button.wide {
display: none;
}
}
@media only screen and (min-width: 630px) {
.file-embed-button.narrow,
.file-embed-error-button.narrow {
display: none;
}
}
@media screen and (min-width: 541px) {
.audio-player-wrapper .audio-player {
min-width: 500px;
}
}
@media screen and (max-width: 650px) {
.audio-player-wrapper .audio-player .audio-player-progress {
border-left-width: 16px;
border-right-width: 16px;
}
}
@media screen and (max-width: 650px) {
.audio-player-wrapper .audio-player .audio-player-progress .audio-player-=
progress-bar .audio-player-progress-bar-popup {
top: -54px;
}
}
@media screen and (max-width: 650px) {
.audio-player-wrapper-fancy .audio-player .audio-player-progress {
border-left-width: 16px;
border-right-width: 16px;
}
}
@media screen and (max-width: 650px) {
.audio-player-wrapper-fancy .audio-player .audio-player-progress .audio-p=
layer-progress-bar .audio-player-progress-bar-popup {
top: -54px;
}
}
@media (min-width: 250px) {
.audio-player-wrapper-fancy .audio-player {
padding: 32px;
}
.audio-player-wrapper-fancy .audio-player .btn-group {
display: flex;
}
.audio-player-wrapper-fancy .audio-player .btn-group .button:last-of-type=
{
display: block;
}
}
@media (min-width: 300px) {
.audio-player-wrapper-fancy .audio-player .btn-group {
display: block;
}
.audio-player-wrapper-fancy .audio-player .btn-group .button:first-of-typ=
e {
display: block;
}
}
@media (min-width: 350px) {
.audio-player-wrapper-fancy .audio-player .audio-player-substack-logo {
display: block;
}
.audio-player-wrapper-fancy .audio-player .audio-player-title {
margin-top: 16px;
}
.audio-player-wrapper-fancy .audio-player .audio-player-hero-image-contai=
ner {
padding-top: 15%;
width: 15%;
display: block;
}
.audio-player-wrapper-fancy .audio-player .btn-group .button:first-of-typ=
e {
display: block;
}
.audio-player-wrapper-fancy .audio-player .audio-player-substack-logo {
display: block;
}
}
@media (min-width: 350px) {
.audio-player-wrapper-fancy .audio-player .audio-player-hero-image-contai=
ner {
padding-top: 25%;
width: 25%;
display: block;
}
.audio-player-wrapper-fancy .audio-player .btn-group {
display: flex;
}
.audio-player-wrapper-fancy .audio-player .btn-group .button:first-of-typ=
e {
display: block;
}
}
@media (min-width: 400px) {
.audio-player-wrapper-fancy .audio-player .audio-player-hero-image-contai=
ner {
padding-top: 40%;
width: 40%;
}
}
@media (max-width: 400px) {
.audio-player-wrapper-fancy .audio-player .btn-group {
margin-top: 12px;
}
.audio-player-wrapper-fancy .audio-player .btn-group .button {
font-size: 13px;
padding: 6px 12px;
height: auto;
margin-top: 10px;
}
}
@media (min-width: 600px) {
.audio-player-wrapper-fancy .audio-player .audio-player-hero-image-contai=
ner {
padding-top: 55%;
width: 55%;
}
}
@media (max-width: 650px) {
.poll-editor-modal {
min-width: calc(100% - 20px);
}
}
@media (max-width: 750px) {
.poll-embed .poll-anchor-target .poll-anchor-copy-button {
left: 8px;
top: 45px;
}
}
@media screen and (min-width: 541px) {
.poll-embed .poll-wrapper.poll-web .poll-dialog .modal-table .modal-row .=
modal-content > .container {
width: 552px;
padding: 26px 24px;
}
}
@media screen and (max-width: 650px) {
.poll-embed .poll-wrapper.poll-web .poll-dialog .modal-table .modal-row .=
modal-content > .container {
padding: 40px 0;
}
}
@media screen and (max-width: 650px) {
.poll-embed .poll-wrapper.poll-web .poll-dialog .modal-row .modal-cell .m=
odal-exit-btn {
margin-right: -20px;
}
}
</style></head><body class=3D"email-body" style=3D"font-kerning: auto;"><im=
g src=3D"https://eotrx.substackcdn.com/open?token=3DeyJtIjoiPDIwMjMxMTI3MTM=
0NTMyLjMuYTZkYjhhNmU1Nzg0YTRmNUBtZy1kMC5zdWJzdGFjay5jb20-IiwidSI6MTMzMjY4Nj=
YxLCJyIjoiZW56b0BzaG93ZmlsZS5jb20iLCJkIjoibWctZDAuc3Vic3RhY2suY29tIiwicCI6M=
TM5MTgzOTU0LCJ0IjoibmV3c2xldHRlciIsImEiOiJldmVyeW9uZSIsInMiOjIyNTksImMiOiJw=
b3N0IiwiZiI6dHJ1ZSwicG9zaXRpb24iOiJ0b3AiLCJpYXQiOjE3MDEwOTI3NzksImV4cCI6MTc=
wMzY4NDc3OSwiaXNzIjoicHViLTAiLCJzdWIiOiJlbyJ9.onxCOy9u10XriccRTLpn6jtoeAyrW=
iPg2AhqB0trtKU" alt=3D"" width=3D"1" height=3D"1" border=3D"0" style=3D"hei=
ght:1px !important;width:1px !important;border-width:0 !important;margin-to=
p:0 !important;margin-bottom:0 !important;margin-right:0 !important;margin-=
left:0 !important;padding-top:0 !important;padding-bottom:0 !important;padd=
ing-right:0 !important;padding-left:0 !important;"/><div style=3D"display:n=
one;font-size:1px;color:#333333;line-height:1px;max-height:0px;max-width:0p=
x;opacity:0;overflow:hidden;" class=3D"preview">Salvo in Hong Kong + What y=
ou could buy in New York at different price points + Talking smack about ge=
nerations  ‌ ‌ ‌ ‌ ‌=
 ‌ ‌ ‌ ‌ ‌ R=
04; ‌ ‌ ‌ ‌ ‌ &=
#8204; ‌ ‌ ‌ ‌ ‌=
0;‌ ‌ ‌ ‌ ‌ ‌&=
#160;‌ ‌ ‌ ‌ ‌ ̴=
4; ‌ ‌ ‌ ‌ ‌ &#=
8204; ‌ ‌ ‌ ‌ ‌ =
;‌ ‌ ‌ ‌ ‌ ‌&#=
160;‌ ‌ ‌ ‌ ‌ ‌=
; ‌ ‌ ‌ ‌ ‌ =
204; ‌ ‌ ‌ ‌ ‌ =
‌ ‌ ‌ ‌ ‌ ‌=
60;‌ ‌ ‌ ‌ ‌ ‌=
 ‌ ‌ ‌ ‌ ‌ R=
04; ‌ ‌ ‌ ‌ ‌ &=
#8204; ‌ ‌ ‌ ‌ ‌=
0;‌ ‌ ‌ ‌ ‌ ‌&=
#160;‌ ‌ ‌ ‌ ‌ ̴=
4; ‌ ‌ ‌ ‌ ‌ &#=
8204; ‌ ‌ ‌ ‌ ‌ =
;‌ ‌ ‌ ‌ ‌ ‌&#=
160;‌ ‌ ‌ ‌ ‌ ‌=
; ‌ ‌ ‌ ‌ ‌ =
204; ‌ ‌ ‌ ‌ ‌ =
‌ ‌ ‌ ‌ ‌ ‌=
60;‌ ‌ ‌ ‌ ‌ ‌=
 ‌ ‌ ‌ ‌ ‌ R=
04; ‌ ‌ ‌ ‌ ‌ &=
#8204; ‌ ‌ ‌ ‌ ‌=
0;‌ ‌ ‌ ‌ ‌ ‌&=
#160;‌ ‌ ‌ ‌ ‌ ̴=
4; ‌ ‌ ‌ ‌ ‌ &#=
8204; ‌ ‌ ‌ ‌ ‌ =
;‌ ‌ ‌ ‌ ‌</div><table ro=
le=3D"presentation" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpaddi=
ng=3D"0" class=3D"email-body-container"><tr><td></td><td width=3D"550" clas=
s=3D"content"></td><td></td></tr><tr><td></td><td align=3D"left" width=3D"5=
50" class=3D"content"><div style=3D"font-size: 16px; line-height: 26px; mar=
gin: 0 auto; max-width: 550px; overflow-wrap: break-word; width: 100%;"><ta=
ble role=3D"presentation" width=3D"100%" border=3D"0" cellspacing=3D"0" cel=
lpadding=3D"0"><tr><td align=3D"right" style=3D"height: 20px;"><table role=
=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=
=3D"0"><tr><td style=3D"vertical-align: middle;"><span class=3D"pencraft fr=
ontend-pencraft-Box-module__reset--VfQY8 frontend-pencraft-Text-module__res=
et--dW0zZ tw-font-body tw-text-ssm tw-text-substack-secondary" style=3D"col=
or: rgb(128, 128, 128) !important; font-family: SF Pro Text, -apple-system,=
BlinkMacSystemFont, Inter, Segoe UI, Roboto, Helvetica, Arial, sans-serif,=
Apple Color Emoji, Segoe UI Emoji, Segoe UI Symbol !important; font-size: =
13px !important; margin: 0; text-decoration: unset;"><div class=3D"pencraft=
frontend-pencraft-Box-module__reset--VfQY8 frontend-pencraft-Text-module__=
align-right--PcYkZ frontend-pencraft-Text-module__size-12--KorQF frontend-p=
encraft-Text-module__reset--dW0zZ" style=3D"color: unset; font-size: 12px; =
letter-spacing: 0; line-height: 16px; margin: 0; text-align: right; text-de=
coration: unset;"><span translated class=3D"pencraft frontend-pencraft-Box-=
module__reset--VfQY8 frontend-pencraft-Text-module__reset--dW0zZ" style=3D"=
color: unset; margin: 0; text-decoration: unset;">Forwarded this email? <a =
href=3D"https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2VuY2U=
uc3Vic3RhY2suY29tL3N1YnNjcmliZT91dG1fc291cmNlPWVtYWlsJnV0bV9jYW1wYWlnbj1lbW=
FpbC1zdWJzY3JpYmUmcj0yN2NlcjkmbmV4dD1odHRwcyUzQSUyRiUyRmFydGVsbGlnZW5jZS5zd=
WJzdGFjay5jb20lMkZwJTJGd2hhdC13ZS1sZWFybmVkLWxhc3Qtd2Vlay0yMzQ3IiwicCI6MTM5=
MTgzOTU0LCJzIjoyMjU5LCJmIjp0cnVlLCJ1IjoxMzMyNjg2NjEsImlhdCI6MTcwMTA5Mjc3Nyw=
iZXhwIjoxNzAzNjg0Nzc3LCJpc3MiOiJwdWItMCIsInN1YiI6ImxpbmstcmVkaXJlY3QifQ.zdN=
KHV4l8fiNmBqtXnuVXZjtF69cXttg572iZs4zhRk?" class=3D"pencraft frontend-pencr=
aft-Box-module__reset--VfQY8 frontend-pencraft-Text-module__decoration-unde=
rline--sj8pE frontend-pencraft-Text-module__reset--dW0zZ" style=3D"color: u=
nset; margin: 0; text-decoration: unset; text-decoration-line: underline;">=
Subscribe here</a> for more</span></div></span></td></tr></table></td></tr>=
</table><table role=3D"presentation" width=3D"auto" class=3D"header graphic=
-header" style=3D"border-spacing: 0; padding: 16px 0 32px;"><tr><td align=
=3D"center" style=3D"padding: 0; text-align: center;"><a href=3D"https://su=
bstack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2VuY2Uuc3Vic3RhY2suY29tL=
3Avd2hhdC13ZS1sZWFybmVkLWxhc3Qtd2Vlay0yMzQ3P3V0bV9jYW1wYWlnbj1lbWFpbC1oYWxm=
LXBvc3Qmcj0yN2NlcjkmdG9rZW49ZXlKMWMyVnlYMmxrSWpveE16TXlOamcyTmpFc0luQnZjM1J=
mYVdRaU9qRXpPVEU0TXprMU5Dd2lhV0YwSWpveE56QXhNRGt5TnpjM0xDSmxlSEFpT2pFM01ETT=
JPRFEzTnpjc0ltbHpjeUk2SW5CMVlpMHlNalU1SWl3aWMzVmlJam9pY0c5emRDMXlaV0ZqZEdsd=
mJpSjkuV3o2YXV0WXVic3NjdnZZNkxSbmNSSUM4allIa19MWGItSF9MOTdlR0ZnYyIsInAiOjEz=
OTE4Mzk1NCwicyI6MjI1OSwiZiI6dHJ1ZSwidSI6MTMzMjY4NjYxLCJpYXQiOjE3MDEwOTI3Nzc=
sImV4cCI6MTcwMzY4NDc3NywiaXNzIjoicHViLTAiLCJzdWIiOiJsaW5rLXJlZGlyZWN0In0.WE=
W5FPnk838E6YOQFItkuWOlBIL90rgP7LykRgjX2fo?"><img role=3D"presentation" widt=
h=3D"550" height=3D"117" src=3D"https://substackcdn.com/image/fetch/w_1100,=
c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post=
-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fecde5dbd-aa76-4984-bfac-acb5663=
9185e_2800x591.png" class=3D"header-image" style=3D"border: none !important=
; display: block; height: auto; margin: 0 auto; max-width: 550px; vertical-=
align: middle; width: 100%;"></a></td></tr></table><div dir=3D"auto" class=
=3D"post typography" style=3D"font-size: 16px; line-height: 26px; padding: =
