Fearful Investors Stash Money in Luxury Goods
By Nils Klawitter
News and updates on the global diamond industry.Who Is Pushing Up Diamond Prices?
Yet another world record diamond price was achieved last week at Sotheby’s Geneva Sale of Magnificent Jewels continuing the spate of world record prices for diamonds achieved over the last two years. The surge in diamond prices in the face of the overall turbulent economic environment has grabbed the headlines and has left many analysts left to grapple with why diamond prices continue to rise during such uncertain economic conditions.
The Wall Street JournalRobert Frank looks at the culture and economy of the wealthy.
Are the Art and Wine Bubbles About to Pop?
By Robert FrankOne of the paradoxes of the wealth recovery is the collectibles market. While yachts, planes and mansions are stuck in a slump, collectibles are raging. Prices for the best-known fine art, wine, vintage cars, stamps and antique jewelry have all surged after a taking a brief pause in 2008 and 2009.
“Collectibles have become a viable and serious tool for investment diversification,” Jim Halperin, of Heritage Auction Galleries told Bloomberg. “I’m investing my own money in art and collectibles, right alongside public stocks, private equity, business loans and real estate.”