Andrew Ross SorkinIn the New York City mayoral race, Super PACs supporting Andrew Cuomo and opposing Zohran Mamdani have raised over $40 million, fueled by wealthy donors. Despite Mamdani leading in polls, the significant funding aims to thwart his Democratic socialist agenda. The dynamic reflects tensions between grassroots support and elite financial influence.
Andrew Ross SorkinGeorges Kern, CEO of Breitling, criticized the 39% tariffs on Swiss goods imposed by Trump, indicating severe repercussions for the watch industry and Swiss exports to the U.S. He noted price hikes were necessary to maintain profitability and highlighted shifts in trade flows towards the U.K. and Japan while remaining optimistic about the luxury market’s future.
Andrew Ross SorkinAmid market volatility, a $110 million penthouse in Manhattan has become a focal point, attracting strong interest despite economic uncertainty. Brokers note that high-end buyers are largely unaffected by market swings. Although cautiousness exists in the broader luxury market, recent contract activity shows resilience and a potential shift in buyer priorities.
Andrew Ross SorkinThe global secondhand luxury market is rapidly growing, with predictions of reaching $360 billion by 2030. Authentication is vital as counterfeit goods become increasingly sophisticated. Platforms like Carousell and Bunjang are investing in advanced verification methods, fueling sales. Younger consumers view secondhand luxury as a core fashion interaction, prioritizing affordability and unique items.
Andrew Ross SorkinOver the next 25 years, an estimated $120 trillion will be inherited, yet only 27% of heirs plan to retain their benefactor’s advisor. Many prefer their own, highlighting a generational gap in wealth management. Communication and education about estate planning are crucial for advisors to engage heirs and ensure smooth wealth transitions.
Andrew Ross SorkinA rare platinum Rolex Daytona from 1999 will be auctioned at Sotheby’s Geneva, potentially fetching $1.7 million. Only four were made for a client, with this being the last for sale. Its unique features, historical significance, and luxury status make it a highly sought-after item in the collectors’ market.
Andrew Ross SorkinThe global family office sector is rapidly expanding, expected to grow from 8,030 offices managing $3.1 trillion to over 10,700 with $5.4 trillion by 2030. However, there’s a significant talent shortage, especially as firms prioritize trust and personal relationships over experience, complicating recruitment and retention efforts in a competitive market.
Andrew Ross SorkinIn Q2 2025, America’s wealthiest households gained $5 trillion, with the top 10% now worth $113 trillion. The stock market significantly boosts their wealth, contrasting with modest gains for lower-income groups. Economists warn this concentration creates a fragile economic balance, risking severe repercussions if market values decline.
Andrew Ross SorkinAres Management raised its three-year fundraising target by 25%, indicating confidence in retail investor interest. CEO Michael Arougheti highlighted the shift in capital flow toward individual investors, with Ares managing over $50 billion in assets for this sector. Concerns about quality deals for retail investors were dismissed, as Ares emphasizes equal treatment across investor types.
Andrew Ross SorkinBurberry has initiated significant organizational changes under CEO Joshua Schulman’s turnaround plan, potentially affecting 1,700 roles by 2027 to cut costs and streamline operations. Despite a 12% sales drop, investor optimism remains, with stock surging 17%. Analysts question the turnaround speed amid a challenging market and shifting consumer trends.
