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From: Marion Maneker <marion@puck.news>
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Hello, and welcome to Wall Power, my twice-weekly private email about the b=
usiness of art and the art world=E2=80=94the somewhat vague name we give to=
the constellation of collectors, advisors, dealers, auction houses, museum=
s, and other public and private institutions that enshrine the industry=E2=
=80=99s extraordinary value.
=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=
=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=
=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=
=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=C2=A0=E2=
=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=
=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=
=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=
=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=C2=A0=E2=80=8C=C2=
=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=
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=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=
=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=C2=A0=E2=80=8C=C2=A0=E2=80=
=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=
=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=
=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=
=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=
=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=
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=C2=A0=E2=80=8C=C2=A0=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=
=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=
=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=
=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=
=80=8C=C2=A0=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=
=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=
=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=
=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=
=A0=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=
=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=
=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=
=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=C2=A0=
=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=
=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=
=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=
=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0
Wall Power ( https://puck.news/?utm_campaign=3DWall+Power+-+LEADS+%284%2F14=
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ail_action&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 )
WELCOME BACK!
You=E2=80=99re receiving a complimentary version of Wall Power as a welcome=
gift to new readers. Start a free 14-day trial ( https://puck.news/join/?u=
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Hello, and welcome to Wall Power ( https://puck.news/newsletters/wall-power=
/?utm_campaign=3DWall+Power+-+LEADS+%284%2F14%2F24%29&utm_content=3DWall+Po=
wer+-+LEADS+%284%2F14%2F24%29&utm_medium=3Demail_action&utm_source=3Dcustom=
er.io&utm_term=3Df6c60615e3d301d48d28 ), my twice-weekly private email abou=
t the business of art and the art world=E2=80=94the somewhat vague name we =
give to the constellation of collectors, advisors, dealers, auction houses,=
museums, and other public and private institutions that enshrine the indus=
try=E2=80=99s extraordinary value. Annual art sales are estimated at a stea=
dy $65 billion a year, but that doesn=E2=80=99t come close to quantifying t=
he economic impact of art, which also plays an essential role in the travel=
, luxury, and fashion industries.
I=E2=80=99m Marion Maneker, and I=E2=80=99ve been covering the art world, i=
n one way or another, for more
than 25 years. This newsletter is a continuation of the work I did with my =
website, Art Market Monitor, and my Substack newsletter, Artelligence. Whet=
her you=E2=80=99ve followed me to Puck or have signed up for the first time=
, welcome.
In this inaugural email, I want to explain why I joined Puck, and, in broad=
strokes, catch everyone up on the backstory that led us to this particular=
ly remarkable moment in the art market.
You=E2=80=99re receiving a complimentary version of Wall Power at enzo@show=
file.com as a welcome gift to new readers. For full access to Puck, and to =
each of my colleagues, you can
subscribe here ( https://puck.news/join/?utm_campaign=3DWall+Power+-+LEADS+=
%284%2F14%2F24%29&utm_content=3DWall+Power+-+LEADS+%284%2F14%2F24%29&utm_me=
dium=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d2=
8 ).
Learn More ( https://puck.news/join/?utm_campaign=3DWall+Power+-+LEADS+%284=
%2F14%2F24%29&utm_content=3DWall+Power+-+LEADS+%284%2F14%2F24%29&utm_medium=
=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 )
Art Market Shocks & Leon Black=E2=80=99s Math ( https://puck.news/wall-powe=
r-art-market-shocks-leon-black-math/?utm_campaign=3DWall+Power+-+LEADS+%284=
%2F14%2F24%29&utm_content=3DWall+Power+-+LEADS+%284%2F14%2F24%29&utm_medium=
=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 )
Art Market Shocks & Leon Black=E2=80=99s Math ( https://puck.news/wall-powe=
r-art-market-shocks-leon-black-math/?utm_campaign=3DWall+Power+-+LEADS+%284=
%2F14%2F24%29&utm_content=3DWall+Power+-+LEADS+%284%2F14%2F24%29&utm_medium=
=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 )
The business of art, often misunderstood in the media, is a mysterious alch=
emy of ego, economic cycles, and a genuine passion for the sublime. But exp=
laining the unexplainable is why I joined Puck.
MARION MANEKER ( https://puck.news/author/marion-maneker/?utm_campaign=3DWa=
ll+Power+-+LEADS+%284%2F14%2F24%29&utm_content=3DWall+Power+-+LEADS+%284%2F=
14%2F24%29&utm_medium=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6=
c60615e3d301d48d28 )
MARION MANEKER ( https://puck.news/author/marion-maneker/?utm_campaign=3DWa=
ll+Power+-+LEADS+%284%2F14%2F24%29&utm_content=3DWall+Power+-+LEADS+%284%2F=
14%2F24%29&utm_medium=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6=
c60615e3d301d48d28 )
For all the commentary about the art world, there is a stunning lack of wri=
ting that actually attempts to understand the business itself. Last week, f=
or example, I was speaking to the C.E.O. of one of the major auction houses=
when he brought up something I had written a few months earlier about a co=
mpetitor. Surprisingly, this executive thanked me for taking the time to ac=
tually analyze the company. He wasn=E2=80=99t being mean-spirited. Rather, =
he was expressing a frustration shared by many art industry insiders about =
their portrayal by the media, both in the trade press and when global news =
outlets attempt to write about the industry.
Too often, of course, media coverage of the art industry is driven by melod=
rama and caricature. The people who inhabit this world are partially respon=
sible: Our culture has created a secular religion around
artists and art, and everyone has something invested in those shibboleths. =
But like religion, the art world is also shot through with sanctimony=E2=80=
=94a reaction, perhaps, to the market=E2=80=99s own irrationality.
This isn=E2=80=99t something that=E2=80=99s lost on people in the art world=
=2E Individuals who are shrewd, success=
ful, and unsentimental in their busine=
ss lives often behave in seemingly irrational ways when it comes to buying =
art. We had a very public dissection of this kind of behavior earlier this =
year, when billionaire Dmitry Rybolovlev exposed his dealings with Yves Bou=
vier in a lawsuit against Sotheby=E2=80=99s. Rybolovlev was trying to hold =
Sotheby=E2=80=99s accountable for his own lack of due diligence=E2=80=94and=
basic common sense=E2=80=94in overpaying by a billion dollars, by his own =
claim, for dozens of works of art. But who is to say what is the true value=
of a Gustav Klimt, or Ren=C3=A9 Magritte, or Leonardo=E2=80=99s Salvator M=
undi? In fact,
Rybolovlev made an extraordinary profit when Salvator Mundi was resold to M=
ohammed bin Salman, an even wealthier buyer.
My Puck partner William Cohan offered a perfect example of this rational ir=
rationality when he questioned ( https://puck.news/leon-black-discusses-jef=
frey-epstein/?utm_campaign=3DWall+Power+-+LEADS+%284%2F14%2F24%29&utm_conte=
nt=3DWall+Power+-+LEADS+%284%2F14%2F24%29&utm_medium=3Demail_action&utm_sou=
rce=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 ) billionaire Leon Black,=
a massive buyer of art, about how he could have lost track of paying Jeffr=
ey Epstein more than $150 million in advisory fees. =E2=80=9CI=E2=80=99m kn=
own to be a ruthless negotiator, a penny-pincher,=E2=80=9D Black told Cohan=
=2E =E2=80=9CI=E2=80=99m also known to pay $=
50 million for a Raphael twice=E2=
=80=94not once, twice, two Raphaels, $50 [million] each, this big.=E2=80=9D=
Here, Black indicated to Cohan he was talking about something the size of =
a
sheet of paper. =E2=80=9CWhy is it implausible?=E2=80=9D he continued, =E2=
=80=9C[when] I=E2=80=99m a value investor and never paid the high bid?=E2=
=80=9D
Ben Graham, the great sage of Wall Street, once said that the stock market =
is a voting machine in the short term and a weighing machine in the long ru=
n. But the art market is only ever a voting machine. There=E2=80=99s nothin=
g to weigh, no external scientific measure of its worth. Art=E2=80=99s valu=
e is ultimately social, and the price of an individual work is not a measur=
e of its quality=E2=80=94though it often coincides with quality=E2=80=94but=
a measure of its desirability. The person who pays more for a work of art =
is the person who wants it most.
