December 30, 2008

Luxury News December 2008

A light-hearted look at the world of luxury at year's end 2008. Things are not looking terribly good for 2009 and a few nasty surprises may well be lurking. These are some luxury headlines and news articles recently.

Take that sucky economy ! says Wired as they report on the new turntable from Angelis Labor, which will be released at the upcoming Consumer Electronic Show in Las Vegas next month. Priced between $27k and $64k it has to be one of the most expensive pieces of Hi-Fi ever produced.

The "Gabriel," is a true reference turntable equipped with a base that can accept up to four arms. The materials used include aluminum, bronze and stainless steel. The turntable and arm are totally decoupled at several points - beneath the base, beneath the turntable and beneath the pin, using a magnetic field calibrated and controlled with great precision. Angelis Labor

In tough times, liquor remains an affordable luxury says the News Tribune. According to their report, in good times, people drink to celebrate. In bad times, they drink to dull the pain. Not so great for health, maybe, but it’s terrific for alcohol sales.

Last year, in the flush of good times, sales of liquor and wine totaled $774 million in Washington. This year, sales are on track to go 5 percent higher – even with the economy close to rigor mortis. Good news for Jack Daniels then. Recession proof? (sic)

Icon of the luxury world, Chanel is to cut 10% of their staff on New Year's Eve as the global financial crisis takes hold of the luxury industry. Happy New Year to all those let go :( This follows on from the news that Aston Martin is to shed 600 jobs. Jack Daniels all 'round then…….

"Bad timing," are the words that come to mind on the news that the owners of Sé San Diego are opening a $500-a-night luxury hotel – which claims the West Coast's biggest penthouse at $20,000 per night – in an economy more amenable to Motel 6.

“If you were looking for the perfect place and time, it's not the most ideal,” said David Peckinpaugh, chief executive of the San Diego Convention and Visitors Bureau.

Sé is counting on the “wow” factor to draw people to the new 23-story building downtown, on Fifth Avenue next to the House of Blues. The 184-room hotel is museum-like, starting with the 9,000-pound bronze entrance door.

The hotel debuts tomorrow, after a somewhat troubled history. It underwent two name changes, one at the last minute. First advertised as the Diegan and then The Setai, the name was shortened to Sé this month by the Newport Beach-based owner after a legal battle with the Setai hoteliers in Miami Beach and New York. Sé is Chinese for color, look or appearance.

It doesn't take a genius to see that the luxury markets are in for a beating in 2009, and the Luxury Property blog has some luxury real estate market predictions for 2009. Not looking healthy……

Poor old Roman Abramovich seems faced with a tough decision in 2009. As the financial crisis wipes billions of dollars off the fortunes of Russian Oligarchs, Mr. Abramovich needs to raise some funds. Which to sell? Chelsea FC or the Luxury Yacht. I know which way I would be leaning. I mean the yacht has a built-in missile system for fending off pirate attacks. Bye bye to the little men kicking a piece of leather up and down a piece of grass……