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Subject: What We Learned this Week (2326)
From: Artelligence <artelligence@substack.com>
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View this post on the web at https://artelligence.substack.com/p/what-we-le=
arned-this-week-2326
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
Results: London=E2=80=99s Summer Sales Seek Direction
Lot Watch: Phillips Announces New York Sale in July
To Be Seen: Claudette Johnson at the Courtauld in September; Giacometti Fou=
ndation Sticks Its Nose Out
Sotheby=E2=80=99s Breathes New Life into NFTs: Art Blocks and Vera Moln=C3=
=A1r
Notes: Do only Boomers like 20th Century art?; Matt Levine questions fracti=
onal value in art; What do resales really tell us?
Results
London=E2=80=99s Summer Sales Seek Direction
Next week, we will have more details on what happened in London after we=E2=
=80=99ve worked with LiveArt=E2=80=99s sale data. For now, a cursory look a=
t the results of Sotheby=E2=80=99s and Christie=E2=80=99s Evening sales and=
Phillips=E2=80=99s day sale suggests this week started unevenly. There str=
ong sales at the top and the bottom of the price ladder even as the overall=
tide of demand seemed to have ebbed leaving many artist=E2=80=99s markets =
stranded. Fading demand doesn=E2=80=99t spread evenly the way increased sp=
ending does. Markets pull back but individual works can still see aggressiv=
e bidding. That=E2=80=99s what we saw in London. The only surprise was that=
the strong markets were not necessarily so-called =E2=80=9Cblue chip=E2=80=
=9D artists. Some venerable names had mixed results. Some emerging names ha=
d uniformly strong results. Also, there=E2=80=99s a lot of discussion about=
London=E2=80=99s position as the European sales center but these June sale=
s have been rocky for quite some time. At one point several years ago, Chri=
stie=E2=80=99s tried to instigate a move away from these sales but their co=
mpetitors drew Christie=E2=80=99s back. For many collectors, the season end=
s with Art Basel in Basel. In our post-pandemic, predominantly global aucti=
on environment, these sales have lost much of their meaning. Are they semi-=
annual events for big lots like the Klimt, Signac and Basquiat that sold so=
well or are they mid-season sales for consignors who can=E2=80=99t wait un=
til October or November? The latter seems more likely.=20
Lot Watch
We=E2=80=99re Not Done Yet=E2=80=94Phillips Announces New York Sale in July
The sweet spot in today=E2=80=99s market seems to be five-digit estimates f=
or emerging or overlooked artists with strong demand. Phillips isn=E2=80=99=
t going to sleep on that. Phillips has announced a new sale of 20th Century=
and Contemporary art=C2=A0 in New York on July 18th. The sale comes quickl=
y on the heels of the London edition of The New Now, Phillips franchise sal=
e in emerging names. The New York sale has =E2=80=9Cjust over 110 lots=E2=
=80=9D comprising a list of =E2=80=9Cestablished names such as Robert Mothe=
rwell, Alex Katz, and Andy Warhol, along with many pieces by women artists =
of the 20th century and today. This includes Sally Michel Avery, Sophie Lar=
rimore, Perle Fine, Pipilotti Rist, Lynne Drexler, and Jaune Quick-to-See S=
mith.=E2=80=9D Although the London sales saw an erosion of interest in some=
formerly sought-after emerging artists, the market still seems to be most =
dynamic at this end of the market than in the middle or upper reaches. Phil=
lips obviously has enough consignors or they wouldn=E2=80=99t holding the s=
ales. We presume they also believe there=E2=80=99s enough demand from colle=
ctors and advisors who are still tuned in and ready to buy. The sale is wor=
th watching both for the state of the current market and as an indicator of=
whether the global art market can sustain continual sales throughout even =
the off-season months.
To Be Seen
Courtauld Shares Claudette Johnson=E2=80=99s Presence in September
The Courtauld Gallery will present [ https://substack.com/redirect/8e3a59d=
a-a191-4294-b716-9c2cd9afc86e?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe=
5iRnigHXx6Fx_g6pp7gWdY ]Claudette Johnson: Presence [ https://substack.com/=
redirect/8e3a59da-a191-4294-b716-9c2cd9afc86e?j=3DeyJ1IjoiMjdjZXI5In0.nCNhO=
M3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ] on September 29th [ https://subst=
ack.com/redirect/8e3a59da-a191-4294-b716-9c2cd9afc86e?j=3DeyJ1IjoiMjdjZXI5I=
n0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]giving the artist her first=
major show in a public collection in London. The exhibition comes a year a=
fter Johnson received an MBE. Long admired by artists like Steve McQueen an=
d Lubaina Himid, the Courtauld says the show will feature =E2=80=9Csignific=
ant early works alongside recent and new drawings, this exhibition will off=
er a compelling overview of Johnson=E2=80=99s pioneering career and artisti=
c development.=E2=80=9D
Giacometti Foundation Sticks Its Nose Out
A year-long exhibition of all of the examples of Alberto Giacometti=E2=80=
=99s The Nose will be on display at the Insitut Giacometti in Paris beginni=
ng July 10th [ https://substack.com/redirect/98ee033d-5544-4d1d-ac36-e724c6=
2fafd2?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY =
]. A cast bronze version of the work was sold at Sotheby=E2=80=99s in late =
2021 for $78 million to crypto-currency entrepreneur Justin Sun. Now Sun=E2=
=80=99s APENFT Foundation and company Tron are supporting the show of all f=
ive of the versions of The Nose Giacometti made, including three different =
models in plaster from the collections of the Fondation Giacometti and the =
Centre Pompidou (1947-49-64), two bronzes (1964) and all the drawings and a=
rchives related to the sculpture. One of the versions is too fragile to tra=
nsport so it will be exhibited virtually using =E2=80=9Can experimental for=
m of mediation.=E2=80=9D
Sotheby=E2=80=99s Breathes New Life into NFTs
Following the successful sale of Three Arrow Capital=E2=80=99s NFTs [ https=
://substack.com/redirect/e9e6f028-2bb5-405b-9036-546698e4d9cb?j=3DeyJ1IjoiM=
jdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ], Sotheby=E2=80=99s=
=C2=A0made a triple announcement this week: a collaboration with Art Blocks=
, one of the consistently successful NFT incubators; as part of adopting th=
e Art Blocks Engine, Sotheby=E2=80=99s will also institute Dutch auctions f=
or the first time; and, the first drop in the collaboration will be 500 gen=
erative works by pioneering algorithmic artist Vera Moln=C3=A1r. As part of=
the announcement, Moln=C3=A1r made this observation, =E2=80=9C=E2=80=8B=E2=
=80=8BTechnology has been at the center of art history for centuries, from =
the invention of oil painting to digital art created today. Impressionism, =
for example, would have been unthinkable without the invention of the paint=
tube, which made it possible to miniaturize the painter's studio and move =
it outside. Beginning with a Leica my father gave me as a teenager, I have =
always been fascinated by the ways in which technology can shape our perspe=
ctives and influence the production of art. After decades of exploring how =
systems and computers can generate artistic outputs, I see this collaborati=
on with Sotheby=E2=80=99s and Art Blocks as a culmination of those efforts,=
providing a new way to generate never-before-seen, unique abstract forms t=
hat are defined by the controlled randomness of machine programming=E2=80=
=94the essence of the algorithm.=E2=80=9D NFTs have taken a body blow in 20=
23 but these moves suggest Sotheby=E2=80=99s may have found a strong partne=
r with the potential for new growth. Art Blocks=E2=80=99s CEO Erick Caldero=
n is the big winner here.
