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File: D:/hMailServer/Data/showfile.com/admin/B5/{B52F4955-2AD8-48C7-AE37-E75F248B846B}.eml
Date: Tue, 27 Dec 2022 08:31:49 -0500
From: LiveArt <hello@liveart.io>
Reply-To: hello@liveart.io
To: enzo@showfile.com
Message-ID: <1672147822039.0fd5016a-1b77-4183-a234-b9240c0e5aeb@bf08.eu1.hubspotemail.net>
Subject: Auction Houses Ask the $16 Billion Question
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Sales were through the roof in 2022 but=E2=80=94in the future=E2=80=94who w=
ill be the new buyers, how will the houses attract them and what objects wi=
ll make them spend?

LiveArt (https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/VVtJWJ3VmlF_W4Q=
L4tc1k6J4gW8BHpjy4V3xQQN7TcW1V3pdqSV1-WJV7CgR08W1chyc_10tx7gW9jk3_62Psv_HW6=
B5V6q6V7b-PN3kV8M8n2ys9V5j9PQ4Th5pGW66JNjp2PYxn1W2t_Q1f1j_XfJW7109Ly4jRq01W=
6Ncw1N4nwQpWVpWf_z4WsNmpW8cRGHB6Zr7JzW7LSD8Q44Zz7nW1NCG6x1FjG3hW6CqZQS8xyc5=
yW47NnbW4Xb6LvW6GKtBc99kjNzW6FQYRN29j3MFN9k8hYLqMX8JW5c6kW11JczDwW8nNYD64zV=
xZH3dKD1 )

Sales were through the roof in 2022 but=E2=80=94in the future=E2=80=94who w=
ill be the new buyers, how will the houses attract them and what objects wi=
ll make them spend?

Sotheby's 2022 (https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/VVtJWJ3V=
mlF_W4QL4tc1k6J4gW8BHpjy4V3xQQN7TcW2N3pdrLV1-WJV7CgBd_W6zjfhB5vW26CW1_qgQz4=
SjsbJW5-z3-m2FhTCdW2LmjXr2ZlKybW9jdQHv2fFM6CW5qWVFb3BymmPN13SWc97zKHvW4YVxl=
C3-FQ-9N1bLCP9hV3bWW8VfQJp6TRTwjW3MBhW73RKTq1W2gNs0m4fCLXnW8C2VRZ2hz_1fW6T7=
hWG5NCv1NW3hnbrt7-rzz9W25p1J322tMFNW1TjjJQ5rbDmBW8C0JhH1dbb4RW60Q2_z8WGSyKW=
5QY1lg29XhqVW6Kq6NB3tc83xW3Sljk446VH47W2y6cFv8sGj1RW6_cLPk5rqyjVVB72mV9lWBP=
6W5slbP26GNWlr3my11 )

Together, Phillips, Sotheby=E2=80=99s and Christie=E2=80=99s were able to s=
ell more than $16.16 billion in art and luxury goods to buyers around the w=
orld. Competitive auctions=E2=80=94in person or online=E2=80=94accounted fo=
r $13.6 billion of the art market=E2=80=99s total; and another $2.56 billio=
n was spent in private sales orchestrated by the auction house=E2=80=99s va=
st network of representatives.

Private sales significantly increased a few years ago but have now stabiliz=
ed around $1 billion for each of the major houses and $250 million for Phil=
lips. Given Phillips=E2=80=99s small size and reach, the $250 million there=
 is notable for being a much higher percentage of overall sales than at the=
 major houses. Phillips has also seen a 20% rise in private sales volume wh=
ich is higher than the big houses.

Christie=E2=80=99s edged out Sotheby=E2=80=99s in private sales by around $=
100 million or less than 10% of the private sales total for each house. Chr=
istie=E2=80=99s declared $1.21 billion in private sales for 2022 in its fin=
al year-end statement; Sotheby=E2=80=99s said it had sold $1.1 billion.

The big difference in overall results came in auction sales. Christie=E2=80=
=99s had $7.2 billion to Sotheby=E2=80=99s $5.4 billion. (Sotheby=E2=80=99s=
 had an additional billion in auction sales from vintage cars and its new r=
eal estate auction businesses but Christie=E2=80=99s does not have comparab=
le businesses in those areas so we=E2=80=99ve separated that out.) Much of =
the difference in art and luxury auction sales (but not all of it) comes fr=
om the Paul Allen collection which accounted for $1.6 billion in auction sa=
les at Christie=E2=80=99s.

2022 Auction House Sales (https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp0=
4/VVtJWJ3VmlF_W4QL4tc1k6J4gW8BHpjy4V3xQQN7TcW2N3pdrLV1-WJV7CgBd_W6zjfhB5vW2=
6CW1_qgQz4SjsbJW5-z3-m2FhTCdW2LmjXr2ZlKybW9jdQHv2fFM6CW5qWVFb3BymmPN13SWc97=
zKHvW4YVxlC3-FQ-9N1bLCP9hV3bWW8VfQJp6TRTwjW3MBhW73RKTq1W2gNs0m4fCLXnW8C2VRZ=
2hz_1fW6T7hWG5NCv1NW3hnbrt7-rzz9W25p1J322tMFNW1TjjJQ5rbDmBW8C0JhH1dbb4RW60Q=
2_z8WGSyKW5QY1lg29XhqVW6Kq6NB3tc83xW3Sljk446VH47W2y6cFv8sGj1RW6_cLPk5rqyjVV=
B72mV9lWBP6W5slbP26GNWlr3my11 )

The importance of large collections coming to term was brought home this ye=
ar. Christie=E2=80=99s was able to sell three of the largest single-owner c=
ollections ever to come to auction: Allen, Anne Bass and the Ammann collect=
ions. They accounted for nearly a third of Christie=E2=80=99s auction sales=
. Sotheby=E2=80=99s had its own list of significant collections (Solinger, =
Hotung and the strong second half of the Macklowe sale) this year, too.

One question that has perturbed the art market has been whether the great w=
orks purchased by the generation that is now passing would be of interest=
=E2=80=94and valued by=E2=80=94the next generation. This year=E2=80=99s auc=
tion sales certainly proved that Gen X collectors, those who come after the=
 Baby Boomers and are now reaching their prime earning, wealth and spending=
 years, are up for the task. In their results, the auction houses have turn=
ed their attention toward =E2=80=9Cmillennials=E2=80=9D who are now interfa=
cing with Sotheby=E2=80=99s and Christie=E2=80=99s primarily through the lu=
xury departments.

Luxury sales=E2=80=94that=E2=80=99s everything that the auction houses sell=
 at auction or privately that=E2=80=99s not art (primarily, but not exclusi=
vely, jewelry, watches and handbags)=E2=80=94continue to account for a subs=
tantial portion of the overall business. At Christie=E2=80=99s the number w=
as $779 million. Sotheby=E2=80=99s sold $924 million in luxury items.

According to their release, 36% of Christie=E2=80=99s new clients came to t=
he company through luxury sales. At Sotheby=E2=80=99s, half of the bidders =
in the luxury category were new clients. Now you can see why these relative=
ly small departments are so important. They=E2=80=99re the gateway to bigge=
r ticket purchases. These new clients skew toward the =E2=80=9Cmillennial=
=E2=80=9D age group.

Ed Ruscha (https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/VVtJWJ3VmlF_W=
4QL4tc1k6J4gW8BHpjy4V3xQQN7TcW293pdr7V1-WJV7CgNZ7Vgn3J896HjM4W8Q4Mlw469kg4W=
13jqvk2n1h71Mg7MsP6BgpHW5HJhQ24F1TTGW2cks9271M3H2W52HGC-6tNGZlW8sqM314wkSn5=
W12cQDR8XzFX0VRFVyn6TRpSqVr4BS43f7yhHW6NMgNr1HphvMW8WK0rg7dCKwtW3gjnQB4Pnv5=
CW31jS3d7r8qsyW5SJ0Ng39c3t5W7DQZHF6rMQj5N5BGL0vc1PdWW500DZG57TL2JW4rR44s1cl=
P9VW4HLQ1M62Vt6sW6psCQP3sbKMb3pfG1 )

Adrian Ghenie (https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/VVtJWJ3Vm=
lF_W4QL4tc1k6J4gW8BHpjy4V3xQQN7TcW293pdr7V1-WJV7CgVzcVRBw187p31TZVwrZG-7LWp=
yGW6B65c71zy2zdW61tnBR3WbdbQW6_HJ78377sBZW3DxHj16gcP34N7pw345_L97kW7v2NbX99=
JBtXW692ybt21G58KW2HShXb12MslYW2mSp8w2Pbh3xW1NZWDy46V5fHN76HvKrykR9BW45sBK-=
6b-TzpW2qJc9B797BXlW6wXkhp1NxvfZW84dKmY6TZlwLW6jSx1B6vNykjW348VbH4ksKk0W6vz=
7vP8C0M9WW8LSj6Q5XNpygW7CpGgz4hjjr934TB1 )

View all requests (https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/VVtJW=
J3VmlF_W4QL4tc1k6J4gW8BHpjy4V3xQQN7TcW1V3pdqSV1-WJV7CgBCqW7_7WcX8db4l-V6Gxs=
125Z84yW86396C4clq3DW3MDsgM57BqbJW3YV2PR2NK4KNW1_pb6_8v9dWCW2rl_v37fMlgVVqf=
RVP8ZQrRxW14RdqS67r-23W6XjSFD7b2MV6Md8ZDGcm4RdW7mK2ZG17JB-VW31d_5820JyNkVH4=
bXB4kVz4JW7JfcNX6C58-NW3MLQLM46q8ccN3NcHf1Vg2BpVpbggf23-SJpW91vrVz8RtTNZW74=
H1dH7hXwvc38nt1 )

At Christie=E2=80=99s, 21% of all buyers were =E2=80=9Cmillennials.=E2=80=
=9D They also accounted for a third of new clients. Those younger buyers ar=
e mostly from Asia. Here=E2=80=99s how Christie=E2=80=99s phrased it [and t=
he emphasis is theirs]: =E2=80=9COf the spend from millennials, in Christie=
=E2=80=99s global salerooms in 2022, 62% came from millennials in APAC.=E2=
=80=9C

To take it even further, Christie=E2=80=99s revealed in its presentation to=
 the press that millennials spent $110 million with the house, 89% of it di=
gitally. Nearly half of the millennial buyers were from Asia but they spent=
 a full $70 million or close to two-thirds of the total. Clearly, Asian mil=
lennials punch above their weight class.

Sotheby=E2=80=99s confirms this trend. Their data shows the client base in =
Asia expanding with a =E2=80=9Crecord number of bidders, and marked increas=
e in levels of under 40s bidding in Sotheby=E2=80=99s sales (having tripled=
 this year). Asian collectors are spending more per person on average than =
collectors from elsewhere in the world (just over 20%); and bidding 40% mor=
e per person on average. =E2=80=A6 in Sotheby=E2=80=99s global sales, 68% o=
f new bidders were from countries in Asia.=E2=80=9D

Now, here=E2=80=99s where the blizzard of detail gets interesting. Asian bu=
yers were crucial to the success of the art market in 2022. But their parti=
cipation significantly took place outside of Asia. Part of the reason for t=
his was the global composition of sales. Big collections dominated the year=
. Those big collections tend to be sold in New York. But Asian buyers showe=
d up there even though the sales volume in the region was down.

Christie=E2=80=99s sales in Asia fell 20% in dollars versus 2021. Getting g=
ranular with Christie=E2=80=99s data, we learn that the only category that =
did not grow last year (between 20/21, Luxury, Classics and Asian & World A=
rt) was Asian & World Art. It too was down 20% in dollars. As demand for ar=
t increased, the market for Asian art is contracting. But that doesn=E2=80=
=99t mean Asian buyers are sitting out. Collectors from APAC bought 29% of =
the value of the Paul Allen collection, the biggest single-owner art collec=
tion ever sold. They spent $460 million! That=E2=80=99s more than the whole=
 Asian and World Art category at Christie=E2=80=99s.