16px 0 0 0;"><div class=3D"post-header" style=3D"font-size: 16px; line-heig=
ht: 26px;"><h1 class=3D"post-title published" style=3D"-moz-appearance: opt=
imizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-appearance: =
optimizelegibility; -webkit-font-smoothing: antialiased; appearance: optimi=
zelegibility; color: rgb(64, 64, 64); font-family: 'SF Compact Display', -a=
pple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans=
-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size=
: 32px; font-weight: bold; line-height: 36px; margin: 0;"><a href=3D"https:=
//substack.com/app-link/post?publication_id=3D2259&post_id=3D139183954&utm_=
source=3Dpost-email-title&utm_campaign=3Demail-post-title&isFreemail=3Dtrue=
&r=3D27cer9&token=3DeyJ1c2VyX2lkIjoxMzMyNjg2NjEsInBvc3RfaWQiOjEzOTE4Mzk1NCw=
iaWF0IjoxNzAxMDkyNzc3LCJleHAiOjE3MDM2ODQ3NzcsImlzcyI6InB1Yi0yMjU5Iiwic3ViIj=
oicG9zdC1yZWFjdGlvbiJ9.Wz6autYubsscvvY6LRncRIC8jYHk_LXb-H_L97eGFgc" style=
=3D"color: rgb(64, 64, 64); text-decoration: none;">What We Learned Last We=
ek (2347)</a></h1><h3 class=3D"subtitle" style=3D"-moz-appearance: optimize=
legibility; -moz-osx-font-smoothing: antialiased; -webkit-appearance: optim=
izelegibility; -webkit-font-smoothing: antialiased; appearance: optimizeleg=
ibility; color: #808080; font-family: 'SF Compact Display', -apple-system, =
BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Appl=
e Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 18px; font-=
weight: normal; line-height: 24px; margin: 4px 0 0; margin-top: 12px;">Salv=
o in Hong Kong + What you could buy in New York at different price points +=
Talking smack about generations</h3><table role=3D"presentation" width=3D"=
100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" class=3D"post-meta" =
style=3D"align-items: center; height: 20px; margin: 1em 0;"><tr><td><table =
role=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D"0" cellpad=
ding=3D"0"><tr><td><table role=3D"presentation" width=3D"auto" border=3D"0"=
cellspacing=3D"0" cellpadding=3D"0"><tr><td style=3D"vertical-align: middl=
e;"><div class=3D"pencraft frontend-pencraft-Box-module__reset--VfQY8 front=
end-pencraft-Text-module__size-11--k1e8b frontend-pencraft-Text-module__lin=
e-height-20--p0dP8 frontend-pencraft-Text-module__weight-medium--x7khA fron=
tend-pencraft-Text-module__font-meta--U_nxy frontend-pencraft-Text-module__=
color-primary--ud4Z0 frontend-pencraft-Text-module__transform-uppercase--ID=
kUL frontend-pencraft-Text-module__reset--dW0zZ frontend-pencraft-Text-modu=
le__meta--jzHdd custom-css-email-post-author" style=3D"color: rgb(64, 64, 6=
4); font-family: 'SF Compact', -apple-system, -apple-system, -system-ui, Bl=
inkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple =
Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 11px; font-we=
ight: 500; letter-spacing: .2px; line-height: 20px; margin: 0; text-decorat=
ion: unset; text-transform: uppercase;"><a style=3D"color: rgb(64, 64, 64);=
font-family: 'SF Compact', -apple-system, -apple-system, -system-ui, Blink=
MacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Col=
or Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 11px; font-weigh=
t: 500; letter-spacing: .2px; line-height: 20px; margin: 0; text-decoration=
: none; text-transform: uppercase;" href=3D"https://substack.com/@artellige=
nce" class=3D"pencraft frontend-pencraft-Box-module__reset--VfQY8 frontend-=
pencraft-Text-module__size-11--k1e8b frontend-pencraft-Text-module__line-he=
ight-20--p0dP8 frontend-pencraft-Text-module__weight-medium--x7khA frontend=
-pencraft-Text-module__font-meta--U_nxy frontend-pencraft-Text-module__colo=
r-primary--ud4Z0 frontend-pencraft-Text-module__transform-uppercase--IDkUL =
frontend-pencraft-Text-module__reset--dW0zZ frontend-pencraft-Text-module__=
meta--jzHdd">Marion Maneker</a></div></td></tr></table></td></tr><tr><td><t=
able role=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D"0" ce=
llpadding=3D"0"><tr><td style=3D"vertical-align: middle;"><div class=3D"pen=
craft frontend-pencraft-Box-module__reset--VfQY8 frontend-pencraft-Text-mod=
ule__size-11--k1e8b frontend-pencraft-Text-module__line-height-20--p0dP8 fr=
ontend-pencraft-Text-module__weight-medium--x7khA frontend-pencraft-Text-mo=
dule__font-meta--U_nxy frontend-pencraft-Text-module__color-secondary--WRAD=
g frontend-pencraft-Text-module__transform-uppercase--IDkUL frontend-pencra=
ft-Text-module__reset--dW0zZ frontend-pencraft-Text-module__meta--jzHdd" st=
yle=3D"color: rgb(128, 128, 128); font-family: 'SF Compact', -apple-system,=
-apple-system, -system-ui, BlinkMacSystemFont, 'Segoe UI', Roboto, Helveti=
ca, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Sym=
bol'; font-size: 11px; font-weight: 500; letter-spacing: .2px; line-height:=
20px; margin: 0; text-decoration: unset; text-transform: uppercase;"><time=
dateTime=3D"2023-11-27T13:45:58.718Z">Nov 27</time></div></td></tr></table=
></td></tr></table></td></tr></table><table role=3D"presentation" width=3D"=
100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" class=3D"email-ufi-2=
-top" style=3D"border-bottom: 1px solid rgba(0, 0, 0, .13); border-top: 1px=
solid rgba(0, 0, 0, .13); min-width: 100%;"><tr height=3D"16"><td height=
=3D"16" style=3D"font-size: 0px; line-height: 0;"> </td></tr><tr><td><=
table role=3D"presentation" width=3D"100%" border=3D"0" cellspacing=3D"0" c=
ellpadding=3D"0"><tr><td><table role=3D"presentation" width=3D"auto" border=
=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td style=3D"vertical-align:=
middle;"><table role=3D"presentation" width=3D"38" border=3D"0" cellspacin=
g=3D"0" cellpadding=3D"0"><tr><td align=3D"center"><a href=3D"https://subst=
ack.com/app-link/post?publication_id=3D2259&post_id=3D139183954&utm_source=
=3Dsubstack&isFreemail=3Dtrue&submitLike=3Dtrue&token=3DeyJ1c2VyX2lkIjoxMzM=
yNjg2NjEsInBvc3RfaWQiOjEzOTE4Mzk1NCwicmVhY3Rpb24iOiLinaQiLCJpYXQiOjE3MDEwOT=
I3NzcsImV4cCI6MTcwMzY4NDc3NywiaXNzIjoicHViLTIyNTkiLCJzdWIiOiJyZWFjdGlvbiJ9.=
2qmDIGCApOh5x3BJNxnSZ-KkM514uVT2ePyS81BKXz4&utm_medium=3Demail&utm_campaign=
=3Demail-reaction&r=3D27cer9" style=3D"border: 1px solid rgba(0, 0, 0, .13)=
; border-radius: 100000px; box-sizing: border-box; color: rgb(128, 128, 128=
); display: inline-block; font-family: 'SF Pro Text', -apple-system, ui-san=
s-serif, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-ser=
if, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 12=
px; font-weight: 500; line-height: 1; min-width: 38px; padding: 9px 0; text=
-decoration: none; text-transform: uppercase; width: 38px;" class=3D"email-=
icon-button"><img src=3D"https://substackcdn.com/image/fetch/w_36,c_scale,f=
_png,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack.com%2Ficon%2FL=
ucideHeart%3Fv%3D4%26height%3D36%26fill%3Dnone%26stroke%3D%2523808080%26str=
okeWidth%3D2" width=3D"18" height=3D"18" style=3D"border: none !important; =
max-width: 18px; vertical-align: middle;" alt class=3D"icon"></a></td></tr>=
</table></td><td width=3D"8" style=3D"min-width: 8px"></td><td style=3D"ver=
tical-align: middle;"><table role=3D"presentation" width=3D"38" border=3D"0=
" cellspacing=3D"0" cellpadding=3D"0"><tr><td align=3D"center"><a href=3D"h=
ttps://substack.com/app-link/post?publication_id=3D2259&post_id=3D139183954=
&utm_source=3Dsubstack&utm_medium=3Demail&isFreemail=3Dtrue&comments=3Dtrue=
&token=3DeyJ1c2VyX2lkIjoxMzMyNjg2NjEsInBvc3RfaWQiOjEzOTE4Mzk1NCwiaWF0IjoxNz=
AxMDkyNzc3LCJleHAiOjE3MDM2ODQ3NzcsImlzcyI6InB1Yi0yMjU5Iiwic3ViIjoicG9zdC1yZ=
WFjdGlvbiJ9.Wz6autYubsscvvY6LRncRIC8jYHk_LXb-H_L97eGFgc&r=3D27cer9&utm_camp=
aign=3Demail-half-magic-comments&utm_source=3Dsubstack&utm_medium=3Demail" =
style=3D"border: 1px solid rgba(0, 0, 0, .13); border-radius: 100000px; box=
-sizing: border-box; color: rgb(128, 128, 128); display: inline-block; font=
-family: 'SF Pro Text', -apple-system, ui-sans-serif, BlinkMacSystemFont, '=
Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Sego=
e UI Emoji', 'Segoe UI Symbol'; font-size: 12px; font-weight: 500; line-hei=
ght: 1; min-width: 38px; padding: 9px 0; text-decoration: none; text-transf=
orm: uppercase; width: 38px;" class=3D"email-icon-button"><img src=3D"https=
://substackcdn.com/image/fetch/w_36,c_scale,f_png,q_auto:good,fl_progressiv=
e:steep/https%3A%2F%2Fsubstack.com%2Ficon%2FLucideComments%3Fv%3D4%26height=
%3D36%26fill%3Dnone%26stroke%3D%2523808080%26strokeWidth%3D2" width=3D"18" =
height=3D"18" style=3D"border: none !important; max-width: 18px; vertical-a=
lign: middle;" alt class=3D"icon"></a></td></tr></table></td><td width=3D"8=
" style=3D"min-width: 8px"></td><td style=3D"vertical-align: middle;"><tabl=
e role=3D"presentation" width=3D"38" border=3D"0" cellspacing=3D"0" cellpad=
ding=3D"0"><tr><td align=3D"center"><a href=3D"https://substack.com/app-lin=
k/post?publication_id=3D2259&post_id=3D139183954&utm_source=3Dsubstack&utm_=
medium=3Demail&utm_content=3Dshare&utm_campaign=3Demail-share&action=3Dshar=
e&triggerShare=3Dtrue&isFreemail=3Dtrue&r=3D27cer9&token=3DeyJ1c2VyX2lkIjox=
MzMyNjg2NjEsInBvc3RfaWQiOjEzOTE4Mzk1NCwiaWF0IjoxNzAxMDkyNzc3LCJleHAiOjE3MDM=
2ODQ3NzcsImlzcyI6InB1Yi0yMjU5Iiwic3ViIjoicG9zdC1yZWFjdGlvbiJ9.Wz6autYubsscv=
