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Subject: What We Learned this Week (2350)
From: Artelligence <artelligence@substack.com>
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View this post on the web at https://artelligence.substack.com/p/what-we-le=
arned-this-week-2350
Welcome to Artelligence
This free newsletter is usually published on Fridays. Additional newsletter=
s containing analysis of data provided by LiveArt or original reporting are=
$12 a month or $120 for a year. If you were previously a paid subscriber a=
nd having trouble re-subscribing please let us know [ https://substack.com/=
redirect/70540a35-d57a-4748-8208-4261d89e5d46?j=3DeyJ1IjoiMjdjZXI5In0.nCNhO=
M3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]. There is an easy quick fix to tha=
t but you must get in touch [ https://substack.com/redirect/70540a35-d57a-4=
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x6Fx_g6pp7gWdY ].=20
If you are a paid subscriber, sharing a newsletter on occasion is fine; con=
sistently sharing paid content within your organization or with others is n=
ot.
For organizations: We offer group discounts of 30% for each subscription of=
two or more. Group subscriptions [ https://substack.com/redirect/8a44e0b0-=
ccf9-498b-83ed-ce937b7db586?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5i=
RnigHXx6Fx_g6pp7gWdY ] allow one person within an organization to manage al=
l subscriptions. You may add new subscriptions at the discounted rate whene=
ver you like; and, if an employee leaves, you may replace another employee =
in that seat. You may also move existing subscribers into the group. Create=
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There is also an option to get a 7-day free trial. Just choose the subscrip=
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ontact us directly:
In This Issue
Results: Loic Gouzer=E2=80=99s Fair Warning returned with a record-setting =
sale for Elizabeth Peyton
The Dial: Phillips New Now London =3D =C2=A34.25m; New York Design =3D $29.=
7m; London Old Masters =3D =C2=A345.9m
Notes: Fed holds rates steady, indicates three cuts coming in 2024; Auction=
houses: fees hit by competition for blockbuster lots; The Top 10 Museum Ex=
hibitions of 2023; The Gallery That has Never Lost an Artist
Results
Fair Warning Returns with a Win
Loic Gouzer has brought back his highly focused auction platform Fair Warni=
ng. The app had paused auctions a few years ago but yesterday=E2=80=99s sal=
e of Elizabeth Peyton=E2=80=99s The Age of Innocence from 2007 for a record=
$2.6 million is a reminder of the concept=E2=80=99s appeal. Gouzer was abl=
e to get bids to $2.3 million above the $2m low estimate and
The Dial
Phillips New Now London =3D =C2=A34.25m
Phillips London New Now sale on December 6th had low volume but did well ag=
ainst the estimates which has been a challenge for the Contemporary market =
all year. The hammer ratio was a relatively strong 1.07 and the sell-throug=
h rate fell just below the industry averages. The top lots were by Peter Ha=
lley and Banksy with strong performances against estimates for works by Wyn=
nie Mynerva, Lynette Yiadom-Boakye, Emma Webster, Gary Simmons, Alfie Caine=
and Duncan McCormick.=20
New York Design =3D $29.7m
The New York design sales (excluding Tiffany and single-owner sales) were s=
lightly below estimates with a .99 hammer ratio and weak sell-through rates=
at 74%. Top lots were by either Claude or Fran=C3=A7ois-Xavier Lalanne, Al=
berto Giacometti, Eileen Gray or Jean Dunand. More than a third (36%) we bi=
d above the estimates; 41% were sold within estimates; 22% of the lots were=
sold below the low estimate. So the issue with the sales were more about t=
he works than the estimates. The works that sold had competition but too ma=
ny of the works didn=E2=80=99t sell at all.=20
London Old Masters =3D =C2=A345.9m
The Old Master sales suffered a similar fate to design. The hammer ratio wa=
s a sub-par .99 and the sell-through rate was a low 73% but Old Master sale=
s tend to have much lower sell-through rates than other categories. The top=
lot were three Rembrandt prints and a painting, a Canaletto and Michael Sw=
eerts painting. =20
Notes
Fed holds rates steady, indicates three cuts coming in 2024 [ https://subs=
tack.com/redirect/ffca85b7-1472-47b1-b159-75d34b8e2b5c?j=3DeyJ1IjoiMjdjZXI5=
In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ](CNBC) [ https://substack.=
com/redirect/ffca85b7-1472-47b1-b159-75d34b8e2b5c?j=3DeyJ1IjoiMjdjZXI5In0.n=
CNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]: [ https://substack.com/redire=
ct/ffca85b7-1472-47b1-b159-75d34b8e2b5c?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0=
jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ] The Fed announced on Wednesday that it =
will hold interest rates where they are for the time being with the expecta=
tion that three rate cuts might be coming in 2024. The popular impression i=
s that the art market is dependent upon low interest rates. But rates are c=
urrently at the same level as they were during the height of the art market=
boom from 2005 to 2007. Nevertheless, the expectation of rate cuts should =
allay some fears among art buyers about alternative uses of their cash.
