Alternative Investing Report - December 23, 2025

*as of 12/22; Sources: S&P, BTC, FTSE, DJRE, CL50

Last weekend’s Heritage Auctions Winter Sports Catalog auction saw multiple big-ticket sales of Mickey Mantle memorabilia, led by a $1.5 million sale of a 1952 Topps card graded PSA 8, an autographed 1952 Topps that sold for $945,000, and a World Series used jersey that sold for $405,000. Other major sales included a 1 of 1 Michael Jordan/Kobe Bryant card that fetched $3.17 million, a new record for an unsigned basketball card, and a game-used 1987 Larry Bird jersey that sold for $524,000.

➨ TAKEAWAY: The PSA 8 Mantle sale was the highest that a card in that grade has gone for in nearly four years, and is almost 50% higher than comparable sales from 2023. While this result could be an outlier, it is representative of a rebounding market that seems to have hit bottom after the decline from the 2021-22 peak. The Jordan/Kobe card speaks to the enduring popularity of both athletes, and how Kobe’s market in particular continues to grow. On the high end, for particularly unique items, it seems that the collectibles market is poised for a strong 2026.

In this episode, 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 prediction markets, their regulatory landscape, and the competitive dynamics between these platforms. The discussion also touches on the future of prediction markets, their integration into existing trading platforms, and the potential for new market entrants.

🏢 Top industrial markets: Richmond, VA led the way in CoStar’s rankings of the best markets for small-bay industrial real estate, followed by Tampa and Nashville. Richmond and Nashville also placed in the top-3 for big box industrial. The top markets have seen limited inventory growth which has led to lower vacancy rates and strong rent growth.

💵 Evergreen funds: The number of evergreen funds, which are mostly made up of private market assets, has reached more than 500 in the U.S., nearly doubling since 2022. The net AUM of those funds has doubled in that time, from $250 billion to $500 billion, as these funds have become increasingly popular among investors.

🪙 JPMorgan to offer trading: The Wall Street bank is reportedly exploring the possibility of allowing its institutional clients to trade digital assets, including spot and derivatives trading.

🏡 Top and bottom 2026 markets: Atlantic City, Knoxville, and Green Bay lead the list of the markets with the highest projected home price gains next year, while New Orleans, Shreveport, and Fairbanks are projected to see the highest price declines in 2026.

🚀 Pre-IPO fraud: A New York-based investment manager was arrested and charged with fraud for promising clients access to pre-IPO shares of the defense tech startup Anduril, taking millions of dollars without actually having access. This is a reminder to all investors to only deal with reputable brokers and platforms.

🎨 Koch Western art collection: Two January auctions at Christie’s will offer billionaire Bill Koch’s American Western art collection for sale, which is estimated to sell for more than $50 million. The American Western sector of the art market has been growing in recent years, and this auction will spotlight it even further.

Ever dreamed of being a lighthouse keeper? The Historic Braddock Point Lighthouse in Hilton, NY, just outside of Rochester on Lake Ontario, is now for sale for $995,000, down from $1.2 million in October. The property has nearly 5,000 square feet of livable space across the main house, a carriage house, and the lighthouse, which is operated automatically. The main house has 4 bedrooms and 3.5 baths, with access to the lighthouse tower and panoramic views of the lake. The carriage house is 2 beds/1.5 baths, and can be used as a guesthouse or rental, and the property itself was previously run as a successful bed and breakfast. It last sold in 2021 for $950,000 and was listed in April for $1.495 million, before seeing the price drop dramatically.