Alternative Investing Report - July 21, 2025

*as of 7/20; Sources: S&P, BTC, FTSE, DJRE, GOLD

Last week’s entertainment memorabilia at Heritage was the second-highest grossing entertainment auction of all time, highlighted by the $14.75 million sale of one of the original Rosebuds from the 1941 classic Citizen Kane. The sled (spoiler alert) became the second most expensive piece of movie memorabilia ever sold at auction, and represents a significant gain over the last Rosebud that sold in 1996 for $233,000. Another showcase item was a whip from "Indiana Jones and the Last Crusade" that went for $525,000.

➨ TAKEAWAY: The Rosebud sale far exceeded expectations, cementing high-end movie memorabilia as a major asset class within collectibles. Goldin Auctions is holding its first entertainment auction next month, with a different Indiana Jones whip as its centerpiece item. In September, Darth Vader’s lightsaber is for sale at Propstore, and could fetch $3 million or more. The rarity of many pieces of movie memorabilia mixed with nostalgia-fueled desirability make them prime candidates to keep rising in value going forward.

In this episode of Smart Humans, Slava Rubin talks with Energea co-founder Mike Silvestrini about the renewable energy sector and the evolution of solar investments.

Housing inventory in the U.S. continues to grow, rising by 17% year-over-year according to Zillow, and 25% year-over-year according to Realtor.com. Both reports indicate that inventory is at its highest level since November 2019. New listings actually fell in June but are up just over 1% year-over-year, with the rise in inventory largely due to lower sales numbers. Zillow’s report has Cleveland, Louisville, and Hartford recording the biggest price gains over the last year, with the biggest drops coming in Austin, Tampa, and Miami.

➨ TAKEAWAY: Growing supply and lessening demand has pushed the market into neutral territory, with a number of major metro markets shifting towards buyers over the last year. Though the pace of new listings has slowed, the decline in pending sales has led to existing listings staying on the market longer, creating a glut of stale listings. The Midwest and Northeast continue to perform the best, while Texas and Florida markets continue to struggle.

⚾ Faked sports memorabilia: A man found dead of a self-inflicted gunshot wound was an autograph dealer who claimed he was part of a counterfeiting scheme that sold more than 4 million fake items for more than $350 million. While some doubt those numbers, it is clear that there are tons of faked autographs on the market with counterfeit authentications, making it very important to confirm the provenance of signed items.

🚀 Republic tokenization: The investment platform is now offering “mirror” tokens to eight pre-IPO startups, with sixteen more apparently in the works. These tokens are designed to mimic the performance of these companies and are open to retail investors.

🪙 Bullish files for IPO: The Peter Thiel-backed crypto exchange is going public with the ticker BLSH on the New York Stock Exchange, in another example of a crypto startup going forward with an IPO.

🏢 Blackstone targeting rental housing: The world’s largest alternative asset manager is expanding its U.S. real estate holdings, buying single-family rentals, multifamily buildings, student housing, and even mobile homes.

🏡 Housing starts and permits decline: Construction is slowing nationwide, with single-family housing starts falling by 4.6% in June and permits for future construction falling by 3.7%, hitting a two-year low.

🚀 Substack now a unicorn: The online publishing platform raised a $100 million Series C at a $1.1 billion valuation, a 70% rise in value since its last funding round in 2021.

Tuesday: The Federal Reserve banking conference takes place in D.C., featuring speeches from Fed Chair Jerome Powell and OpenAI CEO Sam Altman; Sotheby’s 2025 NBA Finals auction, featuring game-worn jerseys from both teams.

Wednesday: Existing home sales report released.

Thursday: New home sales report released; Heritage’s Movie Poster Signature auction, featuring a pair of lots estimated to sell in the six figures.

Sunday: The Tour de France wraps up with its final stage in Paris.