PLUS: Cryptoâs getting crushed, and bad news for Cerebral.
[The Hustle] Apple reportedly plans to replace its infamous lightning port with the more widely used USB-C next year. Consider this a win for your charger collection. In todayâs email: - Auction season: Why this could be a huge year for art.
- Chart: You canât spell crypto without âcry.â
- Cerebral: Feds have questions about its prescriptions.
- Around the web: New frogs, an interactive web story, a metaverse glossary, and more cool internet finds. ð§ On the go? [Listen to todayâs quick podcast]( to hear Jacob and Juliet unpack why Disney would spend $500m on a single ride, and how itâs nearly won the streaming wars in doing so. The big idea
[Andy Warhol's Marilyn Monroe]( Why 2022 could be a massive year for art The 2 most expensive pieces of American art to sell at auction were created by a pair of old Greenwich Village pals. In 2017, Jean-Michel Basquiatâs âUntitledâ (1982) sold for $110.5m, setting the record for an American work. On Monday, Andy Warholâs âShot Sage Blue Marilynâ [shattered]( Basquiatâs record, selling for $195m, per The New York Times. The purchase⦠⦠kicked off a 2-week auction marathon with an estimated $2.6B on the line. And expectations are high â Warholâs record-breaking painting sold in 4 minutes, proving that, despite a terrible stretch for the stock market, thereâs still an appetite for iconic paintings. After weathering a turbulent 2020, the art market bounced back with a massive recovery in 2021. A recent [report]( from cultural economist Clare McAndrew attributes the rebound to several factors, including some new trends: - Online sales, which accounted for 20% of total sales in 2021
- NFTs, which pulled new buyers into the fold â 78% of Sothebyâs NFT bidders were new to the auction house, and 50%+ were under 40 This contributed to $65B in total sales for auction houses selling art and antiques â up 29% from 2020, and eclipsing 2019âs total as well. But 2022 could be bigger One reason? Art is often viewed as a [hedge]( against inflation, which is near [40-year highs](. Another reason is an influx of pieces from some big-time names, including: - Basquiat, whose [billboard-sized]( âUntitledâ is worth an estimated $70m
- Mark Rothko, who has 2 paintings going on auction estimated at $145m combined
- Jackson Pollock, whose âNumber 31â has an asking price of $45m+ So, why are there so many heavy hitters on the market this spring? According to one expert, itâs pretty simple â looking at the marketâs performance these last 2 years, sellers believe itâs a good time to sell. [Share on Facebook]( [Share on Twitter]( [Send as email to a friend](mailto:?subject=The%20Hustle%20wrote%20something%20I%20think%20you%27ll%20like...%0A&body=Why+2022+could+be+a+massive+year+for+art%0Ahttps%3A%2F%2Fthehustle.co%2F05122022-year-of-art%3Futm_campaign%3DAndy%2BWarhols%2BMarilyn%2BMonroe%26utm_content%3D05122022-year-of-art%26utm_medium%3Demail%26utm_source%3Ddaily%0A%0AYou%20can%20subscribe%20with%20my%20link%20here%20to%20get%20the%20latest%20in%20tech%20and%20business%20daily:%0A [View on our website]( SNIPPETS Itâs official: Yesterday Google [announced]( its 1st smartwatch, which will be called the Pixel Watch and will go on sale in the fall. Bad breakup: FIFA and Electronic Arts (EA) [called it quits](. EAâs licensing deal with FIFA expires next year; afterward, the video game publisher will rebrand its soccer game to EA Sports FC. More stores: Ikea [announced]( plans to invest $3B+ in its mazes stores, which includes building new stores and renovating old ones. The plan will span all 32 regions where the company operates. Old social: TikTok [launched]( a âFriendsâ tab to replace its current âDiscoverâ tab and allow users to get more frequent updates from people they follow. Yikes: Carvana [laid off]( 2.5k workers, many over Zoom. The employees were primarily in operational roles, and made up ~12% of the online car dealerâs workforce. UPDATE: In January, we wrote about [cheap real estate]( in the Great Plains. Well, buyers are taking advantage, with one couple [snagging]( a free Dutch Colonial home in Lincoln, Kansas. Itâs a fixer-upper, but costs ~$2m less than a dilapidated home in San Francisco. --------------------------------------------------------------- Hey â enjoy getting quick updates on what you care about? Take [20 seconds]( to personalize your Snippets. Pick your preferencesð and weâll send you more of what you love. Boom. [Personalize my Email â]( chart
[Bitcoin and Ethereum prices]( Singdhi Sokpo Brace yourselves, crypto winter is coming On Tuesdayâs [earnings call](, Coinbase CEO Brian Armstrong said, âIronically⦠Iâve never been more bullish on where we are as a company.â Coinbase stock also happens to be down ~60% in the last 5 days. So whatâs the deal? - Generally, the crypto markets are feeling an extra icy-hot burn amid a broader market sell-off.