Auction houses: fees hit by competition for blockbuster lots [ https://sub=
stack.com/redirect/31b189eb-158d-4b6e-8f8b-83fdba802641?j=3DeyJ1IjoiMjdjZXI=
5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ](Financial Times): The FT=
=E2=80=99s Lex column was attracted by the news that Patrick Drahi was shop=
ping investment in Sotheby=E2=80=99s. So they did some research and calcula=
tions. The research showed that in 2022, a strong year for Sotheby=E2=80=99=
s, =E2=80=9CAfter paying for expansive headquarters, polished staff and the=
practice of carting collections around the globe, that left $203mn of oper=
ating profit - lower than the total interest cost reported by the vehicle t=
hat now owns it.=E2=80=9D This also comes after Sotheby=E2=80=99s tacked on=
a 1% charge for all sales and other efforts to combat the erosion of fees.=
The FT goes on to speculate that for the industry as a whole, =E2=80=9Cfee=
s have fallen from around 15 per cent of sales in 2017 to some 13 per cent =
in 2022.=E2=80=9D
The Top 10 Museum Exhibitions of 2023 [ https://substack.com/redirect/2aac6=
19b-402d-4a6f-8023-f7e4cc1d307f?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisr=
Me5iRnigHXx6Fx_g6pp7gWdY ] (Bloomberg): There=E2=80=99s not much quibbling =
with this list of 10 museum shows mostly in the major American and European=
cities. We=E2=80=99d quibble with the inclusion of Sarah Lucas=E2=80=99s s=
how=E2=80=94not because of the quality of the art but because the centerpie=
ce of the show seemed more of a marketing opportunity than one usually sees=
in a major museum. That said, it is worth mentioning the Clark=E2=80=99s s=
how of Edvard Munch: Trembling Earth, the Kimball Museum=E2=80=99s Bonnard=
=E2=80=99s Worlds and the Art Institute of Chicago=E2=80=99s Remedios Varo:=
Science Fictions as candidates for top ten honors.=20
The Gallery That has Never Lost an Artist [ https://substack.com/redirect/2=
622fbbe-4f94-437e-bf98-d01b54a80536?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmM=
pisrMe5iRnigHXx6Fx_g6pp7gWdY ] (T Magazine): There=E2=80=99s nothing really=
noteworthy in this journeyman profile of Spr=C3=BCth Magers gallery. But t=
he narrative of the gallery=E2=80=99s expansion when there=E2=80=99s so muc=
h talk, including within the profile, of the difficulty more focused galler=
ies have growing in a globalized art market is interesting. The subtext is =
that Spr=C3=BCth Magers was able to expand to Los Angeles on the strength o=
f their artists and the anomaly of their lack of representation in Californ=
ia.=20
Scheduling notes: The newsletter will be on hiatus during the holidays. The=
last email should be on Dec. 22nd. Coverage will most likely resume on Jan=
uary 12th potentially sooner depending upon news.
