• Washington
  • Wall Street
  • A.I.
  • Hollywood
  • Media
  • Fashion
  • Sports
  • Art
  • Join Puck Newsletters What is puck? Authors Podcasts Gift Puck Careers Events
  • Join Puck

    Directly Supporting Authors

    A new economic model in which writers are also partners in the business.

    Personalized Subscriptions

    Customize your settings to receive the newsletters you want from the authors you follow.

    Stay in the Know

    Connect directly with Puck talent through email and exclusive events.

  • What is puck? Newsletters Authors Podcasts Events Gift Puck Careers

Apr 14, 2026

Wall Power
Marion Maneker Marion Maneker

Welcome back to Wall Power. I’m Marion Maneker, settling back… back in the New York groove after a 52-hour sojourn in America’s Corn Belt.

The new Marcel Duchamp show at MoMA is a very big deal indeed. By now, you’ve probably heard that the last Duchamp retrospective was 53 years ago, which is a bit of a scandal considering he is the father of conceptual art of all kinds. That’s finally been rectified, and I’ll take you through the show. Up top, the FT doesn’t quite get what’s going on at Sotheby’s; Swann’s African American art sale receipts; and Gagosian’s decision to open the new 980 Madison gallery with a Duchamp show of his own. I got a couple of nice notes, from friends old and new, responding to my stint in Minneapolis last weekend. At the bottom, I share some of the restaurants where we ate as the city prepares for some Michelin stars. 📲 I also wanted to remind everyone that I really appreciate it when you respond to these emails with your own observations, questions, and even critical comments. At its best, Wall Power is a hive mind. If you want to contribute, respond to this email or connect with me on +1.917.825.1391 on SMS or WhatsApp. Mentioned in this issue: Marcel Duchamp, Ann Temkin, Michelle Kuo, Matthew Affron, Francis Naumann, the Lauder family, Richard Mayhew, Geoffrey Holder, Hale Woodruff, Charles White, Al Loving, Andy Warhol, Diane Moua, and more… Let’s shove off on today’s journey…
 

Terms of Art

  • Sotheby’s is paying interest: I got a text on Monday morning from a guy who does a lot of business with Sotheby’s. “Wild piece in the FT,” he wrote, referring to a story headlined “Sotheby’s Offers to Pay Sellers Interest as Art Market Struggles.” The article outlined a program launched in mid-2025 called the “extended settlement terms payments option,” whereby Sotheby’s pays clients interest—7 or sometimes 8 percent—to let the house hold the proceeds of their sales for longer than the standard payment period.When I read the piece, though, I saw that the evidence didn’t quite live up to the headline—similar to another FT story earlier this year on art loans, which also relied on creative interpretation of data. Citing “three people familiar with the scheme,” the FT identified payment options offered across Sotheby’s sales force: For any consignor due to receive $5 million or more, Sotheby’s offered to pay with interest over three, six, or nine months. (The normal payout comes 45 days after Sotheby’s is paid by the buyer.) It’s not clear, however, that the program is a sign of distress. “Sotheby’s is in strong financial health with ample liquidity,” a spokesperson for the auction house told me after I asked about the extended terms, citing the wildly successful November sales and a strong Q1. “In 2025, the company generated $1.4 billion in revenue, a 21 percent year‑on‑year increase, and has made significant progress reducing debt, which is now at its lowest level in six years.” S&P and Moody’s upgraded Sotheby’s bonds today to “stable” and “positive,” respectively, in response to its plans to issue $825 million in bonds to replace the $765 million that comes due next year. It appears that the FT went looking for evidence of cracks in the art market in a mishmash of unrelated financial figures. These included Sotheby’s 2024 pretax loss (which encompassed a number of nonrecurring charges) and the fact that “client payables” had fallen from $1.7 billion at the end of 2023 to $1 billion at the end of 2024. The term refers to the money that consignors earned from sales of their property—and that’s what Sotheby’s is offering to finance with the extended payments program. What the FT failed to acknowledge is that client payables reflect the success of the auction market. They were down from 2023 to 2024 as the auction market skittered to a bottom, but surely payables—especially to clients like the Lauder family—rose in the final months of 2025 as sales popped back up. Indeed, by the end of last year, they had returned to the $1.7 billion level. This isn’t to say that an auction house offering to pay clients for the use of their cash isn’t news. (Is 7 percent enough to entice very rich consignors to become an unsecured creditor to Sotheby’s?) It just doesn’t seem to be the news that the FT, of all outlets, thinks it is. More to the point, it doesn’t seem to be an indicator of continuing weakness in the appetite for spending money on art.
  • Swann’s African American art sale makes $2.6 million: Richard Mayhew, Geoffrey Holder, Hale Woodruff, Charles White, and Al Loving were the top artists in Swann’s April sale of African American art. The sale saw a not-so-strong sell-through rate of 77 percent on 265 lots, offered at a total presale estimate of just under $2.2 million. The final total, with auction house fees, was only $2.6 million, suggesting that the overall hammer ratio was weaker than Swann or consignors would have liked. But that shouldn’t be a surprise in a market that has made big strides over the last decade. Swann, which was established long before the major auction houses started making significant markets in the work of African American artists, continues to provide the liquidity that enables markets to evolve.
  • Gagosian’s new gallery: Gagosian’s long residency at 980 Madison Avenue—a building originally designed for Parke-Bernet, the American auction house that Sotheby’s acquired in 1964—will continue with the opening of its new street-level exhibition space, the aptly named Gallery 980, on April 25. The inaugural show features a group of Marcel Duchamp’s most recognizable readymades, created in 1964 to recapitulate his career as an artist.