Just to dwell on this for a moment. These numbers outline a real change in =
taste=E2=80=94at least for now!=E2=80=94among the preponderance of Asian bu=
yers who now seem to want Contemporary art and high-value Modern and Post-w=
ar art, the kind you buy in New York (and sometimes London.)

Jonathan Chapline (https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/VVtJW=
J3VmlF_W4QL4tc1k6J4gW8BHpjy4V3xQQN7TcW2t3pdrrV1-WJV7CgVymW8FjNfW89mvXPW5Rqp=
kV3qvPnwW8jBWpr7pQYnkN5_zxGDD53nYW6h4Gy25cFcLSW1xrHDx2S2h2fW7l13rg4SJ36HW6B=
MB3W7Px61cW3_d6W543G1lWW5XYn_c5G-kRNN7jSyrpL-bBdN7MxK8qQPPL_W66xXk01hV957N5=
Xs3QZgJryrVfx2Hh5vwW5JW7x4tST31NP1MN4My9s7sZsR1VDpSWy31wMRdN7M1ZLn_1NHlW6Jj=
T-H6wsjJVN2YSDwjfhvj1W74M6bB1g4bwmW5MmwQk8JblHtVX4Hfz8dFBvl3pCv1 )

Kyle Dunn (https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/VVtJWJ3VmlF_W=
4QL4tc1k6J4gW8BHpjy4V3xQQN7TcW2t3pdrrV1-WJV7CgCzTVyxGlN1-m3LSW8rs1q-7nZKXwV=
_GBHF3RfZgHW7b-YQ663n1XmW4VFd2z9kRvhcW64SLvn8xFV0cV8K_VG2lr1lpW4BzgD18ZmLLd=
W6Zqkvw2293K8W3Z71mc3KYm8YMryH-B-Y0c8W4YC-rf2KnYWfW6c4xJ479-bkDW5t5z3C8lXRR=
fMnzSdQzK-sPW7YzWyW1Px_RqVrLz6B3-rQP8W3yggRL2xqb3mN26ScKRPm7CyW6wWJbf5rHJ6d=
W64gFMX4gV0gkVVPrYm4sfpnZW6jM5qS4mtGqhW6y4Dqf13WXrb2BG1 )

View all requests (https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/VVtJW=
J3VmlF_W4QL4tc1k6J4gW8BHpjy4V3xQQN7TcW1V3pdqSV1-WJV7CgBCqW7_7WcX8db4l-V6Gxs=
125Z84yW86396C4clq3DW3MDsgM57BqbJW3YV2PR2NK4KNW1_pb6_8v9dWCW2rl_v37fMlgVVqf=
RVP8ZQrRxW14RdqS67r-23W6XjSFD7b2MV6Md8ZDGcm4RdW7mK2ZG17JB-VW31d_5820JyNkVH4=
bXB4kVz4JW7JfcNX6C58-NW3MLQLM46q8ccN3NcHf1Vg2BpVpbggf23-SJpW91vrVz8RtTNZW74=
H1dH7hXwvc38nt1 )

Although the Paul Allen collection represents a substantial portion of Chri=
stie=E2=80=99s sales and even of the entire auction market for the year, it=
 only encompasses a small number of lots. Christie=E2=80=99s overall lot co=
unt was up in 2022 to 46,322 from 43,386 in 2021. That=E2=80=99s an almost =
7% rise in lots. Sotheby=E2=80=99s had even more lots sell. Their count was=
 59,000 lots sold, a full 28% more than Christie=E2=80=99s.

Perhaps more telling about the overall health of the art market and indicat=
ive of future demand, Christie=E2=80=99s sold 85% of the lots that it offer=
ed in 2022. Sotheby=E2=80=99s doesn=E2=80=99t track the sell through rate b=
ut in the past has reported similar numbers. The 85% figure is historically=
 high. Sell-through rates have been creeping up over the last several years=
. Last year, Christie=E2=80=99s sell-through rate was slightly higher at 86=
%.

The top line numbers for the art market have risen on the growing sales of =
superlative collections like Paul Allen=E2=80=99s. But the numbers also sho=
w something quite different. Christie=E2=80=99s pointed out that its global=
 sell-through rate was a whopping 85%. This is down slightly from the previ=
ous year=E2=80=99s astonishing 86%. But a 1% drop in sell-through to achiev=
e a 7% rise in sold lots isn=E2=80=99t a bad trade off.

Overall sell-through may seem like a wonky statistic=E2=80=94and it is. But=
 it is important in the broader transformation of the auction houses from w=
holesale businesses to retail ones. In fact, these historically high sell-t=
hrough rates are a sign that we have reached the end of that transformation=
. When auctions were a wholesale business, it didn=E2=80=99t really matter =
how many works failed. In fact, if an auction had too high a sell-through r=
ate the assumption was the auctioneers had not tried hard enough to bring m=
ore lots to auction to capitalize on demand.

Over the last decade and a half, we=E2=80=99ve seen sell-through rates rise=
 in the most visible auctions as the houses have become more focused on sal=
e management. But those events only account for a small portion of all the =
lots offered. A key emphasis for the auction houses=E2=80=94and this applie=
s even more for the luxury categories=E2=80=94is establishing for consumers=
 the idea that objects bought at auction will retain their value.

To achieve this, the vast army of auction house specialists across many dif=
ferent departments have had to become quite adroit at choosing objects to o=
ffer that have identifiable buyers and getting consignors to price those wo=
rks in a way that will achieve the consignors goals but not repel bidders. =
This has been the hidden transformation of the auction houses that is now b=
earing fruit in high sell-through rates.

More important for the future, this discipline will become even more centra=
l to the auction house=E2=80=99s value proposition as the auction market in=
evitably goes through a cooling or contracting cycle. The auction market pe=
aked in 2011, 2014, 2018 and 2021. This year was hardly a significant pullb=
ack. So logic suggests next year=E2=80=99s sales will be more focused and c=
onservative. In that sort of environment, judgment and skill in assessing t=
he market will become even more determinative of success and failure.

More Stories from LiveArt (https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp=
04/VVtJWJ3VmlF_W4QL4tc1k6J4gW8BHpjy4V3xQQN7TcW1V3pdqSV1-WJV7CgHRYW8kfKqz7SF=
crhW901DYG73KN9xW6kzSDW1JZcghW40wbKg5st__hW4QZ0nb9jkx6QW7PZ9n52x0gy6N3JCnsp=
kbHxrW5z_2W86CZCXPMRyQdPFMqSqW6nccZ61G97ZQVMWTkh77-9KFW9gxhMW4MZ4yYW3Xjmbc7=
b6NWHW6Pjvyj1ldhGbW21JqCg8CP86nW7sclrR8dFzTyW87rG_k4-jzY1W4s4QQS2rbG1XVcMC_=
F4rl1YTW830hxF4vvB1q3h5z1 )

