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Subject: What We Learned this Week (2406)
From: Artelligence <artelligence@substack.com>
To: enzo@showfile.com
Message-Id: <20240209163041.3.60062a9b547613e9@mg-d0.substack.com>
Date: Fri, 9 Feb 2024 16:30:41 +0000
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View this post on the web at https://artelligence.substack.com/p/what-we-le=
arned-this-week-2406

Welcome to Artelligence
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ontact us directly:
In This Issue
Lot Watch: Christie=E2=80=99s $15m Monet for March
Lot Watch: Gilbert Kaplan=E2=80=99s =C2=A330m Magritte to lead Christie=E2=
=80=99s Surrealism sale
Notes: The Neumann collection fight; Thelma Golden=E2=80=99s ray of light; =
Eileen Agar arbitrage
Bonhams CEO Merry-Go-Round: Bruno Vinciguerra=E2=80=99s surprise departure
Lot Watch
Christie=E2=80=99s Shifts Monet Series to $15m Seine View for March Sale
The Monet market has been both very hot but also spotty since the pandemic.=
 In the first half of 2022, a year=E2=80=99s worth of Monet=E2=80=99s were =
sold and then the market mysteriously shut off. Most likely, the problem wa=
s one of supply more than demand. When that happens, the auction houses com=
b their records and research to find a work that has been sitting in privat=
e hands for a long time and perhaps convince the owners that a sale at this=
 time would be =E2=80=98advantageous.=E2=80=99=C2=A0
This week, Christie=E2=80=99s announced that it will offer one of the 17 wo=
rks depicting the Seine in the morning light that Monet painted in 1897 fro=
m his purpose-built studio boat. Two other versions of that work were sold =
in 2017 and 2018 for $23.3 million and $20.5 million respectively. With tho=
se prices in mind, the announced estimate of =C2=A312 million seems very at=
tractive to bidders.=C2=A0
This work has not been exhibited since 1990 and not been offered at auction=
 for 45 years. Monet's series works have become increasingly sought after i=
n recent years.
Lot Watch
=C2=A330m Magritte to Lead Christie=E2=80=99s London Surrealism Sale=C2=A0
The success of so many R=C3=A9ne Magritte works at auction in recent years =
has increased the expectations of sellers to the point where Christie=E2=80=
=99s is now offering a 1958 work, The Intimate Friend, from the collection =
of Lena and Gilbert Kaplan, with a =C2=A330 million estimate. That estimate=
, without buyer=E2=80=99s premium, would make the work the third highest Ma=
gritte price at auction. The painting will appear in the March 7th Surreali=
sm sale in London.=C2=A0
Notes
The $1 Billion Art Collection That=E2=80=99s Tearing a Family Apart [ https=
://substack.com/redirect/9ad3be63-8dcf-4424-9fda-74e8ee7550fc?j=3DeyJ1IjoiM=
jdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]: The Neumann famil=
y art collection is far more interesting than the airing of family drama th=
at the Wall Street Journal ran last weekend. Herbert Neumann=E2=80=99s fath=
er Morton and he built an extraordinary art collection that the elder Neuma=
nn hung in a challenging salon-style manner. Morton=E2=80=99s Chicago dinin=
g room lined with Mir=C3=B3 paintings is the stuff of legend. Hubert=E2=80=
=99s deceased wife, Dolores, was an early Basquiat collector. She bequeathe=
d Basquiat=E2=80=99s Flesh and Spirit to her daughter Belinda who sold it a=
t Sotheby=E2=80=99s in 2018 setting off series of legal disputes. =E2=80=9C=
[I]n the eight years since his wife=E2=80=99s will was read,=E2=80=9D Kelly=
 Crow wrote in the Journal, =E2=80=9Dhis family has descended into a feud w=
ith at least 18 lawsuits exchanged among them. More than a dozen are still =
active. Claims and counterclaims have spiraled across New York=E2=80=99s cr=
iminal, civil and family courts=E2=80=94sweeping in allegations of physical=
 abuse, fraud and undue influence of the elderly. Ensuing trials and testim=
ony from friends and family exposed generational rifts. Belinda sold the Ba=
squiat for less than she wanted. In January, she tried to oust her father a=
s manager of their family=E2=80=99s estimated $1 billion art trust.=E2=80=
=9D
The Art World Before and After Thelma Golden: [ https://substack.com/redire=
ct/6b468fe7-8f6e-42a9-864a-94f4235f141f?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0=
jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ] Thelma Golden received a rare second pro=
file in the New Yorker this week, 22 years after the first time she was pro=
filed in the magazine [ https://substack.com/redirect/52908942-070b-4414-87=
04-51ce9fcbb9c2?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g=
6pp7gWdY ]. In this one, Calvin Tomkins gives Golden credit for training a =
generation of curators after shepherding a generation of artists into the h=
eart of the art world value system. As major exhibitions open at the Brookl=
yn Museum showcasing the Dean collection and the Met prepares to launch the=
ir show on the Harlem Renaissance, Tomkins takes care to point out the dang=
ers of all of this attention occurring during Black History month. Quoting =
the Whitney=E2=80=99s David Ross, Tomkins writes, =E2=80=9CWhen someone on =
the Whitney staff asked what we were going to do about Black History Month,=
 Thelma said, =E2=80=98We are not doing anything about Black History Month,=
=E2=80=99=C2=A0=E2=80=9D he recalled. =E2=80=9CShe just put her fist down o=
n candy-ass projects to show we cared about Black history=E2=80=94either th=
is museum dealt with American art history honestly or it didn=E2=80=99t.=E2=
=80=9D
Eileen Agar: Her Jewel-Like Paintings Stretched Surrealism: [ https://subst=
ack.com/redirect/02eceb26-e09e-4b95-8a70-495ec81f486b?j=3DeyJ1IjoiMjdjZXI5I=
n0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ] Roberta Smith really loved=
 Andrew Kreps Gallery=E2=80=99s show of Eileen Agar=E2=80=99s work that clo=
ses this weekend likening the Argentine-born British Surrealist whose life =
almost neatly spanned the 20th Century to other recently discovered secrets=
 of the history of art by women like Hilma af Klimt. But to market-oriented=
 readers, it was interesting two see Smith single out two of the works in t=
he show =E2=80=9CTo a Nightingale=E2=80=9D from 1979 and =E2=80=9CChess Hea=
d=E2=80=9D from 1970. Both were bought at auction last year in London for $=
22,000 and $13,000 respectively. Seems like secret was already out.=20
What=E2=80=99s Behind Bonhams=E2=80=99s Leadership Shuffle
When Bruno Vinciguerra appeared at the Rybolovlev trial in January as a wit=
ness for Sotheby=E2=80=99s, where he was formerly the Chief Operating Offic=
er for almost a decade, he was asked to describe Bonhams, the auction house=
 where he was currently Chief Executive Officer. Rather matter-of-factly, V=
inciguerra said Bonhams was the number three auction house behind Sotheby=
=E2=80=99s and Christie=E2=80=99s. To a courtroom filled with knowledgeable=
 observers of the art market, the claim seemed, well, aspirational at best =
and delusional at worst.=C2=A0
Heritage Auctions, the collectibles and fine art powerhouse in Dallas, whic=
h is a clear third in Western auction house rankings, did total sales of $1=
=2E76 billion in 2024 to Bonhams record=
 sales of $1.14 billion in the same ye=
ar. That total for Bonhams was greatly enhanced by the 2022 acquisitions of=
 four regional auction houses in Boston, Paris, Stockholm and Copenhagen wi=
th combined 2021 sales of $300 million. Without those sales, Bonhams itself=
 would trail the third house in the Modern and Contemporary art market, Phi=
llips.=C2=A0
Vinciguerra Defenestrated
On Thursday, Bonhams employees woke up to the news that Vinciguerra was no =
longer the company=E2=80=99s CEO having been replaced by the private-equity=
-backed firm=E2=80=99s Executive Chairman, Hans-Kristian Hoejsgaard. The mo=
ve came after Vinciguerra traveled to London for a board meeting last week =
and never returned to the office. At the same time, Bonhams has also replac=
ed its CFO Jonathan Fairhurst, though Fairhurst, according to Bonhams, will=
 be =E2=80=9Cremaining with the company for the time being.=E2=80=9D=20
This isn=E2=80=99t the first time Epiris, the private equity firm that boug=
ht Bonhams in 2018, has replaced the CEO with the Executive Chairman. Thoug=
h Bonhams says Hoejsgaard is only as interim CEO and that Bonhams is =E2=80=
=9Cconducting a recruitment search for a CEO.=E2=80=9D Vinciguerra was firs=
t installed in the Executive Chairman=E2=80=99s role before ousting the pre=
vious CEO Matthew Girling, a jewelry expert who had built Bonhams into a pr=
ofitable niche house with valuable London real estate and a strong foothold=
 in the classic car market which was then booming.=C2=A0
There are a number of reasons why Vinciguerra could have been unexpectedly =
ousted. Bonhams and its Cornette Saint Cyr subsidiary in Paris have a stron=
g market position in selling the memorabilia and occasional art holdings of=
 dead stars like James Bond=E2=80=99s Roger Moore or French film legend Ala=
in Delon. Last year, Bonhams  New York sold the estate of Barbara Walters w=
hich contained some significant American paintings that were guaranteed but=
 did not sell well. The shortfall was significant enough to put some career=
s at risk which may explain Fairhurst=E2=80=99s awkward new position or Vin=
ciguerra=E2=80=99s departure.=20
