Purchases of real things soar - but only at the high end

As global growth falls, Deal activity stalls, and markets for everything seize up, the rich continue to aggressively diversify out of paper:

 

IMF slashes global growth forecasts

• Eurozone GDP expected to fall 0.5% during 2012
• UK set to grow 0.6% – sharp fall from earlier 1.6% estimate
• World growth downgraded from 4.1% to 3.3%

 

Ancient Jewish Coin Brings Record $1.1+ Million At Heritage Auctions

Prototype Year 1 Silver Shekel, among the first minted by Jewish rebels when they ousted the Romans from Jerusalem, brings world record price of $1,105,375 in New York on March 8 as part of the estimated $10+ million Shoshana Collection of Ancient Judaean Coins
NEW YORK – The first silver shekel struck in Jerusalem by Jewish forces rebelling against Roman oppression in the first century CE, one of only two specimens known, brought a world record price of $1,105,375 at Heritage Auctions on March 8 as part of the auction of The Shoshana Collection of Ancient Coins of Judea. The coin sold to an anonymous overseas collector. The collection, consisting of more than 2,200 coins in total, is expected to realize more than $10 million over multiple auctions this year, the first of which began Thursday.

George Washington's US constitution sold for $10m

Auctioneer John Hayes closes the lot to secure the sale

George Washington's personal copy of the US constitution has sold for almost $10m, Christie's auction house says.

The book, with the first president's own annotations, was printed in 1789 - his first year in office.
It had an estimated price of $2m (£1.3m) to $3m but bidding boosted the price of the 223-year-old book.
Historians say Washington's notes are what make the book so valuable, as the president was keenly aware of the precedents he would set in office.
The leather-bound book is described as in nearly pristine condition and is stamped with the Washington family crest.

The Scream’ Is Auctioned for a Record $119.9 Million

Jennifer S. Altman for The New York Times

The work, a pastel on board, is one of four versions created by Edvard Munch; the other three are in museums in Norway. The buyer bid over the telephone.

By CAROL VOGEL

It took 12 nail-biting minutes and five eager bidders for Edvard Munch’s famed 1895 pastel of “The Scream” to sell for $119.9 million, becoming the world’s most expensive work of art ever to sell at auction.

Records Set at Christie’s Contemporary Sale in London

By CAROL VOGEL

Christie’sAn untitled Basquiat canvas from 1981.

LONDON – At Christie’s post-war and contemporary art auction here on Wednesday evening – an event aptly described by the super dealer Larry Gagosian as “Masterpiece Theatre’’ – collectors from around the world dropped millions of dollars on works by many of the major names of the 20th century, and record prices were set for two of them: Yves Klein and Jean-Michel Basquiat.

Record-Breaking Wine: What Does $168,000 Taste Like?

• By Tanya Lewis
• June 28, 2012 | 

The world’s most expensive wine, Penfolds 2004 Block 42, is housed in 750-ml glass ampoules. Photo: Penfolds

Today, the Australian winery Penfolds announced the world’s most expensive wine sold directly from a winery, eloquently dubbed “2004 Block 42.” The $168,000 wine is a produced from a single vineyard, from what the winery claims are the oldest continuously producing Cabernet Sauvignon vines in the world. It will be sold in 12 glass ampoules (above), which look more like something you’d use to kill a vampire than to serve wine. Each holds the equivalent of a standard wine bottle.