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Czudej McDonough Fine Art Appraisal
NEWSLETTER NO. 6   2026
The Fifth Avenue apartment of collectors Stephen and Nan Swid

Alberto Giacometti, Femme de Venise (1956); Clyfford Still, 1948-A (1948) in the Fifth Avenue apartment of collectors Stephen and Nan Swid. Design by Stephen Sills. Photo: Thibault Jeanson.

Art Basel and the London sales have concluded, closing out the season. Christie's Newhouse sale and Sotheby's Joe Lewis auction demonstrated that competition for trophy material remains intense, while lots outside the single-owner sales posted fairly average sell-through rates — strength at the top, thinner beneath. On the retail side, Pace's reorganization and Marc Spiegler's New York Times editorial on the state of things have been much discussed. Below is what caught our attention this past quarter. Firm news at the bottom.

OF INTEREST

Working the float: Sotheby's paying hammer + 7% in exchange for delaying payment. LINK

Calling all insiders: Throw those bones on Kalshi. LINK

State of the art: Marc Spiegler's New York Times guest essay “Art Galleries Are Not Okay.” LINK And a rebuttal from Hyperallergic. LINK

The value of narrative: Valuation expert Aswath Damodaran on valuing SpaceX's IPO. LINK

Forget LLMs. It's all about RAG: Technical white paper on the benefits of using retrieval-augmented generation for provenance research. LINK

“AI Monet”: X thread critiquing an AI-generated “Monet” that is simply a detail of an actual Monet in The Met. The digital image of the “inferior” Monet sold for $42,500. LINK

Human still in the loop: AI Cadell discovery. LINK

21st century tastemaking: Economist Tyler Cowen and Stripe founder Patrick Collison announce the first round of New Aesthetics grants. LINK

Things that make you go hmmm: Danziger and the Ansel Adams Trust argue over the colorization of Moonrise, Hernandez. LINK

On your mark photography archive appraisers: Getty Images sold to OpenAI. LINK

Creative doomscrolling: Website that compiles images from museum websites. LINK

Science is art and art is science: Terrific article on Raoul Dufy's struggle with rheumatoid arthritis and the impact of the Mayo Clinic's discovery of cortisone on his art. LINK

Happy 250th 🇺🇸: Some best of American Art lists. LINK (ARTnews) LINK (Time) LINK (WSJ) LINK (NGA)

FROM OUR BLOG
Joseph Duveen

Joseph Duveen, 1929. Photo: Bettmann/Contributor via Getty Images.

The Dealer: Joseph Duveen
Joseph Duveen's approach to art dealing was famously simple: “Europe has a great deal of art, and America has a great deal of money.” Beginning in the late 1800s, Duveen bought thousands of artworks from declining European aristocrats and sold them to wealthy American industrialists. Many of those pieces now form the bedrock of American museum collections — the Frick, the National Gallery of Art — while his methods, by turns ingenious, theatrical, and frankly unscrupulous, still echo through the art market a century on. READ MORE

OUR NEWS

Eugène Atget, Balcon, 5 rue Grenier-Saint-Lazare, Paris (1908-09) Eugène Atget, Balcon, 5 rue Grenier-Saint-Lazare, Paris (1908–09). Being Eugène Atget: Partner Tobias Czudej examines Eugène Atget, Berenice Abbott, and how artistic reputations are constructed after an artist's death, in the Los Angeles Review of Books. READ MORE

Latin American Art: Partner Susan McDonough has been accredited by the Appraisers Association of America in the category of Latin American Art, reflecting her experience appraising works by Frida Kahlo, Diego Rivera, Wifredo Lam, and other artists working across the region. READ MORE

Algorithms, Automation, and Appraisal: On August 12, Susan will present “A.I. & Art Valuation: Algorithms, Automation, and Appraisal” for the Korea Arts Management Service (KAMS) Summer Advanced Intensive Program. LINK

USPAP and Appraisal Writing: Susan is teaching the 7-Hour USPAP Update online for the Appraisers Association on August 3–4, and the Appraisal Writing Workshop.

RICS: Partner Tobias Czudej has been admitted as a Member of the Royal Institution of Chartered Surveyors through the Senior Professional Assessment, strengthening the firm's capacity to advise on cross-border estate and valuation matters. READ MORE

Post-War, Contemporary & Emerging Art: Senior Appraiser Grace Harlow has been certified by the Appraisers Association of America in the category of Post-War, Contemporary and Emerging Art. Grace joined Czudej McDonough's New York team in early 2025. READ MORE

BOOKS

Cut Out: A Feminist History of Photo Collage, Montage and Assemblage. Thames & Hudson, June 2026. LINK

The Morandi Museum Catalogue Raisonné. Silvana Editoriale, May 2026. LINK

Winslow Homer: Painter, Etcher. Yale University Press, July 2026. LINK

Working Title: Media Packaging and the Margins of Art. University of California Press, June 2026. LINK

Peggy Guggenheim in London: The Making of a Collector. Marsilio Arte, November 2026. LINK

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© 2026 Czudej McDonough

Image Credits:

1. Alberto Giacometti, Femme de Venise (1956); Clyfford Still, 1948-A (1948) in the Fifth Avenue apartment of collectors Stephen and Nan Swid. Design by Stephen Sills. Photo: Thibault Jeanson.
2. Joseph Duveen, 1929. Photo: Bettmann/Contributor via Getty Images.
3. Eugène Atget, Balcon, 5 rue Grenier-Saint-Lazare, Paris (1908–09).