Market Watch: Kings of the castle
Emmanuel Kenning investigates what impact the recession has had on the high net worth market and what the future may hold
ON 3 FEBRUARY a man-size bronze sculpture sold for £65m at Sotheby's in London. In just eight minutes the price for Alberto Giacometti's L'Homme Qui Marche I (Walking Man I) rose from £12m to reach the highest amount ever paid for a piece of art.
At that price it is fair to say the purchaser is more ultra high net worth than high net worth. However, the purchase reflects the findings of an earlier report on the HNW sector by Capgemini and Merrill Lynch Global Wealth Management. Their World
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