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From: Marion Maneker <marion@puck.news>
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Welcome back to Wall Power. This week, the Appraiser=E2=80=99s Association =
is honoring the founder of Artnet, Hans Neuendorf. It=E2=80=99s the group=
=E2=80=99s 75th anniversary, so the annual fundraiser has been upgraded to =
a gala at Rockefeller Center=E2=80=99s Rainbow Room. As I=E2=80=99ll discus=
s, Artnet=E2=80=99s impact on the industry is undeniable. But=E2=80=A6 is i=
t actually a good business?
=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=
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=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=
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=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0
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WELCOME BACK!
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Welcome back to Wall Power. I=E2=80=99m Marion Maneker.
This week, the Appraiser=E2=80=99s Association is honoring the founder of A=
rtnet, Hans Neuendorf. It=E2=80=99s the group=E2=80=99s 75th anniversary, s=
o the annual fundraiser has been upgraded to a gala at Rockefeller Center=
=E2=80=99s Rainbow Room. As I=E2=80=99ll discuss, Artnet=E2=80=99s impact o=
n the industry is undeniable. But=E2=80=A6 is it actually a good business?
We=E2=80=99ll get to that below the fold. But first=E2=80=A6
A MESSAGE FROM OUR SPONSOR
$(ad4_title) ( https://www.christies.com/events/20th-21st-century-new-york/=
what-is-on?cid=3DEM_DIS_puck_MSLP_VHG_2021M__2021CNY0524_EN__nwsltr600x400 =
)
Coinciding with the 150th anniversary of the first Impressionist exhibition=
, Claude Monet=E2=80=99s Moulin de Limetz is a highlight of our 20th/21st C=
entury Art auctions this season. Discover this and many other masterpieces =
( https://www.christies.com/events/20th-21st-century-new-york/what-is-on?ci=
d=3DEM_DIS_puck_MSLP_VHG_2021M__2021CNY0524_EN__nwsltr600x400text ) at our =
Rockefeller Center galleries in New York.
* Congratulations to my colleague Lauren Sherman, whose Fashion People podc=
ast debuted today ( https://open.spotify.com/show/0QzJQbXngjCAM1RSZrgIdn?ut=
m_campaign=3DWall+Power+-+LEADS+%284%2F23%2F24%29&utm_content=3DWall+Power+=
-+LEADS+%284%2F14%2F24%29&utm_medium=3Demail_action&utm_source=3Dcustomer.i=
o&utm_term=3Df6c60615e3d301d48d28 ) and quickly rose to the top 10 in Apple=
=E2=80=99s Arts category. She=E2=80=99s coming for you, Fresh Air! If podca=
sts aren=E2=80=99t your thing, but you want to get the tutorial on the fash=
ion business, try reading Line Sheet ( https://puck.news/newsletters/line-s=
heet/?utm_campaign=3DWall+Power+-+LEADS+%284%2F23%2F24%29&utm_content=3DWal=
l+Power+-+LEADS+%284%2F14%2F24%29&utm_medium=3Demail_action&utm_source=3Dcu=
stomer.io&utm_term=3Df6c60615e3d301d48d28 ).
* LACMA=E2=80=99s eastward expansion: Michael Govan took to the Los Angeles=
Times to defend his museum's plans ( https://www.latimes.com/entertainment=
-arts/story/2024-04-22/lacma-sharing-art-las-vegas-museum?utm_campaign=3DWa=
ll+Power+-+LEADS+%284%2F23%2F24%29&utm_content=3DWall+Power+-+LEADS+%284%2F=
14%2F24%29&utm_medium=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6=
c60615e3d301d48d28 ) to collaborate with the still-forming Las Vegas Museum=
of Art, a large exhibition space hoping to open in 2028. Govan is taking f=
lak from the Times ( https://www.latimes.com/entertainment-arts/story/2024-=
04-22/lacma-satellite-las-vegas-museum-of-art?utm_campaign=3DWall+Power+-+L=
EADS+%284%2F23%2F24%29&utm_content=3DWall+Power+-+LEADS+%284%2F14%2F24%29&u=
tm_medium=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301=
d48d28 ) for working with another city while his plans for more accessible =
satellite museums within sprawling L.A. have not emerged. The gist of the p=
roblem is that LACMA=E2=80=99s new museum,
which won=E2=80=99t open until 2026, has less gallery space than the old on=
e. To Govan, a larger museum with smaller galleries was a feature, not a bu=
g. =E2=80=9CI think that=E2=80=99s a very 20th century idea=E2=80=94to keep=
adding wings until you=E2=80=99re a million square feet on Fifth Avenue,=
=E2=80=9D Govan said. =E2=80=9CThe 21st century idea is that you build infr=
astructure in other communities, as well as deep, long-term relationships. =
That=E2=80=99s my paradigm shift.=E2=80=9D
At a recent conference held in Hudson Yards, MoMA=E2=80=99s Glenn Lowry dec=
lared the idea of obtaining more art as also =E2=80=9Cvery 20th century.=E2=
=80=9D Citing a range of
concerns=E2=80=94including a fear that the populist political attacks from =
Congress aimed at universities might eventually fixate on museums=E2=80=94L=
owry emphasized the importance of programming over the acquisition of objec=
ts. The problem, he reckoned, is that donors like to have their names on bu=
ildings, but programming is what builds a base of lasting support. =E2=80=
=9CYou have to think about the public,=E2=80=9D Lowry concluded, =E2=80=9Cw=
hat do our publics want?=E2=80=9D Managing the vanities of the trustees and=
the desires of the public is, of course, a director=E2=80=99s job=E2=80=94=
and may explain why filling the large number of directorships turning over =
soon, including Lowry=E2=80=99s own, is the next big challenge for the fiel=
d.
You=E2=80=99re receiving a complimentary version of Wall Power at enzo@show=
file.com as a welcome gift to new readers. For full access to Puck, and to =
each of my colleagues, you can
subscribe here ( https://puck.news/join/?utm_campaign=3DWall+Power+-+LEADS+=
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8 ).
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=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 )
Artnet & The Price of Everything ( https://puck.news/could-artnet-founder-b=
e-forced-out/?utm_campaign=3DWall+Power+-+LEADS+%284%2F23%2F24%29&utm_conte=
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rce=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 )
Artnet & The Price of Everything ( https://puck.news/could-artnet-founder-b=
e-forced-out/?utm_campaign=3DWall+Power+-+LEADS+%284%2F23%2F24%29&utm_conte=
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rce=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 )
Before Artnet, dealers and auction houses had a stranglehold on information=
=2E Then came Hans Neuendorf=E2=80=A6 and=20=
nothing has been the same since.
MARION MANEKER ( https://puck.news/author/marion-maneker/?utm_campaign=3DWa=
ll+Power+-+LEADS+%284%2F23%2F24%29&utm_content=3DWall+Power+-+LEADS+%284%2F=
14%2F24%29&utm_medium=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6=
c60615e3d301d48d28 )
MARION MANEKER ( https://puck.news/author/marion-maneker/?utm_campaign=3DWa=
ll+Power+-+LEADS+%284%2F23%2F24%29&utm_content=3DWall+Power+-+LEADS+%284%2F=
14%2F24%29&utm_medium=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6=
c60615e3d301d48d28 )
The other day, I asked a dealer about Artnet, the ubiquitous German-owned b=
ut U.S.-based art market media and data business, and the company=E2=80=99s=
prospects for the future. It wasn=E2=80=99t a leading question, but it was=
an increasingly relevant one. After all, the 35-year-old company=E2=80=99s=
guiding personality and founder, Hans Neuendorf, is now in his late 80s. A=
fter taking the company public on the German stock exchange, in 1999, the s=
tock has fallen from =E2=82=AC46 to =E2=82=AC5.85 per share=E2=80=94an 87 p=
ercent drop.
Meanwhile, the company, which now has a market capitalization of around $37=
million, has been beset by roiling turmoil surrounding what Hans pays hims=
elf in his emeritus existence (about $325,000) and what his son, now the C.=
E.O., earns (a little more). (Two of Neuendorf=E2=80=99s other children wor=
k as executives for Artnet, and a fourth
did work for Artnet but left to become a Contemporary art specialist at Sot=
heby=E2=80=99s.) On the straightforward business side, there is frustration=
among users and animosity within the investor group over Artnet=E2=80=99s =
failure to modernize its janky tech.
