1. CJ says

    I’m sorry but the more I read about the extreme wealthy, the more I shake my head. Yves Saint Laurent being an exception as he has worked hard and done much positive with his wealth. However, when I see hedge fundies and brokers making millions trading off of future speculation it makes me sick. A single mother can work her butt off with three jobs and barely make ends meet, while the George W. Bush’s of the world are born into life with a silver spoon, an ivy league education and a Presidency they neither worked sincerely for or deserved. I have a friend who works for a very reputable design and architecture firm in NYC. I had the privilege in seeing some of their impressive projects. About 90% of their clients are nouveau riche hedge fund guys who have made their money over the past few years. They have soooo much money they don’t know what to do with it, buying up penthouses and combining them, homes in EU, the Hamptons, the Caribbean – how much is too much???

  2. TANK says

    It doesn’t really defy the recession at all. In the age of instant media coverage, we get to see what we didn’t get to see during the great depression. In Germany, for example, the rich who, during the height of the great depression, and throughout ww II and the holocaust, enjoyed some of the most solipsistic, nihilistic times in the history of its wealthy elite. People were starving to death, going to the gas chambers, getting shot dead, and they were throwing decadent parties and purchasing expensive artwork and property like the world wasn’t falling apart–like nothing was happening. The fact of the matter is that wealthy people (including nouveau riche european trash) spend just as much in recessions/depressions as they do at any other time. They don’t have to stop. Their spending habits are no marker on how people are actually doing.

    And the people who go to these types of art auctions are not “real”. This insular little world of hyper wealth is no barometer on anything other than itself.

  3. Giovanni says

    The “rich” have to put their money
    somewhere so it might as well be in a Matisse that rarely comes to auction and the like. At least it will retain its value short of something truly cataclysmic.

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