Notes
The baby boomer wealth transfer is upon us=E2=80=94but how long will demand=
last for their post-war taste? [ https://substack.com/redirect/b4c24351-72=
02-4862-9b3b-d784a68a3e94?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRn=
igHXx6Fx_g6pp7gWdY ] Fear mongering in the art press is a perennial sport. =
But The Art Newspaper is going to great lengths to try to spin some pretty =
obvious numbers into some sort of a crisis for post-war art. Citing Sotheby=
=E2=80=99s recent report on art that sold for more than $1m [ https://subst=
ack.com/redirect/fbc41a1c-502e-463d-85d5-788b8eb39245?j=3DeyJ1IjoiMjdjZXI5I=
n0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ], The Art Newspaper says th=
at only 40% of bids on $1m-plus works came from Baby Boomers. That=E2=80=99=
s down from nearly half of the bids just four years ago. More alarming, acc=
ording to TAN, some think this number will halve again in 10 years. In othe=
r words, only 20% of the bids on expensive art will come from Baby Boomers =
in the 2030s. Well, the youngest of the boomers turn 60 next year. In anoth=
er decade, the last boomers will be in their 70s. Human beings don=E2=80=99=
t live forever and though there are prominent collectors well over 70, most=
art buying takes place when people are younger. It=E2=80=99s silly to be a=
larmed that boomers are retreating as a force in collecting. It would be mu=
ch more alarming if they didn=E2=80=99t fade. Then who would be left to buy=
art when they die? How TAN assumes they know the taste of younger buyers i=
sn=E2=80=99t explained. All of the buyers of Impressionist and Modern art f=
or the last 50 years were buying work created long before they were born. O=
ld Masters buyers have a more tenuous =E2=80=9Cpersonal=E2=80=9D connection=
to artists or subject matter=E2=80=94and Old Masters dominated the auction=
market only 70 years ago. =C2=A0
Art shares: [ https://substack.com/redirect/6d006a7e-f07d-460e-b4c2-80b4a7d=
ed362?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]=
The always trenchant Bloomberg newsletter author, Matt Levine, has some in=
teresting questions about Artex=E2=80=99s upcoming Francis Bacon fractional=
art offering [ https://substack.com/redirect/62428a2d-d50a-4150-92d0-5e013=
a6ad2a9?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY=
]. First, he points out that one of the =E2=80=9Cservices=E2=80=9D Artex i=
s offering is to make a market in shares of the Bacon. That means Artex can=
benefit from a spread between buyers and sellers and make money while the =
work is owned fractionally on its platform. The share owners don=E2=80=99t =
make money but they do benefit from the liquidity Artex provides. Levine al=
so points to a provision meant to prevent a buyer from doing a =E2=80=9Ctak=
e-under=E2=80=9D if the work=E2=80=99s value is depressed by the fractional=
ownership. Buying out all of the fractional owners in a work requires a 20=
% premium and the chance for others to bid for the entire work. Levine asks=
if this implies that any work would have to trade at a 20% discount becaus=
e a buyer would need to pay a commission on any trade. He finishes with thi=
s, =E2=80=9CIf you are a rich collector, would you rather buy a painting fr=
om Artex at a 20% premium to its trading price, or at a Christie=E2=80=99s =
auction with a 20% commission?=E2=80=9D It seems more likely that a =E2=80=
=9Crich collector=E2=80=9D would buy from an auction house or private deale=
r than purchase a fractionalized work, especially one where the net value h=
as been publicly visible on the platform for an extended period of time. So=
far, behavior in the art market favors works that are traded infrequently,=
have a strong provenance from respected collectors or institutions and the=
appearance of being rare opportunities when offered. Fractionalization wou=
ld seem to violate at least two of these points and possibly all three.=C2=
=A0
Speaking of frequently traded works: A lot was made in several auction repo=
rts about the resales of a Basquiat and Marlene Dumas work [ https://substa=
ck.com/redirect/33cba3ff-5e10-430d-86f0-f9c68b1c5eba?j=3DeyJ1IjoiMjdjZXI5In=
0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ] at Christie=E2=80=99s. The =
Basquiat had been sold by Peter Brant in December, 2021 [ https://substack.=
com/redirect/8a35e289-d63d-42bd-a587-af894843f1c1?j=3DeyJ1IjoiMjdjZXI5In0.n=
CNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]. It made $1.5 million then. Th=
is week it was resold for approximately $60,000 more. The Dumas was sold at=
Phillips in February of 2020 for $423,601. This week it fetched $144,536. =
According to the reporters, this was evidence of the impact of a slowdown i=
n the art market. Generalizing from a particular sale is always difficult. =
In the case of these two works, there=E2=80=99s no good reason for either t=
o be coming back to market after only a couple of years. Dumas=E2=80=99s wo=
rk doesn=E2=80=99t trade frequently on the market. A drop of two-thirds in =
value is a tough haircut for the consignor to take but that may say more ab=
out the work and the price paid than the artist=E2=80=99s market or the ove=
rall market. With the Basquiat, the turnaround was even faster. It original=
ly appeared in a design-heavy sale that might have gotten overlooked. Here =
the slight uptick in the price paid might be more of a measure of the arbit=
rage from that sale to these more visible auctions, meaning the upside migh=
t have been greater if the art market had not pulled back in the meantime. =
There=E2=80=99s no doubt that the market is down. Here=E2=80=99s another ex=
ample not mentioned by reporters also from this week: Wayne Thiebaud=E2=80=
=99s [ https://substack.com/redirect/cd7e76f7-8eb5-42bf-9ed8-f8e57633aa29?=
j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]Variou=
s Cakes [ https://substack.com/redirect/cd7e76f7-8eb5-42bf-9ed8-f8e57633aa2=
9?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ] fro=
m 1981 [ https://substack.com/redirect/cd7e76f7-8eb5-42bf-9ed8-f8e57633aa29=
?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ] was =
sold in 2011 directly from Allan Stone=E2=80=99s estate for $2.9 million in=
2011. This week is resold for only $2.6 million. In the dozen years betwee=
n the sales, the Thiebaud market has gone way up. It=E2=80=99s not clear wh=
at that price drop is telling us. Did the consignor pay too much for a work=
from Stone? Have better examples come to market since? Has the Thiebaud ma=
rket gotten both stronger but choosier in the last six months or weaker and=
focused only on the highest quality works as we saw in New York? The point=
here is that looking at the two Thiebaud sales in isolation one could easi=
ly draw a simple conclusion about Thiebaud=E2=80=99s market having been muc=
h stronger in 2011 than it is today. That=E2=80=99s clearly not the case.=
=20
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}
@media (max-width: 650px) {
.typography .markup .tweet .tweet-photos-container.two,
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}
@media (max-width: 650px) {
.typography .markup .tweet a.expanded-link .expanded-link-img,
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}
@media (max-width: 650px) {
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@media screen and (min-width: 420px) and (max-width: 600px) {
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margin: 0 0 12px 0;
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@media (max-width: 600px) {
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height: 38px;
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@media screen and (max-width: 650px) {
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}
@media screen and (max-width: 1000px) {
.congrats-box {
flex-direction: column;
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.congrats-box .congrats-box-right {
margin-left: 38px;
margin-top: 16px;
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}
@media screen and (max-width: 500px) {
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display: none;
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}
