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Does the highlighted "of which" refer to "the fluidity"?


Context:

However, in mapping out this complexity, I do not want to create the impression that advertising and art are by any means one and the same thing or to gloss over fundamental differences. There are essential distinctions between the two fields of practice and we need to establish a sense of the limits of what I have shown to be a highly elastic relationship. It is neither the differences not the similarities that count, but the fluidity that has begun to take hold between different arenas of cultural production, of which the relationship between art and advertising is a clear example.

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I'd say that the antecedent is probably "the fluidity that has begun to take hold between different arenas of cultural production".

Incidentally, it is just "which" that is anaphoric (not "of which").