Bespoke Luxury Magazine | Prosperity Report Vol. 4

THE PROSPERITY REPORT INSIGHTS INTO LUXURY’S AC C E L E R AT I N G M A R K E T S A N D G R E AT E S T D I S R U P T O R S

NEW YORK

BOSTON

MIAMI

NAPLES

A WORLD-CLASS EXPERIENCE

FOR THE TRUE YA C H T S M A N Apollo Yachts designed a world-class experience specifically for you—the true yachtsman. Known for tailored service, access to the most vetted vessels across the globe, and our exclusive network, Apollo Yachts offers a modern approach to the brokering, chartering, and management of luxury yachts.

Apollo Yachts is part of Vista, the world’s first private aviation ecosystem, and through this partnership, our organization can facilitate all your yacht and private aviation needs.

A P O L L O YA C H T S . C O M

|

786-223-8910

need updated

TIMEPIECES

120 WOOSTER ST, 2ND FLOOR SOHO, NEW YORK CITY 212.359.9688 MATERIALGOOD.COM

ATELIER & FINE JEWELRY

ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING THE REPRESENTATIONS OF THE DEVELOPER. FOR CORRECT REPRESENTATIONS, MAKE REFERENCE TO THIS BROCHURE AND TO THE DOCUMENTS REQUIRED BY SECTION 718.503, FLORIDA STATUTES, TO BE FURNISHED BY A DEVELOPER TO A BUYER OR LEASE. This is not intended to be an offer to sell, or solicitation to buy, condominium units to residents of any jurisdiction where such offer or solicitation cannot be made or are otherwise prohibited by law, and your eligibility for purchase will depend upon your state of residency. This offering is made only by the prospectus for the condominium and no statements should be relied upon if not made in the prospectus. The information provided, including pricing, is solely for informational purposes, and is subject to change without notice. APPLICABLE TO New York RESIDENCES: This advertisement is not an offering. It is a solicitation of interest in the advertised property. NZo offering of the advertised units can be made and no deposits can be accepted, or reservations, binding or non-binding, can be made until an offering plan is filed with the New York State Department of Law. This advertisement is made pursuant to Cooperative Policy Statement No. 1, issued by the New York State Department of Law. CP16, 0047, Sponsor: KAR Miami, MRP LLC, 24 SW 4th Street, Miami Florida 33130.

U NP R EC EDENTED LU XU RY AND VALU E C O NVER GE O N O C EAN SH O R ES JU ST FULL FLOOR PENTHOUSE

NO RTH O F GO L DEN BEACH

2000 Ocean by Enrique Norten – TEN Arquitectos, a contemporary 38-story glass tower showcasing panoramic views of the Atlantic Ocean, Intracoastal Waterway and surrounding beaches, is located just north of South Florida’s Golden Beach.

Concept design by KKAID.

NOW DELIVERING EXCLUSIVE: $10M | 6,781 SF+\- | 5 BEDS | 6 BATHS | FULL FLOOR PENTHOUSE B ES P O K E R E ALE STAT E . COM/ 2000-OCE AN

Ha n d c ra f te d C o o k i ng R a nge s & S u i te s , Ste el Ca b i n et r y, Fi n e Wo o d Wo rk i ng & A p p l i a n ce s Ne w Yo rk • M i a m i • L o s A ngel e s • Pa r i s ( co m i ng n e x t ) ww w.L e AtelierPa r is .co m

•

1 8 00 7 9 2 3 5 5 0

Uplifts Forward Thinking Leaders.

Access to a world-spanning fleet of over 2,300 private aircraft. Advanced technology to search and instantly book individual seats or entire aircraft in seconds—innovators start their travel with XO. ACCESSIBLE. TRANSPARENT. EFFICIENT.

Fly Beyond.

XO Members and Innovators Martina Gurgel: Jewelry Designer Frantz Lerebours: Orthopedic Surgeon

FlyXO.com/Innovator

Shared flights are XO Global LLC Public Charters as defined by 14 CFR 380 and are subject to XO’s Public Charter Operator Participant Agreement. XO Global LLC is not a direct air carrier and does not operate any aircraft. All flights will be operated by properly licensed US or foreign air carriers. All services are subject to the terms and conditions available at flyxo.com/legal/. Fla. Seller of Travel Ref. No. ST42114.

FOUNDERS’ NOTE

To those who dare to challenge the status quo, welcome to the world of Bespoke.

Offering a new way to navigate the multi-faceted world of ultra-luxury, Bespoke has created a collaborative ecosystem of data-driven verticals.

We converge information across each one to deliver integrated insight, unparalleled creativity and holistic value for the UHNW community.

Bespoke Luxury Magazine is the editorial expression of that endeavor.

Giving voice to industry leaders, designers and thinkers, we invite you to discover the perspectives that personify our world and shape our future.

Enjoy.

Zachary Vichinsky / Cody Vichinsky / Michael Cantwell

®

Discover the Immersive World of Bespoke B E S P O K E L U X U R YC O M PA N I E S . C O M

20

EXECUTIVE SUMMARY

24

T H E P R O S P E R I T Y M A R K E T

62

HIGH TIME

84

P R E PA R E F O R TA K E O F F

104

BEYOND BORDEAUX

12O

S TAT E O F T H E A R T

142

THE YEAR OF THE UNICORN

156

DRIVING PROSPERITY

170

A L A S T LO O K AT 2 0 2 1

®

OUR MISSION

To change the future of luxury for the better.

@BESPOKE.MAGAZINE BESPOKELUXURYMAGAZINE.COM

TA B L E O F C O N T E N T S

#MolteniGroup RATIO— VINCENT VAN DUYSEN

MOLTENI&C | DADA FLAGSHIP STORES 160 MADISON AVE, NEW YORK NY 10016, T 212 673 7106 — BOSTON CHICAGO DALLAS LOS ANGELES MIAMI MEXICO CITY MOLTENI@HOME - VIRTUAL DESIGN CONSULTANCY AT MOLTENI.IT

MASTHEAD ®

FOUNDERS CODY VICHINSKY ZACHARY VICHINSKY C O - F O U N D E R & C H I E F C R E AT I V E O F F I C E R MICHAEL CANTWELL PRESIDENT PA U L J O W D Y C H I E F C U R ATO R C R E AT I V E P O W E R E D BY B E S P O K E LU X U R Y M A R K E T I N G . C O M

DANNIELLE BIALSKY ART DIRECTOR DANIELLE KIRSNER EDITOR-IN-CHIEF CHERYL CHU A S S O C I AT E E D I TO R AYA A B I T B U L MARKET INSIGHT THOMAS GALLANTI TYLER REISNER DESIGN MELANIE KLEINMAN PA R T N E R S H I P S EMEL DILEK CONTRIBUTOR HENRY NEUTEBOOM

PHOTOGRAPHY

ALAIN BENOIT

DYLAN WALKER

MIKE MAEZ

ANTHONY RAGUSO

JEFF BRAMWELL

MITCHELL CLARKE

BRADEN JARVIS

JOE THOMAS

NICOLAS BOON

DAN MEYERS

KLAUS PETERLIN

OSCAR OLIVERAS GEA

DAV E B U R K

LIONELLO DELPICCOLO

R A D O S L AV B A L I

DAV I D E B I S C H E R I

MASSIMILIANO MOROSINOTTO

SCOTT FRANCIS

DRAPER WHITE

M AT T H I A S G E I G E R

SHAWN ANG TIM CLINCH

© 2022 Bespoke Enterprises, LLC. Bespoke disclaims any and all warranties, express or implied, including, but not limited to, warranties as to the reliability, accuracy or currency of any information, images, data and/or other content herein.

Fill your world with wonder ENJOY RESPONSIBLY

EXECUTIVE SUMMARY

In our rapidly transforming world, change seems to be the only constant, and it is happening faster than ever before—both in our daily lives and on a global scale. In many ways, 2021 is a reflection of how we have the ability to thrive—and, more importantly, to innovate—during unprecedented times.

While speaking with leaders in the ultra-luxury sectors for this issue of The Prosperity Report, we see that UHNW millennials have played an important role in accelerating multiple markets. From art, NFTs, tech startups and real estate, to wine, watches and philanthropy, the new generation progressing through adulthood at a time of great economic and social shift are utilizing their resources in order to create positive change.

With this change come new possibilities. As purveyors of acute insight into the world of ultra-luxury, we at Bespoke envision these possibilities with The Prosperity Report, taking a data-driven dive into the major influences on today’s business, while revealing the market disruptors who anticipate what’s to come next.

We are honored to explore the present and look to the future together with our greater community.

Join us.