Unsubscribe https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2V=
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</style></head><body class=3D"email-body" style=3D"font-kerning: auto;"><im=
g src=3D"https://eotrx.substackcdn.com/open?token=3DeyJtIjoiPDIwMjMxMjE1MjI=
wMDM5LjMuMTVkZjQ4MTEwMTQwODgyNEBtZzIuc3Vic3RhY2suY29tPiIsInUiOjEzMzI2ODY2MS=
wiciI6ImVuem9Ac2hvd2ZpbGUuY29tIiwiZCI6Im1nMi5zdWJzdGFjay5jb20iLCJwIjoxMzk4M=
TU5ODQsInQiOiJuZXdzbGV0dGVyIiwiYSI6ImV2ZXJ5b25lIiwicyI6MjI1OSwiYyI6InBvc3Qi=
LCJmIjp0cnVlLCJwb3NpdGlvbiI6InRvcCIsImlhdCI6MTcwMjY3NzcxMywiZXhwIjoxNzA1MjY=
5NzEzLCJpc3MiOiJwdWItMCIsInN1YiI6ImVvIn0.nE2XLLqOYIQAzOCd8Ibs6TKLK6kP9I8YtW=
8GtpxQCmw" alt=3D"" width=3D"1" height=3D"1" border=3D"0" style=3D"height:1=
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ont-size:1px;color:#333333;line-height:1px;max-height:0px;max-width:0px;opa=
city:0;overflow:hidden;" class=3D"preview">Fair Warning Comes Back Big + Er=
oding Auction House Commissions + Old Master, Design & Phillips New Now=
results  ‌ ‌ ‌ ‌ ‌&=
#160;‌ ‌ ‌ ‌ ‌ ̴=
4; ‌ ‌ ‌ ‌ ‌ &#=
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‌ ‌ ‌ ‌ ‌</div><table rol=
e=3D"presentation" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpaddin=
g=3D"0" class=3D"email-body-container"><tr><td></td><td width=3D"550" class=
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entation" width=3D"550" height=3D"117" src=3D"https://substackcdn.com/image=
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one !important; display: block; height: auto; margin: 0 auto; max-width: 55=
0px; vertical-align: middle; width: 100%;"></a></td></tr></table><div dir=
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26px; padding: 16px 0 0 0;"><div class=3D"post-header" style=3D"font-size: =
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it-appearance: optimizelegibility; -webkit-font-smoothing: antialiased; app=
earance: optimizelegibility; color: rgb(64, 64, 64); font-family: 'SF Compa=
ct Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helveti=
ca, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Sym=
bol'; font-size: 32px; font-weight: bold; line-height: 36px; margin: 0;"><a=
href=3D"https://substack.com/app-link/post?publication_id=3D2259&post_id=
=3D139815984&utm_source=3Dpost-email-title&utm_campaign=3Demail-post-title&=
isFreemail=3Dtrue&r=3D27cer9&token=3DeyJ1c2VyX2lkIjoxMzMyNjg2NjEsInBvc3RfaW=
QiOjEzOTgxNTk4NCwiaWF0IjoxNzAyNjc3NzEyLCJleHAiOjE3MDUyNjk3MTIsImlzcyI6InB1Y=
i0yMjU5Iiwic3ViIjoicG9zdC1yZWFjdGlvbiJ9.00PhXbixh2_BePW4jhgyKsDb8T-OFfHY_bQ=
pHGh-O7k" style=3D"color: rgb(64, 64, 64); text-decoration: none;">What We =
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pearance: optimizelegibility; -webkit-font-smoothing: antialiased; appearan=
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-apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sa=
ns-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-si=
ze: 18px; font-weight: normal; line-height: 24px; margin: 4px 0 0; margin-t=
op: 12px;">Fair Warning Comes Back Big + Eroding Auction House Commissions =
+ Old Master, Design & Phillips New Now results</h3><table role=3D"pres=
entation" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" c=
lass=3D"post-meta" style=3D"align-items: center; height: 20px; margin: 1em =
0;"><tr><td><table role=3D"presentation" width=3D"auto" border=3D"0" cellsp=
acing=3D"0" cellpadding=3D"0"><tr><td><table role=3D"presentation" width=3D=
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rtical-align: middle;"><div class=3D"pencraft pc-reset frontend-pencraft-Te=
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20--p0dP8 frontend-pencraft-Text-module__font-meta--U_nxy frontend-pencraft=
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er-spacing: .2px; line-height: 20px; margin: 0; text-decoration: unset; tex=
t-transform: uppercase;"><a style=3D"color: rgb(64, 64, 64); font-family: '=
