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Subject: What Happened in New York, March 2024
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View this post on the web at https://artelligence.substack.com/p/what-happe=
ned-in-new-york-march-2024
Welcome to Artelligence
If you have questions, feel free to contact me using the button below.=20
In This Issue
Results: Raza in Antibes; Raza in New York; Sotheby=E2=80=99s South Asian M=
odern & Contemporary =3D $19m
What Happened in New York, March 2024: The mid-season sales saw the previou=
s market trends come up short. Is this a final washout of the pandemic mark=
et? Will momentum build around new artists?=20
Results
M=C3=A9tayer Mermoz sale of S.H. Raza painting for =E2=82=AC4.75 million
On Sunday, Indian Progressive painter S.H Raza=E2=80=99s Paysage Agrieste f=
rom 1961 was sold at M=C3=A9tayer Mermoz auction house in Antibes. The work=
was offered with a =E2=82=AC400,000 estimate. Raza spent a substantial por=
tion of his career painting in France having moved there in 1950. He eventu=
ally married a French artist. The six-foot wide work made at the height of =
Raza=E2=80=99s early abstract work was bought for =E2=82=AC4.75 million ($5=
=2E18M.) The work was bought in 1965 a=
nd has been in the South of France eve=
r since but the Raza Foundation was able to find evidence of its authentici=
ty in the archives of Raza=E2=80=99s Paris gallery Lara Vincy which means t=
he painting will be included in Raza=E2=80=99s catalogue raisonn=C3=A9. Acc=
ording to auctioneer Guillaume Mermoz, the buyer=E2=80=99s are in India whe=
re the work will be returning. Like Zao Wou-ki, whose working life was spen=
t in France, there seems to be a growing interest in repatriating Raza=E2=
=80=99s work to South Asia.=20
SH Raza=E2=80=99s Busy Week
The next day, Sotheby=E2=80=99s held its Modern & Contemporary South Asian =
Art sale in New York where the top lot by estimate and by premium price was=
S.H. Raza=E2=80=99s Kallist=C3=A9 from 1959. Similar in palette and style =
to Paysage Agrieste, the painting was bid to more than twice the estimate m=
aking a final price of $5.6 million with fees. The stretcher has stamps fro=
m Raza=E2=80=99s gallery in Paris Lara Vincy as well as Lanyon Gallery in P=
alo Alto where Raza exhibited while teaching at Berkeley in 1962. The Calif=
ornia collectors who consigned the painting have owned it for 60 years.=C2=
=A0
Sotheby=E2=80=99s South Asian Results
South Asian Modern art has been on a tear for the better part of a year. Th=
e category seems to be riding high on the booming Indian economy and the su=
pport of some of India's richest families like the Ambanis. (Yes, the ones =
with the big pre-wedding party where Rihanna performed earlier this month.)=
Sotheby=E2=80=99s held two sales yesterday in the category. The first was =
a single-owner collection from Virginia and Ravi Akhoury=E2=80=94a retired =
investment executive who trained at SUNY Stonybrook when famed investor Jam=
es Simons taught there=E2=80=94estimated at $1.2 million that sold for more=
than twice the estimates to total $3,462,655. The various-owners sale had =
$6.7 million in estimated value but sold for almost twice that to make $16.=
3 million with fees.=C2=A0 According to LiveArt=E2=80=99s data, 72% of the =
lots offered were sold for more than the estimates, a clear sign of market =
that is advancing rapidly. Sotheby=E2=80=99s toured these objects to India =
and the effort paid off. Christie=E2=80=99s sale takes place tomorrow and w=
e=E2=80=99ll try to have analysis of LiveArt=E2=80=99s auction data on Frid=
ay.=C2=A0
What Happened in New York, March 2024
New York Mid-Season Sales report
The art market, especially the Contemporary market which has been driven by=
demand for works by artists with emerging markets for several years now, i=
s in the midst of an aggressive shift. Some early indications suggest the m=
arket is moving toward historical work from overlooked artists and work at =
lower price points. But it remains far too early to tell what the broadest =
market impulse will be.=C2=A0
According to LiveArt=E2=80=99s data, the March mid-season Post War and Cont=
emporary art sales in New York fell from $95.5 million in total for 2023 to=
$52.6 million in 2024, or 45% by value with nearly the same number of lots=
offered. It is probably too soon to tell if the market has reached a bott=
om.=C2=A0
This year, 719 lots were initially offered with an aggregate low estimate o=
f $51.9 million. Before the sale, 19 lots were withdrawn with an aggregate =
low estimate of just under $4 million. Last year the same figures were 734 =
lots with an aggregate low estimate of=C2=A0 $73 million. Before the sale, =
four lots were withdrawn with an aggregate low estimate of $585,000.=C2=A0
In 2023, the sell-through rate was 82.5%; this year, it fell to 77%. In 202=
3, the hammer ratio for these sales was 1.05, not a strong number but much =
more aggressive than the weak .87 seen in these sales this year. The 2023 e=
dition of these sales had two collections being sold as featured events in =
the sales cycle; this year, a significant amount of the property was held o=
ver from marquee collections sold in 2023 like Emily Fisher Landau, Chara S=
treyer and Gerald Fineberg.=C2=A0=C2=A0=C2=A0
In a down market there seems to be a fixation on withdrawn lots. The assump=
tion that lots are only withdrawn to protect an auction house=E2=80=99s sal=
e statistics=E2=80=94which seems to predominate among some commentators=E2=
=80=94is impossible to verify. Last Summer, the London sales saw a large nu=
mber of lots withdrawn due to a legal dispute. The commentary treated the w=
ithdrawn lots as a harbinger of a down market but the London sales were sta=
ble within the context of the entire year. In these sales, 19 lots were wit=
hdrawn with a $3.995 million estimated value or 8.5% of the total pre-sale =
estimated value. Thirteen of the 19 lots=E2=80=94and 75% of the value=E2=80=
=94were at Sotheby=E2=80=99s which did have the highest hammer ratio and se=
ll-through rate among the three houses. (Feel free to drawn your own conclu=
sions from that.) Without the withdrawn lots, the overall hammer ratio for =
these sales would have dropped from the weak 0.87 posted to an even weaker =
0.80.
The fact that more than 40% of the sold lots went for prices that were belo=
w the low estimate also supports the idea that the Post War and Contemporar=
y art market has hit a wall. It remains, in the words of one active market =
participant, =E2=80=9Ctoo late to sell.=E2=80=9D But it may not be too earl=
y to buy considering some of the prices for quality works.=20
Whether the mix of property is more to blame than overall demand is a quest=
ion that will have to be answered in the day sales in May and again in Sept=
ember.
