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Inside Wealth: Spending
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Michael Novogratz of Fortress Investment Group said the art market is "100 percent a bubble," and he predicts it will be the next gold.
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A huge diamond unearthed in Botswana commanded an unearthly price of $26.7 million from Christie's auction house Wednesday amid the spring ritual of well-heeled bidders flocking or phoning in to Geneva's luxury sales.
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Michael Novogratz of Fortress Investment Group said the art market is "100 percent a bubble," and he predicts it will be the next gold.
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The world's wealthy are pouring more of their fortunes into prime vineyards, and brokers say demand is rising for raw acreage as well, prompting Christie's to start a new real estate service.
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Ferrari is capping production this year. The stated reason: status protection. But what's the reality? Some experts think it may be a sign of lower demand for the luxury car.
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The world's largest auction houses will host "blockbuster" sales of contemporary art this week, as buyers' tastes shift away from pre-19th century "Old Masters", a fine art expert told CNBC.
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The first of the big spring auctions began Tuesday night at Sotheby's, as bidders put money on their walls rather than in the shakier financial markets. The New York Times reports.
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Ralph Lauren, the fashion mogul and vintage-car collector, recently took delivery of a new RUF CTR-3, according to people familiar with the deal.
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What are art lovers interested in this spring? A peek at the billion dollars worth of art on offer at Christie's and Sotheby's.
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During the recession, prices for Thoroughbreds took a devastating fall, with many predicting that top horse values would never recover to their 2005-2007 highs. But prices have now recovered some lost ground.
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A nearly 75 carat diamond's sale at Sotheby's offers further evidence of the roaring bull market in hard assets.
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The FBI says the Upper East Side gallery figured in a gambling and money-laundering ring that stretched from Moscow to Los Angeles.
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The founder of the hedge fund Third Point has reportedly purchased the 200-foot "April Fool" from Sandy Weill, the former CEO and chairman of Citigroup for about $52 million.
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In the highly personal interview, the cable magnate talked about his wealth, his land holdings and the one toy he does enjoy: Barry Diller's yacht.
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That'll give him something to wine about: A judge awarded a billionaire $12 million after a tech entrepreneur sold him vintage wine that turned out to be fake.
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The gusher of cash from the Fed explains why prices for everything from 1950s Ferraris to Brazilian farmland to old U.S. stamps are surging.
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Which ZIP codes were home to the priciest home sales? A new report takes a look.
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A new yacht launched Friday bumped Russian oligarch Roman Abramovich's yacht – the 536-foot Eclipse – from its number one ranking.
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London's blue chip neighborhoods like Belgravia are increasingly owned by rich, and largely absent, foreigners.
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Guaranteed for 25 years, a British bedmaker's Mongolian cashmere mattress "pays off every morning of your life," said a company representative.
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Amelia Island's classic car auctions brought less than last year, but Ferrari prices, a closely watched telltale, easily matched expectations.
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Frank joined CNBC in 2012 as a reporter and editor. He is a leading journalistic authority on the American wealthy.