vY6LRncRIC8jYHk_LXb-H_L97eGFgc" style=3D"border: 1px solid rgba(0, 0, 0, .1=
3); border-radius: 100000px; box-sizing: border-box; color: rgb(128, 128, 1=
28); display: inline-block; font-family: 'SF Pro Text', -apple-system, ui-s=
ans-serif, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-s=
erif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: =
12px; font-weight: 500; line-height: 1; min-width: 38px; padding: 9px 0; te=
xt-decoration: none; text-transform: uppercase; width: 38px;" class=3D"emai=
l-icon-button"><img src=3D"https://substackcdn.com/image/fetch/w_36,c_scale=
,f_png,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack.com%2Ficon%2=
FLucideShare2%3Fv%3D4%26height%3D36%26fill%3Dnone%26stroke%3D%2523808080%26=
strokeWidth%3D2" width=3D"18" height=3D"18" style=3D"border: none !importan=
t; max-width: 18px; vertical-align: middle;" alt class=3D"icon"></a></td></=
tr></table></td><td width=3D"8" style=3D"min-width: 8px"></td><td style=3D"=
vertical-align: middle;"><table role=3D"presentation" width=3D"38" border=
=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td align=3D"center"><a href=
=3D"https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2VuY2Uuc3V=
ic3RhY2suY29tL3Avd2hhdC13ZS1sZWFybmVkLWxhc3Qtd2Vlay0yMzQ3P3V0bV9zb3VyY2U9c3=
Vic3RhY2smdXRtX21lZGl1bT1lbWFpbCZhY3Rpb249cmVzdGFjay1jb21tZW50JnV0bV9jYW1wY=
Wlnbj1lbWFpbC1yZXN0YWNrLWNvbW1lbnQmcj0yN2NlcjkiLCJwIjoxMzkxODM5NTQsInMiOjIy=
NTksImYiOnRydWUsInUiOjEzMzI2ODY2MSwiaWF0IjoxNzAxMDkyNzc3LCJleHAiOjE3MDM2ODQ=
3NzcsImlzcyI6InB1Yi0wIiwic3ViIjoibGluay1yZWRpcmVjdCJ9.SXPi8PtfdZV6a0K9xaHYi=
2KO-6SRVhmFhoMl_Ofj6EI?&utm_source=3Dsubstack&utm_medium=3Demail" style=3D"=
border: 1px solid rgba(0, 0, 0, .13); border-radius: 100000px; box-sizing: =
border-box; color: rgb(128, 128, 128); display: inline-block; font-family: =
'SF Pro Text', -apple-system, ui-sans-serif, BlinkMacSystemFont, 'Segoe UI'=
, Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoj=
i', 'Segoe UI Symbol'; font-size: 12px; font-weight: 500; line-height: 1; m=
in-width: 38px; padding: 9px 0; text-decoration: none; text-transform: uppe=
rcase; width: 38px;" class=3D"email-icon-button"><img src=3D"https://substa=
ckcdn.com/image/fetch/w_36,c_scale,f_png,q_auto:good,fl_progressive:steep/h=
ttps%3A%2F%2Fsubstack.com%2Ficon%2FNoteForwardIcon%3Fv%3D4%26height%3D36%26=
fill%3Dnone%26stroke%3D%2523808080%26strokeWidth%3D2" width=3D"18" height=
=3D"18" style=3D"border: none !important; max-width: 18px; vertical-align: =
middle;" alt class=3D"icon"></a></td></tr></table></td></tr></table></td><t=
d align=3D"right"><table role=3D"presentation" width=3D"auto" border=3D"0" =
cellspacing=3D"0" cellpadding=3D"0"><tr><td style=3D"vertical-align: middle=
;"><table role=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D"=
0" cellpadding=3D"0"><tr><td align=3D"center"><a href=3D"https://open.subst=
ack.com/pub/artelligence/p/what-we-learned-last-week-2347?utm_source=3Demai=
l&redirect=3Dapp-store" class=3D"email-button-outline" style=3D"border: 1px=
solid rgba(0, 0, 0, .13); border-radius: 100000px; color: rgb(128, 128, 12=
8); display: inline-block; font-family: 'SF Pro Text', -apple-system, ui-sa=
ns-serif, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-se=
rif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1=
2px; font-weight: 500; line-height: 12px; padding: 9px 14px; text-decoratio=
n: none; text-transform: uppercase;"><div class=3D"email-button-spacer" sty=
le=3D"display: inline-block; font-size: 16px; line-height: 26px; max-width:=
0; min-height: 18px; vertical-align: middle;"></div><span style=3D"margin-=
right: 4px; vertical-align: middle;" class=3D"email-button-text">READ IN AP=
P</span><img src=3D"https://substackcdn.com/image/fetch/w_36,c_scale,f_png,=
q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack.com%2Ficon%2FLucide=
ArrowUpRight%3Fv%3D4%26height%3D36%26fill%3Dnone%26stroke%3D%2523808080%26s=
trokeWidth%3D2" width=3D"18" height=3D"18" style=3D"border: none !important=
; margin-left: 0; margin-right: 0; max-width: 18px; min-height: 18px; min-w=
idth: 18px; vertical-align: middle;" alt class=3D"icon text-icon"></a></td>=
</tr></table></td></tr></table></td></tr></table></td></tr><tr height=3D"16=
"><td height=3D"16" style=3D"font-size: 0px; line-height: 0;"> </td></=
tr></table></div></div><div dir=3D"auto" class=3D"post typography" style=3D=
"font-size: 16px; line-height: 26px; padding: 16px 0 0 0;"><div dir=3D"auto=
" class=3D"body markup" style=3D"font-family: 'SF Pro Display', -apple-syst=
em, BlinkMacSystemFont, 'Inter', 'Segoe UI', Roboto, Helvetica, Arial, sans=
-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size=
: 16px; font-weight: 400; line-height: 26px; margin-bottom: 16px; text-alig=
n: initial; width: 100%; word-break: break-word;"><h2 class=3D"header-with-=
anchor-widget" style=3D"-moz-appearance: optimizelegibility; -moz-osx-font-=
smoothing: antialiased; -webkit-appearance: optimizelegibility; -webkit-fon=
t-smoothing: antialiased; appearance: optimizelegibility; color: rgb(64, 64=
, 64); font-family: 'SF Compact Display', -apple-system, BlinkMacSystemFont=
, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', '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; margin-top: 0; position: relat=
ive;">Welcome to Artelligence</h2><p style=3D"color: rgb(64, 64, 64); font-=
size: 16px; line-height: 26px; margin: 0 0 20px 0;"><span>This free newslet=
ter is usually published on Fridays. It comes to you today because of the h=
oliday in the United States on Thursday. Additional newsletters containing =
analysis of data provided by LiveArt or original reporting are $12 a month =
or $120 for a year. If you are a paid subscriber, sharing a newsletter on o=
ccasion is fine; </span><strong>consistently sharing paid content within yo=
ur organization or with others is not.</strong></p><p style=3D"color: rgb(6=
4, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><stron=
g>For organizations:</strong><span> We offer group discounts of 30% for eac=
h subscription of two or more. </span><a href=3D"https://substack.com/redir=
ect/c472df2a-2eee-4e25-8585-60d6da24c29a?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d=
0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: rgb(64, 64, 64); tex=
t-decoration: underline;">Group subscriptions</a><span> allow one person wi=
thin an organization to manage all subscriptions. You may add new subscript=
ions at the discounted rate whenever you like; and, if an employee leaves, =
you may replace another employee in that seat. You may also move existing s=
ubscribers into the group. Create </span><a href=3D"https://substack.com/re=
direct/c472df2a-2eee-4e25-8585-60d6da24c29a?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3=
c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: rgb(64, 64, 64); =
text-decoration: underline;">group subscriptions here</a><span>.</span></p>=
<p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; mar=
gin: 0 0 20px 0;">There is also an option to get a 7-day free trial. Just c=
hoose the subscription plan you want and click on the 7-day trial option be=
fore checkout. </p><div data-component-name=3D"SubscribeWidget" class=
=3D"subscribe-widget is-signed-up" style=3D"direction: ltr; font-size: 16px=
; line-height: 26px; margin: 0 0 1em;"><p class=3D"button-wrapper" style=3D=
"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20=
px 0; text-align: center;"><a href=3D"https://substack.com/redirect/2/eyJlI=
joiaHR0cHM6Ly9hcnRlbGxpZ2VuY2Uuc3Vic3RhY2suY29tL3N1YnNjcmliZT91dG1fc291cmNl=
PXBvc3QmdXRtX2NhbXBhaWduPWVtYWlsLWNoZWNrb3V0Jm5leHQ9aHR0cHMlM0ElMkYlMkZhcnR=
lbGxpZ2VuY2Uuc3Vic3RhY2suY29tJTJGcCUyRndoYXQtd2UtbGVhcm5lZC1sYXN0LXdlZWstMj=
M0NyZyPTI3Y2VyOSZ0b2tlbj1leUoxYzJWeVgybGtJam94TXpNeU5qZzJOakVzSW1saGRDSTZNV=
GN3TVRBNU1qYzNOeXdpWlhod0lqb3hOekF6TmpnME56YzNMQ0pwYzNNaU9pSndkV0l0TWpJMU9T=
SXNJbk4xWWlJNkltTm9aV05yYjNWMEluMC5wc0tQN0Y5dU1vX2lISE96VjB2M3FabXVBSk1vUFN=
1eERMQWt4NHg4WEt3IiwicCI6MTM5MTgzOTU0LCJzIjoyMjU5LCJmIjp0cnVlLCJ1IjoxMzMyNj=
g2NjEsImlhdCI6MTcwMTA5Mjc3NywiZXhwIjoxNzAzNjg0Nzc3LCJpc3MiOiJwdWItMCIsInN1Y=
iI6ImxpbmstcmVkaXJlY3QifQ.V40O20WoOmfaSORwl_swZI0vVWPMeDb-NanfPNoaDNc?&utm_=
medium=3Demail&utm_source=3Dsubscribe-widget&utm_content=3D139183954" class=
=3D"button subscribe-btn primary" style=3D"background-color: #653366; borde=
r: none; border-radius: 6px; box-sizing: border-box; color: #ffffff !import=
ant; cursor: pointer; display: inline-block; font-family: -apple-system, Bl=
inkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple =
Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 14px; font-we=
ight: 600; height: auto; line-height: 20px; margin: 0 auto; opacity: 1; out=
line: none; padding: 12px 20px; text-align: center; text-decoration: none !=
important; white-space: nowrap;"><span style=3D"color: #ffffff; text-decora=
tion: none;">Upgrade to paid</span></a></p></div><p style=3D"color: rgb(64,=
64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">If you h=
ave comments, complaints, tips or just want to vent, feel free to contact u=
s directly:</p><p class=3D"button-wrapper" data-attrs=3D"{"url":&=
