Open Bid — Daily Morning Briefing on Auctions, Luxury & Markets

Open Bid is your weekday-morning briefing on the world of luxury and collectibles. In under five minutes, host Sharon Obuobi covers the biggest stories across fine art, jewelry, watches, handbags, and collector cars — the record auction results, the moves inside the luxury houses, and what the markets are doing that morning — all backed by proprietary data from ALT/FNDATA. Whether you collect, invest, or just love this world, it's the fastest way to start the day informed. Learn more at www.altfndata.com.

  1. 2d ago

    A Tale of Two Deals in French Luxury: Chanel Buys Charvet While Moreau Is Sold in Court, and a $250 Bottle Sells for $35,000

    July 2: A Tale of Two Deals in French Luxury: Chanel Buys Charvet as Moreau Is Sold in Court, the Most Expensive Tequila Ever Sells at Auction, and Luxury Shoppers Outrun the Brands on AIA tale of two deals frames the day: Chanel buys the 188-year-old Parisian shirtmaker Charvet while the leather-goods house Moreau Paris is sold off through a court-supervised process, consolidation at the top and attrition below. A single bottle of tequila becomes the most expensive ever sold at auction, new research finds luxury's own affluent shoppers are adopting AI faster than the brands, watchmaking opens a new chapter, Richemont backs six emerging designers, and European luxury opens firmer. ALT/FNDATA- Membership (Save 15% with code PODCAST15): https://altfndata.com/go/ob-260702- Market reports: https://altfndata.com/go/ob-260702-r- Podcast episodes: https://altfndata.com/go/ob-260702-p A Tale of Two Deals- Chanel, the private house controlled by the Wertheimer family, has bought Charvet, the Parisian shirtmaker founded in 1838 on the Place Vendôme, to secure the 188-year-old company's future. Charvet has worked closely with Chanel's artistic director Matthieu Blazy. The great houses are spending to lock up craft that cannot be replaced.- Meanwhile Moreau Paris, a maker of fine leather goods, is being sold through a court-supervised process, with strategic and financial buyers circling. Two deals, one picture: consolidation at the top, attrition below. A Record at Auction- A bottle of Clase Azul Día de Muertos añejo (2017, one of only 300 made), first sold for 250 dollars in Cabo San Lucas, fetched 35,000 dollars at a Sotheby's online sale, the most ever paid for a tequila at auction and roughly a 140x return in under a decade. Rare spirits have become one of the fastest-appreciating corners of the passion-asset world. Luxury's Customers Race Ahead on AI- New research from Bain & Company finds affluent shoppers are adopting generative AI to discover, compare and decide on purchases faster than the houses are adapting. An unusual reversal, with the wealthy buyer out ahead of the brands. Watchmaking's Independent Turn- François-Henri Bennahmias, the former chief executive of Audemars Piguet, is launching his own brand, N3W5, debuting at Dubai Watch Week next year.- At the revived Universal Genève, chief executive Georges Kern is rebuilding the dormant name with a couture-house approach, and hints jewelry could follow. The energy in watches sits with founders and revivalists. Richemont Backs the Next Generation- Richemont (ticker CFR on the Swiss exchange, about 183 francs), owner of Cartier and Van Cleef & Arpels, is backing six emerging designers, helping them produce and sell their collections at a Paris pop-up this fall. A signal the establishment still sees room to grow the market, not just defend its share. Quick Hits- Messika unveiled a one-of-a-kind necklace set with a 20.46-carat blue diamond from Botswana, one of the largest and rarest such stones ever found in the country.- Fred, the jeweler owned by LVMH, marks its 90th anniversary with a 101-carat yellow diamond, the Soleil d'Or, which returns to the house's vaults after a showing at Paris Couture Week.- Looking ahead to July's sales: a dinosaur skeleton named Gus, a dramatic Highland landscape by Landseer, and an early model of the Statue of Liberty. The Markets (Thursday open)- European luxury opened firmer after the soft start to the half: Watches of Switzerland up almost 3 percent, LVMH, Kering and Hermès each modestly higher, Burberry down about half a percent. It went on to rally hard into the close; full read this evening on Closing Price. Also from ALT/FNDATA:- Closing Price — this evening, the day's signals- Open Bid returns tomorrow

