30th May 2022
Bite-sized business news from the UK and beyond
Good morning Congratulations to Nottingham Forest, who yesterday won the Championship play-off final at Wembley, often dubbed the richest match in world football with the winning team receiving a promotion to the Premier League and an estimated £170m.
- Fast fashion favourite on the ropes
- Investors turn to art in record levels
Fast fashion favourite on the ropes
Other stories to keep you in the loop
- Chelsea sale: Todd Boehly consortium set to complete deal on Monday
- Help to Buy application deadline brought forward by 2 months
- KPMG to hire 3,500 tech workers for new digital products business
- Beckham-backer Authentic Brands Group in talks to seal £300m Ted Baker takeover
- Japan to reopen to foreign tourists after two-year pandemic closure
- Payments start-up Bolt lays off a third of its 900 staff
Investors turn to art in record levels
- Pandemic-era online bidding has allowed new buyers to participate anywhere without using an intermediary, creating a new pool of bidders (particularly from Asia).
- A steady stream of new billionaires (one for every 30 hours since the pandemic started) getting in on the action has created a demand for lesser-known artists.
- Art is seen as a safe investment in an increasingly uncertain stock market, providing stable long-term returns with gains comparable to those of high-yield bonds.
- Big names have been hitting the market, not just Andy Warhol but pieces from renowned artists like Jean-Michel Basquiat and Mark Rothko commanded eight-figure bids.
Stat of the day
More than 16,000 street parties are expected to be thrown over the Queen’s Platinum Jubilee bank holiday weekend
Interesting links from around the web