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Americans continue on a spending tear, and it looks like the ordinarily more careful rich are on the same trip. The"rich" appear to be on a spending binge, and it's not just for housing. The Big Money is diving into tangibles, collectible and art. How about this one? At a Christies London auction, an 18th century ebony cabinet commissioned in 1726 to the 3rd Duke of Beaufort sold for $36 million. At Sotheby's spring sale Picasso's"Boy With a Pipe" went for an astonishing $104 million! Prices for the top 2 percent of contemporary artists rose 72 percent over the last three years. Mondrian's"'Boogie Woogie" painting sold for $21 million while Modigliani's portrait of Jeanne Hebuterne went for $31 million. In New York City a three floor apartment complex broke all records, selling for $44 million in cash. Here in La Jolla a upscale home recently broke records, going for $17 million.

And here's another sign. Upscale hotels are installing concierge floors. These deluxe floors offers butler service, special snacks, swimming pools, all varieties of"extras." Ritz Carlton says occupancy of concierge floor rooms have doubled since 2002. Shangra-La, the Asian chain, says occurrence rate of its concierge floor rooms has risen to about 80 percent today, from 60 percent in 2002. Concierge rooms can go from 25 percent to 35 percent over the regular cost of rooms.


PS:
Mal Mega - Mal Giga - mir kommts vor wie Gaga!