quot;mailto:maneker@artmarketmonitor.com","text":"Conta=
ct Us!","action":null,"class":null}" data-componen=
t-name=3D"ButtonCreateButton" style=3D"color: rgb(64, 64, 64); font-size: 1=
6px; line-height: 26px; margin: 0 0 20px 0; text-align: center;"><a class=
=3D"button primary" href=3D"https://substack.com/redirect/a3952028-5b90-4e1=
b-a436-c0693ab405d8?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6=
Fx_g6pp7gWdY" rel style=3D"background-color: #653366; border: none; border-=
radius: 6px; box-sizing: border-box; color: #ffffff !important; cursor: poi=
nter; display: inline-block; font-family: -apple-system, BlinkMacSystemFont=
, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'S=
egoe UI Emoji', 'Segoe UI Symbol'; font-size: 14px; font-weight: 600; heigh=
t: auto; line-height: 20px; margin: 0; opacity: 1; outline: none; padding: =
12px 20px; text-align: center; text-decoration: none !important; white-spac=
e: nowrap;"><span style=3D"color: #ffffff; text-decoration: none;">Contact =
Us!</span></a></p><div style=3D"font-size: 16px; line-height: 26px;"><hr st=
yle=3D"background: #e0e0e0; border: none; height: 1px; margin: 32px 0; padd=
ing: 0;"></div><h2 class=3D"header-with-anchor-widget" style=3D"-moz-appear=
ance: optimizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-app=
earance: optimizelegibility; -webkit-font-smoothing: antialiased; appearanc=
e: optimizelegibility; color: rgb(64, 64, 64); font-family: 'SF Compact Dis=
play', -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(64, 64, 64); font-size: 16px; line-height: 26px; mar=
gin: 0; margin-bottom: 0; padding-left: 4px;"><strong>Lot Watch:</strong><s=
pan> Salvo stormed the auction market in 2023. Now Christie’s is hopi=
ng to push his market farther forward in Hong Kong this week. </span></p></=
li><li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; =
color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0; marg=
in-bottom: 0; padding-left: 4px;"><strong>Vox Orbis Artis (results): </stro=
ng><span>Get ready for another nervous Winter in the art world. Most respon=
dents to our poll think the market is still over-priced. </span></p></li><l=
i style=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; color=
: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0; margin-bo=
ttom: 0; padding-left: 4px;"><strong>Notes: </strong><span>What generationa=
l threat to the art market?; Leo Koenig’s buy of the auction season; =
Our pick for the buy of the season; Naomi Fry’s uplifting interview w=
ith Louise Bonnet.</span></p></li><li style=3D"margin: 8px 0 0 32px;"><p st=
yle=3D"box-sizing: border-box; color: rgb(64, 64, 64); font-size: 16px; lin=
e-height: 26px; margin: 0 0 20px 0; margin-bottom: 0; padding-left: 4px;"><=
strong>Price Points:</strong><span> What you could buy in New York this mon=
th for $40m, $30m, $15m, $10m, $5m, $1m and $500,000. </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></li></ol><h2=
class=3D"header-with-anchor-widget" style=3D"-moz-appearance: optimizelegi=
bility; -moz-osx-font-smoothing: antialiased; -webkit-appearance: optimizel=
egibility; -webkit-font-smoothing: antialiased; appearance: optimizelegibil=
ity; color: rgb(64, 64, 64); font-family: 'SF Compact Display', -apple-syst=
em, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, 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 0.625em 0; position=
: relative;">Lot Watch</h2><div class=3D"captioned-image-container-static" =
style=3D"font-size: 16px; line-height: 26px; margin: 32px auto;"><figure st=
yle=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-n=
ame=3D"Image2ToDOMStatic" style=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><t=
r><td style=3D"text-align: center;"></td><td align=3D"left" class=3D"conten=
t" width=3D"1050" style=3D"text-align: center;"><a class=3D"image-link" tar=
get=3D"_blank" href=3D"https://substack.com/redirect/7af65473-d952-42a8-bfc=
f-b6de994c3335?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6=
pp7gWdY" rel style=3D"align-items: center; border: none; display: block; fl=
ex-direction: column; height: auto; margin: 0; padding: 0; position: relati=
ve; text-decoration: none; width: auto;"><img data-attrs=3D"{"src"=
;:"https://substack-post-media.s3.amazonaws.com/public/images/0f2f251c=
-d80c-4134-908e-0b82f2ffd009_1050x652.png","srcNoWatermark":=
null,"fullscreen":null,"imageSize":null,"height&qu=
ot;:652,"width":1050,"resizeWidth":null,"bytes&quo=
t;:1355210,"alt":null,"title":null,"type":&qu=
ot;image/png","href":null,"belowTheFold":true,&quo=
t;topImage":false,"internalRedirect":null}" alt width=3D"550=
" height=3D"341.5238095238095" class=3D"wide-image" src=3D"https://substack=
cdn.com/image/fetch/w_2100,c_limit,f_auto,q_auto:good,fl_progressive:steep/=
https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0f2f=
251c-d80c-4134-908e-0b82f2ffd009_1050x652.png" style=3D"-ms-interpolation-m=
ode: bicubic; border: none !important; display: block; height: auto; margin=
: 0 auto; margin-bottom: 0; max-width: 100% !important; vertical-align: mid=
dle; width: auto !important;"></a></td><td style=3D"text-align: center;"></=
td></tr></tbody></table></figure></div><p style=3D"color: rgb(64, 64, 64); =
font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><span>The momentum=
for Salvo’s market has built rapidly this year. Supported on the pri=
vate market by Gladstone Gallery which held exhibitions of the artist’=
;s work in Brussels and Rome in 2023, the artist hit a new auction record n=
early seven times the highest price previously achieved fifteen years ago. =
Set in 2007, eight years before the artist’s death in 2015, SalvoR=
17;s previous record at auction was $123,527. Since April of this year, tha=
t number has been beaten 14 times with the top price of $844,298 seen in Oc=
tober. The New York sales saw three works sell for prices in the $400,000 r=
ange confirming that more buyers are waiting in the wings. In all, there ha=
ve been 28 Salvo paintings at auction in 2023—and there are are still=
more to come as the action moves to Hong Kong. On Tuesday, Christie’=
s will up the ante with a $230,000 estimate on </span><em>Il Mattino</em><s=
pan> from 1994. The work was bought at auction in 2009 for $116,000. </spa=
n></p><div style=3D"font-size: 16px; line-height: 26px;"><hr style=3D"backg=
round: #e0e0e0; border: none; height: 1px; margin: 32px 0; padding: 0;"></d=
iv><h2 class=3D"header-with-anchor-widget" style=3D"-moz-appearance: optimi=
zelegibility; -moz-osx-font-smoothing: antialiased; -webkit-appearance: opt=
imizelegibility; -webkit-font-smoothing: antialiased; appearance: optimizel=
egibility; color: rgb(64, 64, 64); font-family: 'SF Compact Display', -appl=
e-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-se=
rif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1=
=2E625em; font-weight: bold; line-heigh=
t: 1.16em; margin: 1em 0 0.625em 0; po=
sition: relative;">Vox Orbis Artis</h2><div class=3D"captioned-image-contai=
ner-static" style=3D"font-size: 16px; line-height: 26px; margin: 32px auto;=
"><figure style=3D"margin: 0 auto; width: 100%;"><table class=3D"image-wrap=
per" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" data-c=
omponent-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"1174" style=3D"text-align: center;"><a class=3D"image=
-link" target=3D"_blank" href=3D"https://substack.com/redirect/72a6bc32-44b=
f-4268-9486-95d072567faf?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRni=
gHXx6Fx_g6pp7gWdY" rel style=3D"align-items: center; border: none; display:=
block; flex-direction: column; height: auto; margin: 0; padding: 0; positi=
on: relative; text-decoration: none; width: auto;"><img data-attrs=3D"{&quo=
t;src":"https://substack-post-media.s3.amazonaws.com/public/image=
s/4d29ee2d-0ad9-4a8a-8974-1d3f1867d93d_1174x598.png","srcNoWaterm=
ark":null,"fullscreen":null,"imageSize":null,"=
;height":598,"width":1174,"resizeWidth":null,"=
;bytes":66346,"alt":null,"title":null,"type&q=
uot;:"image/png","href":null,"belowTheFold":t=
rue,"topImage":false,"internalRedirect":null}" alt widt=
h=3D"550" height=3D"280.1533219761499" class=3D"wide-image" src=3D"https://=
substackcdn.com/image/fetch/w_2348,c_limit,f_auto,q_auto:good,fl_progressiv=
e:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimage=
s%2F4d29ee2d-0ad9-4a8a-8974-1d3f1867d93d_1174x598.png" style=3D"-ms-interpo=
lation-mode: bicubic; border: none !important; display: block; height: auto=
; margin: 0 auto; margin-bottom: 0; max-width: 100% !important; vertical-al=
ign: middle; width: auto !important;"></a></td><td style=3D"text-align: cen=
ter;"></td></tr></tbody></table></figure></div><p style=3D"color: rgb(64, 6=
4, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">Here are t=
he results of last week’s poll on the state of the market. A full two=
thirds of respondents still think the art market is overpriced at this poi=
nt. Get ready for another Winter of nervous discontent as buyers and seller=
s wait to see whether the other side will accept their price. </p><div styl=
e=3D"font-size: 16px; line-height: 26px;"><hr style=3D"background: #e0e0e0;=