    5 min
  2. 3d ago

    Christie's Old Masters Set 7 World Records While a Contemporary Collection Online Flops with 55% Sold; Lagerfeld's Sketches Come to Market at Sotheby's

    July 1: Christie's Old Masters Set 7 World Records While a Contemporary Collection Flops Online with 55% Unsold; Lagerfeld's Sketches Come to Market at Sotheby'sH2 2026 opens on the same split as the H1 with Christie's Classic Week setting seven world records in London while, online, a once-buzzy contemporary collection could barely find a buyer. Plus a thousand unseen Karl Lagerfeld sketches head to Sotheby's, Bugatti builds a one-off hypercar, and a soft open for European luxury to start the half. ALT/FNDATA- Membership (Use PODCAST15 for 15% off): https://altfndata.com/go/ob-260701- Market reports: https://altfndata.com/go/ob-260701-r- Podcast episodes: https://altfndata.com/go/ob-260701-p A Tale of Two Salerooms- Christie's Classic Week evening sales in London (Old Masters + The Exceptional Sale) made around 64 million dollars and set seven world auction records, led by Titian's Rest on the Flight into Egypt at 17.6 million pounds (about 22 million dollars), an artist record.- The same week, Christie's online sale of the contemporary Zabludowicz works flopped: 55 percent of lots failed to sell, once-buzzy artists went for a fraction of old prices, one work fetched just 127 pounds. The flight to quality, lot by lot. Lagerfeld Comes to Market- Sotheby's is holding its sixth sale of the late Karl Lagerfeld's collection, including a thousand previously unseen sketches, plus his gloves, iPods and hundreds of drawings. A designer's archive as coveted as anything on the runway. Quick Hits- Bugatti unveiled a one-of-a-kind hypercar, the Mistral Blanc Éternel, a 1,578 hp roadster built with porcelain atelier KPM. More tomorrow on Auto Market.- Loro Piana (LVMH) won a Turin injunction against copies of its White Sole shoes. At the top of luxury, the design is the asset worth defending. The Markets (Wednesday open)- European luxury opened soft to start H2: Burberry down almost 3 percent, LVMH off a fraction, Richemont down about 0.8 percent, Kering up about 1 percent (steadying after Monday's rout). Full read tonight on Closing Price. Also from ALT/FNDATA:- Luxury Spending — this weekend on watches, jewelry and handbags- Closing Price — this evening, the day's signals- Open Bid returns tomorrow

    5 min
  3. 4d ago

    Saks Turns the Page on Bankruptcy as Exemplar Luxury Group; Prime Day Hits $26.4B but Inflation Tells the Real Story; the Last Affordable Ferrari

    June 30: Saks Turns the Page on Bankruptcy as Exemplar Luxury Group; Prime Day Hits $26.4B but Inflation Tells the Real Story; the Last Affordable FerrariToday: Saks Global exits bankruptcy and rebrands as Exemplar Luxury Group; a record Prime Day turns out to be more an inflation story than a demand story; where the bargains still hide in the Ferrari market; plus the European open and a look ahead to Art Market. ALT/FNDATA- Membership (Use PODCAST15 for 15% on your first year): https://altfndata.com/go/ob-260630- Market reports: https://altfndata.com/go/ob-260630-r- Podcast episodes: https://altfndata.com/go/ob-260630-p Saks Turns the Page- Saks Global, the owner of Saks Fifth Avenue, has formally exited bankruptcy and rebranded as Exemplar Luxury Group. CEO Geoffroy van Raemdonck says the new identity marks a new chapter and a higher standard with brands, customers and staff.- The takeaway: even with the top of the market thriving, the business of selling luxury, the department stores and multi-brand retailers, has had a hard decade. The brands are strong; the middlemen are under pressure. And the Top Keeps Printing- Christie's closed its Paris luxury season with a jewelry sale that totaled 10.5 million euros, double its presale estimate. The houses that sell luxury are under pressure, while the objects themselves have rarely been worth more. A Record Prime Day, and What It Really Means- Amazon's Prime Day drove a record 26.4 billion dollars over four days, up 9 percent, by Adobe Analytics' estimate (Amazon doesn't release its own figures). But Adobe attributes much of the growth to inflation, not to people buying more.- The same split we keep tracking: real, record demand at the very top; bigger everyday numbers that are as much about higher prices as healthy appetite. The Accessible End of Collecting- In a market where trophy Ferraris trade for eight figures, Robb Report argues one Ferrari is still within reach: the Mondial, roughly 40,000 to 80,000 dollars, the cheapest way into the marque. It is cheap for specific reasons: a four-seater, never the fastest, and long overlooked by collectors.- The catch: a cheap Ferrari is not a cheap car to own. Servicing costs the same as any Ferrari, a major service running past 30,000 dollars, more than half the price of the car.- A reminder that the collector car market is not only the eight-figure headline. There is an accessible end, and it is often where the value sits. More on Thursday's Auto Market. Quick Hits- Hearts on Fire is marking its 30th anniversary by remaking itself from a diamond wholesaler into a fine-jewellery house, with its sights on Asia.- Lululemon's shareholders backed the board, settling a public standoff with its founder. The Markets (Tuesday open)- European luxury opened under pressure: Kering down more than 3 percent (the soft spot), LVMH down about 0.9 percent, Hermès down about 0.7 percent, Burberry down about 2.2 percent, Richemont and Swatch close to flat. Full read tonight on Closing Price. Also from ALT/FNDATA:- Art Market — this morning, the week in the art world- Closing Price — this evening, the day's signals- Open Bid returns Wednesday

