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Boom in tech wealth is fueling record prices for dinosaur bones, art and watches, auction houses say

The major auction houses racked up nearly $10 billion in sales in the first half, marking one of the strongest-ever starts to the year as the wealthy gained confidence from soaring financial stock markets. Sotheby's reported its best first half ever, with $4.4 billion in sales, up 58% from last year and marking a record for the 282-year-old auction house. Christie's had its best first half since 2021, reporting sales of $4.5 billion, up 71%. Phillips, Heritage and other auctioneers also had breakout starts to the year. There were eight lots that sold for more than $50 million in the first half, compared with none in 2024 and 2025, according to Artnet. Auction executives and dealers say the explosive rebound in the art market, following nearly three years of declines, is being driven largely by the massive wealth creation from the artificial intelligence boom, IPOs and rising stocks. "The numbers mean there is confidence in the market," Christie's CEO Bonnie Brennan said at the Christie's Art + Tech Summit last week. "There are people willing to sell great objects and there are people spending great amounts of money to acquire those special one-of-one works." Added Sotheby's CEO Charles Stewart: "The wealth being created now is the number one factor in our business right now. It's obviously very visible when you sit here in New York and talk about the SpaceX IPO and these different tech IPOs coming and the AI fever." While the dollar totals are being driven largely by a select group of hyper-priced works at the very top of the market, the strength is across the board, in almost all price points and almost every category. Fine art, classic cars, watches, handbags, diamonds, whiskey and even dinosaur bones are all seeing new records. Leading the first half was a Jackson Pollock drip painting, titled "Number 7A, 1948," which sold for $181 million at Christie's. The work, considered one of Pollock's most epic and defining works, had previously been owned by media magnate and collector S.I. Newhouse, which added to its appeal. A Brancusi sculpture also previously owned by Newhouse went for $107.6 million. A new wave of younger collectors, many from the tech world, is also redefining collectibles. In classic cars, 1950s and 1960s sports cars used to dominate the price charts. Now supercars from the 1990s and 2000s are the hottest sellers. Watches are gaining in popularity among tech bros. Phillips in Association with Bacs & Russo reported $235 million in watch auctions in the first half, marking its largest ever. The strong bidding stretched across its auctions in New York, Geneva and Hong Kong. While Patek Philippe remains strong, young collectors are battling over pieces from more rarified, independent brands. The priciest watch sold in the first half was an F.P. Journe Souscription Résonance, which went for $13.9 million. Mark Zuckerberg has become one of the most high-profile devotees of F.P. Journe in recent years, and has sported seven-figure F.P. Journes in public. Brennan said 30% of the buyers in the first half were new to Christie's, with 47% of them millennials or younger, and that 85% of bids were placed online.

Boom in tech wealth is fueling record prices for dinosaur bones, art and watches, auction houses say
Asia
The Hindu BusinessLine

