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Welcome back to the Wall Power Inner Circle. I’m Marion Maneker. Tonight, I
have a conversation with Paula Cooper Gallery partner Steve Henry and
Christie’s deputy chairman Sara Friedlander about how primary galleries and
auction houses actually work together behind the scenes. It’s been a
shibboleth that the art market can be divided between the interests of
primary galleries—which seek to guide their artists’ markets and
reputations—and the demands of the auction houses, which seek to make
markets. The truth is far more nuanced, and we’ll get into that in detail.
Jun 11, 2025
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PREVIEW VERSION
For full access to Puck Inner Circle content, subscribe today.
Marion Maneker
Welcome back to the Wall Power Inner Circle. I’m Marion Maneker.
Just to remind you of the rules of the Inner Circle: What happens here,
stays here. If you want access, upgrade here.
Tonight, I have a conversation with Paula Cooper Gallery partner Steve Henry
and Christie’s deputy chairman Sara Friedlander about how primary galleries
and auction houses actually work together behind the scenes. It’s been a
shibboleth that the art market can be divided between the interests of
primary galleries—which seek to guide their artists’ markets and
reputations—and the demands of the auction houses, which seek to make
markets. The truth is far more nuanced, and we’ll get into that in detail.
But first…
* Sotheby’s to reveal Breuer building renderings tomorrow: I went to a lunch
at Casa Tua yesterday during which representatives from Sotheby’s and Herzog
& de Meuron walked the press through renderings of their new headquarters,
two blocks away in the former Whitney Museum space on Madison Avenue. (One
of the architects had to check her hard hat with the restaurant.) The images
are embargoed, but the big takeaways are...
A MESSAGE FROM OUR SPONSOR
Introducing FRAME Sotheby's—A first-of-it's-kind collaboration that brings
together two cultural forces through craft, heritage, and timeless style.
Discover the full collection now at FRAME.
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subscribe today.
JOIN THE INNER CIRCLE
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Condition Report: Sara Friedlander and Steve Henry
The old art-world truisms about the diverging interests of auction houses
and galleries were overdue for a revamping. So I corralled Paula Cooper
Gallery’s Steve Henry and Christie’s Sara Friedlander to hash things out.
Marion Maneker
It’s no secret that art galleries and auction houses often have competing
priorities. A gallery’s primary role is to represent the interests of its
artists, and to nurture their careers and reputations, often by guiding
their sales to collectors and institutions that will serve as stewards of
their legacies. Galleries also tend to price their artists’ works with a
long view toward creating a sustainable and stable market. Auction houses,
on the other hand, are fiduciaries for their consignors. They make markets
in the work of many artists, and their primary responsibility is to...
JOIN THE INNER CIRCLE
A MESSAGE FROM OUR SPONSOR
Introducing FRAME Sotheby's—A first-of-it's-kind collaboration that brings
together two cultural forces through craft, heritage, and timeless style.
Discover the full collection now at FRAME.
The ultimate fashion industry bible, offering incisive reportage on all
aspects of the business and its biggest players. Anchored by preeminent
fashion journalist Lauren Sherman, Line Sheet also features veteran reporter
Rachel Strugatz, who delivers unparalleled intel on what’s happening in the
beauty industry, and Sarah Shapiro, a longtime retail strategist who writes
about e-commerce, brick-and-mortar, D.T.C., and more.
Finally, a media podcast about what’s actually happening in the media—not
the oversanitized, legal-and-standards-approved version you read online.
Join Dylan Byers, Puck’s veteran media reporter, as he sits down with TV
personalities, moguls, pundits, and industry executives for raw, honest,
sometimes salacious conversations about the business of media and its
biggest egos. New episodes publish every Tuesday and Friday.
