"Finances" are a topic of interest to nearly everyone. Since I know my own balance (pitiful) I look to other things to tell me what the real state of the world is. My best source is -- drum roll -- Architectural Digest!
There are two monthly sections that I trust and both involve what people are spending.
In "Exchange Rate" (what auctions sold and which items went for more than the reserve) I find that last month "Portrait of Francois-Henri d'Harcourt" which was purchased in 1971 for $850,000 brought $24.9 million. A 1950s sofa (which looks like two surfboards - think v-shaped and then put legs under it) had an $18,000 high estimate and went for $70,000.
Farther into the magazine, we find "On The Market" with houses for sale. A family has owned an estate in Hillsborough, CA, for 150 years - and now they're selling it. It sits on 46-acres which is huge for the area (about 20 miles south of San Francisco) and it has 7 bedrooms, 8 1/2 baths within 16,000 sq. ft. for $100 million.
An Addison Mizner house in Palm Beach, FL, is changing hands and getting one's hands on a Mizner is not easy. It has 6 bedrooms, 7 baths, 4 half baths in 11,900 sq. ft. for $26.4 million.
This rather surprised me - Paradise Valley, AZ: 1 bedroom, 3 baths, 3,350 sq. ft. for $2.4 million. One bedroom? What kind of misanthrope hermit buys a house with only one bedroom? (sigh) We'll never know...
But we can all rest easy in our little beds tonight - the wealthy are doing just fine, thank you!
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