Posts Tagged ‘Porsche’

Service of a $200,000 Watch and Nowhere to Go

Thursday, March 25th, 2021

Patek Philippe sports watch Photo: Luxury of Watches

Excess at a time when so many citizens suffer strikes a wrong note.

The pandemic opened eyes to hunger and financial distress in this country exacerbated by furloughs and firings. Sigal Samuel on vox.com wrote: “56 percent of US households gave to charity or volunteered in response to the pandemic, and the first half of 2020 saw a 12.6 percent increase in the number of new donors to charity compared to one year ago.”

Nevertheless spending on luxuries goes on more than usual. The capitalist in me says “That’s good–people are employed and businesses thrive” followed by a but….

Photo: bestbridalshop.com

A few days after I heard about a bride from a hardworking middle class family paying $6,000 for a wedding dress I saw Jacob Bernstein’s New York Times article “Here’s How Bored Rich People Are Spending Their Extra Cash.” I wondered if for every luxury buy the purchasers sent an equivalent amount to a charity. I did a hasty Google search to find articles about individual charitable donations in the $200,000 to $6 million range equal to some of the items identified below. I didn’t find any– which doesn’t mean none were given.

About the $6,000 wedding dress, a contemporary of mine said that the price tag is expected and only a starting point, though other friends knew of brides who looked heavenly and recently spent in the $1,500 range.

Bernstein reported that big spenders once called themselves collectors but now refer to themselves as investors. He wrote: “Rather than elbowing past each other for reservations at the latest restaurants from Marcus Samuelsson and Jean-Georges Vongerichten, or getting into bidding wars for apartments at 740 Park Avenue, they are one-upping each other in online auctions for jewelry, watches, furniture, sports cards, vintage cars, limited-edition Nikes and crypto art.”

740 Park Avenue. Photo: streeteasy.com

Retailers are sensitive to the situation. Some wouldn’t speak with him on the record about sales. One admitted almost selling out $90,000 earrings. A Patek Philippe sports watch that retails at $85,000 “can seldom be found on 47th Street for much less than $200,000.” [47th Street is the jewelry district in Manhattan.] An expert told Bernstein that demand for these watches remained as Switzerland closed down due to the pandemic. He said that the money spent on travel is directed to collectibles–uh, investments.

Bernstein reported a 1973 Porsche sold for $1.2 million last year when before the pandemic the same make and model sold for $560,000.

“In February, a digital artwork of Donald Trump facedown in the grass, covered in words like ‘loser,’ sold for $6.6 million, a record for a nonfungible token, or NFT, so called because there’s no physical piece for the buyer to take possession of.”

You get the gist. Bernstein shares many more examples.

Have you heard of record-breaking charitable donations during the pandemic?  As for collectors of pricey items calling themselves investors: Does paying outrageous prices during extraordinary circumstances sound like the makings of a very good investment to you? But what do I know? I think paying $6,000 for a wedding dress is over the top. And you?

Porsche 1973 Photo: opumo.com

 

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