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ERIQ GARDNER
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Abercrombie’s Comeback
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Musk Kremlinology
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Wall Power Inner Circle. I=E2=80=99m Marion Maneker. Tonight, I have a =
conversation with Paula Cooper Gallery partner Steve Henry and =
Christie=E2=80=99s deputy chairman Sara Friedlander about how primary =
galleries and auction houses actually work together behind the scenes. =
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of the auction houses, which seek to make markets. The truth is far more =
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eight:0;"><tbody><tr><td =
style=3D"vertical-align:middle;color:#d40000;font-family:'PuckSerifDi=
splay','Georgia';font-size:20px;font-weight:400;padding-botto=
m:24px;text-align:left;">
<table class=3D"b" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;display:inline-block;p=
adding-left:0px;padding-right:0px;" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation"><tbody><tr><td =
style=3D"vertical-align:middle;text-align:center;padding-top:0px;padding-=
bottom:0px;padding-left:0px;padding-right:0px;"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYWVM2OTZhTEk5VlZzZGxkZjgyaz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvYX=
V0aG9yL21hcmlvbi1tYW5la2VyLz91dG1fY2FtcGFpZ249SUMrRXhjbHVzaXZlK1dhbGwrUG9=
3ZXIrLStMRUFEUyslMjg2JTJGMTElMkYyNSUyOVx1MDAyNnV0bV9jb250ZW50PVdhbGwrUG93=
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473253ad" target=3D"_self" style=3D"text-decoration:none;"><img =
alt=3D"Marion Maneker" =
src=3D"https://userimg-assets.customeriomail.com/images/client-env-107382=
/1739207842260_avatar-marion-update-2025-02-10_01JKRDV6FXDFC5A7AK1PGGWTBD=
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style=3D"display:block;height:auto;margin:0 auto;border:0;"/></a>
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style=3D"font-family:'PuckSerifDisplay','Georgia';font-si=
ze:20px;font-weight:400;color:#d40000;vertical-align:middle;letter-spacin=
g:undefined;text-align:left;line-height:normal;"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYWVM2OTZhTEk5VlZzZGxkZjgyaz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvYX=
V0aG9yL21hcmlvbi1tYW5la2VyLz91dG1fY2FtcGFpZ249SUMrRXhjbHVzaXZlK1dhbGwrUG9=
3ZXIrLStMRUFEUyslMjg2JTJGMTElMkYyNSUyOVx1MDAyNnV0bV9jb250ZW50PVdhbGwrUG93=
ZXIrLStJQytMRUFEUyslMjg2JTJGMTElMkYyNSUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfY=
WN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNj=
E1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmt=
faWQiOjg0NzgxN30/409a14ee774ab19b05dd4ff626a8508236934026015c943830f030df=
473253ad" target=3D"_self" =
style=3D"color:#d40000;text-decoration:none;">Marion Maneker</a>
</td></tr></tbody></table>
</td></tr></tbody></table>
<table class=3D"oq" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
"><tbody><tr><td style=3D"padding-bottom:27px;"><div =
style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5=
;text-align:left;mso-line-height-alt:26px;"><p =
style=3D"margin:0;">Welcome back to the Wall Power Inner Circle. =
I=E2=80=99m <strong>Marion Maneker</strong>.<br/><br/>Just to
remind you of the rules of the Inner Circle: What happens <em>here</em>, =
stays <em>here</em>. If you want access, upgrade <a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYWVM2OTZhTEk5VlZzZGxkZjgyaz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvbX=
ktYWNjb3VudC9iaWxsaW5nLz91dG1fY2FtcGFpZ249SUMrRXhjbHVzaXZlK1dhbGwrUG93ZXI=
rLStMRUFEUyslMjg2JTJGMTElMkYyNSUyOVx1MDAyNnV0bV9jb250ZW50PVdhbGwrUG93ZXIr=
LStJQytMRUFEUyslMjg2JTJGMTElMkYyNSUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0a=
W9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZT=
NkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQ=
iOjY0NX0/c81db1cce89c27eff082f1701a363890be09e82f10e4650449da6c2480c24417=
