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$1.1 Billion in Art Sold in Less Than Three Hours
A single evening only brought in $1 billion at auction one other time, Paul Allen’s estate in 2022.
Christie’s May 18 evening sale was headlined by:
Pollock: $181.2M, nearly 3x his previous record
Brancusi: $107.6M, second highest sculpture price ever
Rothko: $98.4M, a new record for the artist
Obvious outliers, but the evening capped a spring auction season that totaled $2.5 billion (roughly 2x last year). This follows a Q1’26 that saw the postwar contemporary art market grow 23.1%.
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29 exits to-date have delivered net annualized returns like 16.5%, 17.6% and 17.8% on sold works held over 12 months.
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*According to Masterworks data. Past performance is not indicative of future performance. Investing involves risk. See important disclosures at masterworks.com/cd
Date: 4th June, 2026
A City Playing With Fire: 21 Dead In A Disaster Foretold
The Fact: At least 21 people were killed after a devastating fire broke out at a hotel in South Delhi's Malviya Nagar. Among them, at least 11 were foreign nationals. Many of them had reportedly come to Delhi for medical treatment at the nearby Max Hospital. According to police, the fire was reported at around 8:48 am. It was brought under control with the help of around eight fire tenders. As per the doctors, the majority of deaths were caused by asphyxia due to smoke inhalation. Many victims suffered severe lung damage after inhaling toxic smoke and gases generated by the blaze. Several others sustained critical fractures to their pelvis, spine, and limbs after jumping from upper floors as they tried to escape the blaze.
The Context: Upon investigations, several serious irregularities were uncovered. As per the police, the hotel was licensed to operate only six rooms but was allegedly running around 25 rooms. The owner, Luv Kesh Bajaj, is currently absconding. An FIR under culpable homicide not amounting to murder has been registered. Soon after this incident, Delhi's Home Minister Ashish Sood ordered inspections of all the B&B establishments across the capital. He reportedly directed authorities to seal properties that are found to be violating building and safety regulations. Coincidentally, this incident comes just 5 days after the Saket building collapse, which took the lives of 6 people, five of whom were students. These incidents are the latest in the long list of deadly fires in the national capital region. Just last week, retired IAS officer and Competition Commission of India's first chairman Dhanendra Kumar died after an alleged AC blast at his home in Hauz Khas, which again is in South Delhi. Then in April, a massive fire broke out in a residential building in Ghaziabad's Indirapuram. The list is endless.
The Peek Insight: The recent string of tragedies in the national capital shows how Delhi suffers from a chronic failure of enforcement. Over the decades, the city has expanded into a complex mix of legal, semi-legal, and informal construction. In many neighbourhoods, commercial activity routinely exceeds what buildings were originally designed or permitted for. Residential houses have become hotels, guest houses, and coaching centres, and these are often without the necessary approvals and safety clearances. There are several areas where buildings are packed dangerously close to one another with tangled electrical wires crisscrossing overhead. In such congested localities, a fire in one building can rapidly spread to others. The risks become even greater during Delhi's scorching summers. As temperatures are rising exorbitantly this year, the load on ACs has increased tremendously. According to the Delhi government, nearly 95 per cent of buildings in the capital are below 17.5 metres in height, placing them outside the mandatory fire-clearance framework. Ultimately, this was not merely a fire. Much like the Saket building collapse, it was a man-made disaster born out of regulatory neglect, weak enforcement, and a lack of accountability. If this continues, Delhi will continue to witness tragedies that are later described as "avoidable".
The Bullion Battle: Did RBI Sell India’s Gold To Shore Up Forex Reserves?
The Fact: A report by Bloomberg Economics this week sparked discussion after suggesting that the Reserve Bank of India (RBI) may have sold nearly $12 billion worth of gold from its reserves in the two weeks leading up to May 22. The RBI has strongly denied the claim. In a statement issued on June 3, the central bank said reports of any gold sale were "not correct" and clarified that its physical gold holdings remain unchanged at 880.52 tonnes. The government's PIB (Press Information Bureau) fact-check unit also rejected the report and pointed to official data showing that gold continues to make up a growing share of India's foreign exchange reserves.
