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    Hobbled by Cyberattack, Christie’s Says Marquee Sales Will Proceed

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    The auction house failed to regain control of its official website on Sunday but said that its spring auctions would go on, in person and by phone.People gathered at Christie’s New York on Saturday to view art and luxury items that are scheduled to be auctioned. They relied on printouts of catalogs after Christie’s lost control of its official website, which was brought down by a cyberattack.Li Qiang for The New York TimesOfficials at Christie’s auction house said on Saturday that the marquee sales that account for nearly half of its annual revenue would continue, despite the company having lost control of its official website last Thursday in a hack that is testing the loyalty of its ultrawealthy clients amid its spring auctions.Natasha Le Bel, a spokeswoman for the auction house, said that Christie’s New York sales of modern and contemporary art “will take place as planned,” but did not respond to questions of how the online portion of the auction would continue. “We remain committed to providing the highest level of service to our clients and look forward to a successful week,” she said.On Thursday, Christie’s experienced what it called a “technology security issue” that took its company website offline, leaving in place an apology and the promise to provide “further updates to our clients as appropriate.” By Sunday, the site was still down.It was the second time in less than a year that Christie’s had suffered a breach. In August, a German cybersecurity company revealed a data breach at the auction house that leaked the locations of artworks held by some of the world’s wealthiest collectors.Over the weekend, dozens of those potential buyers gathered at the company’s galleries at Rockefeller Center in Manhattan to view the expensive artworks that have a total high estimate of nearly $840 million, and to discuss bidding. Employees led private tours past the giant Andy Warhol “Flowers” silk-screen painting from 1964 that carries a high estimate of $30 million, and down toward the more modestly priced day sales, where a Barbara Kruger artwork proclaiming “You can’t drag your money into the grave with you” had a high estimate of $600,000.Christie’s employees assured some clients in the galleries that its website would be fixed “imminently,” but on Saturday afternoon, when the company still had not regained control, it replaced a temporary landing page on the site since Thursday with another temporary website produced through a free web design company called Shorthand. The temporary site lets viewers browse online catalogs of upcoming sales but does not allow online bidding or registration.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Karl Lagerfeld’s Paris Apartment Sold at Auction for $10.8 Million

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      What happened when Karl Lagerfeld’s last residence, where he worked and where Choupette lived, was offered at auction.Karl Lagerfeld was a mega-collector. Of high-collared white shirts (1,000). Of books (300,000). Of period décor (Art Deco, Memphis Group, 18th-century European). And of homes — at least 20, in Europe and in New York.“He loved buying, redesigning and decorating houses,” said Sébastien Jondeau, the longtime assistant and bodyguard of the fashion designer, who died in 2019 at the age of 85. “It was a true passion.”One of those homes, the Bond-villain-like lair on the Quai Voltaire in Paris that was Mr. Lagerfeld’s last residence — sold at auction at the Chamber of Commerce and Industry of Paris on Tuesday for 10 million euros ($10.8 million). More than 50 attendees gathered for the sale of the 2,800-square-foot apartment, which Mr. Lagerfeld shared with Choupette, his beloved blue-eyed Birman cat. Bidding began shortly after 10 a.m. at 5.3 million euros, and quickly turned into a standoff between two parties: one who was off-site and communicating through an auction official in the room via a landline telephone, the other who was represented by a French lawyer seated in the second row and taking instruction on his cellphone.The sale of Mr. Lagerfeld’s apartment comes at a time of renewed interest in the designer.Christophe Ena/Associated PressThe lawyer, who would not give his name for reasons of confidentiality, appeared to be taking direction in English from his client via a telephone earpiece. Offers bounced between the two bidders by increments of 50,000 to 150,000 euros for nearly 20 minutes, until the lawyer’s bid jumped from 9.3 million euros to 10 million euros. The auction official on the landline with the telephone bidder made a hand motion that her bidder stood down. When the auctioneer, Bertrand Savouré, announced that the apartment had been sold, attendees erupted in applause. Mr. Savouré would not reveal the buyer’s name or nationality.Proceeds of the sale go to Mr. Lagerfeld’s estate, which will be distributed to Mr. Lagerfeld’s seven heirs: the former model Baptiste Giabiconi, who will receive 30 percent; Mr. Jondeau and the former model Brad Kroenig (the father of Mr. Lagerfeld’s godson, Hudson) will each receive 20 percent; and the Chanel artistic director Virginie Viard, Mr. Lagerfeld’s creative muse Amanda Harlech and the Karl Lagerfeld brand executives Caroline Lebar and Sophie de Langlade, who will split the remaining 30 percent, according to the French weekly magazine Le Point.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Met Museum Hires Its First Head of Provenance Research