Dharmendra Pradhan’s resignation sparks jubilation at Jantar Mantar

Weeks of protest at Delhi’s Jantar Mantar made way for an eruption of celebrations on Saturday after the announcement of Union Education Minister Dharmendra Pradhan’s resignation. As the news was announced from the stage, hundreds of students and supporters broke into cheers, danced to patriotic songs, waved the Tricolour and declared it the “first victory” of their movement against alleged irregularities in competitive examinations. Slogans such as “Haar gaye, haar gaye, tanashah haar gaye” (The dictator has been defeated), “Bharat Mata ki Jai” and “Inquilab Zindabad” echoed through the protest site as students embraced one another and celebrated what they described as a landmark moment in their 36-day agitation. Cockroach Janta Party (CJP) founding president Abhijeet Dipke, addressing the gathering, cheekily congratulated the Chief Justice of India Justice Surya Kant and referred to his earlier “cockroach” remark aimed at protesting youth as what set the ball rolling. “Had you not called us cockroaches, I wouldn’t have come to India, this crowd wouldn’t have gathered here, and Dharmendra Pradhan would not have resigned,” Dipke said. Even as protesters celebrated the minister’s resignation, they made it clear that the agitation was far from over. Displaying an update from the stage, the CJP said that only one of its three principal demands—Pradhan’s resignation—had been fulfilled. Its demands for ₹1 crore compensation to the families of students who allegedly died by suicide and assurance that no action would be taken against student protesters remained pending. CJP national spokesperson Ashutosh Ranka said the sit-in would continue until the government accepted all three demands in writing. “If you accept our three demands in writing, we will go home,” Ranka said, adding that the organisation had sought permission to hold a nationwide candle march at 6 pm on Friday. Speaking to businessline, CJP chief spokesperson Saurav Das said the protesters would seek written assurances before calling off the agitation. “It’s a big win not just for the youth of the country but also for the Constitution and every parent who sent their child here. They tried to divide us on class lines and many other lines, but all of them have been defeated by the youth of the country. There is no power that will not bend to the will of the youth. We are going for talks with the government and will take those assurances in writing. We will only leave once those assurances are implemented,” Das said. “Don’t make me a hero because Dharmendra Pradhan resigned today. Don’t make this mistake. The country has been ruined because of making one person a hero,” he said. Calling the resignation only the beginning of the campaign, Dipke said, “This is the first wicket. We won’t stop here. This is just the beginning. I salute all students and volunteers who have been sitting here for the last 36 days.” Describing the resignation as “a victory for the Constitution of India” and “a victory for the people of India”, he said the protest had shown that sustained public pressure could force accountability. “Dharmendra Pradhan has resigned. This resignation is proof that if people are not afraid, if people do not bow down to this government, then we can take the resignation of anyone,” he said.

Dharmendra Pradhan’s resignation sparks jubilation at Jantar Mantar
Asia
The Hindu BusinessLine

Education Minister Dharmendra Pradhan resigns after youth protests

Just before the beginning of meeting with the Cockroach Janata Party, Education Minister Dharmendra Pradhan on Saturday resigned. “”Considering the situation at Jantar Mantar and across the country --with the aim of preventing anti-national forces from exploiting it, preserving national unity, ensuring that not a single Indian student’s future gets entangled in legal complexities, and allowing our children to devote their time to studies and focus on building their careers -- I have submitted my resignation to the Prime Minister,” he said in his two page letter posted on social media. Further he said that he has taken responsibility from day one for the NEET paper leak and he is disturbed to see the series of events that have unfolded in the last 10 days. Cockroach Janta Party (CJP) hailed it as the first victory of their 36-day agitation. However, CJP founder Abhijeet Dipke said their agitation will continue until the government fulfils their other demands as well. Pradhan’s resignation on Saturday sparked scenes of celebration at Jantar Mantar. Students and members of the CJP have been holding a sit-in since June 20, demanding his accountability over the NEET-UG 2026 paper leak and irregularities in the CBSE’s on-screen marking process, besides seeking wider reforms in the conduct of public examinations. The opposition parties, which had supported the stir and had joined the chorus for Pradhan’s resignation, called it a victory for students, youth and democracy. Congress president Mallikarjun Kharge said Pradhan’s resignation was a “victory of truth” and a defeat of Prime Minister Narendra Modi’s “stubbornness”. The Leader of Opposition in Rajya Sabha said it was Prime Minister Narendra Modi’s turn to apologise and take strict action against all those who used lathis, batons and pellet guns against the agitating students. “We have won,” the CJP posted on X. Addressing protesters at Jantar Mantar, Dipke said, “Dharmendra Pradhan has resigned and this is the proof that if you don’t get scared, you can win.” “You should not be scared to speak in a democracy. Only if you raise your voice, they will stay in line because they are sitting in power because of us,” the CJP founder said. Activist Sonam Wangchuk described it as “a victory of democracy” and credited the nationwide student-led agitation and citizens’ participation for the outcome. The government had on Friday approved a draft bill to ensure stricter punishments for paper leaks, hours after Prime Minister Narendra Modi, in an unprecedented midnight video message, announced that the bill containing provisions for strong action against paper leaks will be introduced in Parliament. Pradhan, who has been a two-time Education Minister, faced a similar controversy in 2024 over alleged NEET and NET paper leaks.