border: none; height: 1px; margin: 32px 0; padding: 0;"></div><h2 class=3D=
"header-with-anchor-widget" style=3D"-moz-appearance: optimizelegibility; -=
moz-osx-font-smoothing: antialiased; -webkit-appearance: optimizelegibility=
; -webkit-font-smoothing: antialiased; appearance: optimizelegibility; colo=
r: rgb(64, 64, 64); font-family: 'SF Compact Display', -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;">Notes</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(64, 64, 64);=
font-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0; padding-l=
eft: 4px;"><strong><a href=3D"https://substack.com/redirect/a423b8dd-e735-4=
398-a080-7754769e890f?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHX=
x6Fx_g6pp7gWdY" rel style=3D"color: rgb(64, 64, 64); text-decoration: under=
line;">The generational threat to the art market</a><span>: </span></strong=
><span>The need to say something new and attention getting is an unavoidabl=
e priority for the news media. But the FT’s Art Market column is hard=
to take seriously when it ascribes the 30% fall in the New York sales tota=
l to a “generational shift” in the art market. Art advisors are=
meant to talk their book in the press but what could be the tactical value=
of Caroline Sayan of the art advisors Cadell North America claiming, ̶=
0;“millennials don’t want to buy what their parents are selling=
=2E” (Her evidence is another exa=
mple of misunderstanding estimates.) P=
erhaps Sayan believes potential clients will hire Cadell to dispose of thei=
r art collections privately but public or private sales would not change he=
r supposition that kids today don’t want their parents’ art. Th=
e idea might be intriguing—or even frightening—if there was any=
evidence to back the claim up. There isn’t much. Let’s start w=
ith the generations. Emily Fisher Landau was born in 1921. She’s a co=
uple of years too early to be a member of the so-called Silent Generation. =
Her generation was succeeded by the Baby Boomers. Paul Allen was one of tho=
se. Allen died young but over the next few decades Boomers will provide the=
bulk of the supply to the art market. We don’t have access to auctio=
n house client data but our understanding is that the current buyers, espec=
ially for big ticket items, are primarily still Boomers or Gen X buyers who=
were born after 1964. There are a number of reasons for this. It turns out=
that wealth in the US still primarily lies with Baby Boomers. They have 50=
% of US assets. Generation X has nearly 30%. The Silent Generation is still=
holding on to 12% of assets. But Millenials only control 8.5% of assets. T=
hey’re more likely to be buying homes or cars or spending their money=
on travel than buying art. That isn’t to say that there are not Mill=
enials who collect but they would have to overcome huge hurdles to influenc=
e the market. One of those hurdles is simply age. Art collecting is somethi=
ng that appeals to someone who has reached a later stage in life. It requir=
es wealth which generally builds over time and the desire to own something =
“important.” Finally, we have seen a shift in the artists who d=
rive the market. The art market is now less dominated by a few figures. But=
not this season. These New York sales snapped back to a list of names we c=
ould have seen a decade or two ago dominating the market share. The one new=
name among the top artists was Joan Mitchell but she’s an Abstract E=
xpressionist, an avatar of Baby Boomer taste. </span></p></li><li style=3D"=
margin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; color: rgb(64, 6=
4, 64); font-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0; pa=
dding-left: 4px;"><strong><a href=3D"https://substack.com/redirect/107829ec=
-fbd5-4a70-83bb-126ad1df2a8e?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5=
iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: rgb(64, 64, 64); text-decoration=
: underline;">Did Leo Koenig really get the buy of the auction season?</a><=
span> </span></strong><span>Artnet tells us that dealer Leo Koenig got R=
20;possibly the best deal of the season” having bought the Long Museu=
m’s very large late Richter stripe painting for $1 million on a third=
-party guarantee that was half of the low estimate. Artnet believes this is=
evidence that, “trading is thinner.” That’s true. But al=
so that, ”it’s a buyer’s market and many savvy participan=
ts got below-market deals or outright steals.” The supposed evidence =
of this steal is that the work was once offered on Marian Goodman’s s=
tand for $3 million, a figure close to what Liu Yiqian probably paid though=
one should assume there was a discount from that price. Still, in Artnet&#=
8217;s reasoning, the painting must be worth more than $2 million because t=
hat’s what the previous buyer paid. Demand for Richter’s work c=
ontinues apace on the public and private markets. Prices are not rising but=
they aren’t falling either if we’re to believe the evidence of=
the two large abstract paintings that sold last in November for prices con=
sistent with Richter’s market over the last decade or more. And it ma=
y turn out to be true that Koenig will be able to sell this work for somewh=
ere near $3 million. Though there will be a fair amount of costs in moving =
and storing a 36-foot work. The work’s institutional size suggests th=
at Koenig will have to wait until he can find buyer connected to a museum w=
ho wants to acquire and donate the work. If he can, there’s not likel=
y to be much competition among buyers; thus, Koenig will be lucky to get so=
me profit margin over $1 million for his trouble. There’s a lot of Ri=
chter’s art out there. The buying pressure is mostly in the historica=
l work, not his late stripe paintings. It takes more time that most people =
think, sometimes decades, for value to migrate from the apex of art artist&=
#8217;s body of work to the edges. That means there’s a lot of risk f=
or Koenig. That risk also reveals a fundamental misunderstanding about pric=
es and estimates. An estimate isn’t an appraisal. At best, it is a si=
gnal about what price the seller will accept. In this case, it was a mislea=
ding signal because the seller, Sotheby’s, was willing to accept much=
less than $2 million. It will take some time for Koenig to discover if the=
work was mis-priced at $1 million (that’s his hope) or fully priced =
there. If he does well, we might be able to look back at this moment and ca=
ll it a buyer’s market. If not, the sale will be a steal but with Koe=
nig as the victim, not the thief. </span></p></li><li style=3D"margin: 8px =
0 0 32px;"><p style=3D"box-sizing: border-box; color: rgb(64, 64, 64); font=
-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0; padding-left: =
4px;"><strong>The buy of the season usually doesn’t come cheap: </str=
ong><span>While Artnet was hyping Koenig’s buy, others looked at a ve=
ry different work as potentially being a shrewd purchase. Among John Cheim&=
#8217;s consignment at Sotheby’s was </span><a href=3D"https://substa=
ck.com/redirect/23e48e24-6cf9-418e-8b65-dbfe4c794664?j=3DeyJ1IjoiMjdjZXI5In=
0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: rgb(64, =
64, 64); text-decoration: underline;">a small Joan Mitchell work on paper, =
</a><em><a href=3D"https://substack.com/redirect/23e48e24-6cf9-418e-8b65-db=
fe4c794664?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7g=
WdY" rel style=3D"color: rgb(64, 64, 64); text-decoration: underline;">Past=
el </a></em><a href=3D"https://substack.com/redirect/23e48e24-6cf9-418e-8b6=
5-dbfe4c794664?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6=
pp7gWdY" rel style=3D"color: rgb(64, 64, 64); text-decoration: underline;">=
from 1991, that sold for $825,500 in the day sale </a><span>over a $250,000=
estimate. No one would call that a steal. On the basis of estimate alone, =
the two other 90s Mitchell works sold this season—a small </span><em>=
Sunflowers</em><span> that made the low estimate of $5 million and sold for=
$6.1 million all in, and the large Sunflowers that hammered at $24 million=
over a $20 million estimate—were better buys. Over the long term, it=
seems more likely that the exquisitely composed work on paper has more roo=
m to appreciate in the future as Mitchell’s prices seem to be breakin=
g out toward a new level. </span></p></li><li style=3D"margin: 8px 0 0 32p=
x;"><p style=3D"box-sizing: border-box; color: rgb(64, 64, 64); font-size: =
16px; line-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><=
strong><a href=3D"https://substack.com/redirect/55842292-649f-4921-8408-2d8=
b75750c54?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gW=
dY" rel style=3D"color: rgb(64, 64, 64); text-decoration: underline;">Louis=
e Bonnet in the New Yorker:</a><span> </span></strong><span>Naomi Fry’=
;s thrilling interview with Louise Bonnet is worth reading for its upliftin=
g tone and wry sense of self. The art influences and late-blooming career a=
re only a bonus. Here’s a sample: “In the art world, often, you=
’re successful as a woman either when you’re straight out of, l=
ike, Yale, and you’re twenty-six, or you’re eighty. But I think=