The works that were in demand=E2=80=94by Alma Thomas, Jean Dubuffet and Jea=
n-Michel Basquiat=E2=80=94had distinctive back stories. The Basquiat was bo=
ught from Larry Gagosian in 1982, the year that the artist moved to Los Ang=
eles and produced work for Gagosian=E2=80=99s gallery. This particular draw=
ing was made before Basquiat relocated but the sale took place a week befor=
e Gagosian=E2=80=99s West Coast gallery opened an important show of works m=
ade during the period Basquiat was living in California. Alma Thomas=E2=80=
=99s striking pink abstract work only had to be seen to understand the leve=
l of demand. And Jean Dubuffet=E2=80=99s Chronique was once owned by the te=
levision producer and noted collector Mark Goodson.=20
The Cy Twombly work on paper was bought at a good price for a work from thi=
s highly-prized series. There was good bidding on Chara Shreyer=E2=80=99s S=
am Gilliam bevel-edge painting; it was one of five Gilliam=E2=80=99s sold d=
uring the sales cycle. The hammer ratio for all five paintings together was=
a strong 1.22 but Butterfly, Feeling was both the most expensive work and =
the one with the highest hammer ratio, suggesting buyers are waiting for th=
e right Gilliam to bid on. The only Gilliam with a higher hammer ratio amon=
g the five was a very strong late work on paper that sold for $138,600. A J=
onas Wood pot painting, a seven-foot editioned wood =E2=80=9CCompanion=E2=
=80=9D sculpture by KAWS and a George Condo painting once owned by the Mug=
rabi family depicting Elliot Spitzer (made infamous in an FBI report as cli=
ent number 9 of an escort service) were all sold at compromise prices that =
still landed them in the top ten lots by price.
The top ten lots with the most dynamic bidding were a very different story.=
Coincidentally, Miyoko Ito=E2=80=99s Surrealism-inflected work from 1975 m=
ade the list of most bid upon works in these same sales a year before. Last=
year, Untitled (#118) was estimated at $40,000 and sold for three times th=
e estimate or $157,500 with fees. This year, Confrontation from 1970 was al=
so estimated at $40,000. This time is sold for ten times the estimate to ma=
ke $508,000 with fees. Perhaps more surprising is the Julian Opie, Four Bar=
s that was estimated for a minimal $5000 but sold for nearly $50,000 with f=
ees. Both Elaine de Kooning works sold well above their estimates. One was =
estimated at $15,000 and the other at $25,000. The latter work, made when s=
he and her husband Bill were at Black Mountain College in 1948, sold for mo=
re than six times the estimate to make $207,900. Along with de Kooning, Dus=
ti Bong=C3=A9 was a female Abstract Expressionist active during the middle =
of the 20th Century. Her small work on paper made six times the modest esti=
mate of $6000. On the opposite end of the spectrum, Emily Xie=E2=80=99s NFT=
showed there is still life in this now-ridiculed market as one of her Memo=
ries of Qilin works sold for more than five times the minimal $5000 estimat=
e. Works by Richard Mayhew, Susan Rotherenberg, Pope.L, Richard Hunt and Fr=
ancesco Clemente all received attention from bidders. Richard Hunt and Pope=
=2EL died recently. Hunt is having a sh=
ow at White Cube currently. Richard Ma=
yhew has shown work at Venus Over Manhattan recently as well. Of the major =
artists of the 1980s, Francesco Clemente is the only one whose market remai=
ns disorganized and undervalued. A work estimated at $5000 selling for near=
ly $30,000 won=E2=80=99t change that =E2=80=A6 yet. But it does indicate co=
ntinuing curiosity in the artist=E2=80=99s work.=C2=A0=C2=A0
The market share numbers for these mid-season sales don=E2=80=99t reveal mu=
ch about the state of the market overall. Alma Thomas appears on the list b=
ased upon a single painting. Many of the other artists appeared on the list=
because of the results of a single work with a few other lesser works fill=
ing out the market share. A dozen Andy Warhol works estimated at $1.5 milli=
on were sold for only a little more than $1.08 million. Four of the Warhols=
were withdrawn and a fifth was bought in. Richard Prince had 2% of the tot=
al dollars spent even though only six of the ten works offered found buyers=
=E2=80=94in addition, three of those six works were sold below the estimate=
=2E Alexander Calder had all six works=20=
sell for prices that resulted in a 1.6=
4 hammer ratio. But all but one were paintings or works on paper which are =
the type of Calders that appear in these sales.=C2=A0
The bidding quintiles are similar to what we saw in London. The two top qui=
ntiles were soft with hammer ratios well below past auctions. The middle qu=
intile saw the strongest bidding for lots estimated between $20,000 and $40=
,000. The average premium price was $52,861. According to Clare McAndrew=E2=
=80=99s report on the state of the art market for 2023, the $50,000 and bel=
ow market sector is where the market saw growth last year. That momentum se=
ems to be continuing last week. The middle low quintile was weaker than tha=
t. But the bottom quintile of works priced at $10,000 or below was where th=
e strongest bidding seemed to take place. The overall hammer ratio for that=
quintile was the strongest at 1.28 with works averaging a selling price of=
$11,950.=C2=A0
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@media screen and (max-width: 370px) {
body .markup div.tiktok-wrap {
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@media screen and (max-width: 650px) {
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body .markup div.captioned-button-wrap .subscription-widget.show-subscrib=
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@media screen and (max-width: 650px) {
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body .markup div.captioned-button-wrap .subscription-widget.show-subscrib=
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padding: 10px 12px;
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@media (max-width: 650px) {
body .markup .tweet {
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@media (max-width: 650px) {
body .markup .tweet .tweet-text {
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@media (max-width: 650px) {
body .markup .tweet .tweet-photos-container.two,
body .markup .tweet .tweet-photos-container.three,
body .markup .tweet .tweet-photos-container.four {
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body .markup .tweet a.expanded-link .expanded-link-img {
max-height: 180px;
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body .markup .tweet a.expanded-link .expanded-link-description {
display: none;
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body .markup .apple-podcast-container {
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body .markup .install-substack-app-embed img.install-substack-app-embed-i=
