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Subject: What We Learned last Week (2349)
From: Artelligence <artelligence@substack.com>
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View this post on the web at https://artelligence.substack.com/p/what-we-le=
arned-this-week-2349
Welcome to Artelligence
This free newsletter is usually published on Fridays. Today it comes to you=
delayed slightly in by Art Basel in Miami Beach. Additional newsletters co=
ntaining analysis of data provided by LiveArt or original reporting are $12=
a month or $120 for a year. If you are a paid subscriber, sharing a newsle=
tter on occasion is fine; consistently sharing paid content within your org=
anization or with others is not.
For organizations: We offer group discounts of 30% for each subscription of=
two or more. Group subscriptions [ https://substack.com/redirect/d6dfb5fd-=
15f1-4e65-815e-69a7b9ee86e8?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5i=
RnigHXx6Fx_g6pp7gWdY ] allow one person within an organization to manage al=
l subscriptions. You may add new subscriptions at the discounted rate whene=
ver you like; and, if an employee leaves, you may replace another employee =
in that seat. You may also move existing subscribers into the group. Create=
group subscriptions here [ https://substack.com/redirect/d6dfb5fd-15f1-4e6=
5-815e-69a7b9ee86e8?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6=
Fx_g6pp7gWdY ].
There is also an option to get a 7-day free trial. Just choose the subscrip=
tion plan you want and click on the 7-day trial option before checkout.=C2=
=A0
If you have comments, complaints, tips or just want to vent, feel free to c=
ontact us directly:
In This Issue
Notable Sales: Here are all of the sales over $1 million we read or gathere=
d at Art Basel in Miami Beach
Art Basel in Miami Beach Impressions: Where is everybody?; The new floorpla=
n; The sales cycle; Prices are still too high; The artist that caught a lot=
of eyes
Notes: Five takeaways from ABMB; Dealer=E2=80=99s roundtable; Jussi=E2=80=
=99s exit interview; Sotheby=E2=80=99s leases York avenue to Weill Cornell;=
Stake in Sotheby=E2=80=99s shopped; Where=E2=80=99d Bouvier=E2=80=99s mill=
ions go?; Do collectors really buy art for diversification?
Notable Sales
Crystal Bridges Museum Buys Large Pat Passlof Painting=20
Eric Firestone Gallery sold a large Pat Passlof painting to Alice Walton fo=
r Crystal Bridges Museum. The 12-foot wide painting had an asking price of =
$120,000. This year, four Passlof paintings have sold at auction for prices=
from $200,000 to $480,000 but none were on the same scale as this work whi=
ch the gallery reports selling above the asking price.=20
Hauser + Wirth Sold Guston=E2=80=99s Painter at Night in the Region of $20m
Hauser + Wirth closed the sale of a very late Philip Guston work Painter at=
Night from 1979 for a price in the region of $20m. The work was last sold =
publicly from the Emily and Jerry Speigel collection in 2017 for $12.5m [ h=
ttps://substack.com/redirect/d7e5af25-7688-48d3-b686-e96c96f4e6c3?j=3DeyJ1I=
joiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ].=20
Prices points dropped quickly from there. Jeffrey Deitch =E2=80=9Cplaced=E2=
=80=9D a $6.5m Barkley Hendricks painting, according to Katya Kazakina. The=
timing of the report suggests that, the Guston, the sale may only have bee=
n finalized within Miami-Dade County.=20
Hauser + Wirth also said they sold a $2.4 million George Condo as a primary=
market work.=20
David Zwirner sold three Robert Ryman paintings for prices at $2-3 million =
a piece, according to Artsy. An Alice Neel traded for $2 million at Zwirner=
too. He represents the estate.=20
Thaddaeus Ropac sold a copper Robert Rauschenberg from 1985 for $1.7 millio=
n. =20
Zwirner sold a work by Noah Davis for $1.6 million
White Cube sold a Park Seo-bo Ecriture No. 191-75 for $1.5 million=20
Acquavella Gallery sold a small Roy Lichtenstein Haystacks from 1968. The w=
ork was previously owned by Andy Warhol and auctioned in 2019 for $980,000.=
Acquavella was asking $1.5m. The Whitney is working on a retrospective of =
the artist that is scheduled for 2026.=20
Thaddaeus Ropac sold a Georg Baselitz from 2020 for =E2=82=AC1.5m.=20
Xavier Hufkens sold a Tracey Emin for =C2=A31.2m; Kasmin sold an Alex Katz =
for $1.4m; and Almine Rech sold a painting by Tom Wesselmann for $1.25m, ac=
cording to Artsy.
Thaddaeus Ropac sold another Baselitz for =E2=82=AC1.2m.
White Cube sold its newest artist Richard Hunt=E2=80=99s Years of Pilgrimag=
e from 1999 with $1.2m asking price.=20
Richard Gray Gallery sold a Jean Arp bronze for $1.2 million
Hauser + Wirth reported the sale of a Henry Taylor painting for $1 million,=
according to The Art Newspaper.=20
There were, of course, many more sales below $1 million that were reported.=
We=E2=80=99ll try to provide as comprehensive a round-up of those reports =
as we can on Tuesday.=20
Art Basel Miami Beach Impressions
Where Is Everybody?
Where there were complaints, the issue was the lack of European and Asian c=
ollectors attending. It=E2=80=99s hard to imagine the wishful thinking that=
would deliver a significant presence from European collectors six weeks af=
ter Paris Plus. The more valid complaint was the lack of major collectors f=
rom Miami or Palm Beach there to spend big money. But we=E2=80=99re also at=
a different point in the art market cycle. Art Basel Miami Beach now comes=
fewer than two months after Paris Plus giving European collectors little i=
ncentive to make the trip. With four fairs in three of the four quarters of=
the year, will art buyers take a new approach to which fairs they attend, =
when and how they buy?=C2=A0
The New Floorplan
Art Basel reconfigured the fair this year. The subtle changes seemed to eas=
e bottlenecks that had blocked aisles in the past. Abundant open plazas to =
ease fair fatigue. One possible collateral effect was that some of the prim=
e booths by entry plazas were less well trafficked leaving a few gallery ow=
ners looking slightly worried.=C2=A0
The Sales Cycle
A director at a prominent gallery expressed relief the morning of the Wedne=
sday VIP opening. Charting the Fall=E2=80=99s rhythm of fairs, this directo=
r was spooked by the lack of buying (despite the crowds) at Frieze in Londo=
n, soothed by the resumption of sales in Paris at Art Basel=E2=80=99s secon=
d edition of Paris Plus and waiting to see how the Miami fair would close o=
ut the year. By mid-morning, the pre-sales had come together and the direct=
or was in a chipper mood. The next morning, their booth was almost complete=
ly rehung. That=E2=80=99s the ideal sales cycle for the galleries. In the p=
rimary market, a gallery show creates a selling deadline for buyers. Like a=
n auction, the threat is that if the buyer doesn=E2=80=99t act, someone els=
e will. On the secondary market, galleries don=E2=80=99t have the deadline =
pressure of the auction market. So art fairs have become the their sales le=
verage: =E2=80=9Cif you don=E2=80=99t buy it, someone else will.=E2=80=9D A=
s the market slows, that threat loses its potency. It doesn=E2=80=99t seem =
like we=E2=80=99ve reached the point where buyers are willing to walk away =
unless a dealer meets their price. So we=E2=80=99re still some ways away fr=
om the so-called buyer=E2=80=99s market so many people are declaring.