Whether that=E2=80=99s true or not, Vinciguerra=E2=80=99s tenure has not yi=
elded the one thing a private equity owner wants more than anything, a prof=
itable exit. Six years is a long holding period for a PE firm. A year ago, =
Bloomberg reported that Epiris had hired JPMorgan Chase & Co to shop the fi=
rm for a $1 billion which would be a miraculous price considering auction s=
ales are not auction house revenue. A year later, with no buyer in sight, E=
piris has smartly decided to regroup.=C2=A0
Roll Up Remorse
Hoejsgaard is an experienced luxury CEO, he had roles leading Georg Jensen =
and Davidoff. He has spent the latest phase of his career as a professional=
 director and board member after stints including a role as interim CEO of =
MCH, the Swiss parent company of Art Basel that was in freefall several yea=
rs ago as the global watch business restructured away from its signature ev=
ents at MCH=E2=80=99s Basel fair hall.=C2=A0(Hoejsgaard=E2=80=99s replaceme=
nt didn=E2=80=99t survive long, a victim of the pandemic and James Murdoch=
=E2=80=99s interest in expanding Art Basel as a brand.)
After four years with Vinciguerra in charge, Bonhams suddenly shifted to a =
roll-up strategy. Bonhams announcement conspicuously gives Hoejsgaard credi=
t for =E2=80=9Cspearheading=E2=80=9D the 2022 acquisitions of Skinner in Bo=
ston, Cornette Saint Cyr in Paris, Bruun Rasmassen in Copenhagen and Bukows=
ki=E2=80=99s in Stockholm. =E2=80=9CThe houses were acquired to consolidate=
 the position of Bonhams in the core market and to increase our global clie=
nt base=E2=80=9D the company said. =E2=80=9CThe houses are great brands in =
their own region =E2=80=93 and as a result of being acquired by Bonhams, th=
ey have a global platform on which to offer items.=E2=80=9D=20
Last month, Philadelphia=E2=80=99s Freeman=E2=80=99s announced that it had =
merged with Chicago=E2=80=99s Hindman. That news left some doing a double-t=
ake. Both houses would have been likely targets for a Bonhams roll-up. Whet=
her the company lacked the war chest and a integration strategy to scale th=
at much so quickly or the two regional firms fell into each other=E2=80=99s=
 arms in response, the combination seems unlikely without Bonhams acquisiti=
ons leading the way.
One complaint about Vinciguerra seems to be that he did not do enough to mo=
dernize Bonhams. With only a year of integration under their belts, there w=
ould seem to be plenty left to do with the four acquired companies. =E2=80=
=9CThe integration of the acquisitions is progressing very well,=E2=80=9D B=
onhams says. =E2=80=9CBonhams Cornette de Saint Cyr and Bonhams Skinner alr=
eady share an integrated back office system with Bonhams, and hold some of =
the sales that traditionally took place at Bonhams New York and at Bonhams =
New Bond Street.=E2=80=9D
Luxury v Cultural Property
That raises one of the biggest questions around yesterday=E2=80=99s news: a=
ssuming the 2022 acquisitions were meant to bulk up Bonhams for a sale base=
d upon irrational exuberance surrounding the brimful art market of 2022 (an=
d it would be fascinating to see the the banker=E2=80=99s target list for b=
uyers,) what=E2=80=99s the plan in the cautious and jittery market of 2024?
Vinciguerra spent his first four years at Bonhams pursuing some sort of a s=
trategy around positioning Bonhams as a third auction house. Unfortunately,=
 with no real strength in Contemporary art or any of the runaway collectibl=
es categories, Bonhams was blocked on one side by Phillips and on the other=
 side by Heritage.=20
Meanwhile, Sotheby=E2=80=99s and Christie=E2=80=99s spent the same six-year=
 period overhauling their middle market sales from fading categories that o=
nce drove the auction market=E2=80=94furniture, antiques, Asian works of ar=
t=E2=80=94into luxury secondary markets for watches, wine, handbags and jew=
elry. (Somewhere Matthew Girling is ruefully shaking his head in disbelief.=
) One of Guillaume Cerutti=E2=80=99s first acts after he took over Christie=
=E2=80=99s was to close its South Kensington division that specialized in t=
he old antiques categories. The rationalization was a recognition of the ch=
anging tastes of the top auction houses=E2=80=99 customer base. Luxury purc=
hases are now the entry point for new clients.=C2=A0
Even as Sotheby=E2=80=99s and Christie=E2=80=99s moved more directly into l=
uxury=E2=80=94restricting the number of lots they sold to increase sell-thr=
ough rates and bolster the confidence of their buyers in the long-term valu=
e of those luxury purchases=E2=80=94the lots they abandoned continue to sel=
l at places like Skinner, Bruun Rasmussen and Bukowski=E2=80=99s, not to me=
ntion Freeman=E2=80=99s and Hindman, too.=C2=A0
The fine art business may be range bound, as Clare McAndrew=E2=80=99s annua=
l data suggests, but there does seem to be a growing appetite for all types=
 of cultural property. The broad network of regional auctioneers seems to b=
e thriving even if the work remains difficult.=C2=A0
The best way to illustrate the problem is this: Christie=E2=80=99s and Soth=
eby=E2=80=99s handled about 107,000 lots last year in a 60/40 split reflect=
ing Sotheby=E2=80=99s larger luxury business. Bonhams handled nearly 216,00=
0 lots in the same period. That=E2=80=99s nearly double the volume of lots =
at the duopoly with far fewer staff at Bonhams.=C2=A0
One can only imagine the lot count when you go deeper into the regional auc=
tion houses in Europe, the US and Asia. The vast mountain of cultural prope=
rty continues to grow. And even though it would sometimes seem that there i=
s a wholesale shift in taste away from traditional antiques to stuff that i=
s more contemporary and relevant to today=E2=80=99s aging and therefore wea=
lthier buyers, much of that other cultural property seems to still find buy=
ers. Blame the internet.=C2=A0
It All Comes Back to Strategy
The problem with Vinciguerra=E2=80=99s strategy, or more likely the board m=
embers and owners who hired Sotheby=E2=80=99s former COO thinking that woul=
d somehow lead to their firm becoming a meaningful alternative to the globa=
l auction house, is that the opportunity doesn=E2=80=99t lie in competing f=
or the customer base that Christie=E2=80=99s, Sotheby=E2=80=99s and Phillip=
s already cover exhaustively. Sotheby=E2=80=99s announcement last week of a=
 new fee structure was an admission that the competition for those customer=
s was coming to an end. It just wasn=E2=80=99t sustainable. If Sotheby=E2=
=80=99s can=E2=80=99t survive playing that game, how was Bonhams going to t=
hrive?
What Hoejsgaard needs to do to unlock value for Epiris, is hire a CEO who c=
an dig deep into Bonhams to build the software systems that will make it ea=
sier to process and track those 216,000 lots. Selling that much material ge=
nerates a lot of data. It=E2=80=99s doubtful Bonhams is gathering either th=
at data well currently. It=E2=80=99s also a good guess that it is not doing=
 the kind of sophisticated analysis of both customer and object data that w=
ould be its competitive advantage.=C2=A0
The current strategy around Bonhams five different firms is that they will =
gain an advantage from cross-marketing. =E2=80=9CEpiris is committed to inv=
esting in the existing Bonhams strategy,=E2=80=9D Bonhams says, =E2=80=9Cwh=
ich includes accelerating the digital shift, the integration of the acquisi=
tions and in pursuing a strategy to leverage Bonhams=E2=80=99 global footpr=
int.=E2=80=9D Somehow buyers in Denmark will enhance sales in Boston. That =
seems far-fetched if your goal is to produce the kind of increase in value =
that would justify a $1 billion price tag.=20
There=E2=80=99s an irony (or a tragedy) here that Vinciguerra, a former Bai=
n consultant, was hired at Sotheby=E2=80=99s to modernize that company. And=
 vice versa, he had little to do with the client side of the business at So=
theby=E2=80=99s yet seems to have been hired at Bonhams to bring that aspec=
t of the business up to par. =20
By all accounts, he did little to build a dynamic new infrastructure Bonham=
s. Had he done so much more on that front, the acquisition strategy would h=
ave yielded better results. This is real consultant work. How do you design=
 a process=E2=80=94and then automate it through software=E2=80=94that reduc=
es the cost and friction of ingesting these 216,000 lots (and eventually ma=
ny more,) produces meta data and catalogues the objects so they can appear =
in internal systems that also interface seamlessly with different internet =
auction sites? On the other side, how do you design a system for payment an=
d customer verification that also includes data on marketing prospects? The=
n you have to transfer all of your current data to the new system and make =
it work flawlessly. Finally, on top of all of that, how do you develop data=
 insights across buyers and objects that will enable the platform to yield =
greater value for your consignors?=20
If you can do all of that, then you can continue to acquire auction houses =
like Hindman and Freeman=E2=80=99s to feed your monster data machine which =
would give you a defining market position and a real opportunity to thrive =
in ways that Sotheby=E2=80=99s and Christie=E2=80=99s cannot do and do not =
want to do.
The opportunity seems to be there. It just requires someone bold enough to =
take on the challenge.

