Recession impacts less on rich consumers

CRISIS or no crisis, the super rich still want their luxuries and beautiful things. The participants in a panel discussion titled The big spender economy: Glitter in gloom? agreed that global recession has less of an impact on the high-end consumer and collector markets than on most other businesses.

“It’s interesting to note that the greatest auction sale of all time took place in February this year,” said Christie’s International chief executive officer Edward Dolman. “We sold the art collection of Yves St Laurent in Paris for almost US$500mil. Extraordinary prices were paid for works of exquisite quality.”