Prices Are Still Too High
Just as we=E2=80=99ve seen in the auction market, the biggest limit on sale=
s at the moment is seller=E2=80=99s expectations. Art fairs have some of th=
e same climate because a good portion of the art is offered on consignment.=
Dealers are also anchored to price expectations that may not be rational a=
t the moment. On the primary side of the market, especially the market for =
emerging artists which can be expected to slow further as we move into a ne=
w market phase that is beginning to favor historical artists, collector Jef=
f Magid tried to send a message to gallerists through Artnet=E2=80=99s Anni=
e Armstrong. Declaring the fixed-price fair model broken, Magid said there =
was nothing he wanted to buy at the prices listed. =E2=80=9CIt=E2=80=99s ki=
nd of sad because a lot of those artists are great,=E2=80=9D Magid said, =
=E2=80=9Cand everything about their work is great, and it should all be exc=
iting, but for some reason their gallery decided to price them at unsellabl=
e price points.=E2=80=9D
Cynthia Talmadge leaves her mark
The one artist consistently singled out for admiration at Art Basel seems t=
o have been Cynthia Talmadge=E2=80=99s installation at 56 Henry=E2=80=99s b=
ooth [ https://substack.com/redirect/83b350ed-0ac7-4577-b95e-e358e34cd066?j=
=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ].=20
Notes
The Five Biggest Takeaways From Art Basel Miami Beach This Year [ https://s=
ubstack.com/redirect/df4983cb-fdad-4d21-b245-72d0e93d2e9f?j=3DeyJ1IjoiMjdjZ=
XI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ] (Bloomberg) Not surpri=
singly, Bloomberg=E2=80=99s James Tarmy nails the fair with his five points=
which can also be thought of as three points. The first three all do with =
sales: 1) fewer presales are taking place; 2) impulse buys are at lower pri=
ce points; 3) sales in general are harder to nail down either using the fai=
r to close or following up on interest shown at the fair. Tarmy=E2=80=99s b=
iggest point suggests a secular shift in art buying that ought to be in the=
back of everyone=E2=80=99s mind. Namely, there is a long-standing connecti=
on between art and real estate. Many of the biggest collectors of the last =
generation were wealthy because of real estate development or holdings. Tar=
my takes this farther with broader ramifications. Art buying is often conne=
cted to a collector=E2=80=99s home buying. Even collectors with multiple ho=
mes buy art in conjunction with their real estate holding. We are at the en=
d of a very long real estate cycle. What long-term effect will that have on=
collector=E2=80=99s behavior?=C2=A0
Dealers Tim Blum, Pamela Echeverr=C3=ADa, and Ellie Rines Break Down the Ph=
enomenon the Art World Loves to Hate: [ https://substack.com/redirect/e8ce2=
fa9-1edd-49d6-996f-5ef9dac79226?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisr=
Me5iRnigHXx6Fx_g6pp7gWdY ] (Cultured) So much is written about art fairs, e=
specially Art Basel in Miami Beach, but it is rare to come across something=
as honest and enlightening as this group interview with three gallerists f=
rom different backgrounds with very different businesses. Julia Halperin do=
es a great job of bringing this conversation together and keeping it moving=
from how different the fair was when it started 21 years ago to how to bal=
ance the worst of what fairs are with the opportunities they present. Here=
=E2=80=99s Blum on what ABMB was like in 2002: =E2=80=9CA charming, small-t=
own gathering. It was not the art world that we=E2=80=99re in now, and Miam=
i Beach was not what it is today. [=E2=80=A6] It was super strange to see a=
ll the Euro-chic dealers kitted out and walking down Collins. All the deale=
rs that you know now, and either hate or love, were getting going then.=E2=
=80=9D
He Sold the World=E2=80=99s Most Expensive Artwork. Now He=E2=80=99s Callin=
g It a Day. [ https://substack.com/redirect/6bdd29ac-b916-4023-9e4f-1d3fe95=
c712f?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]=
(New York Times) Christie=E2=80=99s Global President and lead auctioneer h=
as cried his last sale. To mark the occasion, the New York Times tried to p=
lay a little gotcha with him. The interviewer tried to put Pylkk=C3=A4nen o=
n the spot about the Saudi Crown Prince having bought Leonardo=E2=80=99s Sa=
lvatore Mundi. Then, the interviewer suggested that luxury goods are bought=
by the wealthy but antiques used to be bought by the middle class. Continu=
ing the same theme, the questioning turned to the =E2=80=9Cvoyeuristic spec=
tacle of the ultrarich spending at auctions.=E2=80=9D Finally, having run o=
ut of rope trying to hang Pylkk=C3=A4nen for global inequality, the Times a=
sked a simple personal question and got a poignant answer in return. Why re=
tire now?=C2=A0 Pylkk=C3=A4nen responded: =E2=80=9CWhen I first joined Chri=
stie=E2=80=99s, my father said to me, =E2=80=9CI=E2=80=99ll give you =C2=A3=
10,000 in two years=E2=80=99 time. After you=E2=80=99ve seen the full panor=
ama of the art world through the lens of Christie=E2=80=99s, you=E2=80=99ll=
be in a position to start your own business.=E2=80=9D I never left. But I=
=E2=80=99m leaving now, and doing exactly what he planned for me to do.=E2=
=80=9D=C2=A0
Sotheby=E2=80=99s Will Lease Headquarters Space to Weill Cornell [ https://=
substack.com/redirect/2e7871bc-9205-4098-9104-dc15dbbfab02?j=3DeyJ1IjoiMjdj=
ZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ] (Bloomberg): Sotheby=
=E2=80=99s has leased half of its headquarters building on York Avenue just=
above the Weill Cornell hospital=C2=A0 superblock to healthcare providers.=
Some 700 faculty and staff will eventually work in the building with the f=
irst beginning to occupy in 2026. The Sotheby=E2=80=99s building has grown =
in recent years to be far more valuable to the medical community than it is=
as a headquarters for an auction house. Several times in the last two deca=
des, Sotheby=E2=80=99s had been wooed by real estate developers as a presti=
ge building anchor tenant on Park Avenue and even Hudson Yards. With the ac=
quisition of the Breuer building that once housed the Whitney, the auction =
house has moved its exhibition space to a more central location. Its back o=
ffice functions will move to a new facility in Long Island City. The remain=
ing piece of the puzzle will be where to situate employees who need to be n=
ear the Breuer space. The Madison Avenue in the 70s has few commercial buil=
dings, the most prominent one, 980 Madison will soon be pushing its gallery=
tenants out in favor of Bloomberg Philanthropies. On the far side of Park =
Avenue, the auction house will face competition for office space from anoth=
er hospital complex. That said, the move does provide Sotheby=E2=80=99s (or=
, more likely, its owner) with valuable cash flow in the future=C2=A0(see n=
ext item.)