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------=_Part_11692020_1601555373.1672147909181
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=3D"0" style=3D"border-collapse:collapse;mso-table-lspace:0pt;mso-table-rsp=
ace:0pt;width:600px">
<![endif]-->
<div id=3D"column_1660933446797_0" class=3D"hse-column hse-size-12">
  <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D=
"100%" style=3D"border-spacing:0 !important; border-collapse:collapse; mso-=
table-lspace:0pt; mso-table-rspace:0pt"><tbody><tr><td class=3D"hs_padded" =
style=3D"border-collapse:collapse; mso-line-height-rule:exactly; font-famil=
y:Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; =
padding:10px 20px 0px"><div id=3D"hs_cos_wrapper_module_16716521998617" cla=
ss=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" styl=
e=3D"color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos=
-general-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"hs_cos_wrap=
per_module_16716521998617_" class=3D"hs_cos_wrapper hs_cos_wrapper_widget h=
s_cos_wrapper_type_rich_text" style=3D"color: inherit; font-size: inherit; =
line-height: inherit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=
=3D"rich_text"><p style=3D"mso-line-height-rule:exactly; line-height:175%; =
font-weight:bold"><em>Sales were through the roof in 2022 but=E2=80=94in th=
e future=E2=80=94who will be the new buyers, how will the houses attract th=
em and what objects will make them spend?</em></p>
<ul style=3D"mso-line-height-rule:exactly; line-height:175%"></ul></div></d=
iv></td></tr></tbody></table>
<div id=3D"hs_cos_wrapper_module_16700026078925" class=3D"hs_cos_wrapper hs=
_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"color: inherit; fo=
nt-size: inherit; line-height: inherit;" data-hs-cos-general-type=3D"widget=
" data-hs-cos-type=3D"module">
=09
<table class=3D"hse-image-wrapper" role=3D"presentation" width=3D"100%" cel=
lpadding=3D"0" cellspacing=3D"0" style=3D"border-spacing:0 !important; bord=
er-collapse:collapse; mso-table-lspace:0pt; mso-table-rspace:0pt">
    <tbody>
        <tr>
            <td align=3D"center" valign=3D"top" style=3D"border-collapse:co=
llapse; mso-line-height-rule:exactly; font-family:Arial, sans-serif; color:=
#000000; word-break:break-word; text-align:center; padding:10px 20px; font-=
size:0px">
               =20
                    <a href=3D"https://email02.liveart.io/e3t/Ctc/DO+113/d2=
xBdp04/VVtJWJ3VmlF_W4QL4tc1k6J4gW8BHpjy4V3xQQN7TcW2N3q3n_V1-WJV7CgNWFW2hkpr=
B47W_t0W3jnDNl2L_44VW4tCJmz1xl8W1W6HnlND2C-pWpVRyjnc1mxpx0W1Cb9-P3zztXnW4H1=
y3867sVxgW2cL-847ndG0ZW2nQ4xM1brSJtW8XM_jR1Xx43_N215t5s_gJKTW6jKFx_60XSN5W2=
G8RvF43wmYlN4Hydh63Mmf6Vv3_kh7h4vYlW3cz9Tm4sxzQzW1WTv_S25swnzW3qjsbc45RclCW=
1FGb7L5CkvGMW1vV8053gbzPpW8nyBbY8Hh_PpW6K5p2V7PPJFDW275z397vWRcTV10K0031HLD=
HW1jnW3g7hWFs8W5_JS0B6pS0nl3d6L1" target=3D"_blank" style=3D"color:#00a4bd;=
 mso-line-height-rule:exactly" data-hs-link-id=3D"0">
               =20
                <img alt=3D"Sotheby's 2022" src=3D"https://email02.liveart.=
io/hs-fs/hubfs/XN_2RwhY-1.jpeg?width=3D1120&amp;upscale=3Dtrue&amp;name=3DX=
N_2RwhY-1.jpeg" style=3D"outline:none; text-decoration:none; -ms-interpolat=
ion-mode:bicubic; border:none; max-width:100%; font-size:16px" width=3D"560=
" align=3D"middle" srcset=3D"https://email02.liveart.io/hs-fs/hubfs/XN_2Rwh=
Y-1.jpeg?upscale=3Dtrue&amp;width=3D1120&amp;upscale=3Dtrue&amp;name=3DXN_2=
RwhY-1.jpeg 560w, https://email02.liveart.io/hs-fs/hubfs/XN_2RwhY-1.jpeg?up=
scale=3Dtrue&amp;width=3D2240&amp;upscale=3Dtrue&amp;name=3DXN_2RwhY-1.jpeg=
 1120w" sizes=3D"(max-width: 560px) 100vw, 560px">
               =20
                    </a>
               =20
            </td>
        </tr>
    </tbody>
</table></div>
<table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D"1=
00%" style=3D"border-spacing:0 !important; border-collapse:collapse; mso-ta=
ble-lspace:0pt; mso-table-rspace:0pt"><tbody><tr><td class=3D"hs_padded" st=
yle=3D"border-collapse:collapse; mso-line-height-rule:exactly; font-family:=
Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; pa=
dding:10px 20px 15px"><div id=3D"hs_cos_wrapper_module_16609334467646" clas=
s=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=
=3D"color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-=
general-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"hs_cos_wrapp=
er_module_16609334467646_" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs=
_cos_wrapper_type_rich_text" style=3D"color: inherit; font-size: inherit; l=
ine-height: inherit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=
=3D"rich_text"><p style=3D"mso-line-height-rule:exactly; line-height:175%">=
Together, Phillips, Sotheby=E2=80=99s and Christie=E2=80=99s were able to s=
ell more than $16.16 billion in art and luxury goods to buyers around the w=
orld. Competitive auctions=E2=80=94in person or online=E2=80=94accounted fo=
r $13.6 billion of the art market=E2=80=99s total; and another $2.56 billio=
n was spent in private sales orchestrated by the auction house=E2=80=99s va=
st network of representatives.</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">Private sales s=
ignificantly increased a few years ago but have now stabilized around $1 bi=
llion for each of the major houses and $250 million for Phillips. Given Phi=
llips=E2=80=99s small size and reach, the $250 million there is notable for=
 being a much higher percentage of overall sales than at the major houses. =
Phillips has also seen a 20% rise in private sales volume which is higher t=
han the big houses.&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">Christie=E2=80=
=99s edged out Sotheby=E2=80=99s in private sales by around $100 million or=
 less than 10% of the private sales total for each house. Christie=E2=80=99=
s declared $1.21 billion in private sales for 2022 in its final year-end st=
atement; Sotheby=E2=80=99s said it had sold $1.1 billion.&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">The big differe=
nce in overall results came in auction sales. Christie=E2=80=99s had $7.2 b=
illion to Sotheby=E2=80=99s $5.4 billion. (Sotheby=E2=80=99s had an additio=
nal billion in auction sales from vintage cars and its new real estate auct=
ion businesses but Christie=E2=80=99s does not have comparable businesses i=
n those areas so we=E2=80=99ve separated that out.) Much of the difference =
in art and luxury auction sales (but not all of it) comes from the Paul All=
en collection which accounted for $1.6 billion in auction sales at Christie=
=E2=80=99s.&nbsp;</p></div></div></td></tr></tbody></table>
<div id=3D"hs_cos_wrapper_module_16706047685911" class=3D"hs_cos_wrapper hs=
_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"color: inherit; fo=
nt-size: inherit; line-height: inherit;" data-hs-cos-general-type=3D"widget=
" data-hs-cos-type=3D"module">
=09
<table class=3D"hse-image-wrapper" role=3D"presentation" width=3D"100%" cel=
lpadding=3D"0" cellspacing=3D"0" style=3D"border-spacing:0 !important; bord=
er-collapse:collapse; mso-table-lspace:0pt; mso-table-rspace:0pt">
    <tbody>
        <tr>
            <td align=3D"center" valign=3D"top" style=3D"border-collapse:co=
llapse; mso-line-height-rule:exactly; font-family:Arial, sans-serif; color:=
#000000; word-break:break-word; text-align:center; padding:10px 20px; font-=
size:0px">
               =20
                    <a href=3D"https://email02.liveart.io/e3t/Ctc/DO+113/d2=
xBdp04/VVtJWJ3VmlF_W4QL4tc1k6J4gW8BHpjy4V3xQQN7TcW2N3q3n_V1-WJV7CgQmFW6CC4k=
y8s8zfzV12JD55dqPB0W69wF9v2Z7pCbW2YcSWY5hhdRGW5VJTdL7hG-0gW1JGkZF54d7JWW3vd=
sx77SN8gTN4fVT7ZW3wD7MQds0DKF60GW70ZCHt8FJwqRN8DGy7mBQNmgW1YHQkg7zq2pyVtxRn=
K4zY8VlW36dJpV8Z1NCzN5R4hl6yHQKCV34fQd1ByChPW6fBynt8CSvpjW737k8L6Zm5WmW7N7M=
7d4fw-0cW4LFvpS3XDc7TW6sdRf84cGtS5N6Pttq-95qWxW1hkcxz49Kq9FMRw8vWnRQ27W3KdM=
Y64wWXPrW7jT3jR88fjjt38bv1" target=3D"_blank" style=3D"color:#00a4bd; mso-l=
ine-height-rule:exactly" data-hs-link-id=3D"1">
               =20
                <img alt=3D"2022 Auction House Sales" src=3D"https://email0=
2.liveart.io/hs-fs/hubfs/2022%20Auction%20House%20Sales-1.png?width=3D1120&=
amp;upscale=3Dtrue&amp;name=3D2022%20Auction%20House%20Sales-1.png" style=
=3D"outline:none; text-decoration:none; -ms-interpolation-mode:bicubic; bor=
der:none; max-width:100%; font-size:16px" width=3D"560" align=3D"middle" sr=
cset=3D"https://email02.liveart.io/hs-fs/hubfs/2022%20Auction%20House%20Sal=
es-1.png?upscale=3Dtrue&amp;width=3D1120&amp;upscale=3Dtrue&amp;name=3D2022=
%20Auction%20House%20Sales-1.png 560w, https://email02.liveart.io/hs-fs/hub=
fs/2022%20Auction%20House%20Sales-1.png?upscale=3Dtrue&amp;width=3D2240&amp=
;upscale=3Dtrue&amp;name=3D2022%20Auction%20House%20Sales-1.png 1120w" size=
s=3D"(max-width: 560px) 100vw, 560px">
               =20
                    </a>
               =20
            </td>
        </tr>
    </tbody>
</table></div>
<table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D"1=
00%" style=3D"border-spacing:0 !important; border-collapse:collapse; mso-ta=
ble-lspace:0pt; mso-table-rspace:0pt"><tbody><tr><td class=3D"hs_padded" st=
yle=3D"border-collapse:collapse; mso-line-height-rule:exactly; font-family:=
Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; pa=
dding:10px 20px"><div id=3D"hs_cos_wrapper_module_16699996093221" class=3D"=
hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"c=
olor: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-gener=
al-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"hs_cos_wrapper_mo=
dule_16699996093221_" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_=
wrapper_type_rich_text" style=3D"color: inherit; font-size: inherit; line-h=
eight: inherit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"ri=
ch_text"><p style=3D"mso-line-height-rule:exactly; line-height:175%">The im=
portance of large collections coming to term was brought home this year. Ch=
ristie=E2=80=99s was able to sell three of the largest single-owner collect=
ions ever to come to auction: Allen, Anne Bass and the Ammann collections. =
They accounted for nearly a third of Christie=E2=80=99s auction sales. Soth=
eby=E2=80=99s had its own list of significant collections (Solinger, Hotung=
 and the strong second half of the Macklowe sale) this year, too.&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">One question th=
at has perturbed the art market has been whether the great works purchased =
by the generation that is now passing would be of interest=E2=80=94and valu=
ed by=E2=80=94the next generation. This year=E2=80=99s auction sales certai=
nly proved that Gen X collectors, those who come after the Baby Boomers and=
 are now reaching their prime earning, wealth and spending years, are up fo=
r the task. In their results, the auction houses have turned their attentio=
n toward =E2=80=9Cmillennials=E2=80=9D who are now interfacing with Sotheby=
=E2=80=99s and Christie=E2=80=99s primarily through the luxury departments.=
&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">Luxury sales=E2=
=80=94that=E2=80=99s everything that the auction houses sell at auction or =
privately that=E2=80=99s not art (primarily, but not exclusively, jewelry, =
watches and handbags)=E2=80=94continue to account for a substantial portion=
 of the overall business. At Christie=E2=80=99s the number was $779 million=
. Sotheby=E2=80=99s sold $924 million in luxury items.&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">According to th=
eir release, 36% of Christie=E2=80=99s new clients came to the company thro=
ugh luxury sales. At Sotheby=E2=80=99s, half of the bidders in the luxury c=
ategory were new clients. Now you can see why these relatively small depart=
ments are so important. They=E2=80=99re the gateway to bigger ticket purcha=
