Banking Connects Blog
The art market is on fire with art fetching prices extravagantly surpassing any records previously set. A recent sale at Christies of post war and contemporary art generated a staggering $691 million.
A Francis Bacon Three Studies of Lucian Freud was sold for $145 million. At Sotheby’s an Andy Warhol was expected to go for approximately $60 million but sold for a record breaking $105 million. As the art market was heading to new heights at full speed, Wall Street had its own excitement with stock levels reaching new highs. Potentially this stock action allowed the wealthy brokers to get richer bringing new money to the art market.
Pyongyang is the Central City of North Korea. It is also the stage for an established black market where a basket ball costs $6 instead of the recorded official $500. Korean Peoples Won is 1062 South Korean Won to $1.
This black market rate was established to develop interest from foreign investment. Its use was very controlled and limited to certain areas. The Black market rate has found strong foot holds in many South Korean Cities.
As new that the economy is improving it is not improving for everyone. This week brings news of food stamp cuts across the country. The program has been helping about one in seven Americans manage their grocery needs. The cuts will bring back $5billion to Congress.
Margaret Purvis, president of Food Bank in New York is very concerned. She is prepared for an increase coming to her organization for help. The organization in New York already provides 400,000 meals a day will be stretched to deal with demand.