File: D:/hMailServer/Data/showfile.com/admin/E2/{E23F7300-A267-4836-BE14-1CF93944A807}.eml
Return-Path: bounce+dff2c4.39b08c6-enzo=showfile.com@mg-d1.substack.com
Delivered-To: enzo@showfile.com
Received: from m244-26.mailgun.net (m244-26.mailgun.net [159.112.244.26])
by mail.itpartnership.com with ESMTPS
(version=TLSv1.3 cipher=TLS_AES_128_GCM_SHA256 bits=128)
; Tue, 12 Mar 2024 15:02:45 +0000
DKIM-Signature: a=rsa-sha256; v=1; c=relaxed/relaxed; d=mg-d1.substack.com; q=dns/txt; s=k1; t=1710255761; x=1710262961;
h=List-Post: List-Id: List-Unsubscribe-Post: List-Unsubscribe: List-Archive: List-Owner: Reply-To: In-Reply-To: References: sender: sender: Date: Message-Id: To: To: From: From: Subject: Subject: Content-Type: Mime-Version;
bh=dJRP3ji2Vxf3p+FPBc6XCU4mb1FO8mFX02TjBJkZbxQ=;
b=noT7ob4OuDT/30MvgT/D49LP2XGdQwcYMozFA8qoNT4eKlA17HmPcl3mcm5wSJMKTVq7TTlFu0/r7WkJ5Di96uE9R71cmFCBK78kolyYEry0lNDVv7WPCRD+QcrNHWybFy/rkGi7OYSprmMbDYGdof4V4M8s3mNwu/FhBK7YEH8=
X-Mailgun-Sending-Ip: 159.112.244.26
X-Mailgun-Sid: WyIwNzA0NSIsImVuem9Ac2hvd2ZpbGUuY29tIiwiMzliMDhjNiJd
Received: from <unknown> (<unknown> []) by fd901374c296 with HTTP id
65f06e913c1f02457c3ce629; Tue, 12 Mar 2024 15:02:38 GMT
X-Mailgun-Batch-Id: 65f06e8f3435515e479c1fde
Mime-Version: 1.0
Content-Type: multipart/alternative;
boundary="68575b2f27d67d1813986d454032eb6ebbf431d631f42df453e61deb112d"
Subject: What Happened in London, March 2024
From: Artelligence <artelligence@substack.com>
To: enzo@showfile.com
X-Mailgun-Tag: post
X-Mailgun-Track-Clicks: false
Message-Id: <20240312150026.3.ec6c6f9a1e3c4b01@mg-d1.substack.com>
Date: Tue, 12 Mar 2024 15:00:26 +0000
Feedback-ID: post-142546723:cat-post:pub-2259:substack
sender: Artelligence <artelligence@substack.com>
References: <post-142546723@substack.com>
In-Reply-To: <post-142546723@substack.com>
Reply-To: Artelligence
<reply+2cv9r7&27cer9&&b4442392b64ede7e83a0a9d5729b226f217b92413e96217ff4f587c147f155c6@mg1.substack.com>
List-Owner: <mailto:artelligence@substack.com>
List-URL: <https://artelligence.substack.com/>
List-Archive: <https://artelligence.substack.com/archive>
List-Unsubscribe: <https://artelligence.substack.com/action/disable_email/disable?token=eyJ1c2VyX2lkIjoxMzMyNjg2NjEsInBvc3RfaWQiOjE0MjU0NjcyMywiaWF0IjoxNzEwMjU1NzU3LCJleHAiOjE3MTI4NDc3NTcsImlzcyI6InB1Yi0yMjU5Iiwic3ViIjoiZGlzYWJsZV9lbWFpbCJ9.nm07CmRsNWI_mKE3_FhTYnSDkHzMq11fsrP35-oW3R0&expires=365d>
List-Unsubscribe-Post: List-Unsubscribe=One-Click
List-Id: <artelligence.substack.com>
List-Post: <https://artelligence.substack.com/p/what-happened-in-london-march-2024>
X-Mailgun-Variables: {"category": "post", "email_generated_at": "1710255758053", "is_freemail":
"true", "post_audience": "everyone", "post_id": "142546723", "post_type":
"newsletter", "pub_community_enabled": "true", "publication_id": "2259",
"subdomain": "artelligence", "user_id": "133268661"}
--68575b2f27d67d1813986d454032eb6ebbf431d631f42df453e61deb112d
Content-Type: text/plain; charset="utf-8"
Content-Transfer-Encoding: quoted-printable
View this post on the web at https://artelligence.substack.com/p/what-happe=
ned-in-london-march-2024
The Future of Artelligence
We=E2=80=99re in the process of finalizing plans to evolve Artelligence int=
o its next phase. Part of that will be a change of tone as I=E2=80=99ll be =
writing in the first person and trying to provide more original reporting a=
long with the usual analysis that you see in this report on the London sale=
s last week using LiveArt=E2=80=99s data.
You=E2=80=99ll get the details in the next few weeks but I wanted to start =
letting people know that in the coming months you=E2=80=99ll get more for y=
our subscriptions. All paid subscriptions will roll over to the new platfor=
m.=20
If you subscribe to the free email, we=E2=80=99ll bring you along to the ne=
w platform.=20
If you have questions, feel free to contact me using the button below.=20
In This Issue
What Happened in London: The market is down but steady in London
London Winter Auction Results: Total sales were =C2=A3371,656,715
Top Ten Lots by Price: The top lots sold on the low end or below estimates
Top Ten Lots by Hammer Ratio: Bidders moved to the past looking for value
Top Artists by Market Share: The usual names dominated market share
Bidding Quintiles: The bottom of the market is on fire
London Settles In the Long Haul
Judging by the performance of the=C2=A0London Winter sales, the market cont=
inues to bump along the same path it trod last year. The overall total was =
down 12% from last year=E2=80=99s significant drop. In all other respects t=
he London market metrics are remarkably similar to the numbers posted this =
time last year. The headline number was down to =C2=A3371 million that=E2=
=80=99s a year after these same sales totaled =C2=A3432 million. The top te=
n lots accounted for 36% of the total sale. Even the number and value of th=
e withdrawn lots this year (27 lots totaling =C2=A327 million) was similar =
to the value of last year=E2=80=99s withdrawn lots (23 lots totaling =C2=A3=
20 million.)=C2=A0
The average estimate of an unsold lot was significantly lower this year tha=
n last year. Last year, the average unsold lot was =C2=A3255k; this year, i=
t was about =C2=A3192k. The average estimate of a withdrawn lot last year w=
as =C2=A3879k; this year, it rose to =C2=A31.014m. The lower reaches of the=
seven-figure range have become a danger zone where demand has evaporated f=
or marginal works by major artists.=C2=A0
The average lot value was almost exactly the same as last year at =C2=A3520=
,528 ($661,070); and hammer ratio was an almost imperceptibly improved 1.04=
over last year=E2=80=99s 1.03. The number lots sold was down 9% and the se=
ll-through rate was a softer 84% after last year=E2=80=99s surprising 89%. =
But the composition of the sales=E2=80=94with 36% of sold lots making price=
s above the estimate range; 41% selling within the range; and 23% sacrifice=
d at compromise prices=E2=80=94was nearly identical to the previous year=E2=
=80=99s figures.=C2=A0
Clearly, the auction houses have done a good job recalibrating their offeri=
ngs and estimates to the new realities of the market.=C2=A0
Turning to the top lots, the work with the most notable bidding was a late =
Picasso Homme a la pipe that was estimated to encourage bidding. The tactic=
worked and the painting sold for a respectable price despite the overall d=
ecline in the broader market. The top lot was a Magritte that failed to rea=
ch the low estimate by =C2=A31 million but that wasn=E2=80=99t significant =
in percentage terms. The Lagrange Francis Bacon sold for a solid price, as =
did David Hockney=E2=80=99s California pool painting. A second, smaller Bac=
on also made a solid =C2=A36.8 million but a third work by the Irish painte=
r was withdrawn before the sale.=C2=A0
The list of works with the most intense bidding was an entirely different s=
tory. There was a wholesale shift in the composition of this list away from=
emerging artists toward historical works by Hannah H=C3=B6ch, Marc Chagall=
, Eugene Boudin, and Jules Pascin, the so-called =E2=80=9Cprince of Montpar=
nasse=E2=80=9D who died by suicide in 1930. The only holdover from the prev=
ious pattern of vivid landscape painters was Alfie Caine=E2=80=99s work and=
there was one work by Turner-prize winner Keith Tyson.=C2=A0
The market share table has reshuffled this year but it doesn=E2=80=99t cont=
ain any new or surprising names. The most significant feature of this year=
=E2=80=99s list is the absence of an artist posting 3-4% market share. Ther=
e=E2=80=99s a significant gap between Picasso=E2=80=99s nearly 6% share and=
Mir=C3=B3=E2=80=99s less than 3% share. Given the overall weakness of the =
works on offer in London, this may simply reflect the lack of market moment=
um for any significant artist. The market remains stalled between the fadin=
g demand for previous market leaders and the failure of a new name or names=
to build significant momentum. (For example, there was only one significan=
t lot of works by Gerhard Richter that sold in London.)
Turning to the bidding quintiles, we took all of the lots originally catalo=
ged, including withdrawn lots, and arrayed them from high estimate to low. =
Then we separated those works into quintiles to get a better sense of the m=
arket composition and performance. The results were consistent with the pre=
vious year but intensified greatly.=20
The Top quintile of works with estimates ranging from =C2=A3300,000 to =C2=
=A330 million had a 78% sell-through rate (including withdrawals) and .93 h=
ammer ratio. The average work sold for a premium price of $2.23 million. Th=
e Middle High quintile, just below, ranged from =C2=A3135k to =C2=A3300k in=
estimate with an average estimate of =C2=A3164k. The average price was =C2=
=A3263k. The sell-through rate here was also 78% with a .99 hammer ratio. T=
hat means the top 40% of lots by estimate were priced too high and suffered=
from a lack of bidders.=C2=A0
The Middle quintile with estimates ranging from =C2=A340k to =C2=A3135k and=
an average estimate of =C2=A360k saw an 83% sell-through rate with a 1.12 =
hammer ratio for an average price of $108k. These are solid numbers on the =
verge of showing some market leadership. The Middle Low quintile of works e=
stimated at between =C2=A318k and =C2=A340k for an average estimate of =C2=
=A327k saw 78% sell-through on a 1.12 hammer ratio for an average premium p=
rice of $56k.=C2=A0
The surprise lurking in these numbers is the 2.03 hammer ratio for the Bott=
om quintile where estimates range from =C2=A3800 to =C2=A318k with an avera=
ge estimate of =C2=A310k. The average premium price for these works was $32=
k. The sell-through in this quintile was a very strong 89%.=20
These works at the bottom of the estimate pile are clearly the focus of the=
market right now. When we combine that with the data from the top lots by =
hammer ratio, we see some inkling that the market is looking back toward hi=
story for opportunities.=C2=A0
Artelligence is moving to a new platform soon. Add your name to our list so=
you can come along.
Unsubscribe https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2V=
uY2Uuc3Vic3RhY2suY29tL2FjdGlvbi9kaXNhYmxlX2VtYWlsP3Rva2VuPWV5SjFjMlZ5WDJsa0=
lqb3hNek15TmpnMk5qRXNJbkJ2YzNSZmFXUWlPakUwTWpVME5qY3lNeXdpYVdGMElqb3hOekV3T=
WpVMU56VTNMQ0psZUhBaU9qRTNNVEk0TkRjM05UY3NJbWx6Y3lJNkluQjFZaTB5TWpVNUlpd2lj=
M1ZpSWpvaVpHbHpZV0pzWlY5bGJXRnBiQ0o5Lm5tMDdDbVJzTldJX21LRTNfRmhUWW5TRGtIek1=
xMTFmc3JQMzUtb1czUjAmZXhwaXJlcz0zNjVkIiwicCI6MTQyNTQ2NzIzLCJzIjoyMjU5LCJmIj=
p0cnVlLCJ1IjoxMzMyNjg2NjEsImlhdCI6MTcxMDI1NTc1NywiZXhwIjoxNzEyODQ3NzU3LCJpc=
3MiOiJwdWItMCIsInN1YiI6ImxpbmstcmVkaXJlY3QifQ.C1qGEkOJD5zK6jo0fv3BKrP7qecXx=
sKhfvysu2e5OjQ?
