Friday, July 04, 2008
London art sales this summer go over $1 Billion, up 19% vs. year ago
This is one of the few times when although economies in the West are troubled, unemployment is rising, as are foreclosures, yet the ultra-rich are reveling in their wealth. Over the the history of economic times, the rich have suffered along with the poor. However, this past decade, in many Western countries, the rich have prospered while the poor have lost. Whether it is the most expensive homes or the most expensive luxuries, their prices continue to soar, while the routinely expensive have dropped and the poor are losing their homes. It is unlikely in any democracy that this can continue for ever without a backlash at the ballot box.