Speaking of Duchamp…

The High Priest of High Concept

The High Priest of High Concept

After a tragically long interval, Marcel Duchamp is getting a retrospective at MoMA that comprehends the full revolutionary impact of his conceptual work. And yes, it was worth the wait.

Marion Maneker Marion Maneker

I have been struggling for the right metaphor to explain the significance of MoMA’s new retrospective on the artistic career of Marcel Duchamp. As almost everyone knows, Duchamp is the guy who took a urinal, turned it on its side, signed it, and called it art. With that work and others—including dozens of other readymades—he inverted art from its focus on skill, technique, and visual impact to an emphasis on ideas and even acts. Before Duchamp, works of art were made by artists. Afterward, art was whatever an artist made.

Without Duchamp, we would probably not ask what a work of art means. (Yes, he’s to blame for that.) Nor would we sit through the many varieties of performance art. And we wouldn’t have the gnostic objects that so often clutter galleries, ranging from Piero Manzoni’s cans of his own excrement to the Earth Rooms of Walter De Maria to Ana Mendieta’s silhouettes. We wouldn’t even have the many varieties of painters who sought to de-skill their practice, like Andy Warhol, Martin Kippenberger, Jeff Koons, or Gerhard Richter, to name only a few. Duchamp’s revolutionary works were created 50 years before he died in 1968. But it wasn’t until after the 1973 retrospective of his work at MoMA that conceptual art came to the forefront of contemporary art. And so, another half-century later, MoMA is reintroducing Duchamp to a generation that already knows him—even if they don’t know that they know him. That, finally, brings me to the right metaphor: MoMA’s new show is a bit like if Robert Johnson, the legendary guitarist and bluesman whose music would become the foundation of rock and roll, were reincarnated for a few nights to let us see what all the fuss was about.

“Show the Goods”

Curators Ann Temkin and Michelle Kuo from MoMA, and Matthew Affron from the Philadelphia Museum of Art, made it clear that they had a distinct strategy for presenting Duchamp to a new generation. They wanted to strip away the myths surrounding the mythmaking artist and treat their subject like any other, with a chronological explication of his career through the objects he made. That may seem, as they admit in the catalogue, very “un-Duchampian.” And yet, for an artist whose impact was mostly about ideas and posturing, it’s refreshing to focus on the actual works of art. Or, as Temkin said in the press preview, they wanted to “show the goods.”