Qatar approached to take stake in Patrick Drahi=E2=80=99s auction house Sot=
heby=E2=80=99s [ https://substack.com/redirect/f163b496-13b6-43ab-bb4a-d255=
820f25ab?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWd=
Y ] (FT): To no one=E2=80=99s surprise, the FT reports that bankers have be=
en making approaches to potential investors in Sotheby=E2=80=99s. Qatar=E2=
=80=99s Investment Authority is a logical conversation considering the inte=
rest in buying into an auction house that has come from the Gulf state. Mor=
e than a decade ago, the ruling Al-Thani family made the unusual step of pu=
blicly declaring its interest in buying Christie=E2=80=99s from Fran=C3=A7o=
is Pinault [ https://substack.com/redirect/5de0e12d-c0aa-407e-9e3d-a4f5bf80=
d870?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ].=
=20
Swiss art dealer and Russian oligarch settle feud over collection: [ https:=
//substack.com/redirect/7bc0daf0-a26c-4388-a378-8e075614670b?j=3DeyJ1IjoiMj=
djZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ] (Financial Times) T=
he FT, and several other outlets, have news that Yves Bouvier and Dmitry Ry=
bolovlev have reached a settlement that will end their near decade of lawsu=
its and criminal complaints. Rybolovlev continues to pursue a lawsuit again=
st Sotheby=E2=80=99s. That trial begins next month despite the profits Rybo=
lovlev made on the sale of the Leonardo that is part of the dispute. Other =
civil suits were dropped as part of the settlement. One thing the FT gets w=
rong is taking at face value Bouvier=E2=80=99s own claim that Rybolovlev=E2=
=80=99s lawsuits and attacks had =E2=80=9Cdestroyed his international art b=
usiness.=E2=80=9D Bouvier had inherited his art logistics company from his =
father. That firm had space in the Geneva freeport which Bouvier tried to r=
eplicate by building his own freeports in Singapore and Luxembourg. Neither=
freeport proved successful which doesn=E2=80=99t quite comport with the po=
pular image of freeports as sites for hugely profitable money-laundering. I=
f money laundering was taking place in the freeports, Bouvier was unable to=
cash in on the activity. That raises the final mystery of the entire Bouvi=
er-Rybolovlev affair. There is no dispute that Bouvier made hundreds of mil=
lions of dollars selling art to Rybolovlev. Where is that money now? And do=
es the fact that Bouvier=E2=80=99s profits coincided with a period when his=
freeport empire was hemorrhaging cash mean that money went into the failed=
freeport business rather than Bouvier=E2=80=99s own pocket? That=E2=80=99s=
something the world will never know.=C2=A0
Art=E2=80=99s beauty is in the eye of your wealth manager [ https://substac=
k.com/redirect/e3a8164c-9b3d-4a76-8582-5aa9c8ad61ce?j=3DeyJ1IjoiMjdjZXI5In0=
=2EnCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g=
6pp7gWdY ] (Financial Times): The FT=E2=
=80=99s Gillian Tett has a column based on the Arttactic/Deloitte Art & Fin=
ance Report that shows some of the danger of writing something from third-h=
and information. Tett observes from the reports that =E2=80=9Cthree-quarter=
s of wealth managers now offer art services, compared with a quarter in 201=
1, while 41 per cent of collectors now cite financial value as =E2=80=9Cthe=
ir primary motivation=E2=80=9D for buying art, the highest level since the =
survey began.=E2=80=9D Wealth managers may offer art services but that does=
n=E2=80=99t mean those services are effective; collectors may also claim th=
ey are financially motivated but that doesn=E2=80=99t mean they=E2=80=99re =
any good at making money from art. But going further, Tett speculates that =
buyers are doing more research on the value of an artist=E2=80=99s work. =
=E2=80=9CWhy?,=E2=80=9D the columnist asks. =E2=80=9COne probable reason is=
that wealthy individuals want portfolio diversification at a time when the=
outlook for mainstream assets is becoming unpredictable, due to gyrating i=
nterest rates and geopolitical risk.=E2=80=9D This isn=E2=80=99t a probable=
reason. Although art is often touted as a non-correlated asset=E2=80=94and=
financial firms have been trying to build vehicles to capture that non-cor=
related return for at least the last 15 years, no one actually buys are art=
saying it=E2=80=99s for diversification. Buying art is like buying real es=
tate. Most people buy a home to have a place to live; but no one likes to l=
ose money, especially when everyone else seems to make money on their home.=
If that person starts buying a second and third home, does that mean they=
=E2=80=99re looking to diversify from mainstream assets? No. It usually mea=
ns they have more than enough money invested and want to spend it on real e=
state that fulfills other goals. Collectors may say they are financially mo=
tivated but most of the gains from owning art come in non-monetary returns.
Unsubscribe https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2V=
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NfIJy4PLwbunaA" alt=3D"" width=3D"1" height=3D"1" border=3D"0" style=3D"hei=
ght:1px !important;width:1px !important;border-width:0 !important;margin-to=
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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=
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bol'; 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=
=3D139651908&utm_source=3Dpost-email-title&utm_campaign=3Demail-post-title&=
isFreemail=3Dtrue&r=3D27cer9&token=3DeyJ1c2VyX2lkIjoxMzMyNjg2NjEsInBvc3RfaW=
QiOjEzOTY1MTkwOCwiaWF0IjoxNzAyMjIwNTk2LCJleHAiOjE3MDQ4MTI1OTYsImlzcyI6InB1Y=
i0yMjU5Iiwic3ViIjoicG9zdC1yZWFjdGlvbiJ9.2qdAStgZ83-PR3UFPBUylLcH-ortX530u6h=
aPGMKxQg" style=3D"color: rgb(64, 64, 64); text-decoration: none;">What We =
Learned last Week (2349)</a></h1><h3 class=3D"subtitle" style=3D"-moz-appea=
rance: optimizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-ap=
pearance: optimizelegibility; -webkit-font-smoothing: antialiased; appearan=
ce: optimizelegibility; color: #808080; font-family: 'SF Compact Display', =
-apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sa=
ns-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-si=
ze: 18px; font-weight: normal; line-height: 24px; margin: 4px 0 0; margin-t=
op: 12px;">Art Basel in Miami Beach: Notable Sales + Impressions</h3><table=
role=3D"presentation" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpa=
dding=3D"0" class=3D"post-meta" style=3D"align-items: center; height: 20px;=
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d style=3D"vertical-align: middle;"><div class=3D"pencraft frontend-pencraf=
t-Box-module__reset--VfQY8 frontend-pencraft-Text-module__size-11--k1e8b fr=
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odule__weight-medium--x7khA frontend-pencraft-Text-module__font-meta--U_nxy=
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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; margin: 0; text-decoration: unset; text-transform: uppercase;"><a =
style=3D"color: rgb(64, 64, 64); font-family: 'SF Compact', -apple-system, =
-apple-system, -system-ui, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetic=
a, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symb=
ol'; font-size: 11px; font-weight: 500; letter-spacing: .2px; line-height: =
20px; margin: 0; text-decoration: none; text-transform: uppercase;" href=3D=
"https://substack.com/@artelligence" class=3D"pencraft frontend-pencraft-Bo=
x-module__reset--VfQY8 frontend-pencraft-Text-module__size-11--k1e8b fronte=
nd-pencraft-Text-module__line-height-20--p0dP8 frontend-pencraft-Text-modul=
