Happy Friday. Gen Z has entered the art market in a big way, OpenAI’s revenue is lower than previously thought, continuation fund activity is down, and rents are surging in the Bay Area. Let’s dive in!
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This issue is brought to you by The Champion Fund - institutional-grade access to the sports asset class.
📈 DAILY MARKETS
🎨 GEN Z AND ART
Two major art market reports were released recently, and they both point to the growing emergence of Gen Z collectors as a major part of the art market’s comeback. Bank of America’s Fall Art Market Update found that art auction sales hit their highest level since 2022 in the first half of the year. Its survey of 1,300 people with $3 million or more in assets revealed that a much higher percentage of Gen Z and Millennials have an art collection compared to older generations, and 94% own collectibles. Meanwhile, the Art Basel & UBS Survey of Global Collecting revealed that Gen Z was the highest spending generation on art and collectibles in 2025 and the first half of 2026, and accounted for nearly half of all purchases of $1 million or more.
➨ TAKEAWAY: While it is natural that younger people who are still building a collection would buy more art and collectibles than older people, these data points augur well for the future of an industry that many thought Gen Z was going to lose interest in. Additionally, the BofA survey found that 75% of Gen Z and Millennials who have not started a collection yet intend to do so in the future. This is a bullish sign not just for the art market, but also for collectibles and luxury goods, which younger generations tend to consider one big category.
Partner
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📺 UPCOMING EVENT
Join Vincent’s Slava Rubin and Sacra’s Jan-Erik Asplund for a look at the private companies shaping the future of financial services. We’ll take a closer look at Stripe, Ramp, Revolut, and Plaid and how their businesses are changing the way companies and consumers interact with financial services. We’ll examine the technologies and business models gaining traction, how fintech is evolving alongside traditional financial institutions, and how AI, scale, and profitability are reshaping the industry.
October 15 at 11 AM ET
📰 NOTABLE NEWS
🤖 OpenAI revenue falls short: Recent reports that OpenAI’s annual recurring revenue (ARR) run rate was approaching $70 billion are inaccurate, as the company has reportedly told investors its ARR is closer to $50 billion. This shortfall caused a number of AI-related stocks to fall yesterday, including Nvidia, Oracle, and Coreweave.
💵 Continuation funds decreasing: The number of continuation fund deals and deal volume are both significantly below last year’s record-high numbers due to the rebound in M&A and exit activity this year.
🏢 Rental market update: The average effective rent in the U.S. is up 0.9% year-over-year, with positive growth in every region but the South, which has seen rents fall 0.4% annually. Three of the top four markets nationwide were in the San Francisco Bay Area, a result of the AI boom, while San Antonio and Denver saw the biggest rent declines.
🪙 Wells Fargo + Kraken: Banking giant Wells Fargo is reportedly in partnership discussions with Payward, the parent company of crypto exchange Kraken, to source liquidity for its institutional digital asset trading services.
🚀 Erebor deposit growth: The banking startup co-founded by Palmer Luckey hit $7 billion in deposits in its first eight months in operation, and nearly doubled its total in the past quarter.
🎬 Stanley Kubrick auction: Items belonging to the the estate of the legendary filmmaker are coming up for auction at Bonhams early next year, including Jack’s axe from “The Shining” and the Star Child from “2001: A Space Odyssey.”
📝 IN CASE YOU MISSED IT
Monday: 🏡 Mortgage rates soaring, 🏀 Kobe jersey auction
Tuesday: ✅ Retail access to private markets, 🚀 Record megarounds
Wednesday: 🤖 AI infrastructure raises, 🏡 Pending sales fall
Thursday: 🤖 Chinese AI companies, 🚀 DayOne IPO
Have a great weekend!