When art dealers, collectors, or curators talk about a painting that comman=
ds a room and dominates the viewer, they will often say that it has =E2=80=
=9Cwall power.=E2=80=9D Fittingly, that is also the title of my new column =
here at Puck. A work with wall power is impressive, compelling, and importa=
nt. These
attributes might prefigure an astounding sale price. But the notion of wall=
power isn=E2=80=99t only about the art itself. It is also a reflection of =
the artist, the dealer (or auction house), and, ultimately, the owner. The =
most admired collectors demonstrate a level of knowledge, vision, and acces=
s that mere money cannot purchase. In the art world, power doesn=E2=80=99t =
necessarily lie with the person who has the most financial strength. What m=
akes this world so endlessly fascinating is the ways in which it continuall=
y frustrates the brute force of wealth.
Power is evanescent everywhere, but that=E2=80=99s particularly true in art=
, where a change in taste (and therefore values) can be as sudden as it is =
mysterious. We can point to visible events, like major museum shows and auc=
tion results, but those are usually isolated phenomena. Too often in the ar=
t world, what looks like cause and effect are coincidence. But that=E2=80=
=99s not to say everything=E2=80=99s an accident. The art world is
nothing if not a seething cauldron of ambitions=E2=80=94to promote artists =
and ideas, to achieve status or make money, to touch the sublime or simply =
prove a thesis.
Who has the power to create value in art, and how do they wield it? We ofte=
n forget that the art world is filled with people=E2=80=94some with the bes=
t intentions, others with the worst=E2=80=94just trying to succeed. Natural=
ly, the effort to profit from the ineffable often has comical results. So i=
f you=E2=80=99re thinking Wall Power sounds a little bombastic as the title=
for this column, that=E2=80=99s kind of the point. The art world can take =
itself very seriously. That doesn=E2=80=99t mean we have to. Balzac and Tro=
llope would have loved this place, too.
How It All Began=E2=80=A6
I first entered this soap opera in the late 1980s, when the Japanese econom=
ic supernova created enormous excess liquidity. The combination of a newfou=
nd taste for Impressionist art among buyers in Asia, including some Austral=
ian debt-fueled industrialists, plus a new generation of American collector=
s, drove a veritable revolution in the art market. Even then, the interest =
in art had twin trajectories.
First, there was the explosion in top prices that would feed on itself unti=
l 1990, when Van Gogh=E2=80=99s Portrait of Dr. Gachet sold for $82.5 milli=
on, or $199 million in today=E2=80=99s dollars, just before the early =E2=
=80=9990s recession. (Ryoei Saito, the buyer, had threatened to have the pa=
inting cremated with him when he died in 1996. His heirs don=E2=80=99t appe=
ar to have followed through.) Also around this time, there was the
emergence of Contemporary art as a broader cultural phenomenon and economic=
force. Today, of course, Jean-Michel Basquiat=E2=80=99s market rivals the =
biggest names like Warhol, Picasso, Monet, and Richter. But it took decades=
for the market for Basquiat=E2=80=94like his peer, Keith Haring=E2=80=94to=
fully develop, as the art market came to put a higher premium on politics =
and identity.
In the 1980s, both trends=E2=80=94the masterpiece market and the rise of Co=
ntemporary art as a reflection of current social issues=E2=80=94were just b=
eginning. But the art market doesn=E2=80=99t follow a linear path. The =E2=
=80=9980s boom was followed by a severe recession in the art market through=
most of the =E2=80=9990s, followed by an economic rebound a few years late=
r. In 1998, Si Newhouse paid $17 million at auction for Andy Warhol=E2=80=
=99s Orange Marilyn (1962), marking the beginning of the Contemporary art m=
arket that gained momentum through the early 2000s
before reaching escape velocity in 2004. From 2005 to mid-2008, the market =
became a rocket ship as new buyers from all over the world rode a wave of g=
lobal liquidity and low interest rates. Art Basel expanded from Switzerland=
to Miami in 2002. Frieze debuted in London in 2003. New buyers from the co=
mmodity-rich regions in the Gulf States and Russia began to show up at auct=
ions. In 2006, a =E2=80=9Cmystery bidder=E2=80=9D way in the back of Sotheb=
y=E2=80=99s sale room waved a paddle and bought a $95 million Picasso. No o=
ne knew who he was.
The auction houses, which had already established footholds in Hong Kong in=
the 1990s, became an easy access point to legions of newly rich persons fr=
om around the world. Galleries like Gagosian, and later Zwirner, Hauser & W=
irth, Pace, and eventually many others, began to open multiple exhibition s=
paces around the world. The auction houses used their expanded reach to imp=
rove their economics by guaranteeing art works at auction. With a minimum
price guarantee from an auction house, a seller=E2=80=99s risk was reduced =
while still benefiting from the upside. Artists, too, began to see the auct=
ion houses as platforms for new economic opportunities. The auctioneers, in=
turn, had an information advantage that allowed them to expand their margi=
ns. For a brief, beautiful moment, the art market seemed destined to go up =
forever.
Then the global financial crisis hit. Everyone=E2=80=99s first expectation =
was that the art market would enter a long winter, perhaps more severe than=
the hibernation of the 1990s. The =E2=80=9Cgenerational low=E2=80=9D in th=
e stock market was in March 2009. A few weeks earlier, however, Christie=E2=
=80=99s held a sale of the art works and collectibles of Yves Saint Laurent=
and Pierre Berg=C3=A9. Even as the global financial system was seizing up,=
wealthy buyers attracted to superb objects with a glamorous provenance wer=
e willing to spend like they had nothing to fear of the future. The sale=E2=
=80=99s =E2=82=AC373
million total would stand as a record for a single-owner collection for nea=
rly a decade, until the billion-dollar David Rockefeller sale.
Even with the Saint Laurent sale=E2=80=99s extraordinary success, it would =
take another five to six years before the art market peaked again, in 2014 =
and 2015. Total sales pulled back in 2016, rising again until 2018. Althoug=
h it was interrupted by the pandemic, another cycle of rising sales began i=
n 2019 and peaked in 2022. Today, we=E2=80=99re feeling our way through a d=
ark period of doubt. Will the market recover or continue to contract?
Although we talk about the art market as a single market, it really is=E2=
=80=94like the financial markets=E2=80=94a collection of smaller markets in=
works from a particular period or style or artist, or even specific bodies=
of work within an artist=E2=80=99s broader career. These markets wax and w=
ane with considerable volatility. Picasso and Warhol were the twin engines =
of the art market=E2=80=99s rise over the
last 25 years. Their dominance has faded some, but other artists, particula=
rly Gerhard Richter and Basquiat, rose up to support them. All markets go t=
hrough cycles. Some artists fade into obscurity. The history of the market =
is littered with once-valuable artists whose work is no longer coveted. Oth=
ers require a change in taste, a change in mood, or a willingness by previo=
us buyers to sacrifice work for prices less than hoped for.
Art & Eternity
One of the leitmotifs of my reporting, as you=E2=80=99ll soon learn, is tha=
t healthy markets go up and they go down. There are global economic factors=
and changing tastes, of course, as well as exogenous shocks. Too often the=
press=E2=80=94and market participants=E2=80=94ignore the benefit of fallin=
g prices, which renew interest in artists or shift attention from one artis=
t, period, or style to another.