e__weight-medium--x7khA frontend-pencraft-Text-module__font-meta--U_nxy fro=
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ule__transform-uppercase--IDkUL frontend-pencraft-Text-module__reset--dW0zZ=
frontend-pencraft-Text-module__meta--jzHdd">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 frontend-pencraft-Box-module__reset--=
VfQY8 frontend-pencraft-Text-module__size-11--k1e8b frontend-pencraft-Text-=
module__line-height-20--p0dP8 frontend-pencraft-Text-module__weight-medium-=
-x7khA frontend-pencraft-Text-module__font-meta--U_nxy frontend-pencraft-Te=
xt-module__color-secondary--WRADg frontend-pencraft-Text-module__transform-=
uppercase--IDkUL frontend-pencraft-Text-module__reset--dW0zZ frontend-pencr=
aft-Text-module__meta--jzHdd" style=3D"color: rgb(128, 128, 128); font-fami=
ly: 'SF Compact', -apple-system, -apple-system, -system-ui, BlinkMacSystemF=
ont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji',=
'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 11px; font-weight: 500; le=
tter-spacing: .2px; line-height: 20px; margin: 0; text-decoration: unset; t=
ext-transform: uppercase;"><time dateTime=3D"2023-12-10T15:02:26.881Z">Dec =
10</time></div></td></tr></table></td></tr></table></td></tr></table><table=
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ion: none;">Contact Us!</span></a></p><div style=3D"font-size: 16px; line-h=
eight: 26px;"><hr style=3D"background: #e0e0e0; border: none; height: 1px; =
margin: 32px 0; padding: 0;"></div><h2 class=3D"header-with-anchor-widget" =
style=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoothing: anti=
aliased; -webkit-appearance: optimizelegibility; -webkit-font-smoothing: an=
tialiased; appearance: optimizelegibility; color: rgb(64, 64, 64); font-fam=
ily: 'SF Compact Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', R=
oboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji',=
'Segoe UI Symbol'; font-size: 1.625em; font-weight: bold; line-height: 1.1=
6em; margin: 1em 0 0.625em 0; position: relative;">In This Issue</h2><p sty=
le=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0=
0 20px 0;"></p><ol style=3D"margin-top: 0; padding: 0;"><li style=3D"margi=
n: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; color: rgb(64, 64, 64=
); font-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0; padding=
-left: 4px;"><strong>Notable Sales: </strong><span>Here are all of the sale=
s over $1 million we read or gathered at Art Basel in Miami Beach</span></p=
></li><li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: border-bo=
x; color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0; m=
argin-bottom: 0; padding-left: 4px;"><strong>Art Basel in Miami Beach Impre=
ssions: </strong><span>Where is everybody?; The new floorplan; The sales cy=
cle; Prices are still too high; The artist that caught a lot of eyes</span>=
</p></li><li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: border=
-box; color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0=
; margin-bottom: 0; padding-left: 4px;"><strong>Notes: </strong><span>Five =
takeaways from ABMB; Dealer’s roundtable; Jussi’s exit intervie=
w; Sotheby’s leases York avenue to Weill Cornell; Stake in Sotheby=
217;s shopped; Where’d Bouvier’s millions go?; Do collectors re=
ally buy art for diversification?</span></p></li></ol><div style=3D"font-si=
ze: 16px; line-height: 26px;"><hr style=3D"background: #e0e0e0; border: non=
e; height: 1px; margin: 32px 0; padding: 0;"></div><h2 class=3D"header-with=
-anchor-widget" style=3D"-moz-appearance: optimizelegibility; -moz-osx-font=
-smoothing: antialiased; -webkit-appearance: optimizelegibility; -webkit-fo=
nt-smoothing: antialiased; appearance: optimizelegibility; color: rgb(64, 6=
4, 64); font-family: 'SF Compact Display', -apple-system, BlinkMacSystemFon=
t, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', '=
Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.625em; font-weight: bold; =
line-height: 1.16em; margin: 1em 0 0.625em 0; position: relative;">Notable =
Sales</h2><h4 class=3D"header-with-anchor-widget" style=3D"-moz-appearance:=
optimizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-appearan=
ce: optimizelegibility; -webkit-font-smoothing: antialiased; appearance: op=
timizelegibility; color: rgb(64, 64, 64); font-family: 'SF Compact Display'=
, -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, =
sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-=
size: 1.125em; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.625e=
m 0; position: relative;">Crystal Bridges Museum Buys Large Pat Passlof Pai=
nting </h4><div class=3D"captioned-image-container-static" style=3D"font-si=
ze: 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"Image2ToD=
OMStatic" style=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"t=
ext-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" h=
ref=3D"https://substack.com/redirect/84830849-6f86-4a3c-9677-67d44f88a1f2?j=
=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel sty=
le=3D"align-items: center; border: none; display: block; flex-direction: co=
lumn; height: auto; margin: 0; padding: 0; position: relative; text-decorat=
ion: none; width: auto;"><img data-attrs=3D"{"src":"https://=
substack-post-media.s3.amazonaws.com/public/images/77411704-196c-4233-8711-=
6447b6297f61_2020x1119.jpeg","srcNoWatermark":null,"ful=
lscreen":null,"imageSize":null,"height":807,"=
width":1456,"resizeWidth":null,"bytes":562113,&quo=
t;alt":null,"title":null,"type":"image/jpeg&q=
uot;,"href":null,"belowTheFold":true,"topImage&quo=
t;:false,"internalRedirect":null}" alt width=3D"550" height=3D"30=
4.842032967033" class=3D"wide-image" src=3D"https://substackcdn.com/image/f=
etch/w_2912,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fs=
ubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F77411704-196c-4233-=
8711-6447b6297f61_2020x1119.jpeg" style=3D"-ms-interpolation-mode: bicubic;=
border: none !important; display: block; height: auto; margin: 0 auto; mar=
gin-bottom: 0; max-width: 100% !important; vertical-align: middle; width: a=
uto !important;"></a></td><td style=3D"text-align: center;"></td></tr></tbo=
dy></table><figcaption class=3D"image-caption" style=3D"box-sizing: content=
-box; color: #808080; font-size: 14px; font-weight: 400; letter-spacing: -.=
15px; line-height: 20px; margin-top: 8px; padding-left: 15%; padding-right:=
15%; text-align: center; width: 70%;">Pat Passlof, Ile Fra (1960)</figcapt=
ion></figure></div><p style=3D"color: rgb(64, 64, 64); font-size: 16px; lin=
e-height: 26px; margin: 0 0 20px 0;">Eric Firestone Gallery sold a large Pa=
t Passlof painting to Alice Walton for Crystal Bridges Museum. The 12-foot =
wide painting had an asking price of $120,000. This year, four Passlof pain=
tings have sold at auction for prices from $200,000 to $480,000 but none we=
re on the same scale as this work which the gallery reports selling above t=
he asking price. </p><h4 class=3D"header-with-anchor-widget" style=3D"-moz-=
appearance: optimizelegibility; -moz-osx-font-smoothing: antialiased; -webk=
it-appearance: optimizelegibility; -webkit-font-smoothing: antialiased; app=
earance: optimizelegibility; color: rgb(64, 64, 64); font-family: 'SF Compa=
ct Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helveti=
ca, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Sym=
bol'; font-size: 1.125em; font-weight: bold; line-height: 1.16em; margin: 1=
em 0 0.625em 0; position: relative;">Hauser + Wirth Sold Guston’s Pai=
nter at Night in the Region of $20m</h4><div class=3D"captioned-image-conta=