    6 min
  4. 5d ago

    London Art Market Beats the Brexit Blues with Its Biggest Haul in 10 Years; Christie's Sets World Record in Paris with €5.8M Handbag Sale; Luxury Recovers from the Top Down

    June 29: London Art Market Beats the Brexit Blues with Its Biggest Haul in 10 Years; Christie's Sets World Record in Paris with €5.8M Handbag Sale; Luxury Recovers from the Top DownLondon's art market posts its biggest summer auction haul in a decade; Christie's sets a world record for an online handbag sale in Paris; luxury starts to turn a corner, led by the US and China, even as the everyday shopper tires of higher prices; plus a calmer open to the week after the US and Iran agreed to halt attacks. ALT/FNDATA- Membership (Use PODCAST15 for 15% off): https://altfndata.com/go/ob-260629- Market reports: https://altfndata.com/go/ob-260629-r- Podcast episodes: https://altfndata.com/go/ob-260629-p London's Art Market Beats the Brexit Blues- London's summer auctions across the big three houses brought in around 560 million dollars, up roughly 300 percent on a year ago: the city's biggest haul in a decade, after ten years of post-Brexit drift.- Sotheby's led with the Joe Lewis Collection, a 392.6 million dollar evening sale and the most valuable single-owner collection ever sold in Europe. Top lot: Modigliani's 1917 nude Nu assis au collier at about 63.9 million dollars (the season's highest). A René Magritte gouache, La Belle Promenade, made 21.2 million, up more than sevenfold since 2014.- Christie's sold the Zabludowicz collection for 15.4 million pounds, led by Philip Guston's Mirror Head (3.9 million pounds), a Richard Prince Cowboy (1.5 million), and a Rose Wylie artist record (292,000 pounds). Phillips added 11.9 million pounds across 90 lots.- The caveat: The Art Newspaper cautions that one strong season won't transform a market still below its decade-ago peaks, with galleries contracting even as trophies soar. The same top-versus-broad split we track across luxury. More this week on Art Market. A Handbag World Record in Paris- Christie's "Handbags Online: The Paris Edit" set a new world record for an online handbag sale, totaling 5.8 million euros, with 98 percent of lots sold and 83 percent selling above their high estimates, drawing bidders from 47 countries.- Near-total sell-through with most lots beating estimates: demand at the top of the handbag market is fierce, the same story the trophy painting is telling in London. Luxury Turns a Corner, as the Everyday Shopper Tires- A new Business of Fashion study with McKinsey finds luxury gradually returning to growth after a long slowdown, led by the United States and China, the most constructive read on the broad market in some time.- But the recovery is uneven. The same morning, Lindt is heading for its worst quarter in 17 years as ordinary consumers tire of higher prices. The top sets records; the everyday shopper is fatigued. Luxury is recovering from the top down. Quick Hits- Hermès opened a new maison on London's Bond Street.- LVMH, through Orient Express, launched its first luxury yacht, courting a new class of tech billionaires. By the Numbers- London summer season: around 560 million dollars across the big three, up roughly 300 percent year on year. Lewis Collection evening: 392.6 million dollars (Europe's most valuable single-owner sale); top lot Modigliani Nu assis au collier at about 63.9 million dollars; Magritte La Belle Promenade 21.2 million. Zabludowicz: 15.4 million pounds, led by Guston's Mirror Head at 3.9 million pounds.- Christie's Paris handbag sale: 5.8 million euros, world record for an online handbag sale; 98 percent sold; 83 percent above high estimate; 47 countries. The Markets (Monday open)- A calmer open after the US and Iran agreed to halt attacks ahead of talks. Oil back toward 72 dollars, gold easing, the dollar firmer.- European luxury opened mostly higher: Burberry the standout, up about 2.5 percent; Brunello Cucinelli up more than 1 percent; Hermès and Richemont near flat; LVMH and Kering each down a fraction. Full read tonight on Closing Price. Also from ALT/FNDATA:- Closing Price — this evening at 5 PM ET (the day's signals)- Open Bid returns tomorrow at 6 AM ET