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padding-top: 40%;
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font-size: 13px;
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padding-top: 55%;
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min-width: calc(100% - 20px);
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margin-right: -20px;
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g src=3D"https://eotrx.substackcdn.com/open?token=3DeyJtIjoiPDIwMjQwMzE5MTU=
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TQyNzU4MjcwLCJ0IjoibmV3c2xldHRlciIsImEiOiJldmVyeW9uZSIsInMiOjIyNTksImMiOiJw=
b3N0IiwiZiI6dHJ1ZSwicG9zaXRpb24iOiJ0b3AiLCJpYXQiOjE3MTA4NjIzMDMsImV4cCI6MTc=
xMzQ1NDMwMywiaXNzIjoicHViLTAiLCJzdWIiOiJlbyJ9.sLAqrrzBDVytrEwbHMBDUr8eMagFN=
azYZHIZIyjiFlQ" alt=3D"" width=3D"1" height=3D"1" border=3D"0" style=3D"hei=
ght:1px !important;width:1px !important;border-width:0 !important;margin-to=
p:0 !important;margin-bottom:0 !important;margin-right:0 !important;margin-=
left:0 !important;padding-top:0 !important;padding-bottom:0 !important;padd=
ing-right:0 !important;padding-left:0 !important;"/><div style=3D"display:n=
one;font-size:1px;color:#333333;line-height:1px;max-height:0px;max-width:0p=
x;opacity:0;overflow:hidden;" class=3D"preview">According to LiveArt's data=
, the New York mid-season sales fell by 45% year over years: Is that the bo=
ttom? Or will the Spring be equally tough? + Indian Moderns rage!</div><div=
style=3D"display:none;font-size:1px;color:#333333;line-height:1px;max-heig=
ht:0px;max-width:0px;opacity:0;overflow:hidden;" class=3D"preview">͏ &=
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N2NlcjkmbmV4dD1odHRwcyUzQSUyRiUyRmFydGVsbGlnZW5jZS5zdWJzdGFjay5jb20lMkZwJTJ=
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kuTzdULWNGb0lycXdDaGdrRnVlejkzWTEzN1VDNFZrcEVDTmVXdTFhbkdCVSIsInAiOjE0Mjc1O=
DI3MCwicyI6MjI1OSwiZiI6dHJ1ZSwidSI6MTMzMjY4NjYxLCJpYXQiOjE3MTA4NjIzMDMsImV4=
cCI6MTcxMzQ1NDMwMywiaXNzIjoicHViLTAiLCJzdWIiOiJsaW5rLXJlZGlyZWN0In0.6bP7pFH=
uge39SKBVuUEBASSf97nUiDQps2WJfDF2ANA?"><img role=3D"presentation" width=3D"=
550" height=3D"117" src=3D"https://substackcdn.com/image/fetch/w_1100,c_lim=
it,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-medi=
a.s3.amazonaws.com%2Fpublic%2Fimages%2Fecde5dbd-aa76-4984-bfac-acb56639185e=
_2800x591.png" class=3D"header-image" style=3D"border: none !important; dis=
play: block; height: auto; margin: 0 auto; max-width: 550px; vertical-align=
: middle; width: 100%;"></a></td></tr></table><div dir=3D"auto" class=3D"po=
st typography" style=3D"font-size: 16px; line-height: 26px; padding: 16px 0=
0 0;"><div class=3D"post-header" style=3D"font-size: 16px; line-height: 26=
px;"><h1 class=3D"post-title published" style=3D"-moz-appearance: optimizel=
egibility; -moz-osx-font-smoothing: antialiased; -webkit-appearance: optimi=
zelegibility; -webkit-font-smoothing: antialiased; appearance: optimizelegi=
bility; color: rgb(54, 55, 55); font-family: 'SF Pro Display', -apple-syste=
m-headline, system-ui, -apple-system, BlinkMacSystemFont, 'Segoe UI', Robot=
o, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Se=
goe UI Symbol'; font-size: 32px; font-weight: bold; line-height: 36px; marg=
in: 0;"><a href=3D"https://substack.com/app-link/post?publication_id=3D2259=
&post_id=3D142758270&utm_source=3Dpost-email-title&utm_campaign=3Demail-pos=
t-title&isFreemail=3Dtrue&r=3D27cer9&token=3DeyJ1c2VyX2lkIjoxMzMyNjg2NjEsIn=
Bvc3RfaWQiOjE0Mjc1ODI3MCwiaWF0IjoxNzEwODYyMzAzLCJleHAiOjE3MTM0NTQzMDMsImlzc=
yI6InB1Yi0yMjU5Iiwic3ViIjoicG9zdC1yZWFjdGlvbiJ9.O7T-cFoIrqwChgkFuez93Y137UC=
4VkpECNeWu1anGBU" style=3D"color: rgb(54, 55, 55); text-decoration: none;">=
What Happened in New York, March 2024</a></h1><h3 class=3D"subtitle" style=
=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoothing: antialias=
ed; -webkit-appearance: optimizelegibility; -webkit-font-smoothing: antiali=
ased; appearance: optimizelegibility; color: #808080; font-family: 'SF Pro =
Display', -apple-system-headline, system-ui, -apple-system, BlinkMacSystemF=
ont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji',=
'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 18px; font-weight: normal;=
line-height: 24px; margin: 4px 0 0; margin-top: 12px;">According to LiveAr=
t's data, the New York mid-season sales fell by 45% year over years: Is tha=
t the bottom? Or will the Spring be equally tough? + Indian Moderns rage!</=
h3><table role=3D"presentation" width=3D"100%" border=3D"0" cellspacing=3D"=
0" cellpadding=3D"0" class=3D"post-meta" style=3D"align-items: center; heig=
ht: 20px; margin: 1em 0;"><tr><td><table role=3D"presentation" width=3D"aut=
o" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td><table role=3D"=
presentation" width=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"=
0"><tr><td style=3D"vertical-align: middle;"><div class=3D"pencraft pc-rese=
t _color-primary_13a18_183 _line-height-20_13a18_95 _font-meta_13a18_131 _s=
ize-11_13a18_35 _weight-medium_13a18_162 _transform-uppercase_13a18_239 _re=
set_13a18_1 _meta_13a18_439 custom-css-email-post-author" style=3D"color: r=
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if, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 11=
px; font-weight: 500; letter-spacing: .2px; line-height: 20px; list-style: =
none; margin: 0; text-decoration: unset; text-transform: uppercase;"><a sty=
le=3D"color: rgb(54, 55, 55); font-family: 'SF Compact', -apple-system, sys=
tem-ui, -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, A=
rial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol';=
font-size: 11px; font-weight: 500; letter-spacing: .2px; line-height: 20px=
; list-style: none; margin: 0; text-decoration: none; text-transform: upper=
case;" href=3D"https://substack.com/@artelligence" class=3D"pencraft pc-res=
et _color-primary_13a18_183 _line-height-20_13a18_95 _font-meta_13a18_131 _=
size-11_13a18_35 _weight-medium_13a18_162 _transform-uppercase_13a18_239 _r=
eset_13a18_1 _meta_13a18_439">Marion Maneker</a></div></td></tr></table></t=
d></tr><tr><td><table role=3D"presentation" width=3D"auto" border=3D"0" cel=
lspacing=3D"0" cellpadding=3D"0"><tr><td style=3D"vertical-align: middle;">=
<div class=3D"pencraft pc-reset _color-secondary_13a18_186 _line-height-20_=
13a18_95 _font-meta_13a18_131 _size-11_13a18_35 _weight-medium_13a18_162 _t=
ransform-uppercase_13a18_239 _reset_13a18_1 _meta_13a18_439" style=3D"color=
: rgb(119, 119, 119); font-family: 'SF Compact', -apple-system, system-ui, =
-apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sa=
ns-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-si=
ze: 11px; font-weight: 500; letter-spacing: .2px; line-height: 20px; list-s=
tyle: none; margin: 0; text-decoration: unset; text-transform: uppercase;">=