" =
style=3D"text-decoration:underline;color:#d40000;">here</a>.<br/><br/>Ton=
ight, I have a conversation with Paula Cooper Gallery partner =
<strong>Steve Henry</strong> and Christie=E2=80=99s deputy chairman =
<strong>Sara Friedlander </strong>about how primary galleries and =
auction houses actually work together behind the scenes. It=E2=80=99s =
been a
shibboleth that the art market can be divided between the interests of =
primary galleries=E2=80=94which seek to guide their artists=E2=80=99 =
markets and reputations=E2=80=94and the demands of the auction houses, =
which seek to make markets. The truth is far more nuanced, and =
we=E2=80=99ll get into that in detail.<br/><br/><em>But =
first=E2=80=A6</em></p></div>
</td></tr></tbody></table>
<table class=3D"q p" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
color:#000000;direction:ltr;font-family:'Inter','Arial';f=
ont-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5;text-ali=
gn:left;mso-line-height-alt:26px;"><tbody><tr><td =
style=3D"padding-bottom:8px;"><div style=3D"margin-left:-20px"><ul =
style=3D"margin-top:0;margin-bottom:0;list-style-type:revert;"><li =
style=3D"Margin:0 0 24px 0;"><em>Sotheby=E2=80=99s
to reveal Breuer building renderings tomorrow</em>: I went to a lunch at =
Casa Tua yesterday during which representatives from Sotheby=E2=80=99s =
and Herzog & de Meuron walked the press through renderings of their =
new headquarters, two blocks away in the former Whitney Museum space on =
Madison Avenue. (One of the architects had to check her hard hat with =
the restaurant.) The images are embargoed, but the big takeaways =
are...</li></ul></div>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>
<table align=3D"center" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
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<table class=3D"c ie" align=3D"center" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;background-color:#ffff=
ff;border-radius:0;color:#000000;width:600px;margin:0 auto;" =
width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"100%" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-a=
lign:left;border-bottom:1px solid #d40000;border-top:1px solid =
#d40000;padding-bottom:32px;padding-left:24px;padding-right:24px;padding-=
top:32px;
vertical-align:top;">
<table class=3D"np" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
"><tbody><tr><td style=3D"padding-bottom:7px;"><div =
style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5=
;text-align:left;mso-line-height-alt:26px;"><p style=3D"margin:0;">A =
MESSAGE FROM OUR SPONSOR</p></div>
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cellspacing=3D"0" role=3D"presentation" =
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style=3D"padding-bottom:16px;width:100%;"><div class=3D"r" =
align=3D"center"><div style=3D"max-width:552px;"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
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MzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiO=
jIyMzA2MjF9/9e036312747b4c9edad984de8741608d098c5926ca06ccd3ace7c6aabf562=
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otheby's_DesktopArtboard%202_01JXB6Y21VY36ZJ9NZM3T3XS1N.jpg" =
style=3D"display:block;height:auto;border:0;width:100%;" width=3D"552" =
alt=3D"Frame" title=3D"Frame" height=3D"auto"/></a></div></div>
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<table class=3D"j p n" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;mso-hide:all;display:n=
one;max-height:0;overflow:hidden;"><tbody><tr><td =
style=3D"padding-bottom:16px;width:100%;"><div class=3D"r" =
align=3D"center"><div style=3D"max-width:552px;"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYWVM2OTZhTEk5VlZzZGxkZjgyaz0iLCJocmVmIjoiaHR0cHM6Ly9mcmFtZS1zdG9yZS=
5jb20vcGFnZXMvZnJhbWUtc290aGVieXM_dXRtX3NvdXJjZT1QdWNrXHUwMDI2dXRtX21lZGl=
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dGVyVGFrZW92ZXJcdTAwMjZ1dG1fY2FtcGFpZ249SUMrRXhjbHVzaXZlK1dhbGwrUG93ZXIrL=