--68575b2f27d67d1813986d454032eb6ebbf431d631f42df453e61deb112d
Content-Type: text/html; charset="utf-8"
Content-Transfer-Encoding: quoted-printable
<html><head><meta charset=3D"utf-8"><title>What Happened in London, March 2=
024</title><style>
@media all and (-ms-high-contrast: none), (-ms-high-contrast: active) {
.typography .markup table.image-wrapper img,
.typography.editor .markup table.image-wrapper img,
.typography .markup table.kindle-wrapper img,
.typography.editor .markup table.kindle-wrapper img {
max-width: 550px;
}
}
@media screen and (max-width: 650px) {
.typography .markup div.youtube-inner div.youtube-screen,
.typography.editor .markup div.youtube-inner div.youtube-screen,
.typography .markup div.vimeo-inner div.youtube-screen,
.typography.editor .markup div.vimeo-inner div.youtube-screen {
display: none !important;
}
}
@media screen and (max-width: 370px) {
.typography .markup div.tiktok-wrap,
.typography.editor .markup div.tiktok-wrap {
width: calc(95vw - 32px);
height: calc((95vw - 32px - 2px) / 0.485714);
}
}
@media screen and (max-width: 650px) {
.typography .markup div.embedded-publication-wrap .embedded-publication.s=
how-subscribe,
.typography.editor .markup div.embedded-publication-wrap .embedded-public=
ation.show-subscribe {
padding: 24px;
}
}
@media screen and (max-width: 650px) {
.typography .markup div.subscription-widget-wrap .subscription-widget.sho=
w-subscribe,
.typography.editor .markup div.subscription-widget-wrap .subscription-wid=
get.show-subscribe,
.typography .markup div.captioned-button-wrap .subscription-widget.show-s=
ubscribe,
.typography.editor .markup div.captioned-button-wrap .subscription-widget=
=2Eshow-subscribe {
padding: 24px;
}
}
@media screen and (max-width: 650px) {
.typography .markup div.subscription-widget-wrap .subscription-widget.sho=
w-subscribe .subscription-widget-subscribe .button,
.typography.editor .markup div.subscription-widget-wrap .subscription-wid=
get.show-subscribe .subscription-widget-subscribe .button,
.typography .markup div.captioned-button-wrap .subscription-widget.show-s=
ubscribe .subscription-widget-subscribe .button,
.typography.editor .markup div.captioned-button-wrap .subscription-widget=
=2Eshow-subscribe .subscription-widget-subscribe .button {
padding: 10px 12px;
min-width: 110px;
}
}
@media (max-width: 650px) {
.typography .markup .tweet,
.typography.editor .markup .tweet {
padding: 12px;
}
}
@media (max-width: 650px) {
.typography .markup .tweet .tweet-text,
.typography.editor .markup .tweet .tweet-text {
font-size: 14px;
line-height: 20px;
}
}
@media (max-width: 650px) {
.typography .markup .tweet .tweet-photos-container.two,
.typography.editor .markup .tweet .tweet-photos-container.two,
.typography .markup .tweet .tweet-photos-container.three,
.typography.editor .markup .tweet .tweet-photos-container.three,
.typography .markup .tweet .tweet-photos-container.four,
.typography.editor .markup .tweet .tweet-photos-container.four {
height: 200px;
}
}
@media (max-width: 650px) {
.typography .markup .tweet a.expanded-link .expanded-link-img,
.typography.editor .markup .tweet a.expanded-link .expanded-link-img {
max-height: 180px;
}
}
@media (max-width: 650px) {
.typography .markup .tweet a.expanded-link .expanded-link-description,
.typography.editor .markup .tweet a.expanded-link .expanded-link-descript=
ion {
display: none;
}
}
@media screen and (max-width: 650px) {
.typography .markup .apple-podcast-container,
.typography.editor .markup .apple-podcast-container {
width: unset;
}
}
@media (max-width: 420px) {
.typography .markup .install-substack-app-embed img.install-substack-app-=
embed-img,
.typography.editor .markup .install-substack-app-embed img.install-substa=
ck-app-embed-img {
margin: 0 auto 16px auto;
}
}
@media screen and (min-width: 420px) and (max-width: 600px) {
.typography .markup .install-substack-app-embed .install-substack-app-emb=
ed-text,
.typography.editor .markup .install-substack-app-embed .install-substack-=
app-embed-text {
max-width: calc(100% - 100px);
width: initial;
}
}
@media (max-width: 420px) {
.typography .markup .install-substack-app-embed .install-substack-app-emb=
ed-text,
.typography.editor .markup .install-substack-app-embed .install-substack-=
app-embed-text {
margin: 0 0 12px 0;
max-width: 100%;
width: auto;
text-align: center;
}
}
@media (max-width: 600px) {
.typography .markup .install-substack-app-embed .install-substack-app-emb=
ed-link,
.typography.editor .markup .install-substack-app-embed .install-substack-=
app-embed-link {
margin-top: 16px;
width: 100%;
}
}
@media screen and (min-width: 481px) {
.share-button-container {
height: 38px;
}
}
@media screen and (min-width: 481px) {
.share-button-container a.comment {
height: 38px;
line-height: 38px;
padding-right: 10px;
}
}
@media screen and (max-width: 480px) {
.share-button-container .separator {
display: block;
margin: 0;
height: 8px;
border-left: none;
}
}
@media screen and (max-width: 480px) {
.share-button-container a.share.first img {
padding-left: 0;
}
}
@media screen and (min-width: 481px) {
.share-button-container a.mobile {
display: none !important;
}
}
@media screen and (min-width: 541px) {
.settings-add-pub-modal-wrapper .container .add-recommending-pub-modal-co=
ntainer {
padding: 36px;
height: 680px;
}
}
@media screen and (min-width: 541px) {
.settings-add-pub-modal-wrapper .container .add-recommending-pub-modal-co=
ntainer .footer {
position: absolute;
bottom: 36px;
margin: 0px;
}
}
@media screen and (max-width: 840px) {
.header-with-anchor-widget .header-anchor-widget,
.header-anchor-container .header-anchor-widget {
display: none;
}
}
@media screen and (min-width: 768px) {
.post {
padding: 32px 0 0 0;
}
}
@media screen and (max-width: 650px) {
.post .post-header .post-label {
margin-top: 8px;
}
}
@media screen and (max-width: 650px) {
.post .post-header .meta-author-wrap.alternative-meta .meta-right-column =
=2Epost-meta {
margin-top: 6px;
}
}
@media screen and (max-width: 650px) {
.post .footer-facepile-container {
height: 64px;
padding: 0 16px;
display: flex;
align-items: center;
justify-content: flex-start;
width: 100%;
}
}
@media screen and (max-width: 650px) {
.post .post-footer.use-separators {
justify-content: center;
}
}
@media screen and (max-width: 650px) {
.post .post-footer.next-prev {
height: 64px;
justify-content: space-between;
box-sizing: border-box;
}
}
@media screen and (max-width: 650px) {
.post-contributor-footer .post-contributor-bio-table {
display: block;
}
.post-contributor-footer .post-contributor-bio-table-row {
display: flex;
flex-direction: row;
}
.post-contributor-footer .post-contributor-bio-userhead-cell,
.post-contributor-footer .post-contributor-bio-body-cell {
display: block;
}
.post-contributor-footer .post-contributor-bio-body-cell {
flex-grow: 1;
}
.post-contributor-footer .post-contributor-bio-body-table {
display: block;
}
.post-contributor-footer .post-contributor-bio-body-table-row {
display: block;
}
.post-contributor-footer .post-contributor-bio-copy-cell,
.post-contributor-footer .post-contributor-bio-controls-cell {
display: block;
}
.post-contributor-footer .post-contributor-bio-copy-cell {
margin: 0 0 16px 0;
}
.post-contributor-footer .post-contributor-bio-controls-cell {
width: auto;
}
.post-contributor-footer .post-contributor-bio-controls {
margin: auto;
}
.post-contributor-footer .post-contributor-bio-controls .button.primary {
width: 100%;
}
.post-contributor-footer .post-contributor-bio-text {
font-size: 14px;
}
}
@media screen and (min-width: 768px) {
.post-silhouette {
padding: 32px 0;
}
}
@media screen and (max-width: 650px) {
.post-silhouette .post-silhouette-title {
margin-top: 10.44225025px;
height: 120px;
}
}
@media screen and (max-width: 650px) {
.post-silhouette .post-silhouette-meta {
width: 75%;
}
}
@media screen and (max-width: 650px) {
.post-silhouette .post-silhouette-meta.with-byline-image {
margin: 20px 0;
}
}
@media screen and (max-width: 650px) {
.use-theme-bg .post-meta.alternative-meta .post-meta-item,
.post-meta.alternative-meta .post-meta-item {
padding-right: 16px;
}
}
@media screen and (max-width: 370px) {
.use-theme-bg .post-meta.alternative-meta .post-meta-item,
.post-meta.alternative-meta .post-meta-item {
font-size: 14px;
}
}
@media screen and (max-width: 650px) {
.use-theme-bg .post-meta.alternative-meta .post-meta-item.guest-author-pu=
blication,
.post-meta.alternative-meta .post-meta-item.guest-author-publication {
display: none;
}
}
@media screen and (max-width: 370px) {
.post-meta .post-meta-item .post-meta-button {
height: 36px !important;
}
.post-meta .post-meta-item .post-meta-button .meta-button-label {
display: none;
}
.post-meta .post-meta-item .post-meta-button > svg {
margin-right: 0;
}
}
@media screen and (max-width: 370px) {
.post-meta .post-meta-item {
font-size: 12px;
}
}
@media screen and (max-width: 650px) {
.post .floating-subscribe-button {
bottom: 20px;
right: 20px;
}
}
@media all and (-ms-high-contrast: none), (-ms-high-contrast: active) {
body .markup table.image-wrapper img,
body .markup table.kindle-wrapper img {
max-width: 550px;
}
}
@media screen and (max-width: 650px) {
body .markup div.youtube-inner div.youtube-screen,
body .markup div.vimeo-inner div.youtube-screen {
display: none !important;
}
}
@media screen and (max-width: 370px) {
body .markup div.tiktok-wrap {
width: calc(95vw - 32px);
height: calc((95vw - 32px - 2px) / 0.485714);
}
}
@media screen and (max-width: 650px) {
body .markup div.embedded-publication-wrap .embedded-publication.show-sub=
scribe {
padding: 24px;
}
}
@media screen and (max-width: 650px) {
body .markup div.subscription-widget-wrap .subscription-widget.show-subsc=
ribe,
body .markup div.captioned-button-wrap .subscription-widget.show-subscrib=
e {
padding: 24px;
}
}
@media screen and (max-width: 650px) {
body .markup div.subscription-widget-wrap .subscription-widget.show-subsc=
ribe .subscription-widget-subscribe .button,
body .markup div.captioned-button-wrap .subscription-widget.show-subscrib=
e .subscription-widget-subscribe .button {
padding: 10px 12px;
min-width: 110px;
}
}
@media (max-width: 650px) {
body .markup .tweet {
padding: 12px;
}
}
@media (max-width: 650px) {
body .markup .tweet .tweet-text {
font-size: 14px;
line-height: 20px;
}
}
@media (max-width: 650px) {
body .markup .tweet .tweet-photos-container.two,
body .markup .tweet .tweet-photos-container.three,
body .markup .tweet .tweet-photos-container.four {
height: 200px;
}
}
@media (max-width: 650px) {
body .markup .tweet a.expanded-link .expanded-link-img {
max-height: 180px;
}
}
@media (max-width: 650px) {
body .markup .tweet a.expanded-link .expanded-link-description {
display: none;
}
}
@media screen and (max-width: 650px) {
body .markup .apple-podcast-container {
width: unset;
}
}
@media (max-width: 420px) {
body .markup .install-substack-app-embed img.install-substack-app-embed-i=
mg {
margin: 0 auto 16px auto;
}
}
@media screen and (min-width: 420px) and (max-width: 600px) {
body .markup .install-substack-app-embed .install-substack-app-embed-text=
{
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: 12px;
}
}
@media screen and (max-width: 420px) {
body .subscription-receipt table:first-of-type .subscription-amount .subs=
cription-discount {
width: 72px !important;
}
}
@media screen and (min-width: 481px) {
body .share-button-container {
height: auto;
}
}
