Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Jul 18, 2017

Online art discovery platform raises $50 million

Dan Primack, author of Pro Rata

Artsy, a New York-based art discovery marketplace, on Tuesday announced that it has raised $50 million in Series D funding.

Why it matters: Fine art sellers had long resisted putting their wares online, viewing it as a low-class loss of control. But now many are viewing the Internet as possible savior, with the global auction market still unable to regain its pre-financial crisis highs.
Investors: Avenir Growth Capital led the round, and was joined by return backers like L Catterton, Shumway Capital and Thrive Capital. The round also included individual angels like Joe Gebbia (Airbnb co-founder) and Larry Gagosian (founder of Gagosian Gallery).
Bottom line from The Verge's Ben Popper: "When Artsy launched to the public in 2012, it had a little over 20,000 images from 275 galleries and 50 museums. Today, Artsy is far and away the biggest player in the online art market, with over 800,000 works from over 4,000 galleries. Not only have gallery owners come around to embracing Cleveland's online marketplaces, 1,800 galleries now pay Artsy between $425 and $1,000 a month to be members. The company helped to put on 41 auctions last year, and is on track to participate in over 160 auctions in 2017."

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Marisa Fernandez

4 mins ago - Health

CDC director warns "now is not the time" to lift COVID restrictions

CDC Director Rochelle Walensky warned states on Monday that "now is not the time" to lift public health restrictions, as the recent dramatic declines in coronavirus cases and deaths "appear to be stalling."

Why it matters: While the average of 70,000 new infections and 2,000 daily deaths is nowhere near the extremely high levels recorded at the start of 2021, the figures are still a poor baseline to "stop a potential fourth surge" — especially with the threat posed by more contagious new variants, Walensky warned.

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27 mins ago - Politics & Policy

Sen. Elizabeth Warren introduces "ultra-millionaire" wealth tax bill

Photo: Greg Nash-Pool/Getty Images

Sen. Elizabeth Warren (D-Mass.) on Monday introduced a bill in the Senate that would impose a new tax on the assets of America's wealthiest individuals.

Why it matters: The plan, which Warren introduced along with Reps. Pramila Jayapal (D-Wash.) and Brendan Boyle (D-Pa.) is similar to a proposal that was the centerpiece of Warren's campaign for the presidency in 2020.

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2 hours ago - World

Former French President Sarkozy sentenced to jail for corruption

Nicolas Sarkozy, 2011. Photo: XINHUA/Gamma-Rapho via Getty Images

A court in Paris on Monday sentenced former French President Nicolas Sarkozy to one year in prison and a two-year suspended sentence after he was found guilty of trying to bribe a magistrate, AP reports.

Driving the news: Sarkozy, who was president from 2007 to 2012, is the first president in France’s modern history to have gone on trial for corruption, per AP. He was charged with corruption and influence-peddling.

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