HEX

File: D:/hMailServer/Data/showfile.com/admin/CA/{CA359F62-FB93-44DC-A067-BBCF22421574}.eml
Mime-Version: 1.0
Content-Type: multipart/alternative;
 boundary="7820d8b391c6ebcdcabb0eea3fd792d4031220ae423a3cc14c4e9429d7df"
Subject: What We Learned this Week (2325)
From: Artelligence <artelligence@substack.com>
To: enzo@showfile.com
Message-Id: <20230623133018.3.1ce994224693eae6@mg-d0.substack.com>
Date: Fri, 23 Jun 2023 13:30:18 +0000
sender: Artelligence <artelligence@substack.com>
References: <post-130334235@substack.com>
In-Reply-To: <post-130334235@substack.com>
Reply-To: Artelligence
 <reply+25lijf&27cer9&&e6069569c7148df65accb3ada88c89209cd216674555604fbe0e87f2d243dd71@mg1.substack.com>

--7820d8b391c6ebcdcabb0eea3fd792d4031220ae423a3cc14c4e9429d7df
Content-Type: text/plain; charset="utf-8"
Content-Transfer-Encoding: quoted-printable

View this post on the web at https://artelligence.substack.com/p/what-we-le=
arned-this-week-2325

Welcome to Artelligence
The Artelligence newsletter combines auction data from LiveArt and commenta=
ry formerly on Art Market Monitor. The newsletter comes out every Friday wi=
th What We Learned this Week. Depending on the art market calendar or news =
cycle, you will receive other emails from this account on an irregular basi=
s.
We are eager to hear from you. If you have questions, tips or suggestions f=
or coverage, contact us here [ mailto:maneker@artmarketmonitor.com ]. Feel =
free to forward the email to anyone you think would like to subscribe.
Please check your spam folder! Some new subscribers may not have received t=
he newsletter in their inbox immediately.
In This Issue
Lot Watch: Rediscovered Rubens at Sotheby=E2=80=99s in July; Colescott mast=
erpiece at Bonhams in September
Notes:Washington DC=E2=80=99s National Gallery pays $2.8m for lost Anne Val=
layer-Coster painting; Doig at Mus=C3=A9e d=E2=80=99Orsay; Pierre Chen solv=
es a Hockney mystery; Van Ham=E2=80=99s sales increase; Brett Gorvy on the =
sales trigger
Tip Sheet: Hokusai=E2=80=99s Great Wave moves up to Evening sale status, Wi=
ll Stars Align for Sarah Lucas?
Art Advisors: What=E2=80=99s the Biggest Problem with Art Advisors?
Lot Watch
A Lost Rubens Resurfaces at Sotheby=E2=80=99s Next Month
A depiction of Saint Sebastian once believed to be a copy of a work by Rube=
ns held in the Corsini Collection in Florence but recently accepted as not =
only an original work by Rubens but the first example of the image later em=
bellished for the Corsini version will be sold at Sotheby=E2=80=99s on July=
 5th in London. The estimate is =C2=A34 million. Although the Corsini work =
has two additional angels, x-rays reveal that the version being offered, no=
w believed to have been documented in the Genoese Spinola family from the 1=
730s, contains underpainting that suggests Rubens was still working out the=
 final design. When shown side by side in 2021 in Stuttgart, Sotheby=E2=80=
=99s catalogue note quotes Genoese art expert Anna Orlando as recognizing t=
he consensus that the version being offered was the better example.=20
Colescott Family Gets Single-Lot Sale at Bonhams During Armory Week in New =
York
Following its very successful $4.5 million sale in February of Robert Coles=
cott=E2=80=99s Miss Liberty from 1980 to the Art Bridges Foundation, Bonham=
s is holding a single-lot sale on September 8th of the artist=E2=80=99s 191=
9 also from 1980 that was prominently featured in the recent retrospective =
organized by the Contemporary Arts Center Cincinnati that began touring in =
2019 before winding up at the New Museum in New York in 2022. The painting =
depicts the artist=E2=80=99s parents who migrated from the South to Califor=
nia in the years after World War I. Estimated at $3 million, the painting h=
as been held in the artist=E2=80=99s family until now. The only Colescott w=
ork to sell for more than Miss Liberty earlier this year was Colescott=E2=
=80=99s George Washington Carver Crossing the Delaware that made $15 millio=
n in May of 2021.
Notes
Notes
The Vallayer-Coster acquired by the National Gallery of Art in Washington: =
[ https://substack.com/redirect/ffd3d4a0-7b32-4606-b205-17529882c17e?j=3Dey=
J1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ] Didier Rykn=
er reports in the Tribune de l=E2=80=99Art that the record-setting still li=
fe painted by Anne Vallayer-Coster, a contemporary of Elizabeth Vig=C3=A9e-=
LeBrun and fellow member of the Academy (as well as a one-time painter to t=
he Queen), was acquired by DC=E2=80=99s National Gallery for $2.8 million. =
The sale at Christie=E2=80=99s in Paris had caused some surprise considerin=
g the mid-six-figure estimate but the work was said to have been in excepti=
onal condition (having been owned by the artist until her death in the earl=
y 19th century and then passing through two families in France until today.=
)
 As Rykner points out, it should be no surprise that an institution or the =
National Gallery was the buyer. High quality works by women artists are in =
high demand by museums (the acerb Rykner makes little attempt to conceal hi=
s annoyance with the fixation on gender) and the National Gallery has no ex=
ample by Vallayer-Coster whom Rykner esteems among the first rank of painte=
rs. Since the Louvre already possesses the work Rykner deems her finest eff=
ort [ https://substack.com/redirect/c4eabe03-af47-4cb2-bde4-575c631759e3?j=
=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ], the s=
ale ot Washington is seen as a net positive following the Kimbell Art Museu=
m in Fort Worth, Texas=E2=80=99s acquisition of a Vallayer-Coster from Wild=
enstein four years ago and the purchase of a portrait by Vallayer-Coster by=
 Stockholm=E2=80=99s museum in 2015.=C2=A0=C2=A0
Peter Doig=E2=80=99s affinity with Paris=E2=80=99s Mus=C3=A9e d=E2=80=99Ors=
ay: The Mus=C3=A9e d=E2=80=99Orsay announced yesterday that Peter Doig woul=
d open a two-part exhibition at the museum on October 17th. This follows Do=
ig=E2=80=99s show at the Courtauld in London this Winter and Spring. The Lo=
ndon show features 11 works by Doig made over the last 20 years that the ar=
tist feels have an affinity with the museum in a converted train station. T=
he second part of the show will be a selection of works from the museum cur=
ated by Doig. The two shows will be in separate rooms, =E2=80=9Ccreating a =
conversation around modern and post-modern expressions in painting and wide=
r shifts in the history of painting over the past 160 years.=E2=80=9D It=E2=
=80=99s interesting to see the outlines of the strategy from Doig=E2=80=99s=
 new management.
Who bought David Hockney=E2=80=99s $90m Double Portrait? Pierre Chen: There=
 was a lot of talk in the art market speculating on the buyer. The last min=
ute decision to remove any reserve for the lot caused some suspicion after =
the work ended up selling for its $90m asking price. Some even suggested th=
e consignor had bought the work back to achieve the desired price.
 A month ago, the instagram account for Pierre Chen=E2=80=99s Yageo foundat=
ion posted images of the work [ https://substack.com/redirect/7150613b-54d5=
-4cfe-a2f9-589e5698fe3e?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnig=
HXx6Fx_g6pp7gWdY ] four-and-a-half years after the sale. Last week, the rea=
son was revealed when the Tate Modern=E2=80=99s =E2=80=9CCapturing the Mome=
nt=E2=80=9D [ https://substack.com/redirect/603a5aaf-03b0-4c67-9f01-ab4d445=
0d9a6?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]=
 show opened with works from the Yageo foundation illustrating the relation=
ship between photography and painting.
Van Ham is now Germany=E2=80=99s second biggest auction house: Boosted by s=
ales of =E2=82=AC28.2 million in Modern and Contemporary art, Van Ham poste=
d =E2=82=AC33.7 million in sales for the first half of the year, that=E2=80=
=99s almost 50% up from the previous year. A =E2=82=AC3.4 million Picasso h=
elped goose the sales along with a Otto Mueller painting that also made sev=
en figures. Another 25 works made six figures. How much of this rise is a p=
roduct of Brexit and the contracting London market would be difficult to kn=
ow with any certainty.=C2=A0
How Tech & AI Are Disrupting the Multi-Billion Dollar Art Market [ https://=
substack.com/redirect/8471e5cd-5ab5-473e-b085-11d3c804d55d?j=3DeyJ1IjoiMjdj=
ZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]: The title of this Mo=
ney Maze Podcast interview with Brett Gorvy doesn=E2=80=99t make much sense=
 AI doesn=E2=80=99t seem to be discussed and the tech referred to is the in=
creased appetite for following auctions on the web (something that has been=
 happening for 15 years or more.) Starting at 25 minutes, Gorvy speaks a bi=
t about his view that the market changed in 2020 when the auction houses bu=
ilt much larger audiences for their auctions online. Perhaps more interesti=
ng is Gorvy=E2=80=99s surprisingly frank discussion of the challenge privat=
e dealers face trying to replicate the sudden-death decision-making that an=
 auction provokes. Somewhat saying the quiet part out loud starting at 31:0=
0, Gorvy admits the ideal auction scenario is two wealthy but relatively in=
experienced buyers competing for=E2=80=94and being validated by the competi=
tive bidding=E2=80=94a single work. He goes further by outlining ways a dea=
ler might replicate that dynamic at an art fair.=C2=A0
Tip Sheet
Sarah Lucas=E2=80=99s Stars Align
In May, Sarah Lucas=E2=80=99s Bunny Gets Snookered #8 from 1997 had 14 bidd=
ers at Phillips New York sale. One of the original 8 works in Lucas=E2=80=
=99s show at Sadie Coles, the piece as important and valuable. It sold for =
$736,600 over a $100,000 estimate. Next week in London, Phillips has a foll=
ow up, Someone Dropped a Bomb on Me [ https://substack.com/redirect/2939b15=
1-2860-4062-aef2-2c6299e95b2f?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe=
5iRnigHXx6Fx_g6pp7gWdY ] from 2020 estimated at =C2=A3150,000  [ https://su=
bstack.com/redirect/2939b151-2860-4062-aef2-2c6299e95b2f?j=3DeyJ1IjoiMjdjZX=
I5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]even though the work com=
es from a series revisiting earlier themes. There are multiple reasons for =
the demand, according to Phillips=E2=80=99s Olivia Thornton. Lucas is a maj=
or feminist artist who curated a much-talked-about show, Big Women, that ju=
st closed in Colchester; she received an important prize/commission this ye=
ar from the New Museum where she had a big survey show in 2018; and she=E2=
=80=99s the slipstream of a rise in prices and revaluation of the paintings=
 of her contemporary Tracey Emin. But the most obvious demand driver is the=
 survey show of her work that will open in late September at the Tate Brita=
in in London [ https://substack.com/redirect/f09a62de-ba62-4d36-a451-b1a805=
f32c3b?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY =
]. Sotheby=E2=80=99s is not getting left out of the excitement. They have T=
it-Cat Down [ https://substack.com/redirect/797ace6c-8dc0-4ca9-8283-4bceb03=
325ac?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]=
 from 2015 in The Now evening auction estimated at =C2=A365,000  [ https://=
substack.com/redirect/797ace6c-8dc0-4ca9-8283-4bceb03325ac?j=3DeyJ1IjoiMjdj=
ZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]and Lupe [ https://sub=
stack.com/redirect/e90e21ea-a8c5-4864-8480-86b195ea74cc?j=3DeyJ1IjoiMjdjZXI=
5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ] from 2014 estimated at =
=C2=A3150,000 in the day sale [ https://substack.com/redirect/e90e21ea-a8c5=
-4864-8480-86b195ea74cc?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnig=
HXx6Fx_g6pp7gWdY ]. Both of these works are from editions of six with two a=
rtist=E2=80=99s proofs. Top prices for works like the ones at Sotheby=E2=80=
=99s have been around $400,000 but that was eight years ago. Thornton belie=
ves the time is right for re-pricing of Lucas=E2=80=99s work. She=E2=80=99s=
 had long representation from galleries that place her work well and the te=
lescoping effect of time is raising her back to prominence. The only caveat=
 is that the record price for Lucas=E2=80=99s work was set in 2014 when Ace=
 in the Hole [ https://substack.com/redirect/1566b71c-6837-4489-896f-66d497=
29a329?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY =
] from 1998 made $905,000 at auction [ https://substack.com/redirect/1566b7=
1c-6837-4489-896f-66d49729a329?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrM=
e5iRnigHXx6Fx_g6pp7gWdY ]. Similar in form and materials to the Bunny work =
and Phillips=E2=80=99s offering,  it was on the block in the Frieze sales t=
hree years later and passed. That ill-fated consignment seemed to be timed =
to exploit interest around Lucas=E2=80=99s 2018 New Museum show. With the T=
ate show looming in fewer than three months, consignors are hoping Lucas=E2=
=80=99s momentum holds.=20
Sotheby=E2=80=99s Promotes Hokusai Print to Evening Sale
Katsushinka Hokusai=E2=80=99s Under the Wave off Kanagawa, internationally =
famous woodblock print from 19th Century Japan that influenced generations =
of European Modern artists and popular culture, will be offered in Sotheby=
=E2=80=99s London Modern and Contemporary Evening sale next week [ https://=
substack.com/redirect/dbc0d9b0-64f1-447f-8f38-c6eda627d226?j=3DeyJ1IjoiMjdj=
ZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]. The estimate is =C2=
=A3400,000 which is in line with previous sales. One of the artist=E2=80=99=
s famous 36 Views of Mt. Fuji, the Great Wave may have seen as many as 8,00=
0 prints made. Today, Sotheby=E2=80=99s estimates only 130 are known to hav=
e survived. On occasion, some of the prints have sold for seven figures. In=
 2021, one in a Japanese and Korean art sale was estimated at $250,000  but=
 sold for $1.5 million. Just this February, another Japanese and Korean art=
 sale saw an example offered with a $500,000 estimate. The print had ben in=
 the same family for more than a century. It sold for $2.76 million [ https=
://substack.com/redirect/9af05c25-2893-4c2a-a2fe-768863d41529?j=3DeyJ1IjoiM=
jdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]. As with all print=
s, condition and the quality of the print are a major factor in value. Late=
r examples of the print can lack the sharpness of earlier prints and some (=
not the one at Sotheby=E2=80=99s) have a pink layer at the top that creates=
 the image of a cloud. A week ago, an Asian art sale in Paris saw one sell =
for =E2=82=AC882,000  [ https://substack.com/redirect/7a42c463-3de0-4cf9-a3=
69-3d7687d5fc8b?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g=
6pp7gWdY ]($966,000.) That=E2=80=99s not bad for a work that=E2=80=99s not =
much bigger than a sheet of notebook paper. But the big question Sotheby=E2=
=80=99s is posing is whether the work can break out of the Asian art catego=
ry and become an Evening sale stalwart.=20
What Is the Biggest Challenge to the Art Advisory Industry? Fraud or Scalin=
g?
In the wake of the accusations that Lisa Schiff was using client funds for =
personal expenses, the big question for the art industry is whether that wi=
ll cause art collectors to view advisors with suspicion or even a threat. T=
hat seems to be the thinking behind this FT =E2=80=9Cguide to finding an ar=
t adviser=E2=80=9D [ https://substack.com/redirect/eeac177e-b6cf-4b21-934b-=
e9a73381d5ed?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp=
7gWdY ] which offers to help collectors avoid the shady ones. The story rai=
ses an interesting question about just what the role of an art advisor is a=
nd how important advisors are to a growing art market.=20
Let=E2=80=99s start with the FT, though. The newspaper seems to think inexp=
erienced art advisors with few credentials or clients are the problem. One =
of the final comments in the piece comes from gallerist Toby Clarke who sug=
gests wary would-be collectors do a reputation check of any advisor they en=
gage. He warns, =E2=80=9Cquite a few so-called advisers don=E2=80=99t last =
very long =E2=80=94 they go off the rails.=E2=80=9D
The gallerist=E2=80=99s advice isn=E2=80=99t actually correct, though. The =
art advisors who have gotten themselves and their clients into serious trou=
ble=E2=80=94Schiff, Angela Gulbenkian, Helge Achenbach, all named in the FT=
 piece, as well as, Yves Bouvier who is mysteriously left out of the piece=
=E2=80=94were all long-lasting figures in the art trade. In many cases, the=
 clients they bilked were long-standing ones who were too trusting and lax =
in their dealings.=C2=A0 The damage an unscrupulous art advisor can do seem=
s to be directly proportional to the amount of time=E2=80=94and trust=E2=80=
=94they can build with a client.=C2=A0
The other problem with the FT story is its conception of what art advisors =
do, who hires them and why. The FT tells you not to hire someone attractive=
 and chatty you happen to meet at a cocktail party. (Do they really think t=
hat=E2=80=99s how advisors who do the bulk of transactions acquire clients?=
) The FT spoke to other dealers and advisors who say: don=E2=80=99t just hi=
re someone to analyze prices; don=E2=80=99t hire someone who will make your=
 collection look like another collectors=E2=80=99; don=E2=80=99t hire advis=
ors who are really just flippers (well, that=E2=80=99s more of a dealer=E2=
=80=99s complaint than a client=E2=80=99s=E2=80=94but the funny thing is th=
at the dealer who raises the complaint uses Jordy Kerwick=E2=80=94an artist=
 with a freewheeling market and no dealer controlling it=E2=80=94as an exam=
ple of an artist who was flipped unconscionably.)
The problem here is that the advice won=E2=80=99t really protect anyone fro=
m losing millions to an unscrupulous advisor. Those who have gotten themsel=
ves in trouble committed fraud. Bouvier seems to have engaged in questionab=
le behavior but nothing that his angry client=E2=80=99s lawyers have been a=
ble to prove in a courtroom yet. Most of these frauds would have been avoid=
ed by tightening up the art collector=E2=80=99s own sloppy business practic=
es.  =20
Beyond how to recognize the red flags of fraud, the bigger issue is figurin=
g out who qualifies as an art advisor and what role they play in the art ma=
rket. After all, that varies widely from client to client, advisor to advis=
or.=C2=A0
Art collecting is really more of a scavenger hunt than it is a retail busin=
ess. Some art advisors act like curators or tastemakers for their clients; =
others act more like real estate agents executing transactions (a few seem =
to dabble in both art and real estate in a way that makes you wonder why it=
 doesn=E2=80=99t happen more.) Some art advisors are employed for relativel=
y brief collecting windows that last a few months to several years; others =
have what seem like lifetime engagements. Some art dealers have a gallery f=
or the purpose of their reputation but are really just advisors (that=E2=80=
=99s where they make their money); some advisors are really just dealers, h=
olding stock in any manner of private arrangements. Some collectors act as =
advisors too.=20
Advisors to well-known high-volume collectors might act as gatekeepers to t=
heir clients=E2=80=99 time and attention, while some of those new to collec=
ting will hire an advisor simply for their access to galleries and artists.=
=C2=A0=C2=A0
Seeing how advisors run through the market like a red thread, it=E2=80=99s =
a bit of mystery that advisory firms haven=E2=80=99t grown in size. Art adv=
isors today are something like agents were in Hollywood in the 1970s or ear=
ly 80s. It seems like a business ripe for growth. Where is the ICM or CAA o=
f art advisors? Sotheby=E2=80=99s gave it a shot with Art Agency, Partners =
and Gagosian just hired a few up-and-comers for their advisory arm. Some lo=
ng-lived partnerships are adding a younger generation of advisors but mostl=
y the business is built around sole practitioners and partnerships. There a=
re good economic reasons for that. But one would imagine that all of those =
treasure-hunt reasons collectors go to an advisor=E2=80=94finding the right=
 piece from the right far-flung place=E2=80=94would be enhanced by scale.=
=20
Over the last two decades, first the auction houses and then almost a dozen=
 galleries have grown into global concerns. Will that happen with art advis=
ory firm or are there reasons it cannot? Those seem like bigger questions t=
han whether your art advisor is going to run off with your money because yo=
u didn=E2=80=99t retain control of the work.