@media screen and (max-width: 480px) {
body .share-button-container .separator {
display: block !important;
margin: 0 !important;
height: 8px !important;
border-left: none !important;
}
}
@media screen and (max-width: 650px) {
.digest .item .post-meta-item.audience {
display: none;
}
}
@media screen and (min-width: 500px) {
.digest-publication .logo img {
width: 42px;
height: 42px;
border-radius: 8px;
}
}
@media screen and (max-width: 650px) {
.comments-page .container .comment-list .collapsed-reply {
margin-left: calc(10 + 32px - 24px);
}
}
@media screen and (max-width: 650px) {
.comment > .comment-list {
padding-left: 24px;
}
}
@media screen and (max-width: 650px) {
.finish-magic-login-modal .modal-content .container {
padding: 24px 0;
}
}
@media (max-width: 650px) {
.reader2-text-b3 {
line-height: 24px;
}
}
@media screen and (max-width: 650px) {
.reader2-text-h4 {
line-height: 24px;
}
}
@media screen and (min-width: 541px) {
.user-profile-modal {
padding-left: 12px;
padding-right: 12px;
}
}
@media screen and (max-width: 650px) {
.subscribe-widget form.form .sideBySideWrap button.rightButton {
padding: 10px 12px;
}
}
@media screen and (min-width: 541px) {
.pub-icon:hover .logo-hover,
.feed-item-icon:hover .logo-hover {
display: block;
}
}
@media screen and (max-width: 650px) {
.post-ufi.single-full-width-button .post-ufi-button-wrapper {
width: 100%;
padding: 16px;
}
.post-ufi.single-full-width-button .post-ufi-button-wrapper:empty {
display: none;
}
.post-ufi.single-full-width-button .post-ufi-button {
width: 100%;
justify-content: center;
}
}
@media screen and (max-width: 768px) {
.file-embed-wrapper {
padding: 0;
}
}
@media screen and (max-width: 768px) {
.file-embed-wrapper-editor {
padding: 0;
}
}
@media screen and (max-width: 768px) {
.file-embed-wrapper-editor:active {
padding: 0;
}
}
@media only screen and (max-width: 650px) {
.file-embed-button.wide,
.file-embed-error-button.wide {
display: none;
}
}
@media only screen and (min-width: 630px) {
.file-embed-button.narrow,
.file-embed-error-button.narrow {
display: none;
}
}
@media screen and (min-width: 541px) {
.audio-player-wrapper .audio-player {
min-width: 500px;
}
}
@media screen and (max-width: 650px) {
.audio-player-wrapper .audio-player .audio-player-progress {
border-left-width: 16px;
border-right-width: 16px;
}
}
@media screen and (max-width: 650px) {
.audio-player-wrapper .audio-player .audio-player-progress .audio-player-=
progress-bar .audio-player-progress-bar-popup {
top: -54px;
}
}
@media screen and (max-width: 650px) {
.audio-player-wrapper-fancy .audio-player .audio-player-progress {
border-left-width: 16px;
border-right-width: 16px;
}
}
@media screen and (max-width: 650px) {
.audio-player-wrapper-fancy .audio-player .audio-player-progress .audio-p=
layer-progress-bar .audio-player-progress-bar-popup {
top: -54px;
}
}
@media (min-width: 250px) {
.audio-player-wrapper-fancy .audio-player {
padding: 32px;
}
.audio-player-wrapper-fancy .audio-player .btn-group {
display: flex;
}
.audio-player-wrapper-fancy .audio-player .btn-group .button:last-of-type=
{
display: block;
}
}
@media (min-width: 300px) {
.audio-player-wrapper-fancy .audio-player .btn-group {
display: block;
}
.audio-player-wrapper-fancy .audio-player .btn-group .button:first-of-typ=
e {
display: block;
}
}
@media (min-width: 350px) {
.audio-player-wrapper-fancy .audio-player .audio-player-substack-logo {
display: block;
}
.audio-player-wrapper-fancy .audio-player .audio-player-title {
margin-top: 16px;
}
.audio-player-wrapper-fancy .audio-player .audio-player-hero-image-contai=
ner {
padding-top: 15%;
width: 15%;
display: block;
}
.audio-player-wrapper-fancy .audio-player .btn-group .button:first-of-typ=
e {
display: block;
}
.audio-player-wrapper-fancy .audio-player .audio-player-substack-logo {
display: block;
}
}
@media (min-width: 350px) {
.audio-player-wrapper-fancy .audio-player .audio-player-hero-image-contai=
ner {
padding-top: 25%;
width: 25%;
display: block;
}
.audio-player-wrapper-fancy .audio-player .btn-group {
display: flex;
}
.audio-player-wrapper-fancy .audio-player .btn-group .button:first-of-typ=
e {
display: block;
}
}
@media (min-width: 400px) {
.audio-player-wrapper-fancy .audio-player .audio-player-hero-image-contai=
ner {
padding-top: 40%;
width: 40%;
}
}
@media (max-width: 400px) {
.audio-player-wrapper-fancy .audio-player .btn-group {
margin-top: 12px;
}
.audio-player-wrapper-fancy .audio-player .btn-group .button {
font-size: 13px;
padding: 6px 12px;
height: auto;
margin-top: 10px;
}
}
@media (min-width: 600px) {
.audio-player-wrapper-fancy .audio-player .audio-player-hero-image-contai=
ner {
padding-top: 55%;
width: 55%;
}
}
@media (max-width: 650px) {
.poll-editor-modal {
min-width: calc(100% - 20px);
}
}
@media (max-width: 750px) {
.poll-embed .poll-anchor-target .poll-anchor-copy-button {
left: 8px;
top: 45px;
}
}
@media screen and (min-width: 541px) {
.poll-embed .poll-wrapper.poll-web .poll-dialog .modal-table .modal-row .=
modal-content > .container {
width: 552px;
padding: 26px 24px;
}
}
@media screen and (max-width: 650px) {
.poll-embed .poll-wrapper.poll-web .poll-dialog .modal-table .modal-row .=
modal-content > .container {
padding: 40px 0;
}
}
@media screen and (max-width: 650px) {
.poll-embed .poll-wrapper.poll-web .poll-dialog .modal-row .modal-cell .m=
odal-exit-btn {
margin-right: -20px;
}
}
</style></head><body class=3D"email-body" style=3D"font-kerning: auto;"><im=
g src=3D"https://eotrx.substackcdn.com/open?token=3DeyJtIjoiPDIwMjQwMzEyMTU=
wMDI2LjMuZWM2YzZmOWExZTNjNGIwMUBtZy1kMS5zdWJzdGFjay5jb20-IiwidSI6MTMzMjY4Nj=
YxLCJyIjoiZW56b0BzaG93ZmlsZS5jb20iLCJkIjoibWctZDEuc3Vic3RhY2suY29tIiwicCI6M=
TQyNTQ2NzIzLCJ0IjoibmV3c2xldHRlciIsImEiOiJldmVyeW9uZSIsInMiOjIyNTksImMiOiJw=
b3N0IiwiZiI6dHJ1ZSwicG9zaXRpb24iOiJ0b3AiLCJpYXQiOjE3MTAyNTU3NTgsImV4cCI6MTc=
xMjg0Nzc1OCwiaXNzIjoicHViLTAiLCJzdWIiOiJlbyJ9.bPsyh650Sbqy5SXN0OOXMT8N8Mk5W=
8VqAsLMzMhzFkc" alt=3D"" width=3D"1" height=3D"1" border=3D"0" style=3D"hei=
ght:1px !important;width:1px !important;border-width:0 !important;margin-to=
p:0 !important;margin-bottom:0 !important;margin-right:0 !important;margin-=
left:0 !important;padding-top:0 !important;padding-bottom:0 !important;padd=
ing-right:0 !important;padding-left:0 !important;"/><div style=3D"display:n=
one;font-size:1px;color:#333333;line-height:1px;max-height:0px;max-width:0p=
x;opacity:0;overflow:hidden;" class=3D"preview">Using LiveArt's data, we lo=
ok at what the composition of the London sales tells us about the state of =
the art market</div><div style=3D"display:none;font-size:1px;color:#333333;=
line-height:1px;max-height:0px;max-width:0px;opacity:0;overflow:hidden;" cl=
ass=3D"preview">͏ ‌   ­͏ ‌ Q=
99; ­͏ ‌   ­͏ ‌   &sh=
y;͏ ‌   ­͏ ‌   ­͏=
; ‌   ­͏ ‌   ­͏ &zwnj=
;   ­͏ ‌   ­͏ ‌  =
;   ­͏ ‌   ­͏ ‌ ̳=
9; ­͏ ‌   ­͏ ‌   ­=
;͏ ‌   ­͏ ‌   ­͏=
‌   ­͏ ‌   ­͏ ‌=
  ­͏ ‌   ­͏ ‌ =
  ­͏ ‌   ­͏ ‌  =
; ­͏ ‌   ­͏ ‌   ­=
͏ ‌   ­͏ ‌   ­͏ =
‌   ­͏ ‌   ­͏ ‌ =
  ­͏ ‌   ­͏ ‌ =
  ­͏ ‌   ­͏ ‌  =
­͏ ‌   ­͏ ‌   ­&=
#847; ‌   ­͏ ‌   ­͏ &=
zwnj;   ­͏ ‌   ­͏ ‌ &=
nbsp;   ­͏ ‌   ­͏ ‌ &=
#8199; ­͏ ‌   ­͏ ‌   =
­͏ ‌   ­͏ ‌   ­&#=
847; ‌   ­͏ ‌   ­͏ &z=
wnj;   ­͏ ‌   ­͏ ‌ &n=
bsp;   ­͏ ‌   ­͏ ‌ &#=
8199; ­͏ ‌   ­͏ ‌   &=
shy;͏ ‌   ­͏ ‌   ­=
47; ‌   ­͏ ‌   ­͏ &zw=
nj;   ­͏ ‌   ­͏ ‌ &nb=
sp;   ­͏ ‌   ­͏ ‌ =
199; ­͏ ‌   ­͏ ‌   &s=
hy;͏ ‌   ­͏ ‌   ­T=
7; ‌   ­͏ ‌   ­͏ &zwn=
j;   ­͏ ‌   ­͏ ‌ &nbs=
p;   ­͏ ‌   ­͏ ‌ Q=
99; ­͏ ‌   ­͏ ‌   &sh=
y;͏ ‌   ­͏ ‌   ­͏=
; ‌   ­͏ ‌   ­͏ &zwnj=
;   ­͏ ‌   ­͏ ‌  =
;   ­͏ ‌   ­͏ ‌ ̳=
9; ­͏ ‌   ­͏ ‌   ­=
;͏ ‌   ­͏ ‌   ­͏=
‌   ­͏ ‌   ­͏ ‌=
  ­͏ ‌   ­͏ ‌ =
  ­͏ ‌   ­͏ ‌  =
; ­͏ ‌   ­͏ ‌   ­=
͏ ‌   ­͏ ‌   ­͏ =
‌   ­͏ ‌   ­͏ ‌ =
  ­͏ ‌   ­͏ ‌ =
  ­͏ ‌   ­͏ ‌  =
­͏ ‌   ­͏ ‌   ­&=
#847; ‌   ­͏ ‌   ­͏ &=
zwnj;   ­͏ ‌   ­͏ ‌ &=
nbsp;   ­͏ ‌   ­͏ ‌ &=
#8199; ­͏ ‌   ­͏ ‌   =
­͏ ‌   ­͏ ‌   ­&#=
847; ‌   ­͏ ‌   ­͏ &z=
wnj;   ­͏ ‌   ­͏ ‌ &n=
bsp;   ­͏ ‌   ­͏ ‌ &#=
8199; ­͏ ‌   ­͏ ‌   &=
shy;͏ ‌   ­͏ ‌   ­=
47; ‌   ­͏ ‌   ­͏ &zw=
nj;   ­͏ ‌   ­͏ ‌ &nb=
sp;   ­͏ ‌   ­͏ ‌ =
199; ­͏ ‌   ­͏ ‌   &s=
hy;͏ ‌   ­͏ ‌   ­T=
7; ‌   ­͏ ‌   ­͏ &zwn=
j;   ­͏ ‌   ­͏ ‌ &nbs=
p;   ­͏ ‌   ­͏ ‌ Q=
99; ­͏ ‌   ­͏ ‌   &sh=
y;͏ ‌   ­͏ ‌   ­͏=
; ‌   ­͏ ‌   ­͏ &zwnj=
;   ­͏ ‌   ­͏ ‌  =
;   ­͏ ‌   ­͏ ‌ ̳=
9; ­͏ ‌   ­͏ ‌   ­=
;͏ ‌   ­͏ ‌   ­͏=
‌   ­͏ ‌   ­͏ ‌=
  ­͏ ‌   ­͏ ‌ =
  ­͏ ‌   ­͏ ‌  =
; ­͏ ‌   ­͏ ‌   ­=
͏ ‌   ­͏ ‌   ­͏ =
‌   ­͏ ‌   ­͏ ‌ =
  ­͏ ‌   ­͏ ‌ =
  ­͏ ‌   ­͏ ‌  =
­͏ ‌   ­͏ ‌   ­&=
#847; ‌   ­͏ ‌   ­͏ &=
zwnj;   ­͏ ‌   ­͏ ‌ &=
nbsp;   ­͏ ‌   ­͏ ‌ &=
#8199; ­͏ ‌   ­͏ ‌   =
­͏ ‌   ­͏ ‌   ­&#=
847; ‌   ­͏ ‌   ­</div><ta=
ble role=3D"presentation" width=3D"100%" border=3D"0" cellspacing=3D"0" cel=
lpadding=3D"0" class=3D"email-body-container"><tr><td></td><td width=3D"550=
" class=3D"content"></td><td></td></tr><tr><td></td><td align=3D"left" widt=
h=3D"550" class=3D"content"><div style=3D"font-size: 16px; line-height: 26p=
x; margin: 0 auto; 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"presentation" width=3D"auto" border=3D"0" cellspacing=3D"0" cellpa=
dding=3D"0"><tr><td style=3D"vertical-align: middle;"><span class=3D"pencra=
ft pc-reset _reset_13a18_1 tw-font-body tw-text-ssm tw-text-substack-second=
ary" style=3D"color: rgb(119, 119, 119) !important; font-family: SF Pro Tex=
t, -apple-system, system-ui, BlinkMacSystemFont, Inter, Segoe UI, Roboto, H=
elvetica, Arial, sans-serif, Apple Color Emoji, Segoe UI Emoji, Segoe UI Sy=
mbol !important; font-size: 13px !important; list-style: none; margin: 0; t=
ext-decoration: unset;"><div class=3D"pencraft pc-reset _align-right_13a18_=
16 _size-12_13a18_40 _reset_13a18_1" style=3D"color: unset; font-size: 12px=
; letter-spacing: 0px; line-height: 16px; list-style: none; margin: 0; text=
-align: right; text-decoration: unset;"><span translated class=3D"pencraft =
pc-reset _reset_13a18_1" style=3D"color: unset; list-style: none; margin: 0=
; text-decoration: unset;">Forwarded this email? <a href=3D"https://substac=
k.com/redirect/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2VuY2Uuc3Vic3RhY2suY29tL3N1Yn=
NjcmliZT91dG1fc291cmNlPWVtYWlsJnV0bV9jYW1wYWlnbj1lbWFpbC1zdWJzY3JpYmUmcj0yN=
2NlcjkmbmV4dD1odHRwcyUzQSUyRiUyRmFydGVsbGlnZW5jZS5zdWJzdGFjay5jb20lMkZwJTJG=
d2hhdC1oYXBwZW5lZC1pbi1sb25kb24tbWFyY2gtMjAyNCIsInAiOjE0MjU0NjcyMywicyI6MjI=
1OSwiZiI6dHJ1ZSwidSI6MTMzMjY4NjYxLCJpYXQiOjE3MTAyNTU3NTcsImV4cCI6MTcxMjg0Nz=
c1NywiaXNzIjoicHViLTAiLCJzdWIiOiJsaW5rLXJlZGlyZWN0In0.oiKY17DoB0jUoLCPjfyUg=
if9O3d3TpxrTuy2cq-UNmM?" class=3D"pencraft pc-reset _decoration-underline_1=
3a18_282 _reset_13a18_1" style=3D"color: unset; list-style: none; margin: 0=
; text-decoration: unset; text-decoration-line: underline;">Subscribe here<=
/a> for more</span></div></span></td></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" styl=
e=3D"padding: 0; text-align: center;"><a href=3D"https://substack.com/redir=
ect/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2VuY2Uuc3Vic3RhY2suY29tL3Avd2hhdC1oYXBwZ=
W5lZC1pbi1sb25kb24tbWFyY2gtMjAyND91dG1fY2FtcGFpZ249ZW1haWwtaGFsZi1wb3N0JnI9=
MjdjZXI5JnRva2VuPWV5SjFjMlZ5WDJsa0lqb3hNek15TmpnMk5qRXNJbkJ2YzNSZmFXUWlPakU=
wTWpVME5qY3lNeXdpYVdGMElqb3hOekV3TWpVMU56VTNMQ0psZUhBaU9qRTNNVEk0TkRjM05UY3=
NJbWx6Y3lJNkluQjFZaTB5TWpVNUlpd2ljM1ZpSWpvaWNHOXpkQzF5WldGamRHbHZiaUo5LnVaV=
nhpRFVyRVV2Z0dCM3NoMjVPNENUbTd4eW5hSERENEtlUnE0SkR4djgiLCJwIjoxNDI1NDY3MjMs=
InMiOjIyNTksImYiOnRydWUsInUiOjEzMzI2ODY2MSwiaWF0IjoxNzEwMjU1NzU3LCJleHAiOjE=
