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Gustav Klimt’s “Portrait of Elisabeth Lederer” sold at Sotheby’s for $236.4 million.
The portrait is the most expensive work ever sold at auction at Sotheby’s, blowing past its original estimate.
Art experts and auction houses say the market is being boosted by a renewed sense of optimism among collectors and by several top collections coming to market.

People talk near the Leonard A. Lauder Collection (Portrait of Elisabeth Lederer) during a preview of the auction house Sotheby’s new headquarters in Manhattan, New York City, U.S., November 7, 2025.
Eduarod Munoz | Reuters

Gustav Klimt’s “Portrait of Elisabeth Lederer” sold at Sotheby’s Tuesday night for $236.4 million, making it the second-most expensive painting ever sold at auction — breathing new life into the high-end art market after three years of declines.
The portrait is the most expensive work ever sold at auction at Sotheby’s, blowing past its original estimate of more than $150 million.

While the name of the buyer is unknown, the sale came after 20 minutes of spirited bids between at least six interested parties, according to Sotheby’s. It was sold to an anonymous buyer on the phone with Sotheby’s Vice Chairman and Head of Impressionist and Modern Art Julian Dawes.
“Our evening sales were a resounding success and send a strong signal for the art market,” said Sotheby’s CEO Charles Stewart.
He said the sale results, combined with the large crowds who came to view the works at Sotheby’s new headquarters at the Breuer building in Manhattan, are a sign of a vibrant market.

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The Klimt sales comes during the most important sales week of the year for the art market.
Total sales are expected to exceed $1.4 billion and possibly top $2 billion, which would more than double last year’s total.

Art experts and auction houses say the market is being boosted by a renewed sense of optimism among collectors and by several top collections coming to market, including rare masterpieces by blue-chip artists.
This week’s auctions included an eye-catching piece by Italian artist Maurizio Cattelan, who gained notoriety for his $6.2 million “Comedian” sculpture of a banana duct taped to a wall. His piece at auction this week, “America,” is a fully functioning, 220-pound solid gold toilet. It sold for $12.1 million, Sotheby’s said, above its starting bid of $10 million, but below what many expected.
The Klimt was part of the collection of Leonard Lauder, the Estee Lauder heir and longtime art collector, that is expected to total over $400 million. Along with the Lederer portrait, the collection included two Klimt landscapes, which sold for $86 million and $68 million.
Sales at Christie’s have topped $747 million so far this week. On Monday, it auctioned a Mark Rothko painting that was part of the Robert F. and Patricia G. Ross Weis collection for $62.2 million. A Picasso that was also part of the collection sold for $45.5 million.
The sales will continue this week with lower-priced day sales and a big evening sale at Phillips. More

Porsche on Wednesday revealed an all-electric version of its Cayenne SUV.
The 2026 Cayenne EV is capable of 1,139 horsepower, 0-60 mph in 2.4 seconds and up to 1,106 foot-pounds of torque, according to Porsche.
A top-end “Turbo Electric” model starts at $163,000 — making it among the highest-priced Porsches on sale. A standard model with less performance starts at $109,000.

The 2026 Porsche Cayenne Electric SUV

Porsche on Wednesday revealed an all-electric version of its Cayenne SUV, calling it the “most powerful” production vehicle ever made by the German sports car manufacturer.
The 2026 Cayenne EV is capable of 1,139 horsepower, 0-60 mph in 2.4 seconds and up to 1,106 foot-pounds of torque, according to Porsche. Its top speed is up to 162 mph, the company said.

The car that previously had the title of “most powerful road-legal Porsche” was the Taycan Turbo GT at 1,019 horsepower.

The 2026 Porsche Cayenne EV

To achieve the vehicle’s peak performance, Porsche said a launch mode needs to be activated. In normal driving mode, the vehicle features up to 844 horsepower.
A top-end “Turbo Electric” model starts at $163,000 — making it among the most expensive Porsches on sale. A standard model with less performance — 402 horsepower and 615 foot-pounds of torque — starts at $109,000.