ses. These new clients skew toward the =E2=80=9Cmillennial=E2=80=9D age gro=
up.</p></div></div></td></tr></tbody></table>
</div>
<!--[if gte mso 9]></table><![endif]-->
<!--[if (mso)|(IE)]></td><![endif]-->
    <!--[if (mso)|(IE)]></tr></table><![endif]-->
    </div>
  =20
  </div>
  <div id=3D"section_1671653269645" class=3D"hse-section" style=3D"padding-=
left:10px; padding-right:10px">
   =20
   =20
    <!--[if !((mso)|(IE))]><!-- -->
      <div class=3D"hse-column-container" style=3D"min-width:280px; max-wid=
th:600px; width:100%; Margin-left:auto; Margin-right:auto; border-collapse:=
collapse; border-spacing:0; background-color:#FFFFFF" bgcolor=3D"#FFFFFF">
    <!--<![endif]-->
   =20
    <!--[if (mso)|(IE)]>
      <div class=3D"hse-column-container" style=3D"min-width:280px;max-widt=
h:600px;width:100%;Margin-left:auto;Margin-right:auto;border-collapse:colla=
pse;border-spacing:0;">
      <table align=3D"center" style=3D"border-collapse:collapse;mso-table-l=
space:0pt;mso-table-rspace:0pt;width:600px;" cellpadding=3D"0" cellspacing=
=3D"0" role=3D"presentation" width=3D"600" bgcolor=3D"#FFFFFF">
      <tr style=3D"background-color:#FFFFFF;">
    <![endif]-->
    <!--[if (mso)|(IE)]>
  <td valign=3D"top" style=3D"width:600px;">
<![endif]-->
<!--[if gte mso 9]>
  <table role=3D"presentation" width=3D"600" cellpadding=3D"0" cellspacing=
=3D"0" style=3D"border-collapse:collapse;mso-table-lspace:0pt;mso-table-rsp=
ace:0pt;width:600px">
<![endif]-->
<div id=3D"column_1671653269645_0" class=3D"hse-column hse-size-12">
  <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D=
"100%" style=3D"border-spacing:0 !important; border-collapse:collapse; mso-=
table-lspace:0pt; mso-table-rspace:0pt"><tbody><tr><td class=3D"hs_padded" =
style=3D"border-collapse:collapse; mso-line-height-rule:exactly; font-famil=
y:Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; =
padding:10px 20px"><div id=3D"hs_cos_wrapper_module_167165342448814" class=
=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=
=3D"color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-=
general-type=3D"widget" data-hs-cos-type=3D"module">
<!--[if gte mso 9]>
<div style=3D"line-height: 0; font-size: 0px">
  <v:rect xmlns:v=3D"urn:schemas-microsoft-com:vml" fill=3D"true" stroke=3D=
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<table role=3D"presentation" width=3D"100%" align=3D"center" border=3D"0" s=
tyle=3D"position:relative; top:-1px; min-width:20px; width:100%; max-width:=
100%; border-spacing:0; mso-table-lspace:0pt; mso-table-rspace:0pt; border-=
collapse:collapse; font-size:1px">
  <tbody><tr>
   =20
   =20
    <td width=3D"auto" style=3D"border-collapse:collapse; mso-line-height-r=
ule:exactly; font-family:Arial, sans-serif; font-size:15px; color:#000000; =
word-break:break-word; line-height:0">&nbsp;</td>
   =20
   =20
    <td width=3D"30%" valign=3D"middle" style=3D"border-collapse:collapse; =
mso-line-height-rule:exactly; font-family:Arial, sans-serif; font-size:15px=
; color:#000000; word-break:break-word; line-height:0; border:transparent; =
border-bottom:1px solid #000000; mso-border-bottom-alt:2pt solid #000000; b=
order-bottom-width:1px">&nbsp;</td>
   =20
   =20
    <td width=3D"auto" style=3D"border-collapse:collapse; mso-line-height-r=
ule:exactly; font-family:Arial, sans-serif; font-size:15px; color:#000000; =
word-break:break-word; line-height:0">&nbsp;</td>
   =20
  </tr>
</tbody></table>
<!--[if gte mso 9]></div></v:textbox></v:rect></div><![endif]--></div></td>=
</tr></tbody></table>
</div>
<!--[if gte mso 9]></table><![endif]-->
<!--[if (mso)|(IE)]></td><![endif]-->
    <!--[if (mso)|(IE)]></tr></table><![endif]-->
    </div>
  =20
  </div>
  <div id=3D"section_1671650799877" class=3D"hse-section" style=3D"padding-=
left:10px; padding-right:10px">
   =20
   =20
    <!--[if !((mso)|(IE))]><!-- -->
      <div class=3D"hse-column-container" style=3D"min-width:280px; max-wid=
th:600px; width:100%; Margin-left:auto; Margin-right:auto; border-collapse:=
collapse; border-spacing:0; background-color:#FFFFFF" bgcolor=3D"#FFFFFF">
    <!--<![endif]-->
   =20
    <!--[if (mso)|(IE)]>
      <div class=3D"hse-column-container" style=3D"min-width:280px;max-widt=
h:600px;width:100%;Margin-left:auto;Margin-right:auto;border-collapse:colla=
pse;border-spacing:0;">
      <table align=3D"center" style=3D"border-collapse:collapse;mso-table-l=
space:0pt;mso-table-rspace:0pt;width:600px;" cellpadding=3D"0" cellspacing=
=3D"0" role=3D"presentation" width=3D"600" bgcolor=3D"#FFFFFF">
      <tr style=3D"background-color:#FFFFFF;">
    <![endif]-->
    <!--[if (mso)|(IE)]>
  <td valign=3D"top" style=3D"width:300px;">
<![endif]-->
<!--[if gte mso 9]>
  <table role=3D"presentation" width=3D"300" cellpadding=3D"0" cellspacing=
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ace:0pt;width:300px">
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<div id=3D"column_1671650799877_0" class=3D"hse-column hse-size-6">
  <div id=3D"hs_cos_wrapper_module_16716508044323" class=3D"hs_cos_wrapper =
hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"color: inherit; =
font-size: inherit; line-height: inherit;" data-hs-cos-general-type=3D"widg=
et" data-hs-cos-type=3D"module">
=09
<table class=3D"hse-image-wrapper" role=3D"presentation" width=3D"100%" cel=
lpadding=3D"0" cellspacing=3D"0" style=3D"border-spacing:0 !important; bord=
er-collapse:collapse; mso-table-lspace:0pt; mso-table-rspace:0pt">
    <tbody>
        <tr>
            <td align=3D"center" valign=3D"top" style=3D"border-collapse:co=
llapse; mso-line-height-rule:exactly; font-family:Arial, sans-serif; color:=
#000000; word-break:break-word; text-align:center; padding:10px 20px; font-=
size:0px">
               =20
                    <a href=3D"https://email02.liveart.io/e3t/Ctc/DO+113/d2=
xBdp04/VVtJWJ3VmlF_W4QL4tc1k6J4gW8BHpjy4V3xQQN7TcW2t3q3nJV1-WJV7CgRvZN48pLf=
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ata-hs-link-id=3D"0">
               =20
                <img alt=3D"Ed Ruscha" src=3D"https://email02.liveart.io/hs=
-fs/hubfs/2-Dec-21-2022-07-46-07-3459-PM.png?width=3D520&amp;upscale=3Dtrue=
&amp;name=3D2-Dec-21-2022-07-46-07-3459-PM.png" style=3D"outline:none; text=
-decoration:none; -ms-interpolation-mode:bicubic; border:none; max-width:10=
0%; font-size:16px" width=3D"260" align=3D"middle" srcset=3D"https://email0=
2.liveart.io/hs-fs/hubfs/2-Dec-21-2022-07-46-07-3459-PM.png?upscale=3Dtrue&=
amp;width=3D520&amp;upscale=3Dtrue&amp;name=3D2-Dec-21-2022-07-46-07-3459-P=
M.png 260w, https://email02.liveart.io/hs-fs/hubfs/2-Dec-21-2022-07-46-07-3=
459-PM.png?upscale=3Dtrue&amp;width=3D1040&amp;upscale=3Dtrue&amp;name=3D2-=
Dec-21-2022-07-46-07-3459-PM.png 520w" sizes=3D"(max-width: 260px) 100vw, 2=
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               =20
                    </a>
               =20
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               =20
                    <a href=3D"https://email02.liveart.io/e3t/Ctc/DO+113/d2=
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                <img alt=3D"Adrian Ghenie" src=3D"https://email02.liveart.i=
o/hs-fs/hubfs/3-Dec-21-2022-07-46-28-5961-PM.png?width=3D520&amp;upscale=3D=
true&amp;name=3D3-Dec-21-2022-07-46-28-5961-PM.png" style=3D"outline:none; =
text-decoration:none; -ms-interpolation-mode:bicubic; border:none; max-widt=
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ail02.liveart.io/hs-fs/hubfs/3-Dec-21-2022-07-46-28-5961-PM.png?upscale=3Dt=
rue&amp;width=3D520&amp;upscale=3Dtrue&amp;name=3D3-Dec-21-2022-07-46-28-59=
61-PM.png 260w, https://email02.liveart.io/hs-fs/hubfs/3-Dec-21-2022-07-46-=
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               =20
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    <!--<![endif]-->
   =20
    <!--[if (mso)|(IE)]>
      <div class=3D"hse-column-container" style=3D"min-width:280px;max-widt=
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                    <a href=3D"https://email02.liveart.io/e3t/Ctc/DO+113/d2=
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                <img alt=3D"View all requests" src=3D"https://email02.livea=
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               =20
                    </a>
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yle=3D"border-collapse:collapse; mso-line-height-rule:exactly; font-family:=
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   =20
    <td width=3D"auto" style=3D"border-collapse:collapse; mso-line-height-r=
ule:exactly; font-family:Arial, sans-serif; font-size:15px; color:#000000; =
word-break:break-word; line-height:0">&nbsp;</td>
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   =20
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mso-line-height-rule:exactly; font-family:Arial, sans-serif; font-size:15px=
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    <td width=3D"auto" style=3D"border-collapse:collapse; mso-line-height-r=
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  =20
  </div>
  <div id=3D"section_1671653405099" class=3D"hse-section" style=3D"padding-=
left:10px; padding-right:10px">
   =20
   =20
    <!--[if !((mso)|(IE))]><!-- -->
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th:600px; width:100%; Margin-left:auto; Margin-right:auto; border-collapse:=
collapse; border-spacing:0; background-color:#FFFFFF" bgcolor=3D"#FFFFFF">
    <!--<![endif]-->
   =20
    <!--[if (mso)|(IE)]>
      <div class=3D"hse-column-container" style=3D"min-width:280px;max-widt=
h:600px;width:100%;Margin-left:auto;Margin-right:auto;border-collapse:colla=
pse;border-spacing:0;">
      <table align=3D"center" style=3D"border-collapse:collapse;mso-table-l=
space:0pt;mso-table-rspace:0pt;width:600px;" cellpadding=3D"0" cellspacing=
=3D"0" role=3D"presentation" width=3D"600" bgcolor=3D"#FFFFFF">
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  <td valign=3D"top" style=3D"width:600px;">
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  <table role=3D"presentation" width=3D"600" cellpadding=3D"0" cellspacing=
=3D"0" style=3D"border-collapse:collapse;mso-table-lspace:0pt;mso-table-rsp=
ace:0pt;width:600px">
<![endif]-->
<div id=3D"column_1671653405099_0" class=3D"hse-column hse-size-12">
  <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D=
"100%" style=3D"border-spacing:0 !important; border-collapse:collapse; mso-=
table-lspace:0pt; mso-table-rspace:0pt"><tbody><tr><td class=3D"hs_padded" =
style=3D"border-collapse:collapse; mso-line-height-rule:exactly; font-famil=
y:Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; =
padding:10px 20px"><div id=3D"hs_cos_wrapper_module_16716531825159" class=
=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=
=3D"color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-=
general-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"hs_cos_wrapp=
er_module_16716531825159_" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs=
_cos_wrapper_type_rich_text" style=3D"color: inherit; font-size: inherit; l=
ine-height: inherit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=
=3D"rich_text"><p style=3D"mso-line-height-rule:exactly; line-height:175%">=
&nbsp;At Christie=E2=80=99s, 21% of all buyers were =E2=80=9Cmillennials.=
=E2=80=9D They also accounted for a third of new clients. Those younger buy=
ers are mostly from Asia. Here=E2=80=99s how Christie=E2=80=99s phrased it =
[and the emphasis is theirs]: =E2=80=9COf the spend from millennials, in Ch=
ristie=E2=80=99s global salerooms in 2022, <strong>62% came from millennial=
s in&nbsp;</strong>APAC.=E2=80=9C&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">To take it even=
