The global art market is in a phase of noticeable transition, with projections indicating a second consecutive year of decline in overall sales. Recent data compiled by renowned institutions such as Art Basel and UBS reveals a staggering 26% drop in auction sales in the first half of 2024 compared to the previous year, marking
Wealth
In recent years, family offices have carved out a significant niche in the world of startup investment, but their influence was particularly pronounced in 2024. This expanding trend reflects a marked shift in how wealthy families engage with emerging technologies and the startup landscape. A collaborative analysis by CNBC and Fintrx highlights the surge in
Burberry, a name synonymous with luxury and heritage in the fashion world, has recently found itself navigating choppy waters. As sales figures dwindle and consumer interest wanes, the brand has recognized the urgent necessity for a substantial transformation. With the announcement of the “Burberry Forward” initiative, new CEO Joshua Schulman aims to rejuvenate the iconic
The luxury goods industry is on the verge of a significant transition, as recent findings from Bain & Company’s annual luxury report indicate. This report suggests that the personal luxury goods market is likely to experience its first notable slowdown since the Global Financial Crisis over a decade ago. In stark contrast to a decade
In the evolving landscape of high-net-worth investment strategies, family offices—those private wealth management firms catering to affluent families—are rapidly changing their approach. Traditionally, many have channeled their investments through private equity funds, but a recent trend indicates a significant pivot towards direct investments in private companies. This article delves into this transformative shift, exploring the
As the political landscape in the United States becomes increasingly polarized and unpredictable, an emerging trend is taking root among high-net-worth individuals: the desire to seek residency or citizenship abroad. A palpable sense of anxiety about political unrest and societal discord has prompted many wealthy Americans to contemplate a significant life change in light of
Charitable giving is undergoing a transformative evolution, particularly driven by the affluent younger generations: Millennials and Gen Z. Unlike their predecessors, who may have primarily contributed through financial donations, these new philanthropists perceive themselves as activists. A recent survey from Bank of America Private Bank has shed light on this shift, revealing that wealthy individuals
The automotive world is no stranger to the allure of luxury, but few brands evoke the same level of prestige and personalization as Rolls-Royce. The company’s recent initiative to open its first U.S. “Private Office” in the vibrant Meatpacking District of Manhattan marks a significant evolution in how the iconic brand caters to its elite
Laurene Powell Jobs, the widow of tech icon Steve Jobs, is emerging as a significant figure in the landscape of artificial intelligence (AI) investments. Her family office, the Emerson Collective, has reportedly ramped up its investment activities within this sector, engaging in several notable ventures since 2022. This strategic move aligns with a broader trend
A recent survey conducted by UBS has shed light on the voting intentions of millionaire investors as the upcoming election approaches. Despite a notable preference for former President Donald Trump regarding economic policies, a significant portion of these millionaires indicates they will support current Vice President Kamala Harris. This paradox reflects broader electoral complexities where