Indeed, one of the central paradoxes of Duchamp’s career is that his influence has always outweighed our familiarity with his work. This is partly because the bulk of his art is locked up in the Philadelphia Museum of Art, and you have to go there to receive a grounding in what Duchamp produced. That’s not a slam on the PMA; Duchamp’s major works are on display, but there is a mountain of other work in storage that isn’t painting or sculpture, but rather film, drawings, photography, and other printed matter. Then there’s the issue of the readymades. Most of the original objects—the very ones Duchamp used to make his radical declaration that art is whatever artists say it is—are lost. No matter. Central to his idea was that he could re-create those objects not as facsimiles, but as sufficient works in their own right. So even though the original urinal and bottle rack are long gone, it doesn’t make the later examples of the urinal and bottle rack lesser works of art. That led the curators to make an important decision: Since they were presenting Duchamp’s career chronologically, they chose to show the borrowed extant readymades in galleries devoted to the moment when those readymades were, well, made.
Photo: Jonathan Dorado/Courtesy of MoMA

Photo: Jonathan Dorado/Courtesy of MoMA

For instance, while the original 1917 Fountain is gone, Duchamp created different versions of the urinal for exhibitions in the 1950s and ’60s. Making the subtle but important statement that Duchamp didn’t merely make a fetish of the original object, the curators included those versions in the galleries devoted to the corresponding later periods, rather than to the “original” 1917-era works.

March of the Readymades

But I’m getting ahead of myself. The MoMA show is highly crafted with a didactic purpose. You can breeze through and catch the highlights, which will still take you a good 45 minutes. Or you can let it guide you along the whole way. The curators won’t mind if you come back a few times to take it in digestible chunks. They just want you to get their point.

Duchamp came from a family of artists. His grandfather was a ship broker who made enough money to retire and devote himself to painting and printmaking. Marcel was one of four grandchildren who became artists, along with his brothers Gaston and Raymond—who abandoned legal and medical studies to pursue art careers—and his sister Suzanne. Even though Duchamp would later disavow his own skill as a painter, the show opens with two rooms of his early paintings and drawings. Heavily influenced by fauvism and cubism, the paintings are good, and lead up to his famous Nude Descending a Staircase and the later cubist images that begin to play with the idea of the bride. The paintings really get interesting when we start to see Duchamp’s fixation on a chocolate grinder; there’s a whole wall of these paintings depicting the same object, though the colors and textures vary. The last of the paintings are based on Duchamp’s “stoppages,” or lengths of thread that he dropped to create the abstract lines used in MoMA’s own Network of Stoppages, from 1914.
Photo: Jonathan Dorado/Courtesy of MoMA

Photo: Jonathan Dorado/Courtesy of MoMA

The next gallery is where we really get to the “goods”—it’s filled with vitrines containing many of the most important readymades, including the Monte Carlo Bonds, Apolinère Enameled, the Fresh Widow, and a blacked-out window that Duchamp had fabricated. The bombshell work here is L.H.O.O.Q., from 1919, a postcard of the Mona Lisa with a Vandyke beard penciled on her face and the title below—which says “she has a hot ass” in French if you say each letter by name.

The famous large glass titled The Bride Stripped Bare by Her Bachelors, Even, from 1915-23, would’ve been installed here if it could be moved from Philadelphia. But a bit later, we see Richard Hamilton’s re-creation of the large glass from the 1960s, which shows what the masterpiece’s impact might have been without the damage that left the thick glass panels crazed. (Duchamp decided to go with the flow and declare the cracks part of the work.) The show skips through a gallery of works by Duchamp’s alter ego, Rrose Sélavy, which combine mechanically spinning discs and wordplay. Then comes the breathtaking assemblage of the artist’s less-recognized but hugely important La Boîte-en-valise—essentially a traveling, self-produced retrospective of his career in the form of an editioned work. Centering the show on this seemingly minor piece in Duchamp’s oeuvre is a masterstroke, framing everything that makes the artist both elusive and a lasting influence. After that, we get into the rooms that show later editions of the readymades and the preparations for Duchamp’s last work, the disturbing and equally immovable Étant donnés, from 1946-66. A new wave of Duchamp appreciation among museum-goers should also spark new interest from the next generation of collectors. Gagosian opens a show of readymades on April 25, two days after Phillips is offering 100 editioned works by Duchamp in a sale curated by Francis Naumann. That one includes an example of La Boîte-en-valise estimated at $350,000; other Boîtes have sold for as much as $2 million and nearly $3 million. That’s not bad for a guy who pretended to have given up on making art.
 