®

need copy VOICES

ZACHARY VICHINSKY CEO & FOUNDING PA R T N E R , B E S P O K E

GINNY WRIGHT CEO, AUDEMARS PIGUET NORTH A M E R I C A & L AT I N A M E R I C A

CODY VICHINSKY PRESIDENT & FOUNDING PA R T N E R , B E S P O K E

BEN ARNON CO-CEO & CO-FOUNDER, CURIO

S A M K E L LY SENIOR PORTFOLIO MANAGER, BESPOKE JOSEPH DE SANE MANAGING DIRECTOR, BESPOKE HARLAN GOLDBERG P R E S I D E N T, B E S P O K E S O U T H F L O R I D A NICHOLAS PÉREZ S E N I O R V I C E P R E S I D E N T, R E L AT E D G R O U P DAIANA QUICENO VICE PRESIDENT OF SALES, PMG RESIDENTIAL ALEX KLUMB P R I N C I PA L , C C Y A R C H I T E C T S RICHARD LANDRY PRESIDENT & FOUNDER, LANDRY DESIGN GROUP BRIAN PINKETT PA R T N E R , L A N D R Y D E S I G N G R O U P

LOUIS ROSENBERG CEO, UNANIMOUS AI AMBER SLOOTEN CO-FOUNDER, THE FABRICANT DANIELE DE VECCHI CHIEF TECHNICAL OFFICER, S AT U R N A L I A JUSTIN KNOCK DIRECTOR OF WINE, OENO GROUP C A R L O PA O L I G E N E R A L M A N AG E R , T E N U TA SAN GUIDO JOSH BAER FOUNDER & CEO, THE BAER FAXT S Y LV A I N G A I L L A R D D I R E C T O R , O P E R A G A L L E R Y, D U B A I MARC SPIEGLER GLOBAL DIRECTOR, ART BASEL DR. CLARE MCANDREW FOUNDER, ARTS ECONOMICS

ROGER FERRIS F O U N D I N G P R I N C I PA L , R O G E R F E R R I S + PA R T N E R S

N AT H A N C L E M E N T S - G I L L E S P I E DIRECTOR, FRIEZE MASTERS

JAY B I A L S K Y FOUNDER, JBIALSKY PREMIERE DESIGN AND DEVELOPMENT

SCOTT LENET PRESIDENT & CO-FOUNDER, TOUCHDOWN VENTURES

ROBERT A.M. STERN FOUNDER, ROBERT A.M. STERN ARCHITECTS

ALEX WARFEL Q U A N T I TAT I V E R E S E A R C H A N A LY S T , P I T C H B O O K

PAU L B O U T R O S AMERICAS HEAD OF WAT C H E S , P H I L L I P S

K U N A L M E H TA PRESIDENT & CO-FOUNDER, C O L D S TA R T V E N T U R E S

ALEXANDER SCHMIEDT P R E S I D E N T, V A C H E R O N C O N S TA N T I N A M E R I C A S

D R . A M I R PA S I C EUGENE R. TEMPEL DEAN, INDIANA U N I V E R S I T Y L I L LY F A M I LY S C H O O L OF PHILANTHROPY

- An Island Sanctuary like no other

cd: ROBB AARON GORDON

LOVELANAI.COM

THE PROSPERITY MARKET

INSIGHT INTO THE U LT R A - L U X U R Y M A R K E T O F R E A L E S TAT E

BESPOKE LUXURY MAGAZINE

In 2021, luxury real estate soared, making it one of the most successful years in history.

6 Bay View Court, North Haven, NY. Waterfront Compound on Noyack Bay 12,000 SF+/- | 6 Beds | 6F/2H Baths Bespoke Exclusive. $49M BespokeRealEstate.com

24

THE PROSPERITY REPORT | VOL 4

25

Mylestone at Meadow Lane, Southampton, NY.

BESPOKE LUXURY MAGAZINE

Unrivaled Historic, Double Waterfront Estate 15,521 SF+/- | 11 Beds | 12F/4H Baths Bespoke Exclusive. $175M BespokeRealEstate.com

26

U N I T E D S T A T E S U LT R A - L U X U R Y R E A L E S T A T E

NATIONAL MARKET REPORT

In 2021, the United States sold 2,023 homes over $10 million+ for a total of $34 billion, over double the 902 that transacted in 2020.

As we reported in our last issue, East Coast markets of the Hamptons, Florida and New York City have each transacted recordbreaking volumes, at $2.6 billion, $7.9 billion and $4.8 billion, respectively. California and Colorado led the market out west, with California having transacted nearly $12.7 billion in $10 million+ trades primarily across Los Angeles, San Mateo and Orange counties, while Colorado, a much smaller state, did $2.3 billion.

Consider that the Hamptons’ $2.6 billion in transactions was about a fifth of the total sales volume of the entire state of California in 2021, $12.7 billion, despite having less than one percent of the population. Our real estate

company, Bespoke Real Estate, made up a third of that market, including breaking a Hamptons’ history record with the sale of Jule Pond, which closed for over $100 million.

That sale is in many ways a reflection of a trend that dominated 2021 and continues to dominate 2022: one for water. The demand for water is seen at larger scales in South Florida and in Los Angeles, with residents who have slowly made their way to better weather from colder or inland parts of the country over the last two years, like New York or Colorado.

Still, markets like Colorado continued to boom for its natural serenity, as did New York City, mostly as an ongoing bounce back from a difficult 2020.

THE PROSPERITY REPORT | VOL 4

Across the entire country over the last two years, we have seen fundamental demographic shifts that have changed the state of the nation, no less the globe. Despite provocative headlines that leave some skeptical, the actual data reveals an optimistic outtake of growing markets, high employment rates and booming housing purchases over the last two years. The $10 million+ real estate market is no exception.

This time last year, as we enjoyed a market recuperating from the turbulence of 2020, we were unsure if the market would continue to grow, or if, with a return to regular economic and social life, the market would return to prepandemic levels, too. It has not, for the better.

Join us as we cover the nation’s $10 million+ market, the only publication that focuses on this segment exclusively.

For more detail, be sure to request Bespoke’s Annual and Quarterly Alpha Market Reports.

B E S P O K E R E A L E S TAT E . C O M / M A R K E T- R E P O R T S

®

27

165 Surfside Drive, Bridgehampton, NY.

BESPOKE LUXURY MAGAZINE

Contemporary Oceanfront Living 4,000 SF+/- | 5 Beds | 5 Baths Bespoke Exclusive. $26.995M BespokeRealEstate.com

28

THE PROSPERITY REPORT | VOL 4

263 Olivers Cove Lane, Water Mill, NY. Waterfront Estate Overlooking Mecox Bay 7,957 SF+/- | 7 Beds | 9F/1H Baths Bespoke Exclusive. $35M BespokeRealEstate.com

29

I N S I G H T I N T O T H E U LT R A - L U X U R Y R E A L E S T A T E M A R K E T

HAMPTONS MARKET REPORT

BESPOKE LUXURY MAGAZINE

231

TOTA L $ 1 0 M + S A L E S 2020 - 2021

104 SALES IN 2020

The Hamptons sold $2.6 billion worth of $10 million+ trades in 2021.

30

127 SALES IN 2021 ↑ 2 2 .1 2 %

Despite limited inventory at the onset of 2021, ultraluxury Hamptons real estate transactions reached new peaks within peripheral, waterfront locations—further east in Montauk and Amagansett as well as west of the Canal—while remaining solid in central towns

like Southampton and East Hampton. Montauk’s growth was most noteworthy regarding both sales volume and quantity of transactions. The town sold four times as many properties in 2021 than the previous year, totaling an additional $67.9 million in sales volume.

2 0 2 1 $ 1 0 M + TOTA L S A L E S BY LO C AT I O N

The data shown below includes the top 9 performing locations of the 11 total locations surveyed within the Hamptons $10M+ real estate market in 2021.

20

9

A M AG A N S E T T / M O N TAU K

EAST HAMPTON

WAINSCOTT

+9 SALES FROM 2020

+2 SALES FROM 2020

+4 SALES FROM 2020

4

11

24

SAG HARBOR

SAGAPONACK

BRIDGEHAMPTON

-2 SALES FROM 2020

-2 SALES FROM 2020

+11 SALES FROM 2020

13

26

7

WAT E R M I L L

SOUTHAMPTON

WEST OF THE CANAL

+7 SALES FROM 2020

-6 SALES FROM 2020

NO CHANGE FROM 2020

THE PROSPERITY REPORT | VOL 4

13

31

BESPOKE LUXURY MAGAZINE

263 OLIVERS COVE

32

THE PROSPERITY REPORT | VOL 4

271 & 266 Marine Blvd, Amagansett, NY. Oceanfront Compound 8,756 SF+/- | 11 Beds | 10F/2H Baths Bespoke Co-Exclusive. $34.995M BespokeRealEstate.com

33

BESPOKE LUXURY MAGAZINE

Water Mill’s sales volume increased by 326%.

Water Mill’s sales volume increased by 326 percent, an additional $206 million sold across seven additional properties in 2021 compared to 2020, totaling 13 properties sold in 2021. Wainscott saw a 179 percent increase in sales volume with a $167 million increase, and Amagansett saw a 130 percent jump, an additional $59 million.

“The improved popularity of eastern towns on the outskirts of Southampton

34

THE PROSPERITY REPORT | VOL 4

31 The Bridge, Bridgehampton, NY. Customizable Turn-Key Estate Title Goes Here.| 6F/1H TitleBaths Goes Here.

5,204 SF+/| 5 Beds Courtesy Courtesy BespokeName Exclusive. $25MName BespokeRealEstate.com

and East Hampton proper continues to be a central theme in the evolution of Hamptons real estate beyond the rush of 2020,” says Sam Kelly, Senior Portfolio Manager at Bespoke. “As far as ultra-luxury $10 million+ homes are concerned, these semi-remote estates belong to owners who prioritize an oceanfront view, suggesting an increased preference for proximity to the water over the desire to be close to downtown.”

Notable transactions include the sale of 90 Jule Pond, the most expensive transaction ever made in Hamptons’ history, with a last asking price of $145 million this past year.

“After a successful 2021, particularly in the waterfront sector, we look forward to seeing more sales like the stellar performance of 232 Dune Road in Quogue” says Joseph De Sane, Managing Director at Bespoke.