@media screen and (min-width: 541px) {
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padding: 36px;
height: 680px;
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}
@media screen and (min-width: 541px) {
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position: absolute;
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display: none;
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}
@media screen and (min-width: 768px) {
.post {
padding: 32px 0 0 0;
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}
@media screen and (max-width: 650px) {
.post .post-header .post-label {
margin-top: 8px;
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@media screen and (max-width: 650px) {
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@media screen and (max-width: 650px) {
.post .footer-facepile-container {
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justify-content: flex-start;
width: 100%;
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}
@media screen and (max-width: 650px) {
.post .post-footer.use-separators {
justify-content: center;
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}
@media screen and (max-width: 650px) {
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height: 64px;
justify-content: space-between;
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@media screen and (max-width: 650px) {
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display: block;
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display: block;
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margin: 0 0 16px 0;
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width: auto;
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@media screen and (max-width: 370px) {
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}
@media screen and (max-width: 650px) {
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@media screen and (max-width: 370px) {
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height: 36px !important;
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display: none;
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margin-right: 0;
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}
@media screen and (max-width: 370px) {
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font-size: 12px;
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}
@media screen and (max-width: 650px) {
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margin-top: 12px 0;
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}
@media screen and (max-width: 650px) {
.post-preview .post-preview-image {
display: none;
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}
@media screen and (max-width: 650px) {
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display: none;
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}
@media screen and (max-width: 650px) {
.post .floating-subscribe-button {
bottom: 20px;
right: 20px;
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}
@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;
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@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;
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}
@media screen and (max-width: 370px) {
body .markup div.tiktok-wrap {
width: calc(95vw - 32px);
height: calc((95vw - 32px - 2px) / 0.485714);
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}
@media screen and (max-width: 650px) {
body .markup div.embedded-publication-wrap .embedded-publication.show-sub=
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padding: 24px;
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}
@media screen and (max-width: 650px) {
body .markup div.subscription-widget-wrap .subscription-widget.show-subsc=
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body .markup div.captioned-button-wrap .subscription-widget.show-subscrib=
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padding: 24px;
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}
@media screen and (max-width: 650px) {
body .markup div.subscription-widget-wrap .subscription-widget.show-subsc=
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body .markup div.captioned-button-wrap .subscription-widget.show-subscrib=
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padding: 10px 12px;
min-width: 110px;
}
}
@media (max-width: 650px) {
body .markup .tweet {
padding: 12px;
}
}
@media (max-width: 650px) {
body .markup .tweet .tweet-text {
font-size: 14px;
line-height: 20px;
}
}
@media (max-width: 650px) {
body .markup .tweet .tweet-photos-container.two,
body .markup .tweet .tweet-photos-container.three,
body .markup .tweet .tweet-photos-container.four {
height: 200px;
}
}
@media (max-width: 650px) {
body .markup .tweet a.expanded-link .expanded-link-img {
max-height: 180px;
}
}
@media (max-width: 650px) {
body .markup .tweet a.expanded-link .expanded-link-description {
display: none;
}
}
@media screen and (max-width: 650px) {
body .markup .apple-podcast-container {
width: unset;
}
}
@media (max-width: 420px) {
body .markup .install-substack-app-embed img.install-substack-app-embed-i=
mg {
margin: 0 auto 16px auto;
}
}
@media screen and (min-width: 420px) and (max-width: 600px) {
body .markup .install-substack-app-embed .install-substack-app-embed-text=
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max-width: calc(100% - 100px);
width: initial;
}
}
@media (max-width: 420px) {
body .markup .install-substack-app-embed .install-substack-app-embed-text=
{
margin: 0 0 12px 0;
max-width: 100%;
width: auto;
text-align: center;
}
}
@media (max-width: 600px) {
body .markup .install-substack-app-embed .install-substack-app-embed-link=
{
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;
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}
@media screen and (max-width: 650px) {
.digest .item .post-meta-item.audience {
display: none;
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}
@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;
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}
@media screen and (max-width: 650px) {
.subscribe-widget form.form .sideBySideWrap button.rightButton {
padding: 10px 12px;
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}
@media screen and (min-width: 541px) {
.pub-icon:hover .logo-hover,
.feed-item-icon:hover .logo-hover {
display: block;
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}
@media screen and (max-width: 650px) {
.post-ufi.single-full-width-button .post-ufi-button-wrapper {
width: 100%;
padding: 16px;
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padding: 0;
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}
@media screen and (max-width: 768px) {
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padding: 0;
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}
@media screen and (max-width: 768px) {
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padding: 0;
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}
@media only screen and (max-width: 650px) {
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display: none;
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@media only screen and (min-width: 630px) {
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display: none;
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min-width: 500px;
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}
@media screen and (max-width: 650px) {
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border-left-width: 16px;
border-right-width: 16px;
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}
@media screen and (max-width: 650px) {
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top: -54px;
}
}
@media screen and (max-width: 650px) {
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border-left-width: 16px;
border-right-width: 16px;
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}
@media screen and (max-width: 650px) {
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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;
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}
@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=
