“China trails only the U.S. in the number of millionaires and billionaires. Globally, the ranks of the ultra-rich are expected to reach 671,000 by 2022.”
“The event was a coming-out party for a new, and suddenly wealthy industry that has few regulations and isn’t chastened by scandals that have held back Wall Street and now Silicon Valley.”
“The vintage spirits, unseen in public since they last went under the hammer 30 years ago, were the highlights of a Bonhams auction held in Hong Kong for fine and rare wines and whiskies.”
“In an industry where power and influence are measured in dollars and cents, this may be the most exclusive club in finance: The price of admission is at least $25 million.”
“A former personal assistant to Goldman Sachs co-president David Solomon has been indicted in federal court for allegedly taking hundreds of bottles of wine worth an estimated $1.2 million from his boss’ Manhattan cellar, and reselling them. One of his tasks was accepting wine deliveries at the finance executive’s Manhattan apartment, and then transporting them to Solomon’s East Hamptons house. According to the indictment, for a period of at least two years, De-Meyer sold hundreds of the bottles to an unnamed wine dealer based in North Carolina.”
“Not so long ago, an eagle-eyed buyer purchased it at auction for a mere £45. How did we get from there to here? We’ve compiled a handy timeline of the painting’s history below. You really can’t make this stuff up.”
Read more: https://news.artnet.com/market/timeline-salvator-mundi-went-45-to-450-million-59-years-1150661
“Wall Street brokerages have been selling billions of dollars in loans backed by stocks and bonds, a trend that yields lucrative fees for the firms but poses risks for borrowers.”
“The tables have turned in the real estate industry as luxury listing prices fell for the first time since 2012, according to a Redfin report. The brokerage firm suggests that the drop in prices stems from wealthy buyers and foreign investors refusing to buy at the top of the market. Prices for luxury homes fell by 2.2 percent in the third quarter, compared to a year ago, according to the report. While many market watchers feared that the Fed raising interest rates may increase mortgage prices further, White said: ‘A lot of our transactions are all cash, and even the slight short-term interest increase really doesn’t affect the mortgage rates in a significant way.'”
http://www.cnbc.com/2015/12/29/luxury-home-prices-finally-getting-too-high.html
“A sport utility vehicle that bears an uncanny resemblance to the Land Rover Evoque will go on sale in China this week at a third of its sticker price. More than 5,500 people have put down deposits for the Landwind X7, which will be available in dealerships from Thursday at a starting price of 135,000 yuan ($21,700). The Evoque, which is Jaguar Land Rover’s best-selling model worldwide, retails from 398,000 yuan. Both models feature similar broad fenders, recessed door panels and a sloping roof. Jaguar Land Rover Chief Executive Officer Ralf Speth railed at what he called the the rise of Chinese ‘copy-and-paste‘ jobs earlier this year at the Shanghai auto show.”
“J.P. Morgan Chase & Co. is loosening its underwriting criteria for big mortgages, as lenders ramp up competition to grab a bigger share of the high-end housing market. The nation’s largest bank plans to announce as soon as Tuesday that it is lowering the minimum credit score and down payment it requires for mortgages as big as $3 million. At the same time, some big banks are backing away from smaller loans where they see higher regulatory costs and litigation risks. By dollar volume, jumbo mortgages given out by lenders last year accounted for about 20% of all first-lien mortgages. That is up from 5.5% in 2009. The last time jumbo mortgages accounted for a larger share was in 2005.”
http://www.marketwatch.com/story/jp-morgan-makes-it-easier-for-rich-to-take-out-mortgages-2015-08-04