iner-static" style=3D"font-size: 16px; line-height: 26px; margin: 32px auto=
;"><figure style=3D"margin: 0 auto; width: 100%;"><table class=3D"image-wra=
pper" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" data-=
component-name=3D"Image2ToDOMStatic" style=3D"mso-padding-alt: 1em 0 1.6em;=
"><tbody><tr><td style=3D"text-align: center;"></td><td align=3D"left" clas=
s=3D"content" width=3D"1456" style=3D"text-align: center;"><a class=3D"imag=
e-link" target=3D"_blank" href=3D"https://substack.com/redirect/2bc469d6-74=
b7-4790-ac7a-edc8619ef4e5?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRn=
igHXx6Fx_g6pp7gWdY" rel style=3D"align-items: center; border: none; display=
: block; flex-direction: column; height: auto; margin: 0; padding: 0; posit=
ion: relative; text-decoration: none; width: auto;"><img data-attrs=3D"{&qu=
ot;src":"https://substack-post-media.s3.amazonaws.com/public/imag=
es/b863fc22-6795-483e-a36b-27d224b270f5_2380x2030.png","srcNoWate=
rmark":null,"fullscreen":null,"imageSize":null,&qu=
ot;height":1242,"width":1456,"resizeWidth":null,&q=
uot;bytes":8683774,"alt":null,"title":null,"t=
ype":"image/png","href":null,"belowTheFold&qu=
ot;:true,"topImage":false,"internalRedirect":null}" alt=
width=3D"550" height=3D"469.1620879120879" class=3D"wide-image" src=3D"htt=
ps://substackcdn.com/image/fetch/w_2912,c_limit,f_auto,q_auto:good,fl_progr=
essive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2F=
images%2Fb863fc22-6795-483e-a36b-27d224b270f5_2380x2030.png" style=3D"-ms-i=
nterpolation-mode: bicubic; border: none !important; display: block; height=
: auto; margin: 0 auto; margin-bottom: 0; max-width: 100% !important; verti=
cal-align: middle; width: auto !important;"></a></td><td style=3D"text-alig=
n: center;"></td></tr></tbody></table><figcaption class=3D"image-caption" s=
tyle=3D"box-sizing: content-box; color: #808080; font-size: 14px; font-weig=
ht: 400; letter-spacing: -.15px; line-height: 20px; margin-top: 8px; paddin=
g-left: 15%; padding-right: 15%; text-align: center; width: 70%;">Philip Gu=
ston, Painter at Night (1979)</figcaption></figure></div><p style=3D"color:=
rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">=
<span>Hauser + Wirth closed the sale of a very late </span><strong>Philip G=
uston</strong><span> work Painter at Night from 1979 for a price in the reg=
ion of $20m. The work was last sold publicly from the </span><a href=3D"htt=
ps://substack.com/redirect/d7e5af25-7688-48d3-b686-e96c96f4e6c3?j=3DeyJ1Ijo=
iMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"colo=
r: rgb(64, 64, 64); text-decoration: underline;">Emily and Jerry Speigel co=
llection in 2017 for $12.5m</a><span>. </span></p><p style=3D"color: rgb(64=
, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><span>P=
rices points dropped quickly from there. Jeffrey Deitch “placed”=
; a $6.5m </span><strong>Barkley Hendricks</strong><span> painting, accordi=
ng to Katya Kazakina. The timing of the report suggests that, the Guston, t=
he sale may only have been finalized within Miami-Dade County. </span></p><=
p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; marg=
in: 0 0 20px 0;"><span>Hauser + Wirth also said they sold a $2.4 million </=
span><strong>George Condo</strong><span> as a primary market work. </span><=
/p><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; =
margin: 0 0 20px 0;"><span>David Zwirner sold three </span><strong>Robert R=
yman</strong><span> paintings for prices at $2-3 million a piece, according=
to Artsy. An </span><strong>Alice Neel</strong><span> traded for $2 millio=
n at Zwirner too. He represents the estate. </span></p><p style=3D"color: r=
gb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><s=
pan>Thaddaeus Ropac sold a copper </span><strong>Robert Rauschenberg</stron=
g><span> from 1985 for $1.7 million. </span></p><p style=3D"color: rgb(64,=
64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><span>Zw=
irner sold a work by </span><strong>Noah Davis</strong><span> for $1.6 mill=
ion</span></p><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-hei=
ght: 26px; margin: 0 0 20px 0;"><span>White Cube sold a </span><strong>Park=
Seo-bo</strong><span> </span><em>Ecriture No. 191-75</em><span> for $1.5 m=
illion </span></p><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line=
-height: 26px; margin: 0 0 20px 0;"><span>Acquavella Gallery sold a small <=
/span><strong>Roy Lichtenstein</strong><span> </span><em>Haystacks</em><spa=
n> from 1968. The work was previously owned by Andy Warhol and auctioned in=
2019 for $980,000. Acquavella was asking $1.5m. The Whitney is working on =
a retrospective of the artist that is scheduled for 2026. </span></p><div c=
lass=3D"captioned-image-container-static" style=3D"font-size: 16px; line-he=
ight: 26px; margin: 32px auto;"><figure style=3D"margin: 0 auto; width: 100=
%;"><table class=3D"image-wrapper" width=3D"100%" border=3D"0" cellspacing=
=3D"0" cellpadding=3D"0" data-component-name=3D"Image2ToDOMStatic" style=3D=
"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align: center;=
"></td><td align=3D"left" class=3D"content" width=3D"1456" style=3D"text-al=
ign: center;"><a class=3D"image-link" target=3D"_blank" href=3D"https://sub=
stack.com/redirect/929b0f35-a27b-4773-afaa-3df6cd83667a?j=3DeyJ1IjoiMjdjZXI=
5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"align-items:=
center; border: none; display: block; flex-direction: column; height: auto=
; margin: 0; padding: 0; position: relative; text-decoration: none; width: =
auto;"><img data-attrs=3D"{"src":"https://substack-post-medi=
a.s3.amazonaws.com/public/images/bda21219-4f55-488d-a583-bb1a13cb62e3_2356x=
1574.png","srcNoWatermark":null,"fullscreen":null,=
"imageSize":null,"height":973,"width":1456,&q=
uot;resizeWidth":null,"bytes":8318196,"alt":null,&=
quot;title":null,"type":"image/png","href&quo=
t;:null,"belowTheFold":true,"topImage":false,"inte=
rnalRedirect":null}" alt width=3D"550" height=3D"367.5480769230769" cl=
ass=3D"wide-image" src=3D"https://substackcdn.com/image/fetch/w_2912,c_limi=
t,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media=
=2Es3.amazonaws.com%2Fpublic%2Fimages%2=
Fbda21219-4f55-488d-a583-bb1a13cb62e3_=
2356x1574.png" style=3D"-ms-interpolation-mode: bicubic; border: none !impo=
rtant; display: block; height: auto; margin: 0 auto; margin-bottom: 0; max-=
width: 100% !important; vertical-align: middle; width: auto !important;"></=
a></td><td style=3D"text-align: center;"></td></tr></tbody></table><figcapt=
ion class=3D"image-caption" style=3D"box-sizing: content-box; color: #80808=
0; font-size: 14px; font-weight: 400; letter-spacing: -.15px; line-height: =
20px; margin-top: 8px; padding-left: 15%; padding-right: 15%; text-align: c=
enter; width: 70%;">Roy Lichtenstein, Haystacks #2 (Castelli)</figcaption><=
/figure></div><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-hei=
ght: 26px; margin: 0 0 20px 0;"><span>Thaddaeus Ropac sold a </span><strong=
>Georg Baselitz</strong><span> from 2020 for €1.5m. </span></p><p sty=
le=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0=
0 20px 0;"><span>Xavier Hufkens sold a </span><strong>Tracey Emin</strong>=
<span> for £1.2m; Kasmin sold an </span><strong>Alex Katz</strong><spa=
n> for $1.4m; and Almine Rech sold a painting by </span><strong>Tom Wesselm=
ann</strong><span> for $1.25m, according to Artsy.</span></p><p style=3D"co=
lor: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px =
0;"><span>Thaddaeus Ropac sold another </span><strong>Baselitz</strong><spa=
n> for €1.2m.</span></p><p style=3D"color: rgb(64, 64, 64); font-size=
