Attention peasants: The Greubel Forsey GMT at $549,000

Source: Greubel Forsey
I have been hearing a lot about the spending habits of the 0.01 percent lately.

Perhaps, a little bit too much.

Don’t worry, this isn’t going to be a class-warfare rant or a treatise on living the simpler, less materialistic life. Rather, it is a suggestion to some folks that perhaps they might want to make some of their conspicuous consumption a little less conspicuous.

For example, I learned last week that Tiffany & Co. had a secret room for the big spenders. That’s because when you’re dropping $20 million on a necklace that, according to Tiffany’s vice president, is being bought with literally a wheelbarrow full of cash, you want some, you know, privacy.

Or how about those folks who want to learn how to drive a $500,000 car very, very fast and they need to take a specific class? It’s tough luck if you don’t have a Lamborghini Aventador Roadster yet, because they are sold out. So is the new $1.4 million Ferrari LaFerrari. You can still buy a Bentley GT or a Ferrari California T — assuming you don’t mind hearing the derisive snickers of the parking valets behind your back.  Continues here

Category: Consumer Spending, Psychology, Really, really bad calls

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

6 Responses to “The Spending Habits of the 0.01%”

  1. WickedGreen says:

    I love seeing stuff like this.

    It’s proof that a fool and his money are soon parted, as the saying goes, not to mention compelling evidence that the ultra-wealthy aren’t any smarter than the rest of us, and quite possibly substantially less intelligent.

  2. orsogrigio says:

    The watch is a monstrosity.

  3. trail says:

    One minute you’re walking down the street, master of the universe. The next minute you’re on your skinned up hands and knees, $549,000 watch ripped from your wrist.

    An hour later, an addict trades your watch for $50 worth of blow.

    Crack dealer pawns the watch for $500.

    Pawn shop sells watch to Russian oligarch for $1,000.

  4. wisegrowth says:

    The wealthy with capital income cannot hide their consumption. It can be deduced from the NIPA accounts…
    http://angrybearblog.com/2014/05/consumption-by-capital-income-could-be-falling-look-out.html

  5. rd says:

    I wonder how many of the GMT watches and Lamborghinis will survive a margin call.

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