The dissatisfaction could have material consequences. Since 2022, R=C3=BCdi=
ger Weng, who owns another German art business and has surpassed Neuendorf =
( https://wengfineart.com/news/2022/weng-fine-art-wird-nach-vollzug-des-erw=
erbsangebots-gr%C3%B6%C3%9Fter-aktion%C3%A4r-der-artnet-ag?utm_campaign=3DW=
all+Power+-+LEADS+%284%2F23%2F24%29&utm_content=3DWall+Power+-+LEADS+%284%2=
F14%2F24%29&utm_medium=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df=
6c60615e3d301d48d28 ) as Artnet=E2=80=99s largest shareholder at nearly 30 =
percent, has been leading a campaign to remove Neuendorf. According to the =
letter Weng published at the
time, =E2=80=9CArtnet=E2=80=99s assets (brand name, website-traffic, data-p=
rotection, online auction-tool) are very valuable in today=E2=80=99s art ma=
rket if all this is monetized by an experienced management team in the best=
interests of the company.=E2=80=9D If Weng can ally with enough of the han=
dful of other large stakeholders to get another 21 percent of the shares to=
vote with him, Hans will have lost his grip on the company. (Only a fracti=
on of the outstanding shares trade publicly in Germany.) But Weng isn=E2=80=
=99t alone in this quest to oust Neuendorf. I spoke to a fund manager who h=
as been sniffing around Artnet for more than a year, and he told me the com=
pany is on many boutique investment firms=E2=80=99 watch lists.
All of this is a long way of saying that I was surprised by the remarkably =
sanguine response from the art dealer. =E2=80=9CArtnet isn=E2=80=99t a busi=
ness,=E2=80=9D he said, =E2=80=9Cit=E2=80=99s a brand. In fact, it=E2=80=99=
s a better brand than everyone but Sotheby=E2=80=99s, Christie=E2=80=99s, a=
nd
Gagosian.=E2=80=9D
Obviously, Artnet plays a central role in the market. The legions of art ad=
visors who now shepherd collectors through galleries, fairs, and auction pr=
eviews would be comparatively impotent without access to its database of au=
ction prices. Artnet=E2=80=99s rise, however, hasn=E2=80=99t been easy, and=
much of the challenge seems to have come from Hans, himself.
In a six-part interview for his own publication on the occasion of Artnet=
=E2=80=99s 30th anniversary, former Artnet News editor Andrew Goldstein des=
cribed Neuendorf as =E2=80=9Cstubborn, quixotic and deeply idealistic.=E2=
=80=9D Before buying into Artnet at the beginning, Hans had established him=
self as a dealer in Hamburg in the 1960s by traveling to Paris to buy print=
s from legendary figures like Heinz Berggruen and Ileana Sonnabend. He was =
among the group of gallerists who created the world=E2=80=99s first art fai=
r, Art Cologne, in 1967. Two years later, Ernst Beyeler would bring the
idea to Basel when he founded Art Basel.
Twenty years later, Neuendorf stumbled into a group who were trying to cata=
log art sale prices. They started with the readily available auction prices=
, which they used to build a digital database and then began to fax reports=
to customers. When the original founders grew frustrated with the business=
, they allowed Hans to buy their shares. Eventually, he borrowed from acqua=
intances (including a Rothschild), the internet arrived, and Artnet was abl=
e to ditch the fax machines as Hans expanded his hustle. =E2=80=9CIn starti=
ng Artnet,=E2=80=9D Goldstein wrote, =E2=80=9CNeuendorf overcame an unceasi=
ng parade of crises and challenges, keeping the company going by selling ar=
tworks to fund operations and maintaining a conviction=E2=80=94he might cal=
l it naivet=C3=A9=E2=80=94that success was always right around the corner.=
=E2=80=9D
A MESSAGE FROM OUR SPONSOR
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Coinciding with the 150th anniversary of the first Impressionist exhibition=
, Claude Monet=E2=80=99s La Roche Guibel, Port-Domois is included in our 20=
th/21st Century Art auctions this season. Discover this and many other mast=
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) at our Rockefeller Center galleries in New York.
Hans Solo
Thirty-five years in, success is still just beyond Artnet=E2=80=99s reach. =
The good news is that there is no shortage of potential investors or acquir=
ers for a data-first business that made $26 million in revenue in 2022. The=
Neuendorfs may be running it a bit like a cottage industry, but private eq=
uity executives feast on these sort of paint-by-numbers opportunities=E2=80=
=94strip down the business, replace management, cut costs, and then flip=E2=
=80=94especially in recurring revenue companies that rely on subscriptions.
In many ways, Artnet=E2=80=99s shortcomings reflect its origins and the ecc=
entricities of the art world. When the company was founded, in 1989, the ar=
t market relied on a combination of a telephone book-like listing of prices=
and the dealer=E2=80=99s own reference library of auction catalogs. Pricin=
g a work involved cross-referencing the prices in the
big book against the images, provenance, exhibition history, and other deta=
ils stored in the catalogs. A good dealer attended all of the auctions in t=
heir area of expertise.
Even in the 1990s, auction houses primarily acted as wholesale operations f=
or art dealers. The dealers examined the works before the sale, taking note=
of the quality of the image and condition of the work through close person=
al inspection. During the bidding, dealers scribbled their own notes in the=
ir catalogs, memorializing bidding increments, the number of different bidd=
ers and the names of underbidders. That last bit of information, the underb=
idder, was among the most valuable leads.
The quality of the information a dealer had was entirely dependent upon tha=
t dealer=E2=80=99s observational skills and attention span. Doze off during=
an auction, daydream, or get too involved in gossiping with your peers, yo=
u might miss that one key bit of information that could make your year. Art=
net
didn=E2=80=99t have then, nor does it have now, the ability to upload that =
rich source of information from the dealer=E2=80=99s experience. But it cou=
ld copy down the auction prices easily.
=E2=80=9CI remember being quite upset,=E2=80=9D said Michael Findlay, now a=
director at Acquavella gallery, who worked at Christie=E2=80=99s in the 19=
90s, =E2=80=9Cwhen he was inputting information from our catalogs so he cou=
ld sell it back to us.=E2=80=9D Like many dealers and specialists who view =
pricing as more of an art than a science, Artnet=E2=80=99s database is only=
the beginning of what one needs to consider to arrive at a price. =E2=80=
=9CIt=E2=80=99s no more and no less than a compendium,=E2=80=9D Findlay war=
ned, before adding that all pricing information=E2=80=94but especially the =
almost random sliver of the market represented by auction prices=E2=80=94re=
quires context, analysis, and interpretation. =E2=80=9CIt=E2=80=99s very ra=
w data,=E2=80=9D he explained. =E2=80=9CIt needs to be interpreted with som=
e knowledge of the circumstances.=E2=80=9D
Ed
Dolman, who became C.E.O. at Christie=E2=80=99s in 1999 and now leads Phill=
ips, remembered the same resistance to Artnet that riled Findlay. =E2=80=9C=
It was our competitive advantage,=E2=80=9D Dolman said, referring to the da=
ta. =E2=80=9CSetting estimates and reserves was a lot easier when you knew =
the prices better than anyone else.=E2=80=9D But it soon became apparent to=
Dolman that access to prices increased buyer confidence, and that Artnet w=
as important for bringing in new clients, especially to Contemporary art. A=
s most specialists in the industry will tell you, Asian collectors come in =
having done their homework on everything but especially prices.
Former Sotheby=E2=80=99s C.E.O. Bill Ruprecht didn=E2=80=99t feel the same =
way about price transparency. He proposed to Neuendorf that the house provi=
de access to Artnet=E2=80=99s data on all its lots. In Ruprecht=E2=80=99s e=
xperience, Artnet is a tool that experts use internally but buyers are rela=
tively indifferent to. =E2=80=9CIt=E2=80=99s a professional tool,=E2=80=9D
Ruprecht argued, =E2=80=9Cnot a consumer tool.=E2=80=9D That=E2=80=99s beca=
use buying art isn=E2=80=99t a rational act, as far as he can see. =E2=80=
=9CI don=E2=80=99t think much art is getting bought because it is good valu=
e,=E2=80=9D he continued. =E2=80=9CIt=E2=80=99s emotional.=E2=80=9D
It may be an emotional purchase, but knowing the prices soothes a lot of ne=
rves. =E2=80=9CIt=E2=80=99s the greatest gift to the art market,=E2=80=9D s=
aid Gagosian chief operating officer Andrew Fabricant. =E2=80=9CBut, also, =
everyone is lazy. They don=E2=80=99t do their own research.=E2=80=9D
$(ad3_title) ( https://www.christies.com/events/20th-21st-century-new-york/=
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)
Around the Corner
The other problem is that Artnet=E2=80=99s database, its core product, hasn=
=E2=80=99t really changed in 30 years. Instead of building out the core pro=
duct, Artnet pursued a variety of other quixotic and adjacent businesses. F=
or years, the tiny online information service tried to run an online auctio=
n house, which Neuendorf seemed to believe would someday supplant Sotheby=
=E2=80=99s and Christie=E2=80=99s. It didn=E2=80=99t work. Neuendorf was ab=
le to find a lane in news, however. Ten years ago, a group of refugees from=
Louise Blouin=E2=80=99s Artinfo.com, led by Ben Genocchio, arrived at Artn=
et with a turnkey plan for building an art news operation. =E2=80=9CHe prom=
ised me the moon,=E2=80=9D Neuendorf recalled in 2019. =E2=80=9CHe said the=
total cost of the whole thing, including staff, would be $700,000 a year, =
and we would be able to quickly bring that money in through advertising.