Unsubscribe https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2V=
uY2Uuc3Vic3RhY2suY29tL2FjdGlvbi9kaXNhYmxlX2VtYWlsP3Rva2VuPWV5SjFjMlZ5WDJsa0=
lqb3hNek15TmpnMk5qRXNJbkJ2YzNSZmFXUWlPakV6TURNek5ESXpOU3dpYVdGMElqb3hOamczT=
lRJM01UQTRMQ0psZUhBaU9qRTJPVEF4TVRreE1EZ3NJbWx6Y3lJNkluQjFZaTB5TWpVNUlpd2lj=
M1ZpSWpvaVpHbHpZV0pzWlY5bGJXRnBiQ0o5LmdwZlU2NkV4QkdzT1JSUWVxNjRUZmdsWTlZT2V=
WUC1pem9Va0lJTGNFRGsmZXhwaXJlcz0zNjVkIiwicCI6MTMwMzM0MjM1LCJzIjoyMjU5LCJmIj=
p0cnVlLCJ1IjoxMzMyNjg2NjEsImlhdCI6MTY4NzUyNzEwOCwiZXhwIjoxNjkwMTE5MTA4LCJpc=
3MiOiJwdWItMCIsInN1YiI6ImxpbmstcmVkaXJlY3QifQ.8hW4BkIJ9cUdrcMJUZsDEUNMZBTWC=
-IADwXCRJWcXQQ?
--7820d8b391c6ebcdcabb0eea3fd792d4031220ae423a3cc14c4e9429d7df
Content-Type: text/html; charset="utf-8"
Content-Transfer-Encoding: quoted-printable

<html><head><meta charset=3D"utf-8"><title>What We Learned this Week (2325)=
</title><style>
@media all and (-ms-high-contrast: none), (-ms-high-contrast: active) {
  .typography .markup table.image-wrapper img,
  .typography.editor .markup table.image-wrapper img,
  .typography .markup table.kindle-wrapper img,
  .typography.editor .markup table.kindle-wrapper img {
    max-width: 550px;
  }
}


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


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


@media screen and (max-width: 650px) {
  .typography .markup div.embedded-publication-wrap .embedded-publication.s=
how-subscribe,
  .typography.editor .markup div.embedded-publication-wrap .embedded-public=
ation.show-subscribe {
    padding: 24px;
  }
}


@media screen and (max-width: 650px) {
  .typography .markup div.subscription-widget-wrap .subscription-widget.sho=
w-subscribe,
  .typography.editor .markup div.subscription-widget-wrap .subscription-wid=
get.show-subscribe,
  .typography .markup div.captioned-button-wrap .subscription-widget.show-s=
ubscribe,
  .typography.editor .markup div.captioned-button-wrap .subscription-widget=
=2Eshow-subscribe {
    padding: 24px;
  }
}


@media screen and (max-width: 650px) {
  .typography .markup div.subscription-widget-wrap .subscription-widget.sho=
w-subscribe .subscription-widget-subscribe .button,
  .typography.editor .markup div.subscription-widget-wrap .subscription-wid=
get.show-subscribe .subscription-widget-subscribe .button,
  .typography .markup div.captioned-button-wrap .subscription-widget.show-s=
ubscribe .subscription-widget-subscribe .button,
  .typography.editor .markup div.captioned-button-wrap .subscription-widget=
=2Eshow-subscribe .subscription-widget-subscribe .button {
    padding: 10px 12px;
    min-width: 110px;
  }
}


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


@media screen and (max-width: 650px) {
  .post-preview .post-preview-content .post-preview-meta {
    margin-top: 12px 0;
  }
}


@media screen and (max-width: 650px) {
  .post-preview .post-preview-image {
    display: none;
  }
}


@media screen and (max-width: 650px) {
  .post-preview-silhouette .post-preview-silhouette-image {
    display: none;
  }
}


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


@media screen and (min-width: 500px) {
  body .header a.logo {
    width: 42px;
    height: 42px;
    border-radius: 8px;
  }
}