3MTI4NDc3NTcsImlzcyI6InB1Yi0wIiwic3ViIjoibGluay1yZWRpcmVjdCJ9.7kEYyyQGvwtnd=
Oykha6nIMQwWLr4jA5ShfXsWiSeKgQ?"><img role=3D"presentation" width=3D"550" h=
eight=3D"117" src=3D"https://substackcdn.com/image/fetch/w_1100,c_limit,f_a=
uto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.a=
mazonaws.com%2Fpublic%2Fimages%2Fecde5dbd-aa76-4984-bfac-acb56639185e_2800x=
591.png" class=3D"header-image" style=3D"border: none !important; display: =
block; height: auto; margin: 0 auto; max-width: 550px; vertical-align: midd=
le; width: 100%;"></a></td></tr></table><div dir=3D"auto" class=3D"post typ=
ography" style=3D"font-size: 16px; line-height: 26px; padding: 16px 0 0 0;"=
><div class=3D"post-header" style=3D"font-size: 16px; line-height: 26px;"><=
h1 class=3D"post-title published" style=3D"-moz-appearance: optimizelegibil=
ity; -moz-osx-font-smoothing: antialiased; -webkit-appearance: optimizelegi=
bility; -webkit-font-smoothing: antialiased; appearance: optimizelegibility=
; color: rgb(54, 55, 55); font-family: 'SF Pro Display', -apple-system-head=
line, system-ui, -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Hel=
vetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI=
Symbol'; font-size: 32px; font-weight: bold; line-height: 36px; margin: 0;=
"><a href=3D"https://substack.com/app-link/post?publication_id=3D2259&post_=
id=3D142546723&utm_source=3Dpost-email-title&utm_campaign=3Demail-post-titl=
e&isFreemail=3Dtrue&r=3D27cer9&token=3DeyJ1c2VyX2lkIjoxMzMyNjg2NjEsInBvc3Rf=
aWQiOjE0MjU0NjcyMywiaWF0IjoxNzEwMjU1NzU3LCJleHAiOjE3MTI4NDc3NTcsImlzcyI6InB=
1Yi0yMjU5Iiwic3ViIjoicG9zdC1yZWFjdGlvbiJ9.uZVxiDUrEUvgGB3sh25O4CTm7xynaHDD4=
KeRq4JDxv8" style=3D"color: rgb(54, 55, 55); text-decoration: none;">What H=
appened in London, March 2024</a></h1><h3 class=3D"subtitle" style=3D"-moz-=
appearance: optimizelegibility; -moz-osx-font-smoothing: antialiased; -webk=
it-appearance: optimizelegibility; -webkit-font-smoothing: antialiased; app=
earance: optimizelegibility; color: #808080; font-family: 'SF Pro Display',=
-apple-system-headline, system-ui, -apple-system, BlinkMacSystemFont, 'Seg=
oe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe U=
I Emoji', 'Segoe UI Symbol'; font-size: 18px; font-weight: normal; line-hei=
ght: 24px; margin: 4px 0 0; margin-top: 12px;">Using LiveArt's data, we loo=
k at what the composition of the London sales tells us about the state of t=
he art market</h3><table role=3D"presentation" width=3D"100%" border=3D"0" =
cellspacing=3D"0" cellpadding=3D"0" class=3D"post-meta" style=3D"align-item=
s: center; height: 20px; margin: 1em 0;"><tr><td><table role=3D"presentatio=
n" width=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td>=
<table role=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D"0" =
cellpadding=3D"0"><tr><td style=3D"vertical-align: middle;"><div class=3D"p=
encraft pc-reset _color-primary_13a18_183 _line-height-20_13a18_95 _font-me=
ta_13a18_131 _size-11_13a18_35 _weight-medium_13a18_162 _transform-uppercas=
e_13a18_239 _reset_13a18_1 _meta_13a18_439 custom-css-email-post-author" st=
yle=3D"color: rgb(54, 55, 55); font-family: 'SF Compact', -apple-system, sy=
stem-ui, -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, =
Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'=
; font-size: 11px; font-weight: 500; letter-spacing: .2px; line-height: 20p=
x; list-style: none; margin: 0; text-decoration: unset; text-transform: upp=
ercase;"><a style=3D"color: rgb(54, 55, 55); font-family: 'SF Compact', -ap=
ple-system, system-ui, -apple-system, BlinkMacSystemFont, 'Segoe UI', Robot=
o, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Se=
goe UI Symbol'; font-size: 11px; font-weight: 500; letter-spacing: .2px; li=
ne-height: 20px; list-style: none; margin: 0; text-decoration: none; text-t=
ransform: uppercase;" href=3D"https://substack.com/@artelligence" class=3D"=
pencraft pc-reset _color-primary_13a18_183 _line-height-20_13a18_95 _font-m=
eta_13a18_131 _size-11_13a18_35 _weight-medium_13a18_162 _transform-upperca=
se_13a18_239 _reset_13a18_1 _meta_13a18_439">Marion Maneker</a></div></td><=
/tr></table></td></tr><tr><td><table role=3D"presentation" width=3D"auto" b=
order=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td style=3D"vertical-a=
lign: middle;"><div class=3D"pencraft pc-reset _color-secondary_13a18_186 _=
line-height-20_13a18_95 _font-meta_13a18_131 _size-11_13a18_35 _weight-medi=
um_13a18_162 _transform-uppercase_13a18_239 _reset_13a18_1 _meta_13a18_439"=
style=3D"color: rgb(119, 119, 119); font-family: 'SF Compact', -apple-syst=
em, system-ui, -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helve=
tica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI S=
ymbol'; font-size: 11px; font-weight: 500; letter-spacing: .2px; line-heigh=
t: 20px; list-style: none; margin: 0; text-decoration: unset; text-transfor=
m: uppercase;"><time dateTime=3D"2024-03-12T15:01:46.069Z">Mar 12</time></d=
iv></td></tr></table></td></tr></table></td></tr></table><table role=3D"pre=
sentation" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" =
class=3D"email-ufi-2-top" style=3D"border-bottom: 1px solid rgba(0, 0, 0, .=
1); border-top: 1px solid rgba(0, 0, 0, .1); min-width: 100%;"><tr height=
=3D"16"><td height=3D"16" style=3D"font-size: 0px; line-height: 0;"> <=
/td></tr><tr><td><table role=3D"presentation" width=3D"100%" border=3D"0" c=
ellspacing=3D"0" cellpadding=3D"0"><tr><td><table role=3D"presentation" wid=
th=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td style=
=3D"vertical-align: middle;"><table role=3D"presentation" width=3D"38" bord=
er=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td align=3D"center"><a hr=
ef=3D"https://substack.com/app-link/post?publication_id=3D2259&post_id=3D14=
2546723&utm_source=3Dsubstack&isFreemail=3Dtrue&submitLike=3Dtrue&token=3De=
yJ1c2VyX2lkIjoxMzMyNjg2NjEsInBvc3RfaWQiOjE0MjU0NjcyMywicmVhY3Rpb24iOiLinaQi=
LCJpYXQiOjE3MTAyNTU3NTcsImV4cCI6MTcxMjg0Nzc1NywiaXNzIjoicHViLTIyNTkiLCJzdWI=
iOiJyZWFjdGlvbiJ9.7aaobbo_eL4c9RN3yWYhySkH-WvTpcChD6K2jwiCA2M&utm_medium=3D=
email&utm_campaign=3Demail-reaction&r=3D27cer9" style=3D"border: 1px solid =
rgba(0, 0, 0, .1); border-radius: 9999px; box-sizing: border-box; color: rg=
b(119, 119, 119); display: inline-block; font-family: system-ui, -apple-sys=
tem, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, =
'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 12px; =
font-weight: 500; line-height: 1; min-width: 38px; padding: 9px 0; text-dec=
oration: none; text-transform: uppercase; width: 38px;" class=3D"email-icon=
-button"><img src=3D"https://substackcdn.com/image/fetch/w_36,c_scale,f_png=
,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack.com%2Ficon%2FLucid=
eHeart%3Fv%3D4%26height%3D36%26fill%3Dnone%26stroke%3D%2523808080%26strokeW=
idth%3D2" width=3D"18" height=3D"18" style=3D"border: none !important; max-=
width: 18px; vertical-align: middle;" alt class=3D"icon"></a></td></tr></ta=
ble></td><td width=3D"8" style=3D"min-width: 8px"></td><td style=3D"vertica=
l-align: middle;"><table role=3D"presentation" width=3D"38" border=3D"0" ce=
llspacing=3D"0" cellpadding=3D"0"><tr><td align=3D"center"><a href=3D"https=
://substack.com/app-link/post?publication_id=3D2259&post_id=3D142546723&utm=
_source=3Dsubstack&utm_medium=3Demail&isFreemail=3Dtrue&comments=3Dtrue&tok=
en=3DeyJ1c2VyX2lkIjoxMzMyNjg2NjEsInBvc3RfaWQiOjE0MjU0NjcyMywiaWF0IjoxNzEwMj=
U1NzU3LCJleHAiOjE3MTI4NDc3NTcsImlzcyI6InB1Yi0yMjU5Iiwic3ViIjoicG9zdC1yZWFjd=
GlvbiJ9.uZVxiDUrEUvgGB3sh25O4CTm7xynaHDD4KeRq4JDxv8&r=3D27cer9&utm_campaign=
=3Demail-half-magic-comments&utm_source=3Dsubstack&utm_medium=3Demail" styl=
e=3D"border: 1px solid rgba(0, 0, 0, .1); border-radius: 9999px; box-sizing=
: border-box; color: rgb(119, 119, 119); display: inline-block; font-family=
: system-ui, -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helveti=
ca, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Sym=
bol'; font-size: 12px; font-weight: 500; line-height: 1; min-width: 38px; p=
adding: 9px 0; text-decoration: none; text-transform: uppercase; width: 38p=
x;" class=3D"email-icon-button"><img src=3D"https://substackcdn.com/image/f=
etch/w_36,c_scale,f_png,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubs=
tack.com%2Ficon%2FLucideComments%3Fv%3D4%26height%3D36%26fill%3Dnone%26stro=
ke%3D%2523808080%26strokeWidth%3D2" width=3D"18" height=3D"18" style=3D"bor=
der: none !important; max-width: 18px; vertical-align: middle;" alt class=
=3D"icon"></a></td></tr></table></td><td width=3D"8" style=3D"min-width: 8p=
x"></td><td style=3D"vertical-align: middle;"><table role=3D"presentation" =
width=3D"38" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td align=
=3D"center"><a href=3D"https://substack.com/app-link/post?publication_id=3D=
2259&post_id=3D142546723&utm_source=3Dsubstack&utm_medium=3Demail&utm_conte=
nt=3Dshare&utm_campaign=3Demail-share&action=3Dshare&triggerShare=3Dtrue&is=
Freemail=3Dtrue&r=3D27cer9&token=3DeyJ1c2VyX2lkIjoxMzMyNjg2NjEsInBvc3RfaWQi=
OjE0MjU0NjcyMywiaWF0IjoxNzEwMjU1NzU3LCJleHAiOjE3MTI4NDc3NTcsImlzcyI6InB1Yi0=
yMjU5Iiwic3ViIjoicG9zdC1yZWFjdGlvbiJ9.uZVxiDUrEUvgGB3sh25O4CTm7xynaHDD4KeRq=
4JDxv8" style=3D"border: 1px solid rgba(0, 0, 0, .1); border-radius: 9999px=
; box-sizing: border-box; color: rgb(119, 119, 119); display: inline-block;=
font-family: system-ui, -apple-system, BlinkMacSystemFont, 'Segoe UI', Rob=
oto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', '=
Segoe UI Symbol'; font-size: 12px; font-weight: 500; line-height: 1; min-wi=
dth: 38px; padding: 9px 0; text-decoration: none; text-transform: uppercase=
; width: 38px;" class=3D"email-icon-button"><img src=3D"https://substackcdn=
=2Ecom/image/fetch/w_36,c_scale,f_png,q=
_auto:good,fl_progressive:steep/https%=
3A%2F%2Fsubstack.com%2Ficon%2FLucideShare2%3Fv%3D4%26height%3D36%26fill%3Dn=
one%26stroke%3D%2523808080%26strokeWidth%3D2" width=3D"18" height=3D"18" st=
yle=3D"border: none !important; max-width: 18px; vertical-align: middle;" a=
lt class=3D"icon"></a></td></tr></table></td><td width=3D"8" style=3D"min-w=
idth: 8px"></td><td style=3D"vertical-align: middle;"><table role=3D"presen=
tation" width=3D"38" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><=
td align=3D"center"><a href=3D"https://substack.com/redirect/2/eyJlIjoiaHR0=
cHM6Ly9vcGVuLnN1YnN0YWNrLmNvbS9wdWIvYXJ0ZWxsaWdlbmNlL3Avd2hhdC1oYXBwZW5lZC1=
pbi1sb25kb24tbWFyY2gtMjAyND91dG1fc291cmNlPXN1YnN0YWNrJnV0bV9tZWRpdW09ZW1haW=
wmdXRtX2NhbXBhaWduPWVtYWlsLXJlc3RhY2stY29tbWVudCZhY3Rpb249cmVzdGFjay1jb21tZ=
W50JnI9MjdjZXI5JnRva2VuPWV5SjFjMlZ5WDJsa0lqb3hNek15TmpnMk5qRXNJbkJ2YzNSZmFX=
UWlPakUwTWpVME5qY3lNeXdpYVdGMElqb3hOekV3TWpVMU56VTNMQ0psZUhBaU9qRTNNVEk0TkR=
jM05UY3NJbWx6Y3lJNkluQjFZaTB5TWpVNUlpd2ljM1ZpSWpvaWNHOXpkQzF5WldGamRHbHZiaU=
o5LnVaVnhpRFVyRVV2Z0dCM3NoMjVPNENUbTd4eW5hSERENEtlUnE0SkR4djgiLCJwIjoxNDI1N=
DY3MjMsInMiOjIyNTksImYiOnRydWUsInUiOjEzMzI2ODY2MSwiaWF0IjoxNzEwMjU1NzU3LCJl=
eHAiOjE3MTI4NDc3NTcsImlzcyI6InB1Yi0wIiwic3ViIjoibGluay1yZWRpcmVjdCJ9.Z4VsDW=
EBSqULkH1lXDyZvxQaeIDYNxnyFD2InbjOsCg?&utm_source=3Dsubstack&utm_medium=3De=
mail" style=3D"border: 1px solid rgba(0, 0, 0, .1); border-radius: 9999px; =
box-sizing: border-box; color: rgb(119, 119, 119); display: inline-block; f=
ont-family: system-ui, -apple-system, BlinkMacSystemFont, 'Segoe UI', Robot=
o, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Se=