Obviously, none of this was true, but that=E2=80=99s how it started.=E2=80=
=9D
In some ways this was admirable. Neuendorf took the long view and subsidize=
d news (as he did with auctions) until it finally broke through. In 2022, A=
rtnet=E2=80=99s media operation brought in more than $9 million between adv=
ertising and subscriptions. In a field starved for coverage online, Artnet =
News has the most traffic and is packed with luxury ads from firms like Cha=
nel, Van Cleef, and Herm=C3=A8s. (Here=E2=80=99s where I say that I used to=
work at a rival art news organization where I was responsible for thinking=
through how to replicate Artnet=E2=80=99s success with luxury advertisers.=
) That $9 million was a 37.5 percent jump from the year before. Yet the con=
tribution margin=E2=80=94the revenue in excess of costs that can be used to=
pay overhead like executive salaries=E2=80=94rose less than 3 percent. Fro=
m 2021 to 2022, =E2=80=9Ccontribution margin II,=E2=80=9D as Artnet=E2=80=
=99s annual report styles it, rose from just under 20 percent to
just over 22 percent. Whatever extra money Artnet was making from its adver=
tising bonanza was getting eaten up by additional costs.
Even though Neuendorf has only been a minority owner of Artnet since the I.=
P.O. in 1999, he=E2=80=99s had the support of some of his original investor=
s, who have blocked the many attempts to acquire the company. That has begu=
n to change, however. Despite all the natural investor interest in the busi=
ness=E2=80=94the brand, the data, the tools, as Weng noted in his letter=E2=
=80=94Artnet=E2=80=99s total addressable market isn=E2=80=99t entirely clea=
r. Rivals who have replicated much of Artnet=E2=80=99s database and improve=
d upon its interface and analytics haven=E2=80=99t had a glide path to grow=
th. That may be the moat of Artnet=E2=80=99s brand, or it might be that Art=
net serves the art community well enough. Either way, as Hans Neuendorf app=
roaches his 90th year, the success of Artnet remains elusive, and just arou=
nd the corner.
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<div style=3D"display: none; max-height: 0px; overflow: hidden;">Welcome =
back to Wall Power. This week, the Appraiser=E2=80=99s Association is honor=
ing the founder of Artnet, Hans Neuendorf. It=E2=80=99s the group=E2=80=99s=
75th anniversary, so the annual fundraiser has been upgraded to a gala at =
Rockefeller Center=E2=80=99s Rainbow Room. As I=E2=80=99ll discuss, Artnet=
=E2=80=99s impact on the industry is undeniable. But=E2=80=A6 is it actuall=
y a good business?
=20
=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=
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=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=C2=A0=E2=
=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=
=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=
=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=
=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=C2=A0=E2=80=8C=C2=
=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=
=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=
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<p style=3D"margin: 0; color: #000000; font-size: 16px; line-hei=
ght: 30px; margin-top: 0; margin-bottom: 0;">Welcome back to Wall Power. I=
=E2=80=99m <b>Marion Maneker</b>.<br/><br/>This week, the Appraiser=E2=80=
=99s Association is honoring the founder of Artnet, <b>Hans Neuendorf</b>. =
It=E2=80=99s the group=E2=80=99s 75th anniversary, so the annual fundraiser=
has been upgraded to a <i>gala</i> at Rockefeller Center=E2=80=99s Rainbow=
Room. As I=E2=80=99ll discuss, Artnet=E2=80=99s impact on the industry is =
undeniable. But=E2=80=A6 is it actually a good business?<br/><br/><i>We=E2=
=80=99ll get to that below the fold. But first=E2=80=A6</i><br/></p>
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<b>A MESSAGE FROM OUR SPONSOR</b>
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<td style=3D"padding-bottom: 20px;"><a href=3D"https://emai=
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=3D"w100pct" src=3D"https://images.scalero.io/email_assets/2602/O385865A4AV=
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540px;" width=3D"540"/></a></td>
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<td style=3D"font-size: 14px; line-height: 17px; color: #8a=
8888;">Coinciding with the 150th anniversary of the first Impressionist exh=
ibition, Claude Monet=E2=80=99s <i>Moulin de Limetz</i> is a highlight of o=
ur 20th/21st Century Art auctions this season. <u><a href=3D"https://email.=
puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdQRFV1SDlPTjBOOVIyb=
VZMN3JTVT0iLCJocmVmIjoiaHR0cHM6Ly93d3cuY2hyaXN0aWVzLmNvbS9ldmVudHMvMjB0aC0y=
MXN0LWNlbnR1cnktbmV3LXlvcmsvd2hhdC1pcy1vbj9jaWQ9RU1fRElTX3B1Y2tfTVNMUF9WSEd=
fMjAyMU1fXzIwMjFDTlkwNTI0X0VOX19ud3NsdHI2MDB4NDAwdGV4dCIsImludGVybmFsIjoiZj=
ZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjo4NTY1Mjl9/615d8ec18fe8dd0dc25a2b8b=
701bc23b72bf67ebe7dcf5540016cfcc115fe5f3" class=3D"disable-url-params" styl=
e=3D"color:#d40000;text-decoration:underline;font-weight:bold" class=3D"sdf=
">Discover this and many other masterpieces</a></u> at our Rockefeller Cent=
er galleries in New York.<br/> <a class=3D"replica" href=3D"$(ad4_cta_link)=
?utm_campaign=3DWall+Power+-+LEADS+%284%2F23%2F24%29&utm_content=3DWall=
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ce=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28" name=3D"ad4_cta" rel=
=3D"noopener" style=3D"color: #2200cc !important; text-decoration: underlin=
e;" target=3D"_blank"></a></td>
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<td style=3D"padding-bottom: 32px; color: #000000; font-size: 16p=
x; line-height: 30px; margin-top: 0; margin-bottom: 0;"><ul style=3D"margin=
:0;color:#000000;font-size:16px;line-height:30px;margin-top:0;margin-bottom=
:0;list-style-type:square;mso-special-format:bullet"><li>Congratulations to=
my colleague <b>Lauren Sherman</b>, whose <i>Fashion People</i> podcast <u=
><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTkt=
OT05LQUdQRFV1SDlPTjBOOVIybVZMN3JTVT0iLCJocmVmIjoiaHR0cHM6Ly9vcGVuLnNwb3RpZn=
kuY29tL3Nob3cvMFF6SlFiWG5nakNBTTFSU1pyZ0lkbj91dG1fY2FtcGFpZ249V2FsbCtQb3dlc=
istK0xFQURTKyUyODQlMkYyMyUyRjI0JTI5XHUwMDI2dXRtX2NvbnRlbnQ9V2FsbCtQb3dlcist=
K0xFQURTKyUyODQlMkYxNCUyRjI0JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTA=
wMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkND=
hkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6ODUxMzE4f=
Q/99fb05359382aa7d0607017415b8588fcd4e2c7e71add5a005645fe790ce1a85" style=
=3D"color:#d40000;text-decoration:none;font-weight:bold" class=3D"sdf">debu=
ted today</a></u> and quickly rose to the top 10 in Apple=E2=80=99s Arts ca=
tegory. She=E2=80=99s coming for you, <i>Fresh Air</i>! If podcasts aren=E2=
=80=99t your thing, but you want to get the tutorial on the fashion busines=
s, try reading <u><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6Im=
RnVDJ4Z1lEQU5TTktOT05LQUdQRFV1SDlPTjBOOVIybVZMN3JTVT0iLCJocmVmIjoiaHR0cHM6L=
y9wdWNrLm5ld3MvbmV3c2xldHRlcnMvbGluZS1zaGVldC8_dXRtX2NhbXBhaWduPVdhbGwrUG93=
ZXIrLStMRUFEUyslMjg0JTJGMjMlMkYyNCUyOVx1MDAyNnV0bV9jb250ZW50PVdhbGwrUG93ZXI=