@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: 4px;
  }
}


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


@media screen and (max-width: 650px) {
  .poll-embed .poll-wrapper.poll-web .poll-dialog .modal-row .modal-cell .m=
odal-exit-btn {
    margin-right: -20px;
  }
}
</style></head><body class=3D"email-body" style=3D"font-kerning: auto;"><im=
g src=3D"https://eotrx.substackcdn.com/open?token=3DeyJtIjoiPDIwMjMwNjIzMTM=
zMDE4LjMuMWNlOTk0MjI0NjkzZWFlNkBtZy1kMC5zdWJzdGFjay5jb20-IiwidSI6MTMzMjY4Nj=
YxLCJyIjoiZW56b0BzaG93ZmlsZS5jb20iLCJkIjoibWctZDAuc3Vic3RhY2suY29tIiwicCI6M=
TMwMzM0MjM1LCJ0IjoibmV3c2xldHRlciIsImEiOiJldmVyeW9uZSIsInMiOjIyNTksImMiOiJw=
b3N0IiwiZiI6dHJ1ZSwicG9zaXRpb24iOiJ0b3AiLCJpYXQiOjE2ODc1MjcxMDksImV4cCI6MTY=
5MDExOTEwOSwiaXNzIjoicHViLTAiLCJzdWIiOiJlbyJ9.NF5n4uTOk6NQlk_BjIgfpVWyIfMcV=
efY6rt5syBJHKM" 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">Hokusai Moves to the Evenin=
g Sale + Who Bought that Hockney? + Is Your Art Advisor Going to Make You B=
roke? &#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#16=
0;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&=
#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#820=
4;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#=
8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160=
;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#=
160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204=
;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8=
204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;=
&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#1=
60;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;=
&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#82=
04;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&=
#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#16=
0;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&=
#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#820=
4;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#=
8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160=
;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#=
160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204=
;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8=
204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;=
&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#1=
60;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;=
&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#82=
04;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&=
#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#16=
0;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&=
#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#820=
4;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#=
8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160=
;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#=
160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204=
;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8=
204;&#160;&#8204;&#160;&#8204;&#160;&#8204;&#160;&#8204;</div><table role=
=3D"presentation" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=
=3D"0" class=3D"email-body-container"><tr><td></td><td width=3D"550" class=
=3D"content"></td><td></td></tr><tr><td></td><td align=3D"left" width=3D"55=
0" class=3D"content"><div style=3D"font-size: 16px; line-height: 26px; marg=
in: 0 auto; max-width: 550px; overflow-wrap: break-word; width: 100%;"><tab=
le role=3D"presentation" width=3D"100%" border=3D"0" cellspacing=3D"0" cell=
padding=3D"0"><tr><td align=3D"right" style=3D"height: 20px;"><table role=
=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=
=3D"0"><tr><td style=3D"vertical-align: middle;"><span class=3D"tw-font-bod=
y tw-text-ssm tw-text-substack-secondary" style=3D"color: #808080 !importan=
t; font-family: SF Pro Text, -apple-system, BlinkMacSystemFont, Inter, Sego=
e UI, Roboto, Helvetica, Arial, sans-serif, Apple Color Emoji, Segoe UI Emo=
ji, Segoe UI Symbol !important; font-size: 13px !important;"><a href=3D"htt=
ps://open.substack.com/pub/artelligence/p/what-we-learned-this-week-2325?ut=
m_source=3Demail&redirect=3Dapp-store" class=3D"tw-text-substack-secondary =
tw-underline" style=3D"-webkit-text-decoration-line: underline !important; =
color: #808080 !important; text-decoration-line: underline !important;">Ope=
n in app</a> or <a href=3D"https://substack.com/redirect/2/eyJlIjoiaHR0cHM6=
Ly9hcnRlbGxpZ2VuY2Uuc3Vic3RhY2suY29tL3Avd2hhdC13ZS1sZWFybmVkLXRoaXMtd2Vlay0=
yMzI1P3Rva2VuPWV5SjFjMlZ5WDJsa0lqb3hNek15TmpnMk5qRXNJbkJ2YzNSZmFXUWlPakV6TU=
RNek5ESXpOU3dpYVdGMElqb3hOamczTlRJM01UQTRMQ0psZUhBaU9qRTJPVEF4TVRreE1EZ3NJb=
Wx6Y3lJNkluQjFZaTB5TWpVNUlpd2ljM1ZpSWpvaWNHOXpkQzF5WldGamRHbHZiaUo5LmM2SzRJ=
OG1JM3BvVlczclVSVzBwWEphdjl6SnJMV2g2ajgxLURobEZiTXciLCJwIjoxMzAzMzQyMzUsInM=
iOjIyNTksImYiOnRydWUsInUiOjEzMzI2ODY2MSwiaWF0IjoxNjg3NTI3MTA4LCJleHAiOjE2OT=
AxMTkxMDgsImlzcyI6InB1Yi0wIiwic3ViIjoibGluay1yZWRpcmVjdCJ9.COA7X8-q1ylwqndT=
vTnBwQubQl-XR0dT7uMBxBwTRc4?" class=3D"tw-text-substack-secondary tw-underl=
ine" style=3D"-webkit-text-decoration-line: underline !important; color: #8=
08080 !important; text-decoration-line: underline !important;">online</a></=
span></td></tr></table></td></tr></table><table role=3D"presentation" width=
=3D"auto" class=3D"header graphic-header" style=3D"border-spacing: 0; paddi=
ng: 16px 0 32px;"><tr><td align=3D"center" style=3D"padding: 0; text-align:=
 center;"><a href=3D"https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9hcn=
RlbGxpZ2VuY2Uuc3Vic3RhY2suY29tL3Avd2hhdC13ZS1sZWFybmVkLXRoaXMtd2Vlay0yMzI1P=
3Rva2VuPWV5SjFjMlZ5WDJsa0lqb3hNek15TmpnMk5qRXNJbkJ2YzNSZmFXUWlPakV6TURNek5E=
SXpOU3dpYVdGMElqb3hOamczTlRJM01UQTRMQ0psZUhBaU9qRTJPVEF4TVRreE1EZ3NJbWx6Y3l=
JNkluQjFZaTB5TWpVNUlpd2ljM1ZpSWpvaWNHOXpkQzF5WldGamRHbHZiaUo5LmM2SzRJOG1JM3=
BvVlczclVSVzBwWEphdjl6SnJMV2g2ajgxLURobEZiTXciLCJwIjoxMzAzMzQyMzUsInMiOjIyN=
TksImYiOnRydWUsInUiOjEzMzI2ODY2MSwiaWF0IjoxNjg3NTI3MTA4LCJleHAiOjE2OTAxMTkx=
MDgsImlzcyI6InB1Yi0wIiwic3ViIjoibGluay1yZWRpcmVjdCJ9.COA7X8-q1ylwqndTvTnBwQ=
ubQl-XR0dT7uMBxBwTRc4?"><img role=3D"presentation" width=3D"550" height=3D"=
110" src=3D"https://substackcdn.com/image/fetch/w_1100,c_limit,f_auto,q_aut=
o:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.=
com%2Fpublic%2Fimages%2Fe3cfc2fc-ffba-4eae-8c1a-7c9381cc0cef_1100x220.png" =
class=3D"header-image" style=3D"border: none !important; display: block; he=
ight: auto; margin: 0 auto; max-width: 550px; vertical-align: middle; width=
: 100%;"></a></td></tr></table><div dir=3D"auto" class=3D"post typography" =
style=3D"font-size: 16px; line-height: 26px; padding: 16px 0 0 0;"><div cla=
ss=3D"post-header" style=3D"font-size: 16px; line-height: 26px;"><h1 class=
=3D"post-title published" style=3D"-moz-appearance: optimizelegibility; -mo=
z-osx-font-smoothing: antialiased; -webkit-appearance: optimizelegibility; =
-webkit-font-smoothing: antialiased; appearance: optimizelegibility; color:=
 #404040; font-family: 'SF Compact Display', -apple-system, BlinkMacSystemF=
ont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji',=
 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 32px; font-weight: bold; l=
ine-height: 36px; margin: 0;"><a href=3D"https://substack.com/app-link/post=
?publication_id=3D2259&post_id=3D130334235&utm_source=3Dpost-email-title&is=
Freemail=3Dtrue&token=3DeyJ1c2VyX2lkIjoxMzMyNjg2NjEsInBvc3RfaWQiOjEzMDMzNDI=
zNSwiaWF0IjoxNjg3NTI3MTA4LCJleHAiOjE2OTAxMTkxMDgsImlzcyI6InB1Yi0yMjU5Iiwic3=
ViIjoicG9zdC1yZWFjdGlvbiJ9.c6K4I8mI3poVW3rURW0pXJav9zJrLWh6j81-DhlFbMw" sty=
le=3D"color: #404040; text-decoration: none;">What We Learned this Week (23=
25)</a></h1><h3 class=3D"subtitle" style=3D"-moz-appearance: optimizelegibi=
lity; -moz-osx-font-smoothing: antialiased; -webkit-appearance: optimizeleg=
ibility; -webkit-font-smoothing: antialiased; appearance: optimizelegibilit=
y; color: #808080; font-family: 'SF Compact Display', -apple-system, BlinkM=
acSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Colo=
r Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 18px; font-weight=
: normal; line-height: 24px; margin: 4px 0 0; margin-top: 12px;">Hokusai Mo=
ves to the Evening Sale + Who Bought that Hockney? + Is Your Art Advisor Go=
ing to Make You Broke?</h3><table role=3D"presentation" width=3D"100%" bord=
er=3D"0" cellspacing=3D"0" cellpadding=3D"0" class=3D"post-meta" style=3D"a=
lign-items: center; height: 20px; margin: 1em 0;"><tr><td><table role=3D"pr=
esentation" width=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"=
><tr><td><table role=3D"presentation" width=3D"auto" border=3D"0" cellspaci=
ng=3D"0" cellpadding=3D"0"><tr><td style=3D"vertical-align: middle;"><div c=
lass=3D"pencraft frontend-pencraft-Box-module__reset--VfQY8 frontend-pencra=
ft-Text-module__size-11--k1e8b frontend-pencraft-Text-module__line-height-2=
0--p0dP8 frontend-pencraft-Text-module__weight-medium--x7khA frontend-pencr=
aft-Text-module__font-meta--U_nxy frontend-pencraft-Text-module__color-prim=
ary--ud4Z0 frontend-pencraft-Text-module__transform-uppercase--IDkUL fronte=
nd-pencraft-Text-module__reset--dW0zZ frontend-pencraft-Text-module__meta--=
jzHdd custom-css-email-post-author" style=3D"color: #404040; font-family: '=
SF Compact', -apple-system, -apple-system, -system-ui, BlinkMacSystemFont, =
'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Seg=
oe UI Emoji', 'Segoe UI Symbol'; font-size: 11px; font-weight: 500; letter-=
spacing: .2px; line-height: 20px; margin: 0; text-decoration: unset; text-t=
ransform: uppercase;"><a style=3D"color: #404040; font-family: 'SF Compact'=
, -apple-system, -apple-system, -system-ui, BlinkMacSystemFont, 'Segoe UI',=
 Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji=
', 'Segoe UI Symbol'; font-size: 11px; font-weight: 500; letter-spacing: .2=
px; line-height: 20px; margin: 0; text-decoration: none; text-transform: up=
percase;" href=3D"https://substack.com/redirect/47dfbe78-a94e-400e-abbc-b10=
422430605?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gW=
dY" class=3D"pencraft frontend-pencraft-Box-module__reset--VfQY8 frontend-p=
encraft-Text-module__size-11--k1e8b frontend-pencraft-Text-module__line-hei=
ght-20--p0dP8 frontend-pencraft-Text-module__weight-medium--x7khA frontend-=
pencraft-Text-module__font-meta--U_nxy frontend-pencraft-Text-module__color=
-primary--ud4Z0 frontend-pencraft-Text-module__transform-uppercase--IDkUL f=
rontend-pencraft-Text-module__reset--dW0zZ frontend-pencraft-Text-module__m=
eta--jzHdd">Marion Maneker</a></div></td></tr></table></td></tr><tr><td><ta=
ble role=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D"0" cel=
lpadding=3D"0"><tr><td style=3D"vertical-align: middle;"><div class=3D"penc=
raft frontend-pencraft-Box-module__reset--VfQY8 frontend-pencraft-Text-modu=
le__size-11--k1e8b frontend-pencraft-Text-module__line-height-20--p0dP8 fro=
ntend-pencraft-Text-module__weight-medium--x7khA frontend-pencraft-Text-mod=
ule__font-meta--U_nxy frontend-pencraft-Text-module__color-secondary--WRADg=
 frontend-pencraft-Text-module__transform-uppercase--IDkUL frontend-pencraf=
t-Text-module__reset--dW0zZ frontend-pencraft-Text-module__meta--jzHdd" sty=
le=3D"color: #808080; font-family: 'SF Compact', -apple-system, -apple-syst=
em, -system-ui, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, s=
ans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-s=
ize: 11px; font-weight: 500; letter-spacing: .2px; line-height: 20px; margi=
n: 0; text-decoration: unset; text-transform: uppercase;"><time dateTime=3D=
"2023-06-23T13:30:47.113Z">Jun 23</time></div></td></tr></table></td></tr><=
/table></td></tr></table><table role=3D"presentation" width=3D"100%" border=
=3D"0" cellspacing=3D"0" cellpadding=3D"0" class=3D"email-ufi-2-top" style=
=3D"border-bottom: 1px solid rgba(0, 0, 0, .13); border-top: 1px solid rgba=
(0, 0, 0, .13); min-width: 100%;"><tr height=3D"16"><td height=3D"16" style=
=3D"font-size: 0px; line-height: 0;">&#160;</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" border=3D"0" cellsp=
