Wealth

The sculpture 'Balloon Dog (Red)' (1994-2000) by artist Jeff Koons
Michael Gottschalk | AFP | Getty Images
The sculpture 'Balloon Dog (Red)' (1994-2000) by artist Jeff Koons

A story went viral Wednesday about Alibaba selling a version of Jeff Koons’ famous balloon dogs for only $500. But since then, the dogs have disappeared. Koons’ real balloon dogs, of course, set a record for the highest-priced work ever sold by a living artist when an orange dog sold at Christie’s last fall for $58.4 …

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As inequality grows, the wealthy account for a greater share of income and spending. But a new paper suggests that there is an upside to inequality for companies and workers that can best cater to the newly rich. Nathan Wilmers, a sociology Ph.D. candidate at Harvard, looked at how the growing impact of wealthy consumers is reshaping …

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New York City is filled with anecdotal stories about rich people moving to Florida for lower taxes. A columnist in the New York Post wrote this year that, “One friend says 10 wealthy people have told him they are leaving and another says disgusted New Yorkers bought $1 billion in residential property in Florida.” Former Mayor Michael …

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The leisure class is getting far less leisurely—especially in retirement. Millionaires are twice as likely to keep working in retirement than the broader population, according to a new survey from Merrill Lynch and Age Wave. A third of the people polled with $1 million to $5 million in investible assets are currently working in retirement. …

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Sold sign on a home in San Francisco, May 27, 2014.

If San Francisco needs a new name in the zany plan to create six Californias, they might as well call it “Millionaireville.” According to DataQuick, the median home price in San Francisco in June hit the seven-figure mark for the first time. It was also the first time that any of the Bay Area-counties had hit the seven-figure median. Read …

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Auction giant Christie’s reported a record first half, with art sales jumping 12 percent to $4.5 billion. The results show that the art market, which many consider to be in a bubble, continued to maintain strength in the first half. It also highlights the relative strength of Christie’s, which is privately held, compared to rival Sotheby’s, …

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Larry Page, co-founder and chief executive officer at Google Inc.

Wealth, we hear constantly, comes from hard work. But Google chief Larry Page—no slouch in the wealth department—says the workweek should be shorter. And most millionaires who commented in a recent survey agree. In a discussion with tech investor Vinod Khosla, Page said “the idea that everyone needs to work frantically to meet people’s needs is just not …

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Overseas buyers scooped up $92.2 billion of U.S. real-estate last year, driven mainly by wealthy Chinese looking for a safe haven for their families and fortunes. According to a new report from the National Association of Realtors, sales activity from international buyers surged 35 percent in the 12 months ended in March. While international buyers …

Source: Bonhams
Ferrari 250 GTO Berlinetta.

One of the Holy Grails of the car collecting world is about to come up for auction—and it’s likely to set an all-time price record. A 1962 Ferrari 250 GTO will be put up for auction by Bonhams in August, as part of the events surrounding the Pebble Beach Concourse d’Elegance. While Bonhams won’t give …

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Mark Zuckerberg

For most Americans, the Dow 17,000 milestone is just a number. But for some corporate founders, the market rally this year has meant a fortune. The Dow’s total market capitalization has grown by $156.4 billion this year to $4.91 trillion, adding to pension funds, endowments and mutual fund holders. Read More Prince Harry about to gain $17 …

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News that Sting won’t be leaving much of his fortune to his children prompted widespread agreement around the web. Wealth is bad for kids, commentators and pundits said. Earned success is the American way. Today’s rich don’t believe in creating dynasties like in Europe or Asia—they prefer to give their money to charity. But a study released …

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Forget investment returns, spending rates or divorce. What really keeps the rich up at night? The fear of ruining their kids with wealth. A new survey by law firm Withers LLP and Scorpio Partnership asked 3,000 families around the world about their greatest fears regarding their wealth and family future. Among families worth $10 million …

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Trader on the floor of the New York Stock Exchange.

As the stock market sets a series of historic highs, investors can thank companies for buying back their own shares at a near-record pace. Repurchases and buybacks soared nearly 60 percent in the first quarter, putting a floor under a market that struggled amid a brutal winter and an economy that contracted at least 1 …

“Once upon a time you dressed so fine, you threw the bums a dime in your prime, didn’t you?” They are among the most famous words in music history. And now Bob Dylan’s original handwritten lyrics to “Like a Rolling Stone”—scrawled on hotel stationary and filled with revisions and artistic doodles—are coming up for auction. …

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Walt Whitman

He may not be topping the best-seller list, but the great American poet and humanist Walt Whitman set a sales record Wednesday at Christie’s. A first edition of “Leaves of Grass,” printed for the author, sold for $305,000.That was more than twice Christie’s estimate of $100,000 to $150,000, and it marked a world auction record …