 further, Christie=E2=80=99s revealed in its presentation to the press that=
 millennials spent $110 million with the house, 89% of it digitally. Nearly=
 half of the millennial buyers were from Asia but they spent a full $70 mil=
lion or close to two-thirds of the total. Clearly, Asian millennials punch =
above their weight class.&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">Sotheby=E2=80=
=99s confirms this trend. Their data shows the client base in Asia expandin=
g with a =E2=80=9Crecord number of bidders, and marked increase in levels o=
f under 40s bidding in Sotheby=E2=80=99s sales (having tripled this year). =
Asian collectors are spending more per person on average than collectors fr=
om elsewhere in the world (just over 20%); and bidding 40% more per person =
on average. =E2=80=A6 in Sotheby=E2=80=99s global sales, 68% of new bidders=
 were from countries in Asia.=E2=80=9D</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">Now, here=E2=80=
=99s where the blizzard of detail gets interesting. Asian buyers were cruci=
al to the success of the art market in 2022. But their participation signif=
icantly took place outside of Asia. Part of the reason for this was the glo=
bal composition of sales. Big collections dominated the year. Those big col=
lections tend to be sold in New York. But Asian buyers showed up there even=
 though the sales volume in the region was down.&nbsp;&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">Christie=E2=80=
=99s sales in Asia fell 20% in dollars versus 2021. Getting granular with C=
hristie=E2=80=99s data, we learn that the only category that did not grow l=
ast year (between 20/21, Luxury, Classics and Asian &amp; World Art) was As=
ian &amp; World Art. It too was down 20% in dollars. As demand for art incr=
eased, the market for Asian art is contracting. But that doesn=E2=80=99t me=
an Asian buyers are sitting out. Collectors from APAC bought 29% of the val=
ue of the Paul Allen collection, the biggest single-owner art collection ev=
er sold. They spent $460 million! That=E2=80=99s more than the whole Asian =
and World Art category at Christie=E2=80=99s.</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">Just to dwell o=
n this for a moment. These numbers outline a real change in taste=E2=80=94a=
t least for now!=E2=80=94among the preponderance of Asian buyers who now se=
em to want Contemporary art and high-value Modern and Post-war art, the kin=
d you buy in New York (and sometimes London.)</p></div></div></td></tr></tb=
ody></table>
<table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D"1=
00%" style=3D"border-spacing:0 !important; border-collapse:collapse; mso-ta=
ble-lspace:0pt; mso-table-rspace:0pt"><tbody><tr><td class=3D"hs_padded" st=
yle=3D"border-collapse:collapse; mso-line-height-rule:exactly; font-family:=
Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; pa=
dding:10px 20px"><div id=3D"hs_cos_wrapper_module_16611714477982" class=3D"=
hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"c=
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al-type=3D"widget" data-hs-cos-type=3D"module">
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   =20
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    <td width=3D"auto" style=3D"border-collapse:collapse; mso-line-height-r=
ule:exactly; font-family:Arial, sans-serif; font-size:15px; color:#000000; =
word-break:break-word; line-height:0">&nbsp;</td>
   =20
   =20
    <td width=3D"30%" valign=3D"middle" style=3D"border-collapse:collapse; =
mso-line-height-rule:exactly; font-family:Arial, sans-serif; font-size:15px=
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border-bottom:1px solid #000000; mso-border-bottom-alt:2pt solid #000000; b=
order-bottom-width:1px">&nbsp;</td>
   =20
   =20
    <td width=3D"auto" style=3D"border-collapse:collapse; mso-line-height-r=
ule:exactly; font-family:Arial, sans-serif; font-size:15px; color:#000000; =
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   =20
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    <!--[if (mso)|(IE)]></tr></table><![endif]-->
    </div>
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  </div>
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eft:10px; padding-right:10px">
   =20
   =20
    <!--[if !((mso)|(IE))]><!-- -->
      <div class=3D"hse-column-container" style=3D"min-width:280px; max-wid=
th:600px; width:100%; Margin-left:auto; Margin-right:auto; border-collapse:=
collapse; border-spacing:0; background-color:#FFFFFF" bgcolor=3D"#FFFFFF">
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   =20
    <!--[if (mso)|(IE)]>
      <div class=3D"hse-column-container" style=3D"min-width:280px;max-widt=
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llapse; mso-line-height-rule:exactly; font-family:Arial, sans-serif; color:=
#000000; word-break:break-word; text-align:center; padding:10px 20px; font-=
size:0px">
               =20
                    <a href=3D"https://email02.liveart.io/e3t/Ctc/DO+113/d2=
xBdp04/VVtJWJ3VmlF_W4QL4tc1k6J4gW8BHpjy4V3xQQN7TcW2t3q3nJV1-WJV7CgW04W5s_Zw=
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               =20
                <img alt=3D"Jonathan Chapline" src=3D"https://email02.livea=
rt.io/hs-fs/hubfs/5-4.png?width=3D520&amp;upscale=3Dtrue&amp;name=3D5-4.png=
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dle" srcset=3D"https://email02.liveart.io/hs-fs/hubfs/5-4.png?upscale=3Dtru=
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               =20
                    </a>
               =20
            </td>
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               =20
                    <a href=3D"https://email02.liveart.io/e3t/Ctc/DO+113/d2=
xBdp04/VVtJWJ3VmlF_W4QL4tc1k6J4gW8BHpjy4V3xQQN7TcW2t3q3nJV1-WJV7CgPGfW55jZR=
38WCjYTN2KY4Fgp8c9ZW2k7ybM2g7gLHW5_3D3j2gRls2W68S7Cr1pgYwyN1m2jn-km3zyW6ff8=
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y" data-hs-link-id=3D"0">
               =20
                <img alt=3D"Kyle Dunn" src=3D"https://email02.liveart.io/hs=
-fs/hubfs/4-Dec-21-2022-08-15-19-2525-PM.png?width=3D520&amp;upscale=3Dtrue=
&amp;name=3D4-Dec-21-2022-08-15-19-2525-PM.png" style=3D"outline:none; text=
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0%; font-size:16px" width=3D"260" align=3D"middle" srcset=3D"https://email0=
2.liveart.io/hs-fs/hubfs/4-Dec-21-2022-08-15-19-2525-PM.png?upscale=3Dtrue&=
amp;width=3D520&amp;upscale=3Dtrue&amp;name=3D4-Dec-21-2022-08-15-19-2525-P=
M.png 260w, https://email02.liveart.io/hs-fs/hubfs/4-Dec-21-2022-08-15-19-2=
525-PM.png?upscale=3Dtrue&amp;width=3D1040&amp;upscale=3Dtrue&amp;name=3D4-=
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               =20
                    </a>
               =20
            </td>
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  </div>
  <div id=3D"module_1671653440585" class=3D"hse-section" style=3D"padding-l=
eft:10px; padding-right:10px">
   =20
   =20
    <!--[if !((mso)|(IE))]><!-- -->
      <div class=3D"hse-column-container" style=3D"min-width:280px; max-wid=
th:600px; width:100%; Margin-left:auto; Margin-right:auto; border-collapse:=
collapse; border-spacing:0; background-color:#FFFFFF" bgcolor=3D"#FFFFFF">
    <!--<![endif]-->
   =20
    <!--[if (mso)|(IE)]>
      <div class=3D"hse-column-container" style=3D"min-width:280px;max-widt=
h:600px;width:100%;Margin-left:auto;Margin-right:auto;border-collapse:colla=
pse;border-spacing:0;">
      <table align=3D"center" style=3D"border-collapse:collapse;mso-table-l=
space:0pt;mso-table-rspace:0pt;width:600px;" cellpadding=3D"0" cellspacing=
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  <td valign=3D"top" style=3D"width:600px;">
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<!--[if gte mso 9]>
  <table role=3D"presentation" width=3D"600" cellpadding=3D"0" cellspacing=
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  <div id=3D"hs_cos_wrapper_module_167165344054315" class=3D"hs_cos_wrapper=
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=09
<table class=3D"hse-image-wrapper" role=3D"presentation" width=3D"100%" cel=
lpadding=3D"0" cellspacing=3D"0" style=3D"border-spacing:0 !important; bord=
er-collapse:collapse; mso-table-lspace:0pt; mso-table-rspace:0pt">
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            <td align=3D"center" valign=3D"top" style=3D"border-collapse:co=
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#000000; word-break:break-word; text-align:center; padding:10px 20px; font-=
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               =20
                    <a href=3D"https://email02.liveart.io/e3t/Ctc/DO+113/d2=
xBdp04/VVtJWJ3VmlF_W4QL4tc1k6J4gW8BHpjy4V3xQQN7TcW1V3q3n5V1-WJV7CgZXJN8fV8N=
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                <img alt=3D"View all requests" src=3D"https://email02.livea=
rt.io/hs-fs/hubfs/View%20all%20requests.png?width=3D600&amp;upscale=3Dtrue&=
amp;name=3DView%20all%20requests.png" style=3D"outline:none; text-decoratio=
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;upscale=3Dtrue&amp;name=3DView%20all%20requests.png 300w, https://email02.=
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=3D1200&amp;upscale=3Dtrue&amp;name=3DView%20all%20requests.png 600w" sizes=
=3D"(max-width: 300px) 100vw, 300px">
               =20
                    </a>
               =20
            </td>
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<table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D"1=
00%" style=3D"border-spacing:0 !important; border-collapse:collapse; mso-ta=
ble-lspace:0pt; mso-table-rspace:0pt"><tbody><tr><td class=3D"hs_padded" st=
yle=3D"border-collapse:collapse; mso-line-height-rule:exactly; font-family:=
Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; pa=
dding:10px 20px"><div id=3D"hs_cos_wrapper_module_167165344054316" class=3D=
"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"=
color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-gene=
ral-type=3D"widget" data-hs-cos-type=3D"module">
<!--[if gte mso 9]>
<div style=3D"line-height: 0; font-size: 0px">
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collapse:collapse; font-size:1px">
  <tbody><tr>
   =20
   =20
    <td width=3D"auto" style=3D"border-collapse:collapse; mso-line-height-r=
ule:exactly; font-family:Arial, sans-serif; font-size:15px; color:#000000; =
word-break:break-word; line-height:0">&nbsp;</td>
   =20
   =20
    <td width=3D"30%" valign=3D"middle" style=3D"border-collapse:collapse; =
mso-line-height-rule:exactly; font-family:Arial, sans-serif; font-size:15px=
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border-bottom:1px solid #000000; mso-border-bottom-alt:2pt solid #000000; b=
order-bottom-width:1px">&nbsp;</td>
   =20
   =20
    <td width=3D"auto" style=3D"border-collapse:collapse; mso-line-height-r=
ule:exactly; font-family:Arial, sans-serif; font-size:15px; color:#000000; =
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   =20
  </tr>
</tbody></table>
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  =20
  </div>
  <div id=3D"section_1668804734587" class=3D"hse-section" style=3D"padding-=
left:10px; padding-right:10px">
   =20
   =20
    <!--[if !((mso)|(IE))]><!-- -->
      <div class=3D"hse-column-container" style=3D"min-width:280px; max-wid=
th:600px; width:100%; Margin-left:auto; Margin-right:auto; border-collapse:=
collapse; border-spacing:0; background-color:#FFFFFF" bgcolor=3D"#FFFFFF">
    <!--<![endif]-->
   =20
    <!--[if (mso)|(IE)]>
      <div class=3D"hse-column-container" style=3D"min-width:280px;max-widt=
h:600px;width:100%;Margin-left:auto;Margin-right:auto;border-collapse:colla=
pse;border-spacing:0;">
      <table align=3D"center" style=3D"border-collapse:collapse;mso-table-l=