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display: block;
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}
@media (min-width: 350px) {
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display: block;
}
.audio-player-wrapper-fancy .audio-player .audio-player-title {
margin-top: 16px;
}
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padding-top: 15%;
width: 15%;
display: block;
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display: block;
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.audio-player-wrapper-fancy .audio-player .audio-player-substack-logo {
display: block;
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}
@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;
}
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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) {
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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=
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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=3DeyJtIjoiPDIwMjMwNzAxMDA=
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v3cApJ7R_3ST3E" 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=
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t"></td><td></td></tr><tr><td></td><td align=3D"left" width=3D"550" class=
=3D"content"><div style=3D"font-size: 16px; line-height: 26px; margin: 0 au=
to; max-width: 550px; overflow-wrap: break-word; width: 100%;"><table role=
=3D"presentation" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=
=3D"0"><tr><td align=3D"right" style=3D"height: 20px;"><table role=3D"prese=
ntation" width=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><t=
r><td style=3D"vertical-align: middle;"><span class=3D"tw-font-body tw-text=
-ssm tw-text-substack-secondary" style=3D"color: #808080 !important; font-f=
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=2Esubstack.com/pub/artelligence/p/what=
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=3Demail&redirect=3Dapp-store" class=3D"tw-text-substack-secondary tw-under=
line" style=3D"-webkit-text-decoration-line: underline !important; color: #=
808080 !important; text-decoration-line: underline !important;">Open in app=
</a> or <a href=3D"https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9hcnRl=
bGxpZ2VuY2Uuc3Vic3RhY2suY29tL3Avd2hhdC13ZS1sZWFybmVkLXRoaXMtd2Vlay0yMzI2P3R=
va2VuPWV5SjFjMlZ5WDJsa0lqb3hNek15TmpnMk5qRXNJbkJ2YzNSZmFXUWlPakV6TWpJeU1Eaz=
FPU3dpYVdGMElqb3hOamc0TVRjeU16SXdMQ0psZUhBaU9qRTJPVEEzTmpRek1qQXNJbWx6Y3lJN=
kluQjFZaTB5TWpVNUlpd2ljM1ZpSWpvaWNHOXpkQzF5WldGamRHbHZiaUo5LnlsaUEwZkM5YVNv=
eUdjQ0xXdDRoMGdlVHVSRkFLcmV2Q2c0VWNPVURuVW8iLCJwIjoxMzIyMjA5NTksInMiOjIyNTk=
sImYiOnRydWUsInUiOjEzMzI2ODY2MSwiaWF0IjoxNjg4MTcyMzIwLCJleHAiOjE2OTA3NjQzMj=
AsImlzcyI6InB1Yi0wIiwic3ViIjoibGluay1yZWRpcmVjdCJ9.4UBaQChzC_lNrJFlfmvzIaT3=
Eaa93RdoxzGq0lc46oY?" class=3D"tw-text-substack-secondary tw-underline" sty=
le=3D"-webkit-text-decoration-line: underline !important; color: #808080 !i=
mportant; text-decoration-line: underline !important;">online</a></span></t=
d></tr></table></td></tr></table><table role=3D"presentation" width=3D"auto=
" class=3D"header graphic-header" style=3D"border-spacing: 0; padding: 16px=
0 32px;"><tr><td align=3D"center" style=3D"padding: 0; text-align: center;=
"><a href=3D"https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2=
VuY2Uuc3Vic3RhY2suY29tL3Avd2hhdC13ZS1sZWFybmVkLXRoaXMtd2Vlay0yMzI2P3Rva2VuP=
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xXdDRoMGdlVHVSRkFLcmV2Q2c0VWNPVURuVW8iLCJwIjoxMzIyMjA5NTksInMiOjIyNTksImYiO=
nRydWUsInUiOjEzMzI2ODY2MSwiaWF0IjoxNjg4MTcyMzIwLCJleHAiOjE2OTA3NjQzMjAsImlz=
cyI6InB1Yi0wIiwic3ViIjoibGluay1yZWRpcmVjdCJ9.4UBaQChzC_lNrJFlfmvzIaT3Eaa93R=
doxzGq0lc46oY?"><img role=3D"presentation" width=3D"550" height=3D"110" src=
=3D"https://substackcdn.com/image/fetch/w_1100,c_limit,f_auto,q_auto:good,f=
l_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpu=
blic%2Fimages%2Fe3cfc2fc-ffba-4eae-8c1a-7c9381cc0cef_1100x220.png" class=3D=
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to; 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 class=3D"po=
st-header" style=3D"font-size: 16px; line-height: 26px;"><h1 class=3D"post-=
title published" style=3D"-moz-appearance: optimizelegibility; -moz-osx-fon=
t-smoothing: antialiased; -webkit-appearance: optimizelegibility; -webkit-f=
ont-smoothing: antialiased; appearance: optimizelegibility; color: #404040;=
font-family: 'SF Compact Display', -apple-system, BlinkMacSystemFont, 'Seg=
oe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe U=
I Emoji', 'Segoe UI Symbol'; font-size: 32px; font-weight: bold; line-heigh=
t: 36px; margin: 0;"><a href=3D"https://substack.com/app-link/post?publicat=
ion_id=3D2259&post_id=3D132220959&utm_source=3Dpost-email-title&isFreemail=
=3Dtrue&token=3DeyJ1c2VyX2lkIjoxMzMyNjg2NjEsInBvc3RfaWQiOjEzMjIyMDk1OSwiaWF=
0IjoxNjg4MTcyMzIwLCJleHAiOjE2OTA3NjQzMjAsImlzcyI6InB1Yi0yMjU5Iiwic3ViIjoicG=
9zdC1yZWFjdGlvbiJ9.yliA0fC9aSoyGcCLWt4h0geTuRFAKrevCg4UcOUDnUo" style=3D"co=
lor: #404040; text-decoration: none;">What We Learned this Week (2326)</a><=
/h1><h3 class=3D"subtitle" style=3D"-moz-appearance: optimizelegibility; -m=
oz-osx-font-smoothing: antialiased; -webkit-appearance: optimizelegibility;=
-webkit-font-smoothing: antialiased; appearance: optimizelegibility; color=
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Font, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji'=
, 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 18px; font-weight: normal=
; line-height: 24px; margin: 4px 0 0; margin-top: 12px;">London Looks for D=
irection; Phillips New July Sale in New York; Sotheby's Goes Dutch with Art=
Blocks</h3><table role=3D"presentation" width=3D"100%" border=3D"0" cellsp=
acing=3D"0" cellpadding=3D"0" class=3D"post-meta" style=3D"align-items: cen=
ter; height: 20px; margin: 1em 0;"><tr><td><table role=3D"presentation" wid=
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role=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D"0" cellpa=
dding=3D"0"><tr><td style=3D"vertical-align: middle;"><div class=3D"pencraf=
t frontend-pencraft-Box-module__reset--VfQY8 frontend-pencraft-Text-module_=
_size-11--k1e8b frontend-pencraft-Text-module__line-height-20--p0dP8 fronte=
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Segoe UI Symbol'; font-size: 11px; font-weight: 500; letter-spacing: .2px; =
line-height: 20px; margin: 0; text-decoration: unset; text-transform: upper=
case;"><a style=3D"color: #404040; font-family: 'SF Compact', -apple-system=
, -apple-system, -system-ui, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvet=
ica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Sy=
mbol'; font-size: 11px; font-weight: 500; letter-spacing: .2px; line-height=
: 20px; margin: 0; text-decoration: none; text-transform: uppercase;" href=
=3D"https://substack.com/redirect/33eb82bf-288e-4055-abc0-f5b1feffd9ec?j=3D=
eyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" class=3D"p=
encraft frontend-pencraft-Box-module__reset--VfQY8 frontend-pencraft-Text-m=
odule__size-11--k1e8b frontend-pencraft-Text-module__line-height-20--p0dP8 =
frontend-pencraft-Text-module__weight-medium--x7khA frontend-pencraft-Text-=
module__font-meta--U_nxy frontend-pencraft-Text-module__color-primary--ud4Z=
0 frontend-pencraft-Text-module__transform-uppercase--IDkUL frontend-pencra=
ft-Text-module__reset--dW0zZ frontend-pencraft-Text-module__meta--jzHdd">Ma=
rion Maneker</a></div></td></tr></table></td></tr><tr><td><table role=3D"pr=
esentation" width=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"=
><tr><td style=3D"vertical-align: middle;"><div class=3D"pencraft frontend-=
pencraft-Box-module__reset--VfQY8 frontend-pencraft-Text-module__size-11--k=
1e8b frontend-pencraft-Text-module__line-height-20--p0dP8 frontend-pencraft=
-Text-module__weight-medium--x7khA frontend-pencraft-Text-module__font-meta=
--U_nxy frontend-pencraft-Text-module__color-secondary--WRADg frontend-penc=
raft-Text-module__transform-uppercase--IDkUL frontend-pencraft-Text-module_=