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    line-height: 20px;
  }
}


@media (max-width: 650px) {
  .typography .markup .tweet .tweet-photos-container.two,
  .typography.editor .markup .tweet .tweet-photos-container.two,
  .typography .markup .tweet .tweet-photos-container.three,
  .typography.editor .markup .tweet .tweet-photos-container.three,
  .typography .markup .tweet .tweet-photos-container.four,
  .typography.editor .markup .tweet .tweet-photos-container.four {
    height: 200px;
  }
}


@media (max-width: 650px) {
  .typography .markup .tweet a.expanded-link .expanded-link-img,
  .typography.editor .markup .tweet a.expanded-link .expanded-link-img {
    max-height: 180px;
  }
}


@media (max-width: 650px) {
  .typography .markup .tweet a.expanded-link .expanded-link-description,
  .typography.editor .markup .tweet a.expanded-link .expanded-link-descript=
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    display: none;
  }
}


@media screen and (max-width: 650px) {
  .typography .markup .apple-podcast-container,
  .typography.editor .markup .apple-podcast-container {
    width: unset;
  }
}


@media (max-width: 420px) {
  .typography .markup .install-substack-app-embed img.install-substack-app-=
embed-img,
  .typography.editor .markup .install-substack-app-embed img.install-substa=
ck-app-embed-img {
    margin: 0 auto 16px auto;
  }
}


@media screen and (min-width: 420px) and (max-width: 600px) {
  .typography .markup .install-substack-app-embed .install-substack-app-emb=
ed-text,
  .typography.editor .markup .install-substack-app-embed .install-substack-=
app-embed-text {
    max-width: calc(100% - 100px);
    width: initial;
  }
}


@media (max-width: 420px) {
  .typography .markup .install-substack-app-embed .install-substack-app-emb=
ed-text,
  .typography.editor .markup .install-substack-app-embed .install-substack-=
app-embed-text {
    margin: 0 0 12px 0;
    max-width: 100%;
    width: auto;
    text-align: center;
  }
}


@media (max-width: 600px) {
  .typography .markup .install-substack-app-embed .install-substack-app-emb=
ed-link,
  .typography.editor .markup .install-substack-app-embed .install-substack-=
app-embed-link {
    margin-top: 16px;
    width: 100%;
  }
}


@media screen and (min-width: 481px) {
  .share-button-container {
    height: 38px;
  }
}


@media screen and (min-width: 481px) {
  .share-button-container a.comment {
    height: 38px;
    line-height: 38px;
    padding-right: 10px;
  }
}


@media screen and (max-width: 480px) {
  .share-button-container .separator {
    display: block;
    margin: 0;
    height: 8px;
    border-left: none;
  }
}


@media screen and (max-width: 480px) {
  .share-button-container a.share.first img {
    padding-left: 0;
  }
}


@media screen and (min-width: 481px) {
  .share-button-container a.mobile {
    display: none !important;
  }
}


@media screen and (max-width: 650px) {
  .social-media-share-preview__description {
    -webkit-line-clamp: 2;
  }
}


@media screen and (max-width: 1000px) {
  .congrats-box {
    flex-direction: column;
  }
  .congrats-box .congrats-box-right {
    margin-left: 38px;
    margin-top: 16px;
  }
}


@media screen and (max-width: 500px) {
  .congrats-box {
    display: none;
  }
}


@media screen and (min-width: 541px) {
  .settings-add-pub-modal-wrapper .container .add-recommending-pub-modal-co=
ntainer {
    padding: 36px;
    height: 680px;
  }
}


@media screen and (min-width: 541px) {
  .settings-add-pub-modal-wrapper .container .add-recommending-pub-modal-co=
ntainer .footer {
    position: absolute;
    bottom: 36px;
    margin: 0px;
  }
}


@media screen and (max-width: 840px) {
  .header-with-anchor-widget .header-anchor-widget,
  .header-anchor-container .header-anchor-widget {
    display: none;
  }
}


@media screen and (min-width: 768px) {
  .post {
    padding: 32px 0 0 0;
  }
}


@media screen and (max-width: 650px) {
  .post .post-header .post-label {
    margin-top: 8px;
  }
}


@media screen and (max-width: 650px) {
  .post .post-header .meta-author-wrap.alternative-meta .meta-right-column =
=2Epost-meta {
    margin-top: 6px;
  }
}


@media screen and (max-width: 650px) {
  .post .footer-facepile-container {
    height: 64px;
    padding: 0 16px;
    display: flex;
    align-items: center;
    justify-content: flex-start;
    width: 100%;
  }
}


@media screen and (max-width: 650px) {
  .post .post-footer.use-separators {
    justify-content: center;
  }
}


@media screen and (max-width: 650px) {
  .post .post-footer.next-prev {
    height: 64px;
    justify-content: space-between;
    box-sizing: border-box;
  }
}


@media screen and (max-width: 650px) {
  .post-contributor-footer .post-contributor-bio-table {
    display: block;
  }
  .post-contributor-footer .post-contributor-bio-table-row {
    display: flex;
    flex-direction: row;
  }
  .post-contributor-footer .post-contributor-bio-userhead-cell,
  .post-contributor-footer .post-contributor-bio-body-cell {
    display: block;
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  .post-contributor-footer .post-contributor-bio-body-cell {
    flex-grow: 1;
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  .post-contributor-footer .post-contributor-bio-body-table {
    display: block;
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  .post-contributor-footer .post-contributor-bio-body-table-row {
    display: block;
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  .post-contributor-footer .post-contributor-bio-copy-cell,
  .post-contributor-footer .post-contributor-bio-controls-cell {
    display: block;
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  .post-contributor-footer .post-contributor-bio-copy-cell {
    margin: 0 0 16px 0;
  }
  .post-contributor-footer .post-contributor-bio-controls-cell {
    width: auto;
  }
  .post-contributor-footer .post-contributor-bio-controls {
    margin: auto;
  }
  .post-contributor-footer .post-contributor-bio-controls .button.primary {
    width: 100%;
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  .post-contributor-footer .post-contributor-bio-text {
    font-size: 14px;
  }
}


@media screen and (min-width: 768px) {
  .post-silhouette {
    padding: 16px 0;
  }
}


@media screen and (max-width: 650px) {
  .post-silhouette .post-silhouette-title {
    margin-top: 10.44225025px;
    height: 120px;
  }
}


@media screen and (max-width: 650px) {
  .post-silhouette .post-silhouette-meta {
    width: 75%;
  }
}


@media screen and (max-width: 650px) {
  .post-silhouette .post-silhouette-meta.with-byline-image {
    margin: 20px 0;
  }
}


@media screen and (max-width: 650px) {
  .use-theme-bg .post-meta.alternative-meta .post-meta-item,
  .post-meta.alternative-meta .post-meta-item {
    padding-right: 16px;
  }
}


@media screen and (max-width: 370px) {
  .use-theme-bg .post-meta.alternative-meta .post-meta-item,
  .post-meta.alternative-meta .post-meta-item {
    font-size: 14px;
  }
}


@media screen and (max-width: 650px) {
  .use-theme-bg .post-meta.alternative-meta .post-meta-item.guest-author-pu=
blication,
  .post-meta.alternative-meta .post-meta-item.guest-author-publication {
    display: none;
  }
}


@media screen and (max-width: 370px) {
  .post-meta .post-meta-item .post-meta-button {
    height: 36px !important;
  }
  .post-meta .post-meta-item .post-meta-button .meta-button-label {
    display: none;
  }
  .post-meta .post-meta-item .post-meta-button > svg {
    margin-right: 0;
  }
}


@media screen and (max-width: 370px) {
  .post-meta .post-meta-item {
    font-size: 12px;
  }
}