: 16px; line-height: 26px; margin: 0 0 20px 0;"><span>White Cube sold its n=
ewest artist </span><strong>Richard Hunt</strong><span>’s </span><em>=
Years of Pilgrimage</em><span> from 1999 with $1.2m asking price. </span></=
p><div class=3D"captioned-image-container-static" style=3D"font-size: 16px;=
line-height: 26px; margin: 32px auto;"><figure style=3D"margin: 0 auto; wi=
dth: 100%;"><table class=3D"image-wrapper" width=3D"100%" border=3D"0" cell=
spacing=3D"0" cellpadding=3D"0" data-component-name=3D"Image2ToDOMStatic" s=
tyle=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"1391" style=3D"=
text-align: center;"><a class=3D"image-link" target=3D"_blank" href=3D"http=
s://substack.com/redirect/f215cd9b-f54b-4e36-bcac-b947d74ed949?j=3DeyJ1Ijoi=
MjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"align=
-items: center; border: none; display: block; flex-direction: column; heigh=
t: auto; margin: 0; padding: 0; position: relative; text-decoration: none; =
width: auto;"><img data-attrs=3D"{"src":"https://substack-po=
st-media.s3.amazonaws.com/public/images/692d8814-2b02-485a-bd1c-cffab72fd32=
7_1391x1150.webp","srcNoWatermark":null,"fullscreen&quo=
t;:null,"imageSize":null,"height":1150,"width"=
;:1391,"resizeWidth":null,"bytes":46062,"alt"=
:null,"title":null,"type":"image/webp","=
href":null,"belowTheFold":true,"topImage":false,&q=
uot;internalRedirect":null}" alt width=3D"550" height=3D"454.708842559=
30986" class=3D"wide-image" src=3D"https://substackcdn.com/image/fetch/w_27=
82,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-p=
ost-media.s3.amazonaws.com%2Fpublic%2Fimages%2F692d8814-2b02-485a-bd1c-cffa=
b72fd327_1391x1150.webp" style=3D"-ms-interpolation-mode: bicubic; border: =
none !important; display: block; height: auto; margin: 0 auto; margin-botto=
m: 0; max-width: 100% !important; vertical-align: middle; width: auto !impo=
rtant;"></a></td><td style=3D"text-align: center;"></td></tr></tbody></tabl=
e><figcaption class=3D"image-caption" style=3D"box-sizing: content-box; col=
or: #808080; font-size: 14px; font-weight: 400; letter-spacing: -.15px; lin=
e-height: 20px; margin-top: 8px; padding-left: 15%; padding-right: 15%; tex=
t-align: center; width: 70%;">Richard Hunt, Years of Pilgrimage (1999)</fig=
caption></figure></div><p style=3D"color: rgb(64, 64, 64); font-size: 16px;=
line-height: 26px; margin: 0 0 20px 0;"><span>Richard Gray Gallery sold a =
</span><strong>Jean Arp</strong><span> bronze for $1.2 million</span></p><p=
style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margi=
n: 0 0 20px 0;"><span>Hauser + Wirth reported the sale of a </span><strong>=
Henry Taylor</strong><span> painting for $1 million, according to The Art N=
ewspaper. </span></p><p style=3D"color: rgb(64, 64, 64); font-size: 16px; l=
ine-height: 26px; margin: 0 0 20px 0;">There were, of course, many more sal=
es below $1 million that were reported. We’ll try to provide as compr=
ehensive a round-up of those reports as we can on Tuesday. </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: optimizelegibility; -m=
oz-osx-font-smoothing: antialiased; -webkit-appearance: optimizelegibility;=
-webkit-font-smoothing: antialiased; appearance: optimizelegibility; color=
: rgb(64, 64, 64); font-family: 'SF Compact Display', -apple-system, BlinkM=
acSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Colo=
r Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.625em; font-wei=
ght: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; position: relative=
;">Art Basel Miami Beach Impressions</h2><div class=3D"captioned-image-cont=
ainer-static" style=3D"font-size: 16px; line-height: 26px; margin: 32px aut=
o;"><figure style=3D"margin: 0 auto; width: 100%;"><table class=3D"image-wr=
apper" 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" cla=
ss=3D"content" width=3D"1456" style=3D"text-align: center;"><a class=3D"ima=
ge-link" target=3D"_blank" href=3D"https://substack.com/redirect/300a1947-9=
b01-4b0b-8f18-0a68f06835e8?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iR=
nigHXx6Fx_g6pp7gWdY" rel style=3D"align-items: center; border: none; displa=
y: block; flex-direction: column; height: auto; margin: 0; padding: 0; posi=
tion: relative; text-decoration: none; width: auto;"><img data-attrs=3D"{&q=
uot;src":"https://substack-post-media.s3.amazonaws.com/public/ima=
ges/bb56882d-f821-471f-a641-b1a41fead236_2480x1653.jpeg","srcNoWa=
termark":null,"fullscreen":null,"imageSize":null,&=
quot;height":970,"width":1456,"resizeWidth":null,&=
quot;bytes":4191800,"alt":null,"title":null,"=
type":"image/jpeg","href":null,"belowTheFold&=
quot;:true,"topImage":false,"internalRedirect":null}" a=
lt width=3D"550" height=3D"366.41483516483515" class=3D"wide-image" src=3D"=
https://substackcdn.com/image/fetch/w_2912,c_limit,f_auto,q_auto:good,fl_pr=
ogressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic=
%2Fimages%2Fbb56882d-f821-471f-a641-b1a41fead236_2480x1653.jpeg" style=3D"-=
ms-interpolation-mode: bicubic; border: none !important; display: block; he=
ight: auto; margin: 0 auto; margin-bottom: 0; max-width: 100% !important; v=
ertical-align: middle; width: auto !important;"></a></td><td style=3D"text-=
align: center;"></td></tr></tbody></table></figure></div><p style=3D"color:=
rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">=
<strong>Where Is Everybody?</strong></p><p style=3D"color: rgb(64, 64, 64);=
font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">Where there were =
complaints, the issue was the lack of European and Asian collectors attendi=
ng. It’s hard to imagine the wishful thinking that would deliver a si=
gnificant presence from European collectors six weeks after Paris Plus. The=
more valid complaint was the lack of major collectors from Miami or Palm B=
each there to spend big money. But we’re also at a different point in=
the art market cycle. Art Basel Miami Beach now comes fewer than two month=
s after Paris Plus giving European collectors little incentive to make the =
trip. With four fairs in three of the four quarters of the year, will art b=
uyers take a new approach to which fairs they attend, when and how they buy=
? </p><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height=
: 26px; margin: 0 0 20px 0;"><strong>The New Floorplan</strong></p><p style=
=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0=
20px 0;">Art Basel reconfigured the fair this year. The subtle changes see=
med to ease bottlenecks that had blocked aisles in the past. Abundant open =
plazas to ease fair fatigue. One possible collateral effect was that some o=
f the prime booths by entry plazas were less well trafficked leaving a few =
gallery owners looking slightly worried. </p><p style=3D"color: rgb(64=
, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><strong=
>The Sales Cycle</strong></p><p style=3D"color: rgb(64, 64, 64); font-size:=
16px; line-height: 26px; margin: 0 0 20px 0;">A director at a prominent ga=
llery expressed relief the morning of the Wednesday VIP opening. Charting t=
he Fall’s rhythm of fairs, this director was spooked by the lack of b=
uying (despite the crowds) at Frieze in London, soothed by the resumption o=
f sales in Paris at Art Basel’s second edition of Paris Plus and wait=
ing to see how the Miami fair would close out the year. By mid-morning, the=
pre-sales had come together and the director was in a chipper mood. The ne=
xt morning, their booth was almost completely rehung. That’s the idea=
l sales cycle for the galleries. In the primary market, a gallery show crea=
