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Subject: After Action Report: Christie's PWC Day + 21st Century Evening
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View this post on the web at https://artelligence.substack.com/p/after-acti=
on-report-christies-pwc
The Artelligence newsletter comes out every Friday with What We Learned thi=
s Week. Depending on the art market calendar or news cycle, you will receiv=
e other emails from this account on an irregular basis.
We are eager to hear from you. If you have questions, tips or suggestions f=
or coverage, contact us here [ mailto:maneker@artmarketmonitor.com ]. Feel =
free to forward the email to anyone you think would like to subscribe.
Some new subscribers may not receive the newsletter in their inbox immediat=
ely. Please check your spam folder.
In This Issue
The Dial: Christie=E2=80=99s 21st Century Evening sale =3D $98m
About Last Night: Basquiat scores
Results: Top Ten, Most Dynamic Bidding
Advancing: Cecily Brown, Etel Adnan, Simone Leigh
Retreating: Miriam Cahn, Julien Nguyen
The Dial: Christie=E2=80=99s PWC Day sale =3D $80m
About Last Friday: The leading edge of art market is in the midst of a flig=
ht to quality
Results: Top Ten, Most Dynamic Bidding, Jenna Gribbon, Jesse Mockrin
Advancing: Female Abstract painters, Photorealists, Bob Thompson
Retreating: Wayne Thiebaud
The Dial
Christie=E2=80=99s 21st Century Evening Sale
Christie=E2=80=99s was able to sell $98,802,500 in art from a compact sale =
of 26 paintings. Only 25 of those sold but the bulk of the sale=E2=80=99s v=
alue was in a single painting. The success of that painting accounts for th=
e strong hammer ratio of 1.23. The lots broke down with 48% selling above t=
he estimates (this being a sale to break new names, the estimates were held=
at an attractive level); 36% of the lots sold within estimates; and 16% so=
ld for compromise prices. The average lot value was $3.9 million but, again=
, that=E2=80=99s mostly a function of the size of the top lot. The median l=
ot value was $819,000.=20
About Last Night
The data shows a strong sale but the bidding in Christie=E2=80=99s auction =
rooms was orderly and mostly without surprises. Georgina Hilton cried the s=
ale. The strength of the results came from the $45 million Basquiat getting=
bid up to a $58 million hammer price from three telephone bidders and in i=
mperceptible bidder in the room. Hilton did a masterly job of moving her ga=
ze to conceal the location of the bidder in the room. Several reporters wer=
e keen to figure out the bidder=E2=80=99s identity but the mystery was reve=
aled through the persistence of Josh Baer who deduced the likely bidder and=
confirmed with Gagosian gallery. Vanessa Fusco won the lot for her telepho=
ne bidder. The final selling price was listed by Christie=E2=80=99s at $67 =
million but the work had a third-party guarantee; if the guarantor was the =
winning bidder, a discount would have been included in the final price. (Du=
e to the Adams administration=E2=80=99s repeal of regulations governing New=
York=E2=80=99s auction industry, we=E2=80=99ll never know.) With recent sa=
les from the same collection at $93 million and another work sold for $85 m=
illion, it is hard to judge whether this $67 million does anything to move =
the price levels up. Now the fourth highest public price for a Basquiat, $6=
7 million for a work without a large central figure or figures seems like a=
big step forward. Comparable images have sold for half the price or less. =
That said, the top of the Basquiat market ($110m publicly and much more pri=
vately) remains at a level difficult to improve upon. This sale surely does=
n=E2=80=99t change that. With so many collections at Christie=E2=80=99s thi=
s season=E2=80=94Gerald Fineberg=E2=80=99s gives the auction house an outsi=
de chance at finishing the cycle with a cool billion=E2=80=94the 21st Centu=
ry Evening sale became an opportunity for Christie=E2=80=99s to showcase ne=
w talent and continue to emphasize women artists, a point made by Isabella =
Lauria, the sale=E2=80=99s head.=20
Results
Top Ten
Estimates continue to be an issue in the market as this chart of the top te=
n works sold at Christie=E2=80=99s shows. Only one, a strong El Anatsui tha=
t set a new record for the artist at auction, was bid above the estimate ra=
nge. Three of the works were sacrificed for prices below the estimate. The =
art market continues to dig in against unrealistic expectations.=20
Most Dynamic Bidding
Most of the lots that saw strong bidding had low estimates. The first aucti=
on sale for Danielle McKinney was conducted against an estimate of $20,000 =
which normally would not warrant appearance in an evening sale. Emma Webste=
r, Voytech Kovarik, Robin F. Williams and Rebecca Ackroyd all of scant or n=
o previous auction history. A big surprise in the sale was the strong biddi=
ng for Peter Saul=E2=80=99s Human Dignity which drove his work to a new pri=
ce level.=20
Advancing=20
Cecily Brown: There seems to be a Cecily Brown for every size dwelling and =
budget this season. The largest work was Christie=E2=80=99s Untitled (The B=
eautiful and Damned) that made a price equal to the previous record. The ma=
ssive painting might have been expected to make more if Browns were sold by=
size. And the price ceiling for Brown=E2=80=99s work remains, if not a con=
cern, a curiosity.=20
Etel Adnan: A strong example of her late work sold for $352,800 or her thir=
d highest price at auction. Adnan now has five auction prices over $300,000=
for works from the 70s, 80s and 21st Century. That should help her private=
market thrive with more public reference points.=20
Simone Leigh: The new record price for Simone Leigh=E2=80=99s work may be m=
ore a function of the size of the work than it is a measure of her market. =
Sotheby=E2=80=99s sale later in the week will give the market more informat=
ion on that score but the prices previously achieved for tabletop works loo=
ks even more impressive after $2.7 million was spent on a large bronze figu=
re. Jacky Ho took the bid on the phone suggesting the work went to China.=
=20
Retreating
Miriam Cahn: Despite the strong price in March and the controversy in Paris=
surrounding her work, the price achieved tonight doesn=E2=80=99t fill in t=
he gap between the low six figure prices her work has achieved half a dozen=
times and the $702,964 sale in March.=20
Julien Nguyen: There are several more works coming up around time for Nguye=
n who was the one failure of the evening.=20
The Dial
Christie=E2=80=99s PWC Day sale, May 2023
Christie=E2=80=99s Day sale on Friday was a showing with a neutral hammer r=
atio of 1.10 and a strong sell-through rate of 86%. The total sale was $80,=
048,990 with with 225 lots finding buyers out of 256 offered; nearly 40% of=
the lots were bid above estimates. Another nearly 40% were sold within est=
imates and only 21% of the lots had to be sacrificed at compromise prices. =
The average price for a work in this sale was $355,773.
