The bounce at the top February 2, 2010 at 6:44 am
European yacht makers Princess Yachts and Beneteau SA said sales are picking up as wealthy buyers resume purchases of their most-expensive models.
“Boats over 100 feet are selling very strongly as the very wealthy feel the crisis less and tend to buy bigger and more modern boats,” Simon Clare, head of marketing for Princess Yachts, said in an interview at the Dusseldorf boat fair.
I’m not surprised. There is a lot of anecdotal evidence that the top of the market – silly sports cars, houses priced in eight figures, even (to a lesser extent) fine art – is recovering. My advice? Buy first growth claret and flip it fairly fast. I’m not at all convinced that the plebs are sufficiently well off that this rally has legs, but if the worst comes to the worst, you can always drink that particular investment mistake.
Update. More evidence, again from Bloomberg:
A sculpture by Alberto Giacometti last night became the most expensive work of art sold at auction as wealthy collectors battled for rare works by 20th-century artists at the biggest auction held in London, Sotheby’s said.
The life-size bronze of a walking man, being sold by Germany-based Dresdner Bank AG, fetched 65 million pounds ($103.4 million) with fees.
Over a hundred million for a Giacometti? That is in crazy Klimt territory. It might just be time to buy stock in diamond producers…