The Context: The Bloomberg analysis was based on a fall in the dollar value of India’s gold reserves. Economists interpreted this decline as a possible sign that some gold had been sold. The RBI, however, said that the value of gold reserves can change for several reasons, including fluctuations in global gold prices and currency exchange rates, even if the actual amount of gold held remains the same. The episode has drawn attention because gold has become increasingly important in central bank reserve management. In recent years, the RBI has steadily added to its gold holdings, following a trend seen across many countries.
The Peek Insight: The significance of this episode lies not only in whether India sold gold, but in the fact that the question was raised at all by Bloomberg, one of the world's most influential financial news and data platforms. While the RBI and the government have firmly denied the claim, the report gained traction because it resonated with existing concerns around currency pressures, declining foreign-exchange reserves, and global economic uncertainty. In that sense, the controversy reflects a broader perception that India's economic position is being closely tested by external shocks. Even if the claim ultimately proves incorrect, the fact that such a scenario appeared plausible enough to warrant serious discussion highlights the level of scrutiny and concern surrounding the country's economic resilience.
Lessons In Violence: The Ugly Face Of Bihar’s Coaching Wars
The Fact: On the night of June 2, unidentified individuals allegedly vandalised the premises of Khan Global Studies in Patna, the coaching institute run by educator Faisal Khan, popularly known as Khan Sir. According to police, stones were thrown at the institute and property was damaged. A security guard was reportedly assaulted during the incident. Police have detained several individuals in connection with the attack, and an investigation is underway. Preliminary findings suggest that the accused may have links to rival coaching institutes.
The Context: Khan Sir has emerged as one of the most recognisable faces in India's competitive examination coaching industry, building a large following through low-cost offline and online courses. His institute attracts students preparing for examinations conducted by agencies such as the UPSC, SSC and Railways. Following the incident, Khan Sir alleged that the attack was motivated by professional rivalry, claiming that the affordability of his courses and the success of his students had affected competing institutes. The episode has once again drawn attention to the highly competitive coaching ecosystem in Bihar, a state that serves as a major hub for aspirants seeking government jobs. With lakhs of candidates competing for a limited number of positions, coaching centres have evolved into a significant commercial sector. Bihar Education Minister Mithilesh Tiwari has indicated that the state government is considering a policy framework to address disputes and regulate competition within the coaching industry.
The Peek Insight:The attack on Khan Sir's institute is significant not merely as an isolated law-and-order issue but as a reflection of the intense competition that characterises India's coaching economy. In states such as Bihar, where government employment continues to be viewed as a pathway to economic mobility and social security, coaching institutes occupy an influential position between aspirants and opportunity. As the sector has expanded, it has become both an educational service and a highly competitive business. The growing scale of coaching enterprises, the commercial stakes involved, and the concentration of aspirants in a few examination streams have created conditions where professional rivalries can sometimes spill beyond the classroom. The incident therefore raises larger questions about regulation, transparency and accountability within an industry that increasingly shapes the aspirations of millions of young Indians. At the same time, the popularity of educators such as Khan Sir underscores a demand for affordable and accessible preparation in a system where competition for public-sector jobs remains extraordinarily high.
A ‘Cut’ Above The Rest: A Palestinian Film, An Indian Ban, A Sudden U-Turn
The Fact: After 3 months of controversy and public pressure, The Voice of Hind Rajab is finally set to be released for Indian audiences. In March, its theatrical release was blocked by the Central Board of Film Certification (CBFC). The Board had denied certification to this Oscar-nominated film, claiming that it could adversely impact the relationship between India and Israel. Globally, the film received appreciation. It won the Silver Lion, which is the Grand Jury Prize at the Venice Film Festival, and also received a record-breaking standing ovation for more than 20 minutes.