Endnotes…

While in Minneapolis, I learned that the city has embarked on a three-year, $250,000 annual deal with the Michelin Guide to have its restaurants rated by inspectors, with the hope of getting some starred restaurants on that side of the Mississippi River by next year. Candidates for the honor include Bûcheron—a French-inspired, farm-fresh, husband-and-wife restaurant where the Wallpowers ate on our first night, and which has already won a James Beard Award—and Owamni, a restaurant of Indigenous food that is given full white-tablecloth treatment, where I’ve previously eaten.

We also had excellent meals at two Asian-inspired places: Hai Hai, a celebration of Southeast Asian street food, and Diane’s Place, where Diane Moua expresses her Hmong heritage with French technique and her long experience as a star pastry chef. Diane’s is so hard to get into, we had to eat there at eight o’clock on a Sunday morning. But the meal was well worth getting up for. Between the restaurants and family events, we had no time to stop by Minneapolis’s excellent Institute of Art or the Walker. But I will be back in late June, when I hope to get to see the great German modernism show at the MIA. And for those of you in the Inner Circle, I’ll be back here tomorrow. (Sign up to join the festivities.) Until then, M
The Town

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.

In the Room

Ace media reporter Dylan Byers brings readers into the C-suite as he chronicles the biggest stories in the industry: the future of cable news in the streaming era, the transformation of legacy publishers, the tech giants remaking the market, and all the egos involved.

Stories
A Hollywood Cancellation Fable

A Hollywood Cancellation Fable

KIM MASTERS

LVMH Warning Signs

LVMH Warning Signs

LAUREN SHERMAN

New Senate Swing Seats

New Senate Swing Seats

ABBY LIVINGSTON

Puck
Facebook Twitter Instagram LinkedIn

Need help? Review our FAQ page or contact us for assistance. For brand partnerships, email ads@puck.news.

You received this email because you signed up to receive emails from Puck, or as part of your Puck account associated with {{customer.email}}. To stop receiving this newsletter and/or manage all your email preferences, click here.

 

Puck is published by Heat Media LLC. 107 Greenwich St., New York, NY 10006

SEE THE ARCHIVES

SHARE
Try Puck for free

Sign up today to join the inside conversation at the nexus of Wall Street, Washington, A.I., Hollywood, and more.

Already a member? Log In


  • Daily articles and breaking news
  • Personal emails directly from our authors
  • Gift subscriber-only stories to friends & family
  • Unlimited access to archives

  • Exclusive bonus days of select newsletters
  • Exclusive access to Puck merch
  • Early bird access to new editorial and product features
  • Invitations to private conference calls with Puck authors

Exclusive to Inner Circle only



Latest Articles from Art

Minjae Kim
Glenn Adamson • April 14, 2026
Hot Hand: Minjae Kim
The Korean-born furniture designer transcends sticky definitional debates about art and design to create some of the most memorable furniture you’ve ever seen.
claude monet Nympheas sothebys
Marion Maneker • April 14, 2026
A Tale of Two Auction Houses
This season, in London, Sotheby’s has most of the high-value, historical works—everything from Freud and Klimt to Monet and Rothko. Meanwhile, Christie’s is leaning into what’s hot: Rashid Johnson, Kaws, Richard Prince, Yoshitomo Nara, and more.
Yü-Ge Wang at Christie's
Marion Maneker • April 14, 2026
The Middle Market’s Big Shift
While the big money has returned, auction houses are reducing estimates for cheaper works to entice buyers and minimize their losses. Now, the latest data reveals a big shift is taking place in the middle market, too.


