Margaret Brennan was reporting earlier today on CNBC (there may be some videos on the web site later today on this feature) that the economic climate, reaching as far south as the Palm Beaches in Florida (she happened to be reporting in Palm Beach itself, along Worth Avenue– so if you see her, wave to her and tell her “Hi from Steve at Javamancy!”).
Her story: the rich are trying to sell off their prized yachts, cars, gadgets, clothes, and objets d’art (and perhaps even just random junk). The consignment shops, used car dealers, etc. are chock-full of stuff to sell, and bargain hunters are apparently taking advantage of that.
Huh?
But if you’re wealthy, how wealthy do you need to be, in order to avoid this casual sell-off of your stuff?
And how much of a discount for “gently used” things would a bargain hunter be getting for, say, an 60-foot yacht?