35

36 BESPOKE LUXURY MAGAZINE

THE PROSPERITY REPORT | VOL 4

289 Parsonage Lane & Reserve, Sagaponack, NY. Turn-Key Estate | 12,795 SF+/6 Beds | 6F/3H Baths Bespoke Exclusive. $33M BespokeRealEstate.com

37

I N S I G H T I N T O T H E U LT R A - L U X U R Y R E A L E S T A T E M A R K E T

NEW YORK CITY MARKET REPORT

BESPOKE LUXURY MAGAZINE

445

TOTA L $ 1 0 M + S A L E S 2020 - 2021

168 SALES IN 2020

Manhattan sold $4.8 billion worth of $10 million+ trades in 2021.

38

277 SALES IN 2021 ↑64.88%

As predicted since New York City’s comeback at the end of 2020 and beginning of 2021, the ultra-affluent community has continued to purchase the island’s most coveted real estate.

Overall, there was a 65 percent increase in the total number of $10 million+ transactions and

a 64 percent increase in sales volume between 2020 and 2021.

The number of buyers purchasing within the $30 to $40 million range grew most significantly, increasing by nearly 88 percent in 2021, for a total of 15 trades worth $508 million.

2 0 2 1 $ 1 0 M + TOTA L S A L E S BY LO C AT I O N

The data shown below includes all locations surveyed within the Manhattan $10M+ real estate market in 2021.

42

UPPER EAST SIDE

UPPER WEST SIDE

+21 SALES FROM 2020

+28 SALES FROM 2020

18

26

MIDTOWN EAST

MIDTOWN WEST

+6 SALES FROM 2020

-1 SALES FROM 2020

16

117

DOWNTOWN EAST

DOWNTOWN WEST

-2 SALES FROM 2020

+57 SALES FROM 2020

THE PROSPERITY REPORT | VOL 4

58

39

BESPOKE LUXURY MAGAZINE

100 Barclay Street, PHB, Tribeca, NY. Modern Tribeca Penthouse 5,023 SF+/- | 5 Beds | 5F/1H Baths Bespoke Exclusive. $13.495M BespokeRealEstate.com

Meanwhile, there was a 74 percent increase within the $10 to $20 million sector, and more so in the later half of the year. This likely speaks to the fact that the average price was still lower than normal, albeit temporarily, leading to a higher velocity of lower-priced deals. Nevertheless, sales volume amplified during each progressive quarter of 2021, strongest in Q4 with $1.3 billion worth of Manhattan properties traded.

40

“By neighborhood, we saw incredible activity on the Upper West Side, typically one of the sleepier neighborhoods by growth, where sales quantity increased by 200 percent in 2021,” says Cody Vichinsky, Founding Partner and President of Bespoke Real Estate. While growth on the Upper West outperformed the historically strong Upper East, the latter still saw a 112 percent increase in sales volume this past year.

THE PROSPERITY REPORT | VOL 4

“Consistent with our last issue’s $10 million+ real estate spotlight, the revitalization of buyer interest in the New York City real estate market has continued to surge—and sellers who have previously been on the fence about listing their home are now taking the opportunity to trade,” says Michael Cantwell, Co-Founder and CCO at Bespoke.

Sales quantity on the Upper West Side grew by 200% between 2020 and 2021.

41

42

THE PROSPERITY REPORT | VOL 4

137 Duane Street, 3A, Tribeca, NY. Turn-Key Loft | 5,498 SF+/3 Beds | 4F/1H Baths Bespoke Exclusive. $13.118M BespokeRealEstate.com

43

I N S I G H T I N T O T H E U LT R A - L U X U R Y R E A L E S T A T E M A R K E T

CALIFORNIA MARKET REPORT

BESPOKE LUXURY MAGAZINE

1048 TOTA L $ 1 0 M + S A L E S 2020 - 2021

277 SALES IN 2020

California sold $12.7 billion worth of $10 million+ trades in 2021.

44

771 SALES IN 2021 ↑178.34%

In 2021, the $10 million+ real estate market in California emulated that of South Florida’s boom, a year characterized by rapid growth and immense ultra-luxury transactions. The state had a 178 percent increase in sales volume, and average sales price of $17.7 million.

In February of 2021, an estate in Malibu sold for 177 million, breaking Los Angeles County’s record for highest closing price.

Still, Los Angeles County’s sales remained steady, with only a six percent deviation in sales volume per quarter.

2 0 2 1 $ 1 0 M + TOTA L S A L E S BY LO C AT I O N

The data shown below includes the top 6 performing locations of the 8 total locations surveyed within the California $10M+ real estate market in 2021.

25

S A N M AT E O C O U N T Y

S A N TA C L A R A C O U N T Y

+41 SALES FROM 2020

+15 SALES FROM 2020

331

114

LOS ANGELES COUNTY

ORANGE COUNTY

+205 SALES FROM 2020

+60 SALES FROM 2020

44

33

SAN DIEGO COUNTY

SAN FRANCISCO COUNTY

+19 SALES FROM 2020

+25 SALES FROM 2020

THE PROSPERITY REPORT | VOL 4

86

45

BESPOKE LUXURY MAGAZINE

Malibu Residence.

Sold: $177M Setting a New California Record Courtesy Scott Frances/OTTO (Designed by Scott Mitchell)

California $10 million+ sales volume grew by 178% in 2021 compared to 2020.

Napa was the only county to experience two quarters without any $10 million+ sales (Q1 and Q2), but it still ended the year with $200 million in sales volume.

Remarkably, San Mateo County saw a huge drop in trade growth: between 2019 and 2020, the county had a 1400 percent increase in sales quantity, from three $10 million+ sales in 2019 to 45 in 2020. By 2021, San Mateo had a 77 percent increase in quantity, from 45 to

46

THE PROSPERITY REPORT | VOL 4

Title Goes Here.

Title Goes Here.

IpsumName Courtesy Name Lorem Courtesy Courtesy TK

86 homes sold in 2021. The better part of San Mateo County is home to Silicon Valley, and it is plausible that the drop in rapid growth could reflect a trend of tech moving out of Silicon Valley, or at least diversifying to locations in the country, like New York and South Florida.

Los Angeles, Orange County and San Mateo each reached over $1 billion transacted (though, Los Angeles’ sales volume reached double that),

averaging a sales volume of $1.8 billion; this was 82 percent greater than the average $10 million+ sales volume of other California counties. “As long as there is a supply of land, there will be a demand for custom estates in California because of the indoor-outdoor lifestyle that the climate affords, says Richard Landry, Architect, President and Founder of Landry Design Group. “Properties of this nature will only grow in value as they become available.”

47

I N S I G H T I N T O T H E U LT R A - L U X U R Y R E A L E S T A T E M A R K E T

FLORIDA MARKET REPORT

BESPOKE LUXURY MAGAZINE

625

TOTA L $ 1 0 M + S A L E S 2020 - 2021

193 SALES IN 2020

Florida sold $7.9 billion worth of $10 million+ trades in 2021.

48

432 SALES IN 2021 ↑123.83%

Coming out of the pandemic, Florida had an incredibly strong market in the beginning of 2021.

But rather than returning to “pre-pandemic trading levels of about 30 per quarter,” says Zachary Vichinsky, Founding Partner and CEO at Bespoke, “we believe that 80 or so transactions per quarter will be

the new normal for the region for the foreseeable future. A return to pre-pandemic trade levels would have happened already if it were going to, yet the demand continues to be very strong.”

There has been new interest particularly from industries that historically had no presence in the region, but are relocating.

2 0 2 1 $ 1 0 M + TOTA L S A L E S BY LO C AT I O N

The data shown below includes the top 6 performing locations of the 7 total locations surveyed within the Florida $10M+ real estate market in 2021.

18

MIAMI-DADE COUNTY

MARTIN COUNTY

+130 SALES FROM 2020

+13 SALES FROM 2020

156

2

PA L M B E A C H C O U N T Y

INDIAN RIVER COUNTY

+78 SALES FROM 2020

+2 SALES FROM 2020

27

1

BROWARD COUNTY

MARION COUNTY

+15 SALES FROM 2020

+1 SALES FROM 2020

THE PROSPERITY REPORT | VOL 4

228

49

BESPOKE LUXURY MAGAZINE

Palm Beach had a 645% increase in sales quantity between 2020 and 2021.

50

“More financial services firms and startups are calling South Florida home and bringing their employees with them,” explains Nick Pérez, Senior Vice President at Related Group. The Palm Beach market reveals this ongoing demand as well. Notorious listings of $50

million and above—many of which were in Palm Beach—had a 645 percent increase in sales between 2020 and 2021. Many of the properties had been on the market for some time, and 2021’s demand allowed them to finally transact.

THE PROSPERITY REPORT | VOL 4

121 Nurmi Drive, Fort Lauderdale, FL. Modern New Construction 6,447 SF+/- | 3 Beds | 4F/2H Baths Bespoke Exclusive. $9.775M

Waldorf Astoria Miami, Miami, FL. Bespoke Exclusive Collection Price Upon Request BespokeRealEstate.com

“The region’s increased sales volume and sales quantity, while spurred by a sudden interest in warm climates after lockdown, has proven sustainable,” says Harlan Goldberg, President of Bespoke South Florida. “We’re confident it will continue throughout this year, as the state already had more transactions in Q1 2022 than any other.” Bespoke’s $43 million

transaction at Waldorf Astoria Miami is one example. “As the first super-tall tower in Florida and the tallest residential building south of New York City,” says Daiana Quiceno, PMG Residential’s Vice President of Sales, who worked with Bespoke on the trade, “we’re excited to usher in a new era for downtown Miami.”