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The Cayenne Electric features a 113 kilowatt-hour battery and 800-volt electrical architecture system that’s capable of charging from 10% to 80% in less than 16 minutes, Porsche said. The new EV also is the first Porsche to have the option for inductive, or wireless, charging, but it comes at a much slower pace than traditional plug-in charging.
Porsche said ordering for the Cayenne Electric is open, with deliveries expected to begin at the end of summer next year.

The 2026 Porsche Cayenne EV

The all-electric SUV launch comes two months after Porsche confirmed it was pulling back its previously announced EV plans to instead continue to offer vehicles with internal combustion engines, including hybrids.
“We have set the final steps in the realignment of our product strategy,” Porsche CEO Oliver Blume said in a September release. “We are currently experiencing massive changes within the automotive environment. That’s why we’re realigning Porsche across the board.”
The EV market in the U.S. — a crucial region for automakers — has faced daunting changes in regulations under the Trump administration this year, including the end of consumer credits of up to $7,500 for the purchase of an EV.

The 2026 Porsche Cayenne EV

The Cayenne EV will be offered alongside a combustion-engine model as well as a plug-in hybrid electric version, according to Porsche.
The Cayenne is Porsche’s third EV for the U.S. market following the Taycan in 2019 and Macan in 2024. More

Target posted a third-quarter sales decline and cut the top end of its full-year earnings guidance.
Incoming CEO Michael Fiddelke is trying to kickstart the business after roughly four years of stagnant sales.
Target said Wednesday it is launching an experience with OpenAI, which allows customers to shop Target’s app within ChatGPT, that will launch next week.

The Target bullseye logo is seen on the outside of its store at the Lycoming Crossing Shopping Center.
Paul Weaver | Lightrocket | Getty Images

Target posted a drop in quarterly sales and lowered its full-year profit guidance on Wednesday as the big-box retailer saw choppy spending and shoppers hunting for value.
Despite its ongoing struggles, Target stuck by its sales guidance for the all-important holiday season, saying it expects sales to decline by a low single-digit percentage in the fourth quarter. It said it expects adjusted earnings per share for the year to come in between $7 and $8, lowering the high end of its previous range of $7 to $9. Much of its new range would come in lower than last year, when adjusted earnings per share were $8.86.

On a call with reporters, incoming CEO Michael Fiddelke declined to say when he thinks the company’s sales would turn positive again, but said Target is making progress.
“We are focused every day on making the right investments and the right decisions to get Target back to growth as quickly as possible,” he said. 
Fiddelke, who is Target’s chief operating officer and former chief financial officer, will step into the CEO role on Feb. 1. The company announced in August that he would succeed longtime CEO Brian Cornell.
He said Target will step up investment next year to try to turn around its stores and boost sales by increasing capital expenditures to $5 billion, a 25% year over year jump.
Here’s what Target reported for the three-month period that ended Nov. 1 compared with what Wall Street expected, based on a survey of analysts by LSEG:

Earnings per share: $1.78 adjusted vs. $1.72 expected
Revenue: $25.27 billion vs. $25.32 billion expected

Target’s sales have been roughly stagnant for four years as it faces stiffer competition and has grown weaker in some of the areas that set it apart in the past, including its eye-catching merchandise, its well-organized stores, and its friendly and helpful customer service. Some customers also boycotted the retailer after it rolled back key diversity, equity and inclusion programs, a dynamic that Target blamed in part in May for its weaker sales results.

Shares of the company have tumbled, too. As of Tuesday’s close, Target’s stock has fallen about 67% since the company’s all-time high in late 2021 and dropped about 35% so far this year. 
The stock was slightly lower in premarket trading Wednesday.
Fiddelke laid out three priorities on the day he was named Target’s next CEO: strengthening Target’s reputation as a retailer with stylish, well-designed merchandise, providing a more consistent shopping experience online and in stores, and using technology to move the business forward.

