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For the first half of 2024, Sotheby’s earnings seemed to have nosedived—by 88 percent.
Sotheby’s reported an 88 percent drop in core earnings and a 25 percent decline in auction sales for the first half of 2024, as the art market faced significant challenges, particularly in Asia, where sales have slowed sharply in China. In response, the auction house secured a $1 billion investment from Abu Dhabi’s sovereign wealth fund, ADQ, to help reduce more than $1 billion in debt.
The Cooper Union returns to tuition-free education, starting with the class of 2025.
The Cooper Union will reinstate tuition-free education for all undergraduate seniors starting with the class of 2025, as part of its 10-year plan to return to free tuition by the 2028-29 academic year. This decision, which follows a $6 million alumni grant, reverses a decade-old policy shift caused by financial difficulties.ditional financial securities, arguing that such a move could harm artists, collectors, and innovation within the digital art space.
Phoebe Philo’s LVMH-backed label will hit brick-and-mortar shops later this month.
Previously only available online and direct-to-consumer, Phoebe Philo’s fashion label is expanding its distribution strategy by releasing stock to brick-and-mortar stores in key cities across Europe and the U.S. The Webster, 10 Corso Como, and Bergdorf Goodman are all expected to stock the brand after its upcoming edit drops online on Sept. 10.
Nordstrom Men’s gets a temporary Jacquemus concept shop for Fashion Month.
Nordstrom will create a temporary boutique for Jacquemus at its New York City men’s store, marking the brand’s first shop-within-a-shop partnership with a U.S. retailer. Open through the end of September, the space showcases the fall 2024 men’s collection along with select women’s ready-to-wear and accessories.
Prices for some Canva users are more than tripling as the platform unrolls AI toolkits.
Canva recently took some users by surprise, dramatically increasing prices for its Teams subscription by over 300 percent. The graphic design software service cited the value added by its new generative AI features, which will see U.S. fees rise from $120 to $500 annually, albeit with a discounted first-year price of $300.
Today’s attractive distractions:
Jools Lebron’s trademark case shows a lucrative side to “demure.”
A Spanish grocer’s pineapples are unlikely symbols of hookup culture.
For burgeoning art film fiends: A24 dropped a kid’s film monograph.
Another canvas of Titanic wreckage turns up a rare sculpture.