goe UI Symbol'; font-size: 12px; font-weight: 500; line-height: 1; min-widt=
h: 38px; padding: 9px 0; text-decoration: none; text-transform: uppercase; =
width: 38px;" class=3D"email-icon-button"><img src=3D"https://substackcdn.c=
om/image/fetch/w_36,c_scale,f_png,q_auto:good,fl_progressive:steep/https%3A=
%2F%2Fsubstack.com%2Ficon%2FNoteForwardIcon%3Fv%3D4%26height%3D36%26fill%3D=
none%26stroke%3D%2523808080%26strokeWidth%3D2" width=3D"18" height=3D"18" s=
tyle=3D"border: none !important; max-width: 18px; vertical-align: middle;" =
alt class=3D"icon"></a></td></tr></table></td></tr></table></td><td align=
=3D"right"><table role=3D"presentation" width=3D"auto" border=3D"0" cellspa=
cing=3D"0" cellpadding=3D"0"><tr><td style=3D"vertical-align: middle;"><tab=
le role=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D"0" cell=
padding=3D"0"><tr><td align=3D"center"><a href=3D"https://open.substack.com=
/pub/artelligence/p/what-happened-in-london-march-2024?utm_source=3Demail&r=
edirect=3Dapp-store" class=3D"email-button-outline" style=3D"border: 1px so=
lid rgba(0, 0, 0, .1); border-radius: 9999px; color: rgb(119, 119, 119); di=
splay: inline-block; font-family: system-ui, -apple-system, BlinkMacSystemF=
ont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji',=
'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 12px; font-weight: 500; li=
ne-height: 12px; padding: 9px 14px; text-decoration: none; text-transform: =
uppercase;"><div class=3D"email-button-spacer" style=3D"display: inline-blo=
ck; font-size: 16px; line-height: 26px; max-width: 0; min-height: 18px; ver=
tical-align: middle;"></div><span style=3D"margin-right: 4px; vertical-alig=
n: middle;" class=3D"email-button-text">READ IN APP</span><img src=3D"https=
://substackcdn.com/image/fetch/w_36,c_scale,f_png,q_auto:good,fl_progressiv=
e:steep/https%3A%2F%2Fsubstack.com%2Ficon%2FLucideArrowUpRight%3Fv%3D4%26he=
ight%3D36%26fill%3Dnone%26stroke%3D%2523808080%26strokeWidth%3D2" width=3D"=
18" height=3D"18" style=3D"border: none !important; margin-left: 0; margin-=
right: 0; max-width: 18px; min-height: 18px; min-width: 18px; vertical-alig=
n: middle;" alt class=3D"icon text-icon"></a></td></tr></table></td></tr></=
table></td></tr></table></td></tr><tr height=3D"16"><td height=3D"16" style=
=3D"font-size: 0px; line-height: 0;"> </td></tr></table></div></div><d=
iv dir=3D"auto" class=3D"post typography" style=3D"font-size: 16px; line-he=
ight: 26px; padding: 16px 0 0 0;"><div dir=3D"auto" class=3D"body markup" s=
tyle=3D"font-family: 'SF Pro Display', -apple-system, system-ui, BlinkMacSy=
stemFont, 'Inter', 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple=
Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 16px; font-w=
eight: 400; line-height: 26px; margin-bottom: 16px; text-align: initial; wi=
dth: 100%; word-break: break-word;"><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: rgb(54, 55, 55); font-fa=
mily: 'SF Pro Display', -apple-system-headline, system-ui, -apple-system, B=
linkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple=
Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.625em; fon=
t-weight: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; margin-top: 0=
; position: relative;">The Future of Artelligence</h2><p style=3D"color: rg=
b(54, 55, 55); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">We&=
#8217;re in the process of finalizing plans to evolve Artelligence into its=
next phase. Part of that will be a change of tone as I’ll be writing=
in the first person and trying to provide more original reporting along wi=
th the usual analysis that you see in this report on the London sales last =
week using LiveArt’s data.</p><p style=3D"color: rgb(54, 55, 55); fon=
t-size: 16px; line-height: 26px; margin: 0 0 20px 0;">You’ll get the =
details in the next few weeks but I wanted to start letting people know tha=
t in the coming months you’ll get more for your subscriptions. All pa=
id subscriptions will roll over to the new platform. </p><p style=3D"color:=
rgb(54, 55, 55); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">=
If you subscribe to the free email, we’ll bring you along to the new =
platform. </p><div data-component-name=3D"SubscribeWidget" class=3D"subscri=
be-widget is-signed-up" style=3D"direction: ltr; font-size: 16px; line-heig=
ht: 26px; margin: 0 0 1em;"><p class=3D"button-wrapper" style=3D"color: rgb=
(54, 55, 55); font-size: 16px; line-height: 26px; margin: 0 0 20px 0; text-=
align: center;"><a href=3D"https://substack.com/redirect/2/eyJlIjoiaHR0cHM6=
Ly9hcnRlbGxpZ2VuY2Uuc3Vic3RhY2suY29tL3N1YnNjcmliZT91dG1fc291cmNlPXBvc3QmdXR=
tX2NhbXBhaWduPWVtYWlsLWNoZWNrb3V0Jm5leHQ9aHR0cHMlM0ElMkYlMkZhcnRlbGxpZ2VuY2=
Uuc3Vic3RhY2suY29tJTJGcCUyRndoYXQtaGFwcGVuZWQtaW4tbG9uZG9uLW1hcmNoLTIwMjQmc=
j0yN2NlcjkmdG9rZW49ZXlKMWMyVnlYMmxrSWpveE16TXlOamcyTmpFc0ltbGhkQ0k2TVRjeE1E=
STFOVGMxTnl3aVpYaHdJam94TnpFeU9EUTNOelUzTENKcGMzTWlPaUp3ZFdJdE1qSTFPU0lzSW5=
OMVlpSTZJbU5vWldOcmIzVjBJbjAuTXJydngyOGhIUWJXYThRdS01OTFNRnFZcnQza1ZuaHdhd0=
FndVE5bURiYyIsInAiOjE0MjU0NjcyMywicyI6MjI1OSwiZiI6dHJ1ZSwidSI6MTMzMjY4NjYxL=
CJpYXQiOjE3MTAyNTU3NTcsImV4cCI6MTcxMjg0Nzc1NywiaXNzIjoicHViLTAiLCJzdWIiOiJs=
aW5rLXJlZGlyZWN0In0.6R-rq_U06symBhF9GId5GwOUkrkDji3uv178jrmpUQQ?&utm_medium=
=3Demail&utm_source=3Dsubscribe-widget&utm_content=3D142546723" class=3D"bu=
tton subscribe-btn primary" style=3D"background-color: #653366; border: non=
e; border-radius: 12px; box-sizing: border-box; color: #ffffff !important; =
cursor: pointer; display: inline-block; font-family: system-ui, -apple-syst=
em, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, '=
Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 14px; f=
ont-weight: 600; height: auto; line-height: 20px; margin: 0 auto; opacity: =
1; outline: none; padding: 12px 20px; text-align: center; text-decoration: =
none !important; white-space: nowrap;"><span style=3D"color: #ffffff; text-=
decoration: none;">Upgrade to paid</span></a></p></div><p style=3D"color: r=
gb(54, 55, 55); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">If=
you have questions, feel free to contact me using the button below. </p><p=
class=3D"button-wrapper" data-attrs=3D"{"url":"Mailto:manek=
er@artmarketmonitor.com","text":"Contact Us!",&quo=
t;action":null,"class":null}" data-component-name=3D"ButtonC=
reateButton" style=3D"color: rgb(54, 55, 55); font-size: 16px; line-height:=
26px; margin: 0 0 20px 0; text-align: center;"><a class=3D"button primary"=
href=3D"https://substack.com/redirect/cf76f6b3-3420-4064-bccc-c118a30522ec=
?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel s=
tyle=3D"background-color: #653366; border: none; border-radius: 12px; box-s=
izing: border-box; color: #ffffff !important; cursor: pointer; display: inl=
ine-block; font-family: system-ui, -apple-system, BlinkMacSystemFont, 'Sego=
e UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI=
Emoji', 'Segoe UI Symbol'; font-size: 14px; font-weight: 600; height: auto=
; line-height: 20px; margin: 0; opacity: 1; outline: none; padding: 12px 20=
px; text-align: center; text-decoration: none !important; white-space: nowr=
ap;"><span style=3D"color: #ffffff; text-decoration: none;">Contact Us!</sp=
an></a></p><div style=3D"font-size: 16px; line-height: 26px;"><hr style=3D"=
background: #e0e0e0; border: none; height: 1px; margin: 32px 0; padding: 0;=
"></div><h2 class=3D"header-with-anchor-widget" style=3D"-moz-appearance: o=
ptimizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-appearance=
: optimizelegibility; -webkit-font-smoothing: antialiased; appearance: opti=
mizelegibility; color: rgb(54, 55, 55); font-family: 'SF Pro Display', -app=
le-system-headline, system-ui, -apple-system, BlinkMacSystemFont, 'Segoe UI=
', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emo=
ji', 'Segoe UI Symbol'; font-size: 1.625em; font-weight: bold; line-height:=
1.16em; margin: 1em 0 0.625em 0; position: relative;">In This Issue</h2><o=
l style=3D"margin-top: 0; padding: 0;"><li style=3D"margin: 8px 0 0 32px;">=
<p style=3D"box-sizing: border-box; color: rgb(54, 55, 55); font-size: 16px=
; line-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><stro=
ng>What Happened in London:</strong><span> The market is down but steady in=
London</span></p></li><li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-=
sizing: border-box; color: rgb(54, 55, 55); font-size: 16px; line-height: 2=
6px; margin: 0; margin-bottom: 0; padding-left: 4px;"><strong>London Winter=
Auction Results: </strong><span>Total sales were £371,656,715</span><=
/p></li><li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: border-=
box; color: rgb(54, 55, 55); font-size: 16px; line-height: 26px; margin: 0;=
margin-bottom: 0; padding-left: 4px;"><strong>Top Ten Lots by Price: </str=
ong><span>The top lots sold on the low end or below estimates</span></p></l=
i><li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; c=
olor: rgb(54, 55, 55); font-size: 16px; line-height: 26px; margin: 0; margi=
n-bottom: 0; padding-left: 4px;"><strong>Top Ten Lots by Hammer Ratio: </st=
rong><span>Bidders moved to the past looking for value</span></p></li><li s=
tyle=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; color: r=
gb(54, 55, 55); font-size: 16px; line-height: 26px; margin: 0; margin-botto=
m: 0; padding-left: 4px;"><strong>Top Artists by Market Share: </strong><sp=
an>The usual names dominated market share</span></p></li><li style=3D"margi=
n: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; color: rgb(54, 55, 55=
); font-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0; padding=
-left: 4px;"><strong>Bidding Quintiles: </strong><span>The bottom of the ma=
rket is on fire</span></p></li></ol><div style=3D"font-size: 16px; line-hei=
ght: 26px;"><hr style=3D"background: #e0e0e0; border: none; height: 1px; ma=
rgin: 32px 0; padding: 0;"></div><h2 class=3D"header-with-anchor-widget" st=
yle=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoothing: antial=
iased; -webkit-appearance: optimizelegibility; -webkit-font-smoothing: anti=
aliased; appearance: optimizelegibility; color: rgb(54, 55, 55); font-famil=
y: 'SF Pro Display', -apple-system-headline, system-ui, -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;"><strong>London Settles In the Long Haul</strong></h2><div class=3D"cap=
tioned-image-container-static" style=3D"font-size: 16px; line-height: 26px;=
margin: 32px auto;"><figure style=3D"margin: 0 auto; width: 100%;"><table =
class=3D"image-wrapper" width=3D"100%" border=3D"0" cellspacing=3D"0" cellp=
adding=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 a=
lign=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/re=
direct/0e890148-b85b-481f-a7e1-5e58ecaa6dfb?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3=
c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"align-items: center; bor=
der: none; display: block; flex-direction: column; height: auto; margin: 0;=
padding: 0; position: relative; text-decoration: none; width: auto;"><img =
data-attrs=3D"{"src":"https://substack-post-media.s3.amazona=
ws.com/public/images/5c89c75b-5ca9-4758-a614-8d7c93845486_1600x900.png"=
;,"srcNoWatermark":null,"fullscreen":null,"imageSi=
ze":null,"height":819,"width":1456,"resizeWid=
th":null,"bytes":null,"alt":null,"title"=
:null,"type":null,"href":null,"belowTheFold":=
true,"topImage":false,"internalRedirect":null}" alt wid=