space:0pt;mso-table-rspace:0pt;width:600px;" cellpadding=3D"0" cellspacing=
=3D"0" role=3D"presentation" width=3D"600" bgcolor=3D"#FFFFFF">
      <tr style=3D"background-color:#FFFFFF;">
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  <td valign=3D"top" style=3D"width:600px;">
<![endif]-->
<!--[if gte mso 9]>
  <table role=3D"presentation" width=3D"600" cellpadding=3D"0" cellspacing=
=3D"0" style=3D"border-collapse:collapse;mso-table-lspace:0pt;mso-table-rsp=
ace:0pt;width:600px">
<![endif]-->
<div id=3D"column_1668804734587_0" class=3D"hse-column hse-size-12">
  <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D=
"100%" style=3D"border-spacing:0 !important; border-collapse:collapse; mso-=
table-lspace:0pt; mso-table-rspace:0pt"><tbody><tr><td class=3D"hs_padded" =
style=3D"border-collapse:collapse; mso-line-height-rule:exactly; font-famil=
y:Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; =
padding:10px 20px"><div id=3D"hs_cos_wrapper_module_16716505267241" class=
=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=
=3D"color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-=
general-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"hs_cos_wrapp=
er_module_16716505267241_" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs=
_cos_wrapper_type_rich_text" style=3D"color: inherit; font-size: inherit; l=
ine-height: inherit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=
=3D"rich_text"><p style=3D"mso-line-height-rule:exactly; line-height:175%">=
Although the Paul Allen collection represents a substantial portion of Chri=
stie=E2=80=99s sales and even of the entire auction market for the year, it=
 only encompasses a small number of lots. Christie=E2=80=99s overall lot co=
unt was up in 2022 to 46,322 from 43,386 in 2021. That=E2=80=99s an almost =
7% rise in lots. Sotheby=E2=80=99s had even more lots sell. Their count was=
 59,000 lots sold, a full 28% more than Christie=E2=80=99s.&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">Perhaps more te=
lling about the overall health of the art market and indicative of future d=
emand, Christie=E2=80=99s sold 85% of the lots that it offered in 2022. Sot=
heby=E2=80=99s doesn=E2=80=99t track the sell through rate but in the past =
has reported similar numbers. The 85% figure is historically high. Sell-thr=
ough rates have been creeping up over the last several years. Last year, Ch=
ristie=E2=80=99s sell-through rate was slightly higher at 86%.<br><br></p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">The top line nu=
mbers for the art market have risen on the growing sales of superlative col=
lections like Paul Allen=E2=80=99s. But the numbers also show something qui=
te different. Christie=E2=80=99s pointed out that its global sell-through r=
ate was a whopping 85%. This is down slightly from the previous year=E2=80=
=99s astonishing 86%. But a 1% drop in sell-through to achieve a 7% rise in=
 sold lots isn=E2=80=99t a bad trade off.&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">Overall sell-th=
rough may seem like a wonky statistic=E2=80=94and it is. But it is importan=
t in the broader transformation of the auction houses from wholesale busine=
sses to retail ones. In fact, these historically high sell-through rates ar=
e a sign that we have reached the end of that transformation. When auctions=
 were a wholesale business, it didn=E2=80=99t really matter how many works =
failed. In fact, if an auction had too high a sell-through rate the assumpt=
ion was the auctioneers had not tried hard enough to bring more lots to auc=
tion to capitalize on demand.&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">Over the last d=
ecade and a half, we=E2=80=99ve seen sell-through rates rise in the most vi=
sible auctions as the houses have become more focused on sale management. B=
ut those events only account for a small portion of all the lots offered. A=
 key emphasis for the auction houses=E2=80=94and this applies even more for=
 the luxury categories=E2=80=94is establishing for consumers the idea that =
objects bought at auction will retain their value.&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">To achieve this=
, the vast army of auction house specialists across many different departme=
nts have had to become quite adroit at choosing objects to offer that have =
identifiable buyers and getting consignors to price those works in a way th=
at will achieve the consignors goals but not repel bidders. This has been t=
he hidden transformation of the auction houses that is now bearing fruit in=
 high sell-through rates.&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">More important =
for the future, this discipline will become even more central to the auctio=
n house=E2=80=99s value proposition as the auction market inevitably goes t=
hrough a cooling or contracting cycle. The auction market peaked in 2011, 2=
014, 2018 and 2021. This year was hardly a significant pullback. So logic s=
uggests next year=E2=80=99s sales will be more focused and conservative. In=
 that sort of environment, judgment and skill in assessing the market will =
become even more determinative of success and failure.&nbsp;</p></div></div=
></td></tr></tbody></table>
<table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D"1=
00%" style=3D"border-spacing:0 !important; border-collapse:collapse; mso-ta=
ble-lspace:0pt; mso-table-rspace:0pt"><tbody><tr><td class=3D"hs_padded" st=
yle=3D"border-collapse:collapse; mso-line-height-rule:exactly; font-family:=
Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; pa=
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tyle=3D"position:relative; top:-1px; min-width:20px; width:100%; max-width:=
100%; border-spacing:0; mso-table-lspace:0pt; mso-table-rspace:0pt; border-=
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ule:exactly; font-family:Arial, sans-serif; font-size:15px; color:#000000; =
word-break:break-word; line-height:0">&nbsp;</td>
   =20
   =20
    <td width=3D"30%" valign=3D"middle" style=3D"border-collapse:collapse; =
mso-line-height-rule:exactly; font-family:Arial, sans-serif; font-size:15px=
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border-bottom:1px solid #000000; mso-border-bottom-alt:2pt solid #000000; b=
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   =20
   =20
    <td width=3D"auto" style=3D"border-collapse:collapse; mso-line-height-r=
ule:exactly; font-family:Arial, sans-serif; font-size:15px; color:#000000; =
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   =20
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<div id=3D"hs_cos_wrapper_module_16716527736708" class=3D"hs_cos_wrapper hs=
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nt-size: inherit; line-height: inherit;" data-hs-cos-general-type=3D"widget=
" data-hs-cos-type=3D"module">
=09
<table class=3D"hse-image-wrapper" role=3D"presentation" width=3D"100%" cel=
lpadding=3D"0" cellspacing=3D"0" style=3D"border-spacing:0 !important; bord=
er-collapse:collapse; mso-table-lspace:0pt; mso-table-rspace:0pt">
    <tbody>
        <tr>
            <td align=3D"center" valign=3D"top" style=3D"border-collapse:co=
llapse; mso-line-height-rule:exactly; font-family:Arial, sans-serif; color:=
#000000; word-break:break-word; text-align:center; padding:10px 20px; font-=
size:0px">
               =20
                    <a href=3D"https://email02.liveart.io/e3t/Ctc/DO+113/d2=
xBdp04/VVtJWJ3VmlF_W4QL4tc1k6J4gW8BHpjy4V3xQQN7TcW1V3q3n5V1-WJV7CgXy7VNXc_b=
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f2Sj3H9wVdW2H6H832rMYVFW8Dd-Yg26jzzLW3lGfRg1m57lMW7cj9Yx62lVqWW2MzCMv66_5S_=
W3GxqCc8MfpdyW1LGXW85Q1PrH35Xz1" target=3D"_blank" style=3D"color:#00a4bd; =
mso-line-height-rule:exactly" data-hs-link-id=3D"0">
               =20
                <img alt=3D"More Stories from LiveArt" src=3D"https://email=
02.liveart.io/hs-fs/hubfs/More%20Stories%20from%20LiveArt.png?width=3D700&a=
mp;upscale=3Dtrue&amp;name=3DMore%20Stories%20from%20LiveArt.png" style=3D"=
outline:none; text-decoration:none; -ms-interpolation-mode:bicubic; border:=
none; max-width:100%; font-size:16px" width=3D"350" align=3D"middle" srcset=
=3D"https://email02.liveart.io/hs-fs/hubfs/More%20Stories%20from%20LiveArt.=
png?upscale=3Dtrue&amp;width=3D700&amp;upscale=3Dtrue&amp;name=3DMore%20Sto=
ries%20from%20LiveArt.png 350w, https://email02.liveart.io/hs-fs/hubfs/More=
%20Stories%20from%20LiveArt.png?upscale=3Dtrue&amp;width=3D1400&amp;upscale=
=3Dtrue&amp;name=3DMore%20Stories%20from%20LiveArt.png 700w" sizes=3D"(max-=
width: 350px) 100vw, 350px">
               =20
                    </a>
               =20
            </td>
        </tr>
    </tbody>
</table></div>
<table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D"1=
00%" style=3D"border-spacing:0 !important; border-collapse:collapse; mso-ta=
ble-lspace:0pt; mso-table-rspace:0pt"><tbody><tr><td class=3D"hs_padded" st=
yle=3D"border-collapse:collapse; mso-line-height-rule:exactly; font-family:=
Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; pa=
dding:10px 20px"><div id=3D"hs_cos_wrapper_module_16688047155421" class=3D"=
hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"c=
olor: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-gener=
al-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"hs_cos_wrapper_mo=
dule_16688047155421_" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_=
wrapper_type_rich_text" style=3D"color: inherit; font-size: inherit; line-h=
eight: inherit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"ri=
ch_text"><p style=3D"mso-line-height-rule:exactly; line-height:175%; text-a=
lign:center; font-weight:bold" align=3D"center"><span style=3D"font-style: =
italic;">If this email was forwarded to you,&nbsp;</span><a href=3D"https:/=
/email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/VVtJWJ3VmlF_W4QL4tc1k6J4gW8BHpj=
y4V3xQQN7TcW1V3q3n5V1-WJV7CgJqJW6dmHnl7QvYRsW3F-vZb1gBqB2W1HYFDq7QCdwsW9djB=
wc1-6-VQW1-y4858QR07GW5rrftq6QbN7DW55r2W_71jds1W7M0yyR4-BMplW1KhMyg6lMy1wW3=
7vQD61sYG1WW2bpk-X2MdjDWW72hGJF94SJkpVTx17V5xr45zW4j8Vk91QDcCQW51C7zD5K6Sx2=
W3ys7Rl4HYCtrW3_v4Nb2y2-DzVMbz642s22BVVFYtxn25cJxGW64_CSd4LnMch3cqS1" targe=
t=3D"_blank" style=3D"mso-line-height-rule:exactly; color:#ff24ff; font-sty=
le:italic; font-weight:bold" rel=3D"noopener" data-hs-link-id=3D"0">sign up=
 here!</a></p></div></div></td></tr></tbody></table>
</div>
<!--[if gte mso 9]></table><![endif]-->
<!--[if (mso)|(IE)]></td><![endif]-->
    <!--[if (mso)|(IE)]></tr></table><![endif]-->
    </div>
  =20
  </div>
  <div id=3D"section_16712037777403" class=3D"hse-section" style=3D"padding=
-left:10px; padding-right:10px">
   =20
   =20
    <!--[if !((mso)|(IE))]><!-- -->
      <div class=3D"hse-column-container" style=3D"min-width:280px; max-wid=
th:600px; width:100%; Margin-left:auto; Margin-right:auto; border-collapse:=
collapse; border-spacing:0; background-color:#FFFFFF" bgcolor=3D"#FFFFFF">
    <!--<![endif]-->
   =20
    <!--[if (mso)|(IE)]>
      <div class=3D"hse-column-container" style=3D"min-width:280px;max-widt=
h:600px;width:100%;Margin-left:auto;Margin-right:auto;border-collapse:colla=
pse;border-spacing:0;">
      <table align=3D"center" style=3D"border-collapse:collapse;mso-table-l=
space:0pt;mso-table-rspace:0pt;width:600px;" cellpadding=3D"0" cellspacing=
=3D"0" role=3D"presentation" width=3D"600" bgcolor=3D"#FFFFFF">
      <tr style=3D"background-color:#FFFFFF;">
    <![endif]-->
    <!--[if (mso)|(IE)]>
  <td valign=3D"top" style=3D"width:600px;">
<![endif]-->
<!--[if gte mso 9]>
  <table role=3D"presentation" width=3D"600" cellpadding=3D"0" cellspacing=
=3D"0" style=3D"border-collapse:collapse;mso-table-lspace:0pt;mso-table-rsp=
ace:0pt;width:600px">