<time dateTime=3D"2024-03-19T15:31:12.419Z">Mar 19</time></div></td></tr></=
table></td></tr></table></td></tr></table><table role=3D"presentation" widt=
h=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" class=3D"email-=
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t=3D"16" style=3D"font-size: 0px; line-height: 0;"> </td></tr><tr><td>=
<table role=3D"presentation" width=3D"100%" border=3D"0" cellspacing=3D"0" =
cellpadding=3D"0"><tr><td><table role=3D"presentation" width=3D"auto" borde=
r=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td style=3D"vertical-align=
: middle;"><table role=3D"presentation" width=3D"38" border=3D"0" cellspaci=
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IzMDMsImV4cCI6MTcxMzQ1NDMwMywiaXNzIjoicHViLTIyNTkiLCJzdWIiOiJyZWFjdGlvbiJ9.=
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kit-appearance: optimizelegibility; -webkit-font-smoothing: antialiased; ap=
pearance: optimizelegibility; color: rgb(54, 55, 55); font-family: 'SF Pro =
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lative;">Welcome to Artelligence</h2><p style=3D"color: rgb(54, 55, 55); fo=
nt-size: 16px; line-height: 26px; margin: 0 0 20px 0;">If you have question=
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ubstack.com/redirect/145e60eb-152a-4677-8ae8-c0c07c66fe8c?j=3DeyJ1IjoiMjdjZ=
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le=3D"font-size: 16px; line-height: 26px;"><hr style=3D"background: #e0e0e0=
; border: none; height: 1px; margin: 32px 0; padding: 0;"></div><h2 class=
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; -moz-osx-font-smoothing: antialiased; -webkit-appearance: optimizelegibil=
ity; -webkit-font-smoothing: antialiased; appearance: optimizelegibility; c=
olor: rgb(54, 55, 55); font-family: 'SF Pro Display', -apple-system-headlin=
e, system-ui, -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvet=
ica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Sy=
mbol'; font-size: 1.625em; font-weight: bold; line-height: 1.16em; margin: =
1em 0 0.625em 0; position: relative;">In This Issue</h2><ol style=3D"margin=
-top: 0; padding: 0;"><li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-s=
izing: border-box; color: rgb(54, 55, 55); font-size: 16px; line-height: 26=
px; margin: 0; margin-bottom: 0; padding-left: 4px;"><strong>Results:</stro=
ng><span> Raza in Antibes; Raza in New York; Sotheby’s South Asian Mo=
dern & Contemporary =3D $19m</span></p></li><li style=3D"margin: 8px 0 =
0 32px;"><p style=3D"box-sizing: border-box; color: rgb(54, 55, 55); font-s=
ize: 16px; line-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4p=
x;"><strong>What Happened in New York, March 2024</strong><span>: The mid-s=
eason sales saw the previous market trends come up short. Is this a final w=
ashout of the pandemic market? Will momentum build around new artists? </sp=
an></p></li></ol><div style=3D"font-size: 16px; line-height: 26px;"><hr sty=
le=3D"background: #e0e0e0; border: none; height: 1px; margin: 32px 0; paddi=
ng: 0;"></div><h2 class=3D"header-with-anchor-widget" style=3D"-moz-appeara=
nce: optimizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-appe=
arance: optimizelegibility; -webkit-font-smoothing: antialiased; appearance=
: optimizelegibility; color: rgb(54, 55, 55); font-family: 'SF Pro Display'=
, -apple-system-headline, system-ui, -apple-system, BlinkMacSystemFont, 'Se=
goe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe =
UI Emoji', 'Segoe UI Symbol'; font-size: 1.625em; font-weight: bold; line-h=
eight: 1.16em; margin: 1em 0 0.625em 0; position: relative;">Results</h2><h=
4 class=3D"header-with-anchor-widget" style=3D"-moz-appearance: optimizeleg=
ibility; -moz-osx-font-smoothing: antialiased; -webkit-appearance: optimize=
legibility; -webkit-font-smoothing: antialiased; appearance: optimizelegibi=
lity; color: rgb(54, 55, 55); font-family: 'SF Pro Display', -apple-system-=
headline, system-ui, -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto,=
Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Sego=
e UI Symbol'; font-size: 1.125em; font-weight: bold; line-height: 1.16em; m=
argin: 1em 0 0.625em 0; position: relative;"><strong>Métayer Mermoz sa=
le of S.H. Raza painting for €4.75 million</strong></h4><div class=3D=
"captioned-image-container-static" style=3D"font-size: 16px; line-height: 2=
6px; margin: 32px auto;"><figure style=3D"margin: 0 auto; width: 100%;"><ta=
ble class=3D"image-wrapper" width=3D"100%" border=3D"0" cellspacing=3D"0" c=
ellpadding=3D"0" data-component-name=3D"Image2ToDOMStatic" style=3D"mso-pad=
ding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align: center;"></td><=
td align=3D"left" class=3D"content" width=3D"1456" style=3D"text-align: cen=
ter;"><a class=3D"image-link" target=3D"_blank" href=3D"https://substack.co=
m/redirect/5d1271b2-5260-4799-84b6-b6136d459fcd?j=3DeyJ1IjoiMjdjZXI5In0.nCN=
hOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"align-items: center;=
border: none; display: block; flex-direction: column; height: auto; margin=
: 0; padding: 0; position: relative; text-decoration: none; width: auto;"><=
img data-attrs=3D"{"src":"https://substack-post-media.s3.ama=
zonaws.com/public/images/dca7e8a9-8318-45c3-ba7a-182f8a2f329e_1600x940.jpeg=
","srcNoWatermark":null,"fullscreen":null,"im=
ageSize":null,"height":855,"width":1456,"resi=
zeWidth":null,"bytes":null,"alt":null,"title&=
quot;:null,"type":null,"href":null,"belowTheFold&q=
uot;:true,"topImage":false,"internalRedirect":null}" al=
t width=3D"550" height=3D"322.9739010989011" class=3D"wide-image" src=3D"ht=
tps://substackcdn.com/image/fetch/w_2912,c_limit,f_auto,q_auto:good,fl_prog=
ressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2=
Fimages%2Fdca7e8a9-8318-45c3-ba7a-182f8a2f329e_1600x940.jpeg" style=3D"-ms-=
interpolation-mode: bicubic; border: none !important; display: block; heigh=
t: auto; margin: 0 auto; margin-bottom: 0; max-width: 100% !important; vert=
ical-align: middle; width: auto !important;"></a></td><td style=3D"text-ali=
gn: center;"></td></tr></tbody></table><figcaption class=3D"image-caption" =
style=3D"box-sizing: content-box; color: #808080; font-size: 14px; font-wei=
ght: 400; letter-spacing: -.15px; line-height: 20px; margin-top: 8px; paddi=
ng-left: 15%; padding-right: 15%; text-align: center; width: 70%;"><span>S.=
H. Raza, </span><em>Paysage Agrieste</em><span> (1961), €4.75m ($5.18=
m)</span></figcaption></figure></div><p style=3D"color: rgb(54, 55, 55); fo=
nt-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><span>On Sunday, Ind=
ian Progressive painter S.H Raza’s </span><em>Paysage Agrieste</em><s=
pan> from 1961 was sold at Métayer Mermoz auction house in Antibes. Th=
e work was offered with a €400,000 estimate. Raza spent a substantial=