One reason that I joined Puck is that its co-founder and editor-in-chief, J=
on Kelly, understands what I think is the right tone and approach for cover=
ing this predictably irrational world. I=E2=80=99ve also come for the peopl=
e, including colleagues like Bill Cohan, Matt Belloni, Dylan Byers, Julia I=
offe, and many others, who have created markets for their own work. Over th=
e last 20 years, journalism has become a terrible and
frustrating business. At one time or another in this period, most media org=
anizations have gone through a period of suffering, often through no fault =
of their own. What impresses me most about Puck is that it offers a solutio=
n: bundling newsletters together around a central, functional core, while g=
iving readers the option to subscribe to as many, or as few, as interests t=
hem.
Meeting Puck=E2=80=99s new C.E.O., Sarah Personette, reminded me of somethi=
ng Warren Buffett once said about why James Kilts was hired to be C.E.O. of=
Gillette, a favorite Berkshire Hathaway holding. Buffett said that Kilts a=
nalyzed a business situation with =E2=80=9Cno baloney,=E2=80=9D in a way th=
at just made sense. =E2=80=9CFrankly,=E2=80=9D Buffett said, =E2=80=9Cfindi=
ng someone like that is a rarity.=E2=80=9D I feel the same way about Sarah,=
Jon, our C.O.O. and co-founder Liz Gough, and everyone else I=E2=80=99ve m=
et and begun to work with at Puck. Just making sense really is a rarity.
Besides the business model and the great writers they=E2=80=99ve assembled,=
the real beauty of Puck is in the mission to move beyond news headlines to=
the inside conversations that are truly driving the businesses of finance,=
entertainment, politics, media, fashion, business, and now art. That requi=
res a deeper understanding of power, the people who wield it, and where it =
intersects across each of these worlds. It also often requires breaking the=
fourth wall between journalists and readers.
The leaders of the art industry, especially the most successful ones, recog=
nize the absurdity of what they do. Art is not a commodity. No one needs it=
=2E You=E2=80=99re not providing energy or=
building houses or feeding people;=
no one needs what you=E2=80=99re selling. At the same time, what is life w=
ithout meaning? Visual art=E2=80=94paintings, sculptures, sometimes other o=
bjects too=E2=80=94and cultural property (whether luxury items like jewelry=
, watches, sneakers, and handbags, not to mention
other collectibles) are a physical record of our lives, our beliefs and our=
ideas.
But what makes visual art different from other cultural products like music=
, movies, books, and performances is that some of its power comes from scar=
city. Because of that, owning a work of art=E2=80=94or other scarce collect=
ible=E2=80=94becomes a status symbol. Leon Black doesn=E2=80=99t care how m=
uch it cost him to own a Raphael (or a Munch, or any of the dozens of excee=
dingly rare artworks he owns) because part of the satisfaction of owning th=
ose works is knowing that few others could possibly possess them. What pric=
e do you put on being immortality adjacent?
As grandiose as that sounds=E2=80=94and I don=E2=80=99t know for a fact tha=
t Black feels that his Raphaels let him look through a chink in the univers=
e toward eternity=E2=80=94it masks the other side of art. None of this is w=
orth anything if no one else thinks it is important or valuable. That proce=
ss is also, even more so, the subject of this
newsletter. In other words: There=E2=80=99s a lot to talk about here. Art i=
s a lot like a spectator sport. (Hello, sports fans!) We can all get a grea=
t deal of enjoyment out of following along. I hope you=E2=80=99ll stick wit=
h me.
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Who=E2=80=99s up and who=E2=80=99s down in the Trump V.P. bake-off.
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<div style=3D"display: none; max-height: 0px; overflow: hidden;">Hello, a=
nd welcome to Wall Power, my twice-weekly private email about the business =
of art and the art world=E2=80=94the somewhat vague name we give to the con=
stellation of collectors, advisors, dealers, auction houses, museums, and o=
ther public and private institutions that enshrine the industry=E2=80=99s e=
xtraordinary value.
=20
=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=
=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=
=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=
=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=C2=A0=E2=
=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=
=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=
=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=
=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=C2=A0=E2=80=8C=C2=
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<p style=3D"margin: 0; color: #000000; font-size: 16px; line-=
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<p style=3D"margin: 0; color: #000000; font-size: 16px; line-hei=
ght: 30px; margin-top: 0; margin-bottom: 0;">Hello, and welcome to <u><a hr=
ef=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQ=
UdPM3czSVdMUVdZZTVyUkxzVkZxcz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvbmV3c2xl=
dHRlcnMvd2FsbC1wb3dlci8_dXRtX2NhbXBhaWduPVdhbGwrUG93ZXIrLStMRUFEUyslMjg0JTJ=
GMTQlMkYyNCUyOVx1MDAyNnV0bV9jb250ZW50PVdhbGwrUG93ZXIrLStMRUFEUyslMjg0JTJGMT=
QlMkYyNCUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jd=
XN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwi=
OiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjg0NDYyNH0/91d096e8121fe919218=
b6d7c404c672cbdecb6718516956b5bdc76a858472e60" style=3D"color:#d40000;text-=
decoration:none;font-weight:bold" class=3D"sdf">Wall Power</a></u>, my twic=
e-weekly private email about the business of art and <i>the art world</i>=
=E2=80=94the somewhat vague name we give to the constellation of collectors=
, advisors, dealers, auction houses, museums, and other public and private =
institutions that enshrine the industry=E2=80=99s extraordinary value. Annu=
al art sales are estimated at a steady <i>$65 billion</i> a year, but that =
doesn=E2=80=99t come close to quantifying the economic impact of art, which=
also plays an essential role in the travel, luxury, and fashion industries=
=2E <br/><br/>I=E2=80=99m <b>Marion Man=
eker</b>, and I=E2=80=99ve been coveri=
ng the art world, in one way or another, for more
than 25 years. This newsletter is a continuation of the work I did with my =
website, Art Market Monitor, and my Substack newsletter, Artelligence. Whet=
her you=E2=80=99ve followed me to Puck or have signed up for the first time=
, welcome.<br/><br/>In this inaugural email, I want to explain why I joined=
Puck, and, in broad strokes, catch everyone up on the backstory that led u=
s to this particularly remarkable moment in the art market. <br/></p>
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ght: 30px; font-family: 'Helvetica Neue', Helvetica, Arial, sans-se=
rif;">
<i>
<b>You=E2=80=99re receiving a complimentary version of Wall Po=
