Tag Archives: Mayfair Economy

In this London pub, drink prices rise and fall like stocks

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“This may be the one market where every trader is rooting for a crash.  At the new Reserve Bar Stock Exchange in the City of London’s ‘Square Mile’ financial district, drink prices swing up and down according to supply and demand, sending thirsty City workers on a roller-coaster ride in their hunt for the best-priced bender.  With its real-time exchange screens, rapidly fluctuating prices and secondary markets, it has the feel of a trading floor, without the unnerving risk of a market tumble. The worst-case scenario — or best, if you will — occurs when drink quotes climb too rapidly, triggering a ‘market crash.’ This results in cheap booze all around.”

http://www.marketwatch.com/story/when-this-market-crashes-traders-get-trashed-2015-07-17

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How to get a piece of the $400 million ‘Atocha’ shipwreck treasure

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“On July 20, 1985, U.S. treasure hunter Mel Fisher discovered the sunken treasure of the Spanish galleon, Nuestra Señora de Atocha. The ship was part of a fleet of Spanish ships that sank in 1622 after sailing through a hurricane. Fisher spent nearly 17 years searching for the wreck but it proved to be worth his time. In total, more than 40 tons of silver and gold were recovered by Fisher’s team off the coast of the Marquesas Keys, a small group of islands about 30 miles west of Key West, Florida. The treasure was worth roughly $400 million.  To mark the 30th anniversary of the discovery, Guernsey’s auction house in New York will be auctioning off some items from the Fisher collection.”

http://finance.yahoo.com/news/how-to-get-a-piece-of-the–400-million–atocha–shipwreck-180158610.html

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As-is Melbourne houses fetch more than $1 million above reserve

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“A Fitzroy North Victorian house in original condition has sold for more than $1 million over the vendor’s reserve price, continuing Melbourne’s crazy property market.  The freestanding four-bedroom house with a heritage overlay at 129 McKean St, Fitzroy North, sold for $2.65 million at the weekend, smashing the vendor’s $1.6 million reserve price. The median price for houses in Fitzroy North has jumped 35.8 per cent over the past five years to $1,010,500, according to latest results by CoreLogic RP Data.”

http://www.news.com.au/finance/real-estate/a-fitzroy-north-property-sells-for-more-than-1-million-beyond-reserve/story-fncq3era-1227359084804

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This Is How Insane San Francisco’s Housing Bubble Really Is

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“Over the course of three years and four months, the median home price about doubled to $1,225,000.  The median home price is now 37% above the prior-bubble completely mind-boggling median price that afterwards everyone admitted had been based on totally crazy valuations.  This has a real impact on rents, with average asking rent in the first quarter hitting $3,458 a month, or $41,500 per year.  The median house prices range from $610,000 in Bayview, one of the more troubled neighborhoods, to nearly $6 million in Pacific Heights.”

http://wolfstreet.com/2015/05/19/how-over-the-top-crazy-san-franciscos-home-price-and-construction-boom-really-is/

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Foreign Money Is Pouring Into U.S. Real Estate, and It’s Not Just Houses

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“Blockbuster real estate deals are back and breaking records as cash from around the globe pours into U.S. office buildings, apartment complexes and other investment properties.  Demand for property from warehouses to skyscrapers is booming, helped by more than six years of Federal Reserve efforts to stimulate economic growth by keeping interest rates low, and stockpiles of cash from overseas investors seeking a haven.  Surging prices for the best buildings in big cities such as New York and San Francisco are driving the real estate recovery. Centrally located office towers are fetching prices 33 percent above records set in 2008.”

http://www.bloomberg.com/news/articles/2015-05-13/mega-real-estate-deals-return-in-u-s-as-haven-offered

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Young Chinese building art collections as unpredecented prices emerge

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“The young tend to have a higher appetite for risk, in investment speak, and this generation has witnessed an unprecedented rise in art prices, especially in contemporary art, which is the category they are most likely to collect.  Artprice.com’s global index of contemporary art states average prices have gone up by 70 per cent in the past decade. The New Circle members are all newbies and face the challenge of plunging into a market when prices for contemporary art are much higher than a few years ago. The young generation has only just started buying art in Hong Kong, and has no intention of stopping.”

http://www.scmp.com/lifestyle/arts-culture/article/1673008/young-art-lovers-get-help-building-collections-exclusive-hong

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Picasso Painting Sells for $179.4 Million; Sets Auction Record

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“Pablo Picasso’s ‘Les Femmes d’Alger (Version ‘O’)’ sold for $179.4 million, setting a record for any artwork sold at auction. The price for the painting, sold Monday at Christie’s in New York, breaks the record held by Francis Bacon’s $142.4 million triptych since November 2013. The auction house had valued the Picasso at $140 million, the highest presale target of any work. The sale price includes commission.  Depicting a group of courtesans, the Picasso painting is based on Eugene Delacroix’s work of a similar title. Picasso explored the theme through a group of 15 paintings, designating the versions from A to O.”

http://www.bloomberg.com/news/articles/2015-05-11/picasso-painting-sells-for-179-4-million-sets-auction-record

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Manhattan’s New Most Expensive Listing: A $130 Million Penthouse

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“New York City has a new most expensive apartment for sale, and it’s not even built yet.  With an asking price of $130 million, the 12,394-square-foot triplex planned to top a luxury tower that is set to go up at 520 Park Avenue would be the most expensive apartment New York has ever seen, surpassing the $118.5 million asking price for three separate units currently being marketed together in Battery City’s Ritz-Carlton tower.  Set on 60th Street two blocks east of Central Park, 520 Park Avenue is designed to rival another, wildly successful Zeckendorf project: 15 Central Park West, now a billionaire enclave and one of New York’s most prestigious addresses.”

http://www.forbes.com/sites/erincarlyle/2014/09/24/manhattans-new-most-expensive-listing-a-130-million-park-avenue-penthouse/

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Inside Hermès: Luxury’s Secret Empire

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“Last year the company set a record, reporting an operating profit of $1.69 billion with $5 billion in sales–the fastest-growing company in its industry over the past six years, fueled by a sort of branding and marketing craftsmanship as exacting as the stitching on one of its iconic Birkin bags.  The payoff for this softer kind of innovation is enough to make a social media startup founder blush. In examining Hermès’ ownership structure, FORBES estimates that at least five family members now belong on our global billionaires list. And the collective fortune for Dumas’ family now tops $25 billion–more than the Rockefellers, the Mellons and the Fords. Combined.”

http://www.forbes.com/sites/susanadams/2014/08/20/inside-hermes-luxury-secret-empire/

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How to Follow the Big Money

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“Total foreign ownership of U.S. assets (excluding complicated financial derivatives) rose from $16.594 trillion at the beginning of 2009 to a record $26.791 trillion at the end the first quarter of 2014.  That’s an astounding 61 percent gain in a short five years, a record for such a short time period.  It’s a total of more than 10 TRILLION DOLLARS that has flowed into U.S. investments from abroad.  Of that $10 trillion … $4.088 trillion, or more than 40 percent, was directly invested in portfolios that include equity investments, mutual funds, and other equity-related investments.  Moreover, nearly 20 percent of the $4.088 trillion … or $820 billion, came flooding in from foreign shores in 2013 alone.”

http://www.moneyandmarkets.com/follow-big-money-65060

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