New York
LAST year, a New York City penthouse sold for US$100 million and another went into contract for US$200 million. Christie's auctioned Picasso's Women of Algiers for US$179 million, and Sotheby's sold the 12-carat Blue Moon of Josephine diamond for US$48.4 million. A vintage Jaguar sold for US$13.2 million.
For the ultrawealthy, 2015 was an embarrassment of riches.
But after years of dizzying appreciation, the values of luxury assets are plateauing and in some cases plunging. Volumes have shrunk, prices are being cut and some auction lots are going unsold.
"We've just come through a boom unlike anything I've experienced in 30 years in the business," Jonathan J Miller, chief executive of Miller...
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