SF Compact', -apple-system, -apple-system, -system-ui, BlinkMacSystemFont, =
'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Seg=
oe UI Emoji', 'Segoe UI Symbol'; font-size: 11px; font-weight: 500; letter-=
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ansform: uppercase;" href=3D"https://substack.com/@artelligence" class=3D"p=
encraft pc-reset frontend-pencraft-Text-module__color-primary--ud4Z0 fronte=
nd-pencraft-Text-module__line-height-20--p0dP8 frontend-pencraft-Text-modul=
e__font-meta--U_nxy frontend-pencraft-Text-module__size-11--k1e8b frontend-=
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end-pencraft-Text-module__meta--jzHdd">Marion Maneker</a></div></td></tr></=
table></td></tr><tr><td><table role=3D"presentation" width=3D"auto" border=
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middle;"><div class=3D"pencraft pc-reset frontend-pencraft-Text-module__co=
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margin: 0; text-decoration: unset; text-transform: uppercase;"><time dateTi=
me=3D"2023-12-15T22:01:16.463Z">Dec 15</time></div></td></tr></table></td><=
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: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, =
sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-=
size: 14px; font-weight: 600; height: auto; line-height: 20px; margin: 0; o=
pacity: 1; outline: none; padding: 12px 20px; text-align: center; text-deco=
ration: none !important; white-space: nowrap;"><span style=3D"color: #fffff=
f; text-decoration: none;">Contact Us!</span></a></p><div style=3D"font-siz=
e: 16px; line-height: 26px;"><hr style=3D"background: #e0e0e0; border: none=
; height: 1px; margin: 32px 0; padding: 0;"></div><h2 class=3D"header-with-=
anchor-widget" style=3D"-moz-appearance: optimizelegibility; -moz-osx-font-=
smoothing: antialiased; -webkit-appearance: optimizelegibility; -webkit-fon=
t-smoothing: antialiased; appearance: optimizelegibility; color: rgb(64, 64=
, 64); font-family: 'SF Compact Display', -apple-system, BlinkMacSystemFont=
, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'S=
egoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.625em; font-weight: bold; l=
ine-height: 1.16em; margin: 1em 0 0.625em 0; position: relative;">In This I=
ssue</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: rgb(64, 64, 64); font=
-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0; padding-left: =
4px;"><strong>Results: </strong><span>Loic Gouzer’s Fair Warning retu=
rned with a record-setting sale for Elizabeth Peyton</span></p></li><li sty=
le=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; color: rgb=
(64, 64, 64); font-size: 16px; line-height: 26px; margin: 0; margin-bottom:=
0; padding-left: 4px;"><strong>The Dial:</strong><span> Phillips New Now L=
ondon =3D £4.25m; New York Design =3D $29.7m; London Old Masters =3D &=
#163;45.9m</span></p></li><li style=3D"margin: 8px 0 0 32px;"><p style=3D"b=
ox-sizing: border-box; color: rgb(64, 64, 64); font-size: 16px; line-height=
: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><strong>Notes: </s=
trong><span>Fed holds rates steady, indicates three cuts coming in 2024; Au=
ction houses: fees hit by competition for blockbuster lots; The Top 10 Muse=
um Exhibitions of 2023</span><strong>; </strong><span>The Gallery That has =
Never Lost an Artist</span></p></li></ol><div style=3D"font-size: 16px; lin=
e-height: 26px;"><hr style=3D"background: #e0e0e0; border: none; height: 1p=
x; margin: 32px 0; padding: 0;"></div><h2 class=3D"header-with-anchor-widge=
t" style=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoothing: a=
ntialiased; -webkit-appearance: optimizelegibility; -webkit-font-smoothing:=
antialiased; appearance: optimizelegibility; color: rgb(64, 64, 64); font-=
family: 'SF Compact Display', -apple-system, BlinkMacSystemFont, 'Segoe UI'=
, Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoj=