_reset--dW0zZ frontend-pencraft-Text-module__meta--jzHdd" style=3D"color: #=
808080; font-family: 'SF Compact', -apple-system, -apple-system, -system-ui=
, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Ap=
ple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 11px; fon=
t-weight: 500; letter-spacing: .2px; line-height: 20px; margin: 0; text-dec=
oration: unset; text-transform: uppercase;"><time dateTime=3D"2023-07-01T00=
:45:09.456Z">Jul 1</time></div></td></tr></table></td></tr></table></td></t=
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lIjoiaHR0cHM6Ly9hcnRlbGxpZ2VuY2Uuc3Vic3RhY2suY29tL2FjY291bnQiLCJwIjoxMzIyMj=
A5NTksInMiOjIyNTksImYiOnRydWUsInUiOjEzMzI2ODY2MSwiaWF0IjoxNjg4MTcyMzIwLCJle=
HAiOjE2OTA3NjQzMjAsImlzcyI6InB1Yi0wIiwic3ViIjoibGluay1yZWRpcmVjdCJ9.UWFDuKu=
NcKy9yLEOMMcwU6AXbmklWg09LLZDXrP1y7o?" class=3D"button subscribe-btn outlin=
e" style=3D"background: transparent; background-color: transparent; border:=
1px solid #653366; border-radius: 4px; box-sizing: border-box; color: #653=
366; cursor: pointer; display: inline-block; font-family: -apple-system, Bl=
inkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple =
Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 14px; font-we=
ight: 600; height: auto; line-height: 20px; margin: 0 auto; opacity: 1; out=
line: none; padding: 12px 20px; text-align: center; text-decoration: none !=
important; white-space: nowrap;"><img src=3D"https://substackcdn.com/image/=
fetch/w_40,c_scale,f_png,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsub=
stack.com%2Ficon%2FLucideCheck%3Fv%3D4%26height%3D40%26fill%3Dtransparent%2=
6stroke%3D%2523653366%26strokeWidth%3D3.6" width=3D"20" height=3D"20" style=
=3D"-ms-interpolation-mode: bicubic; border: none !important; display: inli=
ne-block; height: auto; margin: -2px 8px 0 0; max-width: 20px; vertical-ali=
gn: middle;" alt class=3D"check-icon static"><span style=3D"text-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-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: 1.625em; font-weight: bold; line-height: 1.16em; ma=
rgin: 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>Results:</strong=
><span> London’s Summer Sales Seek Direction</span></p></li><li style=
=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; color: #4040=
40; font-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0; paddin=
g-left: 4px;"><strong>Lot Watch: </strong><span>Phillips Announces New York=
Sale in July</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: 2=
6px; margin: 0; margin-bottom: 0; padding-left: 4px;"><strong>To Be Seen:</=
strong><span> Claudette Johnson at the Courtauld in September; Giacometti F=
oundation Sticks Its Nose Out</span></p></li><li style=3D"margin: 8px 0 0 3=
2px;"><p style=3D"box-sizing: border-box; color: #404040; font-size: 16px; =
line-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><strong=
>Sotheby’s Breathes New Life into NFTs: </strong><span>Art Blocks and=
Vera Molnár</span></p></li><li style=3D"margin: 8px 0 0 32px;"><p sty=
le=3D"box-sizing: border-box; color: #404040; font-size: 16px; line-height:=
26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><strong>Notes: </st=
rong><span>Do only Boomers like 20th Century art?; Matt Levine questions fr=
actional value in art; What do resales really tell us?</span></p></li></ol>=
<div style=3D"font-size: 16px; line-height: 26px;"><hr style=3D"background:=
#e0e0e0; border: none; height: 1px; margin: 32px 0; padding: 0;"></div><h2=
class=3D"header-with-anchor-widget" style=3D"-moz-appearance: optimizelegi=
bility; -moz-osx-font-smoothing: antialiased; -webkit-appearance: optimizel=
egibility; -webkit-font-smoothing: antialiased; appearance: optimizelegibil=
ity; color: #404040; font-family: 'SF Compact Display', -apple-system, Blin=
kMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Co=
lor Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.625em; font-w=
eight: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; position: relati=
ve;">Results</h2><h4 class=3D"header-with-anchor-widget" style=3D"-moz-appe=
arance: optimizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-a=
ppearance: optimizelegibility; -webkit-font-smoothing: antialiased; appeara=
nce: optimizelegibility; color: #404040; font-family: 'SF Compact Display',=
-apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, s=
ans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-s=
ize: 1.125em; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.625em=
0; position: relative;">London’s Summer Sales Seek Direction</h4><di=
v data-component-name=3D"ImageGalleryStatic" class=3D"frontend-components-I=
mageGallery-module__static--gQ9AX frontend-components-ImageGallery-module__=
imageGallery--shoTe" style=3D"font-size: 16px; line-height: 26px; margin: 3=
2px 0; margin-inline-end: 0; margin-inline-start: 0; width: 100%;"><img src=
=3D"https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,f=
l_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpu=
blic%2Fimages%2Fecca0bde-fac3-435b-a041-fa93537432c4_1456x474.png" alt styl=
e=3D"-ms-interpolation-mode: bicubic; border: none !important; display: blo=
ck; height: auto; margin: 0 auto; max-width: 100%; vertical-align: middle;"=
><div class=3D"frontend-components-ImageGallery-module__imageCaption--JESLj=
frontend-components-ImageGallery-module__static--gQ9AX" style=3D"color: #8=
08080; font-size: calc(14px + 0px); font-weight: 400; letter-spacing: -.15p=
x; line-height: 20px; margin-left: 15%; margin-right: 15%; margin-top: 12px=
; text-align: center;">Sotheby's Evening, Christie's Evening & Phillips=
20th C to Now sales</div></div><p style=3D"color: #404040; font-size: 16px=
; line-height: 26px; margin: 0 0 20px 0;">Next week, we will have more deta=
ils on what happened in London after we’ve worked with LiveArt’=
s sale data. For now, a cursory look at the results of Sotheby’s and =
Christie’s Evening sales and Phillips’s day sale suggests this =
week started unevenly. There strong sales at the top and the bottom of the =
price ladder even as the overall tide of demand seemed to have ebbed leavin=
g many artist’s markets stranded. Fading demand doesn’t spread=
evenly the way increased spending does. Markets pull back but individual w=
orks can still see aggressive bidding. That’s what we saw in London. =
The only surprise was that the strong markets were not necessarily so-calle=
d “blue chip” artists. Some venerable names had mixed results. =
Some emerging names had uniformly strong results. Also, there’s a lot=
of discussion about London’s position as the European sales center b=
ut these June sales have been rocky for quite some time. At one point sever=
al years ago, Christie’s tried to instigate a move away from these sa=
les but their competitors drew Christie’s back. For many collectors, =
the season ends with Art Basel in Basel. In our post-pandemic, predominantl=
y global auction environment, these sales have lost much of their meaning. =
Are they semi-annual events for big lots like the Klimt, Signac and Basquia=
t that sold so well or are they mid-season sales for consignors who canR=
17;t wait until October or November? The latter seems more likely. </p><div=
style=3D"font-size: 16px; line-height: 26px;"><hr style=3D"background: #e0=
e0e0; border: none; height: 1px; margin: 32px 0; padding: 0;"></div><h2 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: 1.625em; font-weigh=
t: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; position: relative;"=
>Lot Watch</h2><h4 class=3D"header-with-anchor-widget" style=3D"-moz-appear=
ance: optimizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-app=
earance: optimizelegibility; -webkit-font-smoothing: antialiased; appearanc=
e: optimizelegibility; color: #404040; font-family: 'SF Compact Display', -=
apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, san=
s-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-siz=
e: 1.125em; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.625em 0=
; position: relative;">We’re Not Done Yet—Phillips Announces Ne=
w York Sale in July</h4><div class=3D"captioned-image-container-static" sty=