About Last Friday
It has almost become a clich=C3=A9 to say that the day sales are where the =
real art market lives. Nevertheless, clich=C3=A9s exist because they are co=
rrect. Judging from the numbers posted on Friday and the composition of the=
sales, the flight-to-quality the leading of the art market has been expect=
ing has actually been taking place. More on that below, but the $80 million=
Christie=E2=80=99s made in their PWC day sale is tempered by the existence=
of the Fineberg Collection day sale which has a $35 million aggregate low =
estimate. With that caveat in mind, the day sale is up slightly from Novemb=
er=E2=80=99s $78m total but down substantially year-over-year from the $97 =
million spent in the same sale. There are two other stats worth examining o=
ver the last three sales seasons to better gauge the state of the Contempor=
ary art market. A year ago, the top ten lots accounted for 27.8% of the tot=
al value of the day sale; this year it was 36.8%. Over the last three seaso=
ns, this sale has seen the average price of a sold lot rise from $280k to $=
299k to $355k last week. What does that mean? Fewer works are selling and t=
he value in the say sales is concentrating among the top lots. Buyers are t=
aking fewer risks and the money at work in the art market is gravitating to=
ward recognized value. That=E2=80=99s a healthy market phase and it slightl=
y contradicts some of the coverage of the Evening sales last week where the=
lack of entertaining bidding was interpreted as market weakness. The Conte=
mporary market is not in an advancing phase but it is not yet retreating.=
=20
Results
Top Lots By Price
The market slowdown can be easily seen in these top ten lots in the day sal=
e. Only two were bid above the estimate range. All seven of the artists rep=
resented are well-established names. Six are Abstract Expressionists. Each =
of these lots could also have been sold in an evening sale.=20
Most Dynamic Lots by Bidding
The works with the highest hammer ratios are a mixed bag. Ernie Barnes cont=
inues to set strong prices in the mid-six figures. The performance here ref=
lects estimates still being set low. Jaune Quick-to-See Smith set her secon=
d highest price at auction in the wake of her Whitney retrospective. Robert=
Longo=E2=80=99s prices Achieved new price levels in the period between 201=
3 and 2015. His market has been sparse but active since then. Individual pa=
nels from his work in the 1980s have sold as high as $555,000 and there has=
been a revival auction activity for recent and historical works. This draw=
ing previously sold at Sotheby=E2=80=99s for $42,000 in 2006.=20
Jenna Gribbon
You don=E2=80=99t usually see a primary market gallery touting the appearan=
ce of one of its artists at auction. But LGDR posted this Jenna Gribbon=E2=
=80=94Set List Focus from 2020 which was estimated at a mere $40,000=E2=80=
=94to their Instagram stories hyping the secondary market sale. The gallery=
clearly wanted a big new price to help generate interest and, perhaps, res=
et primary prices. The post was on message and the hammer price was eight t=
imes the estimate to set a new auction record for the artist at $403,200.
Jesse Mockrin=20
Jesse Mockrin has had only one previous important secondary market sale a y=
ear and a half ago in Hong Kong where a relatively small work from 2016 was=
sold for nearly $65,000. That hardly captures the artist=E2=80=99s footpri=
nt on the private market or her presence in the mindshare of collectors. Th=
e CICA Vancouver currently has a show of her work [ https://substack.com/re=
direct/4d9cf68b-b606-4285-b2ff-765ecfb44e9b?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3=
c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]. The Pursuit from 2015 set a record =
for the artist at auction at $113,400.=20
Advancing=20
Female abstract painters: It=E2=80=99s not news that female abstract painte=
rs from a range of historical periods and currently working have been a mar=
ket focus. In last week=E2=80=99s sale, Helen Frankenthaler had three works=
sell for more than $2 million (though her six lots performed all across th=
e range of possible outcomes); Joan Mitchell sold two works in the day sale=
but the lower value work saw more competitive bidding; Lynne Drexler saw s=
trong sales for two works in the low six figure range; Lucy Bull sold two w=
orks well below the value of her recent evening sale success but with stron=
g competition; and Cecily Brown had two small works sell for prices in the =
high six figures showing the depth of her market appeal across sizes and pr=
ice points.=20
Photorealists: Robert Longo isn=E2=80=99t a Photorealist but he works in th=
at hyper-real style with his drawings. Richard Estes IS a photorealist. Ear=
lier this year, a new record was set for his work. Five works are on offer =
at the New York sales. Grossinger=E2=80=99s was one of two works estimated =
at $150,000. It sold for $441,000.=20
Bob Thompson: With two shows of his work up in New York right now, it is su=
rprising that only one significant work (and another much lower value work)=
are on offer in the May sales. But Meeting Man from 1965 was estimated at =
$150,000 but sold for $327,600 which is only $150 below Thompson=E2=80=99s =
record set in 2013. Many of the works on offer in New York right now are pr=
iced above that level.=20
Retreating
Wayne Thiebaud: Everything seemed to be lining up for Wayne Thiebaud this s=
eason. So far, it hasn=E2=80=99t gone to plan. In addition to the work on p=
aper withdrawn from the Evening sale and the Fudge Cakes from 1965 that ham=
mered below the $2 million estimate, the day sale saw two works bought in a=
nd three others sell. Only one saw bidding above the estimates. Even with t=
hose seven works disposed of, we=E2=80=99re only half way through the Thieb=
aud offerings and several very strong works still to come.=20
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</style></head><body class=3D"email-body" style=3D"font-kerning: auto;"><im=
g src=3D"https://mailgun.substack.com/api/v1/email/open?token=3DeyJtIjoiPDI=
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=3D"height:1px !important;width:1px !important;border-width:0 !important;ma=
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s://eotrx.substackcdn.com/open?token=3DeyJtIjoiPDIwMjMwNTE2MDQwNTE1LjMuZmI4=
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t=3D"" width=3D"1" height=3D"1" border=3D"0" style=3D"height:1px !important=
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tant;padding-left:0 !important;"/><div style=3D"display:none;font-size:1px;=
color:#333333;line-height:1px;max-height:0px;max-width:0px;opacity:0;overfl=
ow:hidden;" class=3D"preview">The art market continues to do solid business=
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rder=3D"0" cellspacing=3D"0" cellpadding=3D"0" class=3D"email-body-containe=
r"><tr><td></td><td width=3D"550" class=3D"content"></td><td></td></tr><tr>=
<td></td><td align=3D"left" width=3D"550" class=3D"content"><div style=3D"f=
ont-size: 16px; line-height: 26px; margin: 0 auto; max-width: 550px; overfl=
ow-wrap: break-word; width: 100%;"><table role=3D"presentation" width=3D"10=
0%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td align=3D"right=
" style=3D"height: 20px;"><table role=3D"presentation" width=3D"auto" borde=
r=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td style=3D"vertical-align=
: middle;"><span class=3D"tw-font-body tw-text-ssm tw-text-substack-seconda=
ry" style=3D"color: #808080 !important; font-family: SF Pro Text, -apple-sy=
stem, BlinkMacSystemFont, Inter, Segoe UI, Roboto, Helvetica, Arial, sans-s=
erif, Apple Color Emoji, Segoe UI Emoji, Segoe UI Symbol !important; font-s=
ize: 13px !important;"><a href=3D"https://open.substack.com/pub/artelligenc=
e/p/after-action-report-christies-pwc?utm_source=3Demail&redirect=3Dapp-sto=
re" class=3D"tw-text-substack-secondary tw-underline" style=3D"-webkit-text=
-decoration-line: underline !important; color: #808080 !important; text-dec=
oration-line: underline !important;">Open in app</a> or <a href=3D"https://=
substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2VuY2Uuc3Vic3RhY2suY29=
