Why Andy Warhol Is No Match for Jay Powell—Heard on the Street
Auction sales of paintings that cost more than $10 million fell 44% last year, and continue to be depressed in 2025. Is weakness at the top of the art market a sign wealthy collectors are growing concerned about the future? Tariffs and economic uncertainty may be making them wary of tying up millions of dollars in illiquid assets like paintings. 🔎 Read more:
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Bloomberg
9 minutes ago
- Bloomberg
What's a ‘Secondary Tariff' Like the One Trump Imposed on India?
In his second term as US president, Donald Trump has used tariffs as a blanket solution to pursue a wide range of goals: increasing domestic manufacturing and foreign market access, boosting federal revenue, and even punishing the government of Brazil for prosecuting his political ally, former President Jair Bolsonaro. Now he's deployed a tool he calls a 'secondary tariff' in an effort to get countries to distance themselves from US adversaries. On Aug. 6, Trump announced that such a tariff on imports from India would take effect in 21 days. On top of an existing 25% levy on goods from India, he added an additional 25% tariff to penalize India for buying oil from Russia.


CNN
10 minutes ago
- CNN
China seizes the moment to praise ‘beloved Brazilian coffee' as Trump's tariffs take effect
South America Asia China Donald TrumpFacebookTweetLink Follow The 50% tariffs announced by US President Donald Trump on many Brazilian products took effect Wednesday, a situation that China is already taking advantage of by opening its market to Brazilian coffee, one of the products most affected by the trade measures. China's embassy in Brasilia said that Chinese companies 'are arriving' in Brazil, sharing a video on X featuring its food delivery giant Meituan. 'And the bridge is bidirectional: Brazil is also consolidating its presence in China with its beloved Brazilian coffee,' the post said. Days earlier, the embassy announced that China had authorized 183 new Brazilian coffee companies to export to the Chinese market, with a five-year permit. In another message, it highlighted the growth of coffee consumption in the country, saying the beverage 'has been gaining a place in the daily lives of the Chinese.' A nation of coffee-drinkers, the United States is the world's largest coffee importer. Its main supplier is Brazil, which in 2024 shipped 30.7% of the 1.5 million metric tons bought by the US market. Analysts have told CNN that Trump's trade measures may prompt the Brazilian government to foster closer ties with other partners. While the United States has a trade surplus with Brazil, the White House has presented political arguments for the 40-percentage-point increase in tariffs on the South American country. An executive order that Trump signed last week with the new tariff scheme accuses the Brazilian government of committing 'serious human rights abuses' with its prosecution of former President Jair Bolsonaro, a Trump ally who is on trial over an alleged coup plot against President Luiz Inácio Lula da Silva. Bolsonaro has denied all allegations of wrongdoing. The order was signed days after Trump demanded in a letter that Brazil end the trial 'immediately,' accusing Lula of carrying out a 'witch hunt' against Bolsonaro. Lula responded by saying, 'The judiciary branch of power in Brazil is independent. The president of the Republic has no influence whatsoever,' adding that Bolsonaro 'is not being judged personally. He is being judged by the acts he tried to organize a coup d'etat.' The Brazilian government has promised to respond to Trump's trade measures, but has not yet announced what steps it will take. Lula has stated that his country must be treated as an equal in any potential trade negotiations with the United States, and emphasized that there is a 'limit to discussion' with the Trump administration. On Wednesday, Chinese Foreign Ministry spokesman Guo Jiakun said at a press conference that cooperation between Beijing and Brasília 'has benefited both peoples,' and assured that China is willing to deepen the relationship 'in various fields and add new strategic dimensions.'

Wall Street Journal
11 minutes ago
- Wall Street Journal
Duolingo Second-Quarter Profit Up, Revenue Climbs on Rise in Bookings, Active Monthly Users
Duolingo DUOL 0.97%increase; green up pointing triangle posted higher revenue in the second quarter after the company saw a surge in total bookings and active monthly users. The mobile learning platform on Wednesday reported a profit of $44.8 million, or 91 cents a share, compared with $24.4 million, or 51 cents a share, last year.