So how is our overclass faring in this Third Depression? Per today’s New York Times:
“There’s still plenty of money,” said John Keith Russell, a dealer in Westchester County, N.Y., who specializes in Shaker goods and is president of the 100-member, invitation-only Antique Dealers’ Association of America. “We obviously have seen a slowing in the market, but we have not noticed any weakness in the highest end of the market. The commitment by collectors is still as aggressive as it was two years ago.”
Wealthy buyers are still attending prestigious events like the Winter Antiques Show in Manhattan and making major purchases, said Mr. Russell. He cited a recent buyer from Philadelphia who said she had felt uneasy about investing in real estate or stocks but purchased two significant pieces of furniture. High-end antiques, dealers like to assert, tend to hold their value and can sometimes appreciate enormously over time.
This ugly-ass armchair here is apparently one example of the entrepreneurial stratum’s current sense of where the world’s still-abundant economic surplus might be best utilized at this late date in history. It just sold to an anonymous buyer for $28.3 million.
Louis XVI would have heartily approved. Now, all we need is a few sans-culottes….