acing=3D"0" cellpadding=3D"0"><tr><td style=3D"vertical-align: middle;"><ta=
ble role=3D"presentation" width=3D"38" border=3D"0" cellspacing=3D"0" cellp=
adding=3D"0"><tr><td align=3D"center"><a href=3D"https://substack.com/app-l=
ink/post?publication_id=3D2259&post_id=3D130334235&utm_source=3Dsubstack&is=
Freemail=3Dtrue&submitLike=3Dtrue&token=3DeyJ1c2VyX2lkIjoxMzMyNjg2NjEsInBvc=
3RfaWQiOjEzMDMzNDIzNSwicmVhY3Rpb24iOiLinaQiLCJpYXQiOjE2ODc1MjcxMDgsImV4cCI6=
MTY5MDExOTEwOCwiaXNzIjoicHViLTIyNTkiLCJzdWIiOiJyZWFjdGlvbiJ9.5_tty6iCM6u9L3=
WST5oRXyotL2ApuvzePYQUSWWe2Nk&utm_medium=3Demail" style=3D"border: 1px soli=
d rgba(0, 0, 0, .13); border-radius: 100000px; box-sizing: border-box; colo=
r: #808080; display: inline-block; font-family: 'SF Pro Text', -apple-syste=
m, ui-sans-serif, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial,=
 sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font=
-size: 12px; font-weight: 500; line-height: 1; min-width: 38px; padding: 9p=
x 0; text-decoration: none; text-transform: uppercase; width: 38px;" class=
=3D"email-icon-button"><img src=3D"https://substackcdn.com/image/fetch/w_36=
,c_scale,f_png,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack.com%=
2Ficon%2FLucideHeart%3Fv%3D4%26height%3D36%26fill%3Dnone%26stroke%3D%252380=
8080%26strokeWidth%3D2" width=3D"18" height=3D"18" style=3D"border: none !i=
mportant; max-width: 18px; vertical-align: middle;" alt class=3D"icon"></a>=
</td></tr></table></td><td width=3D"8" style=3D"min-width: 8px"></td><td st=
yle=3D"vertical-align: middle;"><table role=3D"presentation" width=3D"38" b=
order=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td align=3D"center"><a=
 href=3D"https://substack.com/app-link/post?publication_id=3D2259&post_id=
=3D130334235&utm_source=3Dsubstack&utm_medium=3Demail&isFreemail=3Dtrue&com=
ments=3Dtrue&token=3DeyJ1c2VyX2lkIjoxMzMyNjg2NjEsInBvc3RfaWQiOjEzMDMzNDIzNS=
wiaWF0IjoxNjg3NTI3MTA4LCJleHAiOjE2OTAxMTkxMDgsImlzcyI6InB1Yi0yMjU5Iiwic3ViI=
joicG9zdC1yZWFjdGlvbiJ9.c6K4I8mI3poVW3rURW0pXJav9zJrLWh6j81-DhlFbMw&utm_sou=
rce=3Dsubstack&utm_medium=3Demail" style=3D"border: 1px solid rgba(0, 0, 0,=
 .13); border-radius: 100000px; box-sizing: border-box; color: #808080; dis=
play: inline-block; font-family: 'SF Pro Text', -apple-system, ui-sans-seri=
f, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'A=
pple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 12px; fo=
nt-weight: 500; line-height: 1; min-width: 38px; padding: 9px 0; text-decor=
ation: none; text-transform: uppercase; width: 38px;" class=3D"email-icon-b=
utton"><img src=3D"https://substackcdn.com/image/fetch/w_36,c_scale,f_png,q=
_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack.com%2Ficon%2FLucideC=
omments%3Fv%3D4%26height%3D36%26fill%3Dnone%26stroke%3D%2523808080%26stroke=
Width%3D2" width=3D"18" height=3D"18" style=3D"border: none !important; max=
-width: 18px; vertical-align: middle;" alt class=3D"icon"></a></td></tr></t=
able></td><td width=3D"8" style=3D"min-width: 8px"></td><td style=3D"vertic=
al-align: middle;"><table role=3D"presentation" width=3D"38" border=3D"0" c=
ellspacing=3D"0" cellpadding=3D"0"><tr><td align=3D"center"><a href=3D"http=
s://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2VuY2Uuc3Vic3RhY2s=
uY29tL3Avd2hhdC13ZS1sZWFybmVkLXRoaXMtd2Vlay0yMzI1P3V0bV9zb3VyY2U9c3Vic3RhY2=
smdXRtX21lZGl1bT1lbWFpbCZhY3Rpb249cmVzdGFjay1jb21tZW50IiwicCI6MTMwMzM0MjM1L=
CJzIjoyMjU5LCJmIjp0cnVlLCJ1IjoxMzMyNjg2NjEsImlhdCI6MTY4NzUyNzEwOCwiZXhwIjox=
NjkwMTE5MTA4LCJpc3MiOiJwdWItMCIsInN1YiI6ImxpbmstcmVkaXJlY3QifQ.pwmenYCKJwIz=
rW7p7sBoRf9Q0eu2SaaH0g0aqvGrSfo?&utm_source=3Dsubstack&utm_medium=3Demail" =
style=3D"border: 1px solid rgba(0, 0, 0, .13); border-radius: 100000px; box=
-sizing: border-box; color: #808080; display: inline-block; font-family: 'S=
F Pro Text', -apple-system, ui-sans-serif, BlinkMacSystemFont, 'Segoe UI', =
Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji'=
, 'Segoe UI Symbol'; font-size: 12px; font-weight: 500; line-height: 1; min=
-width: 38px; padding: 9px 0; text-decoration: none; text-transform: upperc=
ase; width: 38px;" class=3D"email-icon-button"><img src=3D"https://substack=
cdn.com/image/fetch/w_36,c_scale,f_png,q_auto:good,fl_progressive:steep/htt=
ps%3A%2F%2Fsubstack.com%2Ficon%2FNoteForwardIcon%3Fv%3D4%26height%3D36%26fi=
ll%3Dnone%26stroke%3D%2523808080%26strokeWidth%3D2" width=3D"18" height=3D"=
18" style=3D"border: none !important; max-width: 18px; vertical-align: midd=
le;" alt class=3D"icon"></a></td></tr></table></td></tr></table></td><td al=
ign=3D"right"><table role=3D"presentation" width=3D"auto" border=3D"0" cell=
spacing=3D"0" cellpadding=3D"0"><tr><td style=3D"vertical-align: middle;"><=
table role=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D"0" c=
ellpadding=3D"0"><tr><td align=3D"center"><a href=3D"https://substack.com/a=
pp-link/post?publication_id=3D2259&post_id=3D130334235&utm_source=3Dsubstac=
k&utm_medium=3Demail&utm_content=3Dshare&action=3Dshare&triggerShare=3Dtrue=
&isFreemail=3Dtrue&token=3DeyJ1c2VyX2lkIjoxMzMyNjg2NjEsInBvc3RfaWQiOjEzMDMz=
NDIzNSwiaWF0IjoxNjg3NTI3MTA4LCJleHAiOjE2OTAxMTkxMDgsImlzcyI6InB1Yi0yMjU5Iiw=
ic3ViIjoicG9zdC1yZWFjdGlvbiJ9.c6K4I8mI3poVW3rURW0pXJav9zJrLWh6j81-DhlFbMw" =
class=3D"email-button-outline" style=3D"border: 1px solid rgba(0, 0, 0, .13=
); border-radius: 100000px; color: #808080; display: inline-block; font-fam=
ily: 'SF Pro Text', -apple-system, ui-sans-serif, BlinkMacSystemFont, 'Sego=
e UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI=
 Emoji', 'Segoe UI Symbol'; font-size: 12px; font-weight: 500; line-height:=
 12px; padding: 9px 14px; text-decoration: none; text-transform: uppercase;=
"><div class=3D"email-button-spacer" style=3D"display: inline-block; font-s=
ize: 16px; line-height: 26px; max-width: 0; min-height: 18px; vertical-alig=
n: middle;"></div><span class=3D"email-button-text" style=3D"vertical-align=
: middle;">Share</span></a></td></tr></table></td></tr></table></td></tr></=
table></td></tr><tr height=3D"16"><td height=3D"16" style=3D"font-size: 0px=
; line-height: 0;">&#160;</td></tr></table></div></div><div dir=3D"auto" cl=
ass=3D"post typography" style=3D"font-size: 16px; line-height: 26px; paddin=
g: 16px 0 0 0;"><div dir=3D"auto" class=3D"body markup" style=3D"font-famil=
y: 'SF Pro Display', -apple-system, BlinkMacSystemFont, 'Inter', 'Segoe UI'=
, Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoj=
i', 'Segoe UI Symbol'; font-size: 16px; font-weight: 400; line-height: 26px=
; margin-bottom: 16px; text-align: initial; width: 100%; word-break: break-=
word;"><p style=3D"color: #404040; font-size: 16px; line-height: 26px; marg=
in: 0 0 20px 0; margin-top: 0;">Welcome to Artelligence</p><h5 style=3D"-mo=
z-appearance: optimizelegibility; -moz-osx-font-smoothing: antialiased; -we=
bkit-appearance: optimizelegibility; -webkit-font-smoothing: antialiased; a=
ppearance: optimizelegibility; color: #404040; font-family: 'SF Compact Dis=
play', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Ar=
ial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; =
font-weight: bold; line-height: 1.16em; margin: 1em 0 0.625em 0;"><span>The=
 Artelligence newsletter combines auction data from LiveArt and commentary =
formerly on Art Market Monitor. The newsletter comes out every Friday with =
</span><strong>What We Learned this Week</strong><span>. Depending on the a=
rt market calendar or news cycle, you will receive other emails from this a=
ccount on an irregular basis.</span></h5><h5 style=3D"-moz-appearance: opti=
mizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-appearance: o=
ptimizelegibility; -webkit-font-smoothing: antialiased; appearance: optimiz=
elegibility; color: #404040; font-family: 'SF Compact Display', -apple-syst=
em, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, '=
Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-weight: bold;=
 line-height: 1.16em; margin: 1em 0 0.625em 0;"><span>We are eager to hear =
from you. If you have questions, tips or suggestions for coverage, </span><=
a href=3D"https://substack.com/redirect/a9a093ad-395c-4412-a353-26c31bd4db9=
9?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel =
style=3D"color: #404040; text-decoration: underline;">contact us here</a><s=
pan>. Feel free to forward the email to anyone you think would like to subs=
cribe.</span></h5><h5 style=3D"-moz-appearance: optimizelegibility; -moz-os=
x-font-smoothing: antialiased; -webkit-appearance: optimizelegibility; -web=
kit-font-smoothing: antialiased; appearance: optimizelegibility; color: #40=
4040; font-family: 'SF Compact Display', -apple-system, BlinkMacSystemFont,=
 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Se=
goe UI Emoji', 'Segoe UI Symbol'; font-weight: bold; line-height: 1.16em; m=
argin: 1em 0 0.625em 0;"><span>Please check your spam folder! </span><stron=
g>Some new subscribers may not have received the newsletter in their inbox =
immediately.</strong></h5><div data-component-name=3D"SubscribeWidget" clas=
s=3D"subscribe-widget is-signed-up is-fully-subscribed" style=3D"direction:=
 ltr; font-size: 16px; line-height: 26px; margin: 0 0 1em;"><p class=3D"but=
ton-wrapper" style=3D"color: #404040; font-size: 16px; line-height: 26px; m=
argin: 0 0 20px 0; text-align: center;"><a href=3D"https://substack.com/red=
irect/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2VuY2Uuc3Vic3RhY2suY29tL2FjY291bnQiLCJ=
wIjoxMzAzMzQyMzUsInMiOjIyNTksImYiOnRydWUsInUiOjEzMzI2ODY2MSwiaWF0IjoxNjg3NT=
I3MTA4LCJleHAiOjE2OTAxMTkxMDgsImlzcyI6InB1Yi0wIiwic3ViIjoibGluay1yZWRpcmVjd=
CJ9.7d7gkP9XLZp6cvXtQHdBdFdWvR7l7Jktz4JhhRIAmwY?" class=3D"button subscribe=
-btn outline" style=3D"background: transparent; background-color: transpare=
nt; border: 1px solid #653366; border-radius: 4px; box-sizing: border-box; =
color: #653366; cursor: pointer; display: inline-block; font-family: -apple=
-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-ser=
if, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 14=
px; font-weight: 600; height: auto; line-height: 20px; margin: 0 auto; opac=
ity: 1; outline: none; padding: 12px 20px; text-align: center; text-decorat=
ion: none !important; white-space: nowrap;"><img src=3D"https://substackcdn=
=2Ecom/image/fetch/w_40,c_scale,f_png,q=
_auto:good,fl_progressive:steep/https%=
3A%2F%2Fsubstack.com%2Ficon%2FLucideCheck%3Fv%3D4%26height%3D40%26fill%3Dtr=
ansparent%26stroke%3D%2523653366%26strokeWidth%3D3.6" width=3D"20" height=
=3D"20" style=3D"-ms-interpolation-mode: bicubic; border: none !important; =
display: inline-block; height: auto; margin: -2px 8px 0 0; max-width: 20px;=
 vertical-align: middle;" alt class=3D"check-icon static"><span style=3D"te=
xt-decoration: none;">Subscribe</span></a></p></div><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-a=
nchor-widget" style=3D"-moz-appearance: optimizelegibility; -moz-osx-font-s=
moothing: antialiased; -webkit-appearance: optimizelegibility; -webkit-font=
-smoothing: antialiased; appearance: optimizelegibility; color: #404040; fo=
nt-family: 'SF Compact Display', -apple-system, BlinkMacSystemFont, 'Segoe =
UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI E=
moji', 'Segoe UI Symbol'; font-size: 1.625em; font-weight: bold; line-heigh=
t: 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-sizing: border-box; color: #404040; font-size: 16px; line=
-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><strong>Lot=
 Watch:</strong><span> Rediscovered Rubens at Sotheby&#8217;s in July; Cole=
scott masterpiece at Bonhams in September</span></p></li><li style=3D"margi=
n: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; color: #404040; font-=
size: 16px; line-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4=
px;"><strong>Notes:</strong><span>Washington DC&#8217;s National Gallery pa=
ys $2.8m for lost Anne Vallayer-Coster painting; Doig at Mus&#233;e d&#8217=
;Orsay; Pierre Chen solves a Hockney mystery; Van Ham&#8217;s sales increas=
