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Welcome back to the Wall Power Inner Circle. I’m Marion
Maneker.
Last week we learned that the top of the art market hadn’t perished—it was only in hibernation. Twenty-seven works sold for prices at $20 million or above, a sector of the market that was sorely lacking in sales a year ago. Meanwhile, the appetite for much lower-priced art seems to have only grown, with the day sales bumping up against all-time high totals. Tonight, I speak to the heads of the modern and contemporary day sales at Sotheby’s to get a granular understanding
of how those markets are operating.
Up top, Christie’s announced the sale next month of 106 lots from the Zabludowicz collection, with a combined estimate of £15 million; the High Museum in Atlanta announced the winner of its Driskell Prize; and Christie’s Hong Kong jewels sale came in very strong.
Also mentioned in this newsletter: Ashkan Baghestani, Caroline Seabolt, Edward Hopper, Roy
Lichtenstein, Philip Guston, Mark Bradford, Richard Prince, Rashid Johnson, Cheryl Finley, David C. Driskell, David Wingate, Shoshanna Wingate, Georgia O’Keeffe, and more.
Let’s get started…
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- Zabludowiczes to sell 106 works at Christie’s: The 5,000-work Zabludowicz collection will be getting a little smaller this June, as the family offers 106 works with a combined estimate of £15 million in Christie’s sale in London. The sale is led by...
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Writing essentials for the journeys ahead. Explore the new Montblanc collection.
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A joint interview with the heads of Sotheby’s day sales on the depth of last
week’s sales, the importance of estates in driving them, and the enduring thrill of selling another Hopper.
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This auction season, the big news was that the top of the market had returned to health:
Lots over $20 million accounted for more than $1.26 billion of the $2.53 billion in total sales. Clearly, the performance at that band of the market colors our overall perception, and the combined total for all of the evening sales was almost $2.2 billion. Nevertheless, the day sales also showed remarkable strength across houses and categories, showing that market momentum is broad-based and not just confined to the big spenders.
With that in mind, I spoke to the two heads of Sotheby’s
day sales—Caroline Seabolt (modern) and Ashkan Baghestani (contemporary)—about their respective auctions. Together, the day sales at Sotheby’s brought in almost $172 million. That may only be a small part of the house’s nearly $909 million total this season, but it’s important for two reasons: First, day sales often generate more-reliable profit margins than the evening sales. Second, the collecting that takes place at this level helps determine...
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A MESSAGE FROM OUR SPONSOR
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Writing essentials for the journeys ahead. Explore the new Montblanc collection.
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Puck founding partner Matt Belloni takes you inside the business of Hollywood, using exclusive reporting and insight
to explain the backstories on everything from Marvel movies to the streaming wars.
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Unique and privileged insight into the private conversations taking place inside boardrooms and corner offices up and
down Wall Street, relayed by best-selling author, journalist, and former M&A senior banker William D. Cohan.
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