{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"Open Bid — Daily Morning Briefing on Auctions, Luxury & Markets","title":"The Fed Turns Hawkish in Warsh's Debut; Stocks and Gold Fall; a $35M Picasso Leads Art Basel","html":"","width":"100%","height":180,"duration":325,"description":"June 18: The Fed Turns Hawkish in Warsh's Debut; Stocks and Gold Fall; a $35M Picasso Leads Art Basel\nKevin Warsh's first Fed meeting turns hawkish and sends stocks and gold lower; a $35M Picasso leads a cautious Art Basel; Christie's unveils the Jim Irsay Collection; and two fights break out over who really owns a work of art.\nALT/FNDATA\n- Membership (PODCAST15 for 15% off): https://altfndata.com/go/ob-260618\n- Market reports: https://altfndata.com/go/ob-260618-r\n- Podcast episodes: https://altfndata.com/go/ob-260618-p\n\nMarkets — The Fed Turns Hawkish\n- In his first meeting as chair, Kevin Warsh held rates steady but the Fed's projections showed nearly half of policymakers now expect at least one rate hike before the end of 2026 — firmer than investors expected.\n- Bond yields jumped; stocks fell. The Dow closed −1.0% (~51,500), the S&P 500 −1.2% (~7,420). The US–Iran optimism gave way to a more sober rate view.\n- This morning: gold dropped to ~$4,262/oz (it pays no yield, so a higher-rate outlook hurts it); oil eased to ~$74 (Hormuz supply). European luxury opened lower — LVMH (MC) −0.8%, Burberry (BRBY) −1.2%, Hermès/Kering/Richemont modestly lower.\nLuxury Business\n- Diageo (Johnnie Walker) — its new CEO is telling managers to cut jobs and costs (FT), a sign of pressure on the drinks industry post-boom.\n- Allbirds has sold its brand assets to licensing firm American Exchange Group — a quiet end to its run as an independent company.\nCars & Watches (more in today's Auto Market)\n- Bentley unveiled a 1-of-100 bespoke Continental GT S; Evoluto built a restomod of the 1990s Ferrari F355, limited to 55 cars.\n- In LA, the third annual Open House gathered independent watchmakers and collectors — more energy around the independent end of watchmaking, the corner setting records at auction.\nArt Basel, Day Two\n- Buyers active at the top end despite a cautious mood; a Picasso led early sales at ~$35M.\n- ALT/FNDATA data: the most valuable Picasso in our database is Les Femmes...","thumbnail_url":"https://img.transistorcdn.com/1z6r8f5r5Nhr5bhZafuzDRKp6vb1jRw2SVyBQTEXHzQ/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS8yZjBi/ZDI5ODQ1ZTAwOTg3/MzMyNTZmOTEwNTY2/NDFiYS5wbmc.webp","thumbnail_width":300,"thumbnail_height":300}