tL3AvYWZ0ZXItYWN0aW9uLXJlcG9ydC1jaHJpc3RpZXMtcHdjP3Rva2VuPWV5SjFjMlZ5WDJsa0=
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lass=3D"tw-text-substack-secondary tw-underline" style=3D"-webkit-text-deco=
ration-line: underline !important; color: #808080 !important; text-decorati=
on-line: underline !important;">online</a></span></td></tr></table></td></t=
r></table><table role=3D"presentation" width=3D"auto" class=3D"header graph=
ic-header" style=3D"border-spacing: 0; padding: 16px 0 32px;"><tr><td align=
=3D"center" style=3D"padding: 0; text-align: center;"><a href=3D"https://su=
bstack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2VuY2Uuc3Vic3RhY2suY29tL=
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ODY2MSwiaWF0IjoxNjg0MjA5OTMxLCJleHAiOjE2ODY4MDE5MzEsImlzcyI6InB1Yi0wIiwic3V=
iIjoibGluay1yZWRpcmVjdCJ9.7pYG0Q6qBNremQcCoDyHzzGXrZDfNWiUnee7uSscKtw?"><im=
g role=3D"presentation" width=3D"550" height=3D"110" src=3D"https://substac=
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e=3D"border: none !important; display: block; height: auto; margin: 0 auto;=
max-width: 550px; vertical-align: middle; width: 100%;"></a></td></tr></ta=
ble><div dir=3D"auto" class=3D"post typography" style=3D"font-size: 16px; l=
ine-height: 26px; padding: 16px 0 0 0;"><div class=3D"post-header" style=3D=
"font-size: 16px; line-height: 26px;"><h1 class=3D"post-title published" st=
yle=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoothing: antial=
iased; -webkit-appearance: optimizelegibility; -webkit-font-smoothing: anti=
aliased; appearance: optimizelegibility; color: #404040; font-family: 'SF C=
ompact Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Hel=
vetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI=
Symbol'; font-size: 32px; font-weight: bold; line-height: 36px; margin: 0;=
"><a href=3D"https://substack.com/app-link/post?publication_id=3D2259&post_=
id=3D121552876&utm_source=3Dpost-email-title&isFreemail=3Dtrue&token=3DeyJ1=
c2VyX2lkIjoxMzMyNjg2NjEsInBvc3RfaWQiOjEyMTU1Mjg3NiwiaWF0IjoxNjg0MjA5OTMxLCJ=
leHAiOjE2ODY4MDE5MzEsImlzcyI6InB1Yi0yMjU5Iiwic3ViIjoicG9zdC1yZWFjdGlvbiJ9.5=
S-PWNE7mm7_e9Ll-AwcxVesU170wt1ndQ-EH12kRw0" style=3D"color: #404040; text-d=
ecoration: none;">After Action Report: Christie's PWC Day + 21st Century Ev=
ening</a></h1><h3 class=3D"subtitle" style=3D"-moz-appearance: optimizelegi=
bility; -moz-osx-font-smoothing: antialiased; -webkit-appearance: optimizel=
egibility; -webkit-font-smoothing: antialiased; appearance: optimizelegibil=
ity; color: #808080; font-family: 'SF Compact Display', -apple-system, Blin=
kMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Co=
lor Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 18px; font-weig=
ht: normal; line-height: 24px; margin: 4px 0 0; margin-top: 12px;">The art =
market continues to do solid business even as it shows annoyance at estimat=
e levels.</h3><table role=3D"presentation" width=3D"100%" border=3D"0" cell=
spacing=3D"0" cellpadding=3D"0" class=3D"post-meta" style=3D"align-items: c=
enter; height: 20px; margin: 1em 0;"><tr><td><table role=3D"presentation" w=
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le role=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D"0" cell=
padding=3D"0"><tr><td style=3D"vertical-align: middle;"><div class=3D"pencr=
aft frontend-pencraft-Box-module__reset--tAIEo frontend-pencraft-Text-modul=
e__size-11--1-ofT frontend-pencraft-Text-module__line-height-20--1soeQ fron=
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le__font-meta--2i-cR frontend-pencraft-Text-module__color-primary--2I-sF fr=
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'Segoe UI Symbol'; font-size: 11px; font-weight: 500; letter-spacing: .2px=
; line-height: 20px; margin: 0; text-decoration: unset; text-transform: upp=
ercase;"><a style=3D"color: #404040; font-family: 'SF Compact', -apple-syst=
em, -apple-system, -system-ui, BlinkMacSystemFont, 'Segoe UI', Roboto, Helv=
etica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI =
Symbol'; font-size: 11px; font-weight: 500; letter-spacing: .2px; line-heig=
ht: 20px; margin: 0; text-decoration: none; text-transform: uppercase;" hre=
f=3D"https://substack.com/profile/735466-marion-maneker" class=3D"pencraft =
frontend-pencraft-Box-module__reset--tAIEo frontend-pencraft-Text-module__s=
ize-11--1-ofT frontend-pencraft-Text-module__line-height-20--1soeQ frontend=
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font-meta--2i-cR frontend-pencraft-Text-module__color-primary--2I-sF fronte=
nd-pencraft-Text-module__transform-uppercase--38jbr frontend-pencraft-Text-=
module__reset--20JLV frontend-pencraft-Text-module__meta--3RRSj">Marion Man=
eker</a></div></td></tr></table></td></tr><tr><td><table role=3D"presentati=
on" width=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td=
style=3D"vertical-align: middle;"><div class=3D"pencraft frontend-pencraft=
-Box-module__reset--tAIEo frontend-pencraft-Text-module__size-11--1-ofT fro=
ntend-pencraft-Text-module__line-height-20--1soeQ frontend-pencraft-Text-mo=
dule__weight-medium--aTbx5 frontend-pencraft-Text-module__font-meta--2i-cR =
frontend-pencraft-Text-module__color-secondary--XjVGl frontend-pencraft-Tex=
t-module__transform-uppercase--38jbr frontend-pencraft-Text-module__reset--=
20JLV frontend-pencraft-Text-module__meta--3RRSj" style=3D"color: #808080; =
font-family: 'SF Compact', -apple-system, -apple-system, -system-ui, BlinkM=
acSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Colo=
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: 500; letter-spacing: .2px; line-height: 20px; margin: 0; text-decoration:=
unset; text-transform: uppercase;"><time dateTime=3D"2023-05-16T04:05:20.4=
03Z">May 16</time></div></td></tr></table></td></tr></table></td></tr></tab=
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i><li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; c=
olor: #404040; font-size: 16px; line-height: 26px; margin: 0; margin-bottom=
: 0; padding-left: 4px;"><strong>Results: </strong><span>Top Ten, Most Dyna=
mic Bidding</span></p></li><li style=3D"margin: 8px 0 0 32px;"><p style=3D"=
box-sizing: border-box; color: #404040; font-size: 16px; line-height: 26px;=
margin: 0; margin-bottom: 0; padding-left: 4px;"><strong>Advancing: </stro=
ng><span>Cecily Brown, Etel Adnan, Simone Leigh</span></p></li><li style=3D=
"margin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; color: #404040;=
font-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0; padding-l=
eft: 4px;"><strong>Retreating:</strong><span> Miriam Cahn, Julien Nguyen</s=
pan></p></li><li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: bo=
rder-box; color: #404040; font-size: 16px; line-height: 26px; margin: 0; ma=
rgin-bottom: 0; padding-left: 4px;"><strong>The Dial: </strong><span>Christ=
ie’s PWC Day sale =3D $80m</span></p></li><li style=3D"margin: 8px 0 =
0 32px;"><p style=3D"box-sizing: border-box; color: #404040; font-size: 16p=
x; line-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><str=
ong>About Last Friday:</strong><span> The leading edge of art market is in =
the midst of a flight to quality</span></p></li><li style=3D"margin: 8px 0 =
0 32px;"><p style=3D"box-sizing: border-box; color: #404040; font-size: 16p=
x; line-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><str=
ong>Results: </strong><span>Top Ten, Most Dynamic Bidding, Jenna Gribbon, J=
esse Mockrin</span></p></li><li style=3D"margin: 8px 0 0 32px;"><p style=3D=
"box-sizing: border-box; color: #404040; font-size: 16px; line-height: 26px=
; margin: 0; margin-bottom: 0; padding-left: 4px;"><strong>Advancing: </str=
ong><span>Female Abstract painters, Photorealists, Bob Thompson</span></p><=
/li><li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box;=
color: #404040; font-size: 16px; line-height: 26px; margin: 0; margin-bott=
om: 0; padding-left: 4px;"><strong>Retreating:</strong><span> Wayne Thiebau=
d</span></p></li></ol><div style=3D"font-size: 16px; line-height: 26px;"><h=
r style=3D"background: #e0e0e0; border: none; height: 1px; margin: 32px 0; =
padding: 0;"></div><h2 class=3D"header-with-anchor-widget" style=3D"-moz-ap=