@media screen and (max-width: 650px) {
  .post .floating-subscribe-button {
    bottom: 20px;
    right: 20px;
  }
}


@media all and (-ms-high-contrast: none), (-ms-high-contrast: active) {
  body .markup table.image-wrapper img,
  body .markup table.kindle-wrapper img {
    max-width: 550px;
  }
}


@media screen and (max-width: 650px) {
  body .markup div.youtube-inner div.youtube-screen,
  body .markup div.vimeo-inner div.youtube-screen {
    display: none !important;
  }
}


@media screen and (max-width: 370px) {
  body .markup div.tiktok-wrap {
    width: calc(95vw - 32px);
    height: calc((95vw - 32px - 2px) / 0.485714);
  }
}


@media screen and (max-width: 650px) {
  body .markup div.embedded-publication-wrap .embedded-publication.show-sub=
scribe {
    padding: 24px;
  }
}


@media screen and (max-width: 650px) {
  body .markup div.subscription-widget-wrap .subscription-widget.show-subsc=
ribe,
  body .markup div.captioned-button-wrap .subscription-widget.show-subscrib=
e {
    padding: 24px;
  }
}


@media screen and (max-width: 650px) {
  body .markup div.subscription-widget-wrap .subscription-widget.show-subsc=
ribe .subscription-widget-subscribe .button,
  body .markup div.captioned-button-wrap .subscription-widget.show-subscrib=
e .subscription-widget-subscribe .button {
    padding: 10px 12px;
    min-width: 110px;
  }
}


@media (max-width: 650px) {
  body .markup .tweet {
    padding: 12px;
  }
}


@media (max-width: 650px) {
  body .markup .tweet .tweet-text {
    font-size: 14px;
    line-height: 20px;
  }
}


@media (max-width: 650px) {
  body .markup .tweet .tweet-photos-container.two,
  body .markup .tweet .tweet-photos-container.three,
  body .markup .tweet .tweet-photos-container.four {
    height: 200px;
  }
}


@media (max-width: 650px) {
  body .markup .tweet a.expanded-link .expanded-link-img {
    max-height: 180px;
  }
}


@media (max-width: 650px) {
  body .markup .tweet a.expanded-link .expanded-link-description {
    display: none;
  }
}


@media screen and (max-width: 650px) {
  body .markup .apple-podcast-container {
    width: unset;
  }
}


@media (max-width: 420px) {
  body .markup .install-substack-app-embed img.install-substack-app-embed-i=
mg {
    margin: 0 auto 16px auto;
  }
}


@media screen and (min-width: 420px) and (max-width: 600px) {
  body .markup .install-substack-app-embed .install-substack-app-embed-text=
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    max-width: calc(100% - 100px);
    width: initial;
  }
}


@media (max-width: 420px) {
  body .markup .install-substack-app-embed .install-substack-app-embed-text=
 {
    margin: 0 0 12px 0;
    max-width: 100%;
    width: auto;
    text-align: center;
  }
}


@media (max-width: 600px) {
  body .markup .install-substack-app-embed .install-substack-app-embed-link=
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    margin-top: 16px;
    width: 100%;
  }
}


@media screen and (min-width: 500px) {
  body .header a.logo {
    width: 42px;
    height: 42px;
    border-radius: 12px;
  }
}


@media screen and (max-width: 420px) {
  body .subscription-receipt table:first-of-type .subscription-amount .subs=
cription-discount {
    width: 72px !important;
  }
}


@media screen and (min-width: 481px) {
  body .share-button-container {
    height: auto;
  }
}


@media screen and (max-width: 480px) {
  body .share-button-container .separator {
    display: block !important;
    margin: 0 !important;
    height: 8px !important;
    border-left: none !important;
  }
}


@media screen and (max-width: 650px) {
  .digest .item .post-meta-item.audience {
    display: none;
  }
}


@media screen and (min-width: 500px) {
  .digest-publication .logo img {
    width: 42px;
    height: 42px;
    border-radius: 6px;
  }
}


@media screen and (max-width: 650px) {
  .comments-page .container .comment-list .collapsed-reply {
    margin-left: 17px;
  }
}


@media screen and (max-width: 650px) {
  .comment > .comment-list {
    padding-left: 25px;
  }
}


@media screen and (max-width: 650px) {
  .finish-magic-login-modal .modal-content .container {
    padding: 24px 0;
  }
}


@media (max-width: 650px) {
  .reader2-text-b3 {
    line-height: 24px;
  }
}


@media screen and (max-width: 650px) {
  .reader2-text-h4 {
    line-height: 24px;
  }
}


@media screen and (min-width: 541px) {
  .user-profile-modal {
    padding-left: 12px;
    padding-right: 12px;
  }
}


@media screen and (max-width: 650px) {
  .subscribe-widget form.form .sideBySideWrap button.rightButton {
    padding: 10px 12px;
  }
}


@media screen and (min-width: 541px) {
  .pub-icon:hover .logo-hover,
  .feed-item-icon:hover .logo-hover {
    display: block;
  }
}


@media screen and (max-width: 650px) {
  .post-ufi.single-full-width-button .post-ufi-button-wrapper {
    width: 100%;
    padding: 16px;
  }
  .post-ufi.single-full-width-button .post-ufi-button-wrapper:empty {
    display: none;
  }
  .post-ufi.single-full-width-button .post-ufi-button {
    width: 100%;
    justify-content: center;
  }
}


@media screen and (max-width: 768px) {
  .file-embed-wrapper {
    padding: 0;
  }
}


@media screen and (max-width: 768px) {
  .file-embed-wrapper-editor {
    padding: 0;
  }
}


@media screen and (max-width: 768px) {
  .file-embed-wrapper-editor:active {
    padding: 0;
  }
}


@media only screen and (max-width: 650px) {
  .file-embed-button.wide,
  .file-embed-error-button.wide {
    display: none;
  }
}


@media only screen and (min-width: 630px) {
  .file-embed-button.narrow,
  .file-embed-error-button.narrow {
    display: none;
  }
}


@media screen and (min-width: 541px) {
  .audio-player-wrapper .audio-player {
    min-width: 500px;
  }
}


@media screen and (max-width: 650px) {
  .audio-player-wrapper .audio-player .audio-player-progress {
    border-left-width: 16px;
    border-right-width: 16px;
  }
}


@media screen and (max-width: 650px) {
  .audio-player-wrapper .audio-player .audio-player-progress .audio-player-=
progress-bar .audio-player-progress-bar-popup {
    top: -54px;
  }
}


@media screen and (max-width: 650px) {
  .audio-player-wrapper-fancy .audio-player .audio-player-progress {
    border-left-width: 16px;
    border-right-width: 16px;
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}


@media screen and (max-width: 650px) {
  .audio-player-wrapper-fancy .audio-player .audio-player-progress .audio-p=
layer-progress-bar .audio-player-progress-bar-popup {
    top: -54px;
  }
}


@media (min-width: 250px) {
  .audio-player-wrapper-fancy .audio-player {
    padding: 32px;
  }
  .audio-player-wrapper-fancy .audio-player .btn-group {
    display: flex;
  }
  .audio-player-wrapper-fancy .audio-player .btn-group .button:last-of-type=
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    display: block;
  }
}


@media (min-width: 300px) {
  .audio-player-wrapper-fancy .audio-player .btn-group {
    display: block;
  }
  .audio-player-wrapper-fancy .audio-player .btn-group .button:first-of-typ=
e {
    display: block;
  }
}


@media (min-width: 350px) {
  .audio-player-wrapper-fancy .audio-player .audio-player-substack-logo {
    display: block;
  }
  .audio-player-wrapper-fancy .audio-player .audio-player-title {
    margin-top: 16px;
  }
  .audio-player-wrapper-fancy .audio-player .audio-player-hero-image-contai=
ner {
    padding-top: 15%;
    width: 15%;
    display: block;
  }
  .audio-player-wrapper-fancy .audio-player .btn-group .button:first-of-typ=
e {
    display: block;
  }
  .audio-player-wrapper-fancy .audio-player .audio-player-substack-logo {
    display: block;
  }
}


@media (min-width: 350px) {
  .audio-player-wrapper-fancy .audio-player .audio-player-hero-image-contai=
ner {
    padding-top: 25%;
    width: 25%;
    display: block;
  }
  .audio-player-wrapper-fancy .audio-player .btn-group {
    display: flex;
  }
  .audio-player-wrapper-fancy .audio-player .btn-group .button:first-of-typ=
e {
    display: block;
  }
}


@media (min-width: 400px) {
  .audio-player-wrapper-fancy .audio-player .audio-player-hero-image-contai=
ner {
    padding-top: 40%;
    width: 40%;
  }
}


@media (max-width: 400px) {
  .audio-player-wrapper-fancy .audio-player .btn-group {
    margin-top: 12px;
  }
  .audio-player-wrapper-fancy .audio-player .btn-group .button {
    font-size: 13px;
    padding: 6px 12px;
    height: auto;
    margin-top: 10px;
  }
}