e; Brett Gorvy on the sales trigger</span></p></li><li style=3D"margin: 8px=
 0 0 32px;"><p style=3D"box-sizing: border-box; color: #404040; font-size: =
16px; line-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><=
strong>Tip Sheet:</strong><span> Hokusai&#8217;s Great Wave moves up to Eve=
ning sale status, Will Stars Align for Sarah Lucas?</span></p></li><li styl=
e=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; color: #404=
040; font-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0; paddi=
ng-left: 4px;"><strong>Art Advisors: </strong><span>What&#8217;s the Bigges=
t Problem with Art Advisors?</span></p></li></ol><div style=3D"font-size: 1=
6px; line-height: 26px;"><hr style=3D"background: #e0e0e0; border: none; he=
ight: 1px; margin: 32px 0; padding: 0;"></div><h2 class=3D"header-with-anch=
or-widget" style=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoo=
thing: antialiased; -webkit-appearance: optimizelegibility; -webkit-font-sm=
oothing: antialiased; appearance: optimizelegibility; color: #404040; font-=
family: 'SF Compact Display', -apple-system, BlinkMacSystemFont, 'Segoe UI'=
, Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoj=
i', 'Segoe UI Symbol'; font-size: 1.625em; font-weight: bold; line-height: =
1.16em; margin: 1em 0 0.625em 0; position: relative;">Lot Watch</h2><h4 cla=
ss=3D"header-with-anchor-widget" style=3D"-moz-appearance: optimizelegibili=
ty; -moz-osx-font-smoothing: antialiased; -webkit-appearance: optimizelegib=
ility; -webkit-font-smoothing: antialiased; appearance: optimizelegibility;=
 color: #404040; font-family: 'SF Compact Display', -apple-system, BlinkMac=
SystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color =
Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.125em; font-weigh=
t: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; position: relative;"=
>A Lost Rubens Resurfaces at Sotheby&#8217;s Next Month</h4><div class=3D"c=
aptioned-image-container-static" style=3D"font-size: 16px; line-height: 26p=
x; margin: 32px auto;"><figure style=3D"margin: 0 auto; width: 100%;"><tabl=
e class=3D"image-wrapper" width=3D"100%" border=3D"0" cellspacing=3D"0" cel=
lpadding=3D"0" data-component-name=3D"Image2ToDOMStatic" style=3D"mso-paddi=
ng-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align: center;"></td><td=
 align=3D"left" class=3D"content" width=3D"588" style=3D"text-align: center=
;"><a class=3D"image-link" target=3D"_blank" href=3D"https://substack.com/r=
edirect/28f1761c-2bd5-4395-b60a-2ee6afd85309?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM=
3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"align-items: center; bo=
rder: 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.amazon=
aws.com/public/images/e7c6a88e-f8e4-4b8c-9f91-20bb25653acd_2010x2598.jpeg&q=
uot;,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&qu=
ot;:1882,&quot;width&quot;:1456,&quot;resizeWidth&quot;:588,&quot;bytes&quo=
t;:2688529,&quot;alt&quot;:&quot;&quot;,&quot;title&quot;:null,&quot;type&q=
uot;:&quot;image/jpeg&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:=
true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null}" alt tit=
le width=3D"550" height=3D"710.9203296703297" class=3D"wide-image" src=3D"h=
ttps://substackcdn.com/image/fetch/w_1176,c_limit,f_auto,q_auto:good,fl_pro=
gressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%=
2Fimages%2Fe7c6a88e-f8e4-4b8c-9f91-20bb25653acd_2010x2598.jpeg" style=3D"-m=
s-interpolation-mode: bicubic; border: none !important; display: block; hei=
ght: auto; margin: 0 auto; margin-bottom: 0; max-width: 100% !important; ve=
rtical-align: middle; width: auto !important;"></a></td><td style=3D"text-a=
lign: center;"></td></tr></tbody></table><figcaption class=3D"image-caption=
" style=3D"box-sizing: content-box; color: #808080; font-size: 14px; font-w=
eight: 400; letter-spacing: -.15px; line-height: 20px; margin-top: 8px; pad=
ding-left: 15%; padding-right: 15%; text-align: center; width: 70%;">Peter =
Paul Rubens, Saint Sebastian tended by two angels, estimated at &#163;4m</f=
igcaption></figure></div><p style=3D"color: #404040; font-size: 16px; line-=
height: 26px; margin: 0 0 20px 0;">A depiction of Saint Sebastian once beli=
eved to be a copy of a work by Rubens held in the Corsini Collection in Flo=
rence but recently accepted as not only an original work by Rubens but the =
first example of the image later embellished for the Corsini version will b=
e sold at Sotheby&#8217;s on July 5th in London. The estimate is &#163;4 mi=
llion. Although the Corsini work has two additional angels, x-rays reveal t=
hat the version being offered, now believed to have been documented in the =
Genoese Spinola family from the 1730s, contains underpainting that suggests=
 Rubens was still working out the final design. When shown side by side in =
2021 in Stuttgart, Sotheby&#8217;s catalogue note quotes Genoese art expert=
 Anna Orlando as recognizing the consensus that the version being offered w=
as the better example. </p><p style=3D"color: #404040; font-size: 16px; lin=
e-height: 26px; margin: 0 0 20px 0;"><strong>Colescott Family Gets Single-L=
ot Sale at Bonhams During Armory Week in New York</strong></p><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"572" style=3D"text-align: cent=
er;"><a class=3D"image-link" target=3D"_blank" href=3D"https://substack.com=
/redirect/d6a0dd96-d8a8-4676-807e-b0af76b6834b?j=3DeyJ1IjoiMjdjZXI5In0.nCNh=
OM3c1d0jQmMpisrMe5iRnigHXx6Fx_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;"><i=
mg data-attrs=3D"{&quot;src&quot;:&quot;https://substack-post-media.s3.amaz=
onaws.com/public/images/7693580a-43b6-43ab-ae83-b8bee8eea3ba_3476x3000.png&=
quot;,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&q=
uot;:1257,&quot;width&quot;:1456,&quot;resizeWidth&quot;:572,&quot;bytes&qu=
ot;:8203658,&quot;alt&quot;:&quot;&quot;,&quot;title&quot;:null,&quot;type&=
quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:=
true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null}" alt tit=
le width=3D"550" height=3D"474.8282967032967" class=3D"wide-image" src=3D"h=
ttps://substackcdn.com/image/fetch/w_1144,c_limit,f_auto,q_auto:good,fl_pro=
gressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%=
2Fimages%2F7693580a-43b6-43ab-ae83-b8bee8eea3ba_3476x3000.png" style=3D"-ms=
-interpolation-mode: bicubic; border: none !important; display: block; heig=
ht: auto; margin: 0 auto; margin-bottom: 0; max-width: 100% !important; ver=
tical-align: middle; width: auto !important;"></a></td><td style=3D"text-al=
ign: center;"></td></tr></tbody></table><figcaption class=3D"image-caption"=
 style=3D"box-sizing: content-box; color: #808080; font-size: 14px; font-we=
ight: 400; letter-spacing: -.15px; line-height: 20px; margin-top: 8px; padd=
ing-left: 15%; padding-right: 15%; text-align: center; width: 70%;">Robert =
Colescott, 1919 (1980) estimated at $3 million</figcaption></figure></div><=
p style=3D"color: #404040; font-size: 16px; line-height: 26px; margin: 0 0 =
20px 0;"><span>Following its very successful $4.5 million sale in February =
of Robert Colescott&#8217;s </span><em>Miss Liberty </em><span>from 1980 to=
 the Art Bridges Foundation, Bonhams is holding a single-lot sale on Septem=
ber 8th of the artist&#8217;s </span><em>1919</em><span> also from 1980 tha=
t was prominently featured in the recent retrospective organized by the Con=
temporary Arts Center Cincinnati that began touring in 2019 before winding =
up at the New Museum in New York in 2022. The painting depicts the artist&#=
8217;s parents who migrated from the South to California in the years after=
 World War I. Estimated at $3 million, the painting has been held in the ar=
tist&#8217;s family until now. The only Colescott work to sell for more tha=
n Miss Liberty earlier this year was Colescott&#8217;s </span><em>George Wa=
shington Carver Crossing the Delaware</em><span> that made $15 million in M=
ay of 2021.</span></p><div style=3D"font-size: 16px; line-height: 26px;"><h=
r style=3D"background: #e0e0e0; border: none; height: 1px; margin: 32px 0; =
padding: 0;"></div><h2 class=3D"header-with-anchor-widget" style=3D"-moz-ap=
pearance: optimizelegibility; -moz-osx-font-smoothing: antialiased; -webkit=
-appearance: optimizelegibility; -webkit-font-smoothing: antialiased; appea=
rance: optimizelegibility; color: #404040; font-family: 'SF Compact Display=
', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial,=
 sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font=
-size: 1.625em; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.625=
em 0; position: relative;">Notes</h2><p style=3D"color: #404040; font-size:=
 16px; line-height: 26px; margin: 0 0 20px 0;"><strong>Notes</strong></p><o=
l style=3D"margin-top: 0; padding: 0;"><li style=3D"margin: 8px 0 0 32px;">=
<p style=3D"box-sizing: border-box; color: #404040; font-size: 16px; line-h=
eight: 26px; margin: 0 0 20px 0; margin-bottom: 0; padding-left: 4px;"><str=
ong><a href=3D"https://substack.com/redirect/ffd3d4a0-7b32-4606-b205-175298=
82c17e?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY"=
 rel style=3D"color: #404040; text-decoration: underline;">The Vallayer-Cos=
ter acquired by the National Gallery of Art in Washington:</a></strong><spa=
n> Didier Rykner reports in the Tribune de l&#8217;Art that the record-sett=
ing still life painted by Anne Vallayer-Coster, a contemporary of Elizabeth=
 Vig&#233;e-LeBrun and fellow member of the Academy (as well as a one-time =
painter to the Queen), was acquired by DC&#8217;s National Gallery for $2.8=
 million. The sale at Christie&#8217;s in Paris had caused some surprise co=
nsidering the mid-six-figure estimate but the work was said to have been in=
 exceptional condition (having been owned by the artist until her death in =
the early 19th century and then passing through two families in France unti=
l today.)</span></p><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"352" style=3D"text-align: center;"><a class=3D"image-link" target=
=3D"_blank" href=3D"https://substack.com/redirect/432dffec-43a4-497b-b18b-0=
e1a733221e6?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/875e2190-d2=
e8-4105-9d46-930b7c0231ad_1822x2196.png&quot;,&quot;fullscreen&quot;:null,&=
quot;imageSize&quot;:null,&quot;height&quot;:1755,&quot;width&quot;:1456,&q=
uot;resizeWidth&quot;:352,&quot;bytes&quot;:7995595,&quot;alt&quot;:null,&q=
uot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot=
;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;inter=
nalRedirect&quot;:null}" alt width=3D"352" height=3D"424.2857142857143" cla=
ss src=3D"https://substackcdn.com/image/fetch/w_352,c_limit,f_auto,q_auto:g=
ood,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com=
%2Fpublic%2Fimages%2F875e2190-d2e8-4105-9d46-930b7c0231ad_1822x2196.png" st=
yle=3D"-ms-interpolation-mode: bicubic; border: none !important; display: b=
lock; height: auto; margin: 0 auto; margin-bottom: 0; max-width: 100% !impo=
rtant; vertical-align: middle; width: auto !important;"></a></td><td style=
=3D"text-align: center;"></td></tr></tbody></table></figure></div><p style=
=3D"box-sizing: border-box; color: #404040; font-size: 16px; line-height: 2=
6px; margin: 0 0 20px 0; margin-bottom: 0; padding-left: 4px;"><span> As Ry=
kner points out, it should be no surprise that an institution or the Nation=
al Gallery was the buyer. High quality works by women artists are in high d=
emand by museums (the acerb Rykner makes little attempt to conceal his anno=
yance with the fixation on gender) and the National Gallery has no example =
by Vallayer-Coster whom Rykner esteems among the first rank of painters. </=
span><a href=3D"https://substack.com/redirect/c4eabe03-af47-4cb2-bde4-575c6=
31759e3?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY=
" rel style=3D"color: #404040; text-decoration: underline;">Since the Louvr=
e already possesses the work Rykner deems her finest effort</a><span>, the =