StMRUFEUyslMjg2JTJGMTElMkYyNSUyOVx1MDAyNnV0bV9jb250ZW50PVdhbGwrUG93ZXIrLS=
tJQytMRUFEUyslMjg2JTJGMTElMkYyNSUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9=
uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNk=
MzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiO=
jIyMzA2MjF9/9e036312747b4c9edad984de8741608d098c5926ca06ccd3ace7c6aabf562=
f3f" target=3D"_blank" style=3D"outline:none" tabindex=3D"-1"><img =
src=3D"https://userimg-assets.customeriomail.com/images/client-env-107382=
/1749575868561_JUNE%20WEEK%201%2006-04%20WED%20Wall%20Power%20Placement-S=
otheby's_MobileArtboard%202%20(1)_01JXDDJ8628NPTEBVV16781GSS.jpg" =
style=3D"display:block;height:auto;border:0;width:100%;" width=3D"552" =
alt=3D"Frame" title=3D"Frame" height=3D"auto"/></a></div></div>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
"><tbody><tr><td><div =
style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5=
;text-align:left;mso-line-height-alt:26px;"><p =
style=3D"margin:0;">Introducing FRAME Sotheby's=E2=80=94A =
first-of-it's-kind collaboration that brings together two cultural =
forces through craft, heritage, and
timeless style. Discover the full collection now at=C2=A0<strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYWVM2OTZhTEk5VlZzZGxkZjgyaz0iLCJocmVmIjoiaHR0cHM6Ly9mcmFtZS1zdG9yZS=
5jb20vcGFnZXMvZnJhbWUtc290aGVieXM_dXRtX3NvdXJjZT1QdWNrXHUwMDI2dXRtX21lZGl=
1bT1hZmZpbGlhdGVcdTAwMjZ1dG1fY2FtcGFpZ249V2FsbFBvd2VyU290aGVieXNOZXdzbGV0=
dGVyVGFrZW92ZXJcdTAwMjZ1dG1fY2FtcGFpZ249SUMrRXhjbHVzaXZlK1dhbGwrUG93ZXIrL=
StMRUFEUyslMjg2JTJGMTElMkYyNSUyOVx1MDAyNnV0bV9jb250ZW50PVdhbGwrUG93ZXIrLS=
tJQytMRUFEUyslMjg2JTJGMTElMkYyNSUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9=
uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNk=
MzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiO=
jIyMzA2MjF9/9e036312747b4c9edad984de8741608d098c5926ca06ccd3ace7c6aabf562=
f3f" target=3D"_blank" =
style=3D"text-decoration:underline;color:#d40000;" =
rel=3D"noopener">FRAME</a></strong>.</p></div>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>
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<table class=3D"c ie" align=3D"center" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;background-color:#ffff=
ff;border-radius:0;color:#000000;width:600px;margin:0 auto;" =
width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"100%" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-a=
lign:left;padding-left:24px;padding-right:24px;padding-top:16px;vertical-=
align:top;">
<table class=3D"np" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
"><tbody><tr><td style=3D"padding-bottom:32px;"><div =
style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5=
;text-align:left;mso-line-height-alt:26px;"><p =
style=3D"margin:0;"><em>Can=E2=80=99t see the full story? For full =
access to Puck Inner Circle content, subscribe
today.</em>
</p></div>
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cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"padding-bottom:32px;text-align:center;"><div class=3D"r" =
align=3D"center"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYWVM2OTZhTEk5VlZzZGxkZjgyaz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvbX=
ktYWNjb3VudC9iaWxsaW5nLz91dG1fY2FtcGFpZ249SUMrRXhjbHVzaXZlK1dhbGwrUG93ZXI=
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LStJQytMRUFEUyslMjg2JTJGMTElMkYyNSUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0a=
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39;Arial';font-size:14px;font-weight:700;mso-border-alt:none;padding-=
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<table class=3D"c ie" align=3D"center" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;background-color:#ffff=
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<table class=3D"j np" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"width:100%;"><div class=3D"r" align=3D"center"><div =