51

I N S I G H T I N T O T H E U LT R A - L U X U R Y R E A L E S T A T E M A R K E T

COLORADO MARKET REPORT

BESPOKE LUXURY MAGAZINE

191

TOTA L $ 1 0 M + S A L E S 2020 - 2021

56 SALES IN 2020

Colorado sold $2.3 billion worth of $10 million+ trades in 2021.

52

135 SALES IN 2021 ↑141.07%

Following a strong 2020, where Colorado properties stood tall with access to outdoor recreation, demand continued into 2021. Overall, 135 properties were sold, at an average price of $17.1 million.

The town of Aspen comprised about 39 percent of the

Colorado real estate market’s annual $10 million+ sales volume, upholding the town’s reputation as the state’s most coveted enclave with a beloved downtown. The “heart” of Pitkin County, Aspen had nine times more $10 million+ transactions than the average Colorado town.

2 0 2 1 $ 1 0 M + TOTA L S A L E S BY LO C AT I O N

The data shown below includes the top 6 performing locations of the 8 total locations surveyed within the Colorado $10M+ real estate market in 2021.

7

EAGLE COUNTY

SAN MIGUEL COUNTY

+14 SALES FROM 2020

+7 SALES FROM 2020

79

3

PITKIN COUNTY

A R A PA H O E C O U N T Y

+39 SALES FROM 2020

+3 SALE FROM 2020

2

3

ROUTT COUNTY

SUMMIT COUNTY

+2 SALES FROM 2020

+3 SALES FROM 2020

THE PROSPERITY REPORT | VOL 4

29

53

BESPOKE LUXURY MAGAZINE

Gammel Damm Home Designed by CCY Architects.

Courtesy Draper White

Aspen made up about 39% of Coloradoʼs $10 million+ sales volume.

Of course, the front-running upscale trade was located in Aspen: a single property, sold in December 2021 for $44.5 million, breaking records as the highest closing price of a home in Pitkin County.

Aspen residents want to “live and recreate in communities like Aspen more full time, as opposed to only having a secondary vacation home,” says Alex Klumb, Principal at CCY Architects.

54

THE PROSPERITY REPORT | VOL 4

The scarcity of inventory on the Aspen market is “resulting in clients’ desires to invest into the real estate market with legacy projects,” securing their own longterm intent to stay and the long-term viability of the market.

Vail accrued the second greatest number of trades and sales volume, albeit separated from Aspen by 15 transactions worth $388 million total.

Colorado’s most sought-after counties performed differently from one another during each quarter of 2021: Pitkin did well in Q1, selling 35 percent of its total sales transacted, then dialed down until Q4, while San Miguel County and Eagle County appreciated in Q2, earning 26 and 47 percent of their respective sales volumes, but each of their peak quarters to varying degrees.

55

Y E A R O V E R Y E A R C O M PA R I S O N

NATIONAL $10M+ MARKET

BESPOKE LUXURY MAGAZINE

56

ARIZONA

4

CALIFORNIA

277

COLORADO

$60.5M

21

TRADES

VOLUME

SALES

2021

VOLUME

SALES

2020 TRADES

$263.5M

$4.5B

771

$12.7B

56

$924.1M

135

$2.3B

CONNECTICUT

10

$138.0M

17

$282.8M

DC

3

$47M

3

$35.4M

FLORIDA

193

$3.0B

432

$7.9B

HAWAII

11

$199.0M

63

$1.0B

IDAHO

1

$27.5M

7

$106.2M

MARYLAND

4

$46.3M

4

$47.5M

MASSACHUSETTS

28

$431.4M

60

MONTANA

1

$10.3M

5

NEVADA

11

$155.7M

21

$828.0M

$74.1M

$403.6M

$20.9M

2

NEW YORK

272

OREGON

1

$12.0M

1

$12.0M

RHODE ISLAND

3

$34.5M

8

$148.5M

SOUTH CAROLINA

—

—

2

$22.2M

TENNESSEE

—

—

7

$82.0M

TEXAS

3

$35.4M

4

$55.7M

UTAH

7

$88.4M

19

$244.1M

VIRGNIA

1

$16.0M

4

$86.0M

WASHINGTON

14

$176.4M

19

WISCONSIN

—

—

1

$12.8M

WYOMING

—

—

3

$45.9M

NATIONWIDE

902

$14.8B

409

2,023

$97.7M

$6.9B

THE PROSPERITY REPORT | VOL 4

NEW JERSEY

$4.8B

7

TRADES

VOLUME

SALES

2021

VOLUME

SALES

2020 TRADES

$298.2M

$34B

57

INSIGHT INTO NEW TRENDS IN MASTERPLANNING

BESPOKE LUXURY MAGAZINE

DESIGN THINKING IN 2022 What do we look for in a home? The answer is inextricably linked with who we are. Roger Ferris, Founding Principal of Roger Ferris + Partners, says, “I just think that people are searching for a place to be, looking for themselves, and single family homes have always served as a benchmark for people’s identity.” He points out that our country’s urban exodus is indicative of a collective search for a deeper notion of dwelling, and has fueled a number of new design requirements.

“The overarching theme is a flexible floor plan with multi-purpose spaces,” he explains. The Residences at The Bridge, a Ferris + Partners residential project connected to one of the country’s best golf courses, is a full expression of innovative master planning, closely tied to Bridgehampton’s community, history, culture and natural beauty.

In California’s natural surroundings and warm weather, Landry Design Group’s projects highlight outdoor entertaining: protected courtyards, rooftop terraces, pool, spa and generous lawn areas. Architect Brian Pinkett, Partner of Landry Design Group, tells us, “Since last year, clients have been especially interested in entertaining spaces, such as bar rooms with pub seating and game tables, offices that are more like parlors, with comfortable seating groups for Zoom calls

and casual meetings, and additional security features.” Meanwhile, in the Hamptons, iconic waterfront living has been reinterpreted at 2 West Water Street in Sag Harbor. Jay Bialsky, Founder of JBialsky Premiere Design and Development, says, “In addition to the indoor/outdoor lifestyle which emphasizes sweeping views from nearly every room, terrace and rooftop deck, 2WW’s feature of having two private deep-water slips provides true waterfront living. Residents can sail in and out, without having to drive. The passion for yachting becomes a part of everyday life.”

In New York City, Robert A.M. Stern Architects transforms urban living with pools, athletic courts, screening rooms, motor courts, wine cellars, libraries and more.

“Understanding how to create a livable floor plan that has an appropriate human scale forms the foundation for everything we design,” says Robert A. M. Stern, architect, educator, author and the founding partner of his architecture firm.

Historically, strong markets lend themselves well to architectural innovation, as more new homes create opportunities to explore new designs. With a promising year ahead for the market, we’re looking forward to the work from each of these storied architects and designers.

®

58

2 West Water Street, Residence B, Sag Harbor, NY. Waterfront Residence 11,723 SF+/- | 7 Beds | 8 Baths Bespoke Exclusive. ≈ $24.95M BespokeRealEstate.com

THE PROSPERITY REPORT | VOL 4

59

I S L A S

CAYONETAS AN INFINITE LEGACY AWAITS FOR THOSE WHO ARE BOLD ENOUGH, CURIOUS ENOUGH, A M B I T I O U S E N O U G H TO S E I Z E T H I S S I N G U L A R O P P O R T U N I T Y. . .

$100,000,000 Exclusive

For More Information Visit www.bespokerealestate.com/cayonetas

3

53

PAC I F I C I S L A N D S

B E AC H E S

1 ,749

17.7

AC R E S / -

C OA S T L I N E M I L E S + / -

* 1 AC R E = 4 ,0 4 7 S Q. M E T E R S

* 1 M I L E = 1 ,6 0 9 M E T E R S

+

30%

D E V E LO PA B L E A R E A

A singular opportunity to make a revolutionary impact on transnational conservation and scientific exploration for the betterment of humanity.

The dial’s outer edge is a tachymeter scale that measures speed.

BESPOKE LUXURY MAGAZINE

The calendar is in French, with the day of the week in the left window and the month on the right.

#1 SALE IN 2021

Patek Philippe Ref. 1518 Perpetual Calendar Chronograph in Pink Gold with Pink Dial.

Sold: $9.57M Courtesy Sotheby’s

62

INSIGHT INTO THE WORLD O F L U X U R Y WAT C H E S

The pursuit for a fast, high-return investment propelled luxury watch resale to new heights.

THE PROSPERITY REPORT | VOL 4

HIGH TIME

63

Patek Philippe Caliber CHR 29‑535 PS Q Ref. 5204R, Split-Seconds Chronograph & Perpetual Calendar.

BESPOKE LUXURY MAGAZINE

Courtesy Patek Philippe

While luxury mechanical timepieces are made across Switzerland and in a few other countries, Geneva is undoubtedly considered the world’s watchmaking capital. Rolex is headquartered there, with its main factory in Bienne, 100 miles away; Audemars Piguet and Philippe Dufour are located in the Vallée de Joux, 40 miles from Geneva; and just outside the city are Patek Philippe and Vacheron Constantin’s production facilities. F.P. Journe

64

is the only watchmaker with its atelier in downtown Geneva.

The Swiss city has its own quality mark called the Poinçon de Genève, or Geneva Seal. It is one of the watch industry’s highest assurances of quality, which requires all parts of the movement to be hand-finished according to traditional techniques. Of the millions of Swiss watches made every year, only about

THE PROSPERITY REPORT | VOL 4

24,000—which include many Vacheron Constantin timepieces—have the Geneva Seal.

Patek Philippe has its own quality mark.

The Patek Philippe Seal is trademarked and its requirements are so rigorous that no manufacturing process deviations, or traces of them, are tolerated in any circumstances.

