Alternative Investing Report - August 11, 2025

*as of 8/10; Sources: S&P, BTC, FTSE, DJRE, GOLD

Puck News and ARTDAI took a look at auction data for the first half of the year to compile their Hot 50 lists of artists sorted by the dollar value sold, the number of lots sold, the overall hammer ratio, and the max sold price. Familiar names led the way, with Picasso topping the dollar value sold and number of lots sold ranking, with 342 lots sold for $103.6 million. Magritte, Basquiat, Warhol, Monet, and other giants also top the lists, with Yayoi Kusama the top-ranking female artist in dollar value. The hammer ratio list, which measures how much a given artist exceeded their pre-sale estimates, could be a measure of artists whose markets are on the way up.

➨ TAKEAWAY: Blue-chip names are still leading the way at auction, and though this data does not include any private sales, it is likely that those are trending the same way. In volatile markets, there is usually a flight to quality, especially at the top end. Where there has been more variation and speculation is in lower valued works, where buyers have been willing to go well above estimates to ensure they win the lot.

Last month, the U.S. House of Representatives passed The Equal Opportunity for All Investors Act of 2025, which directs the SEC to create a test that individuals can take to become an accredited investor, regardless of income level or net worth. The test would ensure that an investor is financially literate and understands the characteristics of private market investments.

➨ TAKEAWAY: Many attractive investments in real estate, private credit, pre-IPO venture and other alternative assets are only available to accredited investors, and allowing anyone to become accredited is a step that is long overdue. The bill still needs to pass the Senate, but alongside last week’s executive order to allow private market investments into retirement funds, it is a clear sign that the government is ready to expand access to private markets.

🪙 Ethereum tops $4,000: For the first time this year, the second biggest cryptocurrency surged past $4,000, and is up more than 20% in the past week as the stablecoin market continues to grow and crypto treasury companies stockpile ETH.

⚾ Record July for trading cards: More than $308 million worth of sports and trading cards were sold online last month, breaking the record that was just set in June. Notably, that doesn’t include in-person sales, and with the record attendance at last month’s National it’s safe to say it was likely the best month ever for the industry.

🚀 Biggest funding rounds of the week: Healthcare startups were responsible for four of the top ten funding rounds last week, but the biggest round was raised by public safety software company First Due, which secured $355 million.

🏢 Apartment occupancy stays steady: The national U.S. occupancy rate was unchanged in July at 95.5%, and is up 140 basis points year-over-year, though rent growth has slowed to just 0.2% year-over-year.

🏡 Single-family permits fall: The first half of 2025 saw single-family permitting drop by 6.3%, with double-digit declines in Jacksonville, San Antonio, and Boston, and with the biggest increases coming in Kansas City, Orlando, and Cincinnati.

🏀 Caitlin Clark card sale: While it did not approach the $660,000 record sale from last month, an Immaculate Logowoman 1 of 1 card did sell for $317,000, the third-highest sale for any Clark card and one of the top sales ever for a women’s sports card.

This week: Monterey Car Week, with RM Sotheby’s global flagship sale starting on Friday, featuring dozens of seven-figure cars. A 1997 McLaren F1 with an estimate of $23 million will also be sold this week.

Tuesday: Consumer price index (CPI) and core CPI inflation reports released; Small Business Optimism Index released; China-U.S. tariff extension expires.

Thursday: Producer price index (PPI) and core PPI inflation reports released.

Friday: U.S. retail sales data released; Gooding Christie’s Pebble Beach car auction, with more than 40 cars expected to sell for more than $1 million.