rLStMRUFEUyslMjg0JTJGMTQlMkYyNCUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXH=
UwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZ=
DQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjQyNjA0=
NX0/4b091fafb6cc7fc677d8b92b33cc7d2763f24ab7be92c2b1ff75f6d5e12a0642" style=
=3D"color:#d40000;text-decoration:none;font-weight:bold" class=3D"sdf">Line=
Sheet</a></u>. </li><br/><li><i>LACMA=E2=80=99s eastward expansion</i>: <b=
>Michael Govan</b> took to the <i>Los Angeles Times </i>to <u><a href=3D"ht=
tps://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdQRFV1S=
DlPTjBOOVIybVZMN3JTVT0iLCJocmVmIjoiaHR0cHM6Ly93d3cubGF0aW1lcy5jb20vZW50ZXJ0=
YWlubWVudC1hcnRzL3N0b3J5LzIwMjQtMDQtMjIvbGFjbWEtc2hhcmluZy1hcnQtbGFzLXZlZ2F=
zLW11c2V1bT91dG1fY2FtcGFpZ249V2FsbCtQb3dlcistK0xFQURTKyUyODQlMkYyMyUyRjI0JT=
I5XHUwMDI2dXRtX2NvbnRlbnQ9V2FsbCtQb3dlcistK0xFQURTKyUyODQlMkYxNCUyRjI0JTI5X=
HUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlv=
XHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE=
1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6ODU2NTMwfQ/96fea7e05753535bda66053a6e72c2c=
5ea5d0647be79a597b4ef8414faecf94d" style=3D"color:#d40000;text-decoration:n=
one;font-weight:bold" class=3D"sdf">defend his museum's plans</a></u> t=
o collaborate with the still-forming Las Vegas Museum of Art, a large exhib=
ition space hoping to open in 2028. Govan is <u><a href=3D"https://email.pu=
ck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdQRFV1SDlPTjBOOVIybVZ=
MN3JTVT0iLCJocmVmIjoiaHR0cHM6Ly93d3cubGF0aW1lcy5jb20vZW50ZXJ0YWlubWVudC1hcn=
RzL3N0b3J5LzIwMjQtMDQtMjIvbGFjbWEtc2F0ZWxsaXRlLWxhcy12ZWdhcy1tdXNldW0tb2YtY=
XJ0P3V0bV9jYW1wYWlnbj1XYWxsK1Bvd2VyKy0rTEVBRFMrJTI4NCUyRjIzJTJGMjQlMjlcdTAw=
MjZ1dG1fY29udGVudD1XYWxsK1Bvd2VyKy0rTEVBRFMrJTI4NCUyRjE0JTJGMjQlMjlcdTAwMjZ=
1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMj=
Z1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzM=
DFkNDhkMjgiLCJsaW5rX2lkIjo4NTY1MzF9/c8925a2aad22dc41f1674198e1cc35e38b95ee6=
a6c3012dedb0a2e11fce3ab93" style=3D"color:#d40000;text-decoration:none;font=
-weight:bold" class=3D"sdf">taking flak from the <i>Times</i></a></u> for w=
orking with another city while his plans for more accessible satellite muse=
ums within sprawling L.A. have not emerged. The gist of the problem is that=
LACMA=E2=80=99s new museum, which won=E2=80=99t open until 2026, has less =
gallery space than the old one. To Govan, a larger museum with smaller gall=
eries was a feature, not a bug. =E2=80=9CI think that=E2=80=99s a very 20th=
century idea=E2=80=94to keep adding wings until you=E2=80=99re a million s=
quare feet on Fifth Avenue,=E2=80=9D Govan said. =E2=80=9CThe 21st century =
idea is that you build infrastructure in other communities, as well as deep=
, long-term relationships. That=E2=80=99s my paradigm shift.=E2=80=9D<br/><=
br/>At a recent conference held in Hudson Yards, MoMA=E2=80=99s <b>Glenn Lo=
wry</b> declared the idea of obtaining more art as also =E2=80=9Cvery 20th =
century.=E2=80=9D Citing a range of
concerns=E2=80=94including a fear that the populist political attacks from =
Congress aimed at universities might eventually fixate on museums=E2=80=94L=
owry emphasized the importance of programming over the acquisition of objec=
ts. The problem, he reckoned, is that donors like to have their names on bu=
ildings, but programming is what builds a base of lasting support. =E2=80=
=9CYou have to think about the public,=E2=80=9D Lowry concluded, =E2=80=9Cw=
hat do our publics want?=E2=80=9D Managing the vanities of the trustees and=
the desires of the public is, of course, a director=E2=80=99s job=E2=80=94=
and may explain why filling the large number of directorships turning over =
soon, including Lowry=E2=80=99s own, is the next big challenge for the fiel=
d.</li></ul></td>
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<tr class=3D"replica" name=3D"hero1">
<td>
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" class=3D=
"w100pct" role=3D"presentation" style=3D"width: 100%;" width=3D"100%">
<tbody><tr>
<td style=3D"padding-bottom: 10px;"><a href=3D"https://email.p=
uck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdQRFV1SDlPTjBOOVIybV=
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MkYyNCUyOVx1MDAyNnV0bV9jb250ZW50PVdhbGwrUG93ZXIrLStMRUFEUyslMjg0JTJGMTQlMkY=
yNCUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b2=
1lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmN=
mM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjg1NjUzMn0/39dfa27e924f3a9aa429b796=
74cc4b6ec7a85eb17316290cf20401e1563cc5da" target=3D"_blank"><img alt=3D"Art=
net & The Price of Everything" class=3D"w100pct" src=3D"https://images.=
scalero.io/email_assets/4014/YNRE5ITKLDHAE6T03LHBZBGQQ3JHH94Z7UBL4LWX70QDNQ=
UK49UNNSCVIGGE01UE.png" style=3D"width:540px;" width=3D"540"/></a></td>
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<tr>
<td style=3D"padding-bottom: 10px;"><a href=3D"https://email.p=
uck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdQRFV1SDlPTjBOOVIybV=
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mUtZm9yY2VkLW91dC8_dXRtX2NhbXBhaWduPVdhbGwrUG93ZXIrLStMRUFEUyslMjg0JTJGMjMl=
MkYyNCUyOVx1MDAyNnV0bV9jb250ZW50PVdhbGwrUG93ZXIrLStMRUFEUyslMjg0JTJGMTQlMkY=
yNCUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b2=
1lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmN=
mM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjg1NjUzMn0/39dfa27e924f3a9aa429b796=
74cc4b6ec7a85eb17316290cf20401e1563cc5da" rel=3D"noopener" style=3D"text-de=
coration: none; color: #d70a09; font-family: Beskerville, Georgia, 'Tim=
es New Roman', Times, serif; font-size:30px; line-height:36px;" target=
=3D"_blank">Artnet & The Price of Everything</a></td>
</tr>
<tr>
<td style=3D"font-size:18px; color:#000000;line-height:30px; p=
adding-bottom: 10px;">Before Artnet, dealers and auction houses had a stran=
glehold on information. Then came Hans Neuendorf=E2=80=A6 and nothing has b=
een the same since.</td>
</tr>
<tr class=3D"replica" name=3D"author">
<td style=3D"padding-bottom: 24px;">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" class=
=3D"w100pct" role=3D"presentation" style=3D"width: 100%;" width=3D"100%">
<tbody><tr>
<td width=3D"80"><a href=3D"https://email.puck.news/e/c/eyJ=
lbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdQRFV1SDlPTjBOOVIybVZMN3JTVT0iLCJocm=
VmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvYXV0aG9yL21hcmlvbi1tYW5la2VyLz91dG1fY2FtcGFpZ=
249V2FsbCtQb3dlcistK0xFQURTKyUyODQlMkYyMyUyRjI0JTI5XHUwMDI2dXRtX2NvbnRlbnQ9=
V2FsbCtQb3dlcistK0xFQURTKyUyODQlMkYxNCUyRjI0JTI5XHUwMDI2dXRtX21lZGl1bT1lbWF=
pbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNj=
A2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua=
19pZCI6ODQ3ODE3fQ/9b8963e9101ba3bf2f95bd6f361df610d482ae59e1a95678f4b019c0a=
9cb38f0" target=3D"_blank"><img alt=3D"MARION MANEKER" src=3D"https://image=
s.scalero.io/email_assets/4014/5U91RL8QH35FF9HGFOAQOSQW8H4C5DPTZ2B6X3OWH55F=
47VW83M55HOB5IFV2UDZ.png" style=3D"width:45px;" width=3D"45"/></a></td>
<td style=3D"font-size:18px; color:#555555;line-height:22px=
; border-bottom: 1px solid #bbbbbb;"><a href=3D"https://email.puck.news/e/c=
/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdQRFV1SDlPTjBOOVIybVZMN3JTVT0iLC=