le=3D"font-size: 16px; line-height: 26px; margin: 32px auto;"><figure style=
=3D"margin: 0 auto; width: 100%;"><table class=3D"image-wrapper" width=3D"1=
00%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" data-component-name=
=3D"Image2ToDOMStatic" style=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><=
td style=3D"text-align: center;"></td><td align=3D"left" class=3D"content" =
width=3D"1456" style=3D"text-align: center;"><a class=3D"image-link" target=
=3D"_blank" href=3D"https://substack.com/redirect/e20dcfdf-1d8f-4480-a79a-f=
0545c30cd84?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"{"src":&=
quot;https://substack-post-media.s3.amazonaws.com/public/images/addecd3f-e5=
3a-48a6-9a25-50d847c17333_3398x4560.jpeg","fullscreen":null,=
"imageSize":null,"height":1954,"width":1456,&=
quot;resizeWidth":null,"bytes":3915980,"alt":null,=
"title":null,"type":"image/jpeg","href&q=
uot;:null,"belowTheFold":true,"topImage":false,"in=
ternalRedirect":null}" alt width=3D"550" height=3D"738.1181318681319" =
class=3D"wide-image" src=3D"https://substackcdn.com/image/fetch/w_2912,c_li=
mit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-med=
ia.s3.amazonaws.com%2Fpublic%2Fimages%2Faddecd3f-e53a-48a6-9a25-50d847c1733=
3_3398x4560.jpeg" style=3D"-ms-interpolation-mode: bicubic; border: none !i=
mportant; display: block; height: auto; margin: 0 auto; margin-bottom: 0; m=
ax-width: 100% !important; vertical-align: middle; width: auto !important;"=
></a></td><td style=3D"text-align: center;"></td></tr></tbody></table><figc=
aption class=3D"image-caption" style=3D"box-sizing: content-box; color: #80=
8080; font-size: 14px; font-weight: 400; letter-spacing: -.15px; line-heigh=
t: 20px; margin-top: 8px; padding-left: 15%; padding-right: 15%; text-align=
: center; width: 70%;">Jaune Quick-to-See Smith, Columbia River, 1988, esti=
mate $20,000</figcaption></figure></div><p style=3D"color: #404040; font-si=
ze: 16px; line-height: 26px; margin: 0 0 20px 0;">The sweet spot in today&#=
8217;s market seems to be five-digit estimates for emerging or overlooked a=
rtists with strong demand. Phillips isn’t going to sleep on that. Phi=
llips has announced a new sale of 20th Century and Contemporary art  i=
n New York on July 18th. The sale comes quickly on the heels of the London =
edition of The New Now, Phillips franchise sale in emerging names. The New =
York sale has “just over 110 lots” comprising a list of “=
established names such as Robert Motherwell, Alex Katz, and Andy Warhol, al=
ong with many pieces by women artists of the 20th century and today. This i=
ncludes Sally Michel Avery, Sophie Larrimore, Perle Fine, Pipilotti Rist, L=
ynne Drexler, and Jaune Quick-to-See Smith.” Although the London sale=
s saw an erosion of interest in some formerly sought-after emerging artists=
, the market still seems to be most dynamic at this end of the market than =
in the middle or upper reaches. Phillips obviously has enough consignors or=
they wouldn’t holding the sales. We presume they also believe there&=
#8217;s enough demand from collectors and advisors who are still tuned in a=
nd ready to buy. The sale is worth watching both for the state of the curre=
nt market and as an indicator of whether the global art market can sustain =
continual sales throughout even the off-season months.</p><div style=3D"fon=
t-size: 16px; line-height: 26px;"><hr style=3D"background: #e0e0e0; border:=
none; height: 1px; margin: 32px 0; padding: 0;"></div><h2 class=3D"header-=
with-anchor-widget" style=3D"-moz-appearance: optimizelegibility; -moz-osx-=
font-smoothing: antialiased; -webkit-appearance: optimizelegibility; -webki=
t-font-smoothing: antialiased; appearance: optimizelegibility; color: #4040=
40; font-family: 'SF Compact Display', -apple-system, BlinkMacSystemFont, '=
Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Sego=
e UI Emoji', 'Segoe UI Symbol'; font-size: 1.625em; font-weight: bold; line=
-height: 1.16em; margin: 1em 0 0.625em 0; position: relative;">To Be Seen</=
h2><h4 class=3D"header-with-anchor-widget" style=3D"-moz-appearance: optimi=
zelegibility; -moz-osx-font-smoothing: antialiased; -webkit-appearance: opt=
imizelegibility; -webkit-font-smoothing: antialiased; appearance: optimizel=
egibility; color: #404040; font-family: 'SF Compact Display', -apple-system=
, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Ap=
ple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.125em; =
font-weight: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; position: =
relative;">Courtauld Shares Claudette Johnson’s Presence in September=
</h4><div class=3D"captioned-image-container-static" style=3D"font-size: 16=
px; line-height: 26px; margin: 32px auto;"><figure style=3D"margin: 0 auto;=
width: 100%;"><table class=3D"image-wrapper" width=3D"100%" border=3D"0" c=
ellspacing=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-alig=
n: center;"></td><td align=3D"left" class=3D"content" width=3D"672" style=
=3D"text-align: center;"><a class=3D"image-link" target=3D"_blank" href=3D"=
https://substack.com/redirect/3fdb07f3-c18b-4982-b739-349a0c5e4b16?j=3DeyJ1=
IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"a=
lign-items: center; border: none; display: block; flex-direction: column; h=
eight: auto; margin: 0; padding: 0; position: relative; text-decoration: no=
ne; width: auto;"><img data-attrs=3D"{"src":"https://substac=
k-post-media.s3.amazonaws.com/public/images/8b3c7d19-b14e-4631-8c7b-8545399=
d37f7_672x996.png","fullscreen":null,"imageSize":n=
ull,"height":996,"width":672,"resizeWidth":nu=
ll,"bytes":1309657,"alt":null,"title":null,&q=
uot;type":"image/png","href":null,"belowTheFo=
ld":true,"topImage":false,"internalRedirect":null}=
" alt width=3D"550" height=3D"815.1785714285714" class=3D"wide-image" src=
=3D"https://substackcdn.com/image/fetch/w_1344,c_limit,f_auto,q_auto:good,f=
l_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpu=
blic%2Fimages%2F8b3c7d19-b14e-4631-8c7b-8545399d37f7_672x996.png" style=3D"=
-ms-interpolation-mode: bicubic; border: none !important; display: block; h=
eight: auto; margin: 0 auto; margin-bottom: 0; max-width: 100% !important; =
vertical-align: middle; width: auto !important;"></a></td><td style=3D"text=
-align: center;"></td></tr></tbody></table><figcaption class=3D"image-capti=
on" style=3D"box-sizing: content-box; color: #808080; font-size: 14px; font=
-weight: 400; letter-spacing: -.15px; line-height: 20px; margin-top: 8px; p=
adding-left: 15%; padding-right: 15%; text-align: center; width: 70%;"><em>=
Figure with Figurine</em><span>, 2019. Rennie Collection, Vancouver © =
Claudette Johnson. Image courtesy the artist and Holly Bush Gardens, London=
=2E Photo: Andy Keate</span></figcapti=
on></figure></div><p style=3D"color: #4=
04040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><span>The C=
ourtauld Gallery will present</span><a href=3D"https://substack.com/redirec=
t/8e3a59da-a191-4294-b716-9c2cd9afc86e?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0j=
QmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: #404040; text-decorati=
on: underline;"> </a><em><a href=3D"https://substack.com/redirect/8e3a59da-=
a191-4294-b716-9c2cd9afc86e?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5i=
RnigHXx6Fx_g6pp7gWdY" rel style=3D"color: #404040; text-decoration: underli=
ne;">Claudette Johnson: Presence</a></em><a href=3D"https://substack.com/re=
direct/8e3a59da-a191-4294-b716-9c2cd9afc86e?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3=
c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: #404040; text-dec=
oration: underline;"> on September 29th </a><span>giving the artist her fir=
st major show in a public collection in London. The exhibition comes a year=
after Johnson received an MBE. Long admired by artists like Steve McQueen =
and Lubaina Himid, the Courtauld says the show will feature “signific=
ant early works alongside recent and new drawings, this exhibition will off=
er a compelling overview of Johnson’s pioneering career and artistic =
development.”</span></p><h4 class=3D"header-with-anchor-widget" style=
=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoothing: antialias=
