Alternative Investing Report - December 22, 2025

*as of 12/21, Sources: S&P, BTC, FTSE, DJRE, GOLD

The three biggest art auction houses all posted significant sales increases this year compared to 2024, in a strong sign for the art and luxury markets. Sotheby’s recorded $7 billion in sales, with auction proceeds rising 26%, luxury sales 22% and fine art sales 15%. Christie’s followed with $6.2 billion in sales, with auction sales up by 8% and luxury sales up by 17%. Finally, Phillip’s had global sales of $927 million, a 10% increase over 2024, with its watch department standing out in particular.

➨ TAKEAWAY: It wasn’t just raw sales numbers that were strong, as engagement metrics also were promising across the board. Sotheby’s reported an 87% sell-through rate, with Christie’s and Phillips at 88%, all higher than 2024. The number of new bidders was strong, with ample representation coming from the Millennial and Gen Z cohorts. It does seem as if the market hit a bottom in 2024, and if economic conditions stay similar globally, it should continue to rebound in 2026.

Vincent's Slava Rubin and Sacra's Jan-Erik Asplund discussed Ramp, OpenEvidence, Apptronik, Whop, and Shield AI, five of the hottest pre-IPO companies in the asset class - and how investors can get access to them.

Presented by the Fundrise Innovation Fund.

🏡 Existing home sales increase: There was a 0.5% increase in existing home sales in November, but a 1% decrease year-over-year. Slightly lower mortgage rates and a slowdown in price growth helped drive transactions despite overall flagging demand.

⚾ New Ohtani record: The one of one signed 2025 Topps Chrome Shohei Ohtani Gold Logoman sold for $3 million at auction, setting a new record for both any Ohtani card and any ultra-modern baseball card.

💵 Tricolor fraud: The top executives of the bankrupt subprime auto lender Tricolor have been charged with “systematic fraud” as part of the case that rocked the private credit world earlier this year. The company is accused of pledging the same loans to multiple lenders and manipulating loan data.

🤖 Lovable fundraise: Vibe-coding AI startup raised $330 million at a $6.6 billion valuation, more than tripling its valuation from July.

🚀 Cleantech funding: Global venture capital funding in the cleantech sector has reached only $24 billion so far this year, the lowest total since 2020, though Q4 has seen the highest total of any quarter in 2025.

🪙 North Korea crypto theft: Hackers from the rogue nation have stolen more than $2 billion worth of crypto in 2025, a 50% rise over last year, a major concern for an industry that is still trying to convince mainstream investors that it is a safe place to put funds.

Monday: Last day of Hanukkah.

Tuesday: Consumer confidence index released.

Wednesday: Christmas Eve - markets close early.

Thursday: Christmas - markets closed.

Friday: Federal holiday, but markets will be open; Kwanzaa begins.