portion of his career painting in France having moved there in 1950. He ev=
entually married a French artist. The six-foot wide work made at the height=
of Raza’s early abstract work was bought for €4.75 million ($5=
=2E18M.) The work was bought in 1965 a=
nd has been in the South of France eve=
r since but the Raza Foundation was able to find evidence of its authentici=
ty in the archives of Raza’s Paris gallery Lara Vincy which means the=
painting will be included in Raza’s catalogue raisonné. Accordi=
ng to auctioneer Guillaume Mermoz, the buyer’s are in India where the=
work will be returning. Like Zao Wou-ki, whose working life was spent in F=
rance, there seems to be a growing interest in repatriating Raza’s wo=
rk to South Asia. </span></p><p style=3D"color: rgb(54, 55, 55); font-size:=
16px; line-height: 26px; margin: 0 0 20px 0;"><strong>SH Raza’s Busy=
Week</strong></p><div class=3D"captioned-image-container-static" style=3D"=
font-size: 16px; line-height: 26px; margin: 32px auto;"><figure style=3D"ma=
rgin: 0 auto; width: 100%;"><table class=3D"image-wrapper" width=3D"100%" b=
order=3D"0" cellspacing=3D"0" cellpadding=3D"0" data-component-name=3D"Imag=
e2ToDOMStatic" style=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td style=
=3D"text-align: center;"></td><td align=3D"left" class=3D"content" width=3D=
"946" style=3D"text-align: center;"><a class=3D"image-link" target=3D"_blan=
k" href=3D"https://substack.com/redirect/a7a22dcb-b072-4ab2-bc56-dfdbf1f9ee=
19?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel=
style=3D"align-items: center; border: none; display: block; flex-direction=
: column; height: auto; margin: 0; padding: 0; position: relative; text-dec=
oration: none; width: auto;"><img data-attrs=3D"{"src":"http=
s://substack-post-media.s3.amazonaws.com/public/images/bc83b557-d6f5-4624-9=
360-06080230e01f_946x720.png","srcNoWatermark":null,"fu=
llscreen":null,"imageSize":null,"height":720,"=
;width":946,"resizeWidth":null,"bytes":null,"=
alt":null,"title":null,"type":null,"href"=
;:null,"belowTheFold":true,"topImage":false,"inter=
nalRedirect":null}" alt width=3D"550" height=3D"418.6046511627907" cla=
ss=3D"wide-image" src=3D"https://substackcdn.com/image/fetch/w_1892,c_limit=
,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.=
s3.amazonaws.com%2Fpublic%2Fimages%2Fbc83b557-d6f5-4624-9360-06080230e01f_9=
46x720.png" style=3D"-ms-interpolation-mode: bicubic; border: none !importa=
nt; display: block; height: auto; margin: 0 auto; margin-bottom: 0; max-wid=
th: 100% !important; vertical-align: middle; width: auto !important;"></a><=
/td><td style=3D"text-align: center;"></td></tr></tbody></table><figcaption=
class=3D"image-caption" style=3D"box-sizing: content-box; color: #808080; =
font-size: 14px; font-weight: 400; letter-spacing: -.15px; line-height: 20p=
x; margin-top: 8px; padding-left: 15%; padding-right: 15%; text-align: cent=
er; width: 70%;">S.H. Raza, Kallisté (1959) $5.6 million</figcaption><=
/figure></div><p style=3D"color: rgb(54, 55, 55); font-size: 16px; line-hei=
ght: 26px; margin: 0 0 20px 0;"><span>The next day, Sotheby’s held it=
s Modern & Contemporary South Asian Art sale in New York where the top =
lot by estimate and by premium price was S.H. Raza’s </span><em>Kalli=
sté</em><span> from 1959. Similar in palette and style to </span><em>P=
aysage Agrieste, </em><span>the painting was bid to more than twice the est=
imate making a final price of $5.6 million with fees. The stretcher has sta=
mps from Raza’s gallery in Paris Lara Vincy as well as Lanyon Gallery=
in Palo Alto where Raza exhibited while teaching at Berkeley in 1962. The =
California collectors who consigned the painting have owned it for 60 years=
=2E </span></p><p style=3D"color: r=
gb(54, 55, 55); font-size: 16px; line=
-height: 26px; margin: 0 0 20px 0;"><strong>Sotheby’s South Asian Res=
ults</strong></p><div class=3D"captioned-image-container-static" style=3D"f=
ont-size: 16px; line-height: 26px; margin: 32px auto;"><figure style=3D"mar=
gin: 0 auto; width: 100%;"><table class=3D"image-wrapper" width=3D"100%" bo=
rder=3D"0" cellspacing=3D"0" cellpadding=3D"0" data-component-name=3D"Image=
2ToDOMStatic" style=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td style=
=3D"text-align: center;"></td><td align=3D"left" class=3D"content" width=3D=
"429" style=3D"text-align: center;"><a class=3D"image-link" target=3D"_blan=
k" href=3D"https://substack.com/redirect/c9c55743-23ad-4e7e-b27f-af1f26e569=
14?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel=
style=3D"align-items: center; border: none; display: block; flex-direction=
: column; height: auto; margin: 0; padding: 0; position: relative; text-dec=
oration: none; width: auto;"><img data-attrs=3D"{"src":"http=
s://substack-post-media.s3.amazonaws.com/public/images/8d38ff3f-5009-48ed-9=
e10-6424b0e03a8a_1024x1024.png","srcNoWatermark":null,"=
fullscreen":null,"imageSize":null,"height":1024,&q=
uot;width":1024,"resizeWidth":429,"bytes":null,&qu=
ot;alt":null,"title":null,"type":null,"href&q=
uot;:null,"belowTheFold":true,"topImage":false,"in=
ternalRedirect":null}" alt width=3D"429" height=3D"429" class src=3D"h=
ttps://substackcdn.com/image/fetch/w_429,c_limit,f_auto,q_auto:good,fl_prog=
ressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2=
Fimages%2F8d38ff3f-5009-48ed-9e10-6424b0e03a8a_1024x1024.png" style=3D"-ms-=
interpolation-mode: bicubic; border: none !important; display: block; heigh=
t: auto; margin: 0 auto; margin-bottom: 0; max-width: 100% !important; vert=
ical-align: middle; width: auto !important;"></a></td><td style=3D"text-ali=
gn: center;"></td></tr></tbody></table></figure></div><p style=3D"color: rg=
b(54, 55, 55); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">Sou=
th Asian Modern art has been on a tear for the better part of a year. The c=
ategory seems to be riding high on the booming Indian economy and the suppo=
rt of some of India's richest families like the Ambanis. (Yes, the ones wit=
h the big pre-wedding party where Rihanna performed earlier this month.) So=
theby’s held two sales yesterday in the category. The first was a sin=
gle-owner collection from Virginia and Ravi Akhoury—a retired investm=
ent executive who trained at SUNY Stonybrook when famed investor James Simo=
ns taught there—estimated at $1.2 million that sold for more than twi=
ce the estimates to total $3,462,655. The various-owners sale had $6.7 mill=
ion in estimated value but sold for almost twice that to make $16.3 million=
with fees.  According to LiveArt’s data, 72% of the lots offere=
d were sold for more than the estimates, a clear sign of market that is adv=
ancing rapidly. Sotheby’s toured these objects to India and the effor=
t paid off. Christie’s sale takes place tomorrow and we’ll try =
