Welcome back to Wall Power. I’m Marion Maneker.

A front passed through on Sunday while I was out on the water and the air shed its moisture, leaving the light a dazzling autumn clear. Here in the northeastern United States, that’s the unmistakable signal of a new season. We send our kids back to school and head back to work, some of us reluctantly, others with great alacrity.

There’s a lot on my agenda tonight, including a conversation I had with Magnus Resch on our way back from New Haven on Friday night. Magnus teaches a course on entrepreneurship in the art market at the Yale School of Management. On Friday, he opened the new semester with a three-hour lecture. I showed up for the final hour to talk about some of the art market charts that ARTDAI has been fashioning for me. Magnus wanted to illustrate the idea that the art market has been in a recession. He also wanted to talk about the role of galleries in the market’s future. In fact, we did both.

After the class, which included many thoughtful questions from the mix of SoM and MFA students from the art school, I gave Magnus a ride back to New York, which gave us some time to talk about the art industry. I’ll get into that below.

But first, a little housekeeping…

• Asia Week starts September 12: A fat-finger error in a previous newsletter noted that New York’s citywide sales of Asian art at galleries and auction houses was set to begin on September 16. Alas, Asia Week begins September 12 and runs through September 20.

• Sotheby’s Magazine debuts its reboot today: My partner Lauren Sherman spoke to Kristina O’Neill, the editor of the newly relaunched Sotheby’s Magazine, which goes to 35,000 of the auction house, real estate, and luxury goods purveyor’s best customers. With the demise of American Express’s Departures, there’s been no...

According to the numbers, the art market is way down from...