- As such, monthly transacting Coinbase users have [fallen]( 51% to 6.1m quarter-over-quarter. Armstrong admitted heâs anticipating a so-called âcrypto winterâ and plans on making use of his $7B balance sheet to get through it â by hiring talent and acquiring companies. BTW: This might be a good time to bring back the âLiquidatedâ [parody remix]( to Avril Lavigneâs âComplicated.â [Share on Facebook]( [Share on Twitter]( [Send as email to a friend](mailto:?subject=The%20Hustle%20wrote%20something%20I%20think%20you%27ll%20like...%0A&body=Brace+yourselves%2C+crypto+winter+is+coming%0Ahttps%3A%2F%2Fthehustle.co%2F05122022-crypto-prices%3Futm_campaign%3DAndy%2BWarhols%2BMarilyn%2BMonroe%26utm_content%3D05122022-crypto-prices%26utm_medium%3Demail%26utm_source%3Ddaily%0A%0AYou%20can%20subscribe%20with%20my%20link%20here%20to%20get%20the%20latest%20in%20tech%20and%20business%20daily:%0A [View on our website]( Free Resource
Can you work a spreadsheet? Those with next-level Microsoft Excel skills are revered at The Hustle. As they well should be. Looking at you, Scott. Spreadsheets are one of the great tools for business professionals. Absolute gold for organization, productivity, and blessing your colleagues with that clean feeling of gazing at a well-trimmed lawn. Take the free [Excel for Marketers crash course]( You can master spreadsheet fundamentals much quicker than you think. From functions to formulas to formatting to filters⦠Good god, this HubSpot Academy blueprint has it all â in great depth. Start turning raw data into everything youâve ever wanted. [How to excel at Excel â]( Health Tech
[Cerebral]( The DOJ is scrutinizing mental health startup Cerebral Many Americans have turned to virtual health care services, but one is now the subject of a federal investigation. Cerebral is a $4.8B online mental health platform. Its [membership tiers]( include virtual therapy only, or therapy combined with prescription medication. Convenient, but now the DOJ is investigating if some prescriptions violated the [Controlled Substances Act](, [per]( Business Insider. Whatâs the issue? Amid the pandemic, the federal government [began allowing]( online prescriptions for certain Schedule II drugs. That opened the door for Cerebral to prescribe stimulants like Adderall for patients diagnosed with ADHD. Cerebral hasnât been formally accused of any wrongdoing yet, but: - In March, The Wall Street Journal [reported]( that some providers felt pressured to prescribe stimulants, and that the 30-minute virtual visits were too short to diagnose someone with ADHD.
- In April, a former Cerebral exec [sued]( the startup, alleging that it prescribed stimulants as a way to retain patients and that he was fired when he tried to flag concerns. The company has denied these allegations, is cooperating with the federal investigation, and has paused prescriptions for new ADHD patients. Why it matters Many Americans run into roadblocks when seeking care. A 2021 survey from the National Alliance on Mental Illness [found]( that, in addition to cost barriers, 48% of respondents werenât sure if they were eligible for care, while 39% didnât know how to access services. Even among the insured, [systems]( can be difficult to navigate â many providers arenât in-network, and others have long wait times. Startups can play an important role in streamlining access â but only if theyâre safe. [Share on Facebook]( [Share on Twitter]( [Send as email to a friend](mailto:?subject=The%20Hustle%20wrote%20something%20I%20think%20you%27ll%20like...%0A&body=The+DOJ+is+scrutinizing+mental+health+startup+Cerebral%0Ahttps%3A%2F%2Fthehustle.co%2F05122022-Cerebral%3Futm_campaign%3DAndy%2BWarhols%2BMarilyn%2BMonroe%26utm_content%3D05122022-Cerebral%26utm_medium%3Demail%26utm_source%3Ddaily%0A%0AYou%20can%20subscribe%20with%20my%20link%20here%20to%20get%20the%20latest%20in%20tech%20and%20business%20daily:%0A [View on our website]( AROUND THE WEB ð On this day: In 1994, Quentin Tarantinoâs Pulp Fiction [premiered]( at the Cannes Film Festival, later winning the Palme dâOr. ð¸ Thatâs cool: Scientists in Mexico have [discovered]( 6 new species of frogs. Theyâre all very small, especially the ½-inch Craugastor candelariensis, Mexicoâs new smallest frog. ð¤ Useful: Is your head spinning with all this metaverse talk? Hereâs [a glossary]( of terms. ⺠Cure boredom: Birdland is an interactive coming-of-age [story]( set at summer camp â and in your characterâs dreams, which may involve being the sheriff of a town populated by bird people. ð Aww: Mo Thompson is an Alaskan dog walker and trainer who [shuttles]( her furry clients around in a minibus. Meme of the Day
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