to have analysis of LiveArt’s auction data on Friday. </p><div s=
tyle=3D"font-size: 16px; line-height: 26px;"><hr style=3D"background: #e0e0=
e0; border: none; height: 1px; margin: 32px 0; padding: 0;"></div><h2 class=
=3D"header-with-anchor-widget" style=3D"-moz-appearance: optimizelegibility=
; -moz-osx-font-smoothing: antialiased; -webkit-appearance: optimizelegibil=
ity; -webkit-font-smoothing: antialiased; appearance: optimizelegibility; c=
olor: rgb(54, 55, 55); font-family: 'SF Pro Display', -apple-system-headlin=
e, system-ui, -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvet=
ica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Sy=
mbol'; font-size: 1.625em; font-weight: bold; line-height: 1.16em; margin: =
1em 0 0.625em 0; position: relative;">What Happened in New York, March 2024=
</h2><p style=3D"color: rgb(54, 55, 55); font-size: 16px; line-height: 26px=
; margin: 0 0 20px 0;"><strong>New York Mid-Season Sales report</strong></p=
><p style=3D"color: rgb(54, 55, 55); font-size: 16px; line-height: 26px; ma=
rgin: 0 0 20px 0;">The art market, especially the Contemporary market which=
has been driven by demand for works by artists with emerging markets for s=
everal years now, is in the midst of an aggressive shift. Some early indica=
tions suggest the market is moving toward historical work from overlooked a=
rtists and work at lower price points. But it remains far too early to tell=
what the broadest market impulse will be. </p><p style=3D"color: rgb(=
54, 55, 55); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">Accor=
ding to LiveArt’s data, the March mid-season Post War and Contemporar=
y art sales in New York fell from $95.5 million in total for 2023 to $52.6 =
million in 2024, or 45% by value with nearly the same number of lots offere=
d. It is probably too soon to tell if the market has reached a bottom.=
0;</p><p style=3D"color: rgb(54, 55, 55); font-size: 16px; line-height: 26p=
x; margin: 0 0 20px 0;">This year, 719 lots were initially offered with an =
aggregate low estimate of $51.9 million. Before the sale, 19 lots were with=
drawn with an aggregate low estimate of just under $4 million. Last year th=
e same figures were 734 lots with an aggregate low estimate of  $73 mi=
llion. Before the sale, four lots were withdrawn with an aggregate low esti=
mate of $585,000. </p><p style=3D"color: rgb(54, 55, 55); font-size: 1=
6px; line-height: 26px; margin: 0 0 20px 0;">In 2023, the sell-through rate=
was 82.5%; this year, it fell to 77%. In 2023, the hammer ratio for these =
sales was 1.05, not a strong number but much more aggressive than the weak =
=2E87 seen in these sales this year. Th=
e 2023 edition of these sales had two=20=
collections being sold as featured events in the sales cycle; this year, a =
significant amount of the property was held over from marquee collections s=
old in 2023 like Emily Fisher Landau, Chara Streyer and Gerald Fineberg.=
60;  </p><div class=3D"captioned-image-container-static" style=3D=
"font-size: 16px; line-height: 26px; margin: 32px auto;"><figure style=3D"m=
argin: 0 auto; width: 100%;"><table class=3D"image-wrapper" width=3D"100%" =
border=3D"0" cellspacing=3D"0" cellpadding=3D"0" data-component-name=3D"Ima=
ge2ToDOMStatic" style=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td styl=
e=3D"text-align: center;"></td><td align=3D"left" class=3D"content" width=
=3D"1456" style=3D"text-align: center;"><a class=3D"image-link" target=3D"_=
blank" href=3D"https://substack.com/redirect/90b7e1c5-5e0c-49fa-8a91-9815b1=
39923b?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY"=
rel style=3D"align-items: center; border: none; display: block; flex-direc=
tion: column; height: auto; margin: 0; padding: 0; position: relative; text=
-decoration: none; width: auto;"><img data-attrs=3D"{"src":"=
https://substack-post-media.s3.amazonaws.com/public/images/8c620826-75ed-4c=
82-b0d8-23cd0c1c9eae_1600x900.png","srcNoWatermark":null,&qu=
ot;fullscreen":null,"imageSize":null,"height":819,=
"width":1456,"resizeWidth":null,"bytes":null,=
"alt":null,"title":null,"type":null,"hre=
f":null,"belowTheFold":true,"topImage":false,"=
;internalRedirect":null}" alt width=3D"550" height=3D"309.375" class=
=3D"wide-image" src=3D"https://substackcdn.com/image/fetch/w_2912,c_limit,f=
_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3=
=2Eamazonaws.com%2Fpublic%2Fimages%2F8c=
620826-75ed-4c82-b0d8-23cd0c1c9eae_160=
0x900.png" style=3D"-ms-interpolation-mode: bicubic; border: none !importan=
t; display: block; height: auto; margin: 0 auto; margin-bottom: 0; max-widt=
h: 100% !important; vertical-align: middle; width: auto !important;"></a></=
td><td style=3D"text-align: center;"></td></tr></tbody></table></figure></d=
iv><p style=3D"color: rgb(54, 55, 55); font-size: 16px; line-height: 26px; =
margin: 0 0 20px 0;">In a down market there seems to be a fixation on withd=
rawn lots. The assumption that lots are only withdrawn to protect an auctio=
n house’s sale statistics—which seems to predominate among some=
commentators—is impossible to verify. Last Summer, the London sales =
saw a large number of lots withdrawn due to a legal dispute. The commentary=
treated the withdrawn lots as a harbinger of a down market but the London =
sales were stable within the context of the entire year. In these sales, 19=
lots were withdrawn with a $3.995 million estimated value or 8.5% of the t=
otal pre-sale estimated value. Thirteen of the 19 lots—and 75% of the=
value—were at Sotheby’s which did have the highest hammer rati=
o and sell-through rate among the three houses. (Feel free to drawn your ow=
n conclusions from that.) Without the withdrawn lots, the overall hammer ra=
tio for these sales would have dropped from the weak 0.87 posted to an even=
weaker 0.80.</p><p style=3D"color: rgb(54, 55, 55); font-size: 16px; line-=
height: 26px; margin: 0 0 20px 0;">The fact that more than 40% of the sold =
lots went for prices that were below the low estimate also supports the ide=
a that the Post War and Contemporary art market has hit a wall. It remains,=
in the words of one active market participant, “too late to sell.=
221; But it may not be too early to buy considering some of the prices for =
quality works. </p><p style=3D"color: rgb(54, 55, 55); font-size: 16px; lin=
e-height: 26px; margin: 0 0 20px 0;">Whether the mix of property is more to=
blame than overall demand is a question that will have to be answered in t=
he day sales in May and again in September.</p><div class=3D"captioned-imag=
e-container-static" style=3D"font-size: 16px; line-height: 26px; margin: 32=
px auto;"><figure style=3D"margin: 0 auto; width: 100%;"><table class=3D"im=
age-wrapper" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0=
" data-component-name=3D"Image2ToDOMStatic" style=3D"mso-padding-alt: 1em 0=
