In terms of big money movements, art tops the list for 2019. Portrait of an Artist by David Hockney was sold by Christie’s for US$90 million, the most expensive work by a living artist. Classic cars were in on the action as well with RM Sotheby’s 1962 Ferrari 250 GTO hammered for US$48.4 million, the most expensive car sold at auction. A 1970 Rolex Daytona “Unicorn” was sold by Phillips with Bacs & Russo for US$5.9 million, the most expensive watch sold at auction in 2018.
111 West 57th Street New York. New York still commands respectable premiums even with slower global conditionsIt has an impact for sure but there are other markets, what we have noticed with our research is that they have yet to get the balance right, how much capital is retained within China and how much is spent outwards.
Speaking of funding models, Singapore has pioneered this scheme where public housing has become a quasi-asset, do you think that’s sustainable? prices of Sentosa Cove properties drop to a record low, a condominium unit at a development called Seascape on the resort island was recently sold at a 50 per cent loss.
Is there any data that ultra high net worth individuals are investing in property to the exclusion of other asset classes because it’s a safer asset? Speaking of expertise, I’ve made the argument that for a watch, you can trace its date of manufacture and when it left the factory, but with something like Leonardo’s latest discovery, it’s a little bit questionable because there are experts who can point out reasons for why the work is most likely executed by one of Leonardo’s apprentices rather than by Da Vinci himself.
To a degree, the beginner who just had a big wealth changing event in their lives, I have seen them go enthusiastically into the market but they’re not quite shrewd in the quality that they buy but quickly through their mistakes, they quickly become knowledgeable and some even as knowledgeable as the experts. Some of the classic car collectors have extraordinary knowledge and end up controlling the market when combined with their enormous purchasing power.
Well… which markets do you believe are not manipulated? There are lots of things that players can do to influence a market in their favour. So you either have to have get an expert’s advice or become an expert yourself.
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