i', '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" style=3D"-moz-appearance: optimizelegibility=
; -moz-osx-font-smoothing: antialiased; -webkit-appearance: optimizelegibil=
ity; -webkit-font-smoothing: antialiased; appearance: optimizelegibility; c=
olor: rgb(64, 64, 64); font-family: 'SF Compact Display', -apple-system, Bl=
inkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple =
Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.125em; font=
-weight: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; position: rela=
tive;">Fair Warning Returns with a Win</h4><div class=3D"captioned-image-co=
ntainer-static" style=3D"font-size: 16px; line-height: 26px; margin: 32px a=
uto;"><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" da=
ta-component-name=3D"Image2ToDOMStatic" style=3D"mso-padding-alt: 1em 0 1.6=
em;"><tbody><tr><td style=3D"text-align: center;"></td><td align=3D"left" c=
lass=3D"content" width=3D"1456" style=3D"text-align: center;"><a class=3D"i=
mage-link" target=3D"_blank" href=3D"https://substack.com/redirect/a3f1c499=
-dcb6-4f37-92d4-008db4332e4d?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5=
iRnigHXx6Fx_g6pp7gWdY" rel style=3D"align-items: center; border: none; disp=
lay: block; flex-direction: column; height: auto; margin: 0; padding: 0; po=
sition: relative; text-decoration: none; width: auto;"><img data-attrs=3D"{=
"src":"https://substack-post-media.s3.amazonaws.com/public/i=
mages/048f3f40-88c3-485e-baa3-a8c45d6d6e8e_1920x1080.png","srcNoW=
atermark":null,"fullscreen":null,"imageSize":null,=
"height":819,"width":1456,"resizeWidth":null,=
"bytes":1054762,"alt":null,"title":null,"=
;type":"image/png","href":null,"belowTheFold&=
quot;:true,"topImage":false,"internalRedirect":null}" a=
lt width=3D"550" height=3D"309.375" class=3D"wide-image" src=3D"https://sub=
stackcdn.com/image/fetch/w_2912,c_limit,f_auto,q_auto:good,fl_progressive:s=
teep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2=
F048f3f40-88c3-485e-baa3-a8c45d6d6e8e_1920x1080.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: rgb(64, 64,=
64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><span>Loic G=
ouzer has brought back his highly focused auction platform Fair Warning. Th=
e app had paused auctions a few years ago but yesterday’s sale of </s=
pan><strong>Elizabeth Peyton</strong><span>’s </span><em>The Age of I=
nnocence</em><span> from 2007 for a record $2.6 million is a reminder of th=
e concept’s appeal. Gouzer was able to get bids to $2.3 million above=
the $2m low estimate and</span></p><div style=3D"font-size: 16px; line-hei=
ght: 26px;"><hr style=3D"background: #e0e0e0; border: none; height: 1px; ma=
rgin: 32px 0; padding: 0;"></div><h2 class=3D"header-with-anchor-widget" st=
yle=3D"-moz-appearance: optimizelegibility; -moz-osx-font-smoothing: antial=
iased; -webkit-appearance: optimizelegibility; -webkit-font-smoothing: anti=
aliased; appearance: optimizelegibility; color: rgb(64, 64, 64); font-famil=
y: 'SF Compact Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', Rob=
oto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', '=
Segoe UI Symbol'; font-size: 1.625em; font-weight: bold; line-height: 1.16e=
m; margin: 1em 0 0.625em 0; position: relative;">The Dial</h2><h4 class=3D"=
header-with-anchor-widget" style=3D"-moz-appearance: optimizelegibility; -m=
oz-osx-font-smoothing: antialiased; -webkit-appearance: optimizelegibility;=
-webkit-font-smoothing: antialiased; appearance: optimizelegibility; color=
: rgb(64, 64, 64); font-family: 'SF Compact Display', -apple-system, BlinkM=
acSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Colo=
r Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.125em; font-wei=
ght: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; position: relative=
;">Phillips New Now London =3D £4.25m</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=
" data-component-name=3D"Image2ToDOMStatic" style=3D"mso-padding-alt: 1em 0=