At the time, he said he wouldn’t wait to start making changes.
Last month, Target announced it would cut 1,800 corporate jobs — its largest layoff in a decade. It has taken steps to sharpen its merchandise and get back its fashion sense, including sending its designers to rodeos and ski lodges for inspiration. And it’s tweaked its online fulfillment strategy at stores to try to free up employees’ time to stock shelves and assist customers.
On a call with reporters about third-quarter results, Fiddelke pointed to a few other moves the company has made. He highlighted Target Trend Brain, a generative artificial intelligence-powered tool that helps the company’s designers and merchants identify what colors and styles are popular. It also is using synthetic audiences, AI models that simulate how real customers might respond to products or marketing campaigns, before launch.
Target on Wednesday announced another way it’s trying to rev up the business and adapt to new ways that people are shopping. It said in a news release that it is launching an experience with OpenAI, which allows customers to shop Target’s app within ChatGPT. It will launch next week in beta and allow users to purchase multiple items in a single transaction, shop for groceries and choose the way they want to get those purchases, such a curbside pickup.
Over time, Target shoppers will also be able to request personalized recommendations, the company said in the release.

Yet Target’s challenges in winning over shoppers persisted in the most recent quarter. 
Customers made fewer trips across Target’s stores and website and spent less during those visits. Traffic dropped by 2.2% and average transaction amount fell by 0.5% year over year.
Comparable sales, an industry metric that excludes one-time factors like store openings and closings, decreased 2.7%. Digital sales grew 2.4%, driven by more than 35% growth of same-day deliveries.
It marked the third consecutive quarter of declining comparable sales, which are also called same-store sales.

Target’s fiscal third-quarter net income dropped about 19% to $689, or $1.51 per share, from $854 million, or $1.85 per share, in the year-ago period. Revenue fell from $25.67 billion in the year-ago quarter. Excluding one-time costs such as severance packages, Target’s adjusted earnings per share was $1.78.
Digital sales increased 2.4% year over year, driven by more than 35% growth in same-day deliveries.
Fiddelke told reporters that Target saw “some volatility” in the quarter. Sales in both August and October were about flat as customers shopped for back-to-school and Halloween, but September sales fell about 4% year over year.
Chief Commercial Officer Rick Gomez said consumer behavior didn’t change from the previous quarter, with shoppers “stretching budgets and prioritizing value through spending where it matters most, especially in food, essentials and beauty.” 
Gomez and Fiddelke acknowledged other challenges specific to the third quarter, such as the pause of Supplemental Nutrition Assistance Program, or SNAP, benefits during the government shutdown. 
To capture the attention and dollars of lower-income shoppers, Target last week cut prices on 3,000 food and household products. Target has also set the price of some key holiday items so they feel like bargains, such as ornaments starting at $1, candles starting at $5 and throw blankets starting at $10, Gomez said.
Target is also trying to stand out with more products that customers can’t find elsewhere. It has 20,000 new items in its holiday assortment, more than double the year-ago holiday season, with over half of those only available at Target, Gomez said. In a bid to bring in customers beyond merchandise, it teamed up with Starbucks for an exclusive drink that shoppers can’t find elsewhere, a Frozen Peppermint Hot Chocolate frappuccino.
Target tends to see stronger sales during holidays and seasonal changes. Yet Gomez said even during those moments this year, customers have been selective. At Halloween, for example, Gomez said shoppers made “trade offs,” as the company saw stronger candy sales and weaker decor sales. 
Gomez said he expects that pattern to hold during the holiday season. 
“We think the consumer will prioritize what goes under the tree versus what goes on the tree,” he said. More

Lowe’s quarterly sales grew year over year, but the company lowered its full-year profit outlook as it cited economic uncertainty.
For the full year, the home improvement retailer now expects adjusted earnings per share of approximately $12.25, on the lower side of its previous range of $12.20 to $12.45.
Rival Home Depot, which reported a day earlier, also lowered its full-year profit outlook and referred to a tough housing market and consumer uncertainty.