Willem De Kooning
Marion Maneker • April 14, 2026
De Kooning’s $75 Million May
Even after the robust volume of sales in New York, there are clearly still plenty of serious buyers looking for de Koonings—and that wasn’t always a given.
Arthur Jafa
Dan Duray • April 14, 2026
King Arthur Holds Court
With a joint exhibit in Venice with his artistic hero, Richard Prince, Arthur Jafa sounds off on the power of scarcity, why we’re still chewing on Duchamp, and his loyalty to Kanye.
Art Basel
Marion Maneker • April 14, 2026
The Basel Squeeze
It’s still an honor for smaller galleries to show at Art Basel, but global expansion is putting pressure on them to bring exclusive works to the fair without publicizing their packing lists in advance. Now, some galleries are asking themselves whether they can even afford to participate.


Cybele Maylone - The Aldrich Museum
Marion Maneker • April 14, 2026
Condition Report: Cybele Maylone, The Aldrich Museum
The director of Ridgefield’s overachieving contemporary art museum is turning her institution’s gaze to Connecticut artists, making a case for the Constitution State as something more than the land of finance bros and old WASPs.


Get access to this story

Enter your email for a free preview of Puck’s full offering, including exclusive articles, private emails from authors, and more.

Verify your email and sign in by clicking the link we just sent.

Already a member? Log In


Start 14 Day Free Trial for Unlimited Access Instead →



Latest Articles from Art

Nissan Skyline R34 GT-R
Jamie Lincoln Kitman • April 14, 2026
The Nissan Skyline R34 Named Desire
The collectible car market is finally moving past its beloved Boomer classics as a younger, Nintendo-raised generation chases high-performance Japanese rarities never meant for the American market. $2 million for a 20-year-old Nissan? That’s just the beginning.
De Bayser Sotheby's
Marion Maneker • April 14, 2026
Sotheby’s Object Lessons
The latest design sales commingle art and design objects in a way that offers everyone a teachable moment: They educate art collectors on the potential value of design objects, while giving the design people a greater appreciation for high-dollar contemporary artworks.
Francis Picabia
Marion Maneker • April 14, 2026
Picabia’s Final Frontier
The yacht-owning, sports car–loving artist Francis Picabia defied the odds in nearly all aspects of his life and career—and only now are his striking pinup works being taken seriously.


Sotheby's Art Auction
Marion Maneker • April 14, 2026
May Auction Report: Rational Exuberance
Lured by the optimistic tailwinds from last fall’s Lauder auction, high-value supply came back to the art market in May, with sales totaling $2.5 billion. But the comeback may not be quite as roaring as it appears: Unimpressive hammer ratios reveal buyers’ willingness to pay, but not more than they have to.
Ab-Anbar Art Gallery, London
Marion Maneker • April 14, 2026
Lifting the Fog on London’s Gallery Scene
In its sixth year, London Gallery Weekend isn’t just supporting nascent galleries and luring 50,000 art enthusiasts to town. It’s fortifying London’s place as a major art city.
Sotheby's auction bikes
George Nelson • April 14, 2026
Blazing Saddles
Through sales of ultra-rare bicycles and insider access to the Tour de France, Sotheby’s is recruiting a new class of clients from elite cycling’s swelling ranks of C-suite executives, collectors, and family-office principals.


Julian Schnabel Pace Gallery
Marion Maneker • April 14, 2026
A Separate Pace
The global gallery represents a wide range of artists, but there is something different about the four shows currently on view in New York.
Get access to this story

Enter your email to get access to one article and free previews of our private emails from Puck authors and editors.