@media (min-width: 600px) {
  .audio-player-wrapper-fancy .audio-player .audio-player-hero-image-contai=
ner {
    padding-top: 55%;
    width: 55%;
  }
}


@media (max-width: 650px) {
  .poll-editor-modal {
    min-width: calc(100% - 20px);
  }
}


@media (max-width: 750px) {
  .poll-embed .poll-anchor-target .poll-anchor-copy-button {
    left: 8px;
    top: 45px;
  }
}


@media screen and (min-width: 541px) {
  .poll-embed .poll-wrapper.poll-web .poll-dialog .modal-table .modal-row .=
modal-content > .container {
    width: 552px;
    padding: 26px 24px;
  }
}


@media screen and (max-width: 650px) {
  .poll-embed .poll-wrapper.poll-web .poll-dialog .modal-table .modal-row .=
modal-content > .container {
    padding: 40px 0;
  }
}


@media screen and (max-width: 650px) {
  .poll-embed .poll-wrapper.poll-web .poll-dialog .modal-row .modal-cell .m=
odal-exit-btn {
    margin-right: -20px;
  }
}
</style></head><body class=3D"email-body" style=3D"font-kerning: auto;"><im=
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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=
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one;font-size:1px;color:#333333;line-height:1px;max-height:0px;max-width:0p=
x;opacity:0;overflow:hidden;" class=3D"preview">Bonhams Ousts Its CEO + Mag=
ritte &amp; Monet Star at Christie's in London + The family feud around a b=
illion-dollar art collection &#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&=
#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#16=
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thing: antialiased; appearance: optimizelegibility; color: rgb(64, 64, 64);=
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mFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji=
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'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 18px; font-weight: normal; =
line-height: 24px; margin: 4px 0 0; margin-top: 12px;">Bonhams Ousts Its CE=
O + Magritte &amp; Monet Star at Christie's in London + The family feud aro=
und a billion-dollar art collection </h3><table role=3D"presentation" width=
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t, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', '=
Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 11px; font-weight: 500; lett=
er-spacing: .2px; line-height: 20px; list-style: none; margin: 0; text-deco=
ration: none; text-transform: uppercase;" href=3D"https://substack.com/@art=
elligence" class=3D"pencraft pc-reset frontend-pencraft-Text-module__color-=
primary--ud4Z0 frontend-pencraft-Text-module__line-height-20--p0dP8 fronten=
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e__reset--dW0zZ frontend-pencraft-Text-module__meta--jzHdd">Marion Maneker<=
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line-height: 20px; list-style: none; margin: 0; text-decoration: unset; tex=
t-transform: uppercase;"><time dateTime=3D"2024-02-09T16:38:01.300Z">Feb 9<=
/time></div></td></tr></table></td></tr></table></td></tr></table><table ro=
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gin: 32px 0; padding: 0;"></div><h2 class=3D"header-with-anchor-widget" sty=
le=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoothing: antiali=
ased; -webkit-appearance: optimizelegibility; -webkit-font-smoothing: antia=
liased; appearance: optimizelegibility; color: rgb(64, 64, 64); font-family=
: 'SF Compact Display', -apple-system, system-ui, BlinkMacSystemFont, 'Sego=
e UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI=
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ght: 1.16em; margin: 1em 0 0.625em 0; position: relative;">In This Issue</h=
2><ol style=3D"margin-top: 0; padding: 0;"><li style=3D"margin: 8px 0 0 32p=
x;"><p style=3D"box-sizing: border-box; color: rgb(64, 64, 64); font-size: =
16px; line-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><=
strong>Lot Watch: </strong><span>Christie&#8217;s $15m Monet for March</spa=
n></p></li><li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: bord=
er-box; color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin:=
 0; margin-bottom: 0; padding-left: 4px;"><strong>Lot Watch:</strong><span>=
 Gilbert Kaplan&#8217;s &#163;30m Magritte to lead Christie&#8217;s Surreal=
ism sale</span></p></li><li style=3D"margin: 8px 0 0 32px;"><p style=3D"box=
-sizing: border-box; color: rgb(64, 64, 64); font-size: 16px; line-height: =
26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><strong>Notes:</stro=
ng><span> The Neumann collection fight; Thelma Golden&#8217;s ray of light;=
 Eileen Agar arbitrage</span></p></li><li style=3D"margin: 8px 0 0 32px;"><=
p style=3D"box-sizing: border-box; color: rgb(64, 64, 64); font-size: 16px;=
 line-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><stron=
g>Bonhams CEO Merry-Go-Round: </strong><span>Bruno Vinciguerra&#8217;s surp=
rise departure</span></p></li></ol><div style=3D"font-size: 16px; line-heig=
ht: 26px;"><hr style=3D"background: #e0e0e0; border: none; height: 1px; mar=
gin: 32px 0; padding: 0;"></div><h2 class=3D"header-with-anchor-widget" sty=
le=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoothing: antiali=
ased; -webkit-appearance: optimizelegibility; -webkit-font-smoothing: antia=
liased; appearance: optimizelegibility; color: rgb(64, 64, 64); font-family=
: 'SF Compact Display', -apple-system, system-ui, BlinkMacSystemFont, 'Sego=
e UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI=
 Emoji', 'Segoe UI Symbol'; font-size: 1.625em; font-weight: bold; line-hei=
ght: 1.16em; margin: 1em 0 0.625em 0; position: relative;">Lot Watch</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(64, 64, 64); font-family: 'SF Compact Display', -apple-sys=
tem, system-ui, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, s=
ans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-s=
ize: 1.125em; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.625em=
 0; position: relative;"><strong>Christie&#8217;s Shifts Monet Series to $1=
5m Seine View for March Sale</strong></h4><div class=3D"captioned-image-con=
tainer-static" style=3D"font-size: 16px; line-height: 26px; margin: 32px au=
to;"><figure style=3D"margin: 0 auto; width: 100%;"><table class=3D"image-w=
rapper" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" dat=
a-component-name=3D"Image2ToDOMStatic" style=3D"mso-padding-alt: 1em 0 1.6e=
m;"><tbody><tr><td style=3D"text-align: center;"></td><td align=3D"left" cl=
ass=3D"content" width=3D"1456" style=3D"text-align: center;"><a class=3D"im=
age-link" target=3D"_blank" href=3D"https://substack.com/redirect/83bf4f5c-=
c522-406d-8932-76a2eb7de827?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5i=
RnigHXx6Fx_g6pp7gWdY" rel style=3D"align-items: center; border: none; displ=
ay: block; flex-direction: column; height: auto; margin: 0; padding: 0; pos=
ition: relative; text-decoration: none; width: auto;"><img data-attrs=3D"{&=
quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/im=
ages/9bc119d2-8ec9-445b-b3ca-d17973840c9e_2000x1760.jpeg&quot;,&quot;srcNoW=
atermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,=
&quot;height&quot;:1281,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null=
,&quot;bytes&quot;:3092683,&quot;alt&quot;:null,&quot;title&quot;:null,&quo=
t;type&quot;:&quot;image/jpeg&quot;,&quot;href&quot;:null,&quot;belowTheFol=
d&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null}"=
 alt width=3D"550" height=3D"483.8942307692308" class=3D"wide-image" src=3D=
"https://substackcdn.com/image/fetch/w_2912,c_limit,f_auto,q_auto:good,fl_p=
rogressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpubli=
c%2Fimages%2F9bc119d2-8ec9-445b-b3ca-d17973840c9e_2000x1760.jpeg" style=3D"=
-ms-interpolation-mode: bicubic; border: none !important; display: block; h=
eight: 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 style=3D"color=
: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"=
>The Monet market has been both very hot but also spotty since the pandemic=
=2E In the first half of 2022, a year&#=
8217;s worth of Monet&#8217;s were sol=
d and then the market mysteriously shut off. Most likely, the problem was o=
ne of supply more than demand. When that happens, the auction houses comb t=
heir records and research to find a work that has been sitting in private h=
ands for a long time and perhaps convince the owners that a sale at this ti=
me would be &#8216;advantageous.&#8217;&#160;</p><p style=3D"color: rgb(64,=
 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">This wee=
k, Christie&#8217;s announced that it will offer one of the 17 works depict=
ing the Seine in the morning light that Monet painted in 1897 from his purp=
ose-built studio boat. Two other versions of that work were sold in 2017 an=
d 2018 for $23.3 million and $20.5 million respectively. With those prices =
in mind, the announced estimate of &#163;12 million seems very attractive t=
o bidders.&#160;</p><p style=3D"color: rgb(64, 64, 64); font-size: 16px; li=
ne-height: 26px; margin: 0 0 20px 0;">This work has not been exhibited sinc=