wer at enzo@showfile.com as a welcome gift to new readers</b>. For full acc=
ess to Puck, and to each of my colleagues, you can
<b><a class=3D"sdf" href=3D"https://email.puck.news/e/c/eyJlbW=
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UyslMjg0JTJGMTQlMkYyNCUyOVx1MDAyNnV0bV9jb250ZW50PVdhbGwrUG93ZXIrLStMRUFEUys=
lMjg0JTJGMTQlMkYyNCUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3=
NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4Iiwia=
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40000;text-decoration:underline;font-weight:bold">subscribe here</a></b>.</=
i>
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<![endif]--><a class=3D"cta" href=3D"https://email.pu=
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f;font-size:13px;font-weight:bold;line-height:44px;text-align:center;text-d=
ecoration:none;width:220px;-webkit-text-size-adjust:none;">Learn More</a><!=
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<tbody><tr>
<td style=3D"padding-bottom: 10px;"><a href=3D"https://email.p=
uck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdPM3czSVdMUVdZZTVyUk=
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GVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjo4NDgyMTN9/817d460b06e=
936d3946e7c805ecfbb0b77bae4cb832118401d8700feb2647b42" target=3D"_blank"><i=
mg alt=3D"Art Market Shocks & Leon Black=E2=80=99s Math" class=3D"w100p=
ct" src=3D"https://images.scalero.io/email_assets/4014/V8BRADCM2LY4UNL2YRHI=
Q22XK8XYEU70OLT3PKTDH5A1T6YL2DMWOYMDHDAL6SKU.png" style=3D"width:540px;" wi=
dth=3D"540"/></a></td>
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<tr>
<td style=3D"padding-bottom: 10px;"><a href=3D"https://email.p=
uck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdPM3czSVdMUVdZZTVyUk=
xzVkZxcz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvd2FsbC1wb3dlci1hcnQtbWFya2V0L=
XNob2Nrcy1sZW9uLWJsYWNrLW1hdGgvP3V0bV9jYW1wYWlnbj1XYWxsK1Bvd2VyKy0rTEVBRFMr=
JTI4NCUyRjE0JTJGMjQlMjlcdTAwMjZ1dG1fY29udGVudD1XYWxsK1Bvd2VyKy0rTEVBRFMrJTI=
4NCUyRjE0JTJGMjQlMjlcdTAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3=
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GVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjo4NDgyMTN9/817d460b06e=
936d3946e7c805ecfbb0b77bae4cb832118401d8700feb2647b42" rel=3D"noopener" sty=
le=3D"text-decoration: none; color: #d70a09; font-family: Beskerville, Geor=
gia, 'Times New Roman', Times, serif; font-size:30px; line-height:3=
6px;" target=3D"_blank">Art Market Shocks & Leon Black=E2=80=99s Math</=
a></td>
</tr>
<tr>
<td style=3D"font-size:18px; color:#000000;line-height:30px; p=
adding-bottom: 10px;">The business of art, often misunderstood in the media=
, is a mysterious alchemy of ego, economic cycles, and a genuine passion fo=
r the sublime. But explaining the unexplainable is why I joined Puck.</td>
</tr>
<tr class=3D"replica" name=3D"author">
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<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" class=
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<tbody><tr>
<td width=3D"80"><a href=3D"https://email.puck.news/e/c/eyJ=
lbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdPM3czSVdMUVdZZTVyUkxzVkZxcz0iLCJocm=
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19pZCI6ODQ3ODE3fQ/4a13f75b9a5b4e25502c08d02f51834345e34b352fdf0ab3b93ebdfd7=
e7e2bf0" target=3D"_blank"><img alt=3D"MARION MANEKER" src=3D"https://image=
s.scalero.io/email_assets/4014/5U91RL8QH35FF9HGFOAQOSQW8H4C5DPTZ2B6X3OWH55F=
47VW83M55HOB5IFV2UDZ.png" style=3D"width:45px;" width=3D"45"/></a></td>
<td style=3D"font-size:18px; color:#555555;line-height:22px=
; border-bottom: 1px solid #bbbbbb;"><a href=3D"https://email.puck.news/e/c=
/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdPM3czSVdMUVdZZTVyUkxzVkZxcz0iLC=
JocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvYXV0aG9yL21hcmlvbi1tYW5la2VyLz91dG1fY2Ftc=
GFpZ249V2FsbCtQb3dlcistK0xFQURTKyUyODQlMkYxNCUyRjI0JTI5XHUwMDI2dXRtX2NvbnRl=
bnQ9V2FsbCtQb3dlcistK0xFQURTKyUyODQlMkYxNCUyRjI0JTI5XHUwMDI2dXRtX21lZGl1bT1=
lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09Zj=
ZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4Iiwib=
Glua19pZCI6ODQ3ODE3fQ/4a13f75b9a5b4e25502c08d02f51834345e34b352fdf0ab3b93eb=
dfd7e7e2bf0" rel=3D"noopener" style=3D"text-decoration: none; color: #d70a0=
9;" target=3D"_blank"><strong>MARION MANEKER</strong></a></td>
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<td style=3D"padding-bottom: 36px; color: #000000; font-size: 16p=
x; line-height: 30px; margin-top: 0; margin-bottom: 0;">For all the comment=
ary about the art world, there is a stunning lack of writing that actually =
attempts to understand the business itself. Last week, for example, I was s=
peaking to the C.E.O. of one of the major auction houses when he brought up=
something I had written a few months earlier about a competitor. Surprisin=
gly, this executive thanked me for taking the time to actually analyze the =
company. He wasn=E2=80=99t being mean-spirited. Rather, he was expressing a=
frustration shared by many art industry insiders about their portrayal by =
the media, both in the trade press and when global news outlets attempt to =
write about the industry. <br/><br/>Too often, of course, media coverage of=
the art industry is driven by melodrama and caricature. The people who inh=
abit this world are partially responsible: Our culture has created a secula=
r religion around
artists and art, and everyone has something invested in those shibboleths. =
But like religion, the art world is also shot through with sanctimony=E2=80=
=94a reaction, perhaps, to the market=E2=80=99s own irrationality.<br/><br/=
>This isn=E2=80=99t something that=E2=80=99s lost on people in the art worl=
d. Individuals who are shrewd, successful, and unsentimental in their busin=
ess lives often behave in seemingly irrational ways when it comes to buying=
art. We had a very public dissection of this kind of behavior earlier this=
year, when billionaire <b>Dmitry Rybolovlev</b> exposed his dealings with =
<b>Yves Bouvier</b> in a lawsuit against Sotheby=E2=80=99s. Rybolovlev was =
trying to hold Sotheby=E2=80=99s accountable for his own lack of due dilige=
nce=E2=80=94and basic common sense=E2=80=94in overpaying by a <i>billion do=
llars</i>, by his own claim, for dozens of works of art. But who is to say =
what is the true value of a <b>Gustav Klimt</b>, or <b>Ren=C3=A9 Magritte</=
b>, or <b>Leonardo</b>=E2=80=99s <i>Salvator Mundi</i>? In fact,
Rybolovlev made an extraordinary profit when <i>Salvator Mundi </i>was reso=
ld to <b>Mohammed bin Salman</b>, an even wealthier buyer. <br/><br/>My Puc=
k partner <b>William Cohan</b> offered a perfect example of this rational i=
rrationality when he <b><u><a href=3D"https://email.puck.news/e/c/eyJlbWFpb=
F9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdPM3czSVdMUVdZZTVyUkxzVkZxcz0iLCJocmVmIjoi=
aHR0cHM6Ly9wdWNrLm5ld3MvbGVvbi1ibGFjay1kaXNjdXNzZXMtamVmZnJleS1lcHN0ZWluLz9=
1dG1fY2FtcGFpZ249V2FsbCtQb3dlcistK0xFQURTKyUyODQlMkYxNCUyRjI0JTI5XHUwMDI2dX=