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GFpZ249V2FsbCtQb3dlcistK0xFQURTKyUyODQlMkYyMyUyRjI0JTI5XHUwMDI2dXRtX2NvbnRl=
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lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09Zj=
ZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4Iiwib=
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9c0a9cb38f0" rel=3D"noopener" style=3D"text-decoration: none; color: #d70a0=
9;" target=3D"_blank"> <strong>MARION MANEKER</strong></a></td>
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<td style=3D"padding-bottom: 36px; color: #000000; font-size: 16p=
x; line-height: 30px; margin-top: 0; margin-bottom: 0;">The other day, I as=
ked a dealer about Artnet, the ubiquitous German-owned but U.S.-based art m=
arket media and data business, and the company=E2=80=99s prospects for the =
future. It wasn=E2=80=99t a leading question, but it was an increasingly re=
levant one. After all, the 35-year-old company=E2=80=99s guiding personalit=
y and founder, <b>Hans Neuendorf</b>, is now in his late 80s. After taking =
the company public on the German stock exchange, in 1999, the stock has fal=
len from =E2=82=AC46 to =E2=82=AC5.85 per share=E2=80=94an 87 percent drop.=
<br/><br/>Meanwhile, the company, which now has a market capitalization of=
around $37 million, has been beset by roiling turmoil surrounding what Han=
s pays himself in his emeritus existence (about $325,000) and what his son,=
now the C.E.O., earns (a little more). (Two of Neuendorf=E2=80=99s other c=
hildren work as executives for Artnet, and a fourth
<i>did</i> work for Artnet but left to become a Contemporary art specialist=
at Sotheby=E2=80=99s.) On the straightforward business side, there is frus=
tration among users and animosity within the investor group over Artnet=E2=
=80=99s failure to modernize its janky tech. <br/><br/>The dissatisfaction =
could have material consequences. Since 2022, <b>R=C3=BCdiger Weng</b>, who=
owns another German art business and has <a href=3D"https://email.puck.new=
s/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdQRFV1SDlPTjBOOVIybVZMN3JTV=
T0iLCJocmVmIjoiaHR0cHM6Ly93ZW5nZmluZWFydC5jb20vbmV3cy8yMDIyL3dlbmctZmluZS1h=
cnQtd2lyZC1uYWNoLXZvbGx6dWctZGVzLWVyd2VyYnNhbmdlYm90cy1nciVDMyVCNiVDMyU5RnR=
lci1ha3Rpb24lQzMlQTRyLWRlci1hcnRuZXQtYWc_dXRtX2NhbXBhaWduPVdhbGwrUG93ZXIrLS=
tMRUFEUyslMjg0JTJGMjMlMkYyNCUyOVx1MDAyNnV0bV9jb250ZW50PVdhbGwrUG93ZXIrLStMR=
UFEUyslMjg0JTJGMTQlMkYyNCUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2=
dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI=
4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjg1NjUzM30/77=
c35f2415be8ec5bb6b2e625ab5a6bfb3f2cb325e8d4b7b5c54fff4132ff880" style=3D"co=
lor:#d40000;text-decoration:none;font-weight:bold" class=3D"sdf">surpassed =
Neuendorf</a> as Artnet=E2=80=99s largest shareholder at nearly 30 percent,=
has been leading a campaign to remove Neuendorf. According to the letter W=
eng published at the
time, =E2=80=9CArtnet=E2=80=99s assets (brand name, website-traffic, data-p=
rotection, online auction-tool) are very valuable in today=E2=80=99s art ma=
rket if all this is monetized by an experienced management team in the best=
interests of the company.=E2=80=9D If Weng can ally with enough of the han=
dful of other large stakeholders to get another 21 percent of the shares to=
vote with him, Hans will have lost his grip on the company. (Only a fracti=
on of the outstanding shares trade publicly in Germany.) But Weng isn=E2=80=
=99t alone in this quest to oust Neuendorf. I spoke to a fund manager who h=
as been sniffing around Artnet for more than a year, and he told me the com=
pany is on many boutique investment firms=E2=80=99 watch lists. <br/><br/>A=
ll of this is a long way of saying that I was surprised by the remarkably s=
anguine response from the art dealer. =E2=80=9CArtnet isn=E2=80=99t a busin=
ess,=E2=80=9D he said, =E2=80=9Cit=E2=80=99s a brand. In fact, it=E2=80=99s=
a better brand than everyone but Sotheby=E2=80=99s, Christie=E2=80=99s, an=
d
Gagosian.=E2=80=9D<br/><br/>Obviously, Artnet plays a central role in the m=
arket. The legions of art advisors who now shepherd collectors through gall=
eries, fairs, and auction previews would be comparatively impotent without =
access to its database of auction prices. Artnet=E2=80=99s rise, however, h=
asn=E2=80=99t been easy, and much of the challenge seems to have come from =
Hans, himself. <br/><br/>In a<i> six-part</i> interview for his own publica=
tion on the occasion of Artnet=E2=80=99s 30th anniversary, former Artnet Ne=
ws editor <b>Andrew Goldstein</b> described Neuendorf as =E2=80=9Cstubborn,=
quixotic and deeply idealistic.=E2=80=9D Before buying into Artnet at the =
beginning, Hans had established himself as a dealer in Hamburg in the 1960s=
by traveling to Paris to buy prints from legendary figures like <b>Heinz B=
erggruen </b>and <b>Ileana Sonnabend</b>. He was among the group of galleri=
sts who created the world=E2=80=99s first art fair, Art Cologne, in 1967. T=
wo years later, <b>Ernst Beyeler </b>would bring the
idea to Basel when he founded Art Basel. <br/><br/>Twenty years later, Neue=
ndorf stumbled into a group who were trying to catalog art sale prices. The=
y started with the readily available auction prices, which they used to bui=
ld a digital database and then began to fax reports to customers. When the =
original founders grew frustrated with the business, they allowed Hans to b=
uy their shares. Eventually, he borrowed from acquaintances (including a <b=
>Rothschild</b>), the internet arrived, and Artnet was able to ditch the fa=
x machines as Hans expanded his hustle. =E2=80=9CIn starting Artnet,=E2=80=
=9D Goldstein wrote, =E2=80=9CNeuendorf overcame an unceasing parade of cri=
ses and challenges, keeping the company going by selling artworks to fund o=
perations and maintaining a conviction=E2=80=94he might call it naivet=C3=
=A9=E2=80=94that success was always right around the corner.=E2=80=9D <br/>=
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<b>A MESSAGE FROM OUR SPONSOR</b>
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<td style=3D"padding-bottom: 20px;"><a href=3D"https://emai=
l.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdQRFV1SDlPTjBOOVI=
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<td style=3D"font-size: 14px; line-height: 17px; color: #8a=
8888;">Coinciding with the 150th anniversary of the first Impressionist exh=
ibition, Claude Monet=E2=80=99s <i>La Roche Guibel, Port-Domois</i> is incl=
uded in our 20th/21st Century Art auctions this season. <u><a href=3D"https=
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vMjB0aC0yMXN0LWNlbnR1cnktbmV3LXlvcmsvd2hhdC1pcy1vbj9jaWQ9RU1fRElTX3B1Y2tfTV=
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ams" style=3D"color:#d40000;text-decoration:underline;font-weight:bold" cla=
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ller Center galleries in New York.<br/> <a class=3D"replica" href=3D"$(ad2_=
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<td style=3D"padding-bottom: 36px; color: #000000; font-size: 16p=
x; line-height: 30px; margin-top: 0; margin-bottom: 0;">Thirty-five years i=
n, success is still just beyond Artnet=E2=80=99s reach. The good news is th=