<![endif]-->
<div id=3D"column-0-0" class=3D"hse-column hse-size-12">
  <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D=
"100%" style=3D"border-spacing:0 !important; border-collapse:collapse; mso-=
table-lspace:0pt; mso-table-rspace:0pt"><tbody><tr><td class=3D"hs_padded" =
style=3D"border-collapse:collapse; mso-line-height-rule:exactly; font-famil=
y:Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; =
padding:10px 20px"><div id=3D"hs_cos_wrapper_module_16712037777402" class=
=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=
=3D"color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-=
general-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"hs_cos_wrapp=
er_module_16712037777402_" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs=
_cos_wrapper_type_rich_text" style=3D"color: inherit; font-size: inherit; l=
ine-height: inherit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=
=3D"rich_text"><p style=3D"mso-line-height-rule:exactly; line-height:175%; =
text-align:center" align=3D"center"><a href=3D"mailto:?subject=3DI%20though=
t%20that%20you%20would%20be%20interested%20in%20this%20email&amp;body=3DChe=
ck%20out" target=3D"_blank" style=3D"mso-line-height-rule:exactly; color:#f=
f24ff; font-weight:bold" rel=3D"noopener" data-hs-link-id=3D"0">Forward to =
a Friend</a></p></div></div></td></tr></tbody></table>
</div>
<!--[if gte mso 9]></table><![endif]-->
<!--[if (mso)|(IE)]></td><![endif]-->
    <!--[if (mso)|(IE)]></tr></table><![endif]-->
    </div>
  =20
  </div>
  <div id=3D"section_166091123325430" class=3D"hse-section hse-section-last=
" style=3D"padding-left:10px; padding-right:10px; padding-bottom:20px">
   =20
   =20
    <!--[if !((mso)|(IE))]><!-- -->
      <div class=3D"hse-column-container" style=3D"min-width:280px; max-wid=
th:600px; width:100%; Margin-left:auto; Margin-right:auto; border-collapse:=
collapse; border-spacing:0; background-color:#000000" bgcolor=3D"#000000">
    <!--<![endif]-->
   =20
    <!--[if (mso)|(IE)]>
      <div class=3D"hse-column-container" style=3D"min-width:280px;max-widt=
h:600px;width:100%;Margin-left:auto;Margin-right:auto;border-collapse:colla=
pse;border-spacing:0;">
      <table align=3D"center" style=3D"border-collapse:collapse;mso-table-l=
space:0pt;mso-table-rspace:0pt;width:600px;" cellpadding=3D"0" cellspacing=
=3D"0" role=3D"presentation" width=3D"600" bgcolor=3D"#000000">
      <tr style=3D"background-color:#000000;">
    <![endif]-->
    <!--[if (mso)|(IE)]>
  <td valign=3D"top" style=3D"width:600px;">
<![endif]-->
<!--[if gte mso 9]>
  <table role=3D"presentation" width=3D"600" cellpadding=3D"0" cellspacing=
=3D"0" style=3D"border-collapse:collapse;mso-table-lspace:0pt;mso-table-rsp=
ace:0pt;width:600px">
<![endif]-->
<div id=3D"column-0-0" class=3D"hse-column hse-size-12">
  <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D=
"100%" style=3D"border-spacing:0 !important; border-collapse:collapse; mso-=
table-lspace:0pt; mso-table-rspace:0pt"><tbody><tr><td class=3D"hs_padded" =
style=3D"border-collapse:collapse; mso-line-height-rule:exactly; font-famil=
y:Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; =
padding:25px 20px 0px"><div id=3D"hs_cos_wrapper_module_166091123325424" cl=
ass=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" sty=
le=3D"color: inherit; font-size: inherit; line-height: inherit;" data-hs-co=
s-general-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"hs_cos_wra=
pper_module_166091123325424_" class=3D"hs_cos_wrapper hs_cos_wrapper_widget=
 hs_cos_wrapper_type_rich_text" style=3D"color: inherit; font-size: inherit=
; line-height: inherit;" data-hs-cos-general-type=3D"widget" data-hs-cos-ty=
pe=3D"rich_text"><h1 style=3D"margin:0; mso-line-height-rule:exactly; font-=
size:16px; line-height:183%; text-align:center" align=3D"center"><span styl=
e=3D"color: #ffffff;">Stay Connected to LiveArt</span></h1></div></div></td=
></tr></tbody></table>
<table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D"1=
00%" style=3D"border-spacing:0 !important; border-collapse:collapse; mso-ta=
ble-lspace:0pt; mso-table-rspace:0pt"><tbody><tr><td class=3D"hs_padded" st=
yle=3D"border-collapse:collapse; mso-line-height-rule:exactly; font-family:=
Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; pa=
dding:0px 20px"><div id=3D"hs_cos_wrapper_module_166091123325425" class=3D"=
hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"c=
olor: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-gener=
al-type=3D"widget" data-hs-cos-type=3D"module">
<table role=3D"presentation" align=3D"center" style=3D"border-spacing:0 !im=
portant; border-collapse:collapse; mso-table-lspace:0pt; mso-table-rspace:0=
pt; width:auto; text-align:center" class=3D"hs_cos_wrapper_type_social_modu=
le" width=3D"auto">
  <tbody>
    <tr align=3D"center">
     =20
      <td class=3D"social-network-cell" style=3D"border-collapse:collapse; =
mso-line-height-rule:exactly; font-family:Arial, sans-serif; font-size:15px=
; color:#000000; word-break:break-word">
        <table role=3D"presentation" align=3D"center" style=3D"border-spaci=
ng:0 !important; border-collapse:collapse; mso-table-lspace:0pt; mso-table-=
rspace:0pt; width:auto; text-align:center" class=3D"hs_cos_wrapper_type_soc=
ial_module_single" width=3D"auto">
          <tbody>
            <tr align=3D"center">
             =20
              <td class=3D"display_block_on_small_screens" style=3D"border-=
collapse:collapse; mso-line-height-rule:exactly; font-family:Arial, sans-se=
rif; font-size:15px; color:#000000; word-break:break-word; padding:8px 5px;=
 line-height:1; vertical-align:middle" valign=3D"middle">
                <a href=3D"https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp=
04/VVtJWJ3VmlF_W4QL4tc1k6J4gW8BHpjy4V3xQQN7TcW293q3npV1-WJV7CgZw-W8nCkyW4BR=
Bx-W64_g8j6TFc7nW8nw9-w6G4Q_mV-FHxW6Y2CHKW2F_9bc8K2XdvW56fTlq5nG3GVW84zY3x8=
t_mzjW6flVzp5YFLZKN3p4GlZ_N-pTW1-lpjm80Bf2vW4tmpcx87DFTqW8qlfCP6j5W5WVHzdQP=
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T4Mz4l9W6pfS4d21QZ1RW2pRmN76MPNY8W6D_dBy1cBWCq3f0W1" style=3D"color:#00a4bd=
; mso-line-height-rule:exactly; text-decoration:none !important" data-hs-li=
nk-id=3D"0" target=3D"_blank">
                 =20
                 =20
                   =20
                   =20
                 =20
                  <img src=3D"https://email02.liveart.io/hs-fs/hubfs/Instag=
ram-alt-v02.png?height=3D60&amp;upscale=3Dtrue&amp;name=3DInstagram-alt-v02=
.png" alt=3D"Instagram" height=3D"30" style=3D"outline:none; text-decoratio=
n:none; -ms-interpolation-mode:bicubic; border:none; width:auto!important; =
height:30px!important; vertical-align:middle" valign=3D"middle" width=3D"au=
to">
                 =20
                </a>
              </td>
             =20
             =20
            </tr>
          </tbody>
        </table>
      </td>
     =20
      <td class=3D"social-network-cell" style=3D"border-collapse:collapse; =
mso-line-height-rule:exactly; font-family:Arial, sans-serif; font-size:15px=
; color:#000000; word-break:break-word">
        <table role=3D"presentation" align=3D"center" style=3D"border-spaci=
ng:0 !important; border-collapse:collapse; mso-table-lspace:0pt; mso-table-=
rspace:0pt; width:auto; text-align:center" class=3D"hs_cos_wrapper_type_soc=
ial_module_single" width=3D"auto">
          <tbody>
            <tr align=3D"center">
             =20
              <td class=3D"display_block_on_small_screens" style=3D"border-=
collapse:collapse; mso-line-height-rule:exactly; font-family:Arial, sans-se=
rif; font-size:15px; color:#000000; word-break:break-word; padding:8px 5px;=
 line-height:1; vertical-align:middle" valign=3D"middle">
                <a href=3D"https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp=
04/VVtJWJ3VmlF_W4QL4tc1k6J4gW8BHpjy4V3xQQN7TcW1V3q3n5V1-WJV7CgJhcN24v-H57-6=
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6q-TBPW7m4bc94ZjyQW35w91" style=3D"color:#00a4bd; mso-line-height-rule:exac=
tly; text-decoration:none !important" data-hs-link-id=3D"0" target=3D"_blan=
k">
                 =20
                 =20
                   =20
                   =20
                 =20
                  <img src=3D"https://email02.liveart.io/hs-fs/hubfs/twitte=
r-alt-v02.png?height=3D60&amp;upscale=3Dtrue&amp;name=3Dtwitter-alt-v02.png=
" alt=3D"Twitter" height=3D"30" style=3D"outline:none; text-decoration:none=
; -ms-interpolation-mode:bicubic; border:none; width:auto!important; height=
:30px!important; vertical-align:middle" valign=3D"middle" width=3D"auto">
                 =20
                </a>
              </td>
             =20
             =20
            </tr>
          </tbody>
        </table>
      </td>
     =20
      <td class=3D"social-network-cell" style=3D"border-collapse:collapse; =
mso-line-height-rule:exactly; font-family:Arial, sans-serif; font-size:15px=
; color:#000000; word-break:break-word">
        <table role=3D"presentation" align=3D"center" style=3D"border-spaci=
ng:0 !important; border-collapse:collapse; mso-table-lspace:0pt; mso-table-=
rspace:0pt; width:auto; text-align:center" class=3D"hs_cos_wrapper_type_soc=
ial_module_single" width=3D"auto">
          <tbody>
            <tr align=3D"center">
             =20
              <td class=3D"display_block_on_small_screens" style=3D"border-=
collapse:collapse; mso-line-height-rule:exactly; font-family:Arial, sans-se=
rif; font-size:15px; color:#000000; word-break:break-word; padding:8px 5px;=
 line-height:1; vertical-align:middle" valign=3D"middle">
                <a href=3D"https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp=
04/VVtJWJ3VmlF_W4QL4tc1k6J4gW8BHpjy4V3xQQN7TcW293q3npV1-WJV7CgQKqW1qB2h883K=
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mso-line-height-rule:exactly; text-decoration:none !important" data-hs-link=
-id=3D"0" target=3D"_blank">
                 =20
                 =20
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>
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     =20
      <td class=3D"social-network-cell" style=3D"border-collapse:collapse; =
mso-line-height-rule:exactly; font-family:Arial, sans-serif; font-size:15px=
; color:#000000; word-break:break-word">
        <table role=3D"presentation" align=3D"center" style=3D"border-spaci=
ng:0 !important; border-collapse:collapse; mso-table-lspace:0pt; mso-table-=
rspace:0pt; width:auto; text-align:center" class=3D"hs_cos_wrapper_type_soc=
ial_module_single" width=3D"auto">
          <tbody>
            <tr align=3D"center">
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              <td class=3D"display_block_on_small_screens" style=3D"border-=
collapse:collapse; mso-line-height-rule:exactly; font-family:Arial, sans-se=
rif; font-size:15px; color:#000000; word-break:break-word; padding:8px 5px;=
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a4bd; mso-line-height-rule:exactly; text-decoration:none !important" data-h=
s-link-id=3D"0" target=3D"_blank">
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ng" alt=3D"LinkedIn" height=3D"30" style=3D"outline:none; text-decoration:n=
one; -ms-interpolation-mode:bicubic; border:none; width:auto!important; hei=
ght:30px!important; vertical-align:middle" valign=3D"middle" width=3D"auto"=
>
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                </a>
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          </tbody>
        </table>
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     =20
      <td class=3D"social-network-cell" style=3D"border-collapse:collapse; =
mso-line-height-rule:exactly; font-family:Arial, sans-serif; font-size:15px=
; color:#000000; word-break:break-word">
        <table role=3D"presentation" align=3D"center" style=3D"border-spaci=