e 1990 and not been offered at auction for 45 years. Monet's series works h=
ave become increasingly sought after in recent years.</p><div style=3D"font=
-size: 16px; line-height: 26px;"><hr style=3D"background: #e0e0e0; border: =
none; height: 1px; margin: 32px 0; padding: 0;"></div><h2 class=3D"header-w=
ith-anchor-widget" style=3D"-moz-appearance: optimizelegibility; -moz-osx-f=
ont-smoothing: antialiased; -webkit-appearance: optimizelegibility; -webkit=
-font-smoothing: antialiased; appearance: optimizelegibility; color: rgb(64=
, 64, 64); font-family: 'SF Compact Display', -apple-system, system-ui, Bli=
nkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple C=
olor Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.625em; font-=
weight: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; position: relat=
ive;">Lot Watch</h2><div class=3D"captioned-image-container-static" style=
=3D"font-size: 16px; line-height: 26px; margin: 32px auto;"><figure style=
=3D"margin: 0 auto; width: 100%;"><table class=3D"image-wrapper" width=3D"1=
00%" 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-align: center;"><a class=3D"image-link" target=
=3D"_blank" href=3D"https://substack.com/redirect/521e5c3b-62f5-4aea-9818-1=
4d261fdfef0?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7=
gWdY" 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"{&quot;src&quot;:&=
quot;https://substack-post-media.s3.amazonaws.com/public/images/0cce02f6-5a=
f3-4f73-a327-1a3eb7394479_3549x4000.jpeg&quot;,&quot;srcNoWatermark&quot;:n=
ull,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quo=
t;:1641,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quo=
t;:4419974,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&qu=
ot;image/jpeg&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&qu=
ot;topImage&quot;:false,&quot;internalRedirect&quot;:null}" alt width=3D"55=
0" height=3D"619.8832417582418" class=3D"wide-image" src=3D"https://substac=
kcdn.com/image/fetch/w_2912,c_limit,f_auto,q_auto:good,fl_progressive:steep=
/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0cc=
e02f6-5af3-4f73-a327-1a3eb7394479_3549x4000.jpeg" style=3D"-ms-interpolatio=
n-mode: bicubic; border: none !important; display: block; height: auto; mar=
gin: 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><h4 class=3D"header-with-anchor-w=
idget" style=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoothin=
g: antialiased; -webkit-appearance: optimizelegibility; -webkit-font-smooth=
ing: antialiased; appearance: optimizelegibility; color: rgb(64, 64, 64); f=
ont-family: 'SF Compact Display', -apple-system, system-ui, BlinkMacSystemF=
ont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji',=
 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.125em; font-weight: bold=
; line-height: 1.16em; margin: 1em 0 0.625em 0; position: relative;"><stron=
g>&#163;30m Magritte to Lead Christie&#8217;s London Surrealism Sale&#160;<=
/strong></h4><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-heig=
ht: 26px; margin: 0 0 20px 0;"><span>The success of so many R&#233;ne Magri=
tte works at auction in recent years has increased the expectations of sell=
ers to the point where Christie&#8217;s is now offering a 1958 work, </span=
><em>The Intimate Friend</em><span>, from the collection of Lena and Gilber=
t Kaplan, with a &#163;30 million estimate. That estimate, without buyer&#8=
217;s premium, would make the work the third highest Magritte price at auct=
ion. The painting will appear in the March 7th Surrealism sale in London.&#=
160;</span></p><div style=3D"font-size: 16px; line-height: 26px;"><hr style=
=3D"background: #e0e0e0; border: none; height: 1px; margin: 32px 0; padding=
: 0;"></div><h2 class=3D"header-with-anchor-widget" style=3D"-moz-appearanc=
e: optimizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-appear=
ance: optimizelegibility; -webkit-font-smoothing: antialiased; appearance: =
optimizelegibility; color: rgb(64, 64, 64); font-family: 'SF Compact Displa=
y', -apple-system, system-ui, BlinkMacSystemFont, 'Segoe UI', Roboto, Helve=
tica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI S=
ymbol'; font-size: 1.625em; font-weight: bold; line-height: 1.16em; margin:=
 1em 0 0.625em 0; position: relative;">Notes</h2><ol style=3D"margin-top: 0=
; padding: 0;"><li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: =
border-box; color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; mar=
gin: 0; margin-bottom: 0; padding-left: 4px;"><strong><a href=3D"https://su=
bstack.com/redirect/9ad3be63-8dcf-4424-9fda-74e8ee7550fc?j=3DeyJ1IjoiMjdjZX=
I5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: rgb(=
64, 64, 64); text-decoration: underline;">The $1 Billion Art Collection Tha=
t&#8217;s Tearing a Family Apart</a><span>:</span></strong><span> The Neuma=
nn family art collection is far more interesting than the airing of family =
drama that the </span><em>Wall Street Journal</em><span> ran last weekend. =
Herbert Neumann&#8217;s father Morton and he built an extraordinary art col=
lection that the elder Neumann hung in a challenging salon-style manner. Mo=
rton&#8217;s Chicago dining room lined with Mir&#243; paintings is the stuf=
f of legend. Hubert&#8217;s deceased wife, Dolores, was an early Basquiat c=
ollector. She bequeathed Basquiat&#8217;s </span><em>Flesh and Spirit </em>=
<span>to her daughter Belinda who sold it at Sotheby&#8217;s in 2018 settin=
g off series of legal disputes. &#8220;[I]n the eight years since his wife&=
#8217;s will was read,&#8221; Kelly Crow wrote in the Journal, &#8221;his f=
amily has descended into a feud with at least 18 lawsuits exchanged among t=
hem. More than a dozen are still active. Claims and counterclaims have spir=
aled across New York&#8217;s criminal, civil and family courts&#8212;sweepi=
ng in allegations of physical abuse, fraud and undue influence of the elder=
ly. Ensuing trials and testimony from friends and family exposed generation=
al rifts. Belinda sold the Basquiat for less than she wanted. In January, s=
he tried to oust her father as manager of their family&#8217;s estimated $1=
 billion art trust.&#8221;</span></p></li><li style=3D"margin: 8px 0 0 32px=
;"><p style=3D"box-sizing: border-box; color: rgb(64, 64, 64); font-size: 1=
6px; line-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><s=
trong><a href=3D"https://substack.com/redirect/6b468fe7-8f6e-42a9-864a-94f4=
235f141f?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWd=
Y" rel style=3D"color: rgb(64, 64, 64); text-decoration: underline;">The Ar=
t World Before and After Thelma Golden:</a><span> </span></strong><span>The=
lma Golden received a rare second profile in the New Yorker this week, </sp=
an><a href=3D"https://substack.com/redirect/52908942-070b-4414-8704-51ce9fc=
bb9c2?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" =
rel style=3D"color: rgb(64, 64, 64); text-decoration: underline;">22 years =
after the first time she was profiled in the magazine</a><span>. In this on=
e, Calvin Tomkins gives Golden credit for training a generation of curators=
 after shepherding a generation of artists into the heart of the art world =
value system. As major exhibitions open at the Brooklyn Museum showcasing t=
he Dean collection and the Met prepares to launch their show on the Harlem =
Renaissance, Tomkins takes care to point out the dangers of all of this att=
ention occurring during Black History month. Quoting the Whitney&#8217;s Da=
vid Ross, Tomkins writes, &#8220;When someone on the Whitney staff asked wh=
at we were going to do about Black History Month, Thelma said, &#8216;We ar=
e not doing anything about Black History Month,&#8217;&#160;&#8221; he reca=
lled. &#8220;She just put her fist down on candy-ass projects to show we ca=
red about Black history&#8212;either this museum dealt with American art hi=
story honestly or it didn&#8217;t.&#8221;</span></p></li><li style=3D"margi=
n: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; color: rgb(64, 64, 64=
); font-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0; padding=
-left: 4px;"><strong><a href=3D"https://substack.com/redirect/02eceb26-e09e=
-4b95-8a70-495ec81f486b?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnig=
HXx6Fx_g6pp7gWdY" rel style=3D"color: rgb(64, 64, 64); text-decoration: und=
erline;">Eileen Agar: Her Jewel-Like Paintings Stretched Surrealism:</a></s=
trong><span> Roberta Smith really loved Andrew Kreps Gallery&#8217;s show o=
f Eileen Agar&#8217;s work that closes this weekend likening the Argentine-=
born British Surrealist whose life almost neatly spanned the 20th Century t=
o other recently discovered secrets of the history of art by women like Hil=
ma af Klimt. But to market-oriented readers, it was interesting two see Smi=
th single out two of the works in the show &#8220;To a Nightingale&#8221; f=
rom 1979 and &#8220;Chess Head&#8221; from 1970. Both were bought at auctio=
n last year in London for $22,000 and $13,000 respectively. Seems like secr=
et was already out. </span></p></li></ol><div style=3D"font-size: 16px; lin=
e-height: 26px;"><hr style=3D"background: #e0e0e0; border: none; height: 1p=