1.6em;"><tbody><tr><td style=3D"text-align: center;"></td><td align=3D"lef=
t" class=3D"content" width=3D"488" style=3D"text-align: center;"><a class=
=3D"image-link" target=3D"_blank" href=3D"https://substack.com/redirect/406=
512d1-1208-4116-ba94-73ecf0b228e2?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpi=
srMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"align-items: center; border: none;=
display: block; flex-direction: column; height: auto; margin: 0; padding: =
0; position: relative; text-decoration: none; width: auto;"><img data-attrs=
=3D"{"src":"https://substack-post-media.s3.amazonaws.com/pub=
lic/images/92aa6337-7a6d-483a-a7ae-fecf1af517ce_1024x1024.png","s=
rcNoWatermark":null,"fullscreen":null,"imageSize":=
null,"height":1024,"width":1024,"resizeWidth"=
:488,"bytes":125692,"alt":null,"title":null,&=
quot;type":"image/png","href":null,"belowTheF=
old":true,"topImage":false,"internalRedirect":null=
}" alt width=3D"488" height=3D"488" class src=3D"https://substackcdn.com/im=
age/fetch/w_488,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F=
%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F92aa6337-7a6d-4=
83a-a7ae-fecf1af517ce_1024x1024.png" style=3D"-ms-interpolation-mode: bicub=
ic; border: 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><p style=3D"color: rgb(64, 64, 64); font-size:=
16px; line-height: 26px; margin: 0 0 20px 0;">Phillips London New Now sale=
on December 6th had low volume but did well against the estimates which ha=
s been a challenge for the Contemporary market all year. The hammer ratio w=
as a relatively strong 1.07 and the sell-through rate fell just below the i=
ndustry averages. The top lots were by Peter Halley and Banksy with strong =
performances against estimates for works by Wynnie Mynerva, Lynette Yiadom-=
Boakye, Emma Webster, Gary Simmons, Alfie Caine and Duncan McCormick. </p><=
h4 class=3D"header-with-anchor-widget" style=3D"-moz-appearance: optimizele=
gibility; -moz-osx-font-smoothing: antialiased; -webkit-appearance: optimiz=
elegibility; -webkit-font-smoothing: antialiased; appearance: optimizelegib=
ility; color: rgb(64, 64, 64); font-family: 'SF Compact Display', -apple-sy=
stem, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif,=
'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.125=
em; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; positi=
on: relative;">New York Design =3D $29.7m</h4><div class=3D"captioned-image=
-container-static" style=3D"font-size: 16px; line-height: 26px; margin: 32p=
x auto;"><figure style=3D"margin: 0 auto; width: 100%;"><table class=3D"ima=
ge-wrapper" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"=
data-component-name=3D"Image2ToDOMStatic" style=3D"mso-padding-alt: 1em 0 =
1.6em;"><tbody><tr><td style=3D"text-align: center;"></td><td align=3D"left=
" class=3D"content" width=3D"486" style=3D"text-align: center;"><a class=3D=
"image-link" target=3D"_blank" href=3D"https://substack.com/redirect/41776d=
d8-1afa-4f14-b430-29aef387c5fc?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/d7932948-4e6f-4e5a-bfdd-31dfbc605f15_1024x1024.png","srcN=
oWatermark":null,"fullscreen":null,"imageSize":nul=
l,"height":1024,"width":1024,"resizeWidth":48=
6,"bytes":120547,"alt":null,"title":null,&quo=
t;type":"image/png","href":null,"belowTheFold=
":true,"topImage":false,"internalRedirect":null}" =
alt width=3D"486" height=3D"486" class src=3D"https://substackcdn.com/image=
/fetch/w_486,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2F=
substack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd7932948-4e6f-4e5a=
-bfdd-31dfbc605f15_1024x1024.png" style=3D"-ms-interpolation-mode: bicubic;=
border: none !important; display: block; height: auto; margin: 0 auto; mar=
gin-bottom: 0; max-width: 100% !important; vertical-align: middle; width: a=
uto !important;"></a></td><td style=3D"text-align: center;"></td></tr></tbo=