1.6em;"><tbody><tr><td style=3D"text-align: center;"></td><td align=3D"lef=
t" class=3D"content" width=3D"1456" style=3D"text-align: center;"><a class=
=3D"image-link" target=3D"_blank" href=3D"https://substack.com/redirect/883=
8da81-038b-4335-92c6-9fd75148a7a9?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpi=
srMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"align-items: center; border: none;=
display: block; flex-direction: column; height: auto; margin: 0; padding: =
0; position: relative; text-decoration: none; width: auto;"><img data-attrs=
=3D"{"src":"https://substack-post-media.s3.amazonaws.com/pub=
lic/images/3cde0965-fc24-4c00-8be5-1e2c53465ced_1600x900.png","sr=
cNoWatermark":null,"fullscreen":null,"imageSize":n=
ull,"height":819,"width":1456,"resizeWidth":n=
ull,"bytes":null,"alt":null,"title":null,&quo=
t;type":null,"href":null,"belowTheFold":true,"=
;topImage":false,"internalRedirect":null}" alt width=3D"550"=
height=3D"309.375" class=3D"wide-image" src=3D"https://substackcdn.com/ima=
ge/fetch/w_2912,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F=
%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3cde0965-fc24-4=
c00-8be5-1e2c53465ced_1600x900.png" style=3D"-ms-interpolation-mode: bicubi=
c; border: none !important; display: block; height: auto; margin: 0 auto; m=
argin-bottom: 0; max-width: 100% !important; vertical-align: middle; width:=
auto !important;"></a></td><td style=3D"text-align: center;"></td></tr></t=
body></table></figure></div><p style=3D"color: rgb(54, 55, 55); font-size: =
16px; line-height: 26px; margin: 0 0 20px 0;"><span>The works that were in =
demand—by </span><strong>Alma Thomas</strong><span>, </span><strong>J=
ean Dubuffet</strong><span> and </span><strong>Jean-Michel Basquiat</strong=
><span>—had distinctive back stories. The Basquiat was bought from La=
rry Gagosian in 1982, the year that the artist moved to Los Angeles and pro=
duced work for Gagosian’s gallery. This particular drawing was made b=
efore Basquiat relocated but the sale took place a week before GagosianR=
17;s West Coast gallery opened an important show of works made during the p=
eriod Basquiat was living in California. </span><strong>Alma Thomas</strong=
><span>’s striking pink abstract work only had to be seen to understa=
nd the level of demand. And </span><strong>Jean Dubuffet</strong><span>R=
17;s </span><em>Chronique</em><span> was once owned by the television produ=
cer and noted collector Mark Goodson. </span></p><p style=3D"color: rgb(54,=
55, 55); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><span>Th=
e </span><strong>Cy Twombly</strong><span> work on paper was bought at a go=
od price for a work from this highly-prized series. There was good bidding =
on Chara Shreyer’s </span><strong>Sam Gilliam</strong><span> bevel-ed=
ge painting; it was one of five Gilliam’s sold during the sales cycle=
=2E The hammer ratio for all five paint=
ings together was a strong 1.22 but </=
span><em>Butterfly, Feeling</em><span> was both the most expensive work and=
the one with the highest hammer ratio, suggesting buyers are waiting for t=
he right Gilliam to bid on. The only Gilliam with a higher hammer ratio amo=
ng the five was a very strong late work on paper that sold for $138,600. A =
</span><strong>Jonas Wood</strong><span> pot painting, a seven-foot edition=
ed wood “Companion” sculpture by </span><strong>KAWS </strong>=
<span>and a </span><strong>George Condo </strong><span>painting once owned =
by the Mugrabi family depicting Elliot Spitzer (made infamous in an FBI rep=
ort as client number 9 of an escort service) were all sold at compromise pr=
ices that still landed them in the top ten lots by price.</span></p><div cl=
ass=3D"captioned-image-container-static" style=3D"font-size: 16px; line-hei=
ght: 26px; margin: 32px auto;"><figure style=3D"margin: 0 auto; width: 100%=
;"><table class=3D"image-wrapper" width=3D"100%" border=3D"0" cellspacing=
=3D"0" cellpadding=3D"0" data-component-name=3D"Image2ToDOMStatic" style=3D=
"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align: center;=
"></td><td align=3D"left" class=3D"content" width=3D"1456" style=3D"text-al=
ign: center;"><a class=3D"image-link" target=3D"_blank" href=3D"https://sub=
stack.com/redirect/3cb87364-9d79-48b8-b500-5775436a43c8?j=3DeyJ1IjoiMjdjZXI=
5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"align-items:=
center; border: none; display: block; flex-direction: column; height: auto=
; margin: 0; padding: 0; position: relative; text-decoration: none; width: =
auto;"><img data-attrs=3D"{"src":"https://substack-post-medi=
a.s3.amazonaws.com/public/images/8faab361-c235-46bc-aed8-17cfabf6e2dc_1920x=
1080.png","srcNoWatermark":null,"fullscreen":null,=
"imageSize":null,"height":819,"width":1456,&q=
uot;resizeWidth":null,"bytes":377911,"alt":null,&q=
uot;title":null,"type":"image/png","href"=
;:null,"belowTheFold":true,"topImage":false,"inter=
nalRedirect":null}" alt width=3D"550" height=3D"309.375" class=3D"wide=
-image" src=3D"https://substackcdn.com/image/fetch/w_2912,c_limit,f_auto,q_=
auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazona=
ws.com%2Fpublic%2Fimages%2F8faab361-c235-46bc-aed8-17cfabf6e2dc_1920x1080.p=
ng" style=3D"-ms-interpolation-mode: bicubic; border: none !important; disp=
lay: block; height: auto; margin: 0 auto; margin-bottom: 0; max-width: 100%=
!important; vertical-align: middle; width: auto !important;"></a></td><td =
style=3D"text-align: center;"></td></tr></tbody></table></figure></div><p s=
tyle=3D"color: rgb(54, 55, 55); font-size: 16px; line-height: 26px; margin:=
0 0 20px 0;"><span>The top ten lots with the most dynamic bidding were a v=
ery different story. Coincidentally, </span><strong>Miyoko Ito</strong><spa=
n>’s Surrealism-inflected work from 1975 made the list of most bid up=
on works in these same sales a year before. Last year, </span><em>Untitled =
(#118)</em><span> was estimated at $40,000 and sold for three times the est=
imate or $157,500 with fees. This year, </span><em>Confrontation</em><span>=
from 1970 was also estimated at $40,000. This time is sold for ten times t=
he estimate to make $508,000 with fees. Perhaps more surprising is the </sp=
an><strong>Julian Opie</strong><span>, </span><em>Four Bars</em><span> that=
was estimated for a minimal $5000 but sold for nearly $50,000 with fees. B=
oth </span><strong>Elaine de Kooning</strong><span> works sold well above t=
heir estimates. One was estimated at $15,000 and the other at $25,000. The =
latter work, made when she and her husband Bill were at Black Mountain Coll=
ege in 1948, sold for more than six times the estimate to make $207,900. Al=
ong with de Kooning, </span><strong>Dusti Bongé</strong><span> was a f=
emale Abstract Expressionist active during the middle of the 20th Century. =