I got unbelievably lucky on many levels. I came along at a point when peop=
le were realizing there weren’t enough women in their programs. And I=
was making something that was right for the moment, so I’m very awar=
e of the fact that, because it’s successful, there will be a backlash=
that’s probably coming soon. So that’s why I’m just tryi=
ng to do what I want—because, when the backlash comes, I won’t =
care.”</span></p></li></ol><div style=3D"font-size: 16px; line-height=
: 26px;"><hr style=3D"background: #e0e0e0; border: none; height: 1px; margi=
n: 32px 0; padding: 0;"></div><h2 class=3D"header-with-anchor-widget" style=
=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoothing: antialias=
ed; -webkit-appearance: optimizelegibility; -webkit-font-smoothing: antiali=
ased; appearance: optimizelegibility; color: rgb(64, 64, 64); font-family: =
'SF Compact Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto=
, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Seg=
oe UI Symbol'; font-size: 1.625em; font-weight: bold; line-height: 1.16em; =
margin: 1em 0 0.625em 0; position: relative;">Price Points</h2><h4 class=3D=
"header-with-anchor-widget" style=3D"-moz-appearance: optimizelegibility; -=
moz-osx-font-smoothing: antialiased; -webkit-appearance: optimizelegibility=
; -webkit-font-smoothing: antialiased; appearance: optimizelegibility; colo=
r: rgb(64, 64, 64); font-family: 'SF Compact Display', -apple-system, Blink=
MacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Col=
or Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.125em; font-we=
ight: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; position: relativ=
e;">Here’s what you could buy in the New York auctions for nearly the=
same price:</h4><h4 class=3D"header-with-anchor-widget" style=3D"-moz-appe=
arance: optimizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-a=
ppearance: optimizelegibility; -webkit-font-smoothing: antialiased; appeara=
nce: optimizelegibility; color: rgb(64, 64, 64); font-family: 'SF Compact D=
isplay', -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;">$40 million</h4><div data-component-name=
=3D"ImageGalleryStatic" class=3D"frontend-components-ImageGallery-module__s=
tatic--gQ9AX frontend-components-ImageGallery-module__imageGallery--shoTe" =
style=3D"font-size: 16px; line-height: 26px; margin: 32px 0; margin-inline-=
end: 0; margin-inline-start: 0; width: 100%;"><img src=3D"https://substackc=
dn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/h=
ttps%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F111e9=
5b8-344f-47eb-88b5-83343f428aba_1456x474.png" alt style=3D"-ms-interpolatio=
n-mode: bicubic; border: none !important; display: block; height: auto; mar=
gin: 0 auto; max-width: 100%; vertical-align: middle;"><div class=3D"fronte=
nd-components-ImageGallery-module__imageCaption--JESLj frontend-components-=
ImageGallery-module__static--gQ9AX" style=3D"color: #808080; font-size: cal=
c(14px + 0px); font-weight: 400; letter-spacing: -.15px; line-height: 20px;=
margin-left: 15%; margin-right: 15%; margin-top: 12px; text-align: center;=
">Jasper Johns, Two Flags ($41,000,000); Picasso, Femme endormie ($42,960,0=
00; Ed Ruscha, Securing the Last Letter (Boss) ($39,400,500) </div></div><h=
4 class=3D"header-with-anchor-widget" style=3D"-moz-appearance: optimizeleg=
ibility; -moz-osx-font-smoothing: antialiased; -webkit-appearance: optimize=
legibility; -webkit-font-smoothing: antialiased; appearance: optimizelegibi=
lity; color: rgb(64, 64, 64); font-family: 'SF Compact Display', -apple-sys=
tem, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, =
'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.125e=
m; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; positio=
n: relative;">$30 million</h4><div data-component-name=3D"ImageGalleryStati=
c" class=3D"frontend-components-ImageGallery-module__static--gQ9AX frontend=
-components-ImageGallery-module__imageGallery--shoTe" style=3D"font-size: 1=
6px; line-height: 26px; margin: 32px 0; margin-inline-end: 0; margin-inline=
-start: 0; width: 100%;"><img src=3D"https://substackcdn.com/image/fetch/w_=
1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack=
-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3358498d-a4c8-4635-8b9a-97=
3f732496d9_1456x720.png" alt style=3D"-ms-interpolation-mode: bicubic; bord=
er: none !important; display: block; height: auto; margin: 0 auto; max-widt=
h: 100%; vertical-align: middle;"><div class=3D"frontend-components-ImageGa=
llery-module__imageCaption--JESLj frontend-components-ImageGallery-module__=
static--gQ9AX" style=3D"color: #808080; font-size: calc(14px + 0px); font-w=
eight: 400; letter-spacing: -.15px; line-height: 20px; margin-left: 15%; ma=
rgin-right: 15%; margin-top: 12px; text-align: center;">Joan Mitchell, Unti=
tled ($29,160,000); Claude Monet, Poplars near Epte ($30,783,000)</div></di=
v><h4 class=3D"header-with-anchor-widget" style=3D"-moz-appearance: optimiz=
elegibility; -moz-osx-font-smoothing: antialiased; -webkit-appearance: opti=
mizelegibility; -webkit-font-smoothing: antialiased; appearance: optimizele=
gibility; color: rgb(64, 64, 64); font-family: 'SF Compact Display', -apple=
-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-ser=
if, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.=
125em; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; pos=
ition: relative;">$15 million</h4><div data-component-name=3D"ImageGalleryS=
tatic" class=3D"frontend-components-ImageGallery-module__static--gQ9AX fron=
tend-components-ImageGallery-module__imageGallery--shoTe" style=3D"font-siz=
e: 16px; line-height: 26px; margin: 32px 0; margin-inline-end: 0; margin-in=
line-start: 0; width: 100%;"><img src=3D"https://substackcdn.com/image/fetc=
h/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubs=
tack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F489484ad-2797-4520-a7d=
e-c877190bd0d9_1456x720.png" alt style=3D"-ms-interpolation-mode: bicubic; =
border: none !important; display: block; height: auto; margin: 0 auto; max-=
width: 100%; vertical-align: middle;"><div class=3D"frontend-components-Ima=
geGallery-module__imageCaption--JESLj frontend-components-ImageGallery-modu=
le__static--gQ9AX" style=3D"color: #808080; font-size: calc(14px + 0px); fo=
nt-weight: 400; letter-spacing: -.15px; line-height: 20px; margin-left: 15%=
; margin-right: 15%; margin-top: 12px; text-align: center;">Tamara de Lempi=
cka, Fillette en rose ($$14,785,000); Balthus, La Patience ($14,697,000)</d=
iv></div><h4 class=3D"header-with-anchor-widget" style=3D"-moz-appearance: =
optimizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-appearanc=
e: optimizelegibility; -webkit-font-smoothing: antialiased; appearance: opt=
imizelegibility; color: rgb(64, 64, 64); font-family: 'SF Compact Display',=
-apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, s=
ans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-s=
ize: 1.125em; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.625em=
0; position: relative;">$10 million</h4><div data-component-name=3D"ImageG=
alleryStatic" class=3D"frontend-components-ImageGallery-module__static--gQ9=
AX frontend-components-ImageGallery-module__imageGallery--shoTe" style=3D"f=
ont-size: 16px; line-height: 26px; margin: 32px 0; margin-inline-end: 0; ma=
rgin-inline-start: 0; width: 100%;"><img src=3D"https://substackcdn.com/ima=
ge/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F=
%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F19929859-0939-4=
f76-beb3-b260f1f4e3c8_1456x720.png" alt style=3D"-ms-interpolation-mode: bi=
cubic; border: none !important; display: block; height: auto; margin: 0 aut=
o; max-width: 100%; vertical-align: middle;"><div class=3D"frontend-compone=
nts-ImageGallery-module__imageCaption--JESLj frontend-components-ImageGalle=
ry-module__static--gQ9AX" style=3D"color: #808080; font-size: calc(14px + 0=
px); font-weight: 400; letter-spacing: -.15px; line-height: 20px; margin-le=
ft: 15%; margin-right: 15%; margin-top: 12px; text-align: center;">Kerry Ja=
mes Marshall, Plunge ($10,275,500); Jenny Saville, Shift ($10,905,300)</div=
></div><h4 class=3D"header-with-anchor-widget" style=3D"-moz-appearance: op=
timizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-appearance:=
optimizelegibility; -webkit-font-smoothing: antialiased; appearance: optim=
izelegibility; color: rgb(64, 64, 64); font-family: 'SF Compact Display', -=
apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, san=
s-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-siz=
e: 1.125em; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.625em 0=
; position: relative;">$5 million</h4><div data-component-name=3D"ImageGall=
eryStatic" class=3D"frontend-components-ImageGallery-module__static--gQ9AX =
frontend-components-ImageGallery-module__imageGallery--shoTe" style=3D"font=
-size: 16px; line-height: 26px; margin: 32px 0; margin-inline-end: 0; margi=
n-inline-start: 0; width: 100%;"><img src=3D"https://substackcdn.com/image/=
fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2F=
substack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffa7f9413-e9fd-49ea=
