The Donut
Plus: Art sales๐Ÿ“‰โ€ฆ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ โ€Œ

Wednesday, Jul 30 2025

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Good evening. The auction industry is goingโ€ฆgoingโ€ฆdown. Auction sales for the first half of the year at Sothebyโ€™s, Christieโ€™s, and Phillips fell to $3.98 billion, down 6% compared with the same period in 2024, according to a recent report from research firm ArtTactic.

  • It marks the lowest level in at least a decade (aside from the pandemic-affected 2020), and third-straight year of falling sales.
  • Sales are now down 44%โ€”or $3+ billionโ€”from their peak in 2022.

A picture of decline: This sales drop can be attributed to less people buying art, per the report. Thatโ€™s despite personal wealth in America, the worldโ€™s largest art market, reaching record highsโ€”snapping a multi-century trend, Yale professor William Goetzmann, whoโ€™s studied the relationship between art prices and financial wealth going back 300+ years and found theyโ€™re โ€œhighly correlated,โ€ told CNBC.

A fundamental shift could be underway. For decades, the art market has been driven largely by baby boomers, who built large collections as their wealth grew. But Gen Z and millennials, set to inherit $100 trillion from these boomers, are exhibiting different tastesโ€”opting instead for luxury items like jewelry, handbags, wine, watches, and sports memorabilia, whose sales all continue to increase.

P.S. Did someone forward you this email? Subscribe to The DONUTโ€™s AM/PM updates here.

๐Ÿ“œ July 30: On This Day in History

Munchie magic

Image: White Castle/Canva

Each of the following events happened on July 30. Your challenge is to put them in the order in which they occurred by year, earliest to latest. Answers at the bottom!

  • A) The cult-classic stoner comedy Harold & Kumar Go to White Castle is released. The Columbus, Ohio-based hamburger chain reportedly sees sales jump 30% the following week.
  • B) Former Teamsters president Jimmy Hoffa disappears in Bloomfield Hills, Michigan, under mysterious circumstances.
  • C) President Dwight D. Eisenhower signs a law establishing โ€œIn God we trustโ€ as the national motto of the United States.
  • D) Uruguay defeats Argentina to win the first-ever World Cupโšฝ. The tournament has since gone on to become the most-watched sporting event globally, attracting billions of viewers every four years.

Hint: Winning = first (isnโ€™t that how it usually works?)

๐Ÿ”ฅ๐Ÿฆท In partnership with Remi

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๐Ÿ”— Conjoiner: A DONUT Original Word Game

Vacation time๐ŸŒด

Todayโ€™s Conjoiner sequence will require a trip to the far corners of your mind to complete.

Todayโ€™s first clue: โ€œSlang term for a getaway that doesnโ€™t involve workโ€...

Play the sequence here

Note: A (potentially important) clue for todayโ€™s Conjoiner can be found at the bottom of our AM send. Just search โ€œ๐Ÿฉ Choo-chooโ€œ in your inbox.

๐Ÿงฉ The Puzzle Corner

Mini

Details matte-r in today's mini crossword. Do you have what it takes?

Sudoku

Like roulette, todayโ€™s sudoku requires you to pick your numbers carefullyโ€”and theyโ€™re often a gamble.

๐Ÿ GOATWars: A Data-Driven Process to Determine the Best

Catch-up day, the sequel

Image: GrabCalendar.com/Canva/The DONUT

Weโ€™ve finally got enough data to start delivering official GOAT lists. So in lieu of a new GOATWar today, we'll once again be delivering results from the first string of competitions, determined via a data-driven process and input from people around the world.

๐ŸŽฎ BEST CLASSIC ARCADE GAMES

  1. Ms. Pac-Man
  2. Punch-Out!!
  3. Donkey Kong
  4. Galaga
  5. Space Invaders

Explore the full list.

๐Ÿฆธ BEST SUPERHEROES

  1. Superman
  2. Batman
  3. Wonder Woman
  4. Spider-Man
  5. Thor

Explore the full list.

๐Ÿจ BEST ICE CREAM BRANDS

  1. Ben & Jerry's
  2. Hรคagen-Dazs
  3. Cold Stone Creamery
  4. Blue Bell
  5. Talenti Gelato & Sorbetto

Explore the full list.

P.S. Have an interesting idea for a GOATWar that you'd like us to host? Just hit reply and we'll see what we can do.

๐Ÿ“œ Answers

D, C, B, A (Reverse! Reverse!๐Ÿ•บ)

  • D) 1930: Uruguay defeats Argentina to win the first-ever World Cupโšฝ. The tournament has since gone on to become the most-watched sporting event globally, attracting billions of viewers every four years.
  • C) 1956: President Dwight D. Eisenhower signs a law establishing โ€œIn God we trustโ€ as the national motto of the United States.
  • B) 1975: Former Teamsters president Jimmy Hoffa disappears in Bloomfield Hills, Michigan, under mysterious circumstances.
  • A) 2004: The cult-classic stoner comedy Harold & Kumar Go to White Castle is released. The Columbus, Ohio-based hamburger chain reportedly sees sales jump 30% the following week.
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