Alternative Investing Report - May 19, 2026

*as of 5/18; Sources: S&P, BTC, FTSE, DJRE, CL50

A number of records were set across a diverse range of collectibles auctions over the past weekend, led by a $10.25 million sale of a rare Patek Philippe watch, only the third vintage watch to ever command 8-figures. Heritage Auctions’ latest sports card and memorabilia auction was highlighted by an $838,000 Aaron Judge card, a pair of Kobe Bryant cards that each sold for more than $600,000, and Herb Brooks’ “Miracle On Ice” championship ring, which fetched $549,000. Meanwhile, at Goldin auctions, a rare Pikachu Trophy Pokémon card sold for $1.77 million, the third-highest Pokémon card sale ever.

➨ TAKEAWAY: The asset class added to its strong 2026 so far, as capital continues to flow to high-end items across different types of collectibles. The highest premiums are going to rare and 1 of 1 items, often with historical significance or unique provenance. After the post-pandemic market correction of the past few years, strong results like those of the past weekend are a welcome sign for the industry.

In the newest episode of Smart Humans, Vincent's Slava Rubin talks with tZERO's CEO Alan Konevsky about tokenization, the future of financial infrastructure, and what it means for investors.

🤖 Musk loses to OpenAI: A federal jury ruled that Elon Musk waited too long to sue OpenAI and its CEO Sam Altman, and dismissed the lawsuit without addressing the substantive allegations. Musk immediately vowed to appeal, though his chances of success seem low as the evidence showed his claims fell outside the statute of limitations.

💵 BlackRock fund probed: Federal prosecutors at the Manhattan U.S. Attorney’s office are reportedly investigating BlackRock's publicly traded private credit fund, TCP Capital Corp. (Nasdaq: TCPC), focusing on its asset valuation practices. The probe follows a 19% decline in the fund’s NAV in January that has led to its share price falling by 30% so far this year.

🚀 SpaceX to IPO in June: The highly anticipated $75 billion public offering of the world’s largest private company is reportedly happening around June 12. The target valuation is said to be $1.75 trillion, and the IPO would be the largest in history.

🏡 Exurbs growing quickly: Since 2020, the fastest-growing areas in the country have been located in the exurbs, the furthest reaches of the suburbs, particularly those surrounding cities in Texas. The rise of remote work and affordability issues in urban areas is leading to the migration outwards.

🪙 CME launching crypto index: Pending regulatory approval, CME Group will launch a new crypto index futures contract on June 8, which will settle based on the Nasdaq CME Crypto Settlement Price Index. That index tracks Bitcoin, Ethereum, Solana, XRP, Cardano, Chainlink, and Stellar Lumens, and the new futures product will allow investors to get “broad-based exposure to the overall crypto market.”

💵 PE firms selling at loss: For the first time since the data started being tracked in 2010, the average difference between what private equity firms sold portfolio companies at and their reported paper value was negative. Liquidity concerns and investor pressure are forcing fund managers to sell assets at a loss as the industry continues to struggle with limited exit activity.

A unique 3-bedroom, 4 bathroom Seattle townhouse built in a church just hit the market for $2.42 million. The 2,610 square-foot unit is one of 12 built inside the former First Church of Christ Scientist, originally completed in 1908 and renovated fifteen years ago after the church changed locations. The building retains a lot to remind residents of its former tenant, with 35-foot high ceilings, stained glass windows, and gothic interiors. Located in the trendy Capitol Hill neighborhood, the townhome also comes with a two-car garage and - arguably its best feature - a secret whiskey room hidden behind a mirror.