Market Updates

The Emily Fisher Landau collection is coming to auction in November at Sotheby’s. The centerpiece is a Picasso painting entitled “Femme à la Montre” that carries an estimate of $120 million. As a whole, the collection of 120 works is expected to fetch over $400 million and also includes paintings by Andy Warhol, Mark Rothko and Georgia O’Keefe, among others.

A bankruptcy court is allowing FTX to start selling its assets. In a recent court filing, the defunct crypto exchange owns an estimated $3.4 billion in crypto assets. The agreement allows it to sell up to $100 million each week, and that number could increase to $200 million. The court rejected the argument that the liquidation could tank crypto markets, though that remains a concern.

Princess Diana’s “black-sheep” sweater sold for over $1.1 million. The sale blew past the initial estimate of $50,000 - $80,000 and set an auction record for a sweater. The iconic item, made famous in the early 1980s, shows signs of wear and was only recently rediscovered by the co-founder of the company that made it.

Major international banks continue to expand their private credit offerings. The German Deutsche Bank announced the formation of DB Investment Partners to target private credit opportunities for institutional and high net worth investors. Meanwhile, the French Bank Societe Generale is raising a $10 billion fund alongside Brookfield Asset Management and other banks such as Barclays and J.P. Morgan have also recently made large investments into the sector.