tes a selling deadline for buyers. Like an auction, the threat is that if t=
he buyer doesn’t act, someone else will. On the secondary market, gal=
leries don’t have the deadline pressure of the auction market. So art=
fairs have become the their sales leverage: “if you don’t buy =
it, someone else will.” As the market slows, that threat loses its po=
tency. It doesn’t seem like we’ve reached the point where buyer=
s are willing to walk away unless a dealer meets their price. So we’r=
e still some ways away from the so-called buyer’s market so many peop=
le are declaring.</p><p style=3D"color: rgb(64, 64, 64); font-size: 16px; l=
ine-height: 26px; margin: 0 0 20px 0;"><strong>Prices Are Still Too High</s=
trong></p><p style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height:=
26px; margin: 0 0 20px 0;"><span>Just as we’ve seen in the auction m=
arket, the biggest limit on sales at the moment is seller’s expectati=
ons. Art fairs have some of the same climate because a good portion of the =
art is offered on consignment. Dealers are also anchored to price expectati=
ons that may not be rational at the moment. On the primary side of the mark=
et, especially the market for emerging artists which can be expected to slo=
w further as we move into a new market phase that is beginning to favor his=
torical artists, collector Jeff Magid tried to send a message to gallerists=
through </span><em>Artnet</em><span>’s Annie Armstrong. Declaring th=
e fixed-price fair model broken, Magid said there was nothing he wanted to =
buy at the prices listed. “It’s kind of sad because a lot of th=
ose artists are great,” Magid said, “and everything about their=
work is great, and it should all be exciting, but for some reason their ga=
llery decided to price them at unsellable price points.”</span></p><p=
style=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margi=
n: 0 0 20px 0;"><strong>Cynthia Talmadge leaves her mark</strong></p><p sty=
le=3D"color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0=
0 20px 0;"><span>The one artist consistently singled out for admiration at=
Art Basel seems to have been </span><a href=3D"https://substack.com/redire=
ct/83b350ed-0ac7-4577-b95e-e358e34cd066?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0=
jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: rgb(64, 64, 64); text=
-decoration: underline;">Cynthia Talmadge’s installation at 56 Henry&=
#8217;s booth</a><span>. </span></p><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(64, 64, 64); font-famil=
y: 'SF Compact Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', Rob=
oto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', '=
Segoe UI Symbol'; font-size: 1.625em; font-weight: bold; line-height: 1.16e=
m; margin: 1em 0 0.625em 0; position: relative;">Notes</h2><ol style=3D"mar=
gin-top: 0; padding: 0;"><li style=3D"margin: 8px 0 0 32px;"><p style=3D"bo=
x-sizing: border-box; color: rgb(64, 64, 64); font-size: 16px; line-height:=
26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><strong><a href=3D"=
https://substack.com/redirect/df4983cb-fdad-4d21-b245-72d0e93d2e9f?j=3DeyJ1=
IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"c=
olor: rgb(64, 64, 64); text-decoration: underline;">The Five Biggest Takeaw=
ays From Art Basel Miami Beach This Year</a></strong><span> (</span><em>Blo=
omberg</em><span>) Not surprisingly, Bloomberg’s James Tarmy nails th=
e fair with his five points which can also be thought of as three points. T=
he first three all do with sales: 1) fewer presales are taking place; 2) im=
pulse buys are at lower price points; 3) sales in general are harder to nai=
l down either using the fair to close or following up on interest shown at =
the fair. Tarmy’s biggest point suggests a secular shift in art buyin=
g that ought to be in the back of everyone’s mind. Namely, there is a=
long-standing connection between art and real estate. Many of the biggest =
collectors of the last generation were wealthy because of real estate devel=
opment or holdings. Tarmy takes this farther with broader ramifications. Ar=
t buying is often connected to a collector’s home buying. Even collec=
tors with multiple homes buy art in conjunction with their real estate hold=
ing. We are at the end of a very long real estate cycle. What long-term eff=
ect will that have on collector’s behavior? </span></p></li><li =
style=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; color: =
rgb(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0; margin-bott=
om: 0; padding-left: 4px;"><strong><a href=3D"https://substack.com/redirect=
/e8ce2fa9-1edd-49d6-996f-5ef9dac79226?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQ=
mMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: rgb(64, 64, 64); text-d=
ecoration: underline;">Dealers Tim Blum, Pamela Echeverría, and Ellie =
Rines Break Down the Phenomenon the Art World Loves to Hate:</a></strong><e=
m><strong> </strong></em><span>(</span><em>Cultured</em><span>) So much is =
written about art fairs, especially Art Basel in Miami Beach, but it is rar=
e to come across something as honest and enlightening as this group intervi=
ew with three gallerists from different backgrounds with very different bus=
inesses. Julia Halperin does a great job of bringing this conversation toge=
ther and keeping it moving from how different the fair was when it started =
21 years ago to how to balance the worst of what fairs are with the opportu=
nities they present. Here’s Blum on what ABMB was like in 2002: ̶=
0;A charming, small-town gathering. It was not the art world that we’=
re in now, and Miami Beach was not what it is today. […] It was super=
strange to see all the Euro-chic dealers kitted out and walking down Colli=
ns. All the dealers that you know now, and either hate or love, were gettin=
g going then.”</span></p></li></ol><ol start=3D"3" style=3D"margin-bo=
ttom: 0; margin-top: 0; padding: 0;"><li style=3D"margin: 8px 0 0 32px;"><p=
style=3D"box-sizing: border-box; color: rgb(64, 64, 64); font-size: 16px; =
line-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><strong=
><a href=3D"https://substack.com/redirect/6bdd29ac-b916-4023-9e4f-1d3fe95c7=
12f?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" re=
l style=3D"color: rgb(64, 64, 64); text-decoration: underline;">He Sold the=
World’s Most Expensive Artwork. Now He’s Calling It a Day.</a>=
</strong><span> (</span><em>New York Times</em><span>) Christie’s Glo=
bal President and lead auctioneer has cried his last sale. To mark the occa=
sion, the New York Times tried to play a little gotcha with him. The interv=
iewer tried to put Pylkkänen on the spot about the Saudi Crown Prince =
having bought Leonardo’s Salvatore Mundi. Then, the interviewer sugge=
sted that luxury goods are bought by the wealthy but antiques used to be bo=
ught by the middle class. Continuing the same theme, the questioning turned=
to the “voyeuristic spectacle of the ultrarich spending at auctions.=
” Finally, having run out of rope trying to hang Pylkkänen for g=
lobal inequality, the Times asked a simple personal question and got a poig=
nant answer in return. Why retire now?  Pylkkänen responded: R=
20;When I first joined Christie’s, my father said to me, “IR=
17;ll give you £10,000 in two years’ time. After you’ve se=
en the full panorama of the art world through the lens of Christie’s,=
you’ll be in a position to start your own business.” I never l=
eft. But I’m leaving now, and doing exactly what he planned for me to=
do.” </span></p></li><li style=3D"margin: 8px 0 0 32px;"><p sty=