x; margin: 32px 0; padding: 0;"></div><h2 class=3D"header-with-anchor-widge=
t" style=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoothing: a=
ntialiased; -webkit-appearance: optimizelegibility; -webkit-font-smoothing:=
 antialiased; appearance: optimizelegibility; color: rgb(64, 64, 64); font-=
family: 'SF Compact Display', -apple-system, system-ui, BlinkMacSystemFont,=
 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Se=
goe UI Emoji', 'Segoe UI Symbol'; font-size: 1.625em; font-weight: bold; li=
ne-height: 1.16em; margin: 1em 0 0.625em 0; position: relative;"><strong>Wh=
at&#8217;s Behind Bonhams&#8217;s Leadership Shuffle</strong></h2><div clas=
s=3D"captioned-image-container-static" style=3D"font-size: 16px; line-heigh=
t: 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-align:=
 center;"><a class=3D"image-link" target=3D"_blank" href=3D"https://substac=
k.com/redirect/71ebcd06-152c-4504-9f76-d0d7c2d04dd2?j=3DeyJ1IjoiMjdjZXI5In0=
=2EnCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g=
6pp7gWdY" rel style=3D"align-items: cen=
ter; border: none; display: block; flex-direction: column; height: auto; ma=
rgin: 0; padding: 0; position: relative; text-decoration: none; width: auto=
;"><img data-attrs=3D"{&quot;src&quot;:&quot;https://substack-post-media.s3=
=2Eamazonaws.com/public/images/44a72985=
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t;title&quot;:null,&quot;type&quot;:&quot;image/jpeg&quot;,&quot;href&quot;=
:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;intern=
alRedirect&quot;:null}" alt width=3D"550" height=3D"366.7925824175824" clas=
s=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.s=
3.amazonaws.com%2Fpublic%2Fimages%2F44a72985-0c37-4aa5-b189-c8e711e69984_36=
00x2400.jpeg" style=3D"-ms-interpolation-mode: bicubic; border: none !impor=
tant; display: block; height: auto; margin: 0 auto; margin-bottom: 0; max-w=
idth: 100% !important; vertical-align: middle; width: auto !important;"></a=
></td><td style=3D"text-align: center;"></td></tr></tbody></table></figure>=
</div><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26p=
x; margin: 0 0 20px 0;">When Bruno Vinciguerra appeared at the Rybolovlev t=
rial in January as a witness for Sotheby&#8217;s, where he was formerly the=
 Chief Operating Officer for almost a decade, he was asked to describe Bonh=
ams, the auction house where he was currently Chief Executive Officer. Rath=
er matter-of-factly, Vinciguerra said Bonhams was the number three auction =
house behind Sotheby&#8217;s and Christie&#8217;s. To a courtroom filled wi=
th knowledgeable observers of the art market, the claim seemed, well, aspir=
ational at best and delusional at worst.&#160;</p><p style=3D"color: rgb(64=
, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">Heritag=
e Auctions, the collectibles and fine art powerhouse in Dallas, which is a =
clear third in Western auction house rankings, did total sales of $1.76 bil=
lion in 2024 to Bonhams record sales of $1.14 billion in the same year. Tha=
t total for Bonhams was greatly enhanced by the 2022 acquisitions of four r=
egional auction houses in Boston, Paris, Stockholm and Copenhagen with comb=
ined 2021 sales of $300 million. Without those sales, Bonhams itself would =
trail the third house in the Modern and Contemporary art market, Phillips.&=
#160;</p><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: =
26px; margin: 0 0 20px 0;"><strong>Vinciguerra Defenestrated</strong></p><p=
 style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margi=
n: 0 0 20px 0;">On Thursday, Bonhams employees woke up to the news that Vin=
ciguerra was no longer the company&#8217;s CEO having been replaced by the =
private-equity-backed firm&#8217;s Executive Chairman, Hans-Kristian Hoejsg=
aard. The move came after Vinciguerra traveled to London for a board meetin=
g last week and never returned to the office. At the same time, Bonhams has=
 also replaced its CFO Jonathan Fairhurst, though Fairhurst, according to B=
onhams, will be &#8220;remaining with the company for the time being.&#8221=
; </p><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26p=
x; margin: 0 0 20px 0;">This isn&#8217;t the first time Epiris, the private=
 equity firm that bought Bonhams in 2018, has replaced the CEO with the Exe=
cutive Chairman. Though Bonhams says Hoejsgaard is only as interim CEO and =
that Bonhams is &#8220;conducting a recruitment search for a CEO.&#8221; Vi=
nciguerra was first installed in the Executive Chairman&#8217;s role before=
 ousting the previous CEO Matthew Girling, a jewelry expert who had built B=
onhams into a profitable niche house with valuable London real estate and a=
 strong foothold in the classic car market which was then booming.&#160;</p=
><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; ma=
rgin: 0 0 20px 0;">There are a number of reasons why Vinciguerra could have=
 been unexpectedly ousted. Bonhams and its Cornette Saint Cyr subsidiary in=
 Paris have a strong market position in selling the memorabilia and occasio=
nal art holdings of dead stars like James Bond&#8217;s Roger Moore or Frenc=
h film legend Alain Delon. Last year, Bonhams  New York sold the estate of =
Barbara Walters which contained some significant American paintings that we=
re guaranteed but did not sell well. The shortfall was significant enough t=
o put some careers at risk which may explain Fairhurst&#8217;s awkward new =
position or Vinciguerra&#8217;s departure. </p><p style=3D"color: rgb(64, 6=
4, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">Whether th=
at&#8217;s true or not, Vinciguerra&#8217;s tenure has not yielded the one =
thing a private equity owner wants more than anything, a profitable exit. S=
ix years is a long holding period for a PE firm. A year ago, Bloomberg repo=
rted that Epiris had hired JPMorgan Chase &amp; Co to shop the firm for a $=
1 billion which would be a miraculous price considering auction sales are n=
ot auction house revenue. A year later, with no buyer in sight, Epiris has =
smartly decided to regroup.&#160;</p><p style=3D"color: rgb(64, 64, 64); fo=
nt-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><strong>Roll Up Remo=
rse</strong></p><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-h=
eight: 26px; margin: 0 0 20px 0;">Hoejsgaard is an experienced luxury CEO, =
he had roles leading Georg Jensen and Davidoff. He has spent the latest pha=
se of his career as a professional director and board member after stints i=
ncluding a role as interim CEO of MCH, the Swiss parent company of Art Base=
l that was in freefall several years ago as the global watch business restr=
uctured away from its signature events at MCH&#8217;s Basel fair hall.&#160=
;(Hoejsgaard&#8217;s replacement didn&#8217;t survive long, a victim of the=
 pandemic and James Murdoch&#8217;s interest in expanding Art Basel as a br=
and.)</p><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: =
26px; margin: 0 0 20px 0;">After four years with Vinciguerra in charge, Bon=
hams suddenly shifted to a roll-up strategy. Bonhams announcement conspicuo=
usly gives Hoejsgaard credit for &#8220;spearheading&#8221; the 2022 acquis=
itions of Skinner in Boston, Cornette Saint Cyr in Paris, Bruun Rasmassen i=
n Copenhagen and Bukowski&#8217;s in Stockholm. &#8220;The houses were acqu=
ired to consolidate the position of Bonhams in the core market and to incre=
ase our global client base&#8221; the company said. &#8220;The houses are g=
reat brands in their own region &#8211; and as a result of being acquired b=
y Bonhams, they have a global platform on which to offer items.&#8221; </p>=
<p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; mar=
gin: 0 0 20px 0;">Last month, Philadelphia&#8217;s Freeman&#8217;s announce=
d that it had merged with Chicago&#8217;s Hindman. That news left some doin=
g a double-take. Both houses would have been likely targets for a Bonhams r=
oll-up. Whether the company lacked the war chest and a integration strategy=
 to scale that much so quickly or the two regional firms fell into each oth=
er&#8217;s arms in response, the combination seems unlikely without Bonhams=
 acquisitions leading the way.</p><p style=3D"color: rgb(64, 64, 64); font-=
size: 16px; line-height: 26px; margin: 0 0 20px 0;">One complaint about Vin=
ciguerra seems to be that he did not do enough to modernize Bonhams. With o=
nly a year of integration under their belts, there would seem to be plenty =
left to do with the four acquired companies. &#8220;The integration of the =
acquisitions is progressing very well,&#8221; Bonhams says. &#8220;Bonhams =
Cornette de Saint Cyr and Bonhams Skinner already share an integrated back =
office system with Bonhams, and hold some of the sales that traditionally t=
ook place at Bonhams New York and at Bonhams New Bond Street.&#8221;</p><p =
style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin=
: 0 0 20px 0;"><strong>Luxury v Cultural Property</strong></p><p style=3D"c=
olor: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px=