style=3D"max-width:600px;"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYWVM2OTZhTEk5VlZzZGxkZjgyaz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvaW=
5zaWRlLXRoZS1nYWxsZXJ5LWF1Y3Rpb24taG91c2UtcG93ZXItYmFsYW5jZS8_dXRtX2NhbXB=
haWduPUlDK0V4Y2x1c2l2ZStXYWxsK1Bvd2VyKy0rTEVBRFMrJTI4NiUyRjExJTJGMjUlMjlc=
dTAwMjZ1dG1fY29udGVudD1XYWxsK1Bvd2VyKy0rSUMrTEVBRFMrJTI4NiUyRjExJTJGMjUlM=
jlcdTAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZX=
IuaW9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZ=
jNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjoyMjMyNzQ2fQ/835648c27c652c8d0e8f4=
fd368a839d0dac9bf33ef6b12aab63f606a5307dc53" target=3D"_blank" =
style=3D"outline:none" tabindex=3D"-1"><img =
src=3D"https://userimg-assets.customeriomail.com/images/client-env-107382=
/1749676410228_WP_01JXGDEHFZC0V5RQ0YE4DV0EM5.jpg" =
style=3D"display:block;height:auto;border:0;width:100%;" width=3D"600" =
alt=3D"Condition Report: Charles Moffett" title=3D"Condition Report: =
Charles Moffett" height=3D"auto"/></a></div></div>
</td></tr></tbody></table>
<table class=3D"j oq" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"padding-bottom:8px;padding-left:24px;padding-right:24px;padding-=
top:24px;width:100%;"><div class=3D"r" align=3D"left"><div =
style=3D"max-width:142px;"><img =
src=3D"https://userimg-assets.customeriomail.com/images/client-env-107382=
/1735839782111_ice-badge_01JGM1T57TV42CK4RX9AZ2QJ1N.png" =
style=3D"display:block;height:auto;border:0;width:100%;" width=3D"142" =
alt=3D"Inner Circle Exclusive" title=3D"Inner Circle Exclusive" =
height=3D"auto"/></div></div>
</td></tr></tbody></table>
<table class=3D"gq p" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"padding-bottom:16px;padding-left:24px;padding-right:24px;text-al=
ign:center;width:100%;"><h1 =
style=3D"margin:0;color:#000000;direction:ltr;font-family:'PuckSerifD=
isplay','Georgia';font-size:48px;font-weight:400;letter-spaci=
ng:normal;line-height:1.2;text-align:left;margin-top:0;margin-bottom:0;ms=
o-line-height-alt:58px;"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYWVM2OTZhTEk5VlZzZGxkZjgyaz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvaW=
5zaWRlLXRoZS1nYWxsZXJ5LWF1Y3Rpb24taG91c2UtcG93ZXItYmFsYW5jZS8_dXRtX2NhbXB=
haWduPUlDK0V4Y2x1c2l2ZStXYWxsK1Bvd2VyKy0rTEVBRFMrJTI4NiUyRjExJTJGMjUlMjlc=
dTAwMjZ1dG1fY29udGVudD1XYWxsK1Bvd2VyKy0rSUMrTEVBRFMrJTI4NiUyRjExJTJGMjUlM=
jlcdTAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZX=
IuaW9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZ=
jNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjoyMjMyNzQ2fQ/835648c27c652c8d0e8f4=
fd368a839d0dac9bf33ef6b12aab63f606a5307dc53" target=3D"_blank" =
style=3D"text-decoration:none;color:#d40000;" =
data-mce-attribute-name-1=3D"" data-mce-attribute-value-1=3D"" =
data-mce-attributes-count=3D"1" rel=3D"noopener"><span =
style=3D"word-break:break-word;position:relative;" =
data-position=3D"80-0-2" data-qa=3D"tinyeditor-root-element">Condition =
Report: Sara Friedlander and Steve Henry</span></a></h1>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
"><tbody><tr><td style=3D"padding-left:24px;padding-right:24px;"><div =
style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:19px;font-weight:400;letter-spacing:0px;line-height:1.5=
;text-align:left;mso-line-height-alt:29px;"><p style=3D"margin:0;">The =
old art-world truisms about the diverging interests of auction houses =
and galleries were
overdue for a revamping. So I corralled Paula Cooper Gallery=E2=80=99s =
Steve Henry and Christie=E2=80=99s Sara Friedlander to hash things =
out.</p></div>
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E1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmt=
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05LQUdYWVM2OTZhTEk5VlZzZGxkZjgyaz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvYX=
V0aG9yL21hcmlvbi1tYW5la2VyLz91dG1fY2FtcGFpZ249SUMrRXhjbHVzaXZlK1dhbGwrUG9=
