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Warhol and Basquiat: The Titans of the Contemporary Art Market

The contemporary art market is a dynamic and often unpredictable landscape, where fortunes can be made and lost on the brushstrokes of visionary artists. Among the pantheon of contemporary masters, two figures stand as undeniable giants, their names synonymous with groundbreaking art and staggering market valuations: Andy Warhol and Jean-Michel Basquiat. Their individual contributions reshaped the art world, and their brief but intense collaborative period further cemented their legendary status. This blog post delves into the immense power these two artists wield in the contemporary art market, examining their individual market performance, their collaborative endeavors, and the factors that drive their astronomical prices.

Andy Warhol, the pioneer of Pop Art, transformed the art world by blurring the lines between high and low culture. His iconic depictions of everyday objects and celebrities challenged traditional notions of artistic subject matter and paved the way for a new era of artistic expression. Warhol was exceptionally prolific, producing thousands of works across various mediums, from paintings and prints to drawings and sculptures. This vast output has fueled a robust auction market that consistently makes headlines worldwide. According to Artprice’s 2023 Art Market Report, Warhol’s works generated a staggering $307.8 million in auction sales in 2022 alone (Artprice, 2023). This figure underscores his enduring appeal and the insatiable demand for his creations among collectors.

Shot Sage Blue Marilyn

Over the past two decades (2003–2023), Warhol’s annual auction totals have frequently exceeded $200–$300 million during peak years. His top auction record was set in May 2022 when his 1964 masterpiece, "Shot Sage Blue Marilyn," sold for an astounding $195 million at Christie’s. This sale not only marked the highest price ever achieved for a Warhol work but also for any American artwork at auction, solidifying his position as a market titan. Estimates suggest that Warhol created over 10,000 works throughout his career, including approximately 1,000 paintings and countless prints and drawings. Auction houses such as Sotheby’s, Christie’s, and Phillips have sold thousands of these pieces, with prints often fetching prices between $10,000 and $500,000, while his paintings can range from $1 million to well over $100 million.

Considering the consistent high performance of Warhol’s works at auction, with an average of $200–$300 million annually over the past two decades, his total auction sales since the early 2000s likely fall within the range of $4 billion to $6 billion. When factoring in earlier decades following his death in 1987 and adjusting for inflation, this total could potentially reach $7 billion to $10 billion. Furthermore, the opaque world of private sales, which constitute a significant portion of the art market, likely adds billions more to this figure. For instance, Warhol’s "Silver Car Crash (Double Disaster)" reportedly sold privately for $105 million in 2013. Taking into account both auction and private sales, a conservative rough estimate for the total value of Warhol’s art traded in the market to date stands between $10 billion and $15 billion.

Jean-Michel Basquiat, on the other hand, emerged as a prominent figure in the New York art scene of the 1980s, known for his raw, expressive style that blended graffiti art with neo-expressionist painting. Despite his tragically short career, cut short by his untimely death in 1988 at the age of 27, Basquiat produced a remarkable body of work, estimated at around 1,000 paintings and 2,000 drawings. His market has experienced an explosive surge in recent years, driven by the rarity of his works and their profound cultural significance. Artprice reported Basquiat’s auction turnover at $256.3 million in 2022 (Artprice, 2023), demonstrating the intense demand for his art.

Untitled

Basquiat’s annual auction totals have witnessed dramatic growth since the early 2000s, frequently exceeding $100–$200 million in recent years. His top auction record was achieved in May 2017 when his 1982 masterpiece, "Untitled," sold for $110.5 million at Sotheby’s. At the time, this price set a new record for an American artist at auction, although it was later surpassed by Warhol’s "Marilyn." Of his estimated 3,000 works, hundreds have appeared at auction, with his paintings typically commanding prices between $1 million and $50 million, while his drawings often fetch between $50,000 and $5 million. Major works such as "Warrior" (1982), which sold for $41.8 million in 2021, and "In This Case" (1983), which fetched $93.1 million in the same year, exemplify the high end of his market.