sale ot Washington is seen as a net positive following the Kimbell Art Muse=
um in Fort Worth, Texas&#8217;s acquisition of a Vallayer-Coster from Wilde=
nstein four years ago and the purchase of a portrait by Vallayer-Coster by =
Stockholm&#8217;s museum in 2015.&#160;&#160;</span></p></li><li style=3D"m=
argin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; color: #404040; f=
ont-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0; padding-lef=
t: 4px;"><strong>Peter Doig&#8217;s affinity with Paris&#8217;s Mus&#233;e =
d&#8217;Orsay: </strong><span>The Mus&#233;e d&#8217;Orsay announced yester=
day that Peter Doig would open a two-part exhibition at the museum on Octob=
er 17th. This follows Doig&#8217;s show at the Courtauld in London this Win=
ter and Spring. The London show features 11 works by Doig made over the las=
t 20 years that the artist feels have an affinity with the museum in a conv=
erted train station. The second part of the show will be a selection of wor=
ks from the museum curated by Doig. The two shows will be in separate rooms=
, &#8220;creating a conversation around modern and post-modern expressions =
in painting and wider shifts in the history of painting over the past 160 y=
ears.&#8221; It&#8217;s interesting to see the outlines of the strategy fro=
m Doig&#8217;s new management.</span></p></li><li style=3D"margin: 8px 0 0 =
32px;"><p style=3D"box-sizing: border-box; color: #404040; font-size: 16px;=
 line-height: 26px; margin: 0 0 20px 0; margin-bottom: 0; padding-left: 4px=
;"><strong>Who bought David Hockney&#8217;s $90m Double Portrait? Pierre Ch=
en: </strong><span>There was a lot of talk in the art market speculating on=
 the buyer. The last minute decision to remove any reserve for the lot caus=
ed some suspicion after the work ended up selling for its $90m asking price=
=2E Some even suggested the consignor h=
ad bought the work back to achieve the=
 desired price.</span></p><div class=3D"captioned-image-container-static" s=
tyle=3D"font-size: 16px; line-height: 26px; margin: 32px auto;"><figure sty=
le=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"452" style=3D"text-align: center;"><a class=3D"image-link" target=
=3D"_blank" href=3D"https://substack.com/redirect/70410993-3907-446a-b9e0-9=
8bc50fd1c0e?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/c6223d89-f4=
4a-4cdd-bb86-05e852638e4e_2074x1472.jpeg&quot;,&quot;fullscreen&quot;:null,=
&quot;imageSize&quot;:null,&quot;height&quot;:1033,&quot;width&quot;:1456,&=
quot;resizeWidth&quot;:452,&quot;bytes&quot;:253720,&quot;alt&quot;:null,&q=
uot;title&quot;:null,&quot;type&quot;:&quot;image/jpeg&quot;,&quot;href&quo=
t;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;inte=
rnalRedirect&quot;:null}" alt width=3D"452" height=3D"320.6840659340659" cl=
ass src=3D"https://substackcdn.com/image/fetch/w_452,c_limit,f_auto,q_auto:=
good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.co=
m%2Fpublic%2Fimages%2Fc6223d89-f44a-4cdd-bb86-05e852638e4e_2074x1472.jpeg" =
style=3D"-ms-interpolation-mode: bicubic; border: none !important; display:=
 block; height: auto; margin: 0 auto; margin-bottom: 0; max-width: 100% !im=
portant; vertical-align: middle; width: auto !important;"></a></td><td styl=
e=3D"text-align: center;"></td></tr></tbody></table></figure></div><p style=
=3D"box-sizing: border-box; color: #404040; font-size: 16px; line-height: 2=
6px; margin: 0 0 20px 0; margin-bottom: 0; padding-left: 4px;"><span> A mon=
th ago, </span><a href=3D"https://substack.com/redirect/7150613b-54d5-4cfe-=
a2f9-589e5698fe3e?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx=
_g6pp7gWdY" rel style=3D"color: #404040; text-decoration: underline;">the i=
nstagram account for Pierre Chen&#8217;s Yageo foundation posted images of =
the work</a><span> four-and-a-half years after the sale. Last week, the rea=
son was revealed when the </span><a href=3D"https://substack.com/redirect/6=
03a5aaf-03b0-4c67-9f01-ab4d4450d9a6?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmM=
pisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: #404040; text-decoration:=
 underline;">Tate Modern&#8217;s &#8220;Capturing the Moment&#8221;</a><spa=
n> show opened with works from the Yageo foundation illustrating the relati=
onship between photography and painting.</span></p></li><li style=3D"margin=
: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; color: #404040; font-s=
ize: 16px; line-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4p=
x;"><strong>Van Ham is now Germany&#8217;s second biggest auction house:</s=
trong><span> Boosted by sales of &#8364;28.2 million in Modern and Contempo=
rary art, Van Ham posted &#8364;33.7 million in sales for the first half of=
 the year, that&#8217;s almost 50% up from the previous year. A &#8364;3.4 =
million Picasso helped goose the sales along with a Otto Mueller painting t=
hat also made seven figures. Another 25 works made six figures. How much of=
 this rise is a product of Brexit and the contracting London market would b=
e difficult to know with any certainty.&#160;</span></p></li><li style=3D"m=
argin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; color: #404040; f=
ont-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0; padding-lef=
t: 4px;"><strong><a href=3D"https://substack.com/redirect/8471e5cd-5ab5-473=
e-b085-11d3c804d55d?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6=
Fx_g6pp7gWdY" rel style=3D"color: #404040; text-decoration: underline;">How=
 Tech &amp; AI Are Disrupting the Multi-Billion Dollar Art Market</a><span>=
: </span></strong><span>The title of this Money Maze Podcast interview with=
 Brett Gorvy doesn&#8217;t make much sense AI doesn&#8217;t seem to be disc=
ussed and the tech referred to is the increased appetite for following auct=
ions on the web (something that has been happening for 15 years or more.) S=
tarting at 25 minutes, Gorvy speaks a bit about his view that the market ch=
anged in 2020 when the auction houses built much larger audiences for their=
 auctions online. Perhaps more interesting is Gorvy&#8217;s surprisingly fr=
ank discussion of the challenge private dealers face trying to replicate th=
e sudden-death decision-making that an auction provokes. Somewhat saying th=
e quiet part out loud starting at 31:00, Gorvy admits the ideal auction sce=
nario is two wealthy but relatively inexperienced buyers competing for&#821=
2;and being validated by the competitive bidding&#8212;a single work. He go=
es further by outlining ways a dealer might replicate that dynamic at an ar=
t fair.&#160;</span></p></li></ol><div style=3D"font-size: 16px; line-heigh=
t: 26px;"><hr style=3D"background: #e0e0e0; border: none; height: 1px; marg=
in: 32px 0; padding: 0;"></div><h2 class=3D"header-with-anchor-widget" styl=
e=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoothing: antialia=
sed; -webkit-appearance: optimizelegibility; -webkit-font-smoothing: antial=
iased; appearance: optimizelegibility; color: #404040; font-family: 'SF Com=
pact Display', -apple-system, 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;">Tip Sheet</h2><p style=3D"color: #40=
4040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><strong>Sara=
h Lucas&#8217;s Stars Align</strong></p><div class=3D"captioned-image-conta=
iner-static" style=3D"font-size: 16px; line-height: 26px; margin: 32px auto=
;"><figure style=3D"margin: 0 auto; width: 100%;"><table class=3D"image-wra=
pper" 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" clas=
s=3D"content" width=3D"550" style=3D"text-align: center;"><a class=3D"image=
-link" target=3D"_blank" href=3D"https://substack.com/redirect/06280825-326=
0-43fa-8997-7fa824c639fd?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRni=
gHXx6Fx_g6pp7gWdY" rel style=3D"align-items: center; border: none; display:=
 block; flex-direction: column; height: auto; margin: 0; padding: 0; positi=
on: relative; text-decoration: none; width: auto;"><img data-attrs=3D"{&quo=
t;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/image=
s/bed19cfe-a9b9-4148-8a10-f069ed30c76e_550x550.jpeg&quot;,&quot;fullscreen&=
quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:550,&quot;width&qu=
ot;:550,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:37713,&quot;alt&quot=
;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/jpeg&quot;,&quot=
;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&=
quot;internalRedirect&quot;:null}" alt width=3D"550" height=3D"550" class s=
rc=3D"https://substackcdn.com/image/fetch/w_550,c_limit,f_auto,q_auto:good,=
fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fp=
ublic%2Fimages%2Fbed19cfe-a9b9-4148-8a10-f069ed30c76e_550x550.jpeg" style=
=3D"-ms-interpolation-mode: bicubic; border: none !important; display: bloc=
k; height: auto; margin: 0 auto; margin-bottom: 0; max-width: 100% !importa=
nt; vertical-align: middle; width: auto !important;"></a></td><td style=3D"=
text-align: center;"></td></tr></tbody></table></figure></div><p style=3D"c=
olor: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><sp=
an>In May, Sarah Lucas&#8217;s </span><em>Bunny Gets Snookered #8</em><span=
> from 1997 had 14 bidders at Phillips New York sale. One of the original 8=
 works in Lucas&#8217;s show at Sadie Coles, the piece as important and val=
uable. It sold for $736,600 over a $100,000 estimate. Next week in London, =
Phillips has a follow up, </span><em><a href=3D"https://substack.com/redire=
ct/2939b151-2860-4062-aef2-2c6299e95b2f?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0=
jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: #404040; text-decorat=
ion: underline;">Someone Dropped a Bomb on Me</a></em><a href=3D"https://su=
bstack.com/redirect/2939b151-2860-4062-aef2-2c6299e95b2f?j=3DeyJ1IjoiMjdjZX=
I5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: #404=
040; text-decoration: underline;"> from 2020 estimated at &#163;150,000 </a=
><span>even though the work comes from a series revisiting earlier themes. =
There are multiple reasons for the demand, according to Phillips&#8217;s Ol=
ivia Thornton. Lucas is a major feminist artist who curated a much-talked-a=
bout show, </span><em>Big Women</em><span>, that just closed in Colchester;=
 she received an important prize/commission this year from the New Museum w=
here she had a big survey show in 2018; and she&#8217;s the slipstream of a=
 rise in prices and revaluation of the paintings of her contemporary Tracey=
 Emin. But the most obvious demand driver is the survey show of her work th=
at will </span><a href=3D"https://substack.com/redirect/f09a62de-ba62-4d36-=
a451-b1a805f32c3b?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx=
_g6pp7gWdY" rel style=3D"color: #404040; text-decoration: underline;">open =
in late September at the Tate Britain in London</a><span>. Sotheby&#8217;s =
is not getting left out of the excitement. They have </span><em><a href=3D"=
https://substack.com/redirect/797ace6c-8dc0-4ca9-8283-4bceb03325ac?j=3DeyJ1=
IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"c=
olor: #404040; text-decoration: underline;">Tit-Cat Down</a></em><a href=3D=
"https://substack.com/redirect/797ace6c-8dc0-4ca9-8283-4bceb03325ac?j=3DeyJ=
1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"=
color: #404040; text-decoration: underline;"> from 2015 in The Now evening =
auction estimated at &#163;65,000 </a><span>and </span><em><a href=3D"https=
://substack.com/redirect/e90e21ea-a8c5-4864-8480-86b195ea74cc?j=3DeyJ1IjoiM=
jdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color:=
 #404040; text-decoration: underline;">Lupe</a></em><a href=3D"https://subs=
tack.com/redirect/e90e21ea-a8c5-4864-8480-86b195ea74cc?j=3DeyJ1IjoiMjdjZXI5=
In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: #40404=
0; text-decoration: underline;"> from 2014 estimated at &#163;150,000 in th=
e day sale</a><span>. Both of these works are from editions of six with two=
 artist&#8217;s proofs. Top prices for works like the ones at Sotheby&#8217=
