Stocks up. Art market back. R/E next? No SP500 crash

[cjppjc]

http://www.moneycontrol.com/news/wor...et_424668.html

$43m Warhol gives lift to bruised art market

The sagging market for contemporary art burst back into life on Wednesday when a painting by Andy Warhol sold for USD 43.8 million at Sotheby's New York, far above its pre-sale estimate of USD 8 million-USD 12 million.
The auction as a whole sold £134.4 million (USD 222.8 million) worth of art, again clearing the auction house's high estimate of USD 97.7 million, as buyers made their presence felt in a market that has suffered during the last 12 months of financial uncertainty.

Nowhere was their pent-up demand more conspicuous than in the bidding for the 1962 Warhol painting, "200 One Dollar Bills".
The bidding was opened by auctioneer Tobias Meyer at USD 6 million, but it was instantly doubled by the very first bid from the floor - an unusually aggressive move.

[grapejelly]

Re: Stocks up. Art market back. R/E next? No SP500 crash

can you say Flight Into Tangibles?

[cjppjc]

Re: Stocks up. Art market back. R/E next? No SP500 crash

can you say Flight Into Tangibles?

I hadn't thought of that. I was thinking more along the lines that we had a crash and now assets are going to go to all time highs.

[jneal3]

Re: Stocks up. Art market back. R/E next? No SP500 crash

Won't $29B in Wall St bonuses buy a lot of art?:mad:

Seems to me that art, dream homes, dream cars etc. can never really lose significant value permanently; people arrange entire lives around those purchases. Not really comparable to equities.

[Slimprofits]

Re: Stocks up. Art market back. R/E next? No SP500 crash

http://www.nytimes.com/2009/11/14/bu...champagne.html

Now add to the list a drop in Champagne sales in all the top export markets, particularly the United States, Britain and Japan. All had seemed to have insatiable appetites for the extravagant, delicate bubbles in recent years — until popping housing bubbles sent the global economy into a downturn. The weak currencies in those export markets have also hurt.

The grandees of the Champagne region — Moët & Chandon, Perrier-Jouët and Piper-Heidsieck — are putting on a brave face heading into the holiday rush, the heady weeks from November to New Year’s Eve when they usually sell millions of bottles and reap most of their annual profits.

So far, retailers in the United States are offering some modest discounts on their Champagne, though some bigger price cuts can be found on more expensive merchandise. Sherry-Lehmann Wine and Spirits, a major retailer in New York, is selling a gift-boxed Veuve Clicquot La Grande Dame 1998 for $130 in the coming holiday season, down from about $150 in last year’s holiday catalog.

[cjppjc]

Re: Stocks up. Art market back. R/E next? No SP500 crash

http://www.nytimes.com/2009/11/14/bu...champagne.html

Not to worry, in a few weeks this too shall pass.

S&P 600. Not a chance.

[Chomsky]

Re: Stocks up. Art market back. R/E next? No SP500 crash

My personal art-market anecdote: business has been rekindled at my place of employment. Six- and seven-figure sales have gone down the past 6 weeks.

[Guest]

Re: Stocks up. Art market back. R/E next? No SP500 crash

Wow - where were you and all those others now inching towards this pithy insight, nine months ago? :rolleyes: :p :p

I hadn't thought of that. I was thinking more along the lines that we had a crash and now assets are going to go to all time highs.

[cjppjc]

Re: Stocks up. Art market back. R/E next? No SP500 crash

Wow - where were you and all those others now inching towards this pithy insight, nine months ago? :rolleyes: :p :p

I am in an awfull mood. Need a 10% down move in qqqq this week just to get even:eek: Plus got stooped out of half my minors. One of which is now up over 33% :eek::eek:

Refuse to chase them at this point.

[Jay]

Re: Stocks up. Art market back. R/E next? No SP500 crash

My personal art-market anecdote: business has been rekindled at my place of employment. Six- and seven-figure sales have gone down the past 6 weeks.

Thanks, I was hoping you would comment. Seems like city based jobs are getting fired back up which is classic in reflationary/inflationary booms. goadam has been busy too. We are going to have the very rich bailout babies creating some local spinoff jobs and a smoldering crater in the rest of the country.

[goadam1]

Re: Stocks up. Art market back. R/E next? No SP500 crash

Thanks, I was hoping you would comment. Seems like city based jobs are getting fired back up which is classic in reflationary/inflationary booms. goadam has been busy too. We are going to have the very rich bailout babies creating some local spinoff jobs and a smoldering crater in the rest of the country.

I am busy. Advertising is a bubble fire economy business. We are experiencing a classic reflationary bubble. Zillow says my apartment is back to 2007 levels. I'm tempted to cash out but where would I put the money.

I was just at a school cocktail party. Lots of Wizards of Wall Street. Not GS level, but close to it. They all think this philosophy is for pussies. You should be leveraged for inflation regardless of your the stress of paying off a debt stream. You should enjoy and milk the bubbles. No irony. If you talk about the paper economy disconnecting from the productive economy, then you are just an asshole who like others before who called for the end of the world. Don't even start with them about unemployment or depleting of resources. Etc...

[goadam1]

Re: Stocks up. Art market back. R/E next? No SP500 crash

Not to worry, in a few weeks this too shall pass.

S&P 600. Not a chance.

Reflation for the time being has worked. Use the drops to buy good value, precious metals, real estate you can afford.

NO S&P 600 in 2009. If you told me a year ago we would have plus 10% unemployment but 1100 S&P I would have laughed. But to deny the power of devaluation and reflation is stupid. You can't borrow to riches if the music stops but many are pretty clever at leverage. Plus, even if with each dip you we all get poorer, by not playing the nominal number change you get creamed.

[metalman]

Re: Stocks up. Art market back. R/E next? No SP500 crash

I am busy. Advertising is a bubble fire economy business. We are experiencing a classic reflationary bubble. Zillow says my apartment is back to 2007 levels. I'm tempted to cash out but where would I put the money.

I was just at a school cocktail party. Lots of Wizards of Wall Street. Not GS level, but close to it. They all think this philosophy is for pussies. You should be leveraged for inflation regardless of your the stress of paying off a debt stream. You should enjoy and milk the bubbles. No irony. If you talk about the paper economy disconnecting from the productive economy, then you are just an asshole who like others before who called for the end of the world. Don't even start with them about unemployment or depleting of resources. Etc...

what'd you expect? the chernobyl workers believed. they survived many accidents. god was on their side.

[goadam1]

Re: Stocks up. Art market back. R/E next? No SP500 crash

what'd you expect? the chernobyl workers believed. they survived many accidents. god was on their side.

Are you ever around these douche bags? Horrible! And now after re-flation they are so full of it. But even with the coming drop,

I'll stay long gold and and will be looking for essential companies in the future. The big will get bigger in the coming environment.

[goadam1]

Re: Stocks up. Art market back. R/E next? No SP500 crash

what'd you expect? the chernobyl workers believed. they survived many accidents. god was on their side.

But what were some around here looking for? I heard government implode and 20% unemployment. Not that it isn't bad and going to be bumpy. It's just why doubt the power of the printing press? Why forget what is still real in the productive economy and look to own a worthy piece of it