INSIGHT

Only 24,000 watches receive the Geneva Seal of quality approval each year.

65

This combination of quality and heritage is why Swiss luxury mechanical watches have long been coveted collectibles, and in 2021, their status was elevated to high-return investment items. Due to pent-up demand and scarcity, the resale prices reached 3-digit percentage increases for several iconic timepieces. They are by Rolex, Patek Philippe, Audemars Piguet and Vacheron Constantin, known as the “Big Four” investment watch brands.

BESPOKE LUXURY MAGAZINE

Resale prices reported as of January 2022 were the following: Patek Philippe’s Nautilus 5711,

which retailed for about $35,000 last year, had a resale price of nearly $160,000 at the end of December 2021, a 357 percent increase between 2020 and 2021. An Audemars Piguet classic, the Royal Oak Jumbo Extra-Thin in rose gold with a blue dial, reached $189,000 on resale in 2021, a 284 percent rise on retail. A Rolex Daytona that retailed for $13,150 was resold for over $38,700, an increase of 194 percent. The Overseas Self-Winding by Vacheron Constantin, which retailed at $22,500, could be found at $64,950 on the secondary market, a 189 percent jump.

Big 4 Watch Resale Market, 2-Year Horizon Patek Philippe Nautilus 5711/1A-010 Rolex Daytona 116500LN

udemars Piguet Royal Oak 15202OR.OO.1240OR.01 A Vacheron Constantin Overseas 4500V/110A

220%+

$200K $180K

RESALE PRICE IN USD ($)

$160K 101%+

$140K $120K $100K $80K $60K

140%+

$40K 56%+

$20K $0

2019

2020

These wristwatches had the largest increases in their attainable resale values from the respective heritage brands.

Source: Chrono24

66

2021

THE PROSPERITY REPORT | VOL 4

#5 SALE IN 2021

Philippe Dufour Grande et Petite Sonnerie No. 1 in Yellow Gold & Enamel Dial.

Sold: CHF 4.75M ≈ $5.18M Courtesy Phillips

67

INSIGHT

BESPOKE LUXURY MAGAZINE

A key factor driving resale value is that the top watch brands are not increasing production despite high demand.

T H E R OYA L OA K C O N C E P T B L A C K P A N T H E R F LY I N G T O U R B I L L O N

Engraving the iconic octagonal bezel.

68

These resale prices are partly driven by the primary market’s exclusivity in recent years. Most customers used to simply walk into a boutique or authorized retailer and make a purchase. Today, they often have to get on a long waiting list, no matter which store they go to in the world. The hype has also been fueled by press coverage of world record auction results and the social media accounts of prominent celebrities and influencers.

Paul Boutros, Phillips’ Head of Watches, Americas, says, “We have seen many new collectors entering the market over the past five years, and the appetite of established collectors is increasing.”

Sold: $5.2M Courtesy Audemars Piguet

2021’S MOST EXPENSIVE AU D E M A R S P I G U E T WATC H

THE PROSPERITY REPORT | VOL 4

#4 SALE IN 2021

Audemars Piguet Royal Oak Concept Black Panther Flying Tourbillon Unique Piece.

In 2021, inflation and the ongoing pandemic caused both long-time watch collectors and new investors to jump into the secondary market as a hedge against uncertainties. As a result, the luxury watch marketplace exploded. WatchBox, a digital resale platform, raised $165 million of equity capital to fund its global expansion, while the volume of watch sales at Antiquorum, Christie’s, Phillips and Sotheby’s rose by 75 percent. Boutros says, “Looking across our auctions and geographic selling locations, the market for both contemporary pre-owned watches and vintage models has grown at a fast rate over the past couple of years.”

Sold for $5.2M—400% over estimate.

69

INSIGHT

BESPOKE LUXURY MAGAZINE

Demand from a wide spectrum of buyers drove resale prices for the top three luxury watches to almost 300% over retail in 2021.

Secondary Watch Market Volume in 2021 700

MILLIONS IN USD ($)

600 500 400 300 200 100 0

2015

2016

2017

2018

2019

2020

↑75% Source: Revolution Watch

70

2021

THE PROSPERITY REPORT | VOL 4

#2 SALE IN 2021

Patek Philippe Ref. 2523 World Time Watch with 2 Crowns & “Eurasia” Cloisonné Enamel Dial.

Sold: CHF 7.05M ≈ $7.82M Courtesy Phillips

71

72

INSIGHT

This watch, which tells the hour with an automaton hand, was auctioned for nearly $5M.

Alexander Schmiedt, Vacheron Constantin Americas President, says, “An increase in demand for our Historiques American 1921 and our complication pieces has created more excitement for our portfolio of watches, including the Overseas, whose popularity has been on the rise not only in the U.S. but also around the world since 2016. The tourbillon cage and bridges of the Overseas complication are completely chamfered and polished by hand, not just on the outside but also the inside. Machining can never achieve that level of finishing.”

THE PROSPERITY REPORT | VOL 4

Despite the huge demand, major watch brands and some of the leading independent watchmakers are not increasing production in order to maintain the highest quality standards. They research and develop their own movements. They also produce every component in house, some of which require long hours, even days, of patient artisanal skill.

Audemars Piguet’s Royal Oak Jumbo Extra-Thin in rose gold with a blue dial had the highest resale percentage increase in 2021. It is powered by a 3-millimeter-thin movement that has been researched, developed and produced by the brand to achieve the slimness.

#6 SALE IN 2021

F.P. Journe X Francis Ford Coppola, FFC Blue with Instantaneous Digital Hours Indicated by an Automaton Blue Hand.

Sold: CHF 4.5M ≈ $4.9M Courtesy Only Watch

73

#8 SALE IN 2021

Philippe Dufour Duality No. 8 in Pink Gold with Double Escapement & Seconds Subdial.

BESPOKE LUXURY MAGAZINE

Sold: CHF 3.66M ≈ $3.99M Courtesy Phillips

#8 SALE

Philippe Dufour D

Sold: CHF3.66M Court

#4 SALE IN 2021

Philippe Dufour Grande et Petite Sonnerie No. 1 in Yellow Gold and Enamel Dial.

Sold: CHF4.75 ≈ $5.18M Courtesy Phillips

74

THE PROSPERITY REPORT | VOL 4

E IN 2021

Duality No. 8

M ≈ $3.99M tesy Phillips

INSIGHT

The Philippe Dufour Duality is named for the two connected balance wheels that work together to achieve greater time accuracy.

75

INSIGHT

This Audemars Piguet had a 284% rise on resale.

“At the time of its invention, this was the world’s thinnest mechanical self-winding movement with a central rotor and date,” says Ginny Wright, Audemars Piguet North America and Latin America CEO. “The hand-finished brushed satin on the case, bezel and bracelet are a testament to its detail-oriented beauty.”

BESPOKE LUXURY MAGAZINE

Rolex creates its own precious metals in its foundry, set up in the early 2000s.

76

It has complete control over color and hardness by adjusting the amounts of silver, copper, platinum or palladium to make its 18-karat yellow, white and Everose gold alloys. Patek Philippe are masters of complication watches such as world timers, perpetual calendars and minute repeaters, with production volumes that are intrinsically limited by their complexity.

To ensure that their watches retain their investment value, a few brands are intervening directly on the secondary market. This will undoubtedly cause further changes in resale prices as aspiring watch investors search for the most iconic timepiece. The secondary market for luxury watches is expected to evolve continuously as the effects of supply and demand are met with changing consumer tastes.

THE PROSPERITY REPORT | VOL 4

Audemars Piguet Royal Oak Jumbo Extra-Thin Selfwinding Watch in Rose Gold with Blue Dial.

Courtesy Nicolas Boon

77

BESPOKE LUXURY MAGAZINE

Top 10 Most Expensive Watches Auctioned in 2021

78

REFERENCE

PRICE

AUCTION

1

PATEK PHILIPPE REF. 1518 PERPETUAL CALENDAR CHRONOGRAPH IN PINK GOLD WITH PINK DIAL

$9.57M

SOTHEBY'S

2

PATEK PHILIPPE REF. 2523 WORLD TIME WATCH WITH 2 CROWNS AND "EURASIA" CLOISONNÉ ENAMEL DIAL

$7.82M

PHILLIPS

3

PATEK PHILIPPE NAUTILUS REF. 5711/1A-018 IN STAINLESS STEEL WITH TIFFANY BLUE LACQUER DIAL

$6.5M

PHILLIPS

4

AUDEMARS PIGUET ROYAL OAK CONCEPT BLACK PANTHER FLYING TOURBILLON UNIQUE PIECE

$5.2M

FOR CHARITY

5

PHILIPPE DUFOUR GRANDE ET PETITE SONNERIE NO. 1 IN YELLOW GOLD AND ENAMEL DIAL

$5.18M

PHILLIPS

PRICE

AUCTION

6

F.P.JOURNE X FRANCIS FORD COPPOLA, FFC BLUE WITH INSTANTANEOUS DIGITAL HOURS INDICATED BY AN AUTOMATON BLUE HAND

$4.9M

ONLY WATCH

7

F.P.JOURNE CHRONOMÈTRE À RÉSONANCE SOUSCRIPTION NO. 1 IN PLATINUM AND PINK GOLD

$4.26M

PHILLIPS

8

PHILIPPE DUFOUR DUALITY NO. 8 IN PINK GOLD WITH DOUBLE ESCAPEMENT AND SECONDS SUBDIAL

$3.99M

PHILLIPS

9

PATEK PHILIPPE REF. 2499 PERPETUAL CALENDAR CHRONOGRAPH IN YELLOW GOLD WITH RETAILER-SIGNED BRACELET

$3.86M

PHILLIPS

10

F.P.JOURNE TOURBILLON SOUVERAIN À REMONTOIR D'ÉGALITÉ SOUSCRIPTION NO. 1 IN PLATINUM

$3.86M

lli

THE PROSPERITY REPORT | VOL 4

REFERENCE

PHILLIPS

Source: Respective Auction Houses

79

YOUR LIVING YOUR SANCTUARY A R E D E F I N E D V I S I O N F O R L U X U RY L I V I N G

W E L L N E S S C E N T E R E D H OS P I TA L I T Y H O M E S & D E V E LO P M E N T

C H O - T E L . CO M

PREPARE FOR TAKEOFF

N F T S , T H E M E TAV E R S E AND THE FUTURE

BESPOKE LUXURY MAGAZINE

Experts claim that the metaverse is on the brink of changing our world.