th=3D"550" height=3D"309.375" class=3D"wide-image" src=3D"https://substackc=
dn.com/image/fetch/w_2912,c_limit,f_auto,q_auto:good,fl_progressive:steep/h=
ttps%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5c89c=
75b-5ca9-4758-a614-8d7c93845486_1600x900.png" style=3D"-ms-interpolation-mo=
de: bicubic; border: none !important; display: block; height: auto; margin:=
0 auto; margin-bottom: 0; max-width: 100% !important; vertical-align: midd=
le; width: auto !important;"></a></td><td style=3D"text-align: center;"></t=
d></tr></tbody></table><figcaption class=3D"image-caption" style=3D"box-siz=
ing: content-box; color: #808080; font-size: 14px; font-weight: 400; letter=
-spacing: -.15px; line-height: 20px; margin-top: 8px; padding-left: 15%; pa=
dding-right: 15%; text-align: center; width: 70%;">Ernst Ludwig Kirchner do=
uble-sided painting from 1920 sold for £3.79m</figcaption></figure></d=
iv><p style=3D"color: rgb(54, 55, 55); font-size: 16px; line-height: 26px; =
margin: 0 0 20px 0;">Judging by the performance of the London Winter s=
ales, the market continues to bump along the same path it trod last year. T=
he overall total was down 12% from last year’s significant drop. In a=
ll other respects the London market metrics are remarkably similar to the n=
umbers posted this time last year. The headline number was down to £37=
1 million that’s a year after these same sales totaled £432 mill=
ion. The top ten lots accounted for 36% of the total sale. Even the number =
and value of the withdrawn lots this year (27 lots totaling £27 millio=
n) was similar to the value of last year’s withdrawn lots (23 lots to=
taling £20 million.) </p><div class=3D"captioned-image-container-=
static" style=3D"font-size: 16px; line-height: 26px; margin: 32px auto;"><f=
igure style=3D"margin: 0 auto; width: 100%;"><table class=3D"image-wrapper"=
width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" data-compo=
nent-name=3D"Image2ToDOMStatic" style=3D"mso-padding-alt: 1em 0 1.6em;"><tb=
ody><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-lin=
k" target=3D"_blank" href=3D"https://substack.com/redirect/e763a9cc-a5f2-4b=
41-b3d5-a3efd093866c?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx=
6Fx_g6pp7gWdY" rel style=3D"align-items: center; border: none; display: blo=
ck; flex-direction: column; height: auto; margin: 0; padding: 0; position: =
relative; text-decoration: none; width: auto;"><img data-attrs=3D"{"sr=
c":"https://substack-post-media.s3.amazonaws.com/public/images/b7=
d9e8e6-2b94-4cc4-a31f-4cb731684581_1920x1080.png","srcNoWatermark=
":null,"fullscreen":null,"imageSize":null,"he=
ight":819,"width":1456,"resizeWidth":null,"by=
tes":313560,"alt":null,"title":null,"type&quo=
t;:"image/png","href":null,"belowTheFold":tru=
e,"topImage":false,"internalRedirect":null}" alt width=
=3D"550" height=3D"309.375" class=3D"wide-image" src=3D"https://substackcdn=
=2Ecom/image/fetch/w_2912,c_limit,f_aut=
o,q_auto:good,fl_progressive:steep/htt=
ps%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb7d9e8e=
6-2b94-4cc4-a31f-4cb731684581_1920x1080.png" style=3D"-ms-interpolation-mod=
e: bicubic; border: none !important; display: block; height: auto; margin: =
0 auto; margin-bottom: 0; max-width: 100% !important; vertical-align: middl=
e; width: auto !important;"></a></td><td style=3D"text-align: center;"></td=
></tr></tbody></table></figure></div><p style=3D"color: rgb(54, 55, 55); fo=
nt-size: 16px; line-height: 26px; margin: 0 0 20px 0;">The average estimate=
of an unsold lot was significantly lower this year than last year. Last ye=
ar, the average unsold lot was £255k; this year, it was about £19=
2k. The average estimate of a withdrawn lot last year was £879k; this =
year, it rose to £1.014m. The lower reaches of the seven-figure range =
have become a danger zone where demand has evaporated for marginal works by=
major artists. </p><p style=3D"color: rgb(54, 55, 55); font-size: 16p=
x; line-height: 26px; margin: 0 0 20px 0;">The average lot value was almost=
exactly the same as last year at £520,528 ($661,070); and hammer rati=
o was an almost imperceptibly improved 1.04 over last year’s 1.03. Th=
e number lots sold was down 9% and the sell-through rate was a softer 84% a=
fter last year’s surprising 89%. But the composition of the salesR=
12;with 36% of sold lots making prices above the estimate range; 41% sellin=
g within the range; and 23% sacrificed at compromise prices—was nearl=
y identical to the previous year’s figures. </p><p style=3D"colo=
r: rgb(54, 55, 55); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;=
">Clearly, the auction houses have done a good job recalibrating their offe=
rings and estimates to the new realities of the market. </p><div class=
=3D"captioned-image-container-static" style=3D"font-size: 16px; line-height=
: 26px; margin: 32px auto;"><figure style=3D"margin: 0 auto; width: 100%;">=
<table class=3D"image-wrapper" width=3D"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;"></t=
d><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=
=2Ecom/redirect/3cd02bdd-c0c7-4bed-ac6=
3-bacc7140d81f?j=3DeyJ1IjoiMjdjZXI5In0.=
nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"align-items: cent=
er; border: none; display: block; flex-direction: column; height: auto; mar=
gin: 0; padding: 0; position: relative; text-decoration: none; width: auto;=
"><img data-attrs=3D"{"src":"https://substack-post-media.s3.=
amazonaws.com/public/images/83232d87-fc96-4f62-885b-7454af331366_1920x1080.=
png","srcNoWatermark":null,"fullscreen":null,"=
;imageSize":null,"height":819,"width":1456,"r=
esizeWidth":null,"bytes":406713,"alt":null,"t=
itle":null,"type":"image/png","href":nul=
l,"belowTheFold":true,"topImage":false,"internalRe=
direct":null}" alt width=3D"550" height=3D"309.375" class=3D"wide-imag=
e" src=3D"https://substackcdn.com/image/fetch/w_2912,c_limit,f_auto,q_auto:=
good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.co=
m%2Fpublic%2Fimages%2F83232d87-fc96-4f62-885b-7454af331366_1920x1080.png" s=
tyle=3D"-ms-interpolation-mode: bicubic; border: none !important; display: =
block; height: auto; margin: 0 auto; margin-bottom: 0; max-width: 100% !imp=
ortant; vertical-align: middle; width: auto !important;"></a></td><td style=
=3D"text-align: center;"></td></tr></tbody></table></figure></div><p style=
=3D"color: rgb(54, 55, 55); font-size: 16px; line-height: 26px; margin: 0 0=
20px 0;"><span>Turning to the top lots, the work with the most notable bid=
ding was a late Picasso </span><em>Homme a la pipe</em><span> that was esti=
mated to encourage bidding. The tactic worked and the painting sold for a r=
espectable price despite the overall decline in the broader market. The top=
lot was a Magritte that failed to reach the low estimate by £1 millio=
n but that wasn’t significant in percentage terms. The Lagrange Franc=
is Bacon sold for a solid price, as did David Hockney’s </span><em>Ca=
lifornia</em><span> pool painting. A second, smaller Bacon also made a soli=
d £6.8 million but a third work by the Irish painter was withdrawn bef=
ore the sale. </span></p><div class=3D"captioned-image-container-stati=
c" style=3D"font-size: 16px; line-height: 26px; margin: 32px auto;"><figure=
style=3D"margin: 0 auto; width: 100%;"><table class=3D"image-wrapper" widt=
h=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"conte=
nt" width=3D"1456" style=3D"text-align: center;"><a class=3D"image-link" ta=
rget=3D"_blank" href=3D"https://substack.com/redirect/6ccdb0c9-0457-4a9a-94=
11-6adf8f91f001?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g=
6pp7gWdY" rel style=3D"align-items: center; border: none; display: block; f=
lex-direction: column; height: auto; margin: 0; padding: 0; position: relat=
ive; text-decoration: none; width: auto;"><img data-attrs=3D"{"src&quo=
t;:"https://substack-post-media.s3.amazonaws.com/public/images/f2b2fb6=
0-77ed-42dd-a24f-e7611a343be2_1920x1080.png","srcNoWatermark"=
;:null,"fullscreen":null,"imageSize":null,"height&=
quot;:819,"width":1456,"resizeWidth":null,"bytes&q=
uot;:378305,"alt":null,"title":null,"type":&q=
uot;image/png","href":null,"belowTheFold":true,&qu=
ot;topImage":false,"internalRedirect":null}" alt width=3D"55=
0" height=3D"309.375" class=3D"wide-image" src=3D"https://substackcdn.com/i=
mage/fetch/w_2912,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%=
2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff2b2fb60-77ed=
-42dd-a24f-e7611a343be2_1920x1080.png" style=3D"-ms-interpolation-mode: bic=
ubic; border: none !important; display: block; height: auto; margin: 0 auto=
; margin-bottom: 0; max-width: 100% !important; vertical-align: middle; wid=
th: auto !important;"></a></td><td style=3D"text-align: center;"></td></tr>=
</tbody></table></figure></div><p style=3D"color: rgb(54, 55, 55); font-siz=
e: 16px; line-height: 26px; margin: 0 0 20px 0;">The list of works with the=
most intense bidding was an entirely different story. There was a wholesal=
e shift in the composition of this list away from emerging artists toward h=
istorical works by Hannah Höch, Marc Chagall, Eugene Boudin, and Jules=
Pascin, the so-called “prince of Montparnasse” who died by sui=
cide in 1930. The only holdover from the previous pattern of vivid landscap=
e painters was Alfie Caine’s work and there was one work by Turner-pr=
ize winner Keith Tyson. </p><div class=3D"captioned-image-container-st=
atic" style=3D"font-size: 16px; line-height: 26px; margin: 32px auto;"><fig=
ure style=3D"margin: 0 auto; width: 100%;"><table class=3D"image-wrapper" w=
idth=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" data-compone=
nt-name=3D"Image2ToDOMStatic" style=3D"mso-padding-alt: 1em 0 1.6em;"><tbod=
y><tr><td style=3D"text-align: center;"></td><td align=3D"left" class=3D"co=
ntent" width=3D"1456" style=3D"text-align: center;"><a class=3D"image-link"=
target=3D"_blank" href=3D"https://substack.com/redirect/27895ef2-02c6-48f4=
-b899-990b463bec67?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6F=
x_g6pp7gWdY" rel style=3D"align-items: center; border: none; display: block=
; flex-direction: column; height: auto; margin: 0; padding: 0; position: re=
lative; text-decoration: none; width: auto;"><img data-attrs=3D"{"src&=
quot;:"https://substack-post-media.s3.amazonaws.com/public/images/acde=
9d50-7851-4736-810e-bf2492933453_1920x1080.png","srcNoWatermark&q=
uot;:null,"fullscreen":null,"imageSize":null,"heig=
ht":819,"width":1456,"resizeWidth":null,"byte=
s":273202,"alt":null,"title":null,"type"=
:"image/png","href":null,"belowTheFold":true,=
"topImage":false,"internalRedirect":null}" alt width=3D=
"550" height=3D"309.375" class=3D"wide-image" src=3D"https://substackcdn.co=
m/image/fetch/w_2912,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%=
3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Facde9d50-7=
851-4736-810e-bf2492933453_1920x1080.png" style=3D"-ms-interpolation-mode: =
bicubic; border: none !important; display: block; height: auto; margin: 0 a=
uto; margin-bottom: 0; max-width: 100% !important; vertical-align: middle; =
width: auto !important;"></a></td><td style=3D"text-align: center;"></td></=
tr></tbody></table></figure></div><p style=3D"color: rgb(54, 55, 55); font-=
size: 16px; line-height: 26px; margin: 0 0 20px 0;">The market share table =
has reshuffled this year but it doesn’t contain any new or surprising=