at there is no shortage of potential investors or acquirers for a data-firs=
t business that made $26 million in revenue in 2022. The Neuendorfs may be =
running it a bit like a cottage industry, but private equity executives fea=
st on these sort of paint-by-numbers opportunities=E2=80=94strip down the b=
usiness, replace management, cut costs, and then flip=E2=80=94especially in=
recurring revenue companies that rely on subscriptions. <br/><br/>In many =
ways, Artnet=E2=80=99s shortcomings reflect its origins and the eccentricit=
ies of the art world. When the company was founded, in 1989, the art market=
relied on a combination of a telephone book-like listing of prices and the=
dealer=E2=80=99s own reference library of auction catalogs. Pricing a work=
involved cross-referencing the prices in the
big book against the images, provenance, exhibition history, and other deta=
ils stored in the catalogs. A good dealer attended all of the auctions in t=
heir area of expertise. <br/><br/>Even in the 1990s, auction houses primari=
ly acted as wholesale operations for art dealers. The dealers examined the =
works before the sale, taking note of the quality of the image and conditio=
n of the work through close personal inspection. During the bidding, dealer=
s scribbled their own notes in their catalogs, memorializing bidding increm=
ents, the number of different bidders and the names of underbidders. That l=
ast bit of information, the underbidder, was among the most valuable leads.=
<br/><br/>The quality of the information a dealer had was entirely depende=
nt upon that dealer=E2=80=99s observational skills and attention span. Doze=
off during an auction, daydream, or get too involved in gossiping with you=
r peers, you might miss that one key bit of information that could make you=
r year. Artnet
didn=E2=80=99t have then, nor does it have now, the ability to upload that =
rich source of information from the dealer=E2=80=99s experience. But it cou=
ld copy down the auction prices easily. <br/><br/>=E2=80=9CI remember being=
quite upset,=E2=80=9D said <b>Michael Findlay</b>, now a director at Acqua=
vella gallery, who worked at Christie=E2=80=99s in the 1990s, =E2=80=9Cwhen=
he was inputting information from our catalogs so he could sell it back to=
us.=E2=80=9D Like many dealers and specialists who view pricing as more of=
an art than a science, Artnet=E2=80=99s database is only the beginning of =
what one needs to consider to arrive at a price. =E2=80=9CIt=E2=80=99s no m=
ore and no less than a compendium,=E2=80=9D Findlay warned, before adding t=
hat all pricing information=E2=80=94but especially the almost random sliver=
of the market represented by auction prices=E2=80=94requires context, anal=
ysis, and interpretation. =E2=80=9CIt=E2=80=99s very raw data,=E2=80=9D he =
explained. =E2=80=9CIt needs to be interpreted with some knowledge of the c=
ircumstances.=E2=80=9D<br/><br/><b>Ed
Dolman</b>, who became C.E.O. at Christie=E2=80=99s in 1999 and now leads P=
hillips, remembered the same resistance to Artnet that riled Findlay. =E2=
=80=9CIt was our competitive advantage,=E2=80=9D Dolman said, referring to =
the data. =E2=80=9CSetting estimates and reserves was a lot easier when you=
knew the prices better than anyone else.=E2=80=9D But it soon became appar=
ent to Dolman that access to prices increased buyer confidence, and that Ar=
tnet was important for bringing in new clients, especially to Contemporary =
art. As most specialists in the industry will tell you, Asian collectors co=
me in having done their homework on everything but especially prices.<br/><=
br/>Former Sotheby=E2=80=99s C.E.O. <b>Bill Ruprecht</b> didn=E2=80=99t fee=
l the same way about price transparency. He proposed to Neuendorf that the =
house provide access to Artnet=E2=80=99s data on all its lots. In Ruprecht=
=E2=80=99s experience, Artnet is a tool that experts use internally but buy=
ers are relatively indifferent to. =E2=80=9CIt=E2=80=99s a professional too=
l,=E2=80=9D
Ruprecht argued, =E2=80=9Cnot a consumer tool.=E2=80=9D That=E2=80=99s beca=
use buying art isn=E2=80=99t a rational act, as far as he can see. =E2=80=
=9CI don=E2=80=99t think much art is getting bought because it is good valu=
e,=E2=80=9D he continued. =E2=80=9CIt=E2=80=99s emotional.=E2=80=9D <br/><b=
r/>It may be an emotional purchase, but knowing the prices soothes a lot of=
nerves. =E2=80=9CIt=E2=80=99s the greatest gift to the art market,=E2=80=
=9D said Gagosian chief operating officer <b>Andrew Fabricant</b>. =E2=80=
=9CBut, also, everyone is lazy. They don=E2=80=99t do their own research.=
=E2=80=9D<br/></td>
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<td><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6=
ImRnVDJ4Z1lEQU5TTktOT05LQUdQRFV1SDlPTjBOOVIybVZMN3JTVT0iLCJocmVmIjoiaHR0cHM=
6Ly93d3cuY2hyaXN0aWVzLmNvbS9ldmVudHMvMjB0aC0yMXN0LWNlbnR1cnktbmV3LXlvcmsvd2=
hhdC1pcy1vbj9jaWQ9RU1fRElTX3B1Y2tfTVNMUF9WSEdfMjAyMU1fXzIwMjFDTlkwNTI0X0VOX=
19ud3NsdHI5NzB4MjUwIiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtf=
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<td style=3D"padding-bottom: 36px; color: #000000; font-size: 16p=
x; line-height: 30px; margin-top: 0; margin-bottom: 0;">The other problem i=
s that Artnet=E2=80=99s database, its core product, hasn=E2=80=99t really c=
hanged in 30 years. Instead of building out the core product, Artnet pursue=
d a variety of other quixotic and adjacent businesses. For years, the tiny =
online information service tried to run an online auction house, which Neue=
ndorf seemed to believe would someday supplant Sotheby=E2=80=99s and Christ=
ie=E2=80=99s. It didn=E2=80=99t work. Neuendorf was able to find a lane in =
news, however. Ten years ago, a group of refugees from <b>Louise Blouin</b>=
=E2=80=99s Artinfo.com, led by <b>Ben Genocchio</b>, arrived at Artnet with=
a turnkey plan for building an art news operation. =E2=80=9CHe promised me=
the moon,=E2=80=9D Neuendorf recalled in 2019. =E2=80=9CHe said the total =
cost of the whole thing, including staff, would be $700,000 a year, and we =
would be able to quickly bring that money in through advertising.
Obviously, none of this was true, but that=E2=80=99s how it started.=E2=80=
=9D<br/><br/>In some ways this was admirable. Neuendorf took the long view =
and subsidized news (as he did with auctions) until it finally broke throug=
h. In 2022, Artnet=E2=80=99s media operation brought in more than $9 millio=
n between advertising and subscriptions. In a field starved for coverage on=
line, Artnet News has the most traffic and is packed with luxury ads from f=
irms like Chanel, Van Cleef, and Herm=C3=A8s. (Here=E2=80=99s where I say t=
hat I used to work at a rival art news organization where I was responsible=
for thinking through how to replicate Artnet=E2=80=99s success with luxury=
advertisers.) That $9 million was a 37.5 percent jump from the year before=
=2E Yet the contribution margin=E2=80=94th=
e revenue in excess of costs that c=
an be used to pay overhead like executive salaries=E2=80=94rose less than 3=
percent. From 2021 to 2022, =E2=80=9Ccontribution margin II,=E2=80=9D as A=
rtnet=E2=80=99s annual report styles it, rose from just under 20 percent to
just over 22 percent. Whatever extra money Artnet was making from its adver=