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      Lucian Simmons is leaving Sotheby’s to lead the museum’s increased efforts to review its collection, which has recently returned looted artifacts, including dozens last year.As part of its more aggressive restitution investigation efforts, the Metropolitan Museum of Art on Friday announced that it had appointed a Sotheby’s executive to the newly created position of head of provenance research.Lucian Simmons will leave Sotheby’s, where he is vice chairman and worldwide head of the restitution department — and senior specialist for the Impressionist and Modern art department — to take on the role of coordinating research efforts across the museum, starting in May.Like museums all over the world, the Met has faced increased scrutiny from law enforcement officials, academics and the news media over the extent to which its collection of more than 1.5 million works includes looted artifacts. In recent years, for example, the Manhattan district attorney’s office has seized dozens of antiquities from the museum to return them to countries including Turkey, Egypt and Italy.In a telephone interview, Max Hollein, the museum’s director and chief executive, said the volume of materials an auction house must review gave Simmons the background necessary to take on a review of the Met’s encyclopedic collection.“He has a vast amount of experience understanding the level of research you need to apply and what timelines you need to set to get to a result,” Hollein said. “He probably had to deal with more issues at Sotheby’s than have many other institutions. You have to vet and scrutinize a huge number of objects. He’s someone who understands the theory but who also has a very practical attitude.”The Met last year announced a major new effort to review its holdings and policies with a view toward returning items it finds to have problematic histories.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Neil Gaiman on the Collectibles He’s Auctioning

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      Art by Moebius, a Christmas card by Gaiman and a Swamp Thing cover are among the items.“I like the idea of spreading joy,” Neil Gaiman, the author of the Sandman series, said in an interview about why he is selling some of the original comic book art, toys and other collectibles he has amassed.During the dark days of pandemic lockdowns, buying art provided a particular comfort, he recalled. Works would arrive and he would “just kvell,” he said. He remembered buying a drawing of Winnie-the-Pooh and Piglet in the snow, by the British artist E.H. Shepard. “If someone comes to the house, I say, ‘Come and look at this,’ if they are the right sort of person,” he said.He views art ownership as custodial. “It’s your job to keep it safe and hope the house doesn’t burn down while it is in your care,” he said. Then someone else can do the same, he said, and “hope their house doesn’t burn down.”Gaiman said he was inspired by his friend Geoffrey Notkin, of “Meteorite Men” on the Science Channel, who auctioned part of his collection of meteorites and donated some proceeds to charity.Gaiman will donate part of the auction proceeds to the Hero Initiative, which is an emergency fund for comics creators, and the Authors League Fund, which benefits writers in financial hardship; he will also give living artists whose work sells part of the proceeds. The items are on display at Heritage Auctions in Dallas, and bidding starts on Friday.More than 100 pieces are up for sale, and Gaiman pointed to some highlights. The author Neil Gaiman said he hopes others find joy in the memorabilia he is shedding.Rozette Rago for The New York TimesWe are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Trump Is Selling Pieces of His Mug Shot Suit