In an aerial view, a customer enters a Lowe’s store on May 21, 2025 in Cotati, California.
Justin Sullivan | Getty Images

Lowe’s on Wednesday posted a year over year sales increase for the quarter, but the company lowered its full-year profit outlook slightly to reflect a tougher economic backdrop.
The home improvement retailer now expects full-year total sales to be $86 billion, up from its previous expectations of $84.5 to $85.5 billion, because of a recent acquisition. However, it said it expects comparable sales, an industry metric that takes out one-time factors, to be flat compared to a year ago compared with the prior range it had shared of flat to up 1%.

For the full year, it now expects adjusted earnings per share of approximately $12.25, on the lower side of its previous range of $12.20 to $12.45.
In a news release, the company said it revised its outlook to “reflect the ongoing uncertainty in the macroeconomic environment” and the acquisition of Foundation Building Materials, which closed last month.
Here’s what the retailer reported for the fiscal third quarter compared with Wall Street’s estimates, according to a survey of analysts by LSEG:

Earnings per share: $3.06 adjusted vs. $2.97 expected
Revenue: $20.81 billion vs. $20.82 billion expected

Shares rose more than 6% in premarket trading on Wednesday after Lowe’s said its current quarter was off to a good start.
Lowe’s CEO Marvin Ellison said in the news release that the retailer posted positive comparable sales in the third quarter and also started the current quarter with positive comparable sales, “despite headwinds related to hurricane activity in the prior year.”

Lowe’s comparable sales rose 0.4% in the fiscal third quarter.
Home improvement trends, however, remain challenged by a slower housing market and higher borrowing costs — dynamics that have challenged the sector for more than two years.
In the three-month period ended Oct. 31, Lowe’s net income fell to $1.62 billion, or $2.88 per share, compared with $1.7 billion, or $2.99 in the year-ago period. Revenue increased from $20.17 billion in the year-ago quarter. Adjusting for one time items, including pre-tax expenses associated with its acquisitions, Lowe’s reported earnings of $3.06 per share.
Rival Home Depot on Tuesday also lowered its full-year profit forecast after missing Wall Street’s quarterly earnings expectations for the third quarter in a row. Chief Financial Officer Richard McPhail attributed weaker earnings to lower-than-usual storm activity, a tough housing market and consumer uncertainty.
Like Home Depot, Lowe’s has tried to attract more business from contractors and other home professionals to offset weaker do-it-yourself sales. In August, Lowe’s announced it had struck a deal to acquire Foundation Building Materials, a distributor of drywall, insulation and other interior building products for large residential and commercial professionals, for about $8.8 billion.
Earlier this year, Lowe’s announced another pro-focused acquisition. It said in April it had agreed to buy Artisan Design Group, which provides design services and installation of flooring, cabinets and countertops for homebuilders and property managers, for nearly $1.33 billion.
On the company’s earnings call in August, Lowe’s CFO Brandon Sink said he expected the company’s own strategy, not an improving industry backdrop, to drive sales for the year. He said the retailer expects “a roughly flat home improvement market” for the year. More

Jeep’s new all-electric SUV will start at $65,000, the American SUV brand announced Tuesday.
The 2026 Jeep Recon has been years in the making, as the idea of an EV inspired by the brand’s iconic off-road Wrangler SUV was first revealed in 2021.
The Recon is part of a Jeep turnaround plan that included revealing four new or redesigned products in four months ahead of the vehicles arriving in dealerships in the months ahead.

2026 Jeep Recon EV

LOS ANGELES — Jeep’s new Recon all-electric SUV will start at $65,000, the American SUV brand announced Tuesday when it officially revealed the vehicle.
The 2026 Jeep Recon has been years in the making, as the idea of an electric vehicle inspired by the brand’s iconic off-road Wrangler SUV was first revealed in 2021. It is expected to begin production early next year at a plant in Mexico.

The Recon, revealed Tuesday ahead of the Los Angeles Auto Show, includes familiar, boxy Jeep styling as well as removable doors, a spare tire on the rear and open-air roof — all synonymous with the brand’s Wrangler SUV.
“With the Jeep Recon, we’re proving that electrification isn’t just compatible with off-road excellence, it can elevate it, delivering instant torque, precision control and a quieter, more connected driving experience that’s uniquely Jeep,” Bob Broderdorf, CEO of Jeep, said in a release.