dy></table></figure></div><p style=3D"color: rgb(64, 64, 64); font-size: 16=
px; line-height: 26px; margin: 0 0 20px 0;">The New York design sales (excl=
uding Tiffany and single-owner sales) were slightly below estimates with a =
=2E99 hammer ratio and weak sell-throug=
h rates at 74%. Top lots were by eithe=
r Claude or François-Xavier Lalanne, Alberto Giacometti, Eileen Gray o=
r Jean Dunand. More than a third (36%) we bid above the estimates; 41% were=
sold within estimates; 22% of the lots were sold below the low estimate. S=
o the issue with the sales were more about the works than the estimates. Th=
e works that sold had competition but too many of the works didn’t se=
ll at all. </p><h4 class=3D"header-with-anchor-widget" style=3D"-moz-appear=
ance: optimizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-app=
earance: optimizelegibility; -webkit-font-smoothing: antialiased; appearanc=
e: optimizelegibility; color: rgb(64, 64, 64); font-family: 'SF Compact Dis=
play', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Ar=
ial, 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=
=2E625em 0; position: relative;">Londo=
n Old Masters =3D £45.9m</h4><div=20=
class=3D"captioned-image-container-static" style=3D"font-size: 16px; line-h=
eight: 26px; margin: 32px auto;"><figure style=3D"margin: 0 auto; width: 10=
0%;"><table class=3D"image-wrapper" width=3D"100%" border=3D"0" cellspacing=
=3D"0" cellpadding=3D"0" data-component-name=3D"Image2ToDOMStatic" style=3D=
"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align: center;=
"></td><td align=3D"left" class=3D"content" width=3D"466" style=3D"text-ali=
gn: center;"><a class=3D"image-link" target=3D"_blank" href=3D"https://subs=
tack.com/redirect/ec688cd7-5351-4f63-ba18-e07e17adeb88?j=3DeyJ1IjoiMjdjZXI5=
In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"align-items: =
center; border: none; display: block; flex-direction: column; height: auto;=
margin: 0; padding: 0; position: relative; text-decoration: none; width: a=
uto;"><img data-attrs=3D"{"src":"https://substack-post-media=
=2Es3.amazonaws.com/public/images/868d1=
4e0-fb66-44ba-9463-8c5100349876_1024x1=
024.png","srcNoWatermark":null,"fullscreen":null,&=
quot;imageSize":null,"height":1024,"width":1024,&q=
uot;resizeWidth":466,"bytes":129824,"alt":null,&qu=
ot;title":null,"type":"image/png","href"=
:null,"belowTheFold":true,"topImage":false,"intern=
alRedirect":null}" alt width=3D"466" height=3D"466" class src=3D"https=
://substackcdn.com/image/fetch/w_466,c_limit,f_auto,q_auto:good,fl_progress=
ive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fima=
ges%2F868d14e0-fb66-44ba-9463-8c5100349876_1024x1024.png" style=3D"-ms-inte=
rpolation-mode: bicubic; border: none !important; display: block; height: a=
uto; 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><p style=3D"color: rgb(64=
, 64, 64); font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">The Old=
Master sales suffered a similar fate to design. The hammer ratio was a sub=
-par .99 and the sell-through rate was a low 73% but Old Master sales tend =
to have much lower sell-through rates than other categories. The top lot we=
re three Rembrandt prints and a painting, a Canaletto and Michael Sweerts p=
ainting. </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-appearanc=
e: optimizelegibility; -moz-osx-font-smoothing: antialiased; -webkit-appear=
ance: optimizelegibility; -webkit-font-smoothing: antialiased; appearance: =
optimizelegibility; color: rgb(64, 64, 64); 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: 1.625em; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.62=
5em 0; position: relative;">Notes</h2><ol style=3D"margin-bottom: 0; margin=
-top: 0; padding: 0;"><li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-s=
izing: border-box; color: rgb(64, 64, 64); font-size: 16px; line-height: 26=
px; margin: 0; margin-bottom: 0; padding-left: 4px;"><strong><a href=3D"htt=
