A Wet Blanket on Luxury
With an uncertain global environment and worries over the Chinese economy, Sotheby's (BID), Tiffany (TIF) and Coach (COH) shares have been beaten down. Is now a better time to get into these stocks?
The Chinese stock market is the worst-performing market in the world. Europe is a basketcase, and the U.S. economy is in slow motion. But rich people aren't going away. Yes, spending has receded on luxury items, like jewelry and art. But it's not comparable to 2009, when spending fell off a cliff, right? After all, Sotheby's just auctioned off a car for $11 million, the most ever paid for a car. Surely things can't be all that bad....370 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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