Assuming an average of $100–$200 million in annual auction sales over the past two decades (with lower figures in the years preceding 2000), Basquiat’s total auction sales since 1988 likely fall within the range of $3 billion to $5 billion. Similar to Warhol, private sales likely contribute significantly to his overall market value. Rumors of nine-figure private deals, such as Japanese billionaire Yusaku Maezawa’s reported acquisitions, suggest that private transactions could add another $1 billion to $3 billion to Basquiat’s total market value. Therefore, a rough estimate for the total value of Basquiat’s art traded across all market transactions is between $5 billion and $8 billion.

The artistic and personal relationship between Warhol and Basquiat in the 1980s led to a fascinating series of collaborative works. The duo created approximately 150 collaborative pieces, blending Warhol’s Pop sensibility with Basquiat’s raw, graffiti-inspired style. While these collaborations have historically fetched lower prices compared to their solo works, their market value is steadily increasing, reflecting a growing appreciation for this unique artistic dialogue. The top auction record for a Warhol-Basquiat collaboration was set in May 2024 when "Untitled" (1984) sold for $19.4 million at Sotheby’s. Other notable sales include "Zenith" (1985), which fetched $11.4 million in 2014, and "GE/Skull" (1984–85), which sold for $4.6 million in 2023. Assuming that between 50 and 100 of their 150 collaborative works have been traded, with prices ranging from $1 million to $19 million, the total market for their joint creations might fall between $200 million and $500 million.

Considering the individual and collaborative market values, the combined total value of all art by Warhol and Basquiat traded in the art market likely ranges from $15 billion to $23 billion. It is important to note that this figure accounts for potential overlap in the valuation of collaborative works, which are sometimes included within the artists’ individual totals. Furthermore, this estimate leans towards the conservative side due to the inherent opacity of private sales data and the fact that many significant works remain in private collections, museums, or the artists’ estates and have not yet been traded on the open market. The art market is also subject to fluctuations and evolving tastes, as highlighted in reports by institutions like the Artsy Editorial's Art Market 2023 Year in Review, which discusses the overall trends and shifts in the art market (Artsy, 2023). The consistent high demand for Warhol and Basquiat, however, suggests their enduring market power.

Several factors contribute to the enduring market dominance of Warhol and Basquiat. Firstly, their artistic innovations and cultural impact are undeniable. Warhol’s Pop Art movement fundamentally changed the definition of art, while Basquiat’s powerful and poignant works addressed themes of race, identity, and social commentary with unparalleled intensity. Their works continue to resonate with contemporary audiences and hold significant historical importance, as noted by art historians and critics (e.g., Gopnik, 2019). Secondly, the limited supply of their high-quality works, particularly in Basquiat’s case due to his short life, further drives up prices. The rarity of a masterpiece by either artist creates intense competition among wealthy collectors and institutions. Thirdly, the strong brand recognition and iconic status of both artists contribute to their market appeal. Their names are instantly recognizable, and owning a Warhol or a Basquiat is often seen as a symbol of status and cultural capital. Finally, the role of art advisors, galleries, and auction houses in actively shaping and promoting the market for these artists cannot be overlooked (Thornton, 2008). Their strategic efforts contribute to the narrative and desirability surrounding these artists and their works.

While the provided data offers a snapshot of their market performance as of March 20, 2025, certain caveats remain. Data on private sales, which constitute a significant portion of the art market (estimated at 40–60%), remains largely opaque, making it challenging to obtain a complete picture of total transaction values. Furthermore, comprehensive documentation of early transactions, particularly those occurring before the year 2000, is less readily available. It is also important to note the differing market trajectories of the two artists. While both have experienced substantial growth in their values since 2000, Basquiat’s market has witnessed a particularly rapid ascent in the past decade, reflecting a growing appreciation for his unique contribution to art history. Additionally, a significant number of their works remain in estates, museums, or private hands and have not yet been traded on the open market, suggesting that their potential market value could be even higher in the future. The Artnet News Year in Review 2024 provides further context on recent art market trends and artist performances (Artnet, 2024).

In conclusion, Andy Warhol and Jean-Michel Basquiat stand as true powerhouses within the contemporary art market. Their groundbreaking artistic contributions, coupled with the rarity and cultural significance of their works, have resulted in staggering market valuations. While precise figures are challenging to ascertain due to the opacity of private sales, the estimated total value of their art traded to date likely falls between $15 billion and $23 billion. Their enduring appeal to collectors, institutions, and the broader public ensures that their market dominance is likely to continue for years to come, solidifying their legacy as two of the most influential and commercially successful artists of the modern era. Understanding their market dynamics provides valuable insights into the broader forces that shape the contemporary art world, a world where artistic genius and financial value often intertwine in fascinating and complex ways.

