Alternative Investing Report - November 24, 2025

*as of 11/23, Sources: S&P, BTC, FTSE, DJRE, GOLD

After a start to the week that featured the highest price ever paid for any modern artwork, the rest of New York’s fall auction week concluded with more big sales and a new record for any artwork by a woman. On Wednesday, Christie’s 21st Century Evening Sale brought in $123.6 million, just below the $127 million pre-sale high estimate, and 44 of the 45 lots sold. Phillips’ modern and contemporary sale brought in $67.3 million with 31 of its lots selling, including a triceratops skeleton that sold for $5.3 million, above its $3.5 million high estimate. On Thursday, Sotheby’s conducted three sales that totaled more than $300 million, well above the high estimate, highlighted by the record-breaking $55 million Frida Kahlo painting “El sueño (La cama).”

➨ TAKEAWAY: After good showings in London and Paris, the art world turned to New York with high expectations, which were mostly met. The week saw more than $1.8 billion in sales, and all the major auctions saw strong sell-through rates, with a number of works at all price levels beating their high estimates. After this series of high-profile and headline-grabbing sales, the art market closed 2025 on a high note and looks to have rebounded from the doldrums of the past few years.

Vincent co-founder Slava Rubin and Sacra's Jan-Erik Asplund discuss the rise of prediction markets, focusing on Kalshi and Polymarket. They explore the mechanics of these exchanges, the regulatory landscape in which they operate, and the competitive dynamics between the platforms. The discussion also touches on the future of prediction markets, their integration into existing trading platforms, and the potential for new market entrants.

🤖 Physical Intelligence fundraise: The AI and robotics startup raised $600 million at a $5.6 million valuation, more than double its $2.4 billion valuation from a year ago, as investors continue to pour capital into the sector.

🪙 Strategy’s troubles: The Michael Saylor-led Bitcoin treasury company owns 650,000 Bitcoin, but has purchased the bulk of that by taking on debt. With an average purchase price of $74,433, Strategy’s bags are still above water but if Bitcoin’s price drops further, it could cause a lot of issues for the company and the market as a whole.

🚀 Hiive is raising on Hiive: The pre-IPO marketplace is offering $10 million in shares of itself at a $650 million valuation, as it also seeks institutional fundraising. Its last valuation was $77 million just over two years ago, with the uptick corresponding to the rapid growth of the pre-IPO market.

🏡 Insurance premiums rising: One less cited reason for the housing market slowdown is the surging cost of homeowners’ insurance, which impacts affordability. Premiums are expected to rise by 8% on average the next two years after rising by double-digits for three years straight - a stark contrast to the 3% annual average rise between 2014-2020.

🏢 DigitalBridge infrastructure fund: The investment firm announced its third digital infrastructure fund with $11.7 billion in capital to invest into AI infrastructure and data centers.

⌚ Titanic pocket watch: An 18-carat gold pocket watch owned by Titanic passenger Isidor Straus, who perished along with his wife Ida in the disaster, sold for $2.3 million at auction, the highest price ever paid for any Titanic memorabilia.

Tuesday: S&P Case-Shiller home price index and FHFA house price index released; U.S. retail sales scheduled to be released; pending home sales; consumer confidence; September’s Producer Price index (PPI) and core PPI reports scheduled to be released.

Wednesday: Personal Consumption Expenditures (PCE) and Core PCE indices, the Fed’s preferred inflation metrics, scheduled to be released.

Thursday: Thanksgiving holiday, markets will be closed.

Friday: Black Friday, kicking off the holiday shopping season.

Saturday: Goldin’s November Elite Sports auction, highlighted by multiple six-figure Shohei Ohtani cards.