-91a2-d16cbed2fb73_1456x720.png" alt style=3D"-ms-interpolation-mode: bicub=
ic; border: none !important; display: block; height: auto; margin: 0 auto; =
max-width: 100%; vertical-align: middle;"><div class=3D"frontend-components=
-ImageGallery-module__imageCaption--JESLj frontend-components-ImageGallery-=
module__static--gQ9AX" style=3D"color: #808080; font-size: calc(14px + 0px)=
; font-weight: 400; letter-spacing: -.15px; line-height: 20px; margin-left:=
15%; margin-right: 15%; margin-top: 12px; text-align: center;">Frantisek K=
upka, Composition triangulaire ($5,132,000); Willem de Kooning, Untitled ($=
5,505,000)</div></div><h4 class=3D"header-with-anchor-widget" style=3D"-moz=
-appearance: optimizelegibility; -moz-osx-font-smoothing: antialiased; -web=
kit-appearance: optimizelegibility; -webkit-font-smoothing: antialiased; ap=
pearance: optimizelegibility; color: rgb(64, 64, 64); font-family: 'SF Comp=
act Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvet=
ica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Sy=
mbol'; font-size: 1.125em; font-weight: bold; line-height: 1.16em; margin: =
1em 0 0.625em 0; position: relative;">$1 million</h4><div data-component-na=
me=3D"ImageGalleryStatic" class=3D"frontend-components-ImageGallery-module_=
_static--gQ9AX frontend-components-ImageGallery-module__imageGallery--shoTe=
" style=3D"font-size: 16px; line-height: 26px; margin: 32px 0; margin-inlin=
e-end: 0; margin-inline-start: 0; width: 100%;"><img src=3D"https://substac=
kcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep=
/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F84f=
af0e1-fdde-461d-80a2-734a296e04df_1456x474.png" alt style=3D"-ms-interpolat=
ion-mode: bicubic; border: none !important; display: block; height: auto; m=
argin: 0 auto; max-width: 100%; vertical-align: middle;"><div class=3D"fron=
tend-components-ImageGallery-module__imageCaption--JESLj frontend-component=
s-ImageGallery-module__static--gQ9AX" style=3D"color: #808080; font-size: c=
alc(14px + 0px); font-weight: 400; letter-spacing: -.15px; line-height: 20p=
x; margin-left: 15%; margin-right: 15%; margin-top: 12px; text-align: cente=
r;">John Baldessari, Source ($1,079,500); Lucy Bull, Dark Companion ($1,041=
,400); Sam Gilliam, Bubble ($1,079,500)</div></div><h4 class=3D"header-with=
-anchor-widget" style=3D"-moz-appearance: optimizelegibility; -moz-osx-font=
-smoothing: antialiased; -webkit-appearance: optimizelegibility; -webkit-fo=
nt-smoothing: antialiased; appearance: optimizelegibility; color: rgb(64, 6=
4, 64); font-family: 'SF Compact Display', -apple-system, BlinkMacSystemFon=
t, '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;">$500,000=
</h4><div data-component-name=3D"ImageGalleryStatic" class=3D"frontend-comp=
onents-ImageGallery-module__static--gQ9AX frontend-components-ImageGallery-=
module__imageGallery--shoTe" style=3D"font-size: 16px; line-height: 26px; m=
argin: 32px 0; margin-bottom: 0; margin-inline-end: 0; margin-inline-start:=
0; width: 100%;"><img src=3D"https://substackcdn.com/image/fetch/w_1456,c_=
limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-m=
edia.s3.amazonaws.com%2Fpublic%2Fimages%2Fdfcc4c24-02bb-46df-a0f7-d510b3aa7=
838_1456x720.png" alt style=3D"-ms-interpolation-mode: bicubic; border: non=
e !important; display: block; height: auto; margin: 0 auto; max-width: 100%=
; vertical-align: middle;"><div class=3D"frontend-components-ImageGallery-m=
odule__imageCaption--JESLj frontend-components-ImageGallery-module__static-=
-gQ9AX" style=3D"color: #808080; font-size: calc(14px + 0px); font-weight: =
400; letter-spacing: -.15px; line-height: 20px; margin-left: 15%; margin-ri=
ght: 15%; margin-top: 12px; text-align: center;">Henry Taylor, L.W. Robinso=
n ($482,600); Salvo, Prima Primavera ($495,300)</div></div></div></div><div=
class=3D"container-border" style=3D"border-top: 1px solid #e0e0e0; box-siz=
ing: border-box; font-size: 16px; line-height: 26px; margin: 32px 0 0; widt=
h: 100%;"></div><div class=3D"post-cta typography markup" style=3D"font-fam=
ily: 'SF Pro Display', -apple-system, BlinkMacSystemFont, 'Inter', 'Segoe U=
I', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Em=
oji', 'Segoe UI Symbol'; font-size: 16px; font-weight: 400; line-height: 26=
px; margin: 32px 0; margin-bottom: 32px; text-align: initial; word-break: b=
reak-word;"><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-heigh=
t: 26px; margin: auto; margin-top: 0; max-width: 384px; text-align: center;=
width: 90%;" class=3D"referrals-cta-text"></p><h4 style=3D"-moz-appearance=
: optimizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-appeara=
nce: optimizelegibility; -webkit-font-smoothing: antialiased; appearance: o=
ptimizelegibility; color: rgb(64, 64, 64); font-family: 'SF Compact Display=
', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial,=
sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font=
-size: 1.125em; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.625=
em 0; text-align: center;">Invite your friends and earn rewards</h4><div st=
yle=3D"font-size: 14px; line-height: 26px; text-align: center;">If you enjo=
y Artelligence, share it with your friends and earn rewards when they subsc=
ribe.</div><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height=
: 26px; margin: 0 auto 20px; text-align: center; width: 90%;"></p><p class=
=3D"cta-box" style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height:=
26px; margin: 0 auto 20px; margin-bottom: 0; margin-left: auto; margin-rig=
ht: auto; text-align: center; width: 90%;"><a role=3D"button" href=3D"https=
://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2VuY2Uuc3Vic3RhY2su=
Y29tL2xlYWRlcmJvYXJkPz0mcmVmZXJyZXJfdG9rZW49MjdjZXI5JnI9MjdjZXI5JnV0bV9jYW1=
wYWlnbj1lbWFpbC1sZWFkZXJib2FyZCIsInAiOjEzOTE4Mzk1NCwicyI6MjI1OSwiZiI6dHJ1ZS=
widSI6MTMzMjY4NjYxLCJpYXQiOjE3MDEwOTI3NzcsImV4cCI6MTcwMzY4NDc3NywiaXNzIjoic=
HViLTAiLCJzdWIiOiJsaW5rLXJlZGlyZWN0In0.nQRjxBm4dvo0ZMWHBXwN21CEA_2BRxi8_diM=
XIRlSQc?&utm_source=3Dsubstack&utm_medium=3Demail&utm_content=3Dpostcta" cl=
ass=3D"button primary" style=3D"background-color: #653366; border: none; bo=
rder-radius: 6px; box-sizing: border-box; color: #ffffff !important; cursor=
: pointer; display: inline-block; font-family: -apple-system, BlinkMacSyste=
mFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji=
', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 14px; font-weight: 600; =
height: 40px; line-height: 20px; margin: 0; opacity: 1; outline: none; padd=
ing: 10px 20px; text-align: center; text-decoration: none !important; white=
-space: nowrap;">Invite Friends</a></p></div><table role=3D"presentation" w=
idth=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" class=3D"ema=
il-ufi-2-bottom" style=3D"border-bottom: 1px solid rgba(0, 0, 0, .13); bord=
er-top: 1px solid rgba(0, 0, 0, .13); min-width: 100%;"><tr height=3D"16"><=
td height=3D"16" style=3D"font-size: 0px; line-height: 0;"> </td></tr>=
<tr><td><table role=3D"presentation" width=3D"100%" border=3D"0" cellspacin=
g=3D"0" cellpadding=3D"0"><tr><td><table role=3D"presentation" width=3D"aut=
o" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" style=3D"margin: 0 auto=
;"><tr><td style=3D"vertical-align: middle;"><table role=3D"presentation" w=
idth=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td alig=
n=3D"center"><a href=3D"https://substack.com/app-link/post?publication_id=
=3D2259&post_id=3D139183954&utm_source=3Dsubstack&isFreemail=3Dtrue&submitL=
ike=3Dtrue&token=3DeyJ1c2VyX2lkIjoxMzMyNjg2NjEsInBvc3RfaWQiOjEzOTE4Mzk1NCwi=
cmVhY3Rpb24iOiLinaQiLCJpYXQiOjE3MDEwOTI3NzcsImV4cCI6MTcwMzY4NDc3NywiaXNzIjo=
icHViLTIyNTkiLCJzdWIiOiJyZWFjdGlvbiJ9.2qmDIGCApOh5x3BJNxnSZ-KkM514uVT2ePyS8=
1BKXz4&utm_medium=3Demail&utm_campaign=3Demail-reaction&r=3D27cer9" class=
=3D"email-button-outline" style=3D"border: 1px solid rgba(0, 0, 0, .13); bo=
rder-radius: 100000px; color: rgb(128, 128, 128); display: inline-block; fo=
nt-family: 'SF Pro Text', -apple-system, ui-sans-serif, BlinkMacSystemFont,=
'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Se=
goe UI Emoji', 'Segoe UI Symbol'; font-size: 12px; font-weight: 500; line-h=
eight: 12px; padding: 9px 14px; text-decoration: none; text-transform: uppe=
rcase;"><img src=3D"https://substackcdn.com/image/fetch/w_36,c_scale,f_png,=
q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack.com%2Ficon%2FLucide=
Heart%3Fv%3D4%26height%3D36%26fill%3Dnone%26stroke%3D%2523808080%26strokeWi=
dth%3D2" width=3D"18" height=3D"18" style=3D"border: none !important; margi=
n-right: 8px; max-width: 18px; min-height: 18px; min-width: 18px; vertical-=
align: middle;" alt class=3D"icon"><span class=3D"email-button-text" style=
=3D"vertical-align: middle;">Like</span></a></td></tr></table></td><td widt=
h=3D"8" style=3D"min-width: 8px"></td><td style=3D"vertical-align: middle;"=
><table role=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D"0"=
cellpadding=3D"0"><tr><td align=3D"center"><a href=3D"https://substack.com=
/app-link/post?publication_id=3D2259&post_id=3D139183954&utm_source=3Dsubst=
ack&utm_medium=3Demail&isFreemail=3Dtrue&comments=3Dtrue&token=3DeyJ1c2VyX2=