pearance: optimizelegibility; -moz-osx-font-smoothing: antialiased; -webkit=
-appearance: optimizelegibility; -webkit-font-smoothing: antialiased; appea=
rance: optimizelegibility; color: #404040; 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: 1.625em; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.625=
em 0; position: relative;">The Dial</h2><h4 class=3D"header-with-anchor-wid=
get" style=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoothing:=
antialiased; -webkit-appearance: optimizelegibility; -webkit-font-smoothin=
g: antialiased; appearance: optimizelegibility; color: #404040; font-family=
: 'SF Compact Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', Robo=
to, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'S=
egoe UI Symbol'; font-size: 1.125em; font-weight: bold; line-height: 1.16em=
; margin: 1em 0 0.625em 0; position: relative;">Christie’s 21st Centu=
ry Evening Sale</h4><div class=3D"captioned-image-container-static" style=
=3D"font-size: 16px; line-height: 26px; margin: 32px auto;"><figure style=
=3D"margin: 0 auto; width: 100%;"><table class=3D"image-wrapper" width=3D"1=
00%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" style=3D"mso-padding-=
alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align: center;"></td><td al=
ign=3D"left" class=3D"content" width=3D"482" style=3D"text-align: center;">=
<a class=3D"image-link" target=3D"_blank" href=3D"https://substack.com/redi=
rect/08570288-9797-4873-a156-4a639e10a16b?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1=
d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"align-items: center; borde=
r: none; display: block; flex-direction: column; height: auto; margin: 0; p=
adding: 0; position: relative; text-decoration: none; width: auto;"><img da=
ta-attrs=3D"{"src":"https://substack-post-media.s3.amazonaws=
=2Ecom/public/images/39b9f547-2c05-479e=
-aa07-a09725d77d1b_1024x1024.jpeg"=
;,"fullscreen":null,"imageSize":null,"height"=
:1024,"width":1024,"resizeWidth":482,"bytes":=
246677,"alt":null,"title":null,"type":"i=
mage/jpeg","href":null,"belowTheFold":true,"i=
nternalRedirect":null}" alt width=3D"482" height=3D"482" class src=3D"=
https://substackcdn.com/image/fetch/w_482,c_limit,f_auto,q_auto:good,fl_pro=
gressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%=
2Fimages%2F39b9f547-2c05-479e-aa07-a09725d77d1b_1024x1024.jpeg" style=3D"-m=
s-interpolation-mode: bicubic; border: none !important; display: block; hei=
ght: auto; margin: 0 auto; margin-bottom: 0; max-width: 100% !important; ve=
rtical-align: middle; width: auto !important;"></a></td><td style=3D"text-a=
lign: center;"></td></tr></tbody></table></figure></div><p style=3D"color: =
#404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">Christie&=
#8217;s was able to sell $98,802,500 in art from a compact sale of 26 paint=
ings. Only 25 of those sold but the bulk of the sale’s value was in a=
single painting. The success of that painting accounts for the strong hamm=
er ratio of 1.23. The lots broke down with 48% selling above the estimates =
(this being a sale to break new names, the estimates were held at an attrac=
tive level); 36% of the lots sold within estimates; and 16% sold for compro=
mise prices. The average lot value was $3.9 million but, again, that’=
s mostly a function of the size of the top lot. The median lot value was $8=
19,000. </p><div class=3D"captioned-image-container-static" style=3D"font-s=
ize: 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" 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"460" style=3D"text-align: center;"><a class=3D=
"image-link" target=3D"_blank" href=3D"https://substack.com/redirect/370f7b=
33-e542-4493-bb8b-5bbb6c73b37f?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrM=
e5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"align-items: center; border: none; di=
splay: block; flex-direction: column; height: auto; margin: 0; padding: 0; =
position: relative; text-decoration: none; width: auto;"><img data-attrs=3D=
"{"src":"https://substack-post-media.s3.amazonaws.com/public=
/images/1f338552-bf1f-484f-8bc0-e7e9f5c7d760_1024x1024.jpeg","ful=
lscreen":null,"imageSize":null,"height":1024,"=
;width":1024,"resizeWidth":460,"bytes":347904,&quo=
t;alt":null,"title":null,"type":"image/jpeg&q=
uot;,"href":null,"belowTheFold":true,"internalRedi=
rect":null}" alt width=3D"460" height=3D"460" class src=3D"https://sub=
stackcdn.com/image/fetch/w_460,c_limit,f_auto,q_auto:good,fl_progressive:st=
eep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F=
1f338552-bf1f-484f-8bc0-e7e9f5c7d760_1024x1024.jpeg" style=3D"-ms-interpola=
tion-mode: bicubic; border: none !important; display: block; height: auto; =
margin: 0 auto; margin-bottom: 0; max-width: 100% !important; vertical-alig=
n: middle; width: auto !important;"></a></td><td style=3D"text-align: cente=
r;"></td></tr></tbody></table></figure></div><div style=3D"font-size: 16px;=
line-height: 26px;"><hr style=3D"background: #e0e0e0; border: none; height=
: 1px; margin: 32px 0; padding: 0;"></div><h2 class=3D"header-with-anchor-w=
idget" style=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoothin=
g: antialiased; -webkit-appearance: optimizelegibility; -webkit-font-smooth=
ing: antialiased; appearance: optimizelegibility; color: #404040; font-fami=
ly: 'SF Compact Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', Ro=
boto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', =
'Segoe UI Symbol'; font-size: 1.625em; font-weight: bold; line-height: 1.16=
em; margin: 1em 0 0.625em 0; position: relative;">About Last Night</h2><p s=
tyle=3D"color: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20p=
x 0;">The data shows a strong sale but the bidding in Christie’s auct=
ion rooms was orderly and mostly without surprises. Georgina Hilton cried t=
he sale. The strength of the results came from the $45 million Basquiat get=
ting bid up to a $58 million hammer price from three telephone bidders and =
in imperceptible bidder in the room. Hilton did a masterly job of moving he=
r gaze to conceal the location of the bidder in the room. Several reporters=
were keen to figure out the bidder’s identity but the mystery was re=
vealed through the persistence of Josh Baer who deduced the likely bidder a=
nd confirmed with Gagosian gallery. Vanessa Fusco won the lot for her telep=
hone bidder. The final selling price was listed by Christie’s at $67 =
million but the work had a third-party guarantee; if the guarantor was the =
winning bidder, a discount would have been included in the final price. (Du=
e to the Adams administration’s repeal of regulations governing New Y=
ork’s auction industry, we’ll never know.) With recent sales fr=
om the same collection at $93 million and another work sold for $85 million=
, it is hard to judge whether this $67 million does anything to move the pr=
ice levels up. Now the fourth highest public price for a Basquiat, $67 mill=
ion for a work without a large central figure or figures seems like a big s=
tep forward. Comparable images have sold for half the price or less. That s=
aid, the top of the Basquiat market ($110m publicly and much more privately=
) remains at a level difficult to improve upon. This sale surely doesn̵=
7;t change that. With so many collections at Christie’s this season&#=
8212;Gerald Fineberg’s gives the auction house an outside chance at f=
inishing the cycle with a cool billion—the 21st Century Evening sale =
became an opportunity for Christie’s to showcase new talent and conti=
nue to emphasize women artists, a point made by Isabella Lauria, the sale&#=
8217;s head. </p><div style=3D"font-size: 16px; line-height: 26px;"><hr sty=
le=3D"background: #e0e0e0; border: none; height: 1px; margin: 32px 0; paddi=
ng: 0;"></div><h2 class=3D"header-with-anchor-widget" style=3D"-moz-appeara=
nce: optimizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-appe=
arance: optimizelegibility; -webkit-font-smoothing: antialiased; appearance=
: optimizelegibility; color: #404040; font-family: 'SF Compact Display', -a=
pple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans=
-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size=