ps://substack.com/redirect/ffca85b7-1472-47b1-b159-75d34b8e2b5c?j=3DeyJ1Ijo=
iMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"colo=
r: rgb(64, 64, 64); text-decoration: underline;">Fed holds rates steady, in=
dicates three cuts coming in 2024 </a></strong><a href=3D"https://substack.=
com/redirect/ffca85b7-1472-47b1-b159-75d34b8e2b5c?j=3DeyJ1IjoiMjdjZXI5In0.n=
CNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: rgb(64, 64,=
64); text-decoration: underline;">(CNBC)</a><strong><a href=3D"https://sub=
stack.com/redirect/ffca85b7-1472-47b1-b159-75d34b8e2b5c?j=3DeyJ1IjoiMjdjZXI=
5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel style=3D"color: rgb(6=
4, 64, 64); text-decoration: underline;">:</a><span> </span></strong><span>=
The Fed announced on Wednesday that it will hold interest rates where they=
are for the time being with the expectation that three rate cuts might be =
coming in 2024. The popular impression is that the art market is dependent =
upon low interest rates. But rates are currently at the same level as they =
were during the height of the art market boom from 2005 to 2007. Neverthele=
ss, the expectation of rate cuts should allay some fears among art buyers a=
bout alternative uses of their cash.</span></p></li><li style=3D"margin: 8p=
x 0 0 32px;"><p style=3D"box-sizing: border-box; color: rgb(64, 64, 64); fo=
nt-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0; padding-left=
: 4px;"><strong><a href=3D"https://substack.com/redirect/31b189eb-158d-4b6e=
-8f8b-83fdba802641?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6F=
x_g6pp7gWdY" rel style=3D"color: rgb(64, 64, 64); text-decoration: underlin=
e;">Auction houses: fees hit by competition for blockbuster lots </a></stro=
ng><span>(Financial Times): The FT’s Lex column was attracted by the =
news that Patrick Drahi was shopping investment in Sotheby’s. So they=
did some research and calculations. The research showed that in 2022, a st=
rong year for Sotheby’s, “After paying for expansive headquarte=
rs, polished staff and the practice of carting collections around the globe=
, that left $203mn of operating profit - lower than the total interest cost=
reported by the vehicle that now owns it.” This also comes after Sot=
heby’s tacked on a 1% charge for all sales and other efforts to comba=
t the erosion of fees. The FT goes on to speculate that for the industry as=
a whole, “fees have fallen from around 15 per cent of sales in 2017 =
to some 13 per cent in 2022.”</span></p></li><li style=3D"margin: 8px=
0 0 32px;"><p style=3D"box-sizing: border-box; color: rgb(64, 64, 64); fon=
t-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0; padding-left:=
4px;"><strong><a href=3D"https://substack.com/redirect/2aac619b-402d-4a6f-=
8023-f7e4cc1d307f?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx=
_g6pp7gWdY" rel style=3D"color: rgb(64, 64, 64); text-decoration: underline=
;">The Top 10 Museum Exhibitions of 2023</a></strong><span> (Bloomberg)</sp=
an><strong>:</strong><span> There’s not much quibbling with this list=
of 10 museum shows mostly in the major American and European cities. We=
217;d quibble with the inclusion of Sarah Lucas’s show—not beca=
use of the quality of the art but because the centerpiece of the show seeme=
d more of a marketing opportunity than one usually sees in a major museum. =
That said, it is worth mentioning the Clark’s show of </span><em>Edva=
rd Munch: Trembling Earth</em><span>, the Kimball Museum’s </span><em=
>Bonnard’s Worlds </em><span>and the Art Institute of Chicago’s=
</span><em>Remedios Varo: Science Fictions </em><span>as candidates for to=
p ten honors. </span></p></li><li style=3D"margin: 8px 0 0 32px;"><p style=
=3D"box-sizing: border-box; color: rgb(64, 64, 64); font-size: 16px; line-h=
eight: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><strong><a hr=
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