lkIjoxMzMyNjg2NjEsInBvc3RfaWQiOjEzOTE4Mzk1NCwiaWF0IjoxNzAxMDkyNzc3LCJleHAiO=
jE3MDM2ODQ3NzcsImlzcyI6InB1Yi0yMjU5Iiwic3ViIjoicG9zdC1yZWFjdGlvbiJ9.Wz6autY=
ubsscvvY6LRncRIC8jYHk_LXb-H_L97eGFgc&r=3D27cer9&utm_campaign=3Demail-half-m=
agic-comments&utm_source=3Dsubstack&utm_medium=3Demail" class=3D"email-butt=
on-outline" style=3D"border: 1px solid rgba(0, 0, 0, .13); border-radius: 1=
00000px; color: rgb(128, 128, 128); display: inline-block; font-family: 'SF=
Pro Text', -apple-system, ui-sans-serif, BlinkMacSystemFont, 'Segoe UI', R=
oboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji',=
'Segoe UI Symbol'; font-size: 12px; font-weight: 500; line-height: 12px; p=
adding: 9px 14px; text-decoration: none; text-transform: uppercase;"><img s=
rc=3D"https://substackcdn.com/image/fetch/w_36,c_scale,f_png,q_auto:good,fl=
_progressive:steep/https%3A%2F%2Fsubstack.com%2Ficon%2FLucideComments%3Fv%3=
D4%26height%3D36%26fill%3Dnone%26stroke%3D%2523808080%26strokeWidth%3D2" wi=
dth=3D"18" height=3D"18" style=3D"border: none !important; margin-right: 8p=
x; max-width: 18px; min-height: 18px; min-width: 18px; vertical-align: midd=
le;" alt class=3D"icon"><span class=3D"email-button-text" style=3D"vertical=
-align: middle;">Comment</span></a></td></tr></table></td><td width=3D"8" s=
tyle=3D"min-width: 8px"></td><td style=3D"vertical-align: middle;"><table r=
ole=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D"0" cellpadd=
ing=3D"0"><tr><td align=3D"center"><a href=3D"https://substack.com/redirect=
/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2VuY2Uuc3Vic3RhY2suY29tL3Avd2hhdC13ZS1sZWFy=
bmVkLWxhc3Qtd2Vlay0yMzQ3P3V0bV9zb3VyY2U9c3Vic3RhY2smdXRtX21lZGl1bT1lbWFpbCZ=
hY3Rpb249cmVzdGFjay1jb21tZW50JnV0bV9jYW1wYWlnbj1lbWFpbC1yZXN0YWNrLWNvbW1lbn=
Qmcj0yN2NlcjkiLCJwIjoxMzkxODM5NTQsInMiOjIyNTksImYiOnRydWUsInUiOjEzMzI2ODY2M=
SwiaWF0IjoxNzAxMDkyNzc3LCJleHAiOjE3MDM2ODQ3NzcsImlzcyI6InB1Yi0wIiwic3ViIjoi=
bGluay1yZWRpcmVjdCJ9.SXPi8PtfdZV6a0K9xaHYi2KO-6SRVhmFhoMl_Ofj6EI?&utm_sourc=
e=3Dsubstack&utm_medium=3Demail" class=3D"email-button-outline" style=3D"bo=
rder: 1px solid rgba(0, 0, 0, .13); border-radius: 100000px; color: rgb(128=
, 128, 128); display: inline-block; font-family: 'SF Pro Text', -apple-syst=
em, ui-sans-serif, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial=
, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; fon=
t-size: 12px; font-weight: 500; line-height: 12px; padding: 9px 14px; text-=
decoration: none; text-transform: uppercase;"><img src=3D"https://substackc=
dn.com/image/fetch/w_36,c_scale,f_png,q_auto:good,fl_progressive:steep/http=
s%3A%2F%2Fsubstack.com%2Ficon%2FNoteForwardIcon%3Fv%3D4%26height%3D36%26fil=
l%3Dnone%26stroke%3D%2523808080%26strokeWidth%3D2" width=3D"18" height=3D"1=
8" style=3D"border: none !important; margin-right: 8px; max-width: 18px; mi=
n-height: 18px; min-width: 18px; vertical-align: middle;" alt class=3D"icon=
"><span class=3D"email-button-text" style=3D"vertical-align: middle;">Resta=
ck</span></a></td></tr></table></td></tr></table></td><td align=3D"right"><=
table role=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D"0" c=
ellpadding=3D"0"><tr></tr></table></td></tr></table></td></tr><tr height=3D=
"16"><td height=3D"16" style=3D"font-size: 0px; line-height: 0;"> </td=
></tr></table><div class=3D"footer frontend-email-shared-typed-module__foot=
er--B5jqg" style=3D"color: rgb(128, 128, 128); font-size: 16px; line-height=
: 26px; padding: 24px 0; text-align: center;"><div style=3D"font-size: 16px=
; line-height: 26px; padding-bottom: 24px;"><p class=3D"pencraft frontend-p=
encraft-Box-module__reset--VfQY8 frontend-pencraft-Text-module__size-12--Ko=
rQF frontend-pencraft-Text-module__color-secondary--WRADg frontend-pencraft=
-Text-module__reset--dW0zZ small frontend-email-shared-typed-module__meta--=
vRZSC" style=3D"color: rgb(128, 128, 128); font-family: -apple-system, Blin=
kMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Co=
lor Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 12px; letter-sp=
acing: 0; line-height: 16px; margin: 0; padding-bottom: 0; text-decoration:=
unset;">© 2023 <span>Marion Maneker</span><br>19 Jochum Ave., Larchmo=
nt, NY 10538 <br><a href=3D"https://substack.com/redirect/2/eyJlIjoiaHR0cHM=
6Ly9hcnRlbGxpZ2VuY2Uuc3Vic3RhY2suY29tL2FjdGlvbi9kaXNhYmxlX2VtYWlsP3Rva2VuPW=
V5SjFjMlZ5WDJsa0lqb3hNek15TmpnMk5qRXNJbkJ2YzNSZmFXUWlPakV6T1RFNE16azFOQ3dpY=
VdGMElqb3hOekF4TURreU56YzNMQ0psZUhBaU9qRTNNRE0yT0RRM056Y3NJbWx6Y3lJNkluQjFZ=
aTB5TWpVNUlpd2ljM1ZpSWpvaVpHbHpZV0pzWlY5bGJXRnBiQ0o5LkM4aUVRLUtGcjNRbmViM3J=
qaFd5dFRWcHFJMFRGVUdLSldkNFozR3RnLWsmZXhwaXJlcz0zNjVkIiwicCI6MTM5MTgzOTU0LC=
JzIjoyMjU5LCJmIjp0cnVlLCJ1IjoxMzMyNjg2NjEsImlhdCI6MTcwMTA5Mjc3NywiZXhwIjoxN=
zAzNjg0Nzc3LCJpc3MiOiJwdWItMCIsInN1YiI6ImxpbmstcmVkaXJlY3QifQ.TkcMwxNTONgiT=
3_gKpGOFnTJRGfO6GX4IBoK7feoLwA?" style=3D"color: rgb(128, 128, 128); text-d=
ecoration: underline;"><span style=3D"color: rgb(128, 128, 128); text-decor=
ation: underline;">Unsubscribe</span></a></p></div><p class=3D"frontend-ema=
il-shared-typed-module__footerSection--dumyu small powered-by-substack" sty=
le=3D"color: rgb(128, 128, 128); font-family: -apple-system, BlinkMacSystem=
Font, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji'=
, 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 12px; line-height: 20px; =
margin: 0; margin-top: 0; padding: 0 24px; padding-bottom: 0;"><a href=3D"h=
ttps://substack.com/redirect/d33d90ef-ddb1-4dda-bc32-d86b5c9a98c7?j=3DeyJ1I=
joiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" style=3D"color:=
rgb(128, 128, 128); display: inline-block; margin: 0 4px; text-decoration:=
none;"><img src=3D"https://substackcdn.com/image/fetch/w_260,c_limit,f_aut=
o,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack.com%2Fimg%2Femail=
%2Fgeneric-app-button%402x.png" srcset=3D"https://substackcdn.com/image/fet=
ch/w_130,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubs=
tack.com%2Fimg%2Femail%2Fgeneric-app-button.png, https://substackcdn.com/im=
age/fetch/w_260,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F=
%2Fsubstack.com%2Fimg%2Femail%2Fgeneric-app-button%402x.png 2x, https://sub=
stackcdn.com/image/fetch/w_390,c_limit,f_auto,q_auto:good,fl_progressive:st=
eep/https%3A%2F%2Fsubstack.com%2Fimg%2Femail%2Fgeneric-app-button%403x.png =
3x" width=3D"130" alt=3D"Get the app" height=3D"40" style=3D"border: none !=
important; max-width: 550px; vertical-align: middle;"></a><a href=3D"https:=
//substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9zdWJzdGFjay5jb20vc2lnbnVwP3V0b=
V9zb3VyY2U9c3Vic3RhY2smdXRtX21lZGl1bT1lbWFpbCZ1dG1fY29udGVudD1mb290ZXImdXRt=
X2NhbXBhaWduPWF1dG9maWxsZWQtZm9vdGVyJmZyZWVTaWdudXBFbWFpbD1lbnpvQHNob3dmaWx=
lLmNvbSZyPTI3Y2VyOSIsInAiOjEzOTE4Mzk1NCwicyI6MjI1OSwiZiI6dHJ1ZSwidSI6MTMzMj=
Y4NjYxLCJpYXQiOjE3MDEwOTI3NzcsImV4cCI6MTcwMzY4NDc3NywiaXNzIjoicHViLTAiLCJzd=
WIiOiJsaW5rLXJlZGlyZWN0In0.ieou0kVkYeNiT0QyoZVS3p0_4MvRZel__3bcsMhC36A?" st=
yle=3D"color: rgb(128, 128, 128); display: inline-block; margin: 0 4px; tex=
t-decoration: none;"><img src=3D"https://substackcdn.com/image/fetch/w_270,=
c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack.com%=
2Fimg%2Femail%2Fpublish-button%402x.png" srcset=3D"https://substackcdn.com/=
image/fetch/w_135,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%=
2F%2Fsubstack.com%2Fimg%2Femail%2Fpublish-button.png, https://substackcdn.c=
om/image/fetch/w_270,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%=
3A%2F%2Fsubstack.com%2Fimg%2Femail%2Fpublish-button%402x.png 2x, https://su=
bstackcdn.com/image/fetch/w_405,c_limit,f_auto,q_auto:good,fl_progressive:s=
teep/https%3A%2F%2Fsubstack.com%2Fimg%2Femail%2Fpublish-button%403x.png 3x"=
width=3D"135" alt=3D"Start writing" height=3D"40" style=3D"border: none !i=
mportant; max-width: 550px; vertical-align: middle;"></a></p></div></div></=
td><td></td></tr></table><img src=3D"https://eotrx.substackcdn.com/open?tok=
en=3DeyJtIjoiPDIwMjMxMTI3MTM0NTMyLjMuYTZkYjhhNmU1Nzg0YTRmNUBtZy1kMC5zdWJzdG=
Fjay5jb20-IiwidSI6MTMzMjY4NjYxLCJyIjoiZW56b0BzaG93ZmlsZS5jb20iLCJkIjoibWctZ=
DAuc3Vic3RhY2suY29tIiwicCI6MTM5MTgzOTU0LCJ0IjoibmV3c2xldHRlciIsImEiOiJldmVy=
eW9uZSIsInMiOjIyNTksImMiOiJwb3N0IiwiZiI6dHJ1ZSwicG9zaXRpb24iOiJib3R0b20iLCJ=
pYXQiOjE3MDEwOTI3NzksImV4cCI6MTcwMzY4NDc3OSwiaXNzIjoicHViLTAiLCJzdWIiOiJlby=
J9.PFGFqn-ncsjmdxqkGEiQdIAMsCmpCrG9pn-p60oc5e8" alt=3D"" width=3D"1" height=
=3D"1" border=3D"0" style=3D"height:1px !important;width:1px !important;bor=
der-width:0 !important;margin-top:0 !important;margin-bottom:0 !important;m=
argin-right:0 !important;margin-left:0 !important;padding-top:0 !important;=
padding-bottom:0 !important;padding-right:0 !important;padding-left:0 !impo=
rtant;"/><img width=3D"1px" height=3D"1px" alt=3D"" src=3D"https://email.mg=
-d0.substack.com/o/eJw00Emu4yAQxvHThF1bDGZacBarMIWDGkPE0JH79E8Z3vYr6a-faoeB=
R22Xe9Q-SHBKQJSBoGOaMmq5oYbgCSlvBxZsMDBsMH6vWlshNbk7y1evoqYSrY7SMioMShMxcst=
DYJ4kxykXjHHNxCoFX8QCKngDCqU2K6xR3lZ6Hn8CXfr0fcD-d9nrSVLfYsM3wY02kbygG8yQsO=
zo8B-2q5bvnIJjwjIjrFw_y7ge6Ao-e8YxsJHH9Ntez3OWNK4NC_iM4RuePqcdRqrlFeJcWtIcl=
v_1ttJ-r8-YMr5NffpQT0jFQRuYczpeFjI-T5wd20ciuDJKsZ8AAAD__80odoU"></body></ht=
ml>
--a61fb35d213abc4cb33b69682c664434711af77da79157774d723d51694c--