names. The most significant feature of this year’s list is the absen=
ce of an artist posting 3-4% market share. There’s a significant gap =
between Picasso’s nearly 6% share and Miró’s less than 3% =
share. Given the overall weakness of the works on offer in London, this may=
simply reflect the lack of market momentum for any significant artist. The=
market remains stalled between the fading demand for previous market leade=
rs and the failure of a new name or names to build significant momentum. (F=
or example, there was only one significant lot of works by Gerhard Richter =
that sold in London.)</p><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/b3782760-cdc9-4fc0-bdf2-6=
fe30a5a7c2c?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/cc741fe6-49=
66-4b76-87e5-b047e68b67c5_1920x1080.png","srcNoWatermark":nu=
ll,"fullscreen":null,"imageSize":null,"height"=
;:819,"width":1456,"resizeWidth":null,"bytes"=
:212025,"alt":null,"title":null,"type":"=
image/png","href":null,"belowTheFold":true,"t=
opImage":false,"internalRedirect":null}" alt width=3D"550" h=
eight=3D"309.375" class=3D"wide-image" src=3D"https://substackcdn.com/image=
/fetch/w_2912,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2=
Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcc741fe6-4966-4b7=
6-87e5-b047e68b67c5_1920x1080.png" style=3D"-ms-interpolation-mode: bicubic=
; border: none !important; display: block; height: auto; margin: 0 auto; ma=
rgin-bottom: 0; max-width: 100% !important; vertical-align: middle; width: =
auto !important;"></a></td><td style=3D"text-align: center;"></td></tr></tb=
ody></table></figure></div><p style=3D"color: rgb(54, 55, 55); font-size: 1=
6px; line-height: 26px; margin: 0 0 20px 0;">Turning to the bidding quintil=
es, we took all of the lots originally cataloged, including withdrawn lots,=
and arrayed them from high estimate to low. Then we separated those works =
into quintiles to get a better sense of the market composition and performa=
nce. The results were consistent with the previous year but intensified gre=
atly. </p><p style=3D"color: rgb(54, 55, 55); font-size: 16px; line-height:=
26px; margin: 0 0 20px 0;">The Top quintile of works with estimates rangin=
g from £300,000 to £30 million had a 78% sell-through rate (inclu=
ding withdrawals) and .93 hammer ratio. The average work sold for a premium=
price of $2.23 million. The Middle High quintile, just below, ranged from =
£135k to £300k in estimate with an average estimate of £164k=
=2E The average price was £263k. T=
he sell-through rate here was also 78%=
with a .99 hammer ratio. That means the top 40% of lots by estimate were p=
riced too high and suffered from a lack of bidders. </p><p style=3D"co=
lor: rgb(54, 55, 55); font-size: 16px; line-height: 26px; margin: 0 0 20px =
0;">The Middle quintile with estimates ranging from £40k to £135k=
and an average estimate of £60k saw an 83% sell-through rate with a 1=
=2E12 hammer ratio for an average price=
of $108k. These are solid numbers on=20=
the verge of showing some market leadership. The Middle Low quintile of wor=
ks estimated at between £18k and £40k for an average estimate of =
£27k saw 78% sell-through on a 1.12 hammer ratio for an average premiu=
m price of $56k. </p><p style=3D"color: rgb(54, 55, 55); font-size: 16=
px; line-height: 26px; margin: 0 0 20px 0;">The surprise lurking in these n=
umbers is the 2.03 hammer ratio for the Bottom quintile where estimates ran=
ge from £800 to £18k with an average estimate of £10k. The a=
verage premium price for these works was $32k. The sell-through in this qui=
ntile was a very strong 89%. </p><p style=3D"color: rgb(54, 55, 55); font-s=
ize: 16px; line-height: 26px; margin: 0 0 20px 0;">These works at the botto=
m of the estimate pile are clearly the focus of the market right now. When =
we combine that with the data from the top lots by hammer ratio, we see som=
e inkling that the market is looking back toward history for opportunities.=
 </p><div style=3D"font-size: 16px; line-height: 26px;"><hr style=3D"b=
ackground: #e0e0e0; border: none; height: 1px; margin: 32px 0; padding: 0;"=
></div><div class=3D"subscription-widget-wrap" style=3D"font-size: 16px; li=
ne-height: 26px;"><div class=3D"subscription-widget show-subscribe" style=
=3D"align-items: flex-start; color: #404040; direction: ltr !important; dis=
play: block; font-family: system-ui, -apple-system, BlinkMacSystemFont, 'Se=
goe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe =
UI Emoji', 'Segoe UI Symbol'; font-size: 16px; font-weight: 400; line-heigh=
t: 1.5; margin: 24px auto; max-width: 560px; padding: 32px; text-align: cen=
ter; text-decoration: none;"><div class=3D"preamble" style=3D"align-items: =
center; display: flex; font-family: system-ui, -apple-system, BlinkMacSyste=
mFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji=
', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 18px; font-weight: 400; =
line-height: 22px; margin-left: auto; margin-right: auto; margin-top: 16px;=
max-width: 384px; text-align: center; width: fit-content;"><p style=3D"col=
or: rgb(54, 55, 55); font-size: 16px; line-height: 26px; margin: 0 0 20px 0=
;">Artelligence is moving to a new platform soon. Add your name to our list=
so you can come along.</p></div><div data-component-name=3D"SubscribeWidge=
t" class=3D"subscribe-widget is-signed-up" style=3D"direction: ltr; font-si=
ze: 16px; line-height: 26px; margin: 0 0 1em;"><p class=3D"button-wrapper" =
style=3D"color: rgb(54, 55, 55); font-size: 16px; line-height: 26px; margin=
: 0 0 20px 0; text-align: center;"><a href=3D"https://substack.com/redirect=
/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2VuY2Uuc3Vic3RhY2suY29tL3N1YnNjcmliZT91dG1f=
c291cmNlPXBvc3QmdXRtX2NhbXBhaWduPWVtYWlsLWNoZWNrb3V0Jm5leHQ9aHR0cHMlM0ElMkY=
lMkZhcnRlbGxpZ2VuY2Uuc3Vic3RhY2suY29tJTJGcCUyRndoYXQtaGFwcGVuZWQtaW4tbG9uZG=
9uLW1hcmNoLTIwMjQmcj0yN2NlcjkmdG9rZW49ZXlKMWMyVnlYMmxrSWpveE16TXlOamcyTmpFc=
0ltbGhkQ0k2TVRjeE1ESTFOVGMxTnl3aVpYaHdJam94TnpFeU9EUTNOelUzTENKcGMzTWlPaUp3=
ZFdJdE1qSTFPU0lzSW5OMVlpSTZJbU5vWldOcmIzVjBJbjAuTXJydngyOGhIUWJXYThRdS01OTF=
NRnFZcnQza1ZuaHdhd0FndVE5bURiYyIsInAiOjE0MjU0NjcyMywicyI6MjI1OSwiZiI6dHJ1ZS=
widSI6MTMzMjY4NjYxLCJpYXQiOjE3MTAyNTU3NTcsImV4cCI6MTcxMjg0Nzc1NywiaXNzIjoic=
HViLTAiLCJzdWIiOiJsaW5rLXJlZGlyZWN0In0.6R-rq_U06symBhF9GId5GwOUkrkDji3uv178=
jrmpUQQ?&utm_medium=3Demail&utm_source=3Dsubscribe-widget-preamble&utm_cont=
ent=3D142546723" class=3D"button subscribe-btn primary" style=3D"background=
-color: #653366; border: none; border-radius: 12px; box-sizing: border-box;=
color: #ffffff !important; cursor: pointer; display: inline-block; font-fa=
mily: system-ui, -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Hel=
vetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI=
Symbol'; font-size: 14px; font-weight: 600; height: auto; line-height: 20p=
x; margin: 0 auto; opacity: 1; outline: none; padding: 12px 20px; text-alig=
n: center; text-decoration: none !important; white-space: nowrap;"><span st=
yle=3D"color: #ffffff; text-decoration: none;">Upgrade to paid</span></a></=
p></div></div></div><p style=3D"color: rgb(54, 55, 55); font-size: 16px; li=
ne-height: 26px; margin: 0 0 20px 0; margin-bottom: 0;"></p></div></div><di=
v class=3D"container-border" style=3D"border-top: 1px solid #e0e0e0; box-si=
zing: border-box; font-size: 16px; line-height: 26px; margin: 32px 0 0; wid=
th: 100%;"></div><div class=3D"post-cta typography markup" style=3D"font-fa=
mily: 'SF Pro Display', -apple-system, system-ui, BlinkMacSystemFont, 'Inte=
r', 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', =
'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 16px; font-weight: 400; lin=
e-height: 26px; margin: 32px 0; margin-bottom: 32px; text-align: initial; w=
ord-break: break-word;"><p style=3D"color: rgb(54, 55, 55); font-size: 16px=
; line-height: 26px; margin: 0 auto 20px; margin-top: 0; text-align: center=
; width: 90%;"><span translated class=3D"pencraft pc-reset _reset_13a18_1" =
style=3D"color: unset; list-style: none; margin: 0; text-decoration: unset;=
">You're currently a free subscriber to <a href=3D"https://substack.com/red=
irect/5c25b8e8-183b-4240-9ca3-87a7835fb5e8?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c=
1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" style=3D"color: rgb(54, 55, 55); text-=
decoration: underline;">Artelligence</a>. For the full experience, <a href=
=3D"https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2VuY2Uuc3V=
ic3RhY2suY29tL3N1YnNjcmliZT91dG1fc291cmNlPXBvc3QmdXRtX2NhbXBhaWduPWVtYWlsLW=
NoZWNrb3V0Jm5leHQ9aHR0cHMlM0ElMkYlMkZhcnRlbGxpZ2VuY2Uuc3Vic3RhY2suY29tJTJGc=
CUyRndoYXQtaGFwcGVuZWQtaW4tbG9uZG9uLW1hcmNoLTIwMjQmcj0yN2NlcjkmdG9rZW49ZXlK=
MWMyVnlYMmxrSWpveE16TXlOamcyTmpFc0ltbGhkQ0k2TVRjeE1ESTFOVGMxTnl3aVpYaHdJam9=
4TnpFeU9EUTNOelUzTENKcGMzTWlPaUp3ZFdJdE1qSTFPU0lzSW5OMVlpSTZJbU5vWldOcmIzVj=
BJbjAuTXJydngyOGhIUWJXYThRdS01OTFNRnFZcnQza1ZuaHdhd0FndVE5bURiYyIsInAiOjE0M=
jU0NjcyMywicyI6MjI1OSwiZiI6dHJ1ZSwidSI6MTMzMjY4NjYxLCJpYXQiOjE3MTAyNTU3NTcs=
ImV4cCI6MTcxMjg0Nzc1NywiaXNzIjoicHViLTAiLCJzdWIiOiJsaW5rLXJlZGlyZWN0In0.6R-=
rq_U06symBhF9GId5GwOUkrkDji3uv178jrmpUQQ?&utm_source=3Dsubstack&utm_medium=
=3Demail&utm_content=3Dpostcta" style=3D"color: rgb(54, 55, 55); text-decor=
ation: underline;">upgrade your subscription.</a></span></p><p class=3D"cta=
-box" style=3D"color: rgb(54, 55, 55); font-size: 16px; line-height: 26px; =
margin: 0 auto 20px; margin-bottom: 0; margin-left: auto; margin-right: aut=
o; text-align: center; width: 90%;"><a role=3D"button" href=3D"https://subs=
tack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2VuY2Uuc3Vic3RhY2suY29tL3N=
1YnNjcmliZT91dG1fc291cmNlPXBvc3QmdXRtX2NhbXBhaWduPWVtYWlsLWNoZWNrb3V0Jm5leH=
Q9aHR0cHMlM0ElMkYlMkZhcnRlbGxpZ2VuY2Uuc3Vic3RhY2suY29tJTJGcCUyRndoYXQtaGFwc=
GVuZWQtaW4tbG9uZG9uLW1hcmNoLTIwMjQmcj0yN2NlcjkmdG9rZW49ZXlKMWMyVnlYMmxrSWpv=
eE16TXlOamcyTmpFc0ltbGhkQ0k2TVRjeE1ESTFOVGMxTnl3aVpYaHdJam94TnpFeU9EUTNOelU=
zTENKcGMzTWlPaUp3ZFdJdE1qSTFPU0lzSW5OMVlpSTZJbU5vWldOcmIzVjBJbjAuTXJydngyOG=
hIUWJXYThRdS01OTFNRnFZcnQza1ZuaHdhd0FndVE5bURiYyIsInAiOjE0MjU0NjcyMywicyI6M=
jI1OSwiZiI6dHJ1ZSwidSI6MTMzMjY4NjYxLCJpYXQiOjE3MTAyNTU3NTcsImV4cCI6MTcxMjg0=
Nzc1NywiaXNzIjoicHViLTAiLCJzdWIiOiJsaW5rLXJlZGlyZWN0In0.6R-rq_U06symBhF9GId=
5GwOUkrkDji3uv178jrmpUQQ?&utm_source=3Dsubstack&utm_medium=3Demail&utm_cont=
ent=3Dpostcta" class=3D"button primary" style=3D"background-color: #653366;=
border: none; border-radius: 12px; box-sizing: border-box; color: #ffffff =
!important; cursor: pointer; display: inline-block; font-family: system-ui,=
-apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, s=
ans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-s=
ize: 14px; font-weight: 600; height: 40px; line-height: 20px; margin: 0; op=
acity: 1; outline: none; padding: 10px 20px; text-align: center; text-decor=
ation: none !important; white-space: nowrap;">Upgrade to paid</a></p></div>=
<table role=3D"presentation" width=3D"100%" border=3D"0" cellspacing=3D"0" =
cellpadding=3D"0" class=3D"email-ufi-2-bottom" style=3D"border-bottom: 1px =
solid rgba(0, 0, 0, .1); border-top: 1px solid rgba(0, 0, 0, .1); min-width=
: 100%;"><tr height=3D"16"><td height=3D"16" style=3D"font-size: 0px; line-=
height: 0;"> </td></tr><tr><td><table role=3D"presentation" width=3D"1=