    6 min
  5. Jun 26

    Bain Trims Its Luxury Forecast to 2-4%, but the Top Keeps Booming; London's Art Season Roars Back; the Rise of "Inheritourism"

    June 26: Bain Trims Its Luxury Forecast to 2-4%, but the Top Keeps Booming; London's Art Season Roars Back; the Rise of "Inheritourism"Bain trims its 2026 luxury forecast after a rough first half, but the very top of the market keeps setting records; London's art season roars back with a second big collection sale in a week; luxury money shifts toward experiences and "inheritourism"; and new arrivals from Rolex and Porsche. ALT/FNDATA- Membership: (Use PODCAST15 for 15% off) https://altfndata.com/go/ob-260626- Market reports: https://altfndata.com/go/ob-260626-r- Podcast episodes: https://altfndata.com/go/ob-260626-p Bain's Forecast, and a Market Split- Bain & Company and Altagamma trimmed their outlook: personal luxury goods are now seen growing just 2 to 4 percent in 2026, after a punishing first half (Middle East conflict and oil spikes, US inflation at multi-year highs, record-low consumer confidence, the ECB's first rate hike since 2023).- The split we keep flagging: Bain's caution is about the broad market, the entry-level bag and the aspirational shopper. The very top is another story. This week a single Modigliani sold for $63.9M in London, and in our data the year's top results (a $25.6M jade necklace, eight-figure Ferraris and watches) keep climbing. London's Art Season Roars Back- After the record Lewis Collection sale, Christie's quietly sold around 100 works from the Zabludowicz collection for some $20M. Two major single-owner collections to market in one week, both finding buyers, signals confidence has returned to the top of the art trade. Experiences Over Things, and "Inheritourism"- CNBC reports luxury money is flowing to experiences over goods: experiences (travel, events, dining) are set to grow 3 to 7 percent versus low-single-digit growth for goods, with cruises drawing first-timers. The trend it calls "inheritourism" is wealthy families traveling together, as a younger, inheriting generation takes on its parents' taste for travel over status goods. Quick Hits- Rolex opened what it bills as the world's highest watch boutique, high in the Swiss Alps.- Porsche unveiled its first GT4 race car based on the 911, aimed at the track-day crowd. The Markets (Friday open)- European luxury opened quietly mixed after a wild week: LVMH down about 0.4 percent, Watches of Switzerland down about 1.3 percent, Pandora the standout, up another 3 percent. Full week's wrap on Closing Price tonight. Also from ALT/FNDATA:- Closing Price — this evening at 5 PM ET (week in review)- Open Bid returns Monday at 6 AM ET

    5 min
  6. Jun 26

    Billionaire's Collection Sells for $392.6M; a Modigliani Bought for $12.4M Sold for $63.9M; Versace's CEO Steps Down