RtX2NvbnRlbnQ9V2FsbCtQb3dlcistK0xFQURTKyUyODQlMkYxNCUyRjI0JTI5XHUwMDI2dXRtX=
21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRt=
X3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ=
4ZDI4IiwibGlua19pZCI6ODM3NTY4fQ/950c0611dbcbe24036496ac0a6a71da344b58f2dd2a=
947c4f03b81a0db00ee1a" style=3D"color:rgb(212, 0, 0);text-decoration:none;f=
ont-weight:bold" class=3D"sdf">questioned</a></u></b> billionaire <b>Leon B=
lack</b>, a massive buyer of art, about how he could have lost track of pay=
ing <b>Jeffrey Epstein</b> more than $150 million in advisory fees. =E2=80=
=9CI=E2=80=99m known to be a <i>ruthless</i> negotiator, a penny-pincher,=
=E2=80=9D Black told Cohan. =E2=80=9CI=E2=80=99m also known to pay $50 mill=
ion for a <b>Raphael</b> <i>twice</i>=E2=80=94not once, twice, two Raphaels=
, $50 [million] each, this big.=E2=80=9D Here, Black indicated to Cohan he =
was talking about something the size of a
sheet of paper. =E2=80=9CWhy is it implausible?=E2=80=9D he continued, =E2=
=80=9C[when] I=E2=80=99m a value investor and never paid the high bid?=E2=
=80=9D <br/><br/><b>Ben Graham</b>, the great sage of Wall Street, once sai=
d that the stock market is a voting machine in the short term and a weighin=
g machine in the long run. But the art market is only ever a voting machine=
=2E There=E2=80=99s nothing to weigh, no e=
xternal scientific measure of its w=
orth. Art=E2=80=99s value is ultimately social, and the price of an individ=
ual work is not a measure of its quality=E2=80=94though it often coincides =
with quality=E2=80=94but a measure of its <i>desirability</i>. The person w=
ho pays more for a work of art is the person who wants it most. <br/><br/>=
When art dealers, collectors, or curators talk about a painting that comman=
ds a room and dominates the viewer, they will often say that it has =E2=80=
=9Cwall power.=E2=80=9D Fittingly, that is also the title of my new column =
here at Puck. A work with wall power is impressive, compelling, and importa=
nt. These
attributes might prefigure an astounding sale price. But the notion of wall=
power isn=E2=80=99t only about the art itself. It is also a reflection of =
the artist, the dealer (or auction house), and, ultimately, the owner. The =
most admired collectors demonstrate a level of knowledge, vision, and acces=
s that mere money cannot purchase. In the art world, power doesn=E2=80=99t =
necessarily lie with the person who has the most financial strength. What m=
akes this world so endlessly fascinating is the ways in which it continuall=
y frustrates the brute force of wealth. <br/><br/>Power is evanescent every=
where, but that=E2=80=99s particularly true in art, where a change in taste=
(and therefore values) can be as sudden as it is mysterious. We can point =
to visible events, like major museum shows and auction results, but those a=
re usually isolated phenomena. Too often in the art world, what looks like =
cause and effect are coincidence. But that=E2=80=99s not to say everything=
=E2=80=99s an accident. The art world is
nothing if not a seething cauldron of ambitions=E2=80=94to promote artists =
and ideas, to achieve status or make money, to touch the sublime or simply =
prove a thesis. <br/><br/>Who has the power to create value in art, and how=
do they wield it? We often forget that the art world is filled with people=
=E2=80=94some with the best intentions, others with the worst=E2=80=94just =
trying to succeed. Naturally, the effort to profit from the ineffable often=
has comical results. So if you=E2=80=99re thinking <i>Wall Power</i> sound=
s a little bombastic as the title for this column, that=E2=80=99s kind of t=
he point. The art world can take itself very seriously. That doesn=E2=80=99=
t mean we have to. <b>Balzac</b> and <b>Trollope</b> would have loved this =
place, too.<br/></td>
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<td align=3D"center" style=3D"font-size:20px; line-height:34px=
; border-top:4px solid #d40000; padding: 24px 0;"><b>How It All Began=E2=80=
=A6</b></td>
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<td style=3D"padding-bottom: 36px; color: #000000; font-size: 16p=
x; line-height: 30px; margin-top: 0; margin-bottom: 0;">I first entered thi=
s soap opera in the late 1980s, when the Japanese economic supernova create=
d enormous excess liquidity. The combination of a newfound taste for Impres=
sionist art among buyers in Asia, including some Australian debt-fueled ind=
ustrialists, plus a new generation of American collectors, drove a veritabl=
e revolution in the art market. Even then, the interest in art had twin tra=
jectories. <br/><br/>First, there was the explosion in top prices that woul=
d feed on itself until 1990, when <b>Van Gogh</b>=E2=80=99s <i>Portrait of =
Dr. Gachet</i> sold for $82.5 million, or $199 million in today=E2=80=99s d=
ollars, just before the early =E2=80=9990s recession. (<b>Ryoei</b> <b>Sait=
o</b>, the buyer, had threatened to have the painting cremated with him whe=
n he died in 1996. His heirs don=E2=80=99t appear to have followed through.=
) Also around this time, there was the
emergence of Contemporary art as a broader cultural phenomenon and economic=
force. Today, of course, <b>Jean-Michel Basquiat</b>=E2=80=99s market riva=
ls the biggest names like <b>Warhol</b>, <b>Picasso</b>, <b>Monet</b>, and =
<b>Richter</b>. But it took decades for the market for Basquiat=E2=80=94lik=
e his peer, <b>Keith</b> <b>Haring</b>=E2=80=94to fully develop, as the art=
market came to put a higher premium on politics and identity. <br/><br/>In=
the 1980s, both trends=E2=80=94the masterpiece market and the rise of Cont=
emporary art as a reflection of current social issues=E2=80=94were just beg=
inning. But the art market doesn=E2=80=99t follow a linear path. The =E2=80=
=9980s boom was followed by a severe recession in the art market through mo=
st of the =E2=80=9990s, followed by an economic rebound a few years later. =
In 1998, <b>Si</b> <b>Newhouse</b> paid $17 million at auction for Andy War=
hol=E2=80=99s <i>Orange Marilyn </i>(1962), marking the beginning of the Co=
ntemporary art market that gained momentum through the early 2000s
before reaching escape velocity in 2004. From 2005 to mid-2008, the market =
became a rocket ship as new buyers from all over the world rode a wave of g=
lobal liquidity and low interest rates. Art Basel expanded from Switzerland=
to Miami in 2002. Frieze debuted in London in 2003. New buyers from the co=
mmodity-rich regions in the Gulf States and Russia began to show up at auct=
ions. In 2006, a =E2=80=9Cmystery bidder=E2=80=9D way in the back of Sotheb=
y=E2=80=99s sale room waved a paddle and bought a $95 million Picasso. No o=
ne knew who he was. <br/><br/>The auction houses, which had already establi=
shed footholds in Hong Kong in the 1990s, became an easy access point to le=
gions of newly rich persons from around the world. Galleries like Gagosian,=
and later Zwirner, Hauser & Wirth, Pace, and eventually many others, b=
