Christie's May 18 auction was headlined by a $181M Jackson Pollock — the fourth highest price ever. A Rothko also went for $95.4M. A Brancusi fetched $107.6M (second highest ever for sculpture).

Those masterpieces were obvious outliers, but by the end of the evening, $1.1B in art had been sold.

Pollock died in 1956. The number of paintings he left behind is limited. Same for Rothko, Warhol, Basquiat. When one of these works trades at the top of the market, the remaining supply gets thinner and more contested.

That scarcity is what Masterworks was largely built around. Their acquisition committee — former specialists from Sotheby's and Christie's — uses over 3 million data points to identify which pieces to buy.

29 exits have delivered net annualized returns like 16.5%, 17.6%, and 17.8% on those held longer than a year, not including those unsold.

To join Masterworks, my subscribers skip the waitlist by clicking this unique link.

^{*Investing involves risk. Past performance is not indicative of future returns. See important Reg A disclosures at masterworks.com/cd.}

The Minister of Housing and Urban Development, Muttaqha Rabe Darma, has commenced a nationwide inspection of more than 15,000 housing units being developed under various Federal Government housing programmes as part of the Renewed Hope Agenda. The inspection exercise is designed to verify project progress, assess construction quality, identify implementation challenges and accelerate the completion and allocation of housing units to beneficiaries across the country. According to the minister, the nationwide tour will provide first-hand information on project status while ensuring that housing developments are delivered according to approved specifications and timelines. The initiative reflects the Federal Government’s renewed focus on accountability, project monitoring and expanding access to affordable housing.

The MOFI Real Estate Investment Fund (MREIF) has disbursed ₦128 billion in mortgage financing to 1,859 Nigerian families, marking a significant milestone in the country’s efforts to expand affordable homeownership and strengthen housing finance. The achievement was highlighted during a recent review of the fund’s performance, where officials noted that the initiative is helping to bridge financing gaps that have historically limited access to homeownership for many Nigerians. The mortgage programme forms part of broader efforts to deepen the housing finance market, stimulate residential development and address the country’s housing deficit. According to programme officials, the fund continues to attract interest from prospective homeowners, financial institutions and real estate developers seeking sustainable housing finance solutions.

FirstBank has partnered with the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) to expand access to affordable homeownership through a mortgage financing programme offering loans at a 9.75% interest rate. The initiative is designed to address longstanding barriers to housing finance by providing eligible Nigerians with access to long-term, lower-cost mortgage facilities. The programme forms part of broader efforts to deepen the country’s mortgage market, stimulate residential development and improve housing affordability. As Nigeria continues to grapple with a significant housing deficit, stakeholders view affordable mortgage financing as a critical tool for increasing homeownership and supporting sustainable growth in the housing sector.

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A group of indigenous contractors working with the Federal Capital Territory Administration (FCTA) has appealed to the Minister of the Federal Capital Territory, Nyesom Wike, to approve payment for completed and certified contracts executed under the National Shopping procurement framework. The contractors argue that the projects were awarded through established procurement procedures, completed according to approved specifications and subsequently certified by relevant departments for payment. They contend that delays in settling the outstanding obligations have created financial hardship for contractors and disrupted the delivery of some essential public services across the capital.

The Federal Government has abolished the longstanding policy requiring civil servants to proceed on mandatory three-month pre-retirement leave before their official retirement date. The decision, announced through updated civil service guidelines, forms part of broader efforts to streamline administrative processes, improve workforce management and enhance efficiency within the Federal Civil Service. The policy change means eligible public servants can now remain actively in service until their official retirement date rather than disengaging from duties three months earlier. According to government officials, the reform is intended to align retirement procedures with contemporary public sector management practices while ensuring continuity in service delivery.

Nigerian banks lend the equivalent of just 9.4% of the country’s Gross Domestic Product (GDP) to businesses, according to the African Development Bank (AfDB), underscoring the persistent financing challenges facing the private sector. The development finance institution noted that limited access to credit remains a major obstacle to business expansion, industrial development and job creation in Africa’s largest economy. The finding comes at a time when policymakers are seeking to accelerate economic diversification, strengthen local industries and attract greater private-sector investment. The AfDB argues that improving access to finance will be critical to unlocking Nigeria’s growth potential and supporting long-term economic transformation..