le=3D"box-sizing: border-box; color: rgb(64, 64, 64); font-size: 16px; line=
-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><strong><a =
href=3D"https://substack.com/redirect/2e7871bc-9205-4098-9104-dc15dbbfab02?=
j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel st=
yle=3D"color: rgb(64, 64, 64); text-decoration: underline;">Sotheby’s=
Will Lease Headquarters Space to Weill Cornell</a><span> (</span></strong>=
<em>Bloomberg</em><strong>): </strong><span>Sotheby’s has leased half=
of its headquarters building on York Avenue just above the Weill Cornell h=
ospital  superblock to healthcare providers. Some 700 faculty and staf=
f will eventually work in the building with the first beginning to occupy i=
n 2026. The Sotheby’s building has grown in recent years to be far mo=
re valuable to the medical community than it is as a headquarters for an au=
ction house. Several times in the last two decades, Sotheby’s had bee=
n wooed by real estate developers as a prestige building anchor tenant on P=
ark Avenue and even Hudson Yards. With the acquisition of the Breuer buildi=
ng that once housed the Whitney, the auction house has moved its exhibition=
space to a more central location. Its back office functions will move to a=
new facility in Long Island City. The remaining piece of the puzzle will b=
e where to situate employees who need to be near the Breuer space. The Madi=
son Avenue in the 70s has few commercial buildings, the most prominent one,=
980 Madison will soon be pushing its gallery tenants out in favor of Bloom=
berg Philanthropies. On the far side of Park Avenue, the auction house will=
face competition for office space from another hospital complex. That said=
, the move does provide Sotheby’s (or, more likely, its owner) with v=
aluable cash flow in the future (see next item.)</span></p></li><li st=
yle=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; color: rg=
b(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0; margin-bottom=
: 0; padding-left: 4px;"><strong><a href=3D"https://substack.com/redirect/f=
163b496-13b6-43ab-bb4a-d255820f25ab?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmM=
pisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: rgb(64, 64, 64); text-dec=
oration: underline;">Qatar approached to take stake in Patrick Drahi’=
s auction house Sotheby’s</a></strong><span> (</span><em>FT</em><span=
>): To no one’s surprise, the FT reports that bankers have been makin=
g approaches to potential investors in Sotheby’s. Qatar’s Inves=
tment Authority is a logical conversation considering the interest in buyin=
g into an auction house that has come from the Gulf state. More than a deca=
de ago, the ruling Al-Thani family made the unusual step of publicly declar=
ing</span><a href=3D"https://substack.com/redirect/5de0e12d-c0aa-407e-9e3d-=
a4f5bf80d870?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp=
7gWdY" rel style=3D"color: rgb(64, 64, 64); text-decoration: underline;"> i=
ts interest in buying Christie’s from François Pinault</a><span>=
=2E </span></p></li><li style=3D"margin=
: 8px 0 0 32px;"><p style=3D"box-sizin=
g: border-box; color: rgb(64, 64, 64); font-size: 16px; line-height: 26px; =
margin: 0; margin-bottom: 0; padding-left: 4px;"><strong><a href=3D"https:/=
/substack.com/redirect/7bc0daf0-a26c-4388-a378-8e075614670b?j=3DeyJ1IjoiMjd=
jZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: r=
gb(64, 64, 64); text-decoration: underline;">Swiss art dealer and Russian o=
ligarch settle feud over collection:</a></strong><span> (</span><em>Financi=
al Times</em><span>) The FT, and several other outlets, have news that Yves=
Bouvier and Dmitry Rybolovlev have reached a settlement that will end thei=
r near decade of lawsuits and criminal complaints. Rybolovlev continues to =
pursue a lawsuit against Sotheby’s. That trial begins next month desp=
ite the profits Rybolovlev made on the sale of the Leonardo that is part of=
the dispute. Other civil suits were dropped as part of the settlement. One=
thing the FT gets wrong is taking at face value Bouvier’s own claim =
that Rybolovlev’s lawsuits and attacks had “destroyed his inter=
national art business.” Bouvier had inherited his art logistics compa=
ny from his father. That firm had space in the Geneva freeport which Bouvie=
r tried to replicate by building his own freeports in Singapore and Luxembo=
urg. Neither freeport proved successful which doesn’t quite comport w=
ith the popular image of freeports as sites for hugely profitable money-lau=
ndering. If money laundering was taking place in the freeports, Bouvier was=
unable to cash in on the activity. That raises the final mystery of the en=
tire Bouvier-Rybolovlev affair. There is no dispute that Bouvier made hundr=
eds of millions of dollars selling art to Rybolovlev. Where is that money n=
ow? And does the fact that Bouvier’s profits coincided with a period =
when his freeport empire was hemorrhaging cash mean that money went into th=
e failed freeport business rather than Bouvier’s own pocket? ThatR=
17;s something the world will never know. </span></p></li><li style=3D=
"margin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; color: rgb(64, =
64, 64); font-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0; p=
adding-left: 4px;"><strong><a href=3D"https://substack.com/redirect/e3a8164=
c-9b3d-4a76-8582-5aa9c8ad61ce?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe=
5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: rgb(64, 64, 64); text-decoratio=
n: underline;">Art’s beauty is in the eye of your wealth manager</a><=
/strong><span> (Financial Times): The FT’s Gillian Tett has a column =
based on the Arttactic/Deloitte Art & Finance Report that shows some of=
the danger of writing something from third-hand information. Tett observes=
from the reports that “three-quarters of wealth managers now offer a=
rt services, compared with a quarter in 2011, while 41 per cent of collecto=
rs now cite financial value as “their primary motivation” for b=
uying art, the highest level since the survey began.” Wealth managers=
may offer art services but that doesn’t mean those services are effe=
ctive; collectors may also claim they are financially motivated but that do=
esn’t mean they’re any good at making money from art. But going=
further, Tett speculates that buyers are doing more research on the value =
of an artist’s work. “Why?,” the columnist asks. “O=
ne probable reason is that wealthy individuals want portfolio diversificati=
on at a time when the outlook for mainstream assets is becoming unpredictab=
le, due to gyrating interest rates and geopolitical risk.” This isn&#=
8217;t a probable reason. Although art is often touted as a non-correlated =
asset—and financial firms have been trying to build vehicles to captu=
re that non-correlated return for at least the last 15 years, no one actual=
ly buys are art saying it’s for diversification. Buying art is like b=
uying real estate. Most people buy a home to have a place to live; but no o=
ne likes to lose money, especially when everyone else seems to make money o=
n their home. If that person starts buying a second and third home, does th=
at mean they’re looking to diversify from mainstream assets? No. It u=
sually means they have more than enough money invested and want to spend it=
on real estate that fulfills other goals. Collectors may say they are fina=
ncially motivated but most of the gains from owning art come in non-monetar=
y returns. </span></p></li></ol></div></div><div class=3D"container-bo=
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