OR

Already a Member? Sign in



Latest Articles from Art

Caroline Seabolt, Ashkan Baghestani
Marion Maneker • April 14, 2026
Condition Report: Sotheby’s Caroline Seabolt & Ashkan Baghestani
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.
Patrick Bongoy
Glenn Adamson • April 14, 2026
Hot Hand: Patrick Bongoy
Patrick Bongoy weaves, stretches, and manipulates the discarded rubber that afflicts Africa, transmuting waste not only to evoke environmental exploitation or his homeland’s painful colonial past, but to express the power of creative rebirth.
sotheby's auction painting Gerhard Richter
Marion Maneker • April 14, 2026
Closing Time
A timely look at the market themes, top lots, and various peculiarities of a short, buoyant New York auction cycle that still seemed unusually long.


sotheby's Andy Warhol Sixteen Jackies
Marion Maneker • April 14, 2026
The Art Market’s Cut-Your-Loss Bounce
Beyond the billion-dollar single-night bonanzas and the movie-star promo spots, smaller sales are revealing a less sexy dynamic in the market: Collectors are exercising the freedom to sell without taking too big a loss—and their willingness to move on is creating liquidity that will fuel future growth.
Christie's art auction
Marion Maneker • April 14, 2026
Christie’s Manic Monday
The May auctions continued in thrilling fashion at Christie’s last night, as feverish bidding pushed new records for the mainstays of modernism—Pollock, Brancusi, Miró, Rothko—and the art-hoovering skylords of finance dropped the G.D.P. of a small country on the Si Newhouse collection. So can we call that an art market triumph? Not so fast…
Sotheby's
Marion Maneker • April 14, 2026
Sotheby’s Day Sales Smoke Signals
News and notes on the revealing trends surrounding Sotheby’s latest round of day sales, in which 93 percent of the 350 lots found buyers. Is this another sign of a market boom?


Sotheby's Art Auction
Marion Maneker • April 14, 2026
Sotheby’s $433 Million Pep Talk
The numbers from Sotheby’s last night were very strong—the Mnuchin sale totaled $166 million, and the various owners’ sale made nearly $267 million—but the market still hasn’t rebuilt the confidence necessary to see real momentum pick up again.


  • Terms
  • Privacy
  • Contact
  • FAQ
  • Careers
© 2026 Heat Media All rights reserved.
Create an account

Already a member? Log In

CREATE AN ACCOUNT with Google
CREATE AN ACCOUNT with Google
OR YOUR EMAIL

OR

Use Email & Password Instead

USE EMAIL & PASSWORD
Password strength:

OR

Use Another Sign-Up Method

Become a member

All of the insider knowledge from our top tier authors, in your inbox.

Create an account

Already a member? Log In

Verify your email!

You should receive a link to log in at .

I DID NOT RECEIVE A LINK

Didn't get an email? Check your spam folder and confirm the spelling of your email, and try again. If you continue to have trouble, reach out to fritz@puck.news.

CREATE AN ACCOUNT with Google
CREATE AN ACCOUNT with Google
CREATE AN ACCOUNT with Apple
CREATE AN ACCOUNT with Apple
OR USE EMAIL & PASSWORD
Password strength:

OR
Log In

Not a member yet? Sign up today

Log in with Google
Log in with Google
Log in with Apple
Log in with Apple
OR USE EMAIL & PASSWORD
Don't have a password or need to reset it?

OR
Verify Account

Verify your email!

You should receive a link to log in at .

I DID NOT RECEIVE A LINK

Didn't get an email? Check your spam folder and confirm the spelling of your email, and try again. If you continue to have trouble, reach out to fritz@puck.news.

YOUR EMAIL

Use a different sign in option instead

Member Exclusive

Get access to this story

Create a free account to preview Puck’s full offering, including exclusive articles, private emails from authors, and more.

Already a member? Sign in

Free article unlocked!

You are logged into a free account as unknown@example.com

ENJOY 1 FREE ARTICLE EACH MONTH

Subscribe today to join the inside conversation at the nexus of Wall Street, Washington, A.I., Hollywood, and more.

START 14-DAY FREE TRIAL

  • Daily articles and breaking news
  • Personal emails directly from our authors
  • Gift subscriber-only stories to friends & family
  • Unlimited access to archives
  • Bookmark articles to create a Reading List
  • Quarterly calls with industry experts from the power corners we cover