Education Minister Dharmendra Pradhan resigns after youth protests
Asia
The Hindu BusinessLine

The 59-year-old who rallied India's Gen Z against Modi and won

Indian social activist Sonam Wangchuk may be pushing 60, but ​he was one of the faces of a "Cockroach" Gen Z movement that managed ⁠to oust Prime Minister Narendra Modi's education minister over exam paper leaks, having fasted for 26 days. Wangchuk, who is widely believed to have inspired the lead character in a Bollywood blockbuster, is best known for campaigning on issues affecting his Himalayan ‌region of Ladakh, bordering China. But his fast, alongside a sit-in by the youth Cockroach Janta Party, over exam paper leaks that affected millions of students won him a new following among young ‌Indians. That helped turn the issue into a broader Gen Z movement, piling pressure on Modi and ‌leading ⁠on Saturday to the resignation of Education Minister Dharmendra Pradhan. "IT'S A VICTORY OF DEMOCRACY, ⁠direct democracy... straight from the streets," Wangchuk said after Pradhan's resignation, speaking from his hospital bed, having broken his fast only about a day ago. "It's a victory of peace, patience & perseverance. Congratulations CJP, Gen Z of the nation and thank you all citizens for shedding fear ​and the fear of fear and rising ‌up from every corner of the nation." Even before police in Delhi moved him to hospital a week ago after his hunger strike, some were comparing Wangchuk to India's independence hero Mahatma Gandhi. He had received video and text messages of support from across India, including from Bollywood actors. "I am no Gandhi, no ‌hero," he said while fasting. "I'm just an ordinary citizen who has not shied away from ​his responsibilities. Don't look for a hero in others. Be the hero of your own life and fulfill your responsibilities." Lovingly called "Sonam Sir" — Sonam means "merit" or "virtue" in some cultures — by ⁠many, including CJP founder Abhijeet Dipke, Wangchuk is one of Ladakh's most prominent public figures, having built a career around education reform and water-conservation projects in the high-altitude desert. In 2018, he was awarded the Ramon Magsaysay Award, ‌widely known as Asia's Nobel Prize, for those efforts. Born in 1966 in the small, remote village of Ulaytokpo in Ladakh, he was a 19-year-old engineering student at the government-run National Institute of Technology in Kashmir when he ran a coaching programme in basic subjects such as English and mathematics that helped hundreds of students. He later set up the Students' Educational and Cultural Movement of Ladakh. As climate change affected water supplies, Wangchuk built artificial glaciers in the form of "ice stupas", conically shaped ice mountains that store ‌water in winter and melt in summer to supply irrigation water, his Magsaysay citation says. In recent years, he has become ​a leading advocate for environmental protection and greater autonomy for Ladakh, a federally controlled territory. He was jailed for nearly six months in 2025 after deadly protests demanding statehood for the region. ⁠Wangchuk denied instigating the violence. Indian media reported that his father, Sonam Wangyal, was a minister in the former ⁠state of Jammu and Kashmir and that former Prime Minister Indira Gandhi helped break one of his hunger strikes over demands for affirmative action for Ladakh residents. Wangchuk is married to Gitanjali J. ‌Angmo, who also works in education, and has previously said he was prepared to die for his causes.

The 59-year-old who rallied India's Gen Z against Modi and won
Europe
BBC Business