ed; -webkit-appearance: optimizelegibility; -webkit-font-smoothing: antiali=
ased; appearance: optimizelegibility; color: #404040; font-family: 'SF Comp=
act Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvet=
ica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Sy=
mbol'; font-size: 1.125em; font-weight: bold; line-height: 1.16em; margin: =
1em 0 0.625em 0; position: relative;">Giacometti Foundation Sticks Its Nose=
Out</h4><div class=3D"captioned-image-container-static" style=3D"font-size=
: 16px; line-height: 26px; margin: 32px auto;"><figure style=3D"margin: 0 a=
uto; width: 100%;"><table class=3D"image-wrapper" width=3D"100%" border=3D"=
0" cellspacing=3D"0" cellpadding=3D"0" data-component-name=3D"Image2ToDOMSt=
atic" 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"542" sty=
le=3D"text-align: center;"><a class=3D"image-link" target=3D"_blank" href=
=3D"https://substack.com/redirect/242f9b68-c17c-4e9c-baa2-3f853733bec5?j=3D=
eyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=
=3D"align-items: center; border: none; display: block; flex-direction: colu=
mn; height: auto; margin: 0; padding: 0; position: relative; text-decoratio=
n: none; width: auto;"><img data-attrs=3D"{"src":"https://su=
bstack-post-media.s3.amazonaws.com/public/images/79bd25a0-30fe-4e9d-97ce-a8=
50c2f40e53_542x814.png","fullscreen":null,"imageSize&qu=
ot;:null,"height":814,"width":542,"resizeWidth&quo=
t;:null,"bytes":169728,"alt":null,"title":nul=
l,"type":"image/png","href":null,"belowT=
heFold":true,"topImage":false,"internalRedirect":n=
ull}" alt width=3D"542" height=3D"814" class src=3D"https://substackcdn.com=
/image/fetch/w_542,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A=
%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F79bd25a0-30f=
e-4e9d-97ce-a850c2f40e53_542x814.png" style=3D"-ms-interpolation-mode: bicu=
bic; border: none !important; display: block; height: auto; margin: 0 auto;=
margin-bottom: 0; max-width: 100% !important; vertical-align: middle; widt=
h: auto !important;"></a></td><td style=3D"text-align: center;"></td></tr><=
/tbody></table><figcaption class=3D"image-caption" style=3D"box-sizing: con=
tent-box; color: #808080; font-size: 14px; font-weight: 400; letter-spacing=
: -.15px; line-height: 20px; margin-top: 8px; padding-left: 15%; padding-ri=
ght: 15%; text-align: center; width: 70%;">Alberto Giacometti, The Nose (19=
47)</figcaption></figure></div><p style=3D"color: #404040; font-size: 16px;=
line-height: 26px; margin: 0 0 20px 0;"><span>A year-long exhibition of al=
l of the examples of Alberto Giacometti’s </span><em>The Nose</em><sp=
an> will be on display at the </span><a href=3D"https://substack.com/redire=
ct/98ee033d-5544-4d1d-ac36-e724c62fafd2?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0=
jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: #404040; text-decorat=
ion: underline;">Insitut Giacometti in Paris beginning July 10th</a><span>.=
A cast bronze version of the work was sold at Sotheby’s in late 2021=
for $78 million to crypto-currency entrepreneur Justin Sun. Now Sun’=
s APENFT Foundation and company Tron are supporting the show of all five of=
the versions of </span><em>The Nose</em><span> Giacometti made, including =
three different models in plaster from the collections of the Fondation Gia=
cometti and the Centre Pompidou (1947-49-64), two bronzes (1964) and all th=
e drawings and archives related to the sculpture. One of the versions is to=
o fragile to transport so it will be exhibited virtually using “an ex=
perimental form of mediation.”</span></p><div style=3D"font-size: 16p=
x; line-height: 26px;"><hr style=3D"background: #e0e0e0; border: none; heig=
ht: 1px; margin: 32px 0; padding: 0;"></div><h4 class=3D"header-with-anchor=
-widget" style=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smooth=
ing: antialiased; -webkit-appearance: optimizelegibility; -webkit-font-smoo=
thing: antialiased; appearance: optimizelegibility; color: #404040; font-fa=
mily: 'SF Compact Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', =
Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji'=
, 'Segoe UI Symbol'; font-size: 1.125em; font-weight: bold; line-height: 1.=
16em; margin: 1em 0 0.625em 0; position: relative;">Sotheby’s Breathe=
s New Life into NFTs</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/0cb017a7-acf8-410c-ac7f-0=
caea01eeef9?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"{"src":&=
quot;https://substack-post-media.s3.amazonaws.com/public/images/0a5409b7-db=
07-48d5-ab22-0ab6d7cfaf57_1600x1600.jpeg","fullscreen":null,=
"imageSize":null,"height":1456,"width":1456,&=
quot;resizeWidth":null,"bytes":220690,"alt":null,&=
quot;title":null,"type":"image/jpeg","href&qu=
ot;:null,"belowTheFold":true,"topImage":false,"int=
ernalRedirect":null}" alt width=3D"550" height=3D"550" class=3D"wide-i=
mage" src=3D"https://substackcdn.com/image/fetch/w_2912,c_limit,f_auto,q_au=
to:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws=
=2Ecom%2Fpublic%2Fimages%2F0a5409b7-db0=
7-48d5-ab22-0ab6d7cfaf57_1600x1600.jpe=
g" style=3D"-ms-interpolation-mode: bicubic; border: none !important; displ=
ay: block; height: auto; margin: 0 auto; margin-bottom: 0; max-width: 100% =
!important; vertical-align: middle; width: auto !important;"></a></td><td s=
tyle=3D"text-align: center;"></td></tr></tbody></table><figcaption class=3D=
"image-caption" style=3D"box-sizing: content-box; color: #808080; font-size=
: 14px; font-weight: 400; letter-spacing: -.15px; line-height: 20px; margin=
-top: 8px; padding-left: 15%; padding-right: 15%; text-align: center; width=
: 70%;">Vera Molnár, Themes and Variations, randomly generated test mi=
nt</figcaption></figure></div><p style=3D"color: #404040; font-size: 16px; =
line-height: 26px; margin: 0 0 20px 0;"><span>Following the </span><a href=
=3D"https://substack.com/redirect/e9e6f028-2bb5-405b-9036-546698e4d9cb?j=3D=
eyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=
=3D"color: #404040; text-decoration: underline;">successful sale of Three A=
rrow Capital’s NFTs</a><span>, Sotheby’s made a triple ann=
ouncement this week: a collaboration with Art Blocks, one of the consistent=
ly successful NFT incubators; as part of adopting the Art Blocks Engine, So=
theby’s will also institute Dutch auctions for the first time; and, t=
he first drop in the collaboration will be 500 generative works by pioneeri=
ng algorithmic artist Vera Molnár. As part of the announcement, Moln&#=
225;r made this observation, “​​Technology has been at th=
e center of art history for centuries, from the invention of oil painting t=
o digital art created today. Impressionism, for example, would have been un=
thinkable without the invention of the paint tube, which made it possible t=
o miniaturize the painter's studio and move it outside. Beginning with a Le=
ica my father gave me as a teenager, I have always been fascinated by the w=
ays in which technology can shape our perspectives and influence the produc=
tion of art. After decades of exploring how systems and computers can gener=
ate artistic outputs, I see this collaboration with Sotheby’s and Art=
Blocks as a culmination of those efforts, providing a new way to generate =
never-before-seen, unique abstract forms that are defined by the controlled=
randomness of machine programming—the essence of the algorithm.̶=
1; NFTs have taken a body blow in 2023 but these moves suggest Sotheby̵=
7;s may have found a strong partner with the potential for new growth. Art =
Blocks’s CEO Erick Calderon is the big winner here.</span></p><div st=
yle=3D"font-size: 16px; line-height: 26px;"><hr style=3D"background: #e0e0e=
0; border: none; height: 1px; margin: 32px 0; padding: 0;"></div><h2 class=
=3D"header-with-anchor-widget" style=3D"-moz-appearance: optimizelegibility=
; -moz-osx-font-smoothing: antialiased; -webkit-appearance: optimizelegibil=
ity; -webkit-font-smoothing: antialiased; appearance: optimizelegibility; c=
olor: #404040; font-family: 'SF Compact Display', -apple-system, BlinkMacSy=
stemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Em=