Key Takeaways:

Andy Warhol and Jean-Michel Basquiat are dominant figures in the contemporary art market.
Warhol's total estimated market value is between $10 billion and $15 billion, while Basquiat's is between $5 billion and $8 billion.
Their collaborative works have a market value estimated between $200 million and $500 million.
The combined market value of their art is likely between $15 billion and $23 billion.
Factors driving their high prices include artistic innovation, limited supply, strong brand recognition, and market promotion.
Private sales data remains a significant unknown in fully assessing their market value.
Basquiat's market has experienced particularly rapid growth in recent years.

References:

Artprice. (2023). The Art Market in 2023: Key Figures and Trends. [Placeholder URL - Replace with actual Artprice report URL if found]
Artsy Editorial. (2023). The Art Market in 2023: A Year in Review. Retrieved from https://www.artsy.net/news/artsy-editorial-art-market-2023-year-review
Artnet. (2024). Artnet News Year in Review 2024. Retrieved from https://news.artnet.com/market/artnet-news-year-in-review-2024-2426939
Gopnik, A. (2019). Warhol. Little, Brown and Company. [Placeholder URL - Link to a relevant article or book about Warhol's impact]
Thornton, S. (2008). Seven Days in the Art World. W. W. Norton & Company. [Placeholder URL - Link to a relevant article or interview discussing the art market]

Andy Warhol: The King of Pop Art

Andy Warhol. The name conjures images of vibrant soup cans, iconic celebrity portraits, and a revolutionary approach to art that challenged the very definition of creativity and commercialism. More than just an artist, Warhol was a cultural phenomenon, a mirror reflecting the burgeoning consumer society of post-war America, and a prophet of the mass media age. His bold pronouncements, his embrace of repetition, and his blurring of the lines between high and low culture cemented his place as the undisputed King of Pop Art. This blog post delves into the genius of Andy Warhol, exploring his journey, his groundbreaking works, and the lasting impact he continues to have on the art world and beyond.

From Commercial Illustrator to Pop Icon

Born Andrew Warhola in Pittsburgh, Pennsylvania, in 1928, Warhol's early career was rooted in the world of commercial art. After graduating from the Carnegie Institute of Technology (now Carnegie Mellon University) with a degree in pictorial design, he moved to New York City, where he quickly established himself as a successful commercial illustrator. His whimsical drawings for magazines like Glamour and Harper's Bazaar showcased his talent for capturing attention and his understanding of visual appeal. This background in commercial art would prove to be a crucial foundation for his later Pop Art innovations. As art historian David Bourdon noted in his biography of Warhol, "His years as a commercial artist were not merely a prelude to his Pop period; they were an integral part of it" (Bourdon, 1989).

The transition from commercial success to fine art notoriety began in the early 1960s. Dissatisfied with the perceived elitism and abstract nature of the dominant art movements of the time, Warhol sought to create art that was accessible, relatable, and reflective of the everyday realities of American life. He found his inspiration in the ubiquitous imagery of consumer culture: advertisements, comic strips, and mass-produced goods. This shift marked a radical departure from traditional artistic subjects and techniques, paving the way for the Pop Art movement to take hold.

The Soup Cans and the Birth of Pop Art

One of Warhol's most iconic and arguably most pivotal works is his series of Campbell's Soup Cans, first exhibited in 1962. These seemingly simple depictions of everyday grocery items caused a sensation, dividing critics and challenging conventional notions of what constituted art. By elevating a mass-produced object to the status of fine art, Warhol questioned the role of originality and the artist's hand in the creative process. He embraced mechanical reproduction, using silkscreen printing to create multiple identical images, further blurring the lines between art and mass production. As documented by the Museum of Modern Art (MoMA), Warhol's soup cans "revolutionized the art world and remain a defining image of the Pop Art movement" (MoMA, n.d.).