: 1.625em; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.625em 0;=
position: relative;">Results</h2><h4 class=3D"header-with-anchor-widget" s=
tyle=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoothing: antia=
liased; -webkit-appearance: optimizelegibility; -webkit-font-smoothing: ant=
ialiased; appearance: optimizelegibility; color: #404040; font-family: 'SF =
Compact Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, He=
lvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe U=
I Symbol'; font-size: 1.125em; font-weight: bold; line-height: 1.16em; marg=
in: 1em 0 0.625em 0; position: relative;">Top Ten</h4><div class=3D"caption=
ed-image-container-static" style=3D"font-size: 16px; line-height: 26px; mar=
gin: 32px auto;"><figure style=3D"margin: 0 auto; width: 100%;"><table clas=
s=3D"image-wrapper" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpaddi=
ng=3D"0" style=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"te=
xt-align: center;"></td><td align=3D"left" class=3D"content" width=3D"1056"=
style=3D"text-align: center;"><a class=3D"image-link" target=3D"_blank" hr=
ef=3D"https://substack.com/redirect/d08206e1-1418-426f-a626-3470eeb67532?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/854af200-fbed-454f-aebd-=
a2be18b7fdf5_1056x498.png","fullscreen":null,"imageSize=
":null,"height":498,"width":1056,"resizeWidth=
":null,"bytes":143109,"alt":null,"title"=
:null,"type":"image/png","href":null,"be=
lowTheFold":true,"internalRedirect":null}" alt width=3D"550"=
height=3D"259.375" class=3D"wide-image" src=3D"https://substackcdn.com/ima=
ge/fetch/w_2112,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F=
%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F854af200-fbed-4=
54f-aebd-a2be18b7fdf5_1056x498.png" style=3D"-ms-interpolation-mode: bicubi=
c; border: none !important; display: block; height: auto; margin: 0 auto; m=
argin-bottom: 0; max-width: 100% !important; vertical-align: middle; width:=
auto !important;"></a></td><td style=3D"text-align: center;"></td></tr></t=
body></table></figure></div><p style=3D"color: #404040; font-size: 16px; li=
ne-height: 26px; margin: 0 0 20px 0;">Estimates continue to be an issue in =
the market as this chart of the top ten works sold at Christie’s show=
s. Only one, a strong El Anatsui that set a new record for the artist at au=
ction, was bid above the estimate range. Three of the works were sacrificed=
for prices below the estimate. The art market continues to dig in against =
unrealistic expectations. </p><h4 class=3D"header-with-anchor-widget" style=
=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoothing: antialias=
ed; -webkit-appearance: optimizelegibility; -webkit-font-smoothing: antiali=
ased; appearance: optimizelegibility; color: #404040; font-family: 'SF Comp=
act Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvet=
ica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Sy=
mbol'; font-size: 1.125em; font-weight: bold; line-height: 1.16em; margin: =
1em 0 0.625em 0; position: relative;">Most Dynamic Bidding</h4><div class=
=3D"captioned-image-container-static" style=3D"font-size: 16px; line-height=
: 26px; margin: 32px auto;"><figure style=3D"margin: 0 auto; width: 100%;">=
<table class=3D"image-wrapper" width=3D"100%" border=3D"0" cellspacing=3D"0=
" cellpadding=3D"0" 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" wid=
th=3D"1056" style=3D"text-align: center;"><a class=3D"image-link" target=3D=
"_blank" href=3D"https://substack.com/redirect/ba4e6712-bd65-4366-94f9-6a5f=
b5acbf9c?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWd=
Y" rel style=3D"align-items: center; border: none; display: block; flex-dir=
ection: column; height: auto; margin: 0; padding: 0; position: relative; te=
xt-decoration: none; width: auto;"><img data-attrs=3D"{"src":&quo=
t;https://substack-post-media.s3.amazonaws.com/public/images/5b9cf3fb-48d7-=
4a50-9a38-a94e5c896177_1056x442.png","fullscreen":null,"=
;imageSize":null,"height":442,"width":1056,"r=
esizeWidth":null,"bytes":125461,"alt":null,"t=
itle":null,"type":"image/png","href":nul=
l,"belowTheFold":true,"internalRedirect":null}" alt wid=
th=3D"550" height=3D"230.20833333333334" class=3D"wide-image" src=3D"https:=
//substackcdn.com/image/fetch/w_2112,c_limit,f_auto,q_auto:good,fl_progress=
ive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fima=
ges%2F5b9cf3fb-48d7-4a50-9a38-a94e5c896177_1056x442.png" style=3D"-ms-inter=
polation-mode: bicubic; border: none !important; display: block; height: au=
to; margin: 0 auto; margin-bottom: 0; max-width: 100% !important; vertical-=
align: middle; width: auto !important;"></a></td><td style=3D"text-align: c=
enter;"></td></tr></tbody></table></figure></div><p style=3D"color: #404040=
; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><span>Most of th=
e lots that saw strong bidding had low estimates. The first auction sale fo=
r Danielle McKinney was conducted against an estimate of $20,000 which norm=
ally would not warrant appearance in an evening sale. Emma Webster, Voytech=
Kovarik, Robin F. Williams and Rebecca Ackroyd all of scant or no previous=
auction history. A big surprise in the sale was the strong bidding for Pet=
er Saul’s </span><em>Human Dignity</em><span> which drove his work to=
a new price level. </span></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; -moz-osx-font-smoothing: antialias=
ed; -webkit-appearance: optimizelegibility; -webkit-font-smoothing: antiali=
ased; appearance: optimizelegibility; color: #404040; font-family: 'SF Comp=
act Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvet=
ica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Sy=
mbol'; font-size: 1.625em; font-weight: bold; line-height: 1.16em; margin: =
1em 0 0.625em 0; position: relative;">Advancing </h2><ol style=3D"margin-to=
p: 0; padding: 0;"><li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizi=
ng: border-box; color: #404040; font-size: 16px; line-height: 26px; margin:=
0; margin-bottom: 0; padding-left: 4px;"><strong>Cecily Brown: </strong><s=
pan>There seems to be a Cecily Brown for every size dwelling and budget thi=
s season. The largest work was Christie’s </span><em>Untitled (The Be=
autiful and Damned)</em><span> that made a price equal to the previous reco=
rd. The massive painting might have been expected to make more if Browns we=
re sold by size. And the price ceiling for Brown’s work remains, if n=
ot a concern, a curiosity. </span></p></li><li style=3D"margin: 8px 0 0 32p=
x;"><p style=3D"box-sizing: border-box; color: #404040; font-size: 16px; li=
ne-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><strong>E=
tel Adnan:</strong><span> A strong example of her late work sold for $352,8=
00 or her third highest price at auction. Adnan now has five auction prices=
over $300,000 for works from the 70s, 80s and 21st Century. That should he=
lp her private market thrive with more public reference points. </span></p>=
</li><li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box=
; color: #404040; font-size: 16px; line-height: 26px; margin: 0; margin-bot=
tom: 0; padding-left: 4px;"><strong>Simone Leigh: </strong><span>The new re=
cord price for Simone Leigh’s work may be more a function of the size=
of the work than it is a measure of her market. Sotheby’s sale later=
in the week will give the market more information on that score but the pr=
ices previously achieved for tabletop works looks even more impressive afte=
r $2.7 million was spent on a large bronze figure. Jacky Ho took the bid on=
the phone suggesting the work went to China. </span></p></li></ol><div sty=
le=3D"font-size: 16px; line-height: 26px;"><hr style=3D"background: #e0e0e0=
; border: none; height: 1px; margin: 32px 0; padding: 0;"></div><h2 class=
=3D"header-with-anchor-widget" style=3D"-moz-appearance: optimizelegibility=
; -moz-osx-font-smoothing: antialiased; -webkit-appearance: optimizelegibil=
ity; -webkit-font-smoothing: antialiased; appearance: optimizelegibility; c=
olor: #404040; font-family: 'SF Compact Display', -apple-system, BlinkMacSy=
stemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Em=
oji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.625em; font-weight:=