Long overdue, life-changing or frivolous? Your thoughts on wedding rule changes

The day Sam and Courtney Scholey became husband and wife didn't feel like their wedding day. There was no walking down the aisle, no rings exchanged, no wedding dress, and no music. That all came several days later, when the pair had a bespoke ceremony led by a celebrant who knew them, at a venue in the Oxfordshire countryside. It was their dream wedding - but it wasn't legal in England and Wales. And so in April, they forked out hundreds of pounds to quietly sign papers at a library in Buckingham. "For us, that day was as insignificant as possible," Courtney told the BBC. "It was just the words we had to say to make it legally binding." The Scholeys are one of a growing number of couples who feel the rigid rules around weddings are making getting married more stressful, more expensive and less meaningful. But under new proposals announced this month - described by the government as the biggest shake-up of wedding laws in 200 years - couples in England and Wales could have the freedom to hold official marriage ceremonies in a wider array of unconventional locations, from forests to beaches, as long as the location is approved by a registered officiant. It's welcome news for Nicky Brown, who said she wants to exchange vows in a wildly picturesque corner of Wales, with just her mum and her partner's mum as witnesses. "I'd be quite happy to get married in a field full of sheep," the 57-year-old told the BBC. Currently, a marriage or civil partnership ceremony in England or Wales must take place at an approved venue to be legally binding – and many exert control on elements of the wedding such as vows, headcounts or music. There are also tight restrictions on who can officiate a wedding and how. Authorised religious figures can, but – with few exceptions – only in places of worship. Registrars can conduct a wedding, but it can't have any religious content. And celebrants can't legally marry people at all.

Long overdue, life-changing or frivolous? Your thoughts on wedding rule changes
Asia
The Hindu BusinessLine

Climate risk, El Niño and rural credit: Rethinking financial resilience for farmers

Climate change is no longer only an agricultural challenge. It is increasingly a financial challenge, shaping how rural households earn, borrow, save and recover from economic shocks. The southwest monsoon has progressed across India, yet rainfall remains uneven in several regions, affecting the kharif sowing season. El Niño is among the weather factors that can influence monsoon rains in India, though its effects vary by region and other climatic conditions. For farmers, the immediate concern is uncertainty. When rains are delayed or erratic after sowing begins, already stretched household cash flows come under additional pressure. As of early July, kharif sowing stood around 20 per cent below last year’s pace, with oilseeds (down 21%), cotton and pulses (down over 20 per cent) among the worst-affected crops, although the gap narrowed during the first half of the month. Delayed rains, uneven rainfall or prolonged dry spells often force small farmers to re-sow, spend more on irrigation or change crops. These additional costs increase the financial burden on households, making it harder to manage daily expenses and meet loan repayments. While the all-India rainfall deficit narrowed from over 40 per cent in late June to 18 per cent within a fortnight, East and Northeast India continued to record a 37 per cent deficit, with forecasts pointing to further dry spells across central and southern India. Recovery at the national level can thus mask sustained stress at the regional and district levels. Agriculture may not be every rural household’s only source of income, but it often remains the principal one. A weak monsoon affects not only farm output but also spending on food, healthcare, education and the next cultivation cycle. It can also push households towards higher-cost informal borrowing simply to manage existing financial obligations. This places greater emphasis on how rural finance is designed. The issue is no longer just access to credit, but access to credit that reflects the realities of rural livelihoods. Lending decisions must consider local harvest cycles, weather conditions, seasonal expenses and the fact that many households depend on multiple income sources rather than farming alone. Local conditions matter just as much. An irrigated farmer faces different risks from one who relies entirely on rainfall. Likewise, households with diversified livelihoods through livestock, wage labour or small enterprises are often better placed to withstand climate shocks than those dependent on a single crop. Irrigation coverage varies widely across regions, from below 20% in tribal and dryland belts to above 80–90% in well-irrigated plains districts, making it a strong indicator of repayment capacity. Such insights can help lenders structure more suitable products and anticipate periods of financial stress. During weather-related disruptions, timely finance becomes essential. If farmers need to re-sow or invest in irrigation, quick access to formal credit can help protect the cultivation cycle. Repayment schedules that reflect seasonal income patterns are equally important, preventing temporary disruptions from becoming long-term debt problems. Credit alone cannot create financial resilience. Rural households also need savings to manage lean periods, insurance that provides timely protection against climate-related risks, and long-term savings and pension products that strengthen financial security beyond seasonal earnings. Financial inclusion must, therefore, move beyond expanding access towards improving financial health and reducing dependence on expensive informal finance. Climate uncertainty is now part of rural life. Farmers need finance that not only funds the next crop cycle but also helps them manage the uncertainty surrounding it. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

Climate risk, El Niño and rural credit: Rethinking financial resilience for farmers
Asia
The Hindu BusinessLine

