Recession Not Slowing Ultrarich

Real estate, art, yachts still finding no shortage of willing consumers
By Kevin Spak,  Newser Staff
Posted Apr 14, 2008 10:02 AM CDT
Recession Not Slowing Ultrarich

(Newser) – As many Americans batten down the hatches, the über-rich are still living it up, the New York Times reports. Already this year, 71 New York apartments have sold for more than $10 million—compared to just 17 in 2007. The good times were so good, many say, they haven’t had to cut back on impulse purchases like yachts, Bentleys and dream celebrations.

“When times get tough, the smart spend money,” said one New York event planner. “Short of our country going on food stamps, I don’t think we’re doing anything differently.” (Read more economy stories.)

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