;s have been around $400,000 but that was eight years ago. Thornton believe=
s the time is right for re-pricing of Lucas&#8217;s work. She&#8217;s had l=
ong representation from galleries that place her work well and the telescop=
ing effect of time is raising her back to prominence. The only caveat is th=
at the record price for Lucas&#8217;s work was set in 2014 when </span><em>=
<a href=3D"https://substack.com/redirect/1566b71c-6837-4489-896f-66d49729a3=
29?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel=
 style=3D"color: #404040; text-decoration: underline;">Ace in the Hole</a><=
/em><a href=3D"https://substack.com/redirect/1566b71c-6837-4489-896f-66d497=
29a329?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY"=
 rel style=3D"color: #404040; text-decoration: underline;"> from 1998 made =
$905,000 at auction</a><span>. Similar in form and materials to the Bunny w=
ork and Phillips&#8217;s offering,  it was on the block in the Frieze sales=
 three years later and passed. That ill-fated consignment seemed to be time=
d to exploit interest around Lucas&#8217;s 2018 New Museum show. With the T=
ate show looming in fewer than three months, consignors are hoping Lucas&#8=
217;s momentum holds. </span></p><h4 class=3D"header-with-anchor-widget" st=
yle=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoothing: antial=
iased; -webkit-appearance: optimizelegibility; -webkit-font-smoothing: anti=
aliased; appearance: optimizelegibility; color: #404040; font-family: 'SF C=
ompact Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Hel=
vetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI=
 Symbol'; font-size: 1.125em; font-weight: bold; line-height: 1.16em; margi=
n: 1em 0 0.625em 0; position: relative;">Sotheby&#8217;s Promotes Hokusai P=
rint to Evening Sale</h4><div class=3D"captioned-image-container-static" st=
yle=3D"font-size: 16px; line-height: 26px; margin: 32px auto;"><figure styl=
e=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://substack.com/redirect/d8a60db4-741f-4b83-bb6c-7=
c3086e0db64?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/b1515ca2-c9=
89-4d9e-875e-9da95676f8c5_2422x1650.png&quot;,&quot;fullscreen&quot;:null,&=
quot;imageSize&quot;:null,&quot;height&quot;:992,&quot;width&quot;:1456,&qu=
ot;resizeWidth&quot;:null,&quot;bytes&quot;:7081076,&quot;alt&quot;:&quot;&=
quot;,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;h=
ref&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&qu=
ot;internalRedirect&quot;:null}" alt title width=3D"550" height=3D"374.7252=
7472527474" 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%2Fsubst=
ack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb1515ca2-c989-4d9e-875e=
-9da95676f8c5_2422x1650.png" style=3D"-ms-interpolation-mode: bicubic; bord=
er: none !important; display: block; height: auto; margin: 0 auto; margin-b=
ottom: 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: #404040; font-size: 16px; line-heig=
ht: 26px; margin: 0 0 20px 0;"><span>Katsushinka Hokusai&#8217;s </span><em=
>Under the Wave off Kanagawa, </em><span>internationally famous woodblock p=
rint from 19th Century Japan that influenced generations of European Modern=
 artists and popular culture, </span><a href=3D"https://substack.com/redire=
ct/dbc0d9b0-64f1-447f-8f38-c6eda627d226?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0=
jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: #404040; text-decorat=
ion: underline;">will be offered in Sotheby&#8217;s London Modern and Conte=
mporary Evening sale next week</a><span>. The estimate is &#163;400,000 whi=
ch is in line with previous sales. One of the artist&#8217;s famous 36 View=
s of Mt. Fuji, the Great Wave may have seen as many as 8,000 prints made. T=
oday, Sotheby&#8217;s estimates only 130 are known to have survived. On occ=
asion, some of the prints have sold for seven figures. In 2021, one in a Ja=
panese and Korean art sale was estimated at $250,000  but sold for $1.5 mil=
lion. Just this February, another Japanese and Korean art sale saw an examp=
le offered with a $500,000 estimate. The print had ben in the same family f=
or more than a century. </span><a href=3D"https://substack.com/redirect/9af=
05c25-2893-4c2a-a2fe-768863d41529?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpi=
srMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: #404040; text-decoration: u=
nderline;">It sold for $2.76 million</a><span>. As with all prints, conditi=
on and the quality of the print are a major factor in value. Later examples=
 of the print can lack the sharpness of earlier prints and some (not the on=
e at Sotheby&#8217;s) have a pink layer at the top that creates the image o=
f a cloud. A week ago, </span><a href=3D"https://substack.com/redirect/7a42=
c463-3de0-4cf9-a369-3d7687d5fc8b?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpis=
rMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: #404040; text-decoration: un=
derline;">an Asian art sale in Paris saw one sell for &#8364;882,000 </a><s=
pan>($966,000.) That&#8217;s not bad for a work that&#8217;s not much bigge=
r than a sheet of notebook paper. But the big question Sotheby&#8217;s is p=
osing is whether the work can break out of the Asian art category and becom=
e an Evening sale stalwart. </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><h4 class=3D"header-with-anchor-widget"=
 style=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoothing: ant=
ialiased; -webkit-appearance: optimizelegibility; -webkit-font-smoothing: a=
ntialiased; appearance: optimizelegibility; color: #404040; font-family: 'S=
F Compact Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, =
Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe=
 UI Symbol'; font-size: 1.125em; font-weight: bold; line-height: 1.16em; ma=
rgin: 1em 0 0.625em 0; position: relative;"><strong>What Is the Biggest Cha=
llenge to the Art Advisory Industry? Fraud or Scaling?</strong></h4><p styl=
e=3D"color: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0=
;"><span>In the wake of the accusations that Lisa Schiff was using client f=
unds for personal expenses, the big question for the art industry is whethe=
r that will cause art collectors to view advisors with suspicion or even a =
threat. That seems to be the thinking behind this </span><a href=3D"https:/=
/substack.com/redirect/eeac177e-b6cf-4b21-934b-e9a73381d5ed?j=3DeyJ1IjoiMjd=
jZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: #=
404040; text-decoration: underline;">FT &#8220;guide to finding an art advi=
ser&#8221;</a><span> which offers to help collectors avoid the shady ones. =
The story raises an interesting question about just what the role of an art=
 advisor is and how important advisors are to a growing art market. </span>=
</p><p style=3D"color: #404040; font-size: 16px; line-height: 26px; margin:=
 0 0 20px 0;">Let&#8217;s start with the FT, though. The newspaper seems to=
 think inexperienced art advisors with few credentials or clients are the p=
roblem. One of the final comments in the piece comes from gallerist Toby Cl=
arke who suggests wary would-be collectors do a reputation check of any adv=
isor they engage. He warns, &#8220;quite a few so-called advisers don&#8217=
;t last very long &#8212; they go off the rails.&#8221;</p><p style=3D"colo=
r: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">The ga=
llerist&#8217;s advice isn&#8217;t actually correct, though. The art adviso=
rs who have gotten themselves and their clients into serious trouble&#8212;=
Schiff, Angela Gulbenkian, Helge Achenbach, all named in the FT piece, as w=
ell as, Yves Bouvier who is mysteriously left out of the piece&#8212;were a=
ll long-lasting figures in the art trade. In many cases, the clients they b=
ilked were long-standing ones who were too trusting and lax in their dealin=
gs.&#160; The damage an unscrupulous art advisor can do seems to be directl=
y proportional to the amount of time&#8212;and trust&#8212;they can build w=
ith a client.&#160;</p><p style=3D"color: #404040; font-size: 16px; line-he=
ight: 26px; margin: 0 0 20px 0;">The other problem with the FT story is its=
 conception of what art advisors do, who hires them and why. The FT tells y=
ou not to hire someone attractive and chatty you happen to meet at a cockta=
il party. (Do they really think that&#8217;s how advisors who do the bulk o=
f transactions acquire clients?) The FT spoke to other dealers and advisors=
 who say: don&#8217;t just hire someone to analyze prices; don&#8217;t hire=
 someone who will make your collection look like another collectors&#8217;;=
 don&#8217;t hire advisors who are really just flippers (well, that&#8217;s=
 more of a dealer&#8217;s complaint than a client&#8217;s&#8212;but the fun=
ny thing is that the dealer who raises the complaint uses Jordy Kerwick&#82=
12;an artist with a freewheeling market and no dealer controlling it&#8212;=
as an example of an artist who was flipped unconscionably.)</p><p style=3D"=
color: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">Th=
e problem here is that the advice won&#8217;t really protect anyone from lo=
sing millions to an unscrupulous advisor. Those who have gotten themselves =
in trouble committed fraud. Bouvier seems to have engaged in questionable b=
ehavior but nothing that his angry client&#8217;s lawyers have been able to=
 prove in a courtroom yet. Most of these frauds would have been avoided by =
tightening up the art collector&#8217;s own sloppy business practices.   </=
p><p style=3D"color: #404040; font-size: 16px; line-height: 26px; margin: 0=
 0 20px 0;">Beyond how to recognize the red flags of fraud, the bigger issu=
e is figuring out who qualifies as an art advisor and what role they play i=
n the art market. After all, that varies widely from client to client, advi=
sor to advisor.&#160;</p><p style=3D"color: #404040; font-size: 16px; line-=
height: 26px; margin: 0 0 20px 0;">Art collecting is really more of a scave=
nger hunt than it is a retail business. Some art advisors act like curators=
 or tastemakers for their clients; others act more like real estate agents =
executing transactions (a few seem to dabble in both art and real estate in=
 a way that makes you wonder why it doesn&#8217;t happen more.) Some art ad=
visors are employed for relatively brief collecting windows that last a few=
 months to several years; others have what seem like lifetime engagements. =
Some art dealers have a gallery for the purpose of their reputation but are=
 really just advisors (that&#8217;s where they make their money); some advi=
sors are really just dealers, holding stock in any manner of private arrang=
ements. Some collectors act as advisors too. </p><p style=3D"color: #404040=
; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">Advisors to well=
-known high-volume collectors might act as gatekeepers to their clients&#82=
17; time and attention, while some of those new to collecting will hire an =
advisor simply for their access to galleries and artists.&#160;&#160;</p><p=
 style=3D"color: #404040; font-size: 16px; line-height: 26px; margin: 0 0 2=
0px 0;">Seeing how advisors run through the market like a red thread, it&#8=
217;s a bit of mystery that advisory firms haven&#8217;t grown in size. Art=
 advisors today are something like agents were in Hollywood in the 1970s or=
 early 80s. It seems like a business ripe for growth. Where is the ICM or C=
AA of art advisors? Sotheby&#8217;s gave it a shot with Art Agency, Partner=
s and Gagosian just hired a few up-and-comers for their advisory arm. Some =
long-lived partnerships are adding a younger generation of advisors but mos=
tly the business is built around sole practitioners and partnerships. There=
 are good economic reasons for that. But one would imagine that all of thos=
e treasure-hunt reasons collectors go to an advisor&#8212;finding the right=
 piece from the right far-flung place&#8212;would be enhanced by scale. </p=
><p style=3D"color: #404040; font-size: 16px; line-height: 26px; margin: 0 =