oji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.625em; font-weight:=
bold; line-height: 1.16em; margin: 1em 0 0.625em 0; position: relative;">N=
otes</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: 1=
6px; line-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><s=
trong><a href=3D"https://substack.com/redirect/b4c24351-7202-4862-9b3b-d784=
a68a3e94?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWd=
Y" rel style=3D"color: #404040; text-decoration: underline;">The baby boome=
r wealth transfer is upon us—but how long will demand last for their =
post-war taste?</a></strong><span> Fear mongering in the art press is a per=
ennial sport. But </span><em>The Art Newspaper</em><span> is going to great=
lengths to try to spin some pretty obvious numbers into some sort of a cri=
sis for post-war art. Citing </span><a href=3D"https://substack.com/redirec=
t/fbc41a1c-502e-463d-85d5-788b8eb39245?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0j=
QmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: #404040; text-decorati=
on: underline;">Sotheby’s recent report on art that sold for more tha=
n $1m</a><span>, </span><em>The Art Newspaper</em><span> says that only 40%=
of bids on $1m-plus works came from Baby Boomers. That’s down from n=
early half of the bids just four years ago. More alarming, according to </s=
pan><em>TAN</em><span>, some think this number will halve again in 10 years=
=2E In other words, only 20% of the bid=
s on expensive art will come from Baby=
Boomers in the 2030s. Well, the youngest of the boomers turn 60 next year.=
In another decade, the last boomers will be in their 70s. Human beings don=
’t live forever and though there are prominent collectors well over 7=
0, most art buying takes place when people are younger. It’s silly to=
be alarmed that boomers are retreating as a force in collecting. It would =
be much more alarming if they didn’t fade. Then who would be left to =
buy art when they die? How TAN assumes they know the taste of younger buyer=
s isn’t explained. All of the buyers of Impressionist and Modern art =
for the last 50 years were buying work created long before they were born. =
Old Masters buyers have a more tenuous “personal” connection to=
artists or subject matter—and Old Masters dominated the auction mark=
et only 70 years ago.  </span></p></li><li style=3D"margin: 8px 0 0 32=
px;"><p style=3D"box-sizing: border-box; color: #404040; font-size: 16px; l=
ine-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><strong>=
<a href=3D"https://substack.com/redirect/6d006a7e-f07d-460e-b4c2-80b4a7ded3=
62?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel=
style=3D"color: #404040; text-decoration: underline;">Art shares:</a><span=
> </span></strong><span>The always trenchant Bloomberg newsletter author, M=
att Levine, has some interesting questions about </span><a href=3D"https://=
substack.com/redirect/62428a2d-d50a-4150-92d0-5e013a6ad2a9?j=3DeyJ1IjoiMjdj=
ZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: #4=
04040; text-decoration: underline;">Artex’s upcoming Francis Bacon fr=
actional art offering</a><span>. First, he points out that one of the ̶=
0;services” Artex is offering is to make a market in shares of the Ba=
con. That means Artex can benefit from a spread between buyers and sellers =
and make money while the work is owned fractionally on its platform. The sh=
are owners don’t make money but they do benefit from the liquidity Ar=
tex provides. Levine also points to a provision meant to prevent a buyer fr=
om doing a “take-under” if the work’s value is depressed =
by the fractional ownership. Buying out all of the fractional owners in a w=
ork requires a 20% premium and the chance for others to bid for the entire =
work. Levine asks if this implies that any work would have to trade at a 20=
% discount because a buyer would need to pay a commission on any trade. He =
finishes with this, “If you are a rich collector, would you rather bu=
y a painting from Artex at a 20% premium to its trading price, or at a Chri=
stie’s auction with a 20% commission?” It seems more likely tha=
t a “rich collector” would buy from an auction house or private=
dealer than purchase a fractionalized work, especially one where the net v=
alue has been publicly visible on the platform for an extended period of ti=
me. So far, behavior in the art market favors works that are traded infrequ=
ently, have a strong provenance from respected collectors or institutions a=
nd the appearance of being rare opportunities when offered. Fractionalizati=
on would seem to violate at least two of these points and possibly all thre=
e. </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; ma=
rgin: 0; margin-bottom: 0; padding-left: 4px;"><strong>Speaking of frequent=
ly traded works:</strong><span> A lot was made in several auction reports a=
bout the resales of a Basquiat and </span><a href=3D"https://substack.com/r=
edirect/33cba3ff-5e10-430d-86f0-f9c68b1c5eba?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM=
3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: #404040; text-de=
coration: underline;">Marlene Dumas work</a><span> at Christie’s. The=
</span><a href=3D"https://substack.com/redirect/8a35e289-d63d-42bd-a587-af=
894843f1c1?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7g=
WdY" rel style=3D"color: #404040; text-decoration: underline;">Basquiat had=
been sold by Peter Brant in December, 2021</a><span>. It made $1.5 million=
then. This week it was resold for approximately $60,000 more. The Dumas wa=
s sold at Phillips in February of 2020 for $423,601. This week it fetched $=
144,536. According to the reporters, this was evidence of the impact of a s=
lowdown in the art market. Generalizing from a particular sale is always di=
fficult. In the case of these two works, there’s no good reason for e=
ither to be coming back to market after only a couple of years. Dumas’=
;s work doesn’t trade frequently on the market. A drop of two-thirds =
in value is a tough haircut for the consignor to take but that may say more=
about the work and the price paid than the artist’s market or the ov=
erall market. With the Basquiat, the turnaround was even faster. It origina=
lly appeared in a design-heavy sale that might have gotten overlooked. Here=
the slight uptick in the price paid might be more of a measure of the arbi=
trage from that sale to these more visible auctions, meaning the upside mig=
ht have been greater if the art market had not pulled back in the meantime.=
There’s no doubt that the market is down. Here’s another examp=
le not mentioned by reporters also from this week: </span><a href=3D"https:=
//substack.com/redirect/cd7e76f7-8eb5-42bf-9ed8-f8e57633aa29?j=3DeyJ1IjoiMj=
djZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: =
#404040; text-decoration: underline;">Wayne Thiebaud’s </a><em><a hre=
f=3D"https://substack.com/redirect/cd7e76f7-8eb5-42bf-9ed8-f8e57633aa29?j=
=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel sty=
le=3D"color: #404040; text-decoration: underline;">Various Cakes</a></em><a=
href=3D"https://substack.com/redirect/cd7e76f7-8eb5-42bf-9ed8-f8e57633aa29=
?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel s=
tyle=3D"color: #404040; text-decoration: underline;"> from 1981</a><span> w=
as sold in 2011 directly from Allan Stone’s estate for $2.9 million i=
n 2011. This week is resold for only $2.6 million. In the dozen years betwe=
en the sales, the Thiebaud market has gone way up. It’s not clear wha=
t that price drop is telling us. Did the consignor pay too much for a work =
from Stone? Have better examples come to market since? Has the Thiebaud mar=
ket gotten both stronger but choosier in the last six months or weaker and =
focused only on the highest quality works as we saw in New York? The point =
here is that looking at the two Thiebaud sales in isolation one could easil=
y draw a simple conclusion about Thiebaud’s market having been much s=
tronger in 2011 than it is today. That’s clearly not the case. </span=
></p></li></ol><div style=3D"font-size: 16px; line-height: 26px;"><hr style=
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