 0;">That raises one of the biggest questions around yesterday&#8217;s news=
: assuming the 2022 acquisitions were meant to bulk up Bonhams for a sale b=
ased upon irrational exuberance surrounding the brimful art market of 2022 =
(and it would be fascinating to see the the banker&#8217;s target list for =
buyers,) what&#8217;s the plan in the cautious and jittery market of 2024?<=
/p><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; =
margin: 0 0 20px 0;">Vinciguerra spent his first four years at Bonhams purs=
uing some sort of a strategy around positioning Bonhams as a third auction =
house. Unfortunately, with no real strength in Contemporary art or any of t=
he runaway collectibles categories, Bonhams was blocked on one side by Phil=
lips and on the other side by Heritage. </p><p style=3D"color: rgb(64, 64, =
64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">Meanwhile, So=
theby&#8217;s and Christie&#8217;s spent the same six-year period overhauli=
ng their middle market sales from fading categories that once drove the auc=
tion market&#8212;furniture, antiques, Asian works of art&#8212;into luxury=
 secondary markets for watches, wine, handbags and jewelry. (Somewhere Matt=
hew Girling is ruefully shaking his head in disbelief.) One of Guillaume Ce=
rutti&#8217;s first acts after he took over Christie&#8217;s was to close i=
ts South Kensington division that specialized in the old antiques categorie=
s. The rationalization was a recognition of the changing tastes of the top =
auction houses&#8217; customer base. Luxury purchases are now the entry poi=
nt for new clients.&#160;</p><p style=3D"color: rgb(64, 64, 64); font-size:=
 16px; line-height: 26px; margin: 0 0 20px 0;">Even as Sotheby&#8217;s and =
Christie&#8217;s moved more directly into luxury&#8212;restricting the numb=
er of lots they sold to increase sell-through rates and bolster the confide=
nce of their buyers in the long-term value of those luxury purchases&#8212;=
the lots they abandoned continue to sell at places like Skinner, Bruun Rasm=
ussen and Bukowski&#8217;s, not to mention Freeman&#8217;s and Hindman, too=
=2E&#160;</p><p style=3D"color: rgb(64,=20=
64, 64); font-size: 16px; line-height=
: 26px; margin: 0 0 20px 0;">The fine art business may be range bound, as C=
lare McAndrew&#8217;s annual data suggests, but there does seem to be a gro=
wing appetite for all types of cultural property. The broad network of regi=
onal auctioneers seems to be thriving even if the work remains difficult.&#=
160;</p><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 2=
6px; margin: 0 0 20px 0;">The best way to illustrate the problem is this: C=
hristie&#8217;s and Sotheby&#8217;s handled about 107,000 lots last year in=
 a 60/40 split reflecting Sotheby&#8217;s larger luxury business. Bonhams h=
andled nearly 216,000 lots in the same period. That&#8217;s nearly double t=
he volume of lots at the duopoly with far fewer staff at Bonhams.&#160;</p>=
<p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; mar=
gin: 0 0 20px 0;">One can only imagine the lot count when you go deeper int=
o the regional auction houses in Europe, the US and Asia. The vast mountain=
 of cultural property continues to grow. And even though it would sometimes=
 seem that there is a wholesale shift in taste away from traditional antiqu=
es to stuff that is more contemporary and relevant to today&#8217;s aging a=
nd therefore wealthier buyers, much of that other cultural property seems t=
o still find buyers. Blame the internet.&#160;</p><p style=3D"color: rgb(64=
, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><strong=
>It All Comes Back to Strategy</strong></p><p style=3D"color: rgb(64, 64, 6=
4); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">The problem wi=
th Vinciguerra&#8217;s strategy, or more likely the board members and owner=
s who hired Sotheby&#8217;s former COO thinking that would somehow lead to =
their firm becoming a meaningful alternative to the global auction house, i=
s that the opportunity doesn&#8217;t lie in competing for the customer base=
 that Christie&#8217;s, Sotheby&#8217;s and Phillips already cover exhausti=
vely. Sotheby&#8217;s announcement last week of a new fee structure was an =
admission that the competition for those customers was coming to an end. It=
 just wasn&#8217;t sustainable. If Sotheby&#8217;s can&#8217;t survive play=
ing that game, how was Bonhams going to thrive?</p><p style=3D"color: rgb(6=
4, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">What H=
oejsgaard needs to do to unlock value for Epiris, is hire a CEO who can dig=
 deep into Bonhams to build the software systems that will make it easier t=
o process and track those 216,000 lots. Selling that much material generate=
s a lot of data. It&#8217;s doubtful Bonhams is gathering either that data =
well currently. It&#8217;s also a good guess that it is not doing the kind =
of sophisticated analysis of both customer and object data that would be it=
s competitive advantage.&#160;</p><p style=3D"color: rgb(64, 64, 64); font-=
size: 16px; line-height: 26px; margin: 0 0 20px 0;">The current strategy ar=
ound Bonhams five different firms is that they will gain an advantage from =
cross-marketing. &#8220;Epiris is committed to investing in the existing Bo=
nhams strategy,&#8221; Bonhams says, &#8220;which includes accelerating the=
 digital shift, the integration of the acquisitions and in pursuing a strat=
egy to leverage Bonhams&#8217; global footprint.&#8221; Somehow buyers in D=
enmark will enhance sales in Boston. That seems far-fetched if your goal is=
 to produce the kind of increase in value that would justify a $1 billion p=
rice tag. </p><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-hei=
ght: 26px; margin: 0 0 20px 0;">There&#8217;s an irony (or a tragedy) here =
that Vinciguerra, a former Bain consultant, was hired at Sotheby&#8217;s to=
 modernize that company. And vice versa, he had little to do with the clien=
t side of the business at Sotheby&#8217;s yet seems to have been hired at B=
onhams to bring that aspect of the business up to par.  </p><p style=3D"col=
or: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0=
;">By all accounts, he did little to build a dynamic new infrastructure Bon=
hams. Had he done so much more on that front, the acquisition strategy woul=
d have yielded better results. This is real consultant work. How do you des=
ign a process&#8212;and then automate it through software&#8212;that reduce=
s the cost and friction of ingesting these 216,000 lots (and eventually man=
y more,) produces meta data and catalogues the objects so they can appear i=
n internal systems that also interface seamlessly with different internet a=
uction sites? On the other side, how do you design a system for payment and=
 customer verification that also includes data on marketing prospects? Then=
 you have to transfer all of your current data to the new system and make i=
t work flawlessly. Finally, on top of all of that, how do you develop data =
insights across buyers and objects that will enable the platform to yield g=
reater value for your consignors? </p><p style=3D"color: rgb(64, 64, 64); f=
ont-size: 16px; line-height: 26px; margin: 0 0 20px 0;">If you can do all o=
f that, then you can continue to acquire auction houses like Hindman and Fr=
eeman&#8217;s to feed your monster data machine which would give you a defi=
ning market position and a real opportunity to thrive in ways that Sotheby&=
#8217;s and Christie&#8217;s cannot do and do not want to do.</p><p style=
=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0=
 20px 0; margin-bottom: 0;">The opportunity seems to be there. It just requ=
ires someone bold enough to take on the challenge.&#160;</p></div></div><di=
v class=3D"container-border" style=3D"border-top: 1px solid #e0e0e0; box-si=
zing: border-box; font-size: 16px; line-height: 26px; margin: 32px 0 0; wid=
th: 100%;"></div><div class=3D"post-cta typography markup" style=3D"font-fa=
mily: 'SF Pro Display', -apple-system, system-ui, BlinkMacSystemFont, 'Inte=
r', 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', =
'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 16px; font-weight: 400; lin=
e-height: 26px; margin: 32px 0; margin-bottom: 32px; text-align: initial; w=
ord-break: break-word;"><p style=3D"color: rgb(64, 64, 64); font-size: 16px=
; line-height: 26px; margin: auto; margin-top: 0; max-width: 384px; text-al=
ign: center; width: 90%;" class=3D"referrals-cta-text"></p><h4 style=3D"-mo=
z-appearance: optimizelegibility; -moz-osx-font-smoothing: antialiased; -we=
bkit-appearance: optimizelegibility; -webkit-font-smoothing: antialiased; a=
ppearance: optimizelegibility; color: rgb(64, 64, 64); font-family: 'SF Com=
pact Display', -apple-system, system-ui, BlinkMacSystemFont, 'Segoe UI', Ro=
boto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', =
'Segoe UI Symbol'; font-size: 1.125em; font-weight: bold; line-height: 1.16=
em; margin: 1em 0 0.625em 0; text-align: center;">Invite your friends and e=
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