3ZXIrLStMRUFEUyslMjg2JTJGMTElMkYyNSUyOVx1MDAyNnV0bV9jb250ZW50PVdhbGwrUG93=
ZXIrLStJQytMRUFEUyslMjg2JTJGMTElMkYyNSUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfY=
WN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNj=
E1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmt=
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<table align=3D"center" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td>
<table class=3D"c ie" align=3D"center" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;background-color:#ffff=
ff;border-radius:0;color:#000000;width:600px;margin:0 auto;" =
width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"100%" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-a=
lign:left;padding-left:24px;padding-right:24px;padding-top:16px;vertical-=
align:top;">
<table class=3D"np" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
"><tbody><tr><td style=3D"padding-bottom:32px;"><div =
style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5=
;text-align:left;mso-line-height-alt:26px;"><p =
style=3D"margin:0;">It=E2=80=99s no secret that art galleries and =
auction houses often have competing priorities. A gallery=E2=80=99s
primary role is to represent the interests of its artists, and to =
nurture their careers and reputations, often by guiding their sales to =
collectors and institutions that will serve as stewards of their =
legacies. Galleries also tend to price their artists=E2=80=99 works with =
a long view toward creating a sustainable and stable market. Auction =
houses, on the other hand, are fiduciaries for their consignors. They =
make markets in the work of many artists, and their primary =
responsibility is to...</p></div>
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cellspacing=3D"0" role=3D"presentation" =
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lign:left;padding-left:24px;padding-right:24px;vertical-align:top;">
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cellspacing=3D"0" role=3D"presentation" =
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center;width:60%;word-break:keep-all;letter-spacing:normal;"><span =
style=3D"word-break:break-word;line-height:28px;">JOIN THE INNER =
CIRCLE</span></span></a></div>
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top:32px;
vertical-align:top;">
<table class=3D"np" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
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"><tbody><tr><td style=3D"padding-bottom:10px;"><div =
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al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5=
;text-align:left;mso-line-height-alt:26px;"><p style=3D"margin:0;">A =
MESSAGE FROM OUR SPONSOR</p></div>
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uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNk=
MzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiO=
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f3f" target=3D"_blank" style=3D"outline:none" tabindex=3D"-1"><img =
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style=3D"display:block;height:auto;border:0;width:100%;" width=3D"552" =
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style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;mso-hide:all;display:n=
one;max-height:0;overflow:hidden;"><tbody><tr><td =
style=3D"padding-bottom:16px;width:100%;"><div class=3D"r" =
align=3D"center"><div style=3D"max-width:552px;"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYWVM2OTZhTEk5VlZzZGxkZjgyaz0iLCJocmVmIjoiaHR0cHM6Ly9mcmFtZS1zdG9yZS=
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f3f" target=3D"_blank" style=3D"outline:none" tabindex=3D"-1"><img =
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otheby's_MobileArtboard%201_01JXDDJ7GEEKS8W757JB3VW7RG.jpg" =
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role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
"><tbody><tr><td><div =
style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5=