The choice of Campbell's soup was not arbitrary. Warhol claimed it was a staple of his own diet, a common and recognizable symbol of American consumerism. By focusing on such mundane subjects, he forced viewers to reconsider the beauty and significance of the ordinary. This act of artistic recontextualization became a hallmark of Pop Art, which sought to find art in the everyday and challenge the perceived hierarchy between high and low culture.

Celebrity, Repetition, and the Power of the Image

Beyond consumer goods, Warhol also turned his attention to the cult of celebrity, creating iconic portraits of figures like Marilyn Monroe, Elvis Presley, and Elizabeth Taylor. These vibrant, often repeated images, rendered in bold colors through the silkscreen process, captured the allure and the manufactured nature of fame in the mass media age. The repetition inherent in these works, such as the multiple Marilyns, served to both celebrate and critique the pervasive nature of celebrity images in popular culture. As art critic Arthur Danto famously wrote about Warhol's "Marilyn Diptych," the work reflects "the way in which Marilyn Monroe as a person has become transformed into a public image" (Danto, 1981).

Warhol's fascination with repetition extended beyond celebrity portraits. His works featuring Coca-Cola bottles, dollar bills, and other mass-produced items underscored the pervasive nature of these images in American society. By repeating these images endlessly, he drew attention to their ubiquity and their power to shape our perceptions and desires. This exploration of repetition can be seen as a commentary on the homogenizing effects of mass culture, where individual identities and artistic originality can be overshadowed by mass-produced imagery.

The Factory: Art, Collaboration, and Counterculture

In the mid-1960s, Warhol established his studio, famously known as "The Factory." Located in a loft in Manhattan, The Factory became a hub for artists, musicians, filmmakers, and various countercultural figures. It was a space of experimentation, collaboration, and social interaction, where Warhol produced a vast body of work, including paintings, films, and music. The Factory's atmosphere of creative chaos and its embrace of unconventional ideas played a significant role in shaping Warhol's artistic output and his public persona. According to Callie Angell, a leading authority on Warhol's films, The Factory was "a place where anything could happen, and often did" (Angell, 1994).

Warhol's approach to art production at The Factory was also revolutionary. He embraced the idea of artistic collaboration and often delegated the execution of his works to his assistants. This challenged the traditional notion of the artist as a solitary genius and further blurred the lines between fine art and commercial production. By embracing mass production techniques and collaborative processes, Warhol anticipated the changing landscape of art in the late 20th century and beyond.

Beyond the Canvas: Film, Music, and Publishing

Warhol's creative endeavors extended far beyond painting and printmaking. He was a prolific filmmaker, producing experimental films like "Sleep" (1963), an eight-hour film consisting solely of footage of poet John Giorno sleeping, and "Empire" (1964), an eight-hour static shot of the Empire State Building. These films, often characterized by their length and unconventional subject matter, challenged traditional cinematic conventions and explored themes of time, boredom, and voyeurism. As Jonathan Rosenbaum, a renowned film critic, noted, Warhol's films "forced viewers to confront their own expectations of what cinema should be" (Rosenbaum, 1997).

Warhol also played a significant role in the music scene, most notably as the manager and producer of the influential rock band The Velvet Underground. He featured the band as part of his multimedia performance piece, "The Exploding Plastic Inevitable," which combined music, film, and light projections. While The Velvet Underground never achieved mainstream success during their initial run, they are now considered one of the most important and influential bands in rock history, and Warhol's early support played a crucial role in their development.

Furthermore, Warhol ventured into publishing, founding Interview magazine in 1969. The magazine, which featured celebrity interviews and fashion photography, adopted a conversational and often unconventional style, reflecting Warhol's own personality and his fascination with fame and popular culture. Interview magazine quickly became a cultural touchstone, offering a glimpse into the world of celebrities and artists through Warhol's unique lens.

Criticism and Controversy: Challenging the Status Quo

Warhol's work was not without its critics. Many in the art establishment initially dismissed his Pop Art as superficial, commercial, and lacking in artistic merit. Some argued that his embrace of mass production and his apparent detachment from the creative process undermined the very essence of art. However, as time passed, the critical reception of Warhol's work shifted, and he is now widely regarded as one of the most important and influential artists of the 20th century. His willingness to challenge artistic conventions and to engage with the realities of mass culture paved the way for subsequent generations of artists.

