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But to use an analogy that this poker player would understand, Mr. Gagosian is all in. He showed up at the Yves Saint Laurent auction in Paris last month, accompanying the Russian billionaire Roman A. Abramovich. Mr. Gagosian is still on the cocktail circuit, and heís still hosting parties in his town house on the Upper East Side, which has a lap pool and lots of sleek furniture. The gatherings ó a mix of millionaires, celebrities and art stars ó are carefully engineered marketing opportunities, though they donít seem that way to attendees.

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