In 1983, actress Jane Birkin’s struggle to find a functional handbag led to the creation of the iconic Hermès Birkin by CEO Jean-Louis Dumas. Originally priced at $2,000, a Birkin bag recently sold for $10.1 million at a Sotheby’s auction, setting a new record.
Luxury handbags like the Hermès Birkin have become reliable assets, with average annual returns of 14.2% between 1980 and 2015. In comparison, the S&P 500 averaged 11.66% annually during the same period. Investors are now looking at nontraditional assets like luxury collectibles for stable returns.
Investors are turning to assets like art and gold for stability and strong long-term growth, especially in times of market turbulence. Fractional shares of high-value art pieces are now available online, making it more accessible for everyday investors to diversify their portfolios beyond traditional assets. 1. The stock market saw a significant drop today, with the Dow Jones Industrial Average falling by 500 points. This decline was attributed to concerns over rising inflation and interest rates, causing investor unease.
2. In international news, tensions between Russia and Ukraine continue to escalate as Russia amasses troops along the border. This has raised fears of a potential military conflict between the two countries, prompting calls for diplomatic intervention.
3. The latest COVID-19 data shows a decrease in cases and hospitalizations in the United States, signaling a positive trend in the fight against the virus. Experts credit the vaccination efforts for the decline in transmission rates and urge continued vigilance.
4. A new study released by the World Health Organization reveals that air pollution is responsible for over 7 million premature deaths worldwide each year. The study highlights the urgent need for global action to reduce pollution levels and protect public health.
5. The United Nations has reported a record number of refugees fleeing conflict and persecution, with over 82 million people forcibly displaced in 2020. This staggering figure underscores the ongoing humanitarian crisis facing vulnerable populations around the world.
Read more at Yahoo Finance: Jane Birkin’s handbag sold for $10.1M, setting a record as investors turn to ‘passion assets’ over stocks