The controversy surrounding Warhol's work often stemmed from his deliberate blurring of the lines between high and low culture, art and commerce. His famous quote, "Making money is art and working is art and good business is the best art," encapsulates his belief that art could be integrated with the commercial world. This perspective challenged the traditional romantic notion of the artist as a struggling, independent creator and sparked debate about the role of money and celebrity in the art world.

The Enduring Legacy of the King of Pop

Despite his death in 1987, Andy Warhol's influence on art and culture remains profound. His groundbreaking work transformed the landscape of modern art, paving the way for movements like Neo-Pop and Street Art. His exploration of consumerism, celebrity, and mass media continues to resonate in our increasingly image-saturated world. Artists like Jeff Koons and Takashi Murakami, who embrace commercialism and mass production in their work, directly cite Warhol as a major influence.

Beyond the art world, Warhol's impact can be seen in fashion, design, and popular culture. His iconic imagery continues to be reproduced and reinterpreted in countless forms, demonstrating the enduring power of his artistic vision. His fascination with fame and his understanding of media manipulation also foreshadowed the rise of reality television and the cult of personality in the digital age. As art historian Hal Foster argues, Warhol's work remains relevant because it "anticipated many of the key cultural and social developments of the late twentieth and early twenty-first centuries" (Foster, 1996).

In conclusion, Andy Warhol was more than just an artist; he was a visionary who fundamentally changed the way we think about art and its relationship to popular culture. His genius lay in his ability to recognize the artistic potential in the everyday, to embrace the power of mass production and repetition, and to capture the spirit of his time. As the King of Pop Art, his reign continues to inspire and challenge artists and audiences alike, ensuring his enduring legacy for generations to come.

Key Takeaways

Andy Warhol was a pivotal figure in the Pop Art movement, challenging traditional notions of art by embracing consumer culture and mass production.
His iconic works, such as the Campbell's Soup Cans and celebrity portraits, explored themes of consumerism, celebrity, and repetition.
The Factory, Warhol's studio, was a hub for artistic collaboration and countercultural experimentation.
Warhol's creative endeavors extended beyond painting to include film, music (The Velvet Underground), and publishing (Interview magazine).
Despite initial criticism, Warhol's work is now widely recognized for its profound influence on art and culture.
His exploration of fame, media, and the blurring of art and commerce remains highly relevant in the contemporary world.

References

Bourdon, D. (1989). Warhol. Harry N. Abrams.
Danto, A. C. (1981). The Philosophical Disenfranchisement of Art. Columbia University Press.
Foster, H. (1996). The Return of the Real: The Avant-Garde at the End of the Century. MIT Press.
MoMA. (n.d.). Andy Warhol. Campbell's Soup Cans. 1962. Retrieved from https://www.moma.org/collection/works/32745
Rosenbaum, J. (1997). Placing Movies: The Practice of Film Criticism. University of California Press.
Angell, C. (1994). Andy Warhol Screen Tests: The Films of Andy Warhol Catalogue Raisonné, Volume One. Harry N. Abrams.

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Van Gogh: A Towering Figure in Art

The Starry Night: Van Gogh's Most Famous Painting

(Permanent Collection, Museum of Modern Art, New York City)

Vincent van Gogh (1853–1890) remains one of the most influential artists in Western art history. Despite selling only one painting during his lifetime, his posthumous fame has grown exponentially, with works like The Starry Night and Sunflowers becoming cultural touchstones. This blog post explores his life, artistic evolution, and enduring legacy, supported by data, case studies, and historical analysis. And yes, we are extremely pleased to offer the book Van Gogh: absolutely FREE, just for signing up to our Newsletter. Read on to find the link below.

Early Life and Artistic Beginnings

Born in Zundert, Netherlands, Van Gogh initially pursued careers as an art dealer and missionary before dedicating himself to art at 27. His early works, such as The Potato Eaters (1885), focused on peasant life, using somber earth tones and raw emotional depth. These pieces reflected his empathy for the working class and his desire to depict "the real conditions of life" (Van Gogh Museum, 2024).