Here’s why.

The Fabricant Studio, a Digital Fashion Platform.

Courtesy The Fabricant

84

THE PROSPERITY REPORT | VOL 4

85

86

INSIGHT

Beepleʼs EVERYDAYS: The First 5000 Days, sold for over $69M, the most expensive NFT trade to a single owner.

W H AT I S A N N F T ?

NFT stands for “non-fungible token”.

What NFTs do is that they take something fungible, like a digital photograph, which can be copied, pasted and have the same value in both copies, and make it non-fungible by creating a single, uniquely identifiable token on the blockchain that “attaches” to it, acting as a certificate of ownership of that file. NFTs signify that there could be millions of digital copies of a work of art (or anything else) on the Internet, but only one person—or a limited number of people—have a rarified, unique token that matters, representing the “true” copy or file. Therefore, it is the ownership of the NFT itself that has value and which can be transacted, as opposed to any kind of intellectual property ownership or possession of a file itself on a hard drive.

THE PROSPERITY REPORT | VOL 4

“Fungible” means that a token representing a value is interchangeable. For example, cash is fungible. If two people each have a $5 bill, one person’s bill has the same value as the other’s. The two people could trade their bills and still have the same value. It does not matter which $5 bill either person has. Either bill can buy the same cup of coffee at a coffee shop.

#1 SALE IN 2021

Beeple (b. 1981) – EVERYDAYS: THE FIRST 5000 DAYS. Sold: $69.35M Courtesy Christie’s Images LTD. 2022

87

BESPOKE LUXURY MAGAZINE

T H E M A R K E T VA LU E

As such, what drives the sales of NFTs to the billions of dollars is less the aesthetic or material quality of the file that represents the NFT, but the rarity and exclusivity of the NFT itself. It is how five of the ten most expensive NFTs ever sold, CryptoPunks, are no more than 24-by-24 pixel images. The value for the owner of such a token is not “owning” the assortment of pixels in its own right; rather, the value of owning a CryptoPunk is being able to resell it.

88

The incentive for ownership is comparable to equities traders.

Like stocks, which are created by corporations and then put up for sale, independent private companies create, or “mint” NFTs, and sell them on markets like OpenSea, Nifty Gateway and more.

One of the most popular creators of NFTs is Yuga Labs, which own the intellectual property to the two most traded collections, or “projects”, Bored Ape Yacht Club and CryptoPunks.

Machine Hallucinations – Space : Metaverse, 2021.

Courtesy Refik Anadol Studio

THE PROSPERITY REPORT | VOL 4

Title Goes Here.

Courtesy Name

In 2017, Larva Labs, the original creators of CryptoPunks, released 10,000 of them to claim for free; today the average CryptoPunk sells for about 58 ETH, or over $126,000, as of May 11. The series has since transacted 903,340 ETH in volume as of May 11, estimated at just over $1.9 billion. The top-selling “punk” of all time, CryptoPunk #5822, sold for over 8,000 ETH, worth $23.7 million at the time of sale. Bored Ape Yacht Club, another series of NFTs, have collectively traded 562,610 ETH as of May 11.

But NFTs alone are also unlike stocks.

The public corporations issuing shares are outputting goods into the real world, be it clothing, food, industrial manufacturing, software and more. There is no “output”, as it were, of an NFT. Which begs the question, if an NFT’s only function is to earn profit for the trader, what is its function for everyone else?

89

Top NFT Projects on Ethereum Blockchain NFT Project is a group of NFTs that are traded individually as part of a larger collection, game or movement.

BESPOKE LUXURY MAGAZINE

RANK

PROJECT

VOLUME TRADED (ETH)

1

CRYPTOPUNKS

903,340.07

2

BORED APE YACHT CLUB

562,610.6

3

MUTANT APE YACHT CLUB

392,730.91

4

ART BLOCKS CURATED

249,813.64

5

OTHERDEED FOR OTHERSIDE

249,745.29

6

AZUKI

228,902.18

7

CLONE X - X TAKASHI MURAKAMI

196,145.77

8

THE SANDBOX

148,585.57

9

MOONBIRDS

136,871.35

10

DECENTRALAND

126,611.52

As of May 11, 2022

90

INSIGHT

In 2017, Larva Labs released 10,000 CryptoPunks for free.

Today, an average one trades for $126,000.

THE PROSPERITY REPORT | VOL 4

Fabian Oefner Space Time Memory 16t9 LNFT0005, 2021.

Courtesy Lamborghini

91

BESPOKE LUXURY MAGAZINE

A Digital Fashion Image for re_USED re_SATIN Exhibition at Zeeuws Museum – The Netherlands.

Courtesy The Fabricant

92

T H E M E TAV E R S E

“Utility is the future of NFTs,” says Ben Arnon, Co-CEO and Co-Founder of Curio, an NFT platform and marketplace for entertainmentrelated NFTs. If 2021 was the year of NFTs, it was still “NFT 1.0”, Arnon says, which was “built on FOMO, scarcity and price appreciation.” NFT 2.0, he says, will be “about utility, value, innovation and storytelling.” For example, if NFTs can certify ownership of 24-by-24 pixel files, they can also certify ownership of physical homes, luxury watches or handbags, in lieu of deeds or verification cards.

They can even certify ownership of more complex “files”, like plots of virtual land, digital clothing inside video games or simulated experiences.

Unlike Cryptopunks, you will be able to do something with them.

The Sandbox and Decentraland are the most popular virtual worlds, where an avatar’s plot

of land or clothing can be purchased with cryptocurrency, and ownership verified with an NFT. Entering them is an experience much like playing a desktop video game such as The Sims. Plots of “land” are for sale, and they have collectively just sold over 344,000 ETH worth of them. Real-world brands like Adidas and Prada have bought up space in what is to be known as Decentraland’s “Fashion District” as well.

Still, a unique world, which exists only inside a desktop, phone or even VR headsets, has “limited to short-duration uses for the majority of the public,” says Louis Rosenberg, CEO of Unanimous AI and an early pioneer of virtual and augmented reality (VR and AR). In other words, while they are great tools for gamers or traders, these “worlds” have not helped humans better communicate, educate or operate at scale, and so they are novelties.

THE PROSPERITY REPORT | VOL 4

Ethereum Historical Price 6000

ETH PRICE IN USD ($)

5000

4000

3000

2000

1000

0 2019

2020

2021

2022

Ethereum, the primary cryptocurrency used to purchase NFTs, has a volatile history.

ETH’s price starting on January 1, 2019 until May 1, 2022.

Source: CoinMarketCap

93

Matt Kane – Meules after Claude Monet, 2021.

BESPOKE LUXURY MAGAZINE

Courtesy Sotheby’s

INSIGHT

Goldman Sachs conservatively estimates the global metaverse opportunity could reach $3.75 trillion.

94

But they will, Rosenberg believes. “The Metaverse, when broadly adopted by the general public, will be a merger of our real surroundings with rich layers of virtual content, delivered by see-through eyewear,” or AR “smart” glasses. He predicts that “markets will follow the technology that offers the most natural experience to the human perceptual system,” which can only be “by integrating it directly into our physical surroundings.” One day, he says, you will

THE PROSPERITY REPORT | VOL 4

be able to put on a pair of glasses and see a friend wearing “clothing” that is virtual but looks real, or you will pass a billboard plastered on the side of a building that is not actually plastered at all, but is virtually placed there and targeted to reach you. The “receipts” for any of these purchases will be NFTs. As for a timeline, Apple is set to release their first functional AR glasses in 2023, which Rosenberg believes will follow an adoption curve similar to the iPhone

launch in 2007. Eventually, he thinks they will replace smartphones as the primary interface of the digital world.

In such a world, Goldman Sachs conservatively estimates the global metaverse opportunity could reach $3.75 trillion.

95

Mad Dog Jones – Visor, 2021.

BESPOKE LUXURY MAGAZINE

Courtesy Sotheby’s

INSIGHT

Morgan Stanley estimates that luxury metaverse sales could reach EUR €22B.

96

Early versions of this are happening already. The Fabricant, the first virtual studio for fashion, has “dressed” Karlie Kloss in a collaboration with Adidas, partnered with Tommy Hilfiger and Vogue Singapore to make virtual clothing. RTFKT, the virtual sneaker creators that were acquired by Nike in December 2021, have gained notoriety in the sneaker community. Morgan Stanley estimates that luxury

metaverse sales could generate sales of EUR €10 billion by 2030, though it could reach as high as about EUR €22 billion. Amber Slooten, The Fabricant CoFounder, says we are on the brink of “an era of radical social change that will create new economies and transform power structures, while enabling new ways to express our identity in ways that have never been seen before.” That is when NFTs will matter to you, too.