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      It’s not just a piece of political memorabilia — it’s a strategy.When Donald J. Trump walked into a Georgia courthouse on Aug. 24 to be booked as part of his fourth criminal indictment, becoming the first former president (and only current presidential candidate) to have a mug shot taken, the picture seemed destined to become a symbol of this fraught, unprecedented moment in American history. As has become increasingly clear, however, Mr. Trump and his team have come to see the mug shot in a different way.Specifically, as the source material for a new strain of political pop culture mythmaking and memorabilia.Almost overnight they splashed the image, with Mr. Trump’s signature glower, across mugs, T-shirts and posters in their campaign store, using it and all it represents as a key component of their fund-raising. Then, this week, NFT INT, the official licensee of the Trump name and image for digital trading cards, began selling a special “Mugshot Edition” NFT set that includes, for a certain few willing to buy the whole thing, pieces of the blue suit and red tie Mr. Trump wore in the photo.Or, as the NFT INT website calls the garment, “The most historically significant artifact in American history.”The 47 cards on offer were created by the artist Clark Mitchell and depict Mr. Trump as, for example, Captain America, and sitting in for Lincoln in the Lincoln Memorial. Cards can be bought individually for $99 or as a full set that runs for $4,653 and includes a physical trading card (some of which will be signed by Mr. Trump) with a swatch of suit fabric and an invitation to a special dinner at Mar-a-Lago. Those who buy 100 of the NFT cards receive a swatch of the jacket or pants, plus a swatch of the tie and the dinner at Mar-a-Lago.According to the NFT INT website, the suit is “priceless.” There are enough tiny suit pieces for 2,024 buyers (because, you know, election year), and enough tie pieces for 225.In other words, it’s not just a suit. It’s a font of potential relics — one that positions the mug shot suit as the most important suit of Mr. Trump’s career so far, rather than, say, Mr. Trump’s inauguration suit.The mug shot edition is just the latest in a series of NFT cards released on the site portraying former President Donald J. Trump.NFT INTThe mug shot edition is the third set of NFT cards released, with the first two drops selling out in “a little more than 24 hours,” according to Kevin Mercuri, a spokesman for NFT INT and the chief executive of Propheta Communications. The new offering comes complete with a video of Mr. Trump endorsing the drop — and the suit — at the top of the web page. Mr. Mercuri said the idea for selling the suit swatches came from NFT INT and was inspired by the way sports figures sell pieces of their jerseys to fans. Mr. Trump was “aware of the trend and receptive” to the proposal, he said, and “generously gave the suit to NFT INT. He felt that members of the public would want to have a piece of history.”The suit was then authenticated by MEARS, a company that specializes in validating sports memorabilia. Troy R. Kinunen, the chief executive of the company, said that “the team at CollectTrumpCards provided the suit directly from the President” and that MEARS then verified certain design elements of the garment against photos and video, including pocket placement, buttons, and the collar of the suit jacket, which Mr. Trump had sewn down in the back to keep it in place. (Though given the number of blue suits Mr. Trump appears to own, it is hard to know how anyone could tell them apart.)Selling the mug shot suit tracks, to a certain extent, with other examples of fan culture. Paige Rubin, an assistant vice president and the head of sale for handbags at Christie’s, said there was an almost insatiable public appetite for souvenirs of the famous and infamous, and often the most valuable pieces of memorabilia at auction are determined by provenance: “Does the object you are selling resonate with the fan base? Does it connect to an iconic moment in a career?”Similarly, there is a long tradition of auctioning memorabilia from public figures, including many presidents, as Summer Anne Lee, a historian of presidential dress at the Fashion Institute of Technology, noted. Scraps of Abraham Lincoln’s bloodstained bedsheets regularly come up for auction, and a pair of Richard Nixon’s eyeglasses from around the time of his resignation were sold in 2005 for $1,955. In 2019, a pair of underpants believed to have belonged to Eva Braun, Hitler’s wife, were gaveled at almost $5,000.However, despite the fact that Melania Trump likewise sold one of her most notable White House outfits — the white hat she wore during the French state visit in 2018 — as part of her own NFT drop, and despite Mr. Trump’s own history of monetizing his own brand in a way other political candidates might not dare, it is almost unheard-of for a living president to hawk his own memorabilia for his own profits, Ms. Lee said. Though NFT INT is not related to the Trump organization and Mr. Trump is not a part of the company, as a licenser Mr. Trump would probably receive a percentage of sales.Which makes it in his interest to divide the suit into as many pieces as possible — both financially and, even more pointedly, conceptually.After all, if a garment is considered “historic,” keeping it whole would seem the more desirable choice. That would allow it to be exhibited in a museum, or a presidential library (or, in the case of Marilyn Monroe’s “Happy Birthday, Mr. President” dress, Ripley’s Believe It or Not! museum).On the other hand, most tiny scraps of clothing that exist in collections are religious curios, fragments of martyrs’ gowns. Treating the mug shot suit in the same way “suggests Trump believes the suit he wore for his mug shot will be even more motivational to his fans than any other,” Ms. Lee said. “They are offering it like pieces of religious clothing, which implies Mr. Trump is a saint who has been through trials and tribulations for the country.”Indeed, said Sean Wilentz, a professor of American history at Princeton University, the sale suggests a “quasi-religious element, as if the suit Trump wore in court has special charismatic qualities.”Well, one of the cards in the set does depict Mr. Trump as a golden god. More

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      What Jerick McKinnon’s Super Bowl Can Teach Us about Economics