egan to open multiple exhibition spaces around the world. The auction house=
s used their expanded reach to improve their economics by guaranteeing art =
works at auction. With a minimum
price guarantee from an auction house, a seller=E2=80=99s risk was reduced =
while still benefiting from the upside. Artists, too, began to see the auct=
ion houses as platforms for new economic opportunities. The auctioneers, in=
turn, had an information advantage that allowed them to expand their margi=
ns. For a brief, beautiful moment, the art market seemed destined to go up =
forever. <br/><br/>Then the global financial crisis hit. Everyone=E2=80=99s=
first expectation was that the art market would enter a long winter, perha=
ps more severe than the hibernation of the 1990s. The =E2=80=9Cgenerational=
low=E2=80=9D in the stock market was in March 2009. A few weeks earlier, h=
owever, Christie=E2=80=99s held a sale of the art works and collectibles of=
<b>Yves Saint Laurent</b> and <b>Pierre Berg=C3=A9</b>. Even as the global=
financial system was seizing up, wealthy buyers attracted to superb object=
s with a glamorous provenance were willing to spend like they had nothing t=
o fear of the future. The sale=E2=80=99s =E2=82=AC373
million total would stand as a record for a single-owner collection for nea=
rly a decade, until the billion-dollar <b>David Rockefeller</b> sale. <br/>=
<br/>Even with the Saint Laurent sale=E2=80=99s extraordinary success, it w=
ould take another five to six years before the art market peaked again, in =
2014 and 2015. Total sales pulled back in 2016, rising again until 2018. Al=
though it was interrupted by the pandemic, another cycle of rising sales be=
gan in 2019 and peaked in 2022. Today, we=E2=80=99re feeling our way throug=
h a dark period of doubt. Will the market recover or continue to contract?<=
br/><br/>Although we talk about the art market as a single market, it reall=
y is=E2=80=94like the financial markets=E2=80=94a collection of smaller mar=
kets in works from a particular period or style or artist, or even specific=
bodies of work within an artist=E2=80=99s broader career. These markets wa=
x and wane with considerable volatility. Picasso and Warhol were the twin e=
ngines of the art market=E2=80=99s rise over the
last 25 years. Their dominance has faded some, but other artists, particula=
rly <b>Gerhard</b> <b>Richter</b> and Basquiat, rose up to support them. Al=
l markets go through cycles. Some artists fade into obscurity. The history =
of the market is littered with once-valuable artists whose work is no longe=
r coveted. Others require a change in taste, a change in mood, or a willing=
ness by previous buyers to sacrifice work for prices less than hoped for. <=
br/></td>
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<td align=3D"center" style=3D"font-size:20px; line-height:34px=
; border-top:4px solid #d40000; padding: 24px 0;"><b>Art & Eternity</b>=
</td>
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<td style=3D"padding-bottom: 36px; color: #000000; font-size: 16p=
x; line-height: 30px; margin-top: 0; margin-bottom: 0;">One of the leitmoti=
fs of my reporting, as you=E2=80=99ll soon learn, is that healthy markets g=
o up and they go down. There are global economic factors and changing taste=
s, of course, as well as exogenous shocks. Too often the press=E2=80=94and =
market participants=E2=80=94ignore the benefit of falling prices, which ren=
ew interest in artists or shift attention from one artist, period, or style=
to another. <br/><br/>One reason that I joined Puck is that its co-founder=
and editor-in-chief, <b>Jon</b> <b>Kelly</b>, understands what I think is =
the right tone and approach for covering this predictably irrational world.=
I=E2=80=99ve also come for the people, including colleagues like Bill Coha=
n, <b>Matt Belloni</b>, <b>Dylan Byers</b>, <b>Julia Ioffe</b>, and many ot=
hers, who have created markets for their own work. Over the last 20 years, =
journalism has become a terrible and
frustrating business. At one time or another in this period, most media org=
anizations have gone through a period of suffering, often through no fault =
of their own. What impresses me most about Puck is that it offers a solutio=
n: bundling newsletters together around a central, functional core, while g=
iving readers the option to subscribe to as many, or as few, as interests t=
hem. <br/><br/>Meeting Puck=E2=80=99s new C.E.O., <b>Sarah</b> <b>Personett=
e</b>, reminded me of something <b>Warren</b> <b>Buffett</b> once said abou=
t why <b>James</b> <b>Kilts</b> was hired to be C.E.O. of Gillette, a favor=
ite Berkshire Hathaway holding. Buffett said that Kilts analyzed a business=
situation with =E2=80=9Cno baloney,=E2=80=9D in a way that just made sense=
=2E =E2=80=9CFrankly,=E2=80=9D Buffett sai=
d, =E2=80=9Cfinding someone like th=
at is a rarity.=E2=80=9D I feel the same way about Sarah, Jon, our C.O.O. a=
nd co-founder <b>Liz Gough</b>, and everyone else I=E2=80=99ve met and begu=
n to work with at Puck. Just making sense really is a rarity.
<br/><br/>Besides the business model and the great writers they=E2=80=99ve =
assembled, the real beauty of Puck is in the mission to move beyond news he=
adlines to the inside conversations that are truly driving the businesses o=
f finance, entertainment, politics, media, fashion, business, and now art. =
That requires a deeper understanding of power, the people who wield it, and=
where it intersects across each of these worlds. It also often requires br=
eaking the fourth wall between journalists and readers.<br/><br/>The leader=
s of the art industry, especially the most successful ones, recognize the a=
bsurdity of what they do. Art is not a commodity. No one needs it. You=E2=
=80=99re not providing energy or building houses or feeding people; no one =
needs what you=E2=80=99re selling. At the same time, what is life without m=
eaning? Visual art=E2=80=94paintings, sculptures, sometimes other objects t=
oo=E2=80=94and cultural property (whether luxury items like jewelry, watche=
s, sneakers, and handbags, not to mention
other collectibles) are a physical record of our lives, our beliefs and our=
ideas. <br/><br/>But what makes visual art different from other cultural p=
roducts like music, movies, books, and performances is that some of its pow=
er comes from scarcity. Because of that, owning a work of art=E2=80=94or ot=
her scarce collectible=E2=80=94becomes a status symbol. Leon Black doesn=E2=
=80=99t care how much it cost him to own a Raphael (or a <b>Munch</b>, or a=
ny of the dozens of exceedingly rare artworks he owns) because part of the =
satisfaction of owning those works is knowing that few others could possibl=
y possess them. What price do you put on being immortality adjacent?<br/><b=
r/>As grandiose as that sounds=E2=80=94and I don=E2=80=99t know for a fact =
that Black feels that his Raphaels let him look through a chink in the univ=
erse toward eternity=E2=80=94it masks the other side of art. None of this i=