2026 Jeep Recon EV

The Recon is part of Jeep’s ongoing turnaround plan, which comes after years of sales declines and after several Jeep SUVs were canceled for the U.S. in an attempt to boost profits.
The EV is the last of four new or updated products Jeep promised to reveal in four months. The first three were a new Jeep Cherokee hybrid and redesigned versions of the Jeep Grand Cherokee and Grand Wagoneer.
“We’re wrapping up the 4×4 – four cars in four months. Recon is the last car to do that. That will complete the storyline,” Broderdorf said during a media call about the brand’s plans to launch a slew of special-edition vehicles next year.

The Recon’s electric motors combine to produce 650 horsepower and 620 foot-pounds of torque — similar to some V-6 and V-8 sports cars. But that power comes at a cost, with the vehicle getting up to 250 miles of range on a charge, which is lower than many current, less expensive EVs.

The Recon’s price is a roughly $14,000 premium over an entry-level 2025 Wrangler plug-in hybrid electric vehicle and a nearly $27,000 premium over a base 2026 Wrangler four-door. Pricing is in line with the $65,200 Wagoneer S EV, with a range of 294 miles.
The Recon comes as Jeep’s Stellantis parent company is heavily reducing its investments in EVs following changing market conditions and CEO shake-up in the past year. In the broader market, sales of EVs have plummeted following the end of up to $7,500 in federal incentives in September to purchase a plug-in electric vehicle.
Broderdorf said the end of federal incentives is expected to impact sales across the industry, including with the Recon, but the new SUV functions as an EV “bookend” alongside the sportier Wagoneer S for the Jeep brand’s electric portfolio.
“I’m not going to just chase volume just to chase volume,” he said during the media call. “I want to sell cars in the right way. Everybody who wants a [battery-electric vehicle], Recon, I want to make sure that we’re there for them. After that, it doesn’t really matter to me.”
The Recon is being produced at Stellantis’ Toluca Assembly Plant in Mexico alongside the Wagoneer S, Jeep Compass and the new Jeep Cherokee, which is being offered exclusively as a hybrid vehicle.

2026 Jeep Recon EV

Broderdorf, who started leading the brand in February, said the plant can easily adjust to produce the higher-volume Compass and Cherokee depending on demand for EVs. Both gas-powered vehicles also are expected to be manufactured in the U.S. in the coming years for additional flexibility.
“”We’re going to grow, grow and grow,” Broderdorf previously told CNBC. “That’s the mission. And do it in a healthy way.”
Jeep’s been dealing with a spiraling sales decline that started after the brand reached an all-time high of more than 973,000 SUVs sold in 2018. The brand’s sales have fallen 40% since then to less than 590,000 units last year in the U.S.
Jeep’s sales through the third quarter of this year were up less than 0.5% compared with a year earlier. Jeep’s U.S. market share has fallen from 5.4% in 2019 to 3.7% since 2024, according to Cox Automotive. More

Owen Thomas, CEO of BXP (formerly Boston Properties), said the office real estate sector has hit a bottom, with overall vacancy rates falling during the third quarter.
BXP is almost entirely invested in the top tier of the market, with many of its tenants in financial and legal services.
Thomas said there’s a bifurcation “between the quality buildings that are being leased by the leading companies and then the rest, which are not performing nearly as well.”

A version of this article first appeared in the CNBC Property Play newsletter with Diana Olick. Property Play covers new and evolving opportunities for the real estate investor, from individuals to venture capitalists, private equity funds, family offices, institutional investors and large public companies. Sign up to receive future editions, straight to your inbox.
The U.S. office market has been in a tailspin since the start of the pandemic, when workers were first ordered home. Some, especially younger workers, never came back — leaving many office buildings half full or empty. 