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      From an economic perspective, the most interesting play of Super Bowl LVII was near the end of the game, when the Kansas City Chiefs running back Jerick McKinnon sprinted toward the end zone but slid to a stop inches short of scoring a touchdown, like Moses not entering the Promised Land or me rejecting a slice of chocolate cake.If you watch the replay, you can see Philadelphia Eagles cornerback James Bradberry IV chasing McKinnon but … not very hard, like a dad playing touch football with a 6-year-old. Instead of trying to shove McKinnon out of bounds, Bradberry has his arms by his sides.What makes this economically interesting is that it’s an example of incentive incompatibility, a problem that crops up in many other realms. The Chiefs wanted to run down the clock to keep the Eagles offense off the field as long as possible. The Eagles wanted the Chiefs to score quickly so they could get the ball back, score a touchdown of their own and send the game into overtime. So the ordinary incentives of the offense and defense were reversed. It became a pantomime. Imagine if you had to watch a whole game like that. The fans would be streaming out of the stadium.Incompatibility of incentives is usually caused by a flaw in the rules of the contest, whether it be an election or a bankruptcy proceeding. It’s not always easy to fix the rules to prevent strategic behavior. That Super Bowl play is a good example. What rule change could have induced the Chiefs and Eagles to try their hardest on the play? I can’t think of one.Sports are designed to be zero-sum games, in which one side’s gain is another’s loss. For example, you don’t see boxers trying to work out a win-win agreement before the opening bell. Yet there are many times in sports when the rules inadvertently make it possible for competitors to win by losing or tying. In some leagues, unsuccessful teams have an incentive to lose because the teams with the worst records get first picks in the next player draft. (Although that ignoble strategy doesn’t always work.)British soccer fans are still arguing over a 1977 match between Bristol City and Coventry City in which the two sides found out during the second half that a mutual rival, Sunderland, had lost its match, which meant they could both avoid being relegated to a lower division if they remained tied. What had been a hard-fought match became a silly passing drill. Incentives for such strategic play are surprisingly common in European playoffs, according to several recent papers. A 2022 article in The European Journal of Operational Research showed that the design of the European qualifying rounds for the 2022 FIFA World Cup made the playoffs vulnerable to “tanking” — deliberately losing — by teams in certain circumstances. The paper proposed a way to minimize the risk.This wouldn’t matter much if it were confined to sports. But what about elections? Last year, Democrats helped some far-right candidates in Republican primary contests, betting correctly that more extreme candidates would lose in the general elections. They’re doing the same thing now for a State Senate seat in Wisconsin, The Times reported Tuesday. To me, the Democrats’ gambit seems both unsporting and dangerous. A study of German elections in 2012 found that almost a third of voters abandoned their preferred candidate if that person was not in serious contention.There are voting systems that minimize strategic voting, giving people an incentive to vote for the candidate they really want. But the economist Kenneth Arrow proved in his impossibility theorem that when there are more than two choices, there is no procedure that consistently orders collective preferences and satisfies reasonable assumptions about people’s autonomy and preferences.I’ll close with an example straight from economics: auctions. In an auction in which bids ascend and everyone sees them, it’s possible to lose by winning and win by losing. As the bidding rises and other people drop out, you may start to wonder if they know more than you do about the value of what’s up for auction. If you win an item, maybe it’s because you overpaid — making you a loser. Realizing that risk, some people will drop out early, so the thing being sold might actually go for less than it’s worth, to someone who doesn’t value it as highly as others. A good solution is a second-price, sealed-bid auction. You bid what you think the thing is truly worth, but if you win, you pay only the second-highest bid. Because there’s less risk of winner’s curse, the object will tend to go to the person who values it the most, usually for close to the amount that person values it at.Elsewhere: Why Rising Rates Hurt Tech StocksThe big tech companies don’t do a lot of borrowing, by and large, but rising interest rates are crushing their stock prices nevertheless. That’s because tech stocks’ prices are pumped up by expectations that profits will grow for years to come. They usually pay only small dividends, if any. When interest rates were low, investors were willing to pay a lot for that distant payoff. But when rates rise, Treasury bonds and other safe, long-term, interest-bearing investments start to look like a more attractive alternative.Quote of the Day“The Nazi agitator whom, many years ago, I heard proclaim to a wildly cheering peasants’ meeting: ‘We don’t want lower bread prices, we don’t want higher bread prices, we don’t want unchanged bread prices — we want National-Socialist bread prices,’ came nearer explaining fascism than anybody I have heard since.”— Peter Drucker, “The End of Economic Man: The Origins of Totalitarianism” (1939)Have feedback? Send a note to coy-newsletter@nytimes.com. More