Friday, October 17, 2008

Savvy Shopping - Flight To Quality

Cartier Tahitian Pearl Jewelry from

From Jeanine Poggi's article in on Why Auctions Thrive in a Bad Economy
While the stock markets were tanking Wednesday, the opposite was happening at Christie's New York auction house. There, a jewelry auction was taking place, and from the bidding and final take, one would never know the economy is struggling.
"In a volatile market when the Dow lost 700 points in a day, nearly $30 million of jewelry and precious stones changed hands at Christie's in less than five hours, thus demonstrating the relative stability of the jewelry market and the long dependability of gems as a store of portable value," Rahul Kadakia, Christie's head of jewelry, said in a statement.
My take on this a little different. I think that across the board there is a flight to quality for consumers and a desire for buying classic pieces rather than trendy nonsense that will be out of style in a month, but....consumers want to purchase at reasonable prices, and that's where estate jewelry comes in.
Take this set of Cartier Tahitian Pearl jewelry from for example. The earrings and pearl strand together had an cost of over $80,000 at Cartier in Paris. Now, they are available for about 50% of the original price, and they come with the Cartier certificates and boxes.
The finest quality, a reasonable price, and always in style....savvy shopping indeed.
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