bold; line-height: 1.16em; margin: 1em 0 0.625em 0; position: relative;">R=
etreating</h2><ol style=3D"margin-top: 0; padding: 0;"><li style=3D"margin:=
8px 0 0 32px;"><p style=3D"box-sizing: border-box; color: #404040; font-si=
ze: 16px; line-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4px=
;"><strong>Miriam Cahn:</strong><span> Despite the strong price in March an=
d the controversy in Paris surrounding her work, the price achieved tonight=
doesn’t fill in the gap between the low six figure prices her work h=
as achieved half a dozen times and the $702,964 sale in March. </span></p><=
/li><li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box;=
color: #404040; font-size: 16px; line-height: 26px; margin: 0; margin-bott=
om: 0; padding-left: 4px;"><strong>Julien Nguyen:</strong><span> There are =
several more works coming up around time for Nguyen who was the one failure=
of the evening. </span></p></li></ol><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: #404040; font-family: 'SF=
Compact Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, H=
elvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe =
UI Symbol'; font-size: 1.625em; font-weight: bold; line-height: 1.16em; mar=
gin: 1em 0 0.625em 0; position: relative;">The Dial</h2><h4 class=3D"header=
-with-anchor-widget" style=3D"-moz-appearance: optimizelegibility; -moz-osx=
-font-smoothing: antialiased; -webkit-appearance: optimizelegibility; -webk=
it-font-smoothing: antialiased; appearance: optimizelegibility; color: #404=
040; font-family: 'SF Compact Display', -apple-system, BlinkMacSystemFont, =
'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Seg=
oe UI Emoji', 'Segoe UI Symbol'; font-size: 1.125em; font-weight: bold; lin=
e-height: 1.16em; margin: 1em 0 0.625em 0; position: relative;">Christie=
217;s PWC Day sale, May 2023</h4><div class=3D"captioned-image-container-st=
atic" style=3D"font-size: 16px; line-height: 26px; margin: 32px auto;"><fig=
ure style=3D"margin: 0 auto; width: 100%;"><table class=3D"image-wrapper" w=
idth=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" 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"430" style=3D"text-align: =
center;"><a class=3D"image-link" target=3D"_blank" href=3D"https://substack=
=2Ecom/redirect/487a1b38-92b6-4624-a12=
2-1a0ed17e82c0?j=3DeyJ1IjoiMjdjZXI5In0.=
nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"align-items: cent=
er; border: none; display: block; flex-direction: column; height: auto; mar=
gin: 0; padding: 0; position: relative; text-decoration: none; width: auto;=
"><img data-attrs=3D"{"src":"https://substack-post-media.s3.=
amazonaws.com/public/images/fef00d3c-55f2-4c52-94e8-01741c879c11_1024x1024.=
jpeg","fullscreen":null,"imageSize":null,"hei=
ght":1024,"width":1024,"resizeWidth":430,"byt=
es":234255,"alt":null,"title":null,"type"=
;:"image/jpeg","href":null,"belowTheFold":tru=
e,"internalRedirect":null}" alt width=3D"430" height=3D"430" clas=
s src=3D"https://substackcdn.com/image/fetch/w_430,c_limit,f_auto,q_auto:go=
od,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%=
2Fpublic%2Fimages%2Ffef00d3c-55f2-4c52-94e8-01741c879c11_1024x1024.jpeg" st=
yle=3D"-ms-interpolation-mode: bicubic; border: none !important; display: b=
lock; height: auto; margin: 0 auto; margin-bottom: 0; max-width: 100% !impo=
rtant; vertical-align: middle; width: auto !important;"></a></td><td style=
=3D"text-align: center;"></td></tr></tbody></table><figcaption class=3D"ima=
ge-caption" style=3D"box-sizing: content-box; color: #808080; font-size: 14=
px; font-weight: 400; letter-spacing: -.15px; line-height: 20px; margin-top=
: 8px; padding-left: 15%; padding-right: 15%; text-align: center; width: 70=
%;">Christie’s PWC Day sale, May 2023</figcaption></figure></div><p s=
tyle=3D"color: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20p=
x 0;">Christie’s Day sale on Friday was a showing with a neutral hamm=
er ratio of 1.10 and a strong sell-through rate of 86%. The total sale was =
$80,048,990 with with 225 lots finding buyers out of 256 offered; nearly 40=
% of the lots were bid above estimates. Another nearly 40% were sold within=
estimates and only 21% of the lots had to be sacrificed at compromise pric=
es. The average price for a work in this sale was $355,773.</p><div class=
=3D"captioned-image-container-static" style=3D"font-size: 16px; line-height=
: 26px; margin: 32px auto;"><figure style=3D"margin: 0 auto; width: 100%;">=
<table class=3D"image-wrapper" width=3D"100%" border=3D"0" cellspacing=3D"0=
" cellpadding=3D"0" 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" wid=
th=3D"442" style=3D"text-align: center;"><a class=3D"image-link" target=3D"=
_blank" href=3D"https://substack.com/redirect/12b90fdb-3d4f-49ae-b971-598bf=
ce5f974?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY=
" rel style=3D"align-items: center; border: none; display: block; flex-dire=
ction: column; height: auto; margin: 0; padding: 0; position: relative; tex=
t-decoration: none; width: auto;"><img data-attrs=3D"{"src":"=
;https://substack-post-media.s3.amazonaws.com/public/images/81d1687e-efac-4=
1e8-836e-4605f1718603_1024x1024.jpeg","fullscreen":null,&quo=
t;imageSize":null,"height":1024,"width":1024,"=
;resizeWidth":442,"bytes":352883,"alt":null,"=
title":null,"type":"image/jpeg","href":n=
ull,"belowTheFold":true,"internalRedirect":null}" alt w=
idth=3D"442" height=3D"442" class src=3D"https://substackcdn.com/image/fetc=
h/w_442,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubst=
ack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F81d1687e-efac-41e8-836e=
-4605f1718603_1024x1024.jpeg" style=3D"-ms-interpolation-mode: bicubic; bor=
der: none !important; 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></figure></div><div style=3D"font-size: 16px; line-height: 26px;"><h=
r style=3D"background: #e0e0e0; border: none; height: 1px; margin: 32px 0; =
padding: 0;"></div><h2 class=3D"header-with-anchor-widget" style=3D"-moz-ap=
pearance: optimizelegibility; -moz-osx-font-smoothing: antialiased; -webkit=
-appearance: optimizelegibility; -webkit-font-smoothing: antialiased; appea=
rance: optimizelegibility; color: #404040; 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: 1.625em; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.625=
em 0; position: relative;">About Last Friday</h2><p style=3D"color: #404040=
; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">It has almost be=
come a cliché to say that the day sales are where the real art market =
lives. Nevertheless, clichés exist because they are correct. Judging f=
rom the numbers posted on Friday and the composition of the sales, the flig=
ht-to-quality the leading of the art market has been expecting has actually=
been taking place. More on that below, but the $80 million Christie’=
s made in their PWC day sale is tempered by the existence of the Fineberg C=
ollection day sale which has a $35 million aggregate low estimate. With tha=
t caveat in mind, the day sale is up slightly from November’s $78m to=
tal but down substantially year-over-year from the $97 million spent in the=
same sale. There are two other stats worth examining over the last three s=
ales seasons to better gauge the state of the Contemporary art market. A ye=
ar ago, the top ten lots accounted for 27.8% of the total value of the day =
sale; this year it was 36.8%. Over the last three seasons, this sale has se=
en the average price of a sold lot rise from $280k to $299k to $355k last w=
eek. What does that mean? Fewer works are selling and the value in the say =
sales is concentrating among the top lots. Buyers are taking fewer risks an=
d the money at work in the art market is gravitating toward recognized valu=
e. That’s a healthy market phase and it slightly contradicts some of =
the coverage of the Evening sales last week where the lack of entertaining =
bidding was interpreted as market weakness. The Contemporary market is not =
in an advancing phase but it is not yet retreating. </p><div style=3D"font-=
size: 16px; line-height: 26px;"><hr style=3D"background: #e0e0e0; border: n=
one; height: 1px; margin: 32px 0; padding: 0;"></div><h2 class=3D"header-wi=
th-anchor-widget" style=3D"-moz-appearance: optimizelegibility; -moz-osx-fo=