;text-align:left;mso-line-height-alt:26px;"><p =
style=3D"margin:0;">Introducing FRAME Sotheby's=E2=80=94A =
first-of-it's-kind collaboration that brings together two cultural =
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timeless style. Discover the full collection now at=C2=A0<strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYWVM2OTZhTEk5VlZzZGxkZjgyaz0iLCJocmVmIjoiaHR0cHM6Ly9mcmFtZS1zdG9yZS=
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StMRUFEUyslMjg2JTJGMTElMkYyNSUyOVx1MDAyNnV0bV9jb250ZW50PVdhbGwrUG93ZXIrLS=
tJQytMRUFEUyslMjg2JTJGMTElMkYyNSUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9=
uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNk=
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f3f" target=3D"_blank" =
style=3D"text-decoration:underline;color:#d40000;" =
rel=3D"noopener">FRAME</a></strong>.</p></div>
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style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"padding-bottom:32px;width:100%;"><div class=3D"r" =
align=3D"center"><div style=3D"max-width:552px;"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYWVM2OTZhTEk5VlZzZGxkZjgyaz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvbm=
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style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.2=
;text-align:left;mso-line-height-alt:20px;"><p style=3D"margin:0;">The =
ultimate fashion industry bible, offering incisive reportage on all =
aspects of the business and its biggest players.
Anchored by preeminent fashion journalist Lauren Sherman, Line Sheet =
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and Sarah Shapiro, a longtime retail strategist who writes about =
e-commerce, brick-and-mortar, D.T.C., and more.=C2=A0</p></div>
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href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
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style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.2=
;text-align:left;mso-line-height-alt:20px;"><p =
style=3D"margin:0;">Finally, a media podcast about what=E2=80=99s =
<em>actually</em> happening in the media=E2=80=94not the oversanitized,
legal-and-standards-approved version you read online. Join Dylan Byers, =
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sometimes salacious conversations about the business of media and its =
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ng:normal;line-height:1.2;text-align:left;margin-top:0;margin-bottom:0;ms=
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alt=3D"Abercrombie=E2=80=99s Comeback" title=3D"Abercrombie=E2=80=99s =
Comeback" height=3D"auto"/></div></div>
</td></tr></tbody></table>
</td><td class=3D"yq pd" width=3D"58.333333333333336%" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-a=
lign:left;padding-bottom:32px;padding-right:24px;padding-top:16px;vertica=
l-align:top;">
<table class=3D"gq np" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"padding-bottom:8px;text-align:center;width:100%;"><h2 =
style=3D"margin:0;color:#000;direction:ltr;font-family:'PuckSerifDisp=
lay','Georgia';font-size:32px;font-weight:400;letter-spacing:=
normal;line-height:1.2;text-align:left;margin-top:0;margin-bottom:0;mso-l=
ine-height-alt:38px;"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYWVM2OTZhTEk5VlZzZGxkZjgyaz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvaG=
93LWFiZXJjcm9tYmllLWFuZC1maXRjaC1ob2xsaXN0ZXItYXJlLW91dHNtYXJ0aW5nLXRhcml=
mZi1zaG9ja3MvP3V0bV9jYW1wYWlnbj1JQytFeGNsdXNpdmUrV2FsbCtQb3dlcistK0xFQURT=
KyUyODYlMkYxMSUyRjI1JTI5XHUwMDI2dXRtX2NvbnRlbnQ9V2FsbCtQb3dlcistK0lDK0xFQ=
URTKyUyODYlMkYxMSUyRjI1JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMj=
Z1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDh=
kMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MjIzMDc2=
Nn0/29a759f3f1635633e25886c09cce6fa98cf0806e6b6189c8a20c0b8a61d6c0b9" =
target=3D"_blank" style=3D"text-decoration:none;color:#d40000;" =