0 20px 0; margin-bottom: 0;">Over the last two decades, first the auction h=
ouses and then almost a dozen galleries have grown into global concerns. Wi=
ll that happen with art advisory firm or are there reasons it cannot? Those=
 seem like bigger questions than whether your art advisor is going to run o=
ff with your money because you didn&#8217;t retain control of the work. </p=
></div></div><div class=3D"postscript-placeholder" style=3D"box-sizing: bor=
der-box; font-size: 16px; line-height: 26px; margin: 32px 0 0; width: 100%;=
"></div><table role=3D"presentation" width=3D"100%" border=3D"0" cellspacin=
g=3D"0" cellpadding=3D"0" class=3D"email-ufi-2-bottom" style=3D"border-bott=
om: 1px solid rgba(0, 0, 0, .13); border-top: 1px solid rgba(0, 0, 0, .13);=
 min-width: 100%;"><tr height=3D"16"><td height=3D"16" style=3D"font-size: =
0px; line-height: 0;">&#160;</td></tr><tr><td><table role=3D"presentation" =
width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td><ta=
ble role=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D"0" cel=
lpadding=3D"0" style=3D"margin: 0 auto;"><tr><td style=3D"vertical-align: m=
iddle;"><table role=3D"presentation" width=3D"auto" border=3D"0" cellspacin=
g=3D"0" cellpadding=3D"0"><tr><td align=3D"center"><a href=3D"https://subst=
ack.com/app-link/post?publication_id=3D2259&post_id=3D130334235&utm_source=
=3Dsubstack&isFreemail=3Dtrue&submitLike=3Dtrue&token=3DeyJ1c2VyX2lkIjoxMzM=
yNjg2NjEsInBvc3RfaWQiOjEzMDMzNDIzNSwicmVhY3Rpb24iOiLinaQiLCJpYXQiOjE2ODc1Mj=
cxMDgsImV4cCI6MTY5MDExOTEwOCwiaXNzIjoicHViLTIyNTkiLCJzdWIiOiJyZWFjdGlvbiJ9.=
5_tty6iCM6u9L3WST5oRXyotL2ApuvzePYQUSWWe2Nk&utm_medium=3Demail" class=3D"em=
ail-button-outline" style=3D"border: 1px solid rgba(0, 0, 0, .13); border-r=
adius: 100000px; color: #808080; display: inline-block; font-family: 'SF Pr=
o Text', -apple-system, ui-sans-serif, BlinkMacSystemFont, 'Segoe UI', Robo=
to, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'S=
egoe UI Symbol'; font-size: 12px; font-weight: 500; line-height: 12px; padd=
ing: 9px 14px; text-decoration: none; text-transform: uppercase;"><img src=
=3D"https://substackcdn.com/image/fetch/w_36,c_scale,f_png,q_auto:good,fl_p=
rogressive:steep/https%3A%2F%2Fsubstack.com%2Ficon%2FLucideHeart%3Fv%3D4%26=
height%3D36%26fill%3Dnone%26stroke%3D%2523808080%26strokeWidth%3D2" width=
=3D"18" height=3D"18" style=3D"border: none !important; margin-right: 8px; =
max-width: 18px; min-height: 18px; min-width: 18px; vertical-align: middle;=
" alt class=3D"icon"><span class=3D"email-button-text" style=3D"vertical-al=
ign: middle;">Like</span></a></td></tr></table></td><td width=3D"8" style=
=3D"min-width: 8px"></td><td style=3D"vertical-align: middle;"><table role=
=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=
=3D"0"><tr><td align=3D"center"><a href=3D"https://substack.com/app-link/po=
st?publication_id=3D2259&post_id=3D130334235&utm_source=3Dsubstack&utm_medi=
um=3Demail&isFreemail=3Dtrue&comments=3Dtrue&token=3DeyJ1c2VyX2lkIjoxMzMyNj=
g2NjEsInBvc3RfaWQiOjEzMDMzNDIzNSwiaWF0IjoxNjg3NTI3MTA4LCJleHAiOjE2OTAxMTkxM=
DgsImlzcyI6InB1Yi0yMjU5Iiwic3ViIjoicG9zdC1yZWFjdGlvbiJ9.c6K4I8mI3poVW3rURW0=
pXJav9zJrLWh6j81-DhlFbMw&utm_source=3Dsubstack&utm_medium=3Demail" class=3D=
"email-button-outline" style=3D"border: 1px solid rgba(0, 0, 0, .13); borde=
r-radius: 100000px; color: #808080; display: inline-block; font-family: 'SF=
 Pro Text', -apple-system, ui-sans-serif, BlinkMacSystemFont, 'Segoe UI', R=
oboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji',=
 'Segoe UI Symbol'; font-size: 12px; font-weight: 500; line-height: 12px; p=
adding: 9px 14px; text-decoration: none; text-transform: uppercase;"><img s=
rc=3D"https://substackcdn.com/image/fetch/w_36,c_scale,f_png,q_auto:good,fl=
_progressive:steep/https%3A%2F%2Fsubstack.com%2Ficon%2FLucideComments%3Fv%3=
D4%26height%3D36%26fill%3Dnone%26stroke%3D%2523808080%26strokeWidth%3D2" wi=
dth=3D"18" height=3D"18" style=3D"border: none !important; margin-right: 8p=
x; max-width: 18px; min-height: 18px; min-width: 18px; vertical-align: midd=
le;" alt class=3D"icon"><span class=3D"email-button-text" style=3D"vertical=
-align: middle;">Comment</span></a></td></tr></table></td><td width=3D"8" s=
tyle=3D"min-width: 8px"></td><td style=3D"vertical-align: middle;"><table r=
ole=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D"0" cellpadd=
ing=3D"0"><tr><td align=3D"center"><a href=3D"https://substack.com/redirect=
/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2VuY2Uuc3Vic3RhY2suY29tL3Avd2hhdC13ZS1sZWFy=
bmVkLXRoaXMtd2Vlay0yMzI1P3V0bV9zb3VyY2U9c3Vic3RhY2smdXRtX21lZGl1bT1lbWFpbCZ=
hY3Rpb249cmVzdGFjay1jb21tZW50IiwicCI6MTMwMzM0MjM1LCJzIjoyMjU5LCJmIjp0cnVlLC=
J1IjoxMzMyNjg2NjEsImlhdCI6MTY4NzUyNzEwOCwiZXhwIjoxNjkwMTE5MTA4LCJpc3MiOiJwd=
WItMCIsInN1YiI6ImxpbmstcmVkaXJlY3QifQ.pwmenYCKJwIzrW7p7sBoRf9Q0eu2SaaH0g0aq=
vGrSfo?&utm_source=3Dsubstack&utm_medium=3Demail" class=3D"email-button-out=
line" style=3D"border: 1px solid rgba(0, 0, 0, .13); border-radius: 100000p=
x; color: #808080; display: inline-block; font-family: 'SF Pro Text', -appl=
e-system, ui-sans-serif, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica,=
 Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol=
'; font-size: 12px; font-weight: 500; line-height: 12px; padding: 9px 14px;=
 text-decoration: none; text-transform: uppercase;"><img src=3D"https://sub=
stackcdn.com/image/fetch/w_36,c_scale,f_png,q_auto:good,fl_progressive:stee=
p/https%3A%2F%2Fsubstack.com%2Ficon%2FNoteForwardIcon%3Fv%3D4%26height%3D36=
%26fill%3Dnone%26stroke%3D%2523808080%26strokeWidth%3D2" width=3D"18" heigh=
t=3D"18" style=3D"border: none !important; margin-right: 8px; max-width: 18=
px; min-height: 18px; min-width: 18px; vertical-align: middle;" alt class=
=3D"icon"><span class=3D"email-button-text" style=3D"vertical-align: middle=
;">Restack</span></a></td></tr></table></td></tr></table></td><td align=3D"=
right"><table role=3D"presentation" width=3D"auto" border=3D"0" cellspacing=
=3D"0" cellpadding=3D"0"><tr></tr></table></td></tr></table></td></tr><tr h=
eight=3D"16"><td height=3D"16" style=3D"font-size: 0px; line-height: 0;">&#=
160;</td></tr></table><div class=3D"footer frontend-email-shared-typed-modu=
le__footer--B5jqg" style=3D"color: #808080; font-size: 16px; line-height: 2=
6px; padding: 24px 0; text-align: center;"><div style=3D"font-size: 16px; l=
ine-height: 26px; padding-bottom: 24px;"><p class=3D"pencraft frontend-penc=
raft-Box-module__reset--VfQY8 frontend-pencraft-Text-module__size-12--KorQF=
 frontend-pencraft-Text-module__color-secondary--WRADg frontend-pencraft-Te=
xt-module__reset--dW0zZ small frontend-email-shared-typed-module__meta--vRZ=
SC" style=3D"color: #808080; font-family: -apple-system, BlinkMacSystemFont=
, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'S=
egoe UI Emoji', 'Segoe UI Symbol'; font-size: 12px; letter-spacing: 0; line=
-height: 16px; margin: 0; padding-bottom: 0; text-decoration: unset;">&#169=
; 2023 <span>Marion Maneker</span><br>19 Jochum Ave., Larchmont, NY 10538 <=
br><a href=3D"https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ=
2VuY2Uuc3Vic3RhY2suY29tL2FjdGlvbi9kaXNhYmxlX2VtYWlsP3Rva2VuPWV5SjFjMlZ5WDJs=
a0lqb3hNek15TmpnMk5qRXNJbkJ2YzNSZmFXUWlPakV6TURNek5ESXpOU3dpYVdGMElqb3hOamc=
zTlRJM01UQTRMQ0psZUhBaU9qRTJPVEF4TVRreE1EZ3NJbWx6Y3lJNkluQjFZaTB5TWpVNUlpd2=
ljM1ZpSWpvaVpHbHpZV0pzWlY5bGJXRnBiQ0o5LmdwZlU2NkV4QkdzT1JSUWVxNjRUZmdsWTlZT=
2VWUC1pem9Va0lJTGNFRGsmZXhwaXJlcz0zNjVkIiwicCI6MTMwMzM0MjM1LCJzIjoyMjU5LCJm=
Ijp0cnVlLCJ1IjoxMzMyNjg2NjEsImlhdCI6MTY4NzUyNzEwOCwiZXhwIjoxNjkwMTE5MTA4LCJ=
pc3MiOiJwdWItMCIsInN1YiI6ImxpbmstcmVkaXJlY3QifQ.8hW4BkIJ9cUdrcMJUZsDEUNMZBT=
WC-IADwXCRJWcXQQ?" style=3D"color: #808080; text-decoration: underline;"><s=
pan style=3D"color: #808080; text-decoration: underline;">Unsubscribe</span=
></a></p></div><p class=3D"frontend-email-shared-typed-module__footerSectio=
n--dumyu small powered-by-substack" style=3D"color: #808080; font-family: -=
apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, san=
s-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-siz=
e: 12px; line-height: 20px; margin: 0; margin-top: 0; padding: 0 24px; padd=
ing-bottom: 0;"><a href=3D"https://substack.com/redirect/c62ce87d-bf4e-4c1f=
-b14b-97096ae54d58?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6F=
x_g6pp7gWdY" style=3D"color: #808080; display: inline-block; margin: 0 4px;=
 text-decoration: none;"><img src=3D"https://substackcdn.com/image/fetch/w_=
260,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack.=
com%2Fimg%2Femail%2Fgeneric-app-button%402x.png" srcset=3D"https://substack=
cdn.com/image/fetch/w_130,c_limit,f_auto,q_auto:good,fl_progressive:steep/h=
ttps%3A%2F%2Fsubstack.com%2Fimg%2Femail%2Fgeneric-app-button.png, https://s=
ubstackcdn.com/image/fetch/w_260,c_limit,f_auto,q_auto:good,fl_progressive:=
steep/https%3A%2F%2Fsubstack.com%2Fimg%2Femail%2Fgeneric-app-button%402x.pn=
g 2x, https://substackcdn.com/image/fetch/w_390,c_limit,f_auto,q_auto:good,=
fl_progressive:steep/https%3A%2F%2Fsubstack.com%2Fimg%2Femail%2Fgeneric-app=
-button%403x.png 3x" width=3D"130" alt=3D"Get the app" height=3D"40" style=
=3D"border: none !important; max-width: 550px; vertical-align: middle;"></a=
><a href=3D"https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9zdWJzdGFjay5=
jb20vc2lnbnVwP3V0bV9zb3VyY2U9c3Vic3RhY2smdXRtX21lZGl1bT1lbWFpbCZ1dG1fY29udG=
VudD1mb290ZXImdXRtX2NhbXBhaWduPWF1dG9maWxsZWQtZm9vdGVyJmZyZWVTaWdudXBFbWFpb=
D1lbnpvQHNob3dmaWxlLmNvbSIsInAiOjEzMDMzNDIzNSwicyI6MjI1OSwiZiI6dHJ1ZSwidSI6=
MTMzMjY4NjYxLCJpYXQiOjE2ODc1MjcxMDgsImV4cCI6MTY5MDExOTEwOCwiaXNzIjoicHViLTA=
iLCJzdWIiOiJsaW5rLXJlZGlyZWN0In0.n5JYcvXxiBpQ1fylOxewtHUFLdRXN7w6CNRvQ50QeV=
w?" style=3D"color: #808080; display: inline-block; margin: 0 4px; text-dec=
oration: none;"><img src=3D"https://substackcdn.com/image/fetch/w_270,c_lim=
it,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack.com%2Fimg=
%2Femail%2Fpublish-button%402x.png" srcset=3D"https://substackcdn.com/image=
/fetch/w_135,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2F=
substack.com%2Fimg%2Femail%2Fpublish-button.png, https://substackcdn.com/im=
age/fetch/w_270,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F=
%2Fsubstack.com%2Fimg%2Femail%2Fpublish-button%402x.png 2x, https://substac=
kcdn.com/image/fetch/w_405,c_limit,f_auto,q_auto:good,fl_progressive:steep/=
https%3A%2F%2Fsubstack.com%2Fimg%2Femail%2Fpublish-button%403x.png 3x" widt=
h=3D"135" alt=3D"Start writing" height=3D"40" style=3D"border: none !import=
ant; max-width: 550px; vertical-align: middle;"></a></p></div></div></td><t=
d></td></tr></table><img src=3D"https://eotrx.substackcdn.com/open?token=3D=
eyJtIjoiPDIwMjMwNjIzMTMzMDE4LjMuMWNlOTk0MjI0NjkzZWFlNkBtZy1kMC5zdWJzdGFjay5=
jb20-IiwidSI6MTMzMjY4NjYxLCJyIjoiZW56b0BzaG93ZmlsZS5jb20iLCJkIjoibWctZDAuc3=
Vic3RhY2suY29tIiwicCI6MTMwMzM0MjM1LCJ0IjoibmV3c2xldHRlciIsImEiOiJldmVyeW9uZ=
SIsInMiOjIyNTksImMiOiJwb3N0IiwiZiI6dHJ1ZSwicG9zaXRpb24iOiJib3R0b20iLCJpYXQi=
OjE2ODc1MjcxMDksImV4cCI6MTY5MDExOTEwOSwiaXNzIjoicHViLTAiLCJzdWIiOiJlbyJ9.Vv=
AUjVgFdMWLiIN_3H7mAOxZitwKYf2N_e0pwuxjOLA" alt=3D"" width=3D"1" height=3D"1=
" border=3D"0" style=3D"height:1px !important;width:1px !important;border-w=
idth:0 !important;margin-top:0 !important;margin-bottom:0 !important;margin=
-right:0 !important;margin-left:0 !important;padding-top:0 !important;paddi=
ng-bottom:0 !important;padding-right:0 !important;padding-left:0 !important=
;"/><img width=3D"1px" height=3D"1px" alt=3D"" src=3D"https://email.mg-d0.s=
ubstack.com/o/eJw80NtqAyEQxvGniXdd1FETL3yWZdTJRupq8NCwffqSA739Bv78mICDttoOd=
699sOgM4FVHRk6Yy1nLs5CK0Y4prxsVajgorjj-r9xKodnNQfBGB29ABsttQDhHbXzwWpmgBUaW=
nOQSuJEgALi4LLCIQNYqKZWxQEjmpPi-fUW-9On7wPC9hLqz1NdroxfBjTaJPaErzpioBHL0Q-2=
o5TOn6ARwACVBv5dx3MkVevRMY1Bj9-nXUPd9ljSOlQr6TPETnj6ngCPV8gxJqS1rjspvPSneb_=
VxTZlepj59rDum4rANyjltTwsb7yfOTu0tAWkuxoi_AAAA___p33aE"></body></html>
--7820d8b391c6ebcdcabb0eea3fd792d4031220ae423a3cc14c4e9429d7df--