ng:0 !important; border-collapse:collapse; mso-table-lspace:0pt; mso-table-=
rspace:0pt; width:auto; text-align:center" class=3D"hs_cos_wrapper_type_soc=
ial_module_single" width=3D"auto">
          <tbody>
            <tr align=3D"center">
             =20
              <td class=3D"display_block_on_small_screens" style=3D"border-=
collapse:collapse; mso-line-height-rule:exactly; font-family:Arial, sans-se=
rif; font-size:15px; color:#000000; word-break:break-word; padding:8px 5px;=
 line-height:1; vertical-align:middle" valign=3D"middle">
                <a href=3D"https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp=
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</div></td></tr></tbody></table>
<div id=3D"hs_cos_wrapper_module_166091123325426" class=3D"hs_cos_wrapper h=
s_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"color: inherit; f=
ont-size: inherit; line-height: inherit;" data-hs-cos-general-type=3D"widge=
t" data-hs-cos-type=3D"module">
=09
<table class=3D"hse-image-wrapper" role=3D"presentation" width=3D"100%" cel=
lpadding=3D"0" cellspacing=3D"0" style=3D"border-spacing:0 !important; bord=
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    <tbody>
        <tr>
            <td align=3D"center" valign=3D"top" style=3D"border-collapse:co=
llapse; mso-line-height-rule:exactly; font-family:Arial, sans-serif; color:=
#000000; word-break:break-word; text-align:center; padding:5px 20px; font-s=
ize:0px">
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xBdp04/VVtJWJ3VmlF_W4QL4tc1k6J4gW8BHpjy4V3xQQN7TcW293q3npV1-WJV7CgHGkW1dXnV=
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WV-YG1R27tyW6JPM652F0mP6W4574337NkhYfW7992Jh3DsKz-36Pb1" target=3D"_blank" =
style=3D"color:#00a4bd; mso-line-height-rule:exactly" data-hs-link-id=3D"0"=
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                <img alt=3D"App Store | Google Play" src=3D"https://email02=
.liveart.io/hs-fs/hubfs/20220322_Tue_Newsletter/App-Badges.png?width=3D600&=
amp;upscale=3Dtrue&amp;name=3DApp-Badges.png" style=3D"outline:none; text-d=
ecoration:none; -ms-interpolation-mode:bicubic; border:none; max-width:100%=
; font-size:16px" width=3D"300" align=3D"middle" srcset=3D"https://email02.=
liveart.io/hs-fs/hubfs/20220322_Tue_Newsletter/App-Badges.png?upscale=3Dtru=
e&amp;width=3D600&amp;upscale=3Dtrue&amp;name=3DApp-Badges.png 300w, https:=
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00w" sizes=3D"(max-width: 300px) 100vw, 300px">
               =20
                    </a>
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<table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D"1=
00%" style=3D"border-spacing:0 !important; border-collapse:collapse; mso-ta=
ble-lspace:0pt; mso-table-rspace:0pt"><tbody><tr><td class=3D"hs_padded" st=
yle=3D"border-collapse:collapse; mso-line-height-rule:exactly; font-family:=
Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; pa=
dding:10px 5px"><div id=3D"hs_cos_wrapper_module_166091123325427" class=3D"=
hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"c=
olor: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-gener=
al-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"hs_cos_wrapper_mo=
dule_166091123325427_" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos=
_wrapper_type_rich_text" style=3D"color: inherit; font-size: inherit; line-=
height: inherit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"r=
ich_text"><p style=3D"mso-line-height-rule:exactly; font-size:12px; line-he=
ight:125%; text-align:center; font-weight:bold" align=3D"center"><span styl=
e=3D"color: #ffffff;"><a href=3D"https://email02.liveart.io/e3t/Ctc/DO+113/=
d2xBdp04/VVtJWJ3VmlF_W4QL4tc1k6J4gW8BHpjy4V3xQQN7TcW1V3q3n5V1-WJV7CgVFlW3-5=
3JV5QYPmgW5Wv2Xf32qL2QW1T_Dgd3F02NvW3C13XD9hZ106W2KkKy_5DtYYqW19dvpD2tzLLqW=
3TXPvG3zQQNxN3TcYz_ZkZMlW1NxP__6D8snGW70-Fvg6dMr4XVXNgRB7lqS2yV42r2B1NtF72N=
1t5WYwMH4FKW6f_VmX7nMpJxVftplG7J9_NyW3K8V3N78ZFX0W1vGYl96_jHQ0W1-SYjP1wZWh2=
W743lnl6zcd44V3ypP776XJR437yk1" style=3D"mso-line-height-rule:exactly; colo=
r:#ffffff; font-weight:bold" rel=3D"noopener" data-hs-link-id=3D"2" target=
=3D"_blank">BUY</a>&nbsp; |&nbsp; <a href=3D"https://email02.liveart.io/e3t=
/Ctc/DO+113/d2xBdp04/VVtJWJ3VmlF_W4QL4tc1k6J4gW8BHpjy4V3xQQN7TcW1V3q3n5V1-W=
JV7CgGVyW65yZFy5ZkrvsW1bRymb38xnYZMYYLHQ_lTrtW953zJH8HRJlxW8RN_q38-7dymW8LY=
TKf1kBS-WW8h_2fx5Zs6RNVc3Tn62xfH-_W8Bm7HN1CdwdLN3SFhGbpsSc1W1qhkh57zCns2W1r=
k7S570s_fjW3PlSw-5d4QRPW5Rt05X1cVXPfW70-PJP7G7453N1nf3Hv4rpRwW1SGbkX5hYV8hW=
7cbv_-54xhYWW41LBq27-DD1rW5YSCB-6RpkHp3mc91" style=3D"mso-line-height-rule:=
exactly; font-weight:bold; color:#ffffff" rel=3D"noopener" data-hs-link-id=
=3D"3" target=3D"_blank">SELL</a>&nbsp; | <a href=3D"https://email02.livear=
t.io/e3t/Ctc/DO+113/d2xBdp04/VVtJWJ3VmlF_W4QL4tc1k6J4gW8BHpjy4V3xQQN7TcW1V3=
q3n5V1-WJV7CgBX2W5vhBns2fyMxBW1VNnZP5TTYj5W4yrDhf1RBBNlW8Q6ZNL1kbPzqW9j7znR=
9d6s93W5WZMlN4-kWQXW7dhtSf7Y82WhW22V8jM8SV2f5W2BZ1wz6VmyCjW3Xt8Qn8BFX2QMy55=
dpYwcBjW57Gqqt1ZP2JrW1V4-HK89gX6KW5DR1_d3S_LpkW5xGlVM68-yBsW1lKZ0738fc4gW7m=
TB3n5tk53wW39Mj5d8fSK4LW3DTxz21pD5L3W58BPQl6bQw4S3j5K1" style=3D"mso-line-h=
eight-rule:exactly; color:#ffffff; font-weight:bold" rel=3D"noopener" data-=
hs-link-id=3D"4" target=3D"_blank">TRADING FLOOR</a> |&nbsp; <a href=3D"htt=
ps://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/VVtJWJ3VmlF_W4QL4tc1k6J4gW8=
BHpjy4V3xQQN7TcW1V3q3n5V1-WJV7CgJhmW6VP9RN6nMt-tW3ZM4c426ZHDnW4vNNTZ2bJnmyW=
3L9KS_5GPtNWW9gZmNF8Yrmc5N1L_wlnkvxJcW7gGYls79W3kCW7tmblc7mxg_hW6_n4278b28J=
sVkgPYs1G2Xv2N1JcllTqy0J9W7rC9F72kMB5QW77SNCB7v4WRZN8cmQxKJCtxBW66Qc835trX_=
VW4zl1Hg7NSh-9W5Mq0fg5jGZ0kW5-PKcg7tw6JpW8qGbNj4Jn1N3W147nZs3DvM4S3fg61" st=
yle=3D"mso-line-height-rule:exactly; font-weight:bold; color:#ffffff" rel=
=3D"noopener" data-hs-link-id=3D"1" target=3D"_blank">STORIES</a>&nbsp; | <=
a href=3D"https://email02.liveart.io/e3t/Ctc/DO+113/d2xBdp04/VVtJWJ3VmlF_W4=
QL4tc1k6J4gW8BHpjy4V3xQQN7TcW1V3q3n5V1-WJV7CgN2DVmTmGk86QfzHW3KLnnt1DgfvdW3=
Dsvvq59fQy9W7h8bzs6qX3yzN4DZYKVJcClWW8sJ30c5CPS8QW3zXzjc3-0G2MW60CChz2kPFxq=
W6Dm5PN77jm1_W6JsDz226LcHFW4xM2M83b79nZW14F-sq2dLk31W5bsMVF2j5yZMW946WBh1Mp=
k-2W3GqcTy6FXPK0W4R2Z6f81w4VBVRTJM290ncr2W2_ltQt7pG1qjVQx_mL1rGJWmW2tFFvZ7v=
m_cN3hQ31" style=3D"mso-line-height-rule:exactly; font-weight:bold; color:#=
ffffff" rel=3D"noopener" data-hs-link-id=3D"0" target=3D"_blank">NFT</a></s=
pan></p></div></div></td></tr></tbody></table>
<table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D"1=
00%" style=3D"border-spacing:0 !important; border-collapse:collapse; mso-ta=
ble-lspace:0pt; mso-table-rspace:0pt"><tbody><tr><td class=3D"hs_padded" st=
yle=3D"border-collapse:collapse; mso-line-height-rule:exactly; font-family:=
Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; pa=
dding:5px 20px 0px"><div id=3D"hs_cos_wrapper_module_166091123325428" class=
=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=
=3D"color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-=
general-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"hs_cos_wrapp=
er_module_166091123325428_" class=3D"hs_cos_wrapper hs_cos_wrapper_widget h=
s_cos_wrapper_type_rich_text" style=3D"color: inherit; font-size: inherit; =
line-height: inherit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=
=3D"rich_text"><p style=3D"mso-line-height-rule:exactly; font-size:11px; li=
ne-height:175%; text-align:center" align=3D"center"><span style=3D"color: #=
ffffff;">Ensure our emails reach your inbox by adding <a href=3D"mailto:hel=
lo@liveart.io" style=3D"mso-line-height-rule:exactly; color:#ffffff" rel=3D=
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your safe sender list.</span></p></div></div></td></tr></tbody></table>
<table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D"1=
00%" style=3D"border-spacing:0 !important; border-collapse:collapse; mso-ta=
ble-lspace:0pt; mso-table-rspace:0pt"><tbody><tr><td class=3D"hs_padded" st=
yle=3D"border-collapse:collapse; mso-line-height-rule:exactly; font-family:=
Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; pa=
dding:0px 20px 5px"><div id=3D"hs_cos_wrapper_module_166091123325429" class=
=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=
=3D"color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-=
general-type=3D"widget" data-hs-cos-type=3D"module">
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<table role=3D"presentation" class=3D"hse-footer hse-secondary" width=3D"10=
0%" cellpadding=3D"0" cellspacing=3D"0" style=3D"border-spacing:0 !importan=
t; border-collapse:collapse; mso-table-lspace:0pt; mso-table-rspace:0pt; fo=
nt-family:Verdana, sans-serif; font-size:12px; line-height:135%; color:#234=
96d; margin-bottom:0; padding:0">
    <tbody>
        <tr>
            <td align=3D"center" valign=3D"top" style=3D"border-collapse:co=
llapse; mso-line-height-rule:exactly; font-family:Arial, sans-serif; font-s=
ize:15px; color:#000000; word-break:break-word; text-align:center; margin-b=
ottom:0; line-height:135%; padding:10px 20px">
               =20
                <p style=3D"mso-line-height-rule:exactly; font-family:Arial=
, sans-serif; font-size:11px; font-weight:normal; text-decoration:none; fon=
t-style:normal; color:#FFFFFF; direction:lrt" dir=3D"lrt">
                  =C2=A92022 Live Art Market, Inc., 700 Rockland Road, Box =
153, Rockland, DE 19732
                </p>
                <p style=3D"mso-line-height-rule:exactly">
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art.io/e3t/Ctc/DO+113/d2xBdp04/VVtJWJ3VmlF_W4QL4tc1k6J4gW8BHpjy4V3xQQN7TcW2=
9ckXhGV9V4KD7CgDqYW2fXGJ29kR714W3gN--T8sxn9HW8G2_r26nZvZRN4bS45BtV8jHW38rPf=
f5WRKY2W5VvGqB2f_9cwW8WrpsG5VLFQHW6Nf5pw4d2c3LW2lwzRx5DgJgXW30JQvg52kmcBW8R=
fgK63V-LrbW6yg7z-6m4RjKW8TbcRZ1hJT12N4R29GnTsf5BN6LvlLSGcgg_W2z4m5w4JHhyRV1=
8nT76r6Vh_W83bwGc1rhy3rW1rLzWb1jjsm4W6Jgp5X1rRnhSW8_yntl125VnYW4Kdy1Y7Sq_K7=
N5NrF81DQzpFW6Skbww5WzGlBW4j0pST5vJL13W5m3x0p3rgZczN6992L-zrGYRW1K6vtY2ZGj9=
rN3WpSl4bbSBMVLH0MH2zxr4PW6Yl3Qb7DTC4VW8g0gM05fyr-8N3FpX6f4Jbr3W7DS75B1jh6P=
lVSPnP-3h3WqXW68ZqZK37GDQVW3l4sYw4q_BLPW7vKDvs6cMRgLW5h517X4mFKWkW1NyHn08np=
1bzW4qb6wp1LlnfyW3ngHPb9jB1WJW7WQx4N8MqVSrW89c0hN46L6ljW88DS8q6q5kd3W8PvR3-=
7Zrr2VVcyn4d1SMp4CW9gqPVX5_t9_mN3S-qBX8fPsFVcHq8Q177s0SN2CVdjl3bqXBW4QvlXn7=
XkWvTW38WmXq6j9Mm4W3bR3RW6xbyKVW6D9Svy6ydmpDW1tnw-N4CjlJqVcHNGB9hxQlXW7pr93=
j7Q2q3QW3RJTC78jRjlzW46Ml6h2PPdF6W1YL2CD4GjXcnN7CsYzzXmDxJW4xvRh49lG3m0W7-D=
wy47dldJjN1gwSlx7C9KyN6jzZ5CMs5PlW2b1bxC3Tp-SQW9dlqHm4pQVwrV2hFmG76SPP_V3dn=
qm3sxyCjN95p4M4dSgQLV2Wt7w1zdsCXW3qRhSR3DJ1pkW2ybQCw1SQZ4cW3SQK8d8rd8PZW5lP=
0lC1H0KBNW7TJ-JY9lhpPQW7LKKWf7Sgr1BW27Ly9Z5lpR0PW4Mkg8Q5vk1MJW1ywMyM9dJPQmW=
4pvLFx2cwX_TVRGCgc39ppJdW2ksT6p6j3BHkW7HG_Ml4S1r4GW5BGLVw6cZ3xM39Yw1" style=
=3D"mso-line-height-rule:exactly; font-family:Arial, sans-serif; font-size:=
11px; color:#FFFFFF; font-weight:normal; text-decoration:underline; font-st=
yle:normal" data-hs-link-id=3D"0" target=3D"_blank">Manage preferences</a>
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<!--[if gte mso 9]></table><![endif]-->
<!--[if (mso)|(IE)]></td><![endif]-->
    <!--[if (mso)|(IE)]></tr></table><![endif]-->
    </div>
  =20
  </div>
</div>
          </td>
        </tr>
      </tbody></table>
    </div>
 =20
<img src=3D"https://email02.liveart.io/e3t/Cto/DO+113/d2xBdp04/VVtJWJ3VmlF_=
W4QL4tc1k6J4gW8BHpjy4V3xQQW7TcVQh3DhwR-1b2" alt=3D"" width=3D"1" height=3D"=
1" border=3D"0" style=3D"display:none!important;min-height:1px!important;wi=
dth:1px!important;border-width:0!important;margin-top:0!important;margin-bo=
ttom:0!important;margin-right:0!important;margin-left:0!important;padding-t=
op:0!important;padding-bottom:0!important;padding-right:0!important;padding=
-left:0!important"></body></html>
------=_Part_11692020_1601555373.1672147909181--