data-mce-attribute-name-1=3D"" data-mce-attribute-value-1=3D"" =
data-mce-attributes-count=3D"1" rel=3D"noopener">Abercrombie=E2=80=99s =
Comeback</a></h2>
</td></tr></tbody></table>
<table class=3D"oq" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
"><tbody><tr><td><div =
style=3D"color:#000;direction:ltr;font-family:'Inter','Arial&=
#39;;font-size:14px;font-weight:700;letter-spacing:0px;line-height:1.2;te=
xt-align:left;mso-line-height-alt:17px;"><p style=3D"margin:0;">SARAH =
SHAPIRO</p></div>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>
<table class=3D"u" align=3D"center" width=3D"100%" border=3D"0" =
cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td>
<table class=3D"c ie" align=3D"center" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;background-color:#ffff=
ff;border-radius:0;color:#000000;width:600px;margin:0 auto;" =
width=3D"600"><tbody><tr><td class=3D"yq o" =
width=3D"41.666666666666664%" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-a=
lign:left;padding-bottom:16px;padding-left:24px;padding-right:16px;paddin=
g-top:16px;vertical-align:top;">
<table class=3D"j np" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"width:100%;padding-right:0px;padding-left:0px;"><div =
class=3D"r" align=3D"center"><div class=3D"f" =
style=3D"max-width:210px;"><img =
src=3D"https://userimg-assets.customeriomail.com/images/client-env-107382=
/1749667325577_la%20riots_01JXG4S9Q3QRA1P08PXR45HA3Y.jpg" =
style=3D"display:block;height:auto;border:0;width:100%;" width=3D"210" =
alt=3D"Musk Kremlinology" title=3D"Musk Kremlinology" =
height=3D"auto"/></div></div>
</td></tr></tbody></table>
</td><td class=3D"yq pd" width=3D"58.333333333333336%" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-a=
lign:left;padding-bottom:32px;padding-right:24px;padding-top:16px;vertica=
l-align:top;">
<table class=3D"gq np" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"padding-bottom:8px;text-align:center;width:100%;"><h2 =
style=3D"margin:0;color:#000000;direction:ltr;font-family:'PuckSerifD=
isplay','Georgia';font-size:32px;font-weight:400;letter-spaci=
ng:normal;line-height:1.2;text-align:left;margin-top:0;margin-bottom:0;ms=
o-line-height-alt:38px;"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYWVM2OTZhTEk5VlZzZGxkZjgyaz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvdH=
Jvb3BzLWluLWxvcy1hbmdlbGVzLXN0YXRlLXJpZnMtdGhlLWtyZW1saW4tbXVzay1zYWdhLz9=
1dG1fY2FtcGFpZ249SUMrRXhjbHVzaXZlK1dhbGwrUG93ZXIrLStMRUFEUyslMjg2JTJGMTEl=
MkYyNSUyOVx1MDAyNnV0bV9jb250ZW50PVdhbGwrUG93ZXIrLStJQytMRUFEUyslMjg2JTJGM=
TElMkYyNSUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT=
1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJ=
uYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjIyMzEzNjF9/731ff48e0d6=
8ecb87dcb8d7e82ef893d4aed82bea3dce0b3aef041c34a169bff" target=3D"_blank" =
style=3D"text-decoration:none;color:#d40000;" =
data-mce-attribute-name-1=3D"" data-mce-attribute-value-1=3D"" =
data-mce-attributes-count=3D"1" rel=3D"noopener"><span =
style=3D"word-break:break-word;position:relative;" =
data-position=3D"10-1-0" data-qa=3D"tinyeditor-root-element">Musk =
Kremlinology</span></a></h2>
</td></tr></tbody></table>
<table class=3D"oq" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
"><tbody><tr><td><div =
style=3D"color:#000;direction:ltr;font-family:'Inter','Arial&=
#39;;font-size:14px;font-weight:700;letter-spacing:0px;line-height:1.2;te=
xt-align:left;mso-line-height-alt:17px;"><p style=3D"margin:0;">JULIA =
IOFFE</p></div>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>
<table align=3D"center" width=3D"100%" border=3D"0" cellpadding=3D"0" =
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style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-a=
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width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"100%" =
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