Alternative Investing Report - October 23, 2025

*as of 10/22; Sources: S&P, BTC, FTSE, DJRE, CL50

Christie’s held its American Greats collectibles auction last night, and it generated $8.3 million in sales, led by Lou Gehrig’s photo-matched final jersey, which sold for $2.7 million. The jersey was worn by Gehrig after his retirement during the 1939 World Series, and carried a pre-sale estimate of $2 million - $4 million. A game-used Gehrig bat sold for $1.2 million, and his game-worn cap sold for $378,000. Another item of note was Jackie Robinson’s Hall of Fame induction ring, which fetched $693,000, above the high estimate of $500,000.

➨ TAKEAWAY: Even during the downturn in the value of collectibles since the pandemic-induced boom, vintage items have held value best, and this auction demonstrated significant demand for rare, high-quality items. That a major non-sports auction house like Christie’s was the venue for this auction, which was a single-owner collection, shows how far sports memorabilia has come as an asset class.

In the latest episode of Smart Humans, Slava Rubin talks with legendary VC investor Tim Draper about his early investments into iconic companies like Tesla and SpaceX, and the role of Bitcoin in the financial system.

🤖 OpenAI launches web browser: The world’s most valuable startup introduced Atlas, its new ChatGPT-powered web browser that will compete directly with Google Chrome and could potentially transform the way people interact with the Internet.

🏡 Former boomtowns going bust: Sun Belt cities, such as Austin, Tampa, and Phoenix, that saw significant growth during the pandemic with the rise of remote work have seen buying demand plummet and oversupply cause prices to drop, producing motivated sellers.

🎨 Art Basel Paris sales: This year’s version is reportedly the most successful edition of the major art fair so far, with a number of huge sales, including two separate Gerhard Richter paintings that have reportedly sold for more than $20 million each.

🏢 Meta data center: The tech giant announced a $27 billion partnership with Blue Owl Capital that will fund and develop the Hyperion data center in Louisiana that is expected to be finished by 2030.

💵 Credit ETF outflows: Perhaps as a consequence of the First Brands bankruptcy, there were around $1.5 billion in net outflows from loan ETFs, the first net outflow in six months.

🪙 Crypto bill stalling in Senate: Legislation to create clear regulations for the crypto industry is not progressing in the Senate after bipartisan negotiations broke down, and it has taken a backseat as Congress tries to resolve the current government shutdown.

OpenAI’s new video tool Sora 2 has attracted a lot of attention with its ability to create professional-looking video, but users are taking advantage of that by creating deepfake videos of real people. The family of civil rights icon Martin Luther King, Jr. complained to the company after users created videos of King, as well as many historical figures and current celebrities. Actor Bryan Cranston and the SAG-AFTRA union also lodged their concerns with OpenAI, which is now disallowing the practice and reversing their earlier policy of demanding opt-outs from owners of copyrighted material. Now people must opt-in in order for users to be allowed to use their likenesses. This is a step in the right direction to avoid litigation, but it remains to be seen whether users will continue to use the platform if only generic videos can be produced.