Her small work on paper made six times the modest estimate of $6000. On the=
opposite end of the spectrum, </span><strong>Emily Xie</strong><span>̵=
7;s NFT showed there is still life in this now-ridiculed market as one of h=
er</span><em> Memories of Qilin</em><span> works sold for more than five ti=
mes the minimal $5000 estimate. Works by </span><strong>Richard Mayhew</str=
ong><span>, </span><strong>Susan Rotherenberg</strong><span>, </span><stron=
g>Pope.L</strong><span>, </span><strong>Richard Hunt</strong><span> and </s=
pan><strong>Francesco Clemente</strong><span> all received attention from b=
idders. Richard Hunt and Pope.L died recently. Hunt is having a show at Whi=
te Cube currently. Richard Mayhew has shown work at Venus Over Manhattan re=
cently as well. Of the major artists of the 1980s, Francesco Clemente is th=
e only one whose market remains disorganized and undervalued. A work estima=
ted at $5000 selling for nearly $30,000 won’t change that … yet=
=2E But it does indicate continuing cur=
iosity in the artist’s work.=
0; </span></p><div class=3D"captioned-image-container-static" style=3D=
"font-size: 16px; line-height: 26px; margin: 32px auto;"><figure style=3D"m=
argin: 0 auto; width: 100%;"><table class=3D"image-wrapper" width=3D"100%" =
border=3D"0" cellspacing=3D"0" cellpadding=3D"0" data-component-name=3D"Ima=
ge2ToDOMStatic" style=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td styl=
e=3D"text-align: center;"></td><td align=3D"left" class=3D"content" width=
=3D"1456" style=3D"text-align: center;"><a class=3D"image-link" target=3D"_=
blank" href=3D"https://substack.com/redirect/a4047d82-3d9c-45e2-bd36-a9462d=
2acafb?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY"=
rel style=3D"align-items: center; border: none; display: block; flex-direc=
tion: column; height: auto; margin: 0; padding: 0; position: relative; text=
-decoration: none; width: auto;"><img data-attrs=3D"{"src":"=
https://substack-post-media.s3.amazonaws.com/public/images/86653f07-b1a3-48=
b0-aac9-3f96c838d96c_1600x900.png","srcNoWatermark":null,&qu=
ot;fullscreen":null,"imageSize":null,"height":819,=
"width":1456,"resizeWidth":null,"bytes":null,=
"alt":null,"title":null,"type":null,"hre=
f":null,"belowTheFold":true,"topImage":false,"=
;internalRedirect":null}" alt width=3D"550" height=3D"309.375" class=
=3D"wide-image" src=3D"https://substackcdn.com/image/fetch/w_2912,c_limit,f=
_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3=
=2Eamazonaws.com%2Fpublic%2Fimages%2F86=
653f07-b1a3-48b0-aac9-3f96c838d96c_160=
0x900.png" style=3D"-ms-interpolation-mode: bicubic; border: none !importan=
t; display: block; height: auto; margin: 0 auto; margin-bottom: 0; max-widt=
h: 100% !important; vertical-align: middle; width: auto !important;"></a></=
td><td style=3D"text-align: center;"></td></tr></tbody></table></figure></d=
iv><p style=3D"color: rgb(54, 55, 55); font-size: 16px; line-height: 26px; =
margin: 0 0 20px 0;"><span>The market share numbers for these mid-season sa=
les don’t reveal much about the state of the market overall. </span><=
strong>Alma Thomas</strong><span> appears on the list based upon a single p=
ainting. Many of the other artists appeared on the list because of the resu=
lts of a single work with a few other lesser works filling out the market s=
hare. A dozen </span><strong>Andy Warhol</strong><span> works estimated at =
$1.5 million were sold for only a little more than $1.08 million. Four of t=
he Warhols were withdrawn and a fifth was bought in. </span><strong>Richard=
Prince</strong><span> had 2% of the total dollars spent even though only s=
ix of the ten works offered found buyers—in addition, three of those =
six works were sold below the estimate. </span><strong>Alexander Calder</st=
rong><span> had all six works sell for prices that resulted in a 1.64 hamme=
r ratio. But all but one were paintings or works on paper which are the typ=
e of Calders that appear in these sales. </span></p><div class=3D"capt=
ioned-image-container-static" style=3D"font-size: 16px; line-height: 26px; =
margin: 32px auto;"><figure style=3D"margin: 0 auto; width: 100%;"><table c=
lass=3D"image-wrapper" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpa=
dding=3D"0" data-component-name=3D"Image2ToDOMStatic" style=3D"mso-padding-=
alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align: center;"></td><td al=
ign=3D"left" class=3D"content" width=3D"1456" style=3D"text-align: center;"=
><a class=3D"image-link" target=3D"_blank" href=3D"https://substack.com/red=
irect/98a58bd6-abff-4a74-87b6-f810a9718266?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c=
1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"align-items: center; bord=
er: none; display: block; flex-direction: column; height: auto; margin: 0; =
padding: 0; position: relative; text-decoration: none; width: auto;"><img d=
ata-attrs=3D"{"src":"https://substack-post-media.s3.amazonaw=
s.com/public/images/3948a74d-e16a-4003-bcf9-37ac0aba03c3_1600x900.png"=
,"srcNoWatermark":null,"fullscreen":null,"imageSiz=
e":null,"height":819,"width":1456,"resizeWidt=
h":null,"bytes":null,"alt":null,"title":=
null,"type":null,"href":null,"belowTheFold":t=
rue,"topImage":false,"internalRedirect":null}" alt widt=
h=3D"550" height=3D"309.375" class=3D"wide-image" src=3D"https://substackcd=
n.com/image/fetch/w_2912,c_limit,f_auto,q_auto:good,fl_progressive:steep/ht=
tps%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3948a7=
4d-e16a-4003-bcf9-37ac0aba03c3_1600x900.png" style=3D"-ms-interpolation-mod=
e: bicubic; border: none !important; display: block; height: auto; margin: =
0 auto; margin-bottom: 0; max-width: 100% !important; vertical-align: middl=
e; width: auto !important;"></a></td><td style=3D"text-align: center;"></td=
></tr></tbody></table></figure></div><p style=3D"color: rgb(54, 55, 55); fo=
nt-size: 16px; line-height: 26px; margin: 0 0 20px 0;">The bidding quintile=
s are similar to what we saw in London. The two top quintiles were soft wit=
h hammer ratios well below past auctions. The middle quintile saw the stron=
gest bidding for lots estimated between $20,000 and $40,000. The average pr=
emium price was $52,861. According to Clare McAndrew’s report on the =
state of the art market for 2023, the $50,000 and below market sector is wh=
ere the market saw growth last year. That momentum seems to be continuing l=
ast week. The middle low quintile was weaker than that. But the bottom quin=
tile of works priced at $10,000 or below was where the strongest bidding se=
emed to take place. The overall hammer ratio for that quintile was the stro=
ngest at 1.28 with works averaging a selling price of $11,950. </p><di=
v style=3D"font-size: 16px; line-height: 26px;"><hr style=3D"background: #e=
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