s worth anything if no one else thinks it is important or valuable. That pr=
ocess is also, even more so, the subject of this
newsletter. In other words: There=E2=80=99s a lot to talk about here. Art i=
s a lot like a spectator sport. (<i>Hello</i>, sports fans!) We can all get=
a great deal of enjoyment out of following along. I hope you=E2=80=99ll st=
ick with me. <br/></td>
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<tr class=3D"replica" name=3D"quote3">
<td align=3D"center">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" class=3D"w1=
00pct" role=3D"presentation" style=3D"width: 540px;" width=3D"540">
<tbody><tr>
<td align=3D"center" style=3D"font-size:20px; line-height:34px; b=
order-top:1px solid #BBBBBB; padding: 0px 0;">
</td>
</tr>
</tbody></table>
</td>
</tr>
<!-- DIVIDER -->
<!-- OTHER STORIES -->
<tr class=3D"replica" name=3D"stories">
<td align=3D"center" class=3D"padL20 padR20" style=3D"padding-top: 2=
0px; padding-bottom: 20px;">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" class=3D"w1=
00pct" role=3D"presentation" style=3D"width: 540px;" width=3D"540">
<tbody><tr>
<td class=3D"padL0 padR0" style=3D"font-size:14px; font-weight:bo=
ld;color:#d70a09;line-height:18px; padding: 0 30px 20px 30px;">FOUR STORIES=
WE=E2=80=99RE TALKING ABOUT</td>
</tr>
<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" class=3D=
"w100pct" role=3D"presentation" style=3D"width: 100%;" width=3D"100%">
<!-- STORY ITEM -->
<tbody><tr class=3D"replica" name=3D"story1">
<td style=3D"padding-right: 10px; padding-bottom: 10px;" valig=
n=3D"top"><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1=
lEQU5TTktOT05LQUdPM3czSVdMUVdZZTVyUkxzVkZxcz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrL=
m5ld3MvbWFyay10aG9tcHNvbi1jbm4tbXlzdGVyaWVzLWRhaWx5LWJlYXN0LW11cm11cnMvP3V0=
bV9jYW1wYWlnbj1XYWxsK1Bvd2VyKy0rTEVBRFMrJTI4NCUyRjE0JTJGMjQlMjlcdTAwMjZ1dG1=
fY29udGVudD1XYWxsK1Bvd2VyKy0rTEVBRFMrJTI4NCUyRjE0JTJGMjQlMjlcdTAwMjZ1dG1fbW=
VkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fd=
GVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhk=
MjgiLCJsaW5rX2lkIjo4NDc0Njd9/466e2f7832abec3412b729e63159557f2ba5f41d071d77=
2b671a22d949fd2f75" target=3D"_blank"><img alt=3D"Mark Mysteries" class=3D"=
w80" src=3D"https://userimg-bee.customeriomail.com/images/client-env-107382=
/Icon_Martini.png" style=3D"width:145px;" width=3D"145"/></a></td>
<td class=3D"padB30" style=3D"padding-bottom: 10px;">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" class=
=3D"w100pct" role=3D"presentation" style=3D"width: 100%;" width=3D"100%">
<tbody><tr>
<td class=3D"padB10" style=3D"padding-bottom: 20px;"><a cla=
ss=3D"fs22" href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1l=
EQU5TTktOT05LQUdPM3czSVdMUVdZZTVyUkxzVkZxcz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm=
5ld3MvbWFyay10aG9tcHNvbi1jbm4tbXlzdGVyaWVzLWRhaWx5LWJlYXN0LW11cm11cnMvP3V0b=
V9jYW1wYWlnbj1XYWxsK1Bvd2VyKy0rTEVBRFMrJTI4NCUyRjE0JTJGMjQlMjlcdTAwMjZ1dG1f=
Y29udGVudD1XYWxsK1Bvd2VyKy0rTEVBRFMrJTI4NCUyRjE0JTJGMjQlMjlcdTAwMjZ1dG1fbWV=
kaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdG=
VybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkM=
jgiLCJsaW5rX2lkIjo4NDc0Njd9/466e2f7832abec3412b729e63159557f2ba5f41d071d772=
b671a22d949fd2f75" rel=3D"noopener" style=3D"text-decoration: none; color: =
#d40000; font-size: 22px; font-weight: 700; line-height: 26px; font-family:=
Beskerville,Georgia,'Times New Roman',Times,serif;" target=3D"_bla=
nk">Mark Mysteries</a></td>
</tr>
<tr>
<td class=3D"padB10 fs14" style=3D"font-size:14px;color:#55=
5;line-height:16px; padding-bottom: 20px;">Notes on three trending media mi=
cro-sagas.</td>
</tr>
<tr>
<td class=3D"fs14" style=3D"font-size:14px;color:#000000;li=
ne-height:16px;"><strong>DYLAN BYERS</strong></td>
</tr>
</tbody></table>
</td>
</tr>
<!-- END OF STORY ITEM -->
<!-- STORY ITEM -->
<tr class=3D"replica" name=3D"story2">
<td style=3D"padding-right: 10px; padding-bottom: 10px;" valig=
n=3D"top"><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1=
lEQU5TTktOT05LQUdPM3czSVdMUVdZZTVyUkxzVkZxcz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrL=
m5ld3MvdHJ1bXAtY2hvaWNlLWZvci12cC1jb3VsZC1jb21lLWRvd24tdG8tYWJvcnRpb24vP3V0=
bV9jYW1wYWlnbj1XYWxsK1Bvd2VyKy0rTEVBRFMrJTI4NCUyRjE0JTJGMjQlMjlcdTAwMjZ1dG1=
fY29udGVudD1XYWxsK1Bvd2VyKy0rTEVBRFMrJTI4NCUyRjE0JTJGMjQlMjlcdTAwMjZ1dG1fbW=
VkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fd=
GVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhk=
MjgiLCJsaW5rX2lkIjo4NDYyNTl9/ab64dcb627944e46ee11a24b518ca9335bf54b78749eaf=
9334f86fd39cc0651b" target=3D"_blank"><img alt=3D"Mar-a-Lago Veepstakes" cl=
ass=3D"w80" src=3D"https://userimg-bee.customeriomail.com/images/client-env=
-107382/Icon_MoneyBag.png" style=3D"width:145px;" width=3D"145"/></a></td>
<td class=3D"padB30" style=3D"padding-bottom: 10px;">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" class=
=3D"w100pct" role=3D"presentation" style=3D"width: 100%;" width=3D"100%">
<tbody><tr>
<td class=3D"padB10" style=3D"padding-bottom: 20px;"><a cla=
ss=3D"fs22" href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1l=
EQU5TTktOT05LQUdPM3czSVdMUVdZZTVyUkxzVkZxcz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm=
5ld3MvdHJ1bXAtY2hvaWNlLWZvci12cC1jb3VsZC1jb21lLWRvd24tdG8tYWJvcnRpb24vP3V0b=
V9jYW1wYWlnbj1XYWxsK1Bvd2VyKy0rTEVBRFMrJTI4NCUyRjE0JTJGMjQlMjlcdTAwMjZ1dG1f=
Y29udGVudD1XYWxsK1Bvd2VyKy0rTEVBRFMrJTI4NCUyRjE0JTJGMjQlMjlcdTAwMjZ1dG1fbWV=
kaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdG=
VybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkM=
jgiLCJsaW5rX2lkIjo4NDYyNTl9/ab64dcb627944e46ee11a24b518ca9335bf54b78749eaf9=
334f86fd39cc0651b" rel=3D"noopener" style=3D"text-decoration: none; color: =
#d40000; font-size: 22px; font-weight: 700; line-height: 26px; font-family:=
Beskerville,Georgia,'Times New Roman',Times,serif;" target=3D"_bla=
nk">Mar-a-Lago Veepstakes</a></td>
</tr>
<tr>
<td class=3D"padB10 fs14" style=3D"font-size:14px;color:#55=
5;line-height:16px; padding-bottom: 20px;">Who=E2=80=99s up and who=E2=80=
=99s down in the Trump V.P. bake-off.</td>
</tr>
<tr>
<td class=3D"fs14" style=3D"font-size:14px;color:#000000;li=
ne-height:16px;"><strong>TARA PALMERI</strong></td>
</tr>
</tbody></table>
</td>
</tr>
<!-- END OF STORY ITEM -->
<!-- STORY ITEM -->
<tr class=3D"replica" name=3D"story3">
<td style=3D"padding-right: 10px; padding-bottom: 10px;" valig=
n=3D"top"><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1=
lEQU5TTktOT05LQUdPM3czSVdMUVdZZTVyUkxzVkZxcz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrL=
m5ld3MvZGlhbW9uZC1zcG9ydHMtbGF0ZXN0LXBvc3QtYmFua3J1cHRjeS1sYW5kbWluZS8_dXRt=
X2NhbXBhaWduPVdhbGwrUG93ZXIrLStMRUFEUyslMjg0JTJGMTQlMkYyNCUyOVx1MDAyNnV0bV9=
jb250ZW50PVdhbGwrUG93ZXIrLStMRUFEUyslMjg0JTJGMTQlMkYyNCUyOVx1MDAyNnV0bV9tZW=
RpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90Z=
XJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQy=
OCIsImxpbmtfaWQiOjg0NjE5M30/23bf64dd961bf0c2cd650f830deab45437c4148f68993d7=
e6e57f482fded2287" target=3D"_blank"><img alt=3D"As I Lay Diamond" class=3D=
