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The Daily Courant
PMI

Sotheby’s $433M Paradox, Hollywood’s Greed Index, Jeffries’ Midterm Nightmare

Welcome back to The Daily Courant, your afternoon guide to Puck’s best new reporting. Here’s what you need to know… and stick around for more on the latest New York Times kerfuffle.

Also, an exciting announcement! Subscribers to Puck’s Inner Circle—our highest tier of membership, which unlocks access to additional, exclusive newsletters brimming with professional insights—now also receive complimentary access to Air Mail. Click here to sign up for the most essential reporting from Puck and our elegant sister brand, a haven of weekly cultural reportage from some of the most talented (and tasteful) journalists working today.

  • In the Room: Nick Kristof’s radioactive New York Times column on alleged abuse in Israeli prisons drew a libel threat from Bibi Netanyahu—and reopened a schism between the newsroom and Opinion section. Dylan Byers takes an inside look at how the drama is playing out on Eighth Avenue. [Read More]
  • Dry Powder: Trump’s S.E.C. is trying to “make I.P.O.s great again” by eliminating Wall Street’s quarterly reporting requirement in favor of a semiannual filing schedule. Bill Cohan investigates how the potential rule change could backfire dramatically for businesses and investors alike. [Read More]
  • The Best & The Brightest: Some 20 members of the Congressional Black Caucus are in danger of losing their seats in redrawn Southern districts after SCOTUS gutted the Voting Rights Act. Marianna Sotomayor investigates the curious silence from prominent Democrats and the implications for Hakeem Jeffries’ speakership ambitions. [Read More]
  • Wall Power: The numbers from Sotheby’s Thursday evening sale were very strong, with $433 million worth of art sold (including a $52.7 million Basquiat). Marion Maneker breaks down the bidding and why the results belie a market still searching for confidence. [Read More]

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  • Wall Power: Meanwhile, Sotheby’s moved 93 percent of its 350 lots in its Friday day sale—a sell-through rate that, historically, signals a market boom. Marion parses the results and how a $750,000 sale became the new $500,000. [Read More]
  • Line Sheet: Fresh shopping data reveals that economic anxiety hasn’t slowed the American shopper—it’s just made them more selective. Maya Tribbitt digs into the retail trends emanating from ShopMy’s April sales report, and why a four-figure pair of sneakers suddenly feels like a bargain. [Read More]

Meanwhile, on the pods…

  • The Powers That Be: Peter Hamby and Jon Kelly reunite to discuss Matt Belloni’s eye-popping media C.E.O. comp index before turning to Byron Allen’s seemingly harebrained plan for BuzzFeed. [Listen Here or Watch on YouTube]
  • The Powers That Be: Leigh Ann Caldwell chats with Congressman Adrian Smith about Trump’s beef with Canada and the G.O.P.’s “affordability” balancing act, presented by the American Chemistry Council. [Listen Here or Read Here]

And now, a little more on the Times’s latest controversy…

 

MEDIA

Will There Be “Blood Libel”?

Will There Be “Blood Libel”?

Even by New York Times standards, it was a heavy week: Nick Kristof’s radioactive Opinion piece—a lengthy exposé alleging abuse of Palestinians by Israeli prison guards—set off accusations of antisemitism, incredulous editorials from The Wall Street Journal and The Free Press, and, on Thursday, a libel threat from Bibi Netanyahu himself. The Times is standing by its star Opinion columnist, citing rigorous fact-checking and numerous on-the-record accounts. Inside the building on Eighth Avenue, however, the response has been considerably less unified.

As Dylan reports, some Times journalists remain suspicious of Kristof’s sourcing for the most incendiary allegations, skeptical that those sources would have cleared the newsroom’s standards rather than Opinion’s, and miffed that a Pulitzer-eager columnist brought outside scrutiny over a piece that should have been in their jurisdiction. “I am sick of being embarrassed by the Opinion section,” one insider told Dylan. Indeed, the episode amounts to the first real crisis of the otherwise (mostly) peaceful Joe Kahn era…

Click here to read Dylan’s full story.

WALL STREET

William D. Cohan William D. Cohan
All the Light We Cannot S.E.C.

All the Light We Cannot S.E.C.

Trump’s S.E.C. is pushing to eradicate Wall Street’s quarterly reporting requirement—an idiotic proposal that his administration believes will “make I.P.O.s great again.” Let’s count all the ways this could backfire…

WASHINGTON

Marianna Sotomayor Marianna Sotomayor
Can Jeffries Save the C.B.C.?

Can Jeffries Save the C.B.C.?

No one on the Hill is feeling the Democratic Party’s string of redistricting losses more than the Congressional Black Caucus, which stands to lose many of their members in the redrawn South. Naturally, they’re turning to their fellow Democrats for help, but will they show up?

A MESSAGE FROM OUR SPONSOR

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ART

Marion Maneker Marion Maneker
Sotheby’s $433 Million Pep Talk

Sotheby’s $433 Million Pep Talk

The numbers from Sotheby’s last night were very strong—the Mnuchin sale totaled $166 million, and the various owners’ sale made nearly $267 million—but the market still hasn’t rebuilt the confidence necessary to see real momentum pick up again.

ART

Marion Maneker Marion Maneker
Sotheby’s Day Sales Smoke Signals

Sotheby’s Day Sales Smoke Signals

News and notes on the revealing trends surrounding Sotheby’s latest round of day sales, in which 93 percent of the 350 lots found buyers. Is this another sign of a market boom?

FASHION

Maya Tribbitt Maya Tribbitt

The Month in Shopping: Summertime Gladness

Under a cloud of economic anxiety, the latest shopping data shows that consumers plan to break out in fashion that feels comfortable, escapist, and faintly indulgent.

MEDIA

Peter Hamby Peter Hamby
Jon Kelly Jon Kelly
The Powers that Be Daily, Starring Peter Hamby

Media Monday: The Media C.E.O. Comp Index & Byron Allen’s Hallucination

The besties Jon Kelly and Peter Hamby are reunited for a readout of Matt Belloni’s expert media C.E.O. comp analysis. Who has been the most overpaid top executive during the past two decades? Whose salary and options underwhelmed? The duo discuss. They also dig into Byron Allen’s seemingly harebrained plan for BuzzFeed.

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