High-End Items Are Having Their Worst Year Since The Financial Crisis, Fortune

The number of billionaires has doubled since the financial crisis, with Oxfam reporting 26 people controlling the same amount of wealth as half of the world’s population. Land ownership has also become more concentrated, with the 100 largest land owners increasing their holdings by 50%. After 10 years of money printing, have we finally reached the point of reckoning?

-Monterey Car Week auctions were only valued at $245 million, 1/3rd less then the prior year.

– In 2009, the total value of cars sold during Monterey Car Week was $122 million

– By 2014 it was $403 million

– From 2008 to 2018, classic cars were the fastest growing collectable market for the rich, growing at a rate of 288% according to Knight Frank, a London-based real-estate authority

-During the same time period, fine art only increased 55%

– Compared to last year, fine arts auctions are down 20% in the first half of 2019

– London houses prices fell 4.4% in May compared to last year. This is the lowest annual drop since August 2009, which was at the height of the Global Financial Crisis

– High-end Manhattan real-estate fell 5%, and sellers are offering the biggest discounts in 9 years.

“Despite a record number of cars hitting the auction block this year, the total value raised came in at a paltry $245 million, representing a 34% decrease from the previous year. Car experts are shaking their heads in disbelief with only 58% of the cars up for auction at Monterey this year actually selling. The rest failed to meet their reserves, which is the lowest price a buyer would accept at auction”. Read more at Fortune

Van Gogh – Starry Night

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