tising bonanza was getting eaten up by additional costs. <br/><br/>Even tho=
ugh Neuendorf has only been a minority owner of Artnet since the I.P.O. in =
1999, he=E2=80=99s had the support of some of his original investors, who h=
ave blocked the many attempts to acquire the company. That has begun to cha=
nge, however. Despite all the natural investor interest in the business=E2=
=80=94the brand, the data, the tools, as Weng noted in his letter=E2=80=94A=
rtnet=E2=80=99s total addressable market isn=E2=80=99t entirely clear. Riva=
ls who have replicated much of Artnet=E2=80=99s database and improved upon =
its interface and analytics haven=E2=80=99t had a glide path to growth. Tha=
t may be the moat of Artnet=E2=80=99s brand, or it might be that Artnet ser=
ves the art community well enough. Either way, as Hans Neuendorf approaches=
his 90th year, the success of Artnet remains elusive, and just around the =
corner.<br/></td>
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lEQU5TTktOT05LQUdQRFV1SDlPTjBOOVIybVZMN3JTVT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrL=
m5ld3Mvd2lsbC1saW5hLWtoYW4tYmxvY2stdGhlLWNhcHJpLXRhcGVzdHJ5LW1lcmdlci8_dXRt=
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XJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQy=
OCIsImxpbmtfaWQiOjg1NjQ0NX0/a62a6294799904edd672db558a664a08fb358912bfdd8f8=
6e5463befe956a498" target=3D"_blank"><img alt=3D"Fashion Deal Flow Jitters"=
class=3D"w80" src=3D"https://userimg-bee.customeriomail.com/images/client-=
env-107382/Icon_Martini.png" style=3D"width:145px;" width=3D"145"/></a></td=
>
<td class=3D"padB30" style=3D"padding-bottom: 10px;">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" class=
=3D"w100pct" role=3D"presentation" style=3D"width: 100%;" width=3D"100%">
<tbody><tr>
<td class=3D"padB10" style=3D"padding-bottom: 20px;"><a cla=
ss=3D"fs22" href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1l=
EQU5TTktOT05LQUdQRFV1SDlPTjBOOVIybVZMN3JTVT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm=
5ld3Mvd2lsbC1saW5hLWtoYW4tYmxvY2stdGhlLWNhcHJpLXRhcGVzdHJ5LW1lcmdlci8_dXRtX=
2NhbXBhaWduPVdhbGwrUG93ZXIrLStMRUFEUyslMjg0JTJGMjMlMkYyNCUyOVx1MDAyNnV0bV9j=
b250ZW50PVdhbGwrUG93ZXIrLStMRUFEUyslMjg0JTJGMTQlMkYyNCUyOVx1MDAyNnV0bV9tZWR=
pdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZX=
JtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyO=
CIsImxpbmtfaWQiOjg1NjQ0NX0/a62a6294799904edd672db558a664a08fb358912bfdd8f86=
e5463befe956a498" rel=3D"noopener" style=3D"text-decoration: none; color: #=
d40000; font-size: 22px; font-weight: 700; line-height: 26px; font-family: =
Beskerville,Georgia,'Times New Roman',Times,serif;" target=3D"_blan=
k">Fashion Deal Flow Jitters</a></td>
</tr>
<tr>
<td class=3D"padB10 fs14" style=3D"font-size:14px;color:#55=
5;line-height:16px; padding-bottom: 20px;">Will Lina Khan kill the Tapestry=
-Capri merger?</td>
</tr>
<tr>
<td class=3D"fs14" style=3D"font-size:14px;color:#000000;li=
ne-height:16px;"><strong>LAUREN SHERMAN</strong></td>
</tr>
</tbody></table>
</td>
</tr>
<!-- END OF STORY ITEM -->
<!-- STORY ITEM -->
<tr class=3D"replica" name=3D"story2">
<td style=3D"padding-right: 10px; padding-bottom: 10px;" valig=
n=3D"top"><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1=
lEQU5TTktOT05LQUdQRFV1SDlPTjBOOVIybVZMN3JTVT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrL=
m5ld3MvYWRhbS1zaWx2ZXItYW5kLXRoZS1uYmEtcmlnaHRzLWJha2Utb2ZmLz91dG1fY2FtcGFp=
Z249V2FsbCtQb3dlcistK0xFQURTKyUyODQlMkYyMyUyRjI0JTI5XHUwMDI2dXRtX2NvbnRlbnQ=
9V2FsbCtQb3dlcistK0xFQURTKyUyODQlMkYxNCUyRjI0JTI5XHUwMDI2dXRtX21lZGl1bT1lbW=
FpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjN=
jA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlu=
a19pZCI6ODU1OTk4fQ/30a98d7b83ca334df2f9521f61d8a4e8d2be3b01470a94af8eda7bb5=
500927b2" target=3D"_blank"><img alt=3D"ESPN=E2=80=99s Handshake Deal" clas=
s=3D"w80" src=3D"https://userimg-bee.customeriomail.com/images/client-env-1=
07382/Icon_MoneyBag.png" style=3D"width:145px;" width=3D"145"/></a></td>
<td class=3D"padB30" style=3D"padding-bottom: 10px;">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" class=
=3D"w100pct" role=3D"presentation" style=3D"width: 100%;" width=3D"100%">
<tbody><tr>
<td class=3D"padB10" style=3D"padding-bottom: 20px;"><a cla=
ss=3D"fs22" href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1l=
EQU5TTktOT05LQUdQRFV1SDlPTjBOOVIybVZMN3JTVT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm=
5ld3MvYWRhbS1zaWx2ZXItYW5kLXRoZS1uYmEtcmlnaHRzLWJha2Utb2ZmLz91dG1fY2FtcGFpZ=
249V2FsbCtQb3dlcistK0xFQURTKyUyODQlMkYyMyUyRjI0JTI5XHUwMDI2dXRtX2NvbnRlbnQ9=
V2FsbCtQb3dlcistK0xFQURTKyUyODQlMkYxNCUyRjI0JTI5XHUwMDI2dXRtX21lZGl1bT1lbWF=
pbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNj=
A2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua=
19pZCI6ODU1OTk4fQ/30a98d7b83ca334df2f9521f61d8a4e8d2be3b01470a94af8eda7bb55=
00927b2" rel=3D"noopener" style=3D"text-decoration: none; color: #d40000; f=
ont-size: 22px; font-weight: 700; line-height: 26px; font-family: Beskervil=
le,Georgia,'Times New Roman',Times,serif;" target=3D"_blank">ESPN=
=E2=80=99s Handshake Deal</a></td>
</tr>
<tr>
<td class=3D"padB10 fs14" style=3D"font-size:14px;color:#55=
5;line-height:16px; padding-bottom: 20px;">Inside Adam Silver=E2=80=99s las=
t-minute NBA rights negotiations.</td>
</tr>
<tr>
<td class=3D"fs14" style=3D"font-size:14px;color:#000000;li=
ne-height:16px;"><strong>JOHN OURAND</strong></td>
</tr>
</tbody></table>
</td>
</tr>
<!-- END OF STORY ITEM -->
<!-- STORY ITEM -->
<tr class=3D"replica" name=3D"story3">
<td style=3D"padding-right: 10px; padding-bottom: 10px;" valig=
n=3D"top"><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1=
lEQU5TTktOT05LQUdQRFV1SDlPTjBOOVIybVZMN3JTVT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrL=
m5ld3MvdHJ1bXAtdHJpYWwtZGF5LW9uZS1ob3ctc3Ryb25nLWlzLW55LWNhc2UvP3V0bV9jYW1w=
YWlnbj1XYWxsK1Bvd2VyKy0rTEVBRFMrJTI4NCUyRjIzJTJGMjQlMjlcdTAwMjZ1dG1fY29udGV=
udD1XYWxsK1Bvd2VyKy0rTEVBRFMrJTI4NCUyRjE0JTJGMjQlMjlcdTAwMjZ1dG1fbWVkaXVtPW=
VtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mN=
mM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJs=
aW5rX2lkIjo4NTU5MDV9/1f78e7aada76d8185f00dabf51f30dcfbcbd0067eafec1f5af2638=
27d7a75678" target=3D"_blank"><img alt=3D"Trump Clink Questions" class=3D"w=
80" src=3D"https://userimg-bee.customeriomail.com/images/client-env-107382/=
Icon_UFO.png" style=3D"width:145px;" width=3D"145"/></a></td>
<td class=3D"padB30" style=3D"padding-bottom: 10px;">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" class=
=3D"w100pct" role=3D"presentation" style=3D"width: 100%;" width=3D"100%">
<tbody><tr>
<td class=3D"padB10" style=3D"padding-bottom: 20px;"><a cla=
ss=3D"fs22" href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1l=
EQU5TTktOT05LQUdQRFV1SDlPTjBOOVIybVZMN3JTVT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm=
5ld3MvdHJ1bXAtdHJpYWwtZGF5LW9uZS1ob3ctc3Ryb25nLWlzLW55LWNhc2UvP3V0bV9jYW1wY=
Wlnbj1XYWxsK1Bvd2VyKy0rTEVBRFMrJTI4NCUyRjIzJTJGMjQlMjlcdTAwMjZ1dG1fY29udGVu=
dD1XYWxsK1Bvd2VyKy0rTEVBRFMrJTI4NCUyRjE0JTJGMjQlMjlcdTAwMjZ1dG1fbWVkaXVtPWV=
tYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNm=
M2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsa=
W5rX2lkIjo4NTU5MDV9/1f78e7aada76d8185f00dabf51f30dcfbcbd0067eafec1f5af26382=