The overall vacancy rate for offices, however, fell 20 basis points in the third quarter to 18.8%, according to CBRE. While that’s still historically high, it marks the first year-over-year decline in vacancy since the first quarter of 2020, when Covid took hold in the U.S.
Leasing activity last quarter exceeded the five-year quarterly average, driven by financial services and technology firms, according to the report. The construction pipeline also dropped and is on track for the lowest annual total in over a decade.  
“I definitely think we hit bottom. I think we hit bottom in 2024,” said Owen Thomas, CEO of BXP (formerly Boston Properties), the largest office REIT in the U.S. “There are lots of positive things that are going on for part, not all, of the office business.”
One of those positives is lower interest rates. Capital is coming back to office real estate, Thomas said, starting on the debt side, where there have been several large debt securitizations. BXP just completed single-asset securitizations on high-end office buildings in New York City and Boston, he said. 

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BXP is almost entirely invested in the top tier of the market, with many of its tenants in financial and legal services. And that, Thomas said, is another positive. Financial services firms are seeing big earnings growth, in part thanks to artificial intelligence. These firms also tend to use their spaces more than others. 

“These leading companies want to get their people back in the office, and, of course, they can mandate that, but what they really want is they want their people to want to come back to the office,” said Thomas. “That’s why you’re seeing this bifurcation in the office business, between the quality buildings that are being leased by the leading companies and then the rest, which are not performing nearly as well as the, what we call, premier workplace segment of the industry.” 
That “premier” tier is defined, roughly, as the top 10% of buildings. The vacancy rate in these buildings is far lower than the rest of the market — 11% on average in the cities where BXP operates, Thomas said, adding that the asking rents in those markets are 55% higher. 
Premier buildings, however, are not always new buildings. They’re also buildings in desirable locations, especially with easy access to mass transit. There has also been a new drive from landlords of second-tier buildings to compete with so-called Class A properties. 
“There are many office landlords today that have a strategy of, we’re not trying to be the premier workplace provider, we’re trying to be the best B building provider,” Thomas said. “They are fixing up their buildings. They’re providing some of these amenities, and they’re providing a more value-oriented price point. So I think a lot of the demand will go to that.” 

BXP, for its part, is not particularly interested in acquiring these buildings, he added. Instead, it’s putting investment capital into new development, recently launching a $2 billion project at 343 Madison Avenue in New York City. Even with construction timelines long, Thomas said the resulting yield is far better than existing, even bargain-priced buildings. 
As for the effect of Mayor-elect Zohran Mamdani on the city’s real estate, Thomas is very cautiously optimistic. 
“Our success in any one community is capped at our community’s success, so if the city’s not successful, we can’t be either. We want to do what we can to help him figure out some of the things that he promised as a candidate,” Thomas said, specifically noting housing affordability and public safety. 
“I’m not sitting here saying that I think it’s necessarily going to be a positive, but I do think, given the approval rights that the state has over many things, and some of the early decisions I see him making, like reappointing the chief of police, I think some of those are making us feel constructive about what this outcome might look like,” said Thomas.
He did point to New York City’s lead in office conversions to residential as a model for other cities, saying that because rents are so high the deals work financially. New York also put a tax incentive in for developers, which Thomas called encouraging. 
As for the rest of the country, conversions won’t solve the office vacancy problem, Thomas said. 
“The office market overall is overbuilt. There are going to be buildings that are demolished and made into something else. We’re doing some of it in suburban locations,” said Thomas. “But the conversion, when people get onto this topic, they think this is going to be the answer.
“It’s going to be an answer. It’s not the answer,” he said.  More

FanDuel and DraftKings on Tuesday said they are quitting the American Gaming Association.
Prediction platforms like Kalshi and Polymarket, which allow customers to trade on events across pop culture, news and politics, have skyrocketed in popularity, and sportsbooks have been getting in.
The AGA has taken a firm stand against prediction markets offering sports betting.

