THE WEALTH REPORT
By ROBERT FRANK
Seven Yachts A-Sailing, Six...
Billionaires Are Offered Submarines, Image Makeovers, but One Wants Pie
December 7, 2007
With a record number of billionaires in the U.S., and even more consumers who want to spend like them, retailers are dreaming up ever-more-outrageous and excessive holiday gift ideas for the new Gilded Age.
Most are just for show. Neiman Marcus's Triton 1000 submarine (price: $1.4 million, leather seats included) and its $1.59 million private concert by the Kirov Orchestra have generated more publicity than buyers so far.
THE 'COMMISSIONED' BIOGRAPHY
Yet the rich are truly spending, seemingly unrattled by the quakes in the financial markets. According to a survey done by Prince & Associates, a Connecticut-based wealth research firm, shoppers worth $10 million or more plan to boost their holiday spending by up to 67% this year. Most will be putting money into jewelry (average expenditure of $152,400), fashion items ($46,200) and yacht charters ($487,000).
Credit crisis? What credit crisis?
A necklace from Sotheby's Diamonds and Steinmetz Diamond Group for $16 million
The Robb Report, a monthly bible of conspicuous consumption, recently published its "21 Ultimate Gifts" in time for the holidays. The list includes Beechwood, an Astor family estate in Newport, R.I. (asking price: $18 million) as well as a 300-carat diamond necklace created by a division of Sotheby's in conjunction with Steinmetz Diamond Group of Geneva, for $16 million.
Those who actually advise the wealthy (or their families) on gifts say that travel and family vacations are at the top of the list this year. Mint Lifestyle LLC, a concierge company based in Beverly Hills, Calif., says four of its clients have booked yachts for the holidays, while others are taking dozens of family members to tropical islands or on ski trips in the mountains.
Mint Lifestyle produced a mini gift guide for its clients this fall. The most popular item was a commissioned biography, which it says wives are buying for their husbands. The books, which cost around $30,000, tell a person's life and business story.
"It's perfect for that someone who is no one but made a billion dollars selling his widget business," says Gordon MacGeachy, co-founder of Mint.
Mint's other top seller was a donation to an elephant refuge in Thailand that rescues elephants used for tourism on the streets of Bangkok and gives them a safe, rural home. An added bonus: This gift counts as charity. "It's getting to the end of the year and people are starting to think about tax deductions," Mr. MacGeachy said.
Aston Pearl, a New York concierge firm, is recommending more soulful gifts. Natasha Pearl, Aston Pearl's founder, advises giving billionaires personalized services, like life coaching (focusing more on the spiritual than material), a session with a philanthropy adviser or a consultation with an image consultant -- a useful gift for today's new rich. "Maybe you were one person for most of your life, but now you're someone different," she says. "An image consultant can help you think about that."
NEW SHOES FOR CUBAN
As for the wealthy themselves, many are asking for more basic gifts. Mark Cuban, the dot-com billionaire who recently appeared on ABC's "Dancing with the Stars," says he has three wishes this holiday season: An NBA trophy for the team he owns, the Dallas Mavericks; a 32-gigabyte flash drive; and a new pair of ballroom-dancing shoes.
Billionaire Sam Wyly, the tech baron and bookworm who recently purchased the tiny Explore Booksellers in Aspen, Colo., says he wants books for Christmas. All of them are nonfiction: "Flying Tigers: Claire Chennault and His American Volunteers, 1941-1942," by Daniel Ford; "Blessed Unrest: How the Largest Movement in the World Came Into Being and Why No One Saw It Coming," by Paul Hawkin; and "Break Through: From the Death of Environmentalism to the Politics of Possibility" by Ted Nordhaus and Michael Shellenberger.
One more thing: Mr. Wyly also wants his favorite pecan pie, baked by his assistant.
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