NFT Artwork by Adidas for Prada Re-Source.

Louis 200, Louis The Game.

Courtesy Louis Vuitton

THE PROSPERITY REPORT | VOL 4

Courtesy Adidas Originals

Louis 200, Louis The Game.

Courtesy Louis Vuitton

A Digital Version of the Wind. RDY Parka Jacket from Adidas X Karlie Kloss.

Courtesy The Fabricant

97

BESPOKE LUXURY MAGAZINE

Top 10 NFT Sales to Single Buyers in 2021

98

ARTIST

ARTWORK

PRICE

ETH

DAT E

1

BEEPLE

EVERYDAYS: THE FIRST 5000 DAYS

$69.35M

38,525

3/11/21

2

BEEPLE

HUMAN ONE

$28.99M

4,700

11/9/21

3

LARVA LABS

CRYPTOPUNK #7523

$11.75M

4,700

6/10/21

4

LARVA LABS

CRYPTOPUNK #4156

$10.28M

2,500

12/9/21

5

LARVA LABS

CRYPTOPUNK #3100

$7.67M

4,200

3/11/21

ARTWORK

PRICE

ETH

DAT E

6

LARVA LABS

CRYPTOPUNK #7804

$7.56M

4,200

3/11/21

7

DMITRI CHERNIAK

RINGERS #109

$7.12M

2,100

10/2/21

8

LARVA LABS

CRYPTOPUNK #8857

$6.63M

2,000

9/11/21

9

BEEPLE

CROSSROAD

$6.6M

4,400

2/24/21

10

XCOPY

RIGHT-CLICK AND SAVE AS GUY

$6.14M

1,600

12/8/21

THE PROSPERITY REPORT | VOL 4

ARTIST

99

INSIGHT

BESPOKE LUXURY MAGAZINE

Beepleʼs Human One is the third most expensive NFT sold to a single owner, for $28.99M.

#2 SALE IN 2021

Beeple (b. 1981) – HUMAN ONE. Sold: $28.99M Courtesy Christie’s Images LTD. 2022

100

Apollo Jets offers the most exclusive aircrafts in the private aviation industry. We have access to the largest network of private flight operators, so clients can choose the best aircraft for their journey. With a breadth of knowledge and experience, our team provides the highest level of luxury, convenience and safety for each and every client. We have multiple offices throughout the United States, from New York to Los Angeles, and are able to fly clients to and from anywhere in the world within short notice.

Info@ApolloJets.com 1-917-567-0184

New York + Palm Beach + Boston + Los Angeles + Las Vegas

Impeccable Design; Unrivaled Efficiency — A Strategic Approach to Artfully Designed Spaces

T R A N S F O R M

H A M P TO N S

|

N YC

YO U R

|

S PA C E

C O N N E C T I C U T

I C O N I C M O D E R N .C O M

BEYOND BORDEAUX

INSIGHT INTO THE FINE WINE MARKET

BESPOKE LUXURY MAGAZINE

This “liquid” asset hits new heights as connoisseurs explore regions of newfound taste.

104

THE PROSPERITY REPORT | VOL 4

Kellerei St. Michael- Eppan Cantina – Trentino Alto-Adige, Italy.

Courtesy Klaus Peterlin

105

BESPOKE LUXURY MAGAZINE

Domaine Bonneau du Martray – Burgundy, France.

Courtesy Tim Clinch

The 2021 list of top traded wines reads like the fine wine hall of fame. Just as years before, wines originating in the French province of Bordeaux, a small southwestern city an hour from the Atlantic, were traded more than wines from any other region. Yet despite Bordeaux’s continuing prominence, last year’s industry data revealed that it might not be that way forever. While Bordeaux dominated the top 10, its growth

106

slowed, outpaced significantly by wines from Burgundy, a region in France’s central northeast. While Bordeaux trades grew by 9.2 percent in 2021, Burgundy wines grew by 20 percent, over double its neighbor. So, what happened in Bordeaux?

Throughout this issue, we see that investments grew significantly not only in several sectors, but also in alternative assets.

THE PROSPERITY REPORT | VOL 4

The fine wine index surpassed FTSE 1000 and gold, and within this macro trend, some blue-chip labels and regions showed even greater increases. Although Bordeaux wines are still the most traded labels in terms of total value, their share has been on a downward trend for the past decade as the market diversifies.

INSIGHT

The Fine Wine Index outperformed FTSE 1000 and gold in 2021.

107

INSIGHT

BESPOKE LUXURY MAGAZINE

The Burgundy 150 Index rose over 36% last year, with market prices driven by a historic low in production.

Attesting further to Burgundy’s buoyancy, five out of the 10 highest risers in the Liv-Ex rankings were Burgundy wines, along with Piedmont and California.

While the Liv-Ex Fine Wine 100 Index showed a growth of 36.8 percent for the Burgundy 150 Index last year, the Bordeaux 500 achieved just over 11 percent.

Burgundy is known for its small production of investment-grade wines. It has only 61,000 acres of vineyard, which is about one-fifth of Bordeaux.

However, it produces 100 A.O.C.-certified wines, more than anywhere else in France. The initials, which stand for Appellations d’Origine Contrôlée, certify a wine’s authenticity, geographical characteristics and other unique qualities.

Daniele de Vecchi, Chief Technical Officer at Saturnalia, a startup that analyzes how environmental patterns affect vineyards using satellite data and artificial intelligence, explains, “Scarcity has been a main driver of the price of Burgundy wines.”

The current climate trend—increased exposure to frost risk due to warmer winters—will only push up prices.”

For the past 13 years, Burgundy has been hit hard by the weather, which makes wine production even more limited and challenging. Justin Knock, Oeno Group’s Wine Director and a Master of Wine, tells us, “There have really only been two decent crops, 2017 and 2018, in Burgundy since 2009, with increasing incidences of frost and hail, followed sometimes by drought.”

108

THE PROSPERITY REPORT | VOL 4

Harvest of Semillon Grapes at Chateau des Ganfards – Bergerac, France.

Courtesy Oscar Oliveras Gea

109

Sassicaia 1968.

BESPOKE LUXURY MAGAZINE

Courtesy Davide Bischeri © Mirror Digital Agency

INSIGHT

Severe weather in 2021 caused Burgundy yields to hit a 30-year low, which can further push up prices.

110

“Saturnalia’s data can help consumers better understand each vintage, decide what to buy, and discover vineyards with similar conditions,” de Vecchi says.

Following severe weather which affected the 2020 harvest, 2021 had the lowest wine yields for almost 30 years. According to the official Burgundy wine marketing bureau, Bureau Interprofessionnel des Vins de Bourgogne, the total crop of about 25 million gallons was half of a normal year. Saturnalia’s data showed that warm daytime temperatures in April spurred earlier flowering, which caused the fruit to suffer damage from spring frosts. Higherthan-usual rainfall in July and September led to more risk of diseases and reduced the grapes’ sugar concentration. Hail hit some areas, and so the fruit

required a lot of selection during harvesting.

“To survive through the very low-yielding 2021 release next year,” says Knock, “Burgundian producers are holding back on stock of the 2020 vintage.” These factors have led to even greater price increases, as the available stock of Burgundy wines continues to dwindle.

While Burgundy’s investment performance stood out in 2021, the rest of the fine wine market is broadening as it comes to terms with perceived saturation and homogenization of choice. The annual trade share of Bordeaux dropped to below 40 percent for the first time. Rather than a reflection on the region itself, this indicates growing interest in other areas worldwide.

THE PROSPERITY REPORT | VOL 4

Historical Growing Seasons in Cote de Nuits, Burgundy 2016

2 0 1 7

2 0 1 8

2019

2020

2021

300,000

HOMOGENEITY OF HARVEST

250,000

200,000

150,000

100,000

5,000

0 200

400

600

800

1000

1200

1400

1600

1800

2000

S V I E N V I R O N M E N TA L F A C T O R S

This Index calculates how environmental factors affect a vintage. Low SVI indicates unfavorable growing conditions, lowering harvest quality (high homogeneity).

Source: Saturnalia

111

Top 10 Wine Price Increases in 2021

INDEX

WINE

V I N TAG E

INCREASE

1

CHAMPAGNE 50

SALON, LE MESNIL-SUR-OGER GRAND CRU

2002

80.2%

2

BURGUNDY 150

DOMAINE ARMAND ROUSSEAU, CHAMBERTIN GRAND CRU

2012

73.7%

3

BURGUNDY 150

DOMAINE GEORGES ROUMIER, BONNES MARES GRAND CRU

2013

69.1%

4

BURGUNDY 150

DOMAINE LEFLAIVE, BATARD-MONTRACHET GRAND CRU

2013

66.7%

5

RHONE 100

DOMAINE JEAN LOUIS CHAVE, HW ERMITAGE, ROUGE

2008

66.4%

6

BURGUNDY 150

DOMAINE DE LA ROMANEE-CONTI, GRANDS ECHEZEAUX GRAND CRU

2009

65.4%

7

ITALY 100

GAJA, BARBARESCO

2010

64.4%

8

BURGUNDY 150

DOMAINE BONNEAU DU MARTRAY, CORTON-CHARLESMAGNE GRAND CRU

2010

61.9%

9

CHAMPAGNE 50

KRUG, VINTAGE BRUT

2000

61.9%

10

BURGUNDY 150

DOMAINE BONNEAU DU MARTRAY, CORTON-CHARLESMAGNE GRAND CRU

2015

61.8%

Source: Liv-Ex

112

THE PROSPERITY REPORT | VOL 4

Chateau Mouton-Rothschild – Pauillac, France.