FanDuel and DraftKings on Tuesday said they are quitting the American Gaming Association, the leading trade organization representing casinos, gaming manufacturers and sportsbooks.
In separate announcements, the companies said they were abandoning their AGA memberships because the direction of online betting — increasingly tied to booming prediction markets — does not align with the trade organization, they said.

It’s the latest escalation of a growing rift in the gambling world as prediction platforms like Kalshi and Polymarket, which allow customers to trade on events across pop culture, news and politics, skyrocket in popularity and push into sports.
The AGA has taken a firm stand against prediction markets offering sports betting. It plans to introduce a resolution at a board meeting on Tuesday that would exclude from membership any company that offers prediction markets, according to people familiar with the matter who declined to be named speaking about internal matters.  
Last week, Flutter-owned FanDuel announced it would launch a prediction platform called FanDuel Predicts in December in partnership with the CME. It plans to offer sports prediction trades only in states where sports betting isn’t legal.  
“We recognize this direction is not aligned with the American Gaming Association’s current priorities for its member operators. After thoughtful consideration, we have decided to step back from our AGA membership at this time,” a FanDuel spokesperson told CNBC.
DraftKings recently acquired Railbird, which has a federal license to offer event contracts. 

“As the company’s business strategy evolves—including with prediction markets—DraftKings determined that its plans no longer fully align with the AGA’s direction in certain areas and have decided to relinquish its membership,” a DraftKings spokesperson told CNBC.
The AGA represents both commercial and tribal members, sometimes with competing interests.  
The trade organization said in a statement it had accepted FanDuel’s and DraftKings’ “request to relinquish their membership.”
“We wish them the best, and we expect to maintain close ties to our mission to promote and protect legal, regulated gaming.”
FanDuel and DraftKings are also represented by the Sports Betting Alliance, which conducts more specific lobbying and outreach efforts on behalf of sports betting operators. More

Oddity, the maker of Il Makiage and Spoiled Child, launched its third brand Methodiq, a telehealth platform for medical skincare.
Methodiq will offer 28 new products, including creams, supplements and cosmetics, that address acne, hyperpigmentation and eczema and range in price from about $29 to around $59. 
Oddity’s investments into medical skincare takes aim at telehealth platform Hims and signals the company could expand deeper into medical care in the future.

Methodiq brand advertisement.
Courtesy: Methodiq

Il Makiage parent company Oddity is branching out into medical-grade skin care with its new brand Methodiq, as the online retailer looks to compete with Hims and help to address what it called a “broken medical care system.” 
Methodiq, which has been in the works for four years and launched on Tuesday, is a telehealth platform that will offer 28 new products, including creams, supplements and cosmetics, that address acne, hyperpigmentation and eczema. The lineup is a mix of prescription and over-the-counter items that range in price from about $29 to around $59. 

Methodiq combines Oddity’s investments into biotechnology, AI-based computational imaging, and digital retailing. It will allow the company to gain a slice of the burgeoning medical skin care market, which is projected to reach $113 billion this year, according to Research and Markets. 

Methodiq products.
Courtesy: Methodiq

The company’s expansion into medical skin care takes direct aim at Hims, which offers popular anti-acne medications and other prescriptions through a telehealth platform. The launch signals Oddity could move deeper into health care in the future. 
“We have these 60 million users on our platform. We know a lot about them. Around half of them have some combo of acne, eczema, hyperpigmentation. We serve a lot of them, obviously, already with Il Makiage complexion products or foundation concealer. We’ve never had the opportunity before … to actually treat the condition,” said Oddity finance chief Lindsay Drucker Mann. “That’s why dermatology is an obvious starting point for us. From there, there’s many other medical domains for us to expand into.” 
Oddity, which is set to announce 2025 third-quarter results on Wednesday, hasn’t included Methodiq in its 2025 or 2026 revenue outlooks, primarily because it expects sales to make up only a small portion of overall revenue, said Drucker Mann. However, she said the brand has “enormous revenue potential in the future,” especially if Methodiq expands beyond just medical skin care.
She pointed to Hims’ goal of reaching $6.5 billion in annual revenue by 2030 and said it shows “the size of what you can do with a successful telehealth” platform. 