"w80" src=3D"https://userimg-bee.customeriomail.com/images/client-env-10738=
2/Icon_UFO.png" style=3D"width:145px;" width=3D"145"/></a></td>
<td class=3D"padB30" style=3D"padding-bottom: 10px;">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" class=
=3D"w100pct" role=3D"presentation" style=3D"width: 100%;" width=3D"100%">
<tbody><tr>
<td class=3D"padB10" style=3D"padding-bottom: 20px;"><a cla=
ss=3D"fs22" href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1l=
EQU5TTktOT05LQUdPM3czSVdMUVdZZTVyUkxzVkZxcz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm=
5ld3MvZGlhbW9uZC1zcG9ydHMtbGF0ZXN0LXBvc3QtYmFua3J1cHRjeS1sYW5kbWluZS8_dXRtX=
2NhbXBhaWduPVdhbGwrUG93ZXIrLStMRUFEUyslMjg0JTJGMTQlMkYyNCUyOVx1MDAyNnV0bV9j=
b250ZW50PVdhbGwrUG93ZXIrLStMRUFEUyslMjg0JTJGMTQlMkYyNCUyOVx1MDAyNnV0bV9tZWR=
pdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZX=
JtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyO=
CIsImxpbmtfaWQiOjg0NjE5M30/23bf64dd961bf0c2cd650f830deab45437c4148f68993d7e=
6e57f482fded2287" rel=3D"noopener" style=3D"text-decoration: none; color: #=
d40000; font-size: 22px; font-weight: 700; line-height: 26px; font-family: =
Beskerville,Georgia,'Times New Roman',Times,serif;" target=3D"_blan=
k">As I Lay Diamond</a></td>
</tr>
<tr>
<td class=3D"padB10 fs14" style=3D"font-size:14px;color:#55=
5;line-height:16px; padding-bottom: 20px;">The latest notes on the Diamond =
Sports bankruptcy.</td>
</tr>
<tr>
<td class=3D"fs14" style=3D"font-size:14px;color:#000000;li=
ne-height:16px;"><strong>JOHN OURAND</strong></td>
</tr>
</tbody></table>
</td>
</tr>
<!-- END OF STORY ITEM -->
<!-- STORY ITEM -->
<tr class=3D"replica" name=3D"story4">
<td style=3D"padding-right: 10px; padding-bottom: 10px;" valig=
n=3D"top"><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1=
lEQU5TTktOT05LQUdPM3czSVdMUVdZZTVyUkxzVkZxcz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrL=
m5ld3MvcHJhZGEtbGlxdWlkaXR5LWV2ZW50LW11cm11cnMtZmFzaGlvbi1maXJlLXNhbGUtc2Vh=
c29uLz91dG1fY2FtcGFpZ249V2FsbCtQb3dlcistK0xFQURTKyUyODQlMkYxNCUyRjI0JTI5XHU=
wMDI2dXRtX2NvbnRlbnQ9V2FsbCtQb3dlcistK0xFQURTKyUyODQlMkYxNCUyRjI0JTI5XHUwMD=
I2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwM=
DI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNk=
MzAxZDQ4ZDI4IiwibGlua19pZCI6ODQ1ODMzfQ/7f57e9e3fb13f46e423a8b253f2a5dd00522=
319700ce0fecca5c3545aa5f7773" target=3D"_blank"><img alt=3D"Prada Liquidity=
Murmurs" class=3D"w80" src=3D"https://userimg-bee.customeriomail.com/image=
s/client-env-107382/Icon_Ace.png" style=3D"width:145px;" width=3D"145"/></a=
></td>
<td class=3D"padB30" style=3D"padding-bottom: 10px;">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" class=
=3D"w100pct" role=3D"presentation" style=3D"width: 100%;" width=3D"100%">
<tbody><tr>
<td class=3D"padB10" style=3D"padding-bottom: 20px;"><a cla=
ss=3D"fs22" href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1l=
EQU5TTktOT05LQUdPM3czSVdMUVdZZTVyUkxzVkZxcz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm=
5ld3MvcHJhZGEtbGlxdWlkaXR5LWV2ZW50LW11cm11cnMtZmFzaGlvbi1maXJlLXNhbGUtc2Vhc=
29uLz91dG1fY2FtcGFpZ249V2FsbCtQb3dlcistK0xFQURTKyUyODQlMkYxNCUyRjI0JTI5XHUw=
MDI2dXRtX2NvbnRlbnQ9V2FsbCtQb3dlcistK0xFQURTKyUyODQlMkYxNCUyRjI0JTI5XHUwMDI=
2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMD=
I2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkM=
zAxZDQ4ZDI4IiwibGlua19pZCI6ODQ1ODMzfQ/7f57e9e3fb13f46e423a8b253f2a5dd005223=
19700ce0fecca5c3545aa5f7773" rel=3D"noopener" style=3D"text-decoration: non=
e; color: #d40000; font-size: 22px; font-weight: 700; line-height: 26px; fo=
nt-family: Beskerville,Georgia,'Times New Roman',Times,serif;" targ=
et=3D"_blank">Prada Liquidity Murmurs</a></td>
</tr>
<tr>
<td class=3D"padB10 fs14" style=3D"font-size:14px;color:#55=
5;line-height:16px; padding-bottom: 20px;">News and notes on the latest fas=
hion M&A chatter.</td>
</tr>
<tr>
<td class=3D"fs14" style=3D"font-size:14px;color:#000000;li=
ne-height:16px;"><strong>LAUREN SHERMAN</strong></td>
</tr>
</tbody></table>
</td>
</tr>
<!-- END OF STORY ITEM -->
</tbody></table>
</td>
</tr>
</tbody></table>
</td>
</tr>
<!-- END OF OTHER STORIES -->
<!-- DIVIDER -->
<tr class=3D"replica" name=3D"quote3">
<td align=3D"center" style=3D"padding-bottom: 20px;">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" class=3D"w1=
00pct" role=3D"presentation" style=3D"width: 540px;" width=3D"540">
<tbody><tr>
<td align=3D"center" style=3D"font-size:20px; line-height:34px; b=
order-top:1px solid #BBBBBB; padding: 0px 0;">
</td>
</tr>
</tbody></table>
</td>
</tr>
<!-- DIVIDER -->
<!-- IMAGE -->
<tr class=3D"replica" name=3D"image">
<td align=3D"center" style=3D"padding: 10px;">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" class=3D"w1=
00pct" role=3D"presentation" style=3D"width: 540px;" width=3D"540">
<tbody><tr>
<td align=3D"center" style=3D"padding: 16px 0;">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"=
presentation" style=3D"width: 100%;" width=3D"100%">
<tbody><tr>
<td align=3D"center"><a href=3D"https://email.puck.news/e/c/ey=
JlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdPM3czSVdMUVdZZTVyUkxzVkZxcz0iLCJoc=
mVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvam9pbi8_dXRtX2NhbXBhaWduPVdhbGwrUG93ZXIrLStM=
RUFEUyslMjg0JTJGMTQlMkYyNCUyOVx1MDAyNnV0bV9jb250ZW50PVdhbGwrUG93ZXIrLStMRUF=
EUyslMjg0JTJGMTQlMkYyNCUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dX=
RtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4I=
iwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjU1ODY3OX0/f531=
e30376e438b784b3f1472f16b0d282fc0979c510c59858000961c832e88f" target=3D"_bl=
ank"><img alt=3D"Start your free trial today" border=3D"0" class=3D"w100pct=
" src=3D"https://images.scalero.io/email_assets/2253/7RWTT0DHVQ58C08FARBHAC=
TOFLPIIERZ38SQAJ21ZIY1UZI7QAIIR83OH81KK0QN.png" style=3D"width: 540px;" wid=
th=3D"540"/></a></td>
</tr>
</tbody></table>
</td>
</tr>
</tbody></table>
</td>
</tr>
<!-- END OF IMAGE -->
<!-- FOOTER -->
<tr>
<td align=3D"center" class=3D"padL20 padR20" style=3D"padding: 50px =
0 30px;">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"pre=
sentation" width=3D"100%">
<tbody><tr>
<td align=3D"center" style=3D"padding-bottom: 20px;"><a href=3D"h=
ttps://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdPM3cz=
SVdMUVdZZTVyUkxzVkZxcz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvP3V0bV9jYW1wYWl=
nbj1XYWxsK1Bvd2VyKy0rTEVBRFMrJTI4NCUyRjE0JTJGMjQlMjlcdTAwMjZ1dG1fY29udGVudD=
1XYWxsK1Bvd2VyKy0rTEVBRFMrJTI4NCUyRjE0JTJGMjQlMjlcdTAwMjZ1dG1fbWVkaXVtPWVtY=
WlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNmM2=
MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5=
rX2lkIjoxfQ/3baa69cbf141bad670facf197c62178de5602eccce331dc114733eecca74eb5=
5" target=3D"_blank"><img alt=3D"Puck" src=3D"https://images.scalero.io/ema=
il_assets/2419/PH11UUE1DH0FLVW3ZTAP8F32P0TL01M9PHL0QR4EMT1VD8R7ZBZMSHRDZGEB=
64OU.png" style=3D"width:120px;border: 0;" width=3D"120"/></a></td>
</tr>
<!-- FOOTER SOCIAL -->
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