In Time Of Pandemic, Auction Houses Cash In Big On Watches

[BNA/LION]

"The world may be in a state of Covid-19 chaos, with growing unemployment, a spiraling death rate, and no vaccine on the immediate horizon, but someone just paid $3.6 million for a pre-owned wristwatch, $9.2 million for a fancy blue diamond ring, $84.6 million for a painting, and $795,000 for a rare bottle of whiskey.

And $615,000 for a pair of used Nike sneakers worn by Michael Jordan in 1984..."

https://www.fa-mag.com/news/in-time-...tml?section=75

[offrdmania]

Prices were down for only a month and then started ticking back up, they are now more than they were before the pandemic.

[Wcdhtwn]

If you’re rich, you’re rich. I wonder what they’d have paid if the pandemic, etc. were not happening...

[thewatchidiot]

There are more ultra wealthy watch collectors than there are ultra expensive collectible watches. And most likely always will be.

[cascavel]

Ok, interest rates are Zero, the equity markets are at or near all time highs, the U.S. Government, alone, has printed and distributed over $3.5 trillion, most of which went to already well heeled friends of the administration. What is a super rich individual supposed to do in times like this, sit around and feel sorry for poor folks?

[enjoythemusic]

Originally Posted by cascavel

Ok, interest rates are Zero, the equity markets are at or near all time highs, the U.S. Government, alone, has printed and distributed over $3.5 trillion, most of which went to already well heeled friends of the administration. What is a super rich individual supposed to do in times like this, sit around and feel sorry for poor folks?

Good point, and the tens of trilions in currency released worldwide devalues the currency of course. You want to be the first to get FedBucks, as the lower down the ranks you are the lower the value of said cash. So yes, many smart investors who desire keeping the value of their efforts means dumping currency ASAP for things of intrinsic value.

In other words, cash is trash (and will remain so for a long, long time) as central banks around the world attempt to keep the illusion of a financial bubble inflated. When this finally pops, as all bubbles do....

Or pull a 1933 and choose to 'revalue' currency, this time into a digital form as the Fed is proposing, yet in the end currencies are an illusion of 'value'. Which brings us back to central bank 'cash' is trash (in any form) as smart investors scramble and compete for items of intrinsic value.

[themast]

Originally Posted by thewatchidiot

There are more ultra wealthy watch collectors than there are ultra expensive collectible watches. And most likely always will be.

Isn't that what actually makes anything collectible?

[capote]

Originally Posted by cascavel

Ok, interest rates are Zero, the equity markets are at or near all time highs, the U.S. Government, alone, has printed and distributed over $3.5 trillion, most of which went to already well heeled friends of the administration. What is a super rich individual supposed to do in times like this, sit around and feel sorry for poor folks?

I mean for diversifying assets certain watches are not that bad, lower maintenance costs than for collactible cars, lower risk than art. Now if the interest rates begin to rise that could change things.

[swatty]

That’s probably the money they saved on travelling so spent it on something else

[cascavel]

Originally Posted by capote

I mean for diversifying assets certain watches are not that bad, lower maintenance costs than for collactible cars, lower risk than art. Now if the interest rates begin to rise that could change things.

True. And people forget that Money is a transactional medium and is meant to be used to purchase things. Once you have enough in reserve to assure you of a certain life style, the rest of your money can be spent on whimsy. When the government urges you to spend, by bringing interest rates to zero, or lower, and promises you that your money will be worth less in the future, why wouldn't you buy a nice watch for $4M, which is guaranteed to impress your friends, thereby bringing you great joy.