As in previous tough times, the rich in early 2009 are cutting back on luxury goods and services, their conspicuous consumption for the moment considerably less conspicuous. Yacht sales are on the rocks, for example, as are those for expensive jewelry.
High-end art is still selling well justified as a good investment—but works by lesser-known artists are remaining in galleries, another casualty of Wall Street jitters.
from: Larry Samuel, Rich. The Rise and Fall of American Wealth Culture.
Amacom 2009, 259