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1 PRIVATE COLLECTIONS
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A million
The Eecters l Nw Kernt
NEW YOFK These are expensive
times for the very rich.
mile the cost of living roe only four
percent in the United atotes last year,
the "cost of really living jumped more
than eight percent.
Demand for luxury items mink
mats, caviar, Concorde tickets, truffles
and the like is way up ana so are
prices.
"There's a much wider spectrum of
'
igan researcner wno nsa rr.aae a career
of studying the wealthy and the very
wealthy.
"Don't ohed too
many tear o to o fast
for the very
"A lot of middle-class Americans,
vounj? urban professionals and the like,
folks wno warn 10 swipie me nauie rcopie worm aueast wuu.ouo num- "But, really, the
cuisine, and that's driving prices up," ber about 4.5 million now, up from spend much of their
said James Smith, a University of Mich- about 1.9 million in 1976. sumption of such thin
I want to experience thes delights,"
? 1 Smith, director of the university's
Institute For Social Research, told
Reuters.
A comparative price list of 13 luxury
items, compiled by Moet and Chandon
Champagne in New York, showed that
the average cost rose by 8.2 percent in
1984 more than twice the rate of
increase in 1983.
"People who find themselves with
more money these days are not willing
to settle for second-class. Only top
grade will do," said Christian Petros
sian, whose firm specializes in caviar,
smoked salmon and fois gras.
Petrossian, speaking with Reuters in
a telephone interview from Paris, said
that luxury-item sales are booming
around the world, but nowhere as much
as in the United States.
"Before, people were just buying the
type of product. To them, salmon was
salmon. Caviar was caviar. Now they
want to know what kind of salmon it is,
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millionaires spen
ixury
who prepared It, how was it prepared,"
he said.
The Internal Revenue Service said
that its latest estimates, taken every
five i years, show the number of U.S.
mi l onaires has soared.
In 1976 there were about 180,000
people with at least a million dollara in
assets," said an IRS official. 'The
.
number increased to between 350,000
and 500,000 individuals in 1981.
"It's a lot higher now," he said.
Moot ana enanden said mink coats
now cost an average of $12,650 com-
pared to $11,000 in 1983 a 15 per-
cent increase. It now costs $25 for
about an ounce of Petrossian Beluga
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responsiveness. We also stock
thins and accessories. For sales
ci
products
caviar, up 1 1 percent from 1953 when it
cost $2150
Maidlervice is now $74 a day In New
York, up 8.8 percent from 1983
A men's Roles Oyster Perpetual Day-
Date watch with a President Bracelet
band new costs $3,350, or 11.3 percent
more than in 1983.
And
vt ks vivntb Lot tt l'cii
New York and Paris aboard Air Con-
corde i3 now $4,244, up from the 1983
price of $4,120.
rery rich don't
wealth on con
gs," Smith said.
"When you can have four or five Rolls
Royces.it'snotabigdeiiltobuyatinof
caviar."
"Don't shed too many tears too fast
for the very rich," he said.
and we'll
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