7d7a75678" rel=3D"noopener" style=3D"text-decoration: none; color: #d40000;=
font-size: 22px; font-weight: 700; line-height: 26px; font-family: Beskerv=
ille,Georgia,'Times New Roman',Times,serif;" target=3D"_blank">Trum=
p Clink Questions</a></td>
</tr>
<tr>
<td class=3D"padB10 fs14" style=3D"font-size:14px;color:#55=
5;line-height:16px; padding-bottom: 20px;">Gaming out 45=E2=80=99s criminal=
trial.</td>
</tr>
<tr>
<td class=3D"fs14" style=3D"font-size:14px;color:#000000;li=
ne-height:16px;"><strong>ERIQ GARDNER</strong></td>
</tr>
</tbody></table>
</td>
</tr>
<!-- END OF STORY ITEM -->
<!-- STORY ITEM -->
<tr class=3D"replica" name=3D"story4">
<td style=3D"padding-right: 10px; padding-bottom: 10px;" valig=
n=3D"top"><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1=
lEQU5TTktOT05LQUdQRFV1SDlPTjBOOVIybVZMN3JTVT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrL=
m5ld3Mvd2hhdHMtYmVoaW5kLWhvcnJvci1tb3ZpZXMtYm94LW9mZmljZS1zbHVtcC8_dXRtX2Nh=
bXBhaWduPVdhbGwrUG93ZXIrLStMRUFEUyslMjg0JTJGMjMlMkYyNCUyOVx1MDAyNnV0bV9jb25=
0ZW50PVdhbGwrUG93ZXIrLStMRUFEUyslMjg0JTJGMTQlMkYyNCUyOVx1MDAyNnV0bV9tZWRpdW=
09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtP=
WY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIs=
ImxpbmtfaWQiOjg1NjA2NX0/24eef275cf20f96c81b4612b4d4eb1f1358a16cb0fdd848dffe=
3a7b0794caf3f" target=3D"_blank"><img alt=3D"American Horror Story" class=
=3D"w80" src=3D"https://userimg-bee.customeriomail.com/images/client-env-10=
7382/Icon_Ace.png" style=3D"width:145px;" width=3D"145"/></a></td>
<td class=3D"padB30" style=3D"padding-bottom: 10px;">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" class=
=3D"w100pct" role=3D"presentation" style=3D"width: 100%;" width=3D"100%">
<tbody><tr>
<td class=3D"padB10" style=3D"padding-bottom: 20px;"><a cla=
ss=3D"fs22" href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1l=
EQU5TTktOT05LQUdQRFV1SDlPTjBOOVIybVZMN3JTVT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm=
5ld3Mvd2hhdHMtYmVoaW5kLWhvcnJvci1tb3ZpZXMtYm94LW9mZmljZS1zbHVtcC8_dXRtX2Nhb=
XBhaWduPVdhbGwrUG93ZXIrLStMRUFEUyslMjg0JTJGMjMlMkYyNCUyOVx1MDAyNnV0bV9jb250=
ZW50PVdhbGwrUG93ZXIrLStMRUFEUyslMjg0JTJGMTQlMkYyNCUyOVx1MDAyNnV0bV9tZWRpdW0=
9ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPW=
Y2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsI=
mxpbmtfaWQiOjg1NjA2NX0/24eef275cf20f96c81b4612b4d4eb1f1358a16cb0fdd848dffe3=
a7b0794caf3f" rel=3D"noopener" style=3D"text-decoration: none; color: #d400=
00; font-size: 22px; font-weight: 700; line-height: 26px; font-family: Besk=
erville,Georgia,'Times New Roman',Times,serif;" target=3D"_blank">A=
merican Horror Story</a></td>
</tr>
<tr>
<td class=3D"padB10 fs14" style=3D"font-size:14px;color:#55=
5;line-height:16px; padding-bottom: 20px;">Why horror flicks stopped killin=
g at the box office.</td>
</tr>
<tr>
<td class=3D"fs14" style=3D"font-size:14px;color:#000000;li=
ne-height:16px;"><strong>SCOTT MENDELSON</strong></td>
</tr>
</tbody></table>
</td>
</tr>
<!-- END OF STORY ITEM -->
</tbody></table>
</td>
</tr>
</tbody></table>
</td>
</tr>
<!-- END OF OTHER STORIES -->
<!-- DIVIDER -->
<tr class=3D"replica" name=3D"quote3">
<td align=3D"center" style=3D"padding-bottom: 20px;">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" class=3D"w1=
00pct" role=3D"presentation" style=3D"width: 540px;" width=3D"540">
<tbody><tr>
<td align=3D"center" style=3D"font-size:20px; line-height:34px; b=
order-top:1px solid #BBBBBB; padding: 0px 0;">
</td>
</tr>
</tbody></table>
</td>
</tr>
<!-- DIVIDER -->
<!-- IMAGE -->
<tr class=3D"replica" name=3D"image">
<td align=3D"center" style=3D"padding: 10px;">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" class=3D"w1=
00pct" role=3D"presentation" style=3D"width: 540px;" width=3D"540">
<tbody><tr>
<td align=3D"center" style=3D"padding: 16px 0;">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"=
presentation" style=3D"width: 100%;" width=3D"100%">
<tbody><tr>
<td align=3D"center"><a href=3D"https://email.puck.news/e/c/ey=
JlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdQRFV1SDlPTjBOOVIybVZMN3JTVT0iLCJoc=
mVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvam9pbi8_dXRtX2NhbXBhaWduPVdhbGwrUG93ZXIrLStM=
RUFEUyslMjg0JTJGMjMlMkYyNCUyOVx1MDAyNnV0bV9jb250ZW50PVdhbGwrUG93ZXIrLStMRUF=
EUyslMjg0JTJGMTQlMkYyNCUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dX=
RtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4I=
iwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjU1ODY3OX0/ed69=
52fab0cf74f702aaa3abbfe9db45c598d08a1cd590383af148ed65487442" target=3D"_bl=
ank"><img alt=3D"Start your free trial today" border=3D"0" class=3D"w100pct=
" src=3D"https://images.scalero.io/email_assets/2253/7RWTT0DHVQ58C08FARBHAC=
TOFLPIIERZ38SQAJ21ZIY1UZI7QAIIR83OH81KK0QN.png" style=3D"width: 540px;" wid=
th=3D"540"/></a></td>
</tr>
</tbody></table>
</td>
</tr>
</tbody></table>
</td>
</tr>
<!-- END OF IMAGE -->
<!-- FOOTER -->
<tr>
<td align=3D"center" class=3D"padL20 padR20" style=3D"padding: 50px =
0 30px;">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"pre=
sentation" width=3D"100%">
<tbody><tr>
<td align=3D"center" style=3D"padding-bottom: 20px;"><a href=3D"h=
ttps://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdQRFV1=
SDlPTjBOOVIybVZMN3JTVT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvP3V0bV9jYW1wYWl=
nbj1XYWxsK1Bvd2VyKy0rTEVBRFMrJTI4NCUyRjIzJTJGMjQlMjlcdTAwMjZ1dG1fY29udGVudD=
1XYWxsK1Bvd2VyKy0rTEVBRFMrJTI4NCUyRjE0JTJGMjQlMjlcdTAwMjZ1dG1fbWVkaXVtPWVtY=
WlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNmM2=
MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5=
rX2lkIjoxfQ/0028ff7e02b3ed11587e0b4c4a419a29d2270daacdd96918d0d28d76f553a6f=
5" target=3D"_blank"><img alt=3D"Puck" src=3D"https://images.scalero.io/ema=
il_assets/2419/PH11UUE1DH0FLVW3ZTAP8F32P0TL01M9PHL0QR4EMT1VD8R7ZBZMSHRDZGEB=
64OU.png" style=3D"width:120px;border: 0;" width=3D"120"/></a></td>
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<!-- FOOTER SOCIAL -->
<tr>
<td align=3D"center" style=3D"padding-bottom: 16px;">
<table align=3D"center" cellpadding=3D"0" cellspacing=3D"0" role=
=3D"presentation">
<tbody><tr>
<td style=3D"padding: 0 10px;"><a href=3D"https://email.puck.n=
ews/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdQRFV1SDlPTjBOOVIybVZMN3J=
TVT0iLCJocmVmIjoiaHR0cHM6Ly9mYWNlYm9vay5jb20vcHVja2RvdG5ld3M_dXRtX2NhbXBhaW=
duPVdhbGwrUG93ZXIrLStMRUFEUyslMjg0JTJGMjMlMkYyNCUyOVx1MDAyNnV0bV9jb250ZW50P=
VdhbGwrUG93ZXIrLStMRUFEUyslMjg0JTJGMTQlMkYyNCUyOVx1MDAyNnV0bV9tZWRpdW09ZW1h=
aWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzY=
wNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbm=
tfaWQiOjEwfQ/43da54628f87ef230705b9500524395e8b3ef87713c184248959d205448483=
8f" target=3D"_blank"><img alt=3D"Facebook" height=3D"48" src=3D"https://im=
ages.scalero.io/email_assets/2370/JQ413334NLVVPW2HD33POEGGI8TVO1QB9OXTB1HDO=
KECZZ6WZHAW0NQTM324I4EB.png" width=3D"48"/></a></td>
<td style=3D"padding: 0 10px;"><a href=3D"https://email.puck.n=
ews/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdQRFV1SDlPTjBOOVIybVZMN3J=
TVT0iLCJocmVmIjoiaHR0cHM6Ly90d2l0dGVyLmNvbS9QdWNrTmV3cz91dG1fY2FtcGFpZ249V2=
FsbCtQb3dlcistK0xFQURTKyUyODQlMkYyMyUyRjI0JTI5XHUwMDI2dXRtX2NvbnRlbnQ9V2Fsb=
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