00%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td><table role=
=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=
=3D"0" style=3D"margin: 0 auto;"><tr><td style=3D"vertical-align: middle;">=
<table role=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D"0" =
cellpadding=3D"0"><tr><td align=3D"center"><a href=3D"https://substack.com/=
app-link/post?publication_id=3D2259&post_id=3D142546723&utm_source=3Dsubsta=
ck&isFreemail=3Dtrue&submitLike=3Dtrue&token=3DeyJ1c2VyX2lkIjoxMzMyNjg2NjEs=
InBvc3RfaWQiOjE0MjU0NjcyMywicmVhY3Rpb24iOiLinaQiLCJpYXQiOjE3MTAyNTU3NTcsImV=
4cCI6MTcxMjg0Nzc1NywiaXNzIjoicHViLTIyNTkiLCJzdWIiOiJyZWFjdGlvbiJ9.7aaobbo_e=
L4c9RN3yWYhySkH-WvTpcChD6K2jwiCA2M&utm_medium=3Demail&utm_campaign=3Demail-=
reaction&r=3D27cer9" class=3D"email-button-outline" style=3D"border: 1px so=
lid rgba(0, 0, 0, .1); border-radius: 9999px; color: rgb(119, 119, 119); di=
splay: inline-block; font-family: system-ui, -apple-system, BlinkMacSystemF=
ont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji',=
'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 12px; font-weight: 500; li=
ne-height: 12px; padding: 9px 14px; text-decoration: none; text-transform: =
uppercase;"><img src=3D"https://substackcdn.com/image/fetch/w_36,c_scale,f_=
png,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack.com%2Ficon%2FLu=
cideHeart%3Fv%3D4%26height%3D36%26fill%3Dnone%26stroke%3D%2523808080%26stro=
keWidth%3D2" width=3D"18" height=3D"18" style=3D"border: none !important; m=
argin-right: 8px; max-width: 18px; min-height: 18px; min-width: 18px; verti=
cal-align: middle;" alt class=3D"icon"><span class=3D"email-button-text" st=
yle=3D"vertical-align: middle;">Like</span></a></td></tr></table></td><td w=
idth=3D"8" style=3D"min-width: 8px"></td><td style=3D"vertical-align: middl=
e;"><table role=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D=
"0" cellpadding=3D"0"><tr><td align=3D"center"><a href=3D"https://substack.=
com/app-link/post?publication_id=3D2259&post_id=3D142546723&utm_source=3Dsu=
bstack&utm_medium=3Demail&isFreemail=3Dtrue&comments=3Dtrue&token=3DeyJ1c2V=
yX2lkIjoxMzMyNjg2NjEsInBvc3RfaWQiOjE0MjU0NjcyMywiaWF0IjoxNzEwMjU1NzU3LCJleH=
AiOjE3MTI4NDc3NTcsImlzcyI6InB1Yi0yMjU5Iiwic3ViIjoicG9zdC1yZWFjdGlvbiJ9.uZVx=
iDUrEUvgGB3sh25O4CTm7xynaHDD4KeRq4JDxv8&r=3D27cer9&utm_campaign=3Demail-hal=
f-magic-comments&utm_source=3Dsubstack&utm_medium=3Demail" class=3D"email-b=
utton-outline" style=3D"border: 1px solid rgba(0, 0, 0, .1); border-radius:=
9999px; color: rgb(119, 119, 119); display: inline-block; font-family: sys=
tem-ui, -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, A=
rial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol';=
font-size: 12px; font-weight: 500; line-height: 12px; padding: 9px 14px; t=
ext-decoration: none; text-transform: uppercase;"><img src=3D"https://subst=
ackcdn.com/image/fetch/w_36,c_scale,f_png,q_auto:good,fl_progressive:steep/=
https%3A%2F%2Fsubstack.com%2Ficon%2FLucideComments%3Fv%3D4%26height%3D36%26=
fill%3Dnone%26stroke%3D%2523808080%26strokeWidth%3D2" width=3D"18" height=
=3D"18" style=3D"border: none !important; margin-right: 8px; max-width: 18p=
x; min-height: 18px; min-width: 18px; vertical-align: middle;" alt class=3D=
"icon"><span class=3D"email-button-text" style=3D"vertical-align: middle;">=
Comment</span></a></td></tr></table></td><td width=3D"8" style=3D"min-width=
: 8px"></td><td style=3D"vertical-align: middle;"><table role=3D"presentati=
on" width=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td=
align=3D"center"><a href=3D"https://substack.com/redirect/2/eyJlIjoiaHR0cH=
M6Ly9vcGVuLnN1YnN0YWNrLmNvbS9wdWIvYXJ0ZWxsaWdlbmNlL3Avd2hhdC1oYXBwZW5lZC1pb=
i1sb25kb24tbWFyY2gtMjAyND91dG1fc291cmNlPXN1YnN0YWNrJnV0bV9tZWRpdW09ZW1haWwm=
dXRtX2NhbXBhaWduPWVtYWlsLXJlc3RhY2stY29tbWVudCZhY3Rpb249cmVzdGFjay1jb21tZW5=
0JnI9MjdjZXI5JnRva2VuPWV5SjFjMlZ5WDJsa0lqb3hNek15TmpnMk5qRXNJbkJ2YzNSZmFXUW=
lPakUwTWpVME5qY3lNeXdpYVdGMElqb3hOekV3TWpVMU56VTNMQ0psZUhBaU9qRTNNVEk0TkRjM=
05UY3NJbWx6Y3lJNkluQjFZaTB5TWpVNUlpd2ljM1ZpSWpvaWNHOXpkQzF5WldGamRHbHZiaUo5=
LnVaVnhpRFVyRVV2Z0dCM3NoMjVPNENUbTd4eW5hSERENEtlUnE0SkR4djgiLCJwIjoxNDI1NDY=
3MjMsInMiOjIyNTksImYiOnRydWUsInUiOjEzMzI2ODY2MSwiaWF0IjoxNzEwMjU1NzU3LCJleH=
AiOjE3MTI4NDc3NTcsImlzcyI6InB1Yi0wIiwic3ViIjoibGluay1yZWRpcmVjdCJ9.Z4VsDWEB=
SqULkH1lXDyZvxQaeIDYNxnyFD2InbjOsCg?&utm_source=3Dsubstack&utm_medium=3Dema=
il" class=3D"email-button-outline" style=3D"border: 1px solid rgba(0, 0, 0,=
.1); border-radius: 9999px; color: rgb(119, 119, 119); display: inline-blo=
ck; font-family: system-ui, -apple-system, BlinkMacSystemFont, 'Segoe UI', =
Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji'=
, 'Segoe UI Symbol'; font-size: 12px; font-weight: 500; line-height: 12px; =
padding: 9px 14px; text-decoration: none; text-transform: uppercase;"><img =
src=3D"https://substackcdn.com/image/fetch/w_36,c_scale,f_png,q_auto:good,f=
l_progressive:steep/https%3A%2F%2Fsubstack.com%2Ficon%2FNoteForwardIcon%3Fv=
%3D4%26height%3D36%26fill%3Dnone%26stroke%3D%2523808080%26strokeWidth%3D2" =
width=3D"18" height=3D"18" style=3D"border: none !important; margin-right: =
8px; max-width: 18px; min-height: 18px; min-width: 18px; vertical-align: mi=
ddle;" alt class=3D"icon"><span class=3D"email-button-text" style=3D"vertic=
al-align: middle;">Restack</span></a></td></tr></table></td></tr></table></=
td><td align=3D"right"><table role=3D"presentation" width=3D"auto" border=
=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr></tr></table></td></tr></tab=
le></td></tr><tr height=3D"16"><td height=3D"16" style=3D"font-size: 0px; l=
ine-height: 0;"> </td></tr></table><div class=3D"footer _footer_11ym1_=
1" style=3D"color: rgb(119, 119, 119); font-size: 16px; line-height: 26px; =
padding: 24px 0; text-align: center;"><div style=3D"font-size: 16px; line-h=
eight: 26px; padding-bottom: 24px;"><p class=3D"pencraft pc-reset _color-se=
condary_13a18_186 _size-12_13a18_40 _reset_13a18_1 small _meta_11ym1_14" st=
yle=3D"color: rgb(119, 119, 119); font-family: system-ui, -apple-system, Bl=
inkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple =
Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 12px; letter-=
spacing: 0px; line-height: 16px; list-style: none; margin: 0; padding-botto=
m: 0; text-decoration: unset;">© 2024 <span>Marion Maneker</span><br>1=
9 Jochum Ave., Larchmont, NY 10538 <br><a href=3D"https://substack.com/redi=
rect/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2VuY2Uuc3Vic3RhY2suY29tL2FjdGlvbi9kaXNh=
YmxlX2VtYWlsP3Rva2VuPWV5SjFjMlZ5WDJsa0lqb3hNek15TmpnMk5qRXNJbkJ2YzNSZmFXUWl=
PakUwTWpVME5qY3lNeXdpYVdGMElqb3hOekV3TWpVMU56VTNMQ0psZUhBaU9qRTNNVEk0TkRjM0=
5UY3NJbWx6Y3lJNkluQjFZaTB5TWpVNUlpd2ljM1ZpSWpvaVpHbHpZV0pzWlY5bGJXRnBiQ0o5L=
m5tMDdDbVJzTldJX21LRTNfRmhUWW5TRGtIek1xMTFmc3JQMzUtb1czUjAmZXhwaXJlcz0zNjVk=
IiwicCI6MTQyNTQ2NzIzLCJzIjoyMjU5LCJmIjp0cnVlLCJ1IjoxMzMyNjg2NjEsImlhdCI6MTc=
xMDI1NTc1NywiZXhwIjoxNzEyODQ3NzU3LCJpc3MiOiJwdWItMCIsInN1YiI6ImxpbmstcmVkaX=
JlY3QifQ.C1qGEkOJD5zK6jo0fv3BKrP7qecXxsKhfvysu2e5OjQ?" style=3D"color: rgb(=
119, 119, 119); text-decoration: underline;"><span style=3D"color: rgb(119,=
119, 119); text-decoration: underline;">Unsubscribe</span></a></p></div><p=
class=3D"_footerSection_11ym1_5 small powered-by-substack" style=3D"color:=
rgb(119, 119, 119); font-family: system-ui, -apple-system, BlinkMacSystemF=
ont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji',=
'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 12px; line-height: 20px; m=
argin: 0; margin-top: 0; padding: 0 24px; padding-bottom: 0;"><a href=3D"ht=
tps://substack.com/redirect/4e863f91-4e4d-41e9-be6d-f93f77f9e60e?j=3DeyJ1Ij=
oiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" style=3D"color: =
rgb(119, 119, 119); display: inline-block; margin: 0 4px; text-decoration: =
none;"><img src=3D"https://substackcdn.com/image/fetch/w_262,c_limit,f_auto=
,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack.com%2Fimg%2Femail%=
2Fgeneric-app-button%402x.png" srcset=3D"https://substackcdn.com/image/fetc=
h/w_131,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubst=
ack.com%2Fimg%2Femail%2Fgeneric-app-button.png, https://substackcdn.com/ima=
ge/fetch/w_262,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%=
2Fsubstack.com%2Fimg%2Femail%2Fgeneric-app-button%402x.png 2x, https://subs=
tackcdn.com/image/fetch/w_393,c_limit,f_auto,q_auto:good,fl_progressive:ste=
ep/https%3A%2F%2Fsubstack.com%2Fimg%2Femail%2Fgeneric-app-button%403x.png 3=
x" width=3D"131" alt=3D"Get the app" height=3D"40" style=3D"border: none !i=
mportant; max-width: 550px; vertical-align: middle;"></a><a href=3D"https:/=
/substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9zdWJzdGFjay5jb20vc2lnbnVwP3V0bV=
9zb3VyY2U9c3Vic3RhY2smdXRtX21lZGl1bT1lbWFpbCZ1dG1fY29udGVudD1mb290ZXImdXRtX=
2NhbXBhaWduPWF1dG9maWxsZWQtZm9vdGVyJmZyZWVTaWdudXBFbWFpbD1lbnpvQHNob3dmaWxl=
LmNvbSZyPTI3Y2VyOSIsInAiOjE0MjU0NjcyMywicyI6MjI1OSwiZiI6dHJ1ZSwidSI6MTMzMjY=
4NjYxLCJpYXQiOjE3MTAyNTU3NTcsImV4cCI6MTcxMjg0Nzc1NywiaXNzIjoicHViLTAiLCJzdW=
IiOiJsaW5rLXJlZGlyZWN0In0.vV9CexKoRh-C_9iP9NB6r2aAGcICozrj_vHWLxMDwR0?" sty=
le=3D"color: rgb(119, 119, 119); display: inline-block; margin: 0 4px; text=
-decoration: none;"><img src=3D"https://substackcdn.com/image/fetch/w_270,c=
_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack.com%2=
Fimg%2Femail%2Fpublish-button%402x.png" srcset=3D"https://substackcdn.com/i=
mage/fetch/w_135,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2=
F%2Fsubstack.com%2Fimg%2Femail%2Fpublish-button.png, https://substackcdn.co=
m/image/fetch/w_270,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3=
A%2F%2Fsubstack.com%2Fimg%2Femail%2Fpublish-button%402x.png 2x, https://sub=
stackcdn.com/image/fetch/w_405,c_limit,f_auto,q_auto:good,fl_progressive:st=
eep/https%3A%2F%2Fsubstack.com%2Fimg%2Femail%2Fpublish-button%403x.png 3x" =
width=3D"135" alt=3D"Start writing" height=3D"40" style=3D"border: none !im=
portant; max-width: 550px; vertical-align: middle;"></a></p></div></div></t=
d><td></td></tr></table><img src=3D"https://eotrx.substackcdn.com/open?toke=
n=3DeyJtIjoiPDIwMjQwMzEyMTUwMDI2LjMuZWM2YzZmOWExZTNjNGIwMUBtZy1kMS5zdWJzdGF=
jay5jb20-IiwidSI6MTMzMjY4NjYxLCJyIjoiZW56b0BzaG93ZmlsZS5jb20iLCJkIjoibWctZD=
Euc3Vic3RhY2suY29tIiwicCI6MTQyNTQ2NzIzLCJ0IjoibmV3c2xldHRlciIsImEiOiJldmVye=
W9uZSIsInMiOjIyNTksImMiOiJwb3N0IiwiZiI6dHJ1ZSwicG9zaXRpb24iOiJib3R0b20iLCJp=
YXQiOjE3MTAyNTU3NTgsImV4cCI6MTcxMjg0Nzc1OCwiaXNzIjoicHViLTAiLCJzdWIiOiJlbyJ=
9.mz82uo461vKIeJZaSuHKuHtbM_0a52_TjVJGt9HN7EM" alt=3D"" width=3D"1" height=
=3D"1" border=3D"0" style=3D"height:1px !important;width:1px !important;bor=
der-width:0 !important;margin-top:0 !important;margin-bottom:0 !important;m=
argin-right:0 !important;margin-left:0 !important;padding-top:0 !important;=
padding-bottom:0 !important;padding-right:0 !important;padding-left:0 !impo=
rtant;"/><img width=3D"1px" height=3D"1px" alt=3D"" src=3D"https://email.mg=
-d1.substack.com/o/eJw80Emq4zAQxvHTRLs2mm0vdBZTKpUd0bIUNHRwn_6Rgbf9Cv78KIRO=
R6mXe5TWWXBq9XxBy8iJWXBpzGwFoxNi2g7KVKFT2KD_Xs3CjWJ3h_OqETxR0EuwOJOVsMIireZ=
mRbGz6CSXmishheFc2klNhBbtvoIghdpzcdP8PP4EMbXhWwf8O2E5WWzbXulNcL0OYi_pBiNEyk=
iO_lG9Sv7OMTihpdF2luqz9OtBLtOzJeqdKnsMv2E5z5FjvzbK4BOFb3j4FBF6LPkVktKsrDrK_=
8tN83Yvzz0mepva8KGcELOD2imleLwsrH--OBrVt0QpaRdrxU8AAAD__30edxg"></body></ht=
ml>
--68575b2f27d67d1813986d454032eb6ebbf431d631f42df453e61deb112d--