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$1.1 Billion in Art Sold in Less Than Three Hours
A single evening only brought in $1 billion at auction one other time, Paul Allen’s estate in 2022.
Christie’s May 18 evening sale was headlined by:
Pollock: $181.2M, nearly 3x his previous record
Brancusi: $107.6M, second highest sculpture price ever
Rothko: $98.4M, a new record for the artist
Obvious outliers, but the evening capped a spring auction season that totaled $2.5 billion (roughly 2x last year). This follows a Q1’26 that saw the postwar contemporary art market grow 23.1%.
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*According to Masterworks data. Past performance is not indicative of future performance. Investing involves risk. See important disclosures at masterworks.com/cd
Hey everyone,
I'm a journalist and not an activist, but sometimes these activities look like one another. Today I'm writing you from a city gripped with some of the biggest protests in modern Albanian history. They're calling it The Flamingo Revolution and here's what happened:
Donald Trump's son-in-law Jared Kushner decided to purchase a large chunk of protected wetlands to build an elite resort in Albania. As it turns out the wetlands contain protected flamingos. Now the Prime Minister is fighting for his life.
This is how conflict works. It's not about the flamingos. It about what selling them off to private investors means. It means that you're not on OUR side, you're on YOUR side. That's not a good position for a political leader to be in. People know when they are being lied to. They know when the wealthy are biting off a large chunk of their country. They may have never cared about the flamingos before, but then again, it was never about the flamingos, was it?
Let's get to it,
P.S. We're coming down to zero hour to launch our shoot in Lebanon. If you would consider donating to our shoot you would be keeping independent journalism alive with your tax deductible donation.
Every bit helps. I hope you'll consider it.
Bottom Line Up Front:
1. Washington declares the war with Iran over again, reality disagrees. Iranian drones hit Kuwait's airport, the House voted to claw back war powers, and Hormuz is still mostly closed.
2. Lebanon got a ceasefire Monday and funerals by Wednesday. Israel and Hezbollah agreed to de-escalate but the killing continues.
3. Bolivia's president is asking the army to hold the streets his voters have taken. Two ministers resigned and roadblocks have nearly doubled in two weeks.
4. Europe's offshore detention era officially begins this month. The EU's new asylum rulebook takes effect, built on a playbook Italy tested in Albania.
5. Albania froze the money behind the Kushner resort. Prosecutors seized developer accounts as thousands marched on the prime minister's office.
1. The "Over" War
What Happened
Secretary of State Marco Rubio said this week that the war with Iran is over. Reality unfortunately disagreed. Iranian drones and missiles struck Kuwait International Airport Wednesday, killing one and wounding more than sixty. The US military disabled a tanker headed for Iran's Kharg Island export hub, and the House passed a resolution to halt military action against Iran. So while the funds are drying up, tensions are building.
Why It Matters
Three months in, almost no shipping is moving through the Strait of Hormuz, the artery that carried a quarter of the world's seaborne oil. The player with the most leverage over that artery is not the one bombing it. (Iran has the leverage, and they want Lebanon protected). However, Israel continues to attack Lebanon while China cajoles the United States. China is the world's largest crude importer, more than half of it from the Middle East. Washington will bend to negotiations here. They will leave with less than favorable terms. But not before Israel gets a few more licks in at Lebanon.
What We're Watching For
Whether the Senate takes up the resolution and peels off more Republicans
Any confirmed Chinese mediation step beyond quiet phone calls
If the ceasefire in Lebanon actually holds
2. A Ceasefire Measured in Hours
What Happened
On Monday, Trump announced Israel and Hezbollah agreed to de-escalate: Hezbollah stops firing into Israel, Israel stops striking Beirut's southern suburbs. Within hours, Israeli attacks killed eight people in Lebanon, as a fourth round of US-hosted talks began in Washington, the first direct negotiations in over thirty years. Meanwhile Israel began to threaten Beirut until an alleged call between Trump and Netanyahu called it off.
Why It Matters
Lebanon wants a nationwide ceasefire. Israel wants Hezbollah disarmed before it withdraws. Those are two different wars ending two different ways. And the Lebanon file is not really about Lebanon. Iran's foreign minister warned that Israeli operations there threaten the US-Iran talks themselves. Every strike near Beirut is a stress test on the truce holding the region together. The public fight between Trump and Netanyahu appears to be for the benefit of public audiences and doesn't change the battlefield calculus much.
What We're Watching For
Whether the Washington talks survive a fifth round with strikes ongoing
Any Hezbollah response inside the de-escalation terms, the deal's real boundary
Iranian negotiators tying Lebanon conditions directly to Hormuz access
3. The Siege of La Paz
What Happened
Bolivia's defense and education ministers resigned Tuesday as protests demanding President Rodrigo Paz's resignation paralyzed the country. Roughly 100 roadblocks are up nationwide, nearly double two weeks ago. On Wednesday, Paz said he had prepared a bill empowering the military to confront the protests. Political leaders are changing, economic conditions are not.
Why It Matters
Paz took office in November promising to fix the worst economic crisis in four decades. Seven months later, blockades have emptied the capital's markets and drained hospital oxygen reserves. Paz's answer is soldiers between the state and the street. This is an admission that the problem isn't fixable and the conditions are not sustainable. When austerity arrived alongside a junk gasoline scandal that wrecked working-class vehicles, the reform coalition became the opposition. A government that cannot keep its capital supplied while actively destroying personal property is negotiating its survival.
What We're Watching For
Whether the military bill passes, and whether the army executes it
Cabinet attrition: each resignation pushes Paz closer to the brink
Evo Morales's movement converting street pressure into a political demand
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“Brussels Adopts the Albania Model”
“Albania Is Not for Sale”
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