Courtesy Alain Benoit and @Deepixstudio

113

BESPOKE LUXURY MAGAZINE

INSIGHT

Italian wine market growth surpassed Bordeaux for the very first time in the 2021 fine wine index.

114

Knock states, “Merchants added more wines of global origins to bring a new sense of excitement to the market. They want wines where the share of profits can be distributed down the value chain, instead of being concentrated only at the winery. For years, margins at the end of the Bordeaux en-primeur chain have been squeezed. So the wine trade is determined to diversify out of Bordeaux.”

need high-res

THE PROSPERITY REPORT | VOL 4

Burgundy’s fast growth is the first sign of that. Fast growing wines are coming from outside of France, too. Trades of Italian wines rose by 20 percent, overtaking Bordeaux’s growth for the very first time, and are led by the Super Tuscans.

Sassicaia by Tenuta San Guido made its way into the top five most traded wines last year, among Bordeaux giants Chateau Lafite, Petrus, Chateau MoutonRothschild and Chateau Margaux.

Meursault Vineyards – Burgundy, France.

Courtesy Tim Clinch

115

“The rise in appreciation is greatly influenced by the trend of the vintages,” Tenuta San Guido General Manager Carlo Paoli says. “2019, 2020 and 2021 produced great depth, comparable to 2015, 2016 and 2018—a year which marked Sassicaia’s 50th anniversary on the market.”

BESPOKE LUXURY MAGAZINE

The power trio of Sassicaia, Solaia and Ornellaia is accompanied by Masseto and the rising star Tignanello. Piedmont labels are performing well, with Barolo and Barbaresco looking particularly promising with high expectations for the 2021 vintage. Brands from other regions of Italy have also entered the secondary market, driven by the country’s growing reputation for fine wines on the international stage.

Champagne—with a much broader consumer base from diners and club-goers to investors seeking the best vintages by houses such as Krug and Dom Pérignon—also performed well last year as the Liv-Ex Champagne 50 Index grew nearly 34 percent. Production levels were reduced in 2020 and 2021 due to the pandemic and a challenging harvest, and, with the current supply chain and labor challenges, champagne prices are expected to keep increasing.

As the fine wine market continues to broaden and weather patterns remain unpredictable, data collected directly from vineyards around the world can be a valuable guide to investment decisions.

Bordeaux Continues Its Decade-Long Down Trend B U R G U N DY

C H A M PA G N E

I TA LY

RHONE

USA

REST OF THE WORLD

70%

100%

60%

90%

50%

80%

40%

70%

30%

60%

20%

50%

10%

40%

0%

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019 2020 2021

Trade share increased across Burgundy, Champagne and Italy in 2021.

Source: Liv-Ex

116

30%

B O R D E A U X AV E R A G E T R A D E S H A R E ( % )

AV E R A G E T R A D E S H A R E ( % )

B O R D E A U X ( R H S )

Chateau Haut-Brion – Bordeaux, France.

Courtesy Chateau Haut-Brion

THE PROSPERITY REPORT | VOL 4

INSIGHT

Bordeaux had nearly 40% of annual trade share in 2021.

117

A Modern Expression of an Iconic Brand.

Bespoke proudly represents an exclusive collection of 5 apex residences in the most sought-after new residential development, Walford Astoria Miami.

All information is from sources deemed reliable but is subject to errors, omissions, changes in price, prior sale or withdrawal without notice. All rights to content, photographs and graphics reserved to broker. Equal Housing Opportunity Broker. Architectural renderings may be shown. Photographs may be enhanced. Bespoke Real Estate LLC is a licensed Real Estate Broker.

903 Montauk Highway, Water Mill NY 11976. Sale price may reflect last ask price.

Artist Conceptual Rendering

Data-Driven. Tailored for $10M+ B E S P O K E R E A L E S TAT E . C O M / WA L D O R FA S TO R I A M I A M I

STATE OF THE ART

INSIGHT INTO THE ART MARKET’S DEMAND-DRIVEN CYCLE

A diversified UHNW collector base is further accelerating the highest echelons of fine art.

Title Goes Here.

Courtesy Name

120

Franz Kline, Crosstown, 1955.

Sold: $12M © 2022 The Franz Kline Estate and Artists Rights Society (ARS), New York

121

INSIGHT

Painting was the most popular medium for art collectors in 2021.

New wealth and financial diversification accelerated a number of alternative assets last year, especially art.

The 2021 art market grew nearly 30 percent to reach $65 billion in sales, surpassing pre-pandemic levels.

The Art Basel and UBS Global Art Market Report 2022 indicates that public auction sales of fine and decorative art rose to an estimated $26.3 billion, 47 percent more than 2020. Private sales by auction houses flourished too, reaching a total of almost $4.1 billion, 32 percent greater than the 2020 figure of $3.1 billion. Notably, twice as many $10 million+ artworks were sold last year, according to Artprice, an art industry database.

Josh Baer, Founder and CEO of The Baer Faxt, an art advisory, says, “The increase of global billionaires is driving the market. Thirty years ago, maybe five of the Fortune 500 CEOs collected art. Now, it’s probably closer to 490.” What makes UHNWIs unique art collectors is that they are usually very savvy, well-advised and make educated acquisitions, because of who they are and what they have access to. As Sylvain Gaillard, Opera Gallery Dubai Director, explains, “Major galleries and auction houses will confirm that UHNWIs have been the driving force behind the art market over the last 24 months.”

Last year, the recovery of the art market’s uppermost echelons was particularly strong, states Marc Spiegler, Global Director at Art Basel. The highest rise in year-on-year sales was 35 percent in the segment of dealers between $5 million and $10 million.

#10 SALE IN 2021

Jackson Pollock – Number 17, 1951.

Sold: $61.16M Courtesy Sotheby’s

122

124

Dr. Clare McAndrew, Founder of Arts Economics and author of the UBS report, says, “Since it is so important to see a highly-priced artwork before buying it, the return of physical fairs and gallery exhibitions buoyed sales in 2021.” Taking a genuine interest in a masterpiece—doing research on it and appreciating it in person— before ultimately owning it is not only important, but the bigger buyers

have actually accelerated the top art market’s demand-driven cycle by paying top dollars for what they love. The three most expensive paintings auctioned last year were Pablo Picasso’s Femme Assise Près d'Une Fenêtre (over $103 million), Jean-Michel Basquiat’s In This Case (more than $93 million) and Sandro Botticelli’s Portrait of a Young Man Holding a Roundel (exceeding $92 million).

ndy Warhol – A Sixteen Jackies, 1964.

Sold: $33.87M Courtesy Sotheby’s #2 SALE IN 2021

Jean-Michel Basquiat –

In This Case, 1983.

Sold: $93.11M Courtesy Christie’s Images LTD. 2022

125

Cy Twombly – Untitled, 2007.

Sold: $58.86M Courtesy Christie’s Images LTD. 2022

126

127

“I believe we need to stay attentive and see how the market evolves to continually cater to UHNWIs,” says Gaillard. “One thing’s for sure: prices will keep on rising across the board.

For how long is the real question. The market is pressured to offer alternatives to collectors in a saturated market in order to satisfy their growing appetite for new names or styles.”

Seven out of the top 10 artworks auctioned in 2021 were paintings,

128

making the medium a winner last year.

The preference for Post-War and Contemporary Art, by artists born after 1910, made it the largest sector of fine art auction sales. Gaillard continues, “From what we’ve observed throughout the 13 galleries of our network, it looks like 20th-century masters are still very much in demand. While Contemporary Art often takes the spotlight, we’ve seen a renewed appetite for blue chip artists like Marc Chagall, Joan Miró and Jean Dubuffet, to name a few.”

Philip Guston – Strong Light, 1976.

Sold: $24.39M Courtesy Sotheby’s

Gustave Caillebotte – Jeune homme à sa fenêtre, 1876.

Sold: $53.03M Courtesy Christie’s Images LTD. 2022

INSIGHT

Art collecting is driven by passion, ownership and financial diversification.

129

#1 SALE IN 2021

Pablo Picasso – Femme assise près d’une fenêtre (Marie-Thérèse), 1932.

Sold: $103.41M Courtesy Christie’s Images LTD. 2022

130

INSIGHT

The top end of the art market recovered the most in 2021 through sales of $10M + lots.

Artists who have the highest compound annual growth rate (CAGR) considering the 15-year period between 2005 and 2020 include Yayoi Kusama, in first place with 22.2 percent, followed by Zao Wou-ki, 17.2 percent, and Jean-Michel Basquiat, 16.7 percent, according to ARTBnk, an artificial intelligence-driven platform providing art valuations. In the Post-War segment, collectors are searching for undervalued artists. Gaillard points out a renewed interest in European artists of that period such as Pierre Soulages, Hans Hartung and Hermann Nitsch. Meanwhile UHNWIs have created a new demand for extra-large canvases and monumental sculptures for their private residences, perhaps as a result of spending more time at home following the onset of the pandemic.

The art market can grow even further as new collectors join in and mature over time. The report by Art Basel and UBS shows that Gen Z collectors allocate over 30 percent of their wealth to art, the highest average among collectors. Right now, millennials are one of the fastest growing demographics of collectors, according to Nathan Clements-Gillespie, Director of Frieze Masters.

131

132

Willem De Kooning – Untitled XXXIII, 1977.

Sold: $24.39M Courtesy Sotheby’s

133

134

He points out several characteristics of the younger cohort