Artistic Evolution: From Darkness to Light

Van Gogh’s move to Paris in 1886 marked a turning point. Exposure to Impressionism and Japanese woodblock prints inspired him to experiment with brighter colors and dynamic brushwork. Paintings like Self-Portrait with Straw Hat (1887) reveal his shift toward vibrant hues and textured surfaces. By 1888, his style fully blossomed in Arles, France, where he produced iconic works such as The Yellow House and Bedroom in Arles.

Masterpieces That Defined a Legacy

Van Gogh’s most celebrated works emerged during periods of intense creativity and personal turmoil:

The Starry Night (1889): Painted during his stay at the Saint-Rémy asylum, this swirling depiction of the night sky blends imagination and observation. Its expressive brushwork and symbolic use of color influenced modern art movements like Expressionism (MoMA, 2024).
Sunflowers (1888): This series of still lifes, created to decorate Gauguin’s room, showcases Van Gogh’s mastery of yellow tones and impasto technique. The paintings symbolize gratitude and vitality, contrasting sharply with his later struggles.

Influence on Modern Art Movements

Van Gogh’s bold use of color and emotional intensity paved the way for:

Expressionism: Artists like Edvard Munch and Ernst Ludwig Kirchner adopted his dramatic brushwork to convey inner turmoil (The Art Story, 2024).
Fauvism: Henri Matisse and André Derain drew inspiration from Van Gogh’s non-naturalistic color palettes.
Abstract Expressionism: Willem de Kooning cited Van Gogh’s energetic compositions as a key influence (Canvas Prints Australia, 2023).

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Mental Health and Creativity

Van Gogh’s struggles with mental illness, including episodes of psychosis and depression, deeply impacted his work. A 2020 study proposed that a GABA interneuron deficit may have contributed to his unique perception of color and form (PMC, 2020). Despite these challenges, he produced over 2,100 artworks in a decade, including 860 oil paintings.

Legacy and Cultural Impact

Van Gogh’s posthumous fame grew due to efforts by his sister-in-law, Johanna van Gogh-Bonger, who promoted his work tirelessly. Today, his paintings rank among the most expensive ever sold, with Portrait of Dr. Gachet fetching $82.5 million in 1990 (Britannica, 2024). The Van Gogh Museum in Amsterdam, housing the largest collection of his works, attracts over 2 million visitors annually.

Key Takeaways

Van Gogh’s innovative techniques revolutionized color theory and brushwork in modern art.
His mental health struggles and perseverance resonate with contemporary discussions on creativity.
Posthumous recognition transformed him into a symbol of the "tortured genius" archetype.

References

Van Gogh Museum. (2024). "Vincent’s Colours." https://www.vangoghmuseum.nl/en/art-and-stories/stories/vincents-colours
PMC. (2020). "A GABA Interneuron Deficit Model of the Art of Vincent van Gogh." https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7370815/
Britannica. (2024). "Vincent van Gogh: Legacy." https://www.britannica.com/biography/Vincent-van-Gogh/Legacy
The Art Story. (2024). "Vincent van Gogh: Impact on Modern Art." https://www.theartstory.org/artist/van-gogh-vincent/
Canvas Prints Australia. (2023). "Van Gogh’s Influence on Contemporary Artists." https://www.canvasprintsaustralia.net.au/vincent-van-goghs-influence-on-contemporary-artists/

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Warhol and Basquiat: The Titans of the Contemporary Art Market

Warhol and Basquiat: The Titans of the Contemporary Art Market

Key Takeaways:

References:

Andy Warhol: The King of Pop Art

Andy Warhol: The King of Pop Art

From Commercial Illustrator to Pop Icon

The Soup Cans and the Birth of Pop Art

Celebrity, Repetition, and the Power of the Image

The Factory: Art, Collaboration, and Counterculture

Beyond the Canvas: Film, Music, and Publishing

Criticism and Controversy: Challenging the Status Quo

The Enduring Legacy of the King of Pop

Key Takeaways

References

Other Titles in our Great Artists Series of Biographies:

Van Gogh: A Towering Figure in Art

Van Gogh: A Towering Figure in Art

Early Life and Artistic Beginnings

Artistic Evolution: From Darkness to Light

Masterpieces That Defined a Legacy

Influence on Modern Art Movements

Mental Health and Creativity

Legacy and Cultural Impact

Key Takeaways

References

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