nt-smoothing: antialiased; -webkit-appearance: optimizelegibility; -webkit-=
font-smoothing: antialiased; appearance: optimizelegibility; color: #404040=
; font-family: 'SF Compact Display', -apple-system, BlinkMacSystemFont, 'Se=
goe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe =
UI Emoji', 'Segoe UI Symbol'; font-size: 1.625em; font-weight: bold; line-h=
eight: 1.16em; margin: 1em 0 0.625em 0; position: relative;">Results</h2><h=
4 class=3D"header-with-anchor-widget" style=3D"-moz-appearance: optimizeleg=
ibility; -moz-osx-font-smoothing: antialiased; -webkit-appearance: optimize=
legibility; -webkit-font-smoothing: antialiased; appearance: optimizelegibi=
lity; color: #404040; font-family: 'SF Compact Display', -apple-system, Bli=
nkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple C=
olor Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.125em; font-=
weight: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; position: relat=
ive;"><strong>Top Lots By Price</strong></h4><div class=3D"captioned-image-=
container-static" style=3D"font-size: 16px; line-height: 26px; margin: 32px=
auto;"><figure style=3D"margin: 0 auto; width: 100%;"><table class=3D"imag=
e-wrapper" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" =
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"942" style=3D"=
text-align: center;"><a class=3D"image-link" target=3D"_blank" href=3D"http=
s://substack.com/redirect/deb17d38-3585-481d-a776-b4127bb225af?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/6ee80444-6442-48f7-84cd-234354da585=
c_942x502.png","fullscreen":null,"imageSize":null,=
"height":502,"width":942,"resizeWidth":null,&=
quot;bytes":132562,"alt":null,"title":null,"t=
ype":"image/png","href":null,"belowTheFold&qu=
ot;:true,"internalRedirect":null}" alt width=3D"550" height=3D"29=
3.09978768577497" class=3D"wide-image" src=3D"https://substackcdn.com/image=
/fetch/w_1884,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2=
Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6ee80444-6442-48f=
7-84cd-234354da585c_942x502.png" style=3D"-ms-interpolation-mode: bicubic; =
border: none !important; display: block; height: auto; margin: 0 auto; marg=
in-bottom: 0; max-width: 100% !important; vertical-align: middle; width: au=
to !important;"></a></td><td style=3D"text-align: center;"></td></tr></tbod=
y></table></figure></div><p style=3D"color: #404040; font-size: 16px; line-=
height: 26px; margin: 0 0 20px 0;">The market slowdown can be easily seen i=
n these top ten lots in the day sale. Only two were bid above the estimate =
range. All seven of the artists represented are well-established names. Six=
are Abstract Expressionists. Each of these lots could also have been sold =
in an evening sale. </p><h4 class=3D"header-with-anchor-widget" style=3D"-m=
oz-appearance: optimizelegibility; -moz-osx-font-smoothing: antialiased; -w=
ebkit-appearance: optimizelegibility; -webkit-font-smoothing: antialiased; =
appearance: optimizelegibility; color: #404040; font-family: 'SF Compact Di=
splay', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, A=
rial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol';=
font-size: 1.125em; font-weight: bold; line-height: 1.16em; margin: 1em 0 =
0.625em 0; position: relative;">Most Dynamic Lots by Bidding</h4><div class=
=3D"captioned-image-container-static" style=3D"font-size: 16px; line-height=
: 26px; margin: 32px auto;"><figure style=3D"margin: 0 auto; width: 100%;">=
<table class=3D"image-wrapper" width=3D"100%" border=3D"0" cellspacing=3D"0=
" cellpadding=3D"0" 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" wid=
th=3D"944" style=3D"text-align: center;"><a class=3D"image-link" target=3D"=
_blank" href=3D"https://substack.com/redirect/e5584e6b-3ceb-46b7-a1ef-92154=
5cda938?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY=
" rel style=3D"align-items: center; border: none; display: block; flex-dire=
ction: column; height: auto; margin: 0; padding: 0; position: relative; tex=
t-decoration: none; width: auto;"><img data-attrs=3D"{"src":"=
;https://substack-post-media.s3.amazonaws.com/public/images/786915e9-ea48-4=
961-8874-64780308e36f_944x500.png","fullscreen":null,"i=
mageSize":null,"height":500,"width":944,"resi=
zeWidth":null,"bytes":128771,"alt":null,"titl=
e":null,"type":"image/png","href":null,&=
quot;belowTheFold":true,"internalRedirect":null}" alt width=
=3D"550" height=3D"291.3135593220339" class=3D"wide-image" src=3D"https://s=
ubstackcdn.com/image/fetch/w_1888,c_limit,f_auto,q_auto:good,fl_progressive=
:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages=
%2F786915e9-ea48-4961-8874-64780308e36f_944x500.png" style=3D"-ms-interpola=
tion-mode: bicubic; border: none !important; display: block; height: auto; =
margin: 0 auto; margin-bottom: 0; max-width: 100% !important; vertical-alig=
n: middle; width: auto !important;"></a></td><td style=3D"text-align: cente=
r;"></td></tr></tbody></table></figure></div><p style=3D"color: #404040; fo=
nt-size: 16px; line-height: 26px; margin: 0 0 20px 0;">The works with the h=
ighest hammer ratios are a mixed bag. Ernie Barnes continues to set strong =
prices in the mid-six figures. The performance here reflects estimates stil=
l being set low. Jaune Quick-to-See Smith set her second highest price at a=
uction in the wake of her Whitney retrospective. Robert Longo’s price=
s Achieved new price levels in the period between 2013 and 2015. His market=
has been sparse but active since then. Individual panels from his work in =
the 1980s have sold as high as $555,000 and there has been a revival auctio=
n activity for recent and historical works. This drawing previously sold at=
Sotheby’s for $42,000 in 2006. </p><h4 class=3D"header-with-anchor-w=
idget" style=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoothin=
g: antialiased; -webkit-appearance: optimizelegibility; -webkit-font-smooth=
ing: antialiased; appearance: optimizelegibility; color: #404040; font-fami=
ly: 'SF Compact Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', Ro=
boto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', =
'Segoe UI Symbol'; font-size: 1.125em; font-weight: bold; line-height: 1.16=
em; margin: 1em 0 0.625em 0; position: relative;">Jenna Gribbon</h4><div cl=
ass=3D"captioned-image-container-static" style=3D"font-size: 16px; line-hei=
ght: 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" 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"422" style=3D"text-align: center;"><a class=3D"image-link" targe=
t=3D"_blank" href=3D"https://substack.com/redirect/626379cf-16ac-48f0-9e03-=
55cd1b13556a?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp=
7gWdY" 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-media.s3.amazonaws.com/public/images/c908a235-5=
c57-4d55-a94a-c821d050e93b_1586x2120.png","fullscreen":null,=
"imageSize":null,"height":1946,"width":1456,&=
quot;resizeWidth":422,"bytes":7646397,"alt":null,&=
quot;title":null,"type":"image/png","href&quo=
t;:null,"belowTheFold":true,"internalRedirect":null}" a=
lt width=3D"422" height=3D"564.0192307692307" class src=3D"https://substack=
cdn.com/image/fetch/w_422,c_limit,f_auto,q_auto:good,fl_progressive:steep/h=
ttps%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc908a=
235-5c57-4d55-a94a-c821d050e93b_1586x2120.png" style=3D"-ms-interpolation-m=
ode: bicubic; border: none !important; display: block; height: auto; margin=
: 0 auto; margin-bottom: 0; max-width: 100% !important; vertical-align: mid=
dle; width: auto !important;"></a></td><td style=3D"text-align: center;"></=
td></tr></tbody></table><figcaption class=3D"image-caption" style=3D"box-si=
zing: content-box; color: #808080; font-size: 14px; font-weight: 400; lette=
r-spacing: -.15px; line-height: 20px; margin-top: 8px; padding-left: 15%; p=
adding-right: 15%; text-align: center; width: 70%;">Jenna Gribbon, Set List=
Focus, 2020 ($40k) $403,200</figcaption></figure></div><p style=3D"color: =
#404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><span>You=
don’t usually see a primary market gallery touting the appearance of=
one of its artists at auction. But LGDR posted this Jenna Gribbon—</=