    June 25: Billionaire's Collection Sells for $392.6M; a Modigliani Bought for $12.4M Sold for $63.9M; Versace's CEO Steps DownThe art collection of British billionaire Joe Lewis smashes records at Sotheby's, led by a 63.9 million dollar Modigliani he bought for 12.4 million in 1995; the CEO of Versace resigns; the rug from The Big Lebowski heads to auction; and the luxury market steadies after a wild week. ALT/FNDATA- Membership: (Use PODCAST15 for 15% off) https://altfndata.com/go/ob-260625- Market reports: https://altfndata.com/go/ob-260625-r- Podcast episodes: https://altfndata.com/go/ob-260625-p The Lewis Collection: A Record Night- The collection of British billionaire Joe Lewis sold at Sotheby's London for 392.6 million dollars, a record for a single-owner sale anywhere in Europe and nearly double its estimate. Just one of 25 lots failed to sell, and the house guaranteed none of them, a real vote of confidence at the top of the market.- The top lot: Modigliani's 1917 "Seated Nude Wearing a Necklace" (Nu assis au collier) at 63.9 million dollars, a European auction record for the artist. Lewis had bought it at Christie's in 1995 for 12.4 million dollars, a more than five-fold gain over 31 years. From Our Data- The strength at the top isn't new. The most valuable fine-art result in our database over the past year is a 43.8 million dollar Canaletto view of Venice (Christie's), with a tight cluster of eight-figure modern masters just behind. Trophy names with clean provenance keep clearing big numbers, even as the middle of the market turns choosier. Luxury Business: A Change at Versace- Versace CEO Emmanuel Gintzburger has resigned. Versace was acquired by the Prada Group last year, and a leadership change was widely expected as Prada integrates the brand, another sign of consolidation at the top of Italian luxury. Quick Hits- The actual rug from "The Big Lebowski," the one that "really tied the room together," is heading to auction (Robb Report).- Wealthy buyers are flocking to Spain, treating prime real estate as a haven from war and turmoil (Reuters). The Markets: A Quiet Open- After a whipsawing week, European luxury opened quietly mixed: Hermès and Kering edged up (about 0.25% and 0.9%), while LVMH and Richemont slipped slightly. A calm open is its own kind of good news. Also from ALT/FNDATA:- Auto Market — out today (Thursday)- Closing Price — this evening at 5 PM ET- Open Bid returns tomorrow at 6 AM ET

    5 min
  7. Jun 24

    Luxury Steadies as China Pulls Back; $25.6M Jadeite Necklace; Remembering Yaacov Agam; Netherlands and Germany Return 2,000 Artefacts to Ghana

    June 24:Luxury Steadies as China Pulls Back; $25.6M Jadeite Necklace; Remembering Yaacov Agam; Netherlands and Germany Return 2,000 Artefacts to GhanaMarkets steady after a brutal two days, but China's big mid-year shopping festival flashes a warning for luxury; a 25.6 million dollar jade necklace tops our jewelry database; the Netherlands and Germany agree to return 2,000 looted treasures to Ghana; and the art world remembers a pioneer of kinetic art. ALT/FNDATA- Membership: (Use PODCAST15 for 15% off) https://altfndata.com/go/ob-260624- Market reports: https://altfndata.com/go/ob-260624-r- Podcast episodes: https://altfndata.com/go/ob-260624-p Markets: Steadying, and a Warning from China- After Tuesday's selloff (Nasdaq down about 4 percent on Fed-hike fears), European luxury steadied at the open: LVMH and Hermès each up about 0.5 percent, Brunello Cucinelli higher. The laggards were the same all week: Burberry down 2.5 percent, Watches of Switzerland down a third straight day (about 2.9 percent).- The bigger signal came from China. Its 618 mid-year shopping festival grew online sales just 4 percent year on year, down sharply from more than 15 percent last year (Syntun). For a luxury industry reliant on Chinese demand, that is a caution sign. Notably, secondhand and pre-owned sales jumped nearly 80 percent as shoppers traded down: the resale economy grows as the new-goods market cools. A $25.6 Million Jade Necklace (ALT/FNDATA data)- One of the highest jewelry results over the past year is a magnificent jadeite bead and coloured diamond necklace, sold for 25.6 million dollars at Christie's last month. Jadeite is the most prized gemstone in Chinese culture, and top imperial-green strands are rarer than fine diamonds.- The split, again: a cautious mass-market Chinese consumer, and a firm and dazzling top. At the very top, demand is undimmed. A Homecoming: 2,000 Treasures Return to Ghana- The Netherlands and Germany agreed to return more than 2,000 cultural artefacts to Ghana, most taken during the colonial era. The Dutch return some 2,000 objects, including a gold ceremonial pipe the Asante king gave the Dutch monarch in 1837; Germany returns a smaller Kpando-linked group. Announced at a heritage conference in Accra, it follows the return of Asante royal regalia to Kumasi two years ago. In Memoriam: Yaacov Agam- Yaacov Agam, the Israeli artist and a founding figure of kinetic art, has died at 98. His works shift and change as the viewer moves, and they hang in major museums worldwide. Also from ALT/FNDATA:- Luxury Spending — out today (Wednesday)- Closing Price — this evening at 5 PM ET- Open Bid returns tomorrow at 6 AM ET