US tariff threat drags Nifty Pharma 1.3% lower at close; Lupin, PPL Pharma lead decline

Pharma stocks closed sharply lower on Wednesday after the United States proposed steep tariffs on generic drug imports, with the Nifty Pharma Index ending 340 points, or 1.31 per cent, down at 25,752 against a previous close of 26,092. Eighteen of the index’s 20 constituents closed in the red, with trading volume reaching 315.07 lakh shares and a total traded value of ₹3,584.98 crore for the session. The selloff was triggered by a phased US tariff proposal that would keep generic medicines duty-free until August 1, 2028, before imposing a 100 per cent tariff from August 2028 and a 200 per cent tariff from August 2029. India exports approximately $8–9 billion worth of pharmaceutical products to the US annually, the bulk of which are generics. Lupin was the session’s worst performer, closing down 4.35 per cent, followed by PPL Pharma at 4.20 per cent, Ajant Pharma at 3.25 per cent, and Auropharma at 2.96 per cent. Dr. Reddy’s fell 2.16 per cent, Gland Pharma 2.20 per cent, and Sailife 2.77 per cent. Sun Pharma, the index heavyweight, declined 0.91 per cent. Torntpharm was nearly flat at -0.01 per cent, while only Divi’s Laboratories and Abbott India managed gains, closing up 0.78 per cent and 0.35 per cent respectively. Analysts were quick to note that the policy’s eventual implementation is far from certain. Param Desai, Research Analyst at PL Capital, pointed out that “Trump’s term ends in January 2029, while the major tariff impact begins from August 2028, so the eventual implementation remains uncertain if there is a change in administration.” He added that the announcement carried “considerable ambiguity around how these tariffs will actually be implemented.” For patients and healthcare systems in the US, the proposal carries its own concerns. Bharat Celly, Equity Research Analyst at Equirus Securities, warned that the tariffs “could raise the cost of low-priced medicines and, in shortage-prone categories, increase the risk of supply disruptions rather than drive reshoring.” He noted that the proposal “runs counter to the intent of the Hatch-Waxman framework, which was designed to reduce drug prices through greater generic competition.” The practical challenge of shifting manufacturing to the US within the proposed two-year window is significant. Celly explained that transferring a drug to a US facility requires “site transfer filings, process validation, stability data, and FDA approval for each ANDA,” adding that “the cost and timeline of re-registering products significantly exceed the proposed transition period.” Several large Indian generic manufacturers do already operate US-based facilities, which could partially offset the impact. Celly’s overall assessment: “We view the proposal primarily as a negotiating tool, given that implementation is deferred until August 2028, beyond the next US election cycle,” with no near-term earnings impact expected, though sentiment and valuation multiples could face pressure. Against this international backdrop, the domestic pharmaceutical market continues to show strength. India’s pharmaceutical market is projected to grow 11.3 per cent in 2026, up from 8.1 per cent in 2025, and is expected to expand from $60.3 billion to $79.7 billion by 2031. The Nifty Pharma Index, despite Wednesday’s decline, remains above its 50-day moving average of 24,800 and its 200-day moving average of 23,100, and closed within striking distance of its 52-week high of 26,135. Mayank Jain, Market Analyst at Share.Market by PhonePe, noted that the India-UK Free Trade Agreement, which eliminates duties on Indian pharma entering the UK, is expected to drive an 8–10 per cent increase in UK-bound exports next year, offering an alternative export channel as companies assess the US tariff situation. The index has returned 15.44 per cent over the past year and 13.78 per cent year-to-date. Wednesday’s session touched an intraday low of 25,545 before recovering to close at 25,752, suggesting some buying emerged at lower levels even as the broader sentiment remained cautious. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

US tariff threat drags Nifty Pharma 1.3% lower at close; Lupin, PPL Pharma lead decline
North America
CNBC Finance

EU antitrust regulators clear Paramount-WBD merger as it faces challenge by U.S. states