span><em>Set List Focus</em><span> from 2020 which was estimated at a mere =
$40,000—to their Instagram stories hyping the secondary market sale. =
The gallery clearly wanted a big new price to help generate interest and, p=
erhaps, reset primary prices. The post was on message and the hammer price =
was eight times the estimate to set a new auction record for the artist at =
$403,200.</span></p><h4 class=3D"header-with-anchor-widget" style=3D"-moz-a=
ppearance: optimizelegibility; -moz-osx-font-smoothing: antialiased; -webki=
t-appearance: optimizelegibility; -webkit-font-smoothing: antialiased; appe=
arance: optimizelegibility; color: #404040; font-family: 'SF Compact Displa=
y', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial=
, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; fon=
t-size: 1.125em; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.62=
5em 0; position: relative;">Jesse Mockrin </h4><div class=3D"captioned-imag=
e-container-static" style=3D"font-size: 16px; line-height: 26px; margin: 32=
px auto;"><figure style=3D"margin: 0 auto; width: 100%;"><table class=3D"im=
age-wrapper" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0=
" style=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-alig=
n: center;"></td><td align=3D"left" class=3D"content" width=3D"392" style=
=3D"text-align: center;"><a class=3D"image-link" target=3D"_blank" href=3D"=
https://substack.com/redirect/530c941a-4aff-4a22-b78a-dc89ec2d8f0f?j=3DeyJ1=
IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"a=
lign-items: center; border: none; display: block; flex-direction: column; h=
eight: auto; margin: 0; padding: 0; position: relative; text-decoration: no=
ne; width: auto;"><img data-attrs=3D"{"src":"https://substac=
k-post-media.s3.amazonaws.com/public/images/62843567-df2a-4fdd-8a4f-4118a86=
a0d11_1480x2130.png","fullscreen":null,"imageSize"=
:null,"height":2095,"width":1456,"resizeWidth"=
;:392,"bytes":3037290,"alt":null,"title":null=
,"type":"image/png","href":null,"belowTh=
eFold":true,"internalRedirect":null}" alt width=3D"392" heig=
ht=3D"564.0384615384615" class src=3D"https://substackcdn.com/image/fetch/w=
_392,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack=
-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F62843567-df2a-4fdd-8a4f-41=
18a86a0d11_1480x2130.png" style=3D"-ms-interpolation-mode: bicubic; border:=
none !important; display: block; height: auto; margin: 0 auto; margin-bott=
om: 0; max-width: 100% !important; vertical-align: middle; width: auto !imp=
ortant;"></a></td><td style=3D"text-align: center;"></td></tr></tbody></tab=
le><figcaption class=3D"image-caption" style=3D"box-sizing: content-box; co=
lor: #808080; font-size: 14px; font-weight: 400; letter-spacing: -.15px; li=
ne-height: 20px; margin-top: 8px; padding-left: 15%; padding-right: 15%; te=
xt-align: center; width: 70%;">Jesse Mockrin, The Pursuit, 2015 ($30k) $113=
,400</figcaption></figure></div><p style=3D"color: #404040; font-size: 16px=
; line-height: 26px; margin: 0 0 20px 0;"><span>Jesse Mockrin has had only =
one previous important secondary market sale a year and a half ago in Hong =
Kong where a relatively small work from 2016 was sold for nearly $65,000. T=
hat hardly captures the artist’s footprint on the private market or h=
er presence in the mindshare of collectors. </span><a href=3D"https://subst=
ack.com/redirect/4d9cf68b-b606-4285-b2ff-765ecfb44e9b?j=3DeyJ1IjoiMjdjZXI5I=
n0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: #404040=
; text-decoration: underline;">The CICA Vancouver currently has a show of h=
er work</a><span>. </span><em>The Pursuit</em><span> from 2015 set a record=
for the artist at auction at $113,400. </span></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-an=
chor-widget" style=3D"-moz-appearance: optimizelegibility; -moz-osx-font-sm=
oothing: antialiased; -webkit-appearance: optimizelegibility; -webkit-font-=
smoothing: antialiased; appearance: optimizelegibility; color: #404040; fon=
t-family: 'SF Compact Display', -apple-system, BlinkMacSystemFont, 'Segoe U=
I', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Em=
oji', 'Segoe UI Symbol'; font-size: 1.625em; font-weight: bold; line-height=
: 1.16em; margin: 1em 0 0.625em 0; position: relative;">Advancing </h2><ol =
style=3D"margin-top: 0; padding: 0;"><li style=3D"margin: 8px 0 0 32px;"><p=
style=3D"box-sizing: border-box; color: #404040; font-size: 16px; line-hei=
ght: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><strong>Female =
abstract painters: </strong><span>It’s not news that female abstract =
painters from a range of historical periods and currently working have been=
a market focus. In last week’s sale, </span><strong>Helen Frankentha=
ler</strong><span> had three works sell for more than $2 million (though he=
r six lots performed all across the range of possible outcomes); </span><st=
rong>Joan Mitchell</strong><span> sold two works in the day sale but the lo=
wer value work saw more competitive bidding; </span><strong>Lynne Drexler <=
/strong><span>saw strong sales for two works in the low six figure range</s=
pan><strong>; Lucy Bull </strong><span>sold two works well below the value =
of her recent evening sale success but with strong competition; and </span>=
<strong>Cecily Brown </strong><span>had two small works sell for prices in =
the high six figures showing the depth of her market appeal across sizes an=
d price points. </span></p></li><li style=3D"margin: 8px 0 0 32px;"><p styl=
e=3D"box-sizing: border-box; color: #404040; font-size: 16px; line-height: =
26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><strong>Photorealist=
s:</strong><span> Robert Longo isn’t a Photorealist but he works in t=
hat hyper-real style with his drawings. Richard Estes IS a photorealist. Ea=
rlier this year, a new record was set for his work. Five works are on offer=
at the New York sales. </span><em>Grossinger’s</em><span> was one of=
two works estimated at $150,000. It sold for $441,000. </span></p></li><li=
style=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; color:=
#404040; font-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0; =
padding-left: 4px;"><strong>Bob Thompson: </strong><span>With two shows of =
his work up in New York right now, it is surprising that only one significa=
nt work (and another much lower value work) are on offer in the May sales. =
But </span><em>Meeting Man </em><span>from 1965 was estimated at $150,000 b=
ut sold for $327,600 which is only $150 below Thompson’s record set i=
n 2013. Many of the works on offer in New York right now are priced above t=
hat level. </span></p></li></ol><div style=3D"font-size: 16px; line-height:=
26px;"><hr style=3D"background: #e0e0e0; border: none; height: 1px; margin=
: 32px 0; padding: 0;"></div><h2 class=3D"header-with-anchor-widget" style=
=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoothing: antialias=
ed; -webkit-appearance: optimizelegibility; -webkit-font-smoothing: antiali=
ased; appearance: optimizelegibility; color: #404040; font-family: 'SF Comp=
act Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvet=
ica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Sy=
mbol'; font-size: 1.625em; font-weight: bold; line-height: 1.16em; margin: =
1em 0 0.625em 0; position: relative;">Retreating</h2><ol style=3D"margin-to=
p: 0; padding: 0;"><li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizi=
ng: border-box; color: #404040; font-size: 16px; line-height: 26px; margin:=
0; margin-bottom: 0; padding-left: 4px;"><strong>Wayne Thiebaud:</strong><=
span> Everything seemed to be lining up for Wayne Thiebaud this season. So =
far, it hasn’t gone to plan. In addition to the work on paper withdra=
wn from the Evening sale and the </span><em>Fudge Cakes</em><span> from 196=
5 that hammered below the $2 million estimate, the day sale saw two works b=
ought in and three others sell. Only one saw bidding above the estimates. E=
ven with those seven works disposed of, we’re only half way through t=
he Thiebaud offerings and several very strong works still to come. </span><=
/p></li></ol><div style=3D"font-size: 16px; line-height: 26px;"><hr style=
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