Still, the strategy doesn’t come without challenges. Pharmaceutical products are heavily regulated, the sector is becoming more competitive and customer trust is hard to win.
Plus, telehealth platforms can be difficult to scale safely. In March, The Wall Street Journal published an investigation into Hims showing how some patients experienced serious side effects after taking hair loss medication from the company. Most of the patients said they didn’t realize the drugs could come with those side effects, while others felt they weren’t adequately warned.
The publication found unlike drugmakers, telehealth companies aren’t required to disclose side effects and other risks in advertisements.

How Methodiq works 

Oddity’s investments into computational imaging and biotechnology are coming to life in Methodiq. 
In 2021, it acquired Voyage81, a deep tech AI-based computational imaging startup that was co-founded by the former head of research and development for one of the Israel Defense Forces’ elite technological units. Two years later, it acquired biotech startup Revela and created Oddity Labs. The unit has been working to create brand-new molecules with artificial intelligence that can be used in its cosmetics brands and future lines.
Voyage81’s imaging capabilities and the new molecules from Oddity Labs are both part of the Methodiq platform. 
When consumers join Methodiq, they fill out information about their skin concerns and undergo a facial scan, which maps out their face and determines what conditions, if any, they have. A medical doctor then reviews the information and recommends a suite of products that patients receive in a “kit” at regular intervals. 
The kits can include widely available standard acne medication, such as the oral antibiotic Doxycycline, but also fresh approaches to anti-acne creams. 

Methodiq products.
Courtesy: Methodiq

For example, Methodiq’s Clindalaq product contains tretinoin, a prescription-strength topical retinoid used to treat acne and other skin concerns, but also a mix of other ingredients that aim to make it more desirable to consumers than the standard creams prescribed by doctors. It includes hydrocortisone to alleviate side effects associated with strong retinols, as well as aloe vera extract and vitamin E to make the product more hydrating. 
CNBC tested the product at Oddity’s New York City headquarters earlier this month and found both the texture and smell was different from the generic tretinoin cream dispensed by pharmacies. While the generic was white and gloopy, the Clindalaq was smooth and blended into the skin without leaving a visible residue. It also didn’t have a medicinal smell. 
“We’re able to deliver these very strong acne-fighting ingredients, but in a formulation that’s tolerable and can help actively fight side effects all in one,” said Alex Kaplan, Methodiq’s vice president of product development. “What we’re able to deliver is a true beauty experience in a prescription formula.” 

Expanding access to dermatology

Oddity is expanding into medical skin care in part because plenty of people need it but don’t always have access to a dermatologist, opening up a significant market opportunity. 
At least 50 million Americans are affected by acne and nearly 1 in 10 have the most common form of eczema, atopic dermatitis, according to the American Academy of Dermatology. However, there’s no dermatologist at all in more than 60% of U.S. counties, according to a 2018 study published in JAMA Dermatology. 
Methodiq aims to address that need by providing access to medical professionals and products that combat common skin concerns. Methodiq CEO Tom Amsterdam said a clinician will review every patient intake, recommend products and then stay connected with the patient through the entire course of the treatment.
While the platform isn’t set up to handle video or voice telehealth sessions between patients and doctors, patients can stay in touch with their doctor through a chat function where they can update them on their progress and adjust their treatment plan as needed. 
All of the doctors will be based in the U.S., but not all of them will be board certified in dermatology, said Amsterdam. 
Dr. Amy Wechsler, a board-certified dermatologist based in New York City who is not connected to Methodiq, said having a wide range of doctors on staff to prescribe treatments can help increase access to care.  
“In many parts of the country, patients do not have easy access to a dermatologist, which is why pediatricians, internists and other healthcare providers step in to prescribe treatments for acne, hyperpigmentation, and eczema,” Wechsler said in an email to CNBC. “This can be safe as long as the provider is knowledgeable about the medications they’re prescribing, including proper use, potential side effects, and when a patient should be referred to a dermatologist.” More