    6 min
  8. Jun 23

    A Global Tech Selloff Halts Korea; a £5,588 Elizabeth I Jewel Could Fetch 20 Times That; Eric Clapton's 275 GTB Ferrari at $4M

    June 23: A Global Tech Selloff Halts Korea; a £5,588 Elizabeth I Jewel Could Fetch 20 Times That; Eric Clapton's 275 GTB Ferrari at $4MToday: a technology-led selloff drags markets lower and briefly halts trading in South Korea, European luxury slides for a second day, a rediscovered Queen Elizabeth the First pendant bought for around 5,000 pounds heads to auction at more than 20 times that, and Eric Clapton's 1966 Ferrari comes to market at nearly 4 million dollars. ALT/FNDATA- Membership (PODCAST15 for 15% off): https://altfndata.com/go/ob-260623- Market reports: https://altfndata.com/go/ob-260623-r- Podcast episodes: https://altfndata.com/go/ob-260623-p Markets: A Risk-Off Reversal- Monday's peace-deal rally flipped to a broad, tech-led selloff. South Korean stocks tumbled 10 percent from a record, triggering a circuit breaker that briefly halted trading; the wider Asian tech rally cooled. Aluminum and other metals fell, and gold lost ground as Deutsche Bank followed Goldman Sachs in cutting its forecast.- Israeli assets dropped sharply, unwinding a years-long wartime rally as the peace process eased the conflict premium.- European luxury opened lower for a second day: Hermès 1,590.50 euros (down 1.8 percent, after almost 6 percent Monday), Burberry down 3.9 percent, Brunello Cucinelli down 3.9 percent, LVMH and Kering modestly lower, and watch retailer Watches of Switzerland down about 5.5 percent (a reversal after leading the group higher yesterday). At Auction: A Queen and a Ferrari- A sleeper: an amber pendant carved with a portrait of Queen Elizabeth the First, bought for just 5,588 pounds at an Edinburgh auction last November, has been authenticated as a rare Renaissance jewel. Sotheby's will offer it in London on July 1 with an estimate of 100,000 to 150,000 pounds, more than 20 times the purchase price. The portrait follows a 1592 engraving; the carving is attributed to a German amber master in Königsberg.- Eric Clapton's former 1966 Ferrari 275 GTB/4, one of only 31 right-hand-drive examples, is on offer for 2.95 million pounds (nearly 4 million dollars). Clapton owned it 2003 to 2005 and commissioned a full restoration. Past owners of the model include Steve McQueen and Miles Davis. Luxury Business: Porsche and Ferrari- Porsche's CEO promised a leaner model lineup as profit pressure mounts, amid a difficult EV transition and a China slowdown.- Ferrari denied a report that it had made access to its most exclusive limited editions conditional on buying its new Luce electric car. Allocation, deciding which clients may buy the rarest cars, is among the most sensitive subjects in the Ferrari world. Quick Hits- Menswear moved from Milan ("less was more") to Paris, where the spring 2027 men's shows are under way.- Pomellato unveiled a new high-jewelry collection themed on creative freedom. Disclosure: ALT/FNDATA provides data and analysis, not investment advice. Also from ALT/FNDATA:- Art Market — out today (Tuesday)- Closing Price — this evening at 5 PM ET- Open Bid returns tomorrow at 6 AM ET

    6 min

About

Open Bid is your weekday-morning briefing on the world of luxury and collectibles. In under five minutes, host Sharon Obuobi covers the biggest stories across fine art, jewelry, watches, handbags, and collector cars — the record auction results, the moves inside the luxury houses, and what the markets are doing that morning — all backed by proprietary data from ALT/FNDATA. Whether you collect, invest, or just love this world, it's the fastest way to start the day informed. Learn more at www.altfndata.com.

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