The Context: Directed by Tunisian filmmaker Kaouther Ben Hania, the film is based on the real-life story of a five-year-old Palestinian girl, Hind Rajab. Rajab became a global symbol of the humanitarian cost of the Gaza war after being trapped in a car surrounded by the bodies of her family, all the while she pleaded for rescue over the phone. The film retells the events surrounding the emergency calls made to the Palestinian Red Crescent. It also has the actual voice recordings of the 5-year-old girl. Notably, the film was denied its certification days after PM Modi's visit to Israel. The decision drew criticism from several filmmakers and actors, including Ratna Pathak Shah, Naseeruddin Shah, Payal Kapadia, and Anant Patwardhan. After the board decided to hold the film's release, Ben Hania posted on her social media, asking if "the honeymoon between the 'world's largest democracy' and the 'only democracy in the Middle East' so fragile that a film could break it?" The film is now set to release on June 19th, in 150 theaters across India, as per the Hindustan Times.
The Peek Insight: The controversy surrounding The Voice of Hind Rajab is significant not only because of the film itself, but because it highlights the recurring tension between state regulation and artistic expression in India. The CBFC's initial refusal to certify the film raised questions about the extent to which diplomatic considerations should influence decisions on cultural works, particularly when the subject concerns a humanitarian tragedy rather than a direct political intervention. The eventual clearance of the film also illustrates a familiar dynamic in censorship debates, attempts to restrict a work often generate greater public attention toward it. What may have otherwise remained a niche festival film became part of a larger conversation about free expression, certification standards, and the role of public institutions in determining what audiences should be allowed to watch. At a broader level, the episode reflects the challenge India faces in balancing competing concerns about maintaining ‘diplomatic sensitivities’ and what the government may like on one hand and preserving space for artistic and political storytelling on the other.
Image Courtesy: IMDb
Notes From A Colonial Heartbreak: This Bhojpuri Chartbuster Has A 200-Year-Old History
The Fact: On 20th May, Coke Studio Bharat released a 200-year-old Bhojpuri folk song, Kachaudi Gal. The song has now introduced millions to a form of music that predates the stereotypical vulgarity that surrounds modern-day Bhojpuri songs. The song is sung by Rekha Bhardwaj, and Utpal Udit carries the vision of Khwaab, who is also the lead guitarist. This Kajri-style song, which is often sung in the monsoons, is a celebrated folk tradition in several parts of Eastern Uttar Pradesh and Bihar. Kajri is traditionally sung by women, and it holds themes of separation, longing, and migration.
The Context: Historically, Bhojpuri folk traditions produced a vast repertoire of genres, including Kajri, Birha, Sohar, Chaita, Purbi, and Nirgun. The history of Kachaudi Gali can be traced to the early 19th century. During the First Anglo-Burmese War, Britishers would capture thousands of Indians. They would forcefully recruit them into their army to fight in Rangoon, which is in present-day Myanmar. Migration occupies a particularly important place in Bhojpuri culture. For more than two centuries, men from these areas would frequently migrate to industrial labour, plantation work, and urban employment. The same region later supplied indentured labourers to British colonies across the Caribbean, Fiji, Mauritius, and Africa. This particular song captures the pain of a woman whose lover was taken away from the famous Kachaudi Gali street in Banaras and then towards Rangoon. This song has been performed by many legendary artists like Gauhar Jaan, Siddheshwari Devi, Malini Awasthi, and now Coke Studio Bharat.
The Peek Insight: For many Indians today, Bhojpuri music is often associated with vulgarity and sensationalism. This has created the perception that the entire Bhojpuri musical tradition and the society overall is somehow vulgar. But then it is these folk songs that remind us that Bhojpuri culture possesses one of the richest literary and musical traditions in South Asia. At its heart, this song is not about romance alone. It is about colonialism. It is about labour. It is about women left behind by historical forces they could not control. Perhaps that is why the song has survived for nearly two centuries. Because still, several women in Eastern UP and Bihar have to let go of their lovers. A pain shared across generations and centuries. Perhaps that's why folk songs are still celebrated. They function as a people's archive. Long before journalists, historians, or governments documented these experiences, ordinary people were recording their feelings through such folk songs. That is why reducing Bhojpuri music to vulgarity alone misses the larger picture. Some of its finest compositions are living historical documents carrying centuries of pain, memory, love, and resistance.
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