European Union antitrust regulators said on Wednesday they had signed off on Paramount Skydance's proposed acquisition of Warner Bros. Discovery. The approval, which included concessions made by Paramount, comes as the deal has been delayed in the U.S. due to concerns raised by state attorneys general. In order to garner the approval, the European Commission, the executive body of the EU, said Paramount agreed to divest its stake in a film distribution joint venture with United International Pictures in Europe, and said it would not enter into any film distribution deal with Universal for the next 10 years in Europe. "These commitments fully address the competition concerns identified by the Commission by ensuring that the films of the merged entity will not be distributed jointly with those Universal or Disney," according to the EU's release. The EU's approval marks a major regulatory milestone for the $110 billion proposed merger. The deal earlier won approval from the Antitrust Division of the U.S. Department of Justice. Various other global jurisdictions have also signed off on the deal. "With the clearance from the European Commission, bodies and governments representing 65 jurisdictions have either cleared the transaction or chosen not to challenge it on competition and/or foreign direct investment grounds," Paramount said in a release on Wednesday. "These clearances recognize that the combination of Paramount and WBD will enhance consumer choice and enable a creative-first company to invest in more projects and bring stories to audiences worldwide," Paramount said in its statement. "It will create a scaled media and entertainment company capable of competing with the tech companies that have come to dominate the industry, strengthening the media ecosystem and creating more opportunities for creatives both in front of and behind the camera." The clearance comes as a lawsuit brought forward by a group of U.S. state attorneys general last week has become a potential holdup in this deal moving forward. The coalition led by California's Rob Bonta filed a lawsuit seeking to block the merger due to antitrust concerns. The tie-up is set to combine two major film studios, Paramount and Warner Bros., a massive portfolio of pay TV networks, and streaming services HBO Max and Paramount+. Earlier this week a California district judge granted a temporary restraining order that puts a 14-day pause on anything moving forward with the merger. "The conclusions reached by the European Commission directly refute key assumptions that underpin the state AGs' complaint seeking to block the transaction," Paramount said in its release.

EU antitrust regulators clear Paramount-WBD merger as it faces challenge by U.S. states
North America
CNBC Finance

Southwest Airlines put Texas jet fuel on a boat to LA for the first time amid supply worries

Southwest Airlines hired a ship this spring to send jet fuel from Texas to California, where prices are much higher and concerns had grown about supply, Chief Financial Officer Tom Doxey told CNBC. It was a first for the Dallas airline. "It brought like a week's supply to the West Coast at a time when when supply was most constricted ... when it was most at risk," Doxey said. The ship, which left from Houston and went through the Panama Canal, arrived May 28 in Los Angeles and had about 12.6 million gallons aboard, Southwest said. For context, Southwest used 564 million gallons of jet fuel in the last quarter. The West Coast is much more reliant on imports than other parts of the country. Jet fuel prices spiked and have been volatile since the U.S. and Israel struck Iran in February. Southwest said Thursday that its fuel expenses were up nearly $900 million in the second quarter from last year. For the shipment to California, the airline said it used a waiver of the Jones Act, a law from 1920 that requires shipments between U.S. ports to be carried on a U.S. ship. President Donald Trump waived that requirement in March as fuel prices were soaring in the weeks following the start of the Iran war and subsequent shipping snarls erupted in the Strait of Hormuz, a key channel. Worries about supplies intensified as countries restricted exports this year, fearful of running low on fuel. Those concerns have since eased, a Southwest spokesman said. Jet fuel is airlines' biggest expense after labor. Prices eased in late spring and early summer but rose again as tensions reignited with Iran this month. Last week, United Airlines, which flies more internationally than any other U.S. carrier, said it is using the latest available fuel prices for its quarterly estimates because prices have been so volatile. In its July 15 report, it said jet fuel increased $575 million, or a $1.12 hit to adjusted earnings per share, for the third quarter alone. U.S. airlines have abandoned fuel hedges, which help them lock in costs through futures contracts, over the past decade or so as the U.S. was awash in supply, keeping a lid on prices. This time around, carriers have scaled back their capacity growth plans, which is also helping boost fares. Airline executives this month said demand remains strong despite higher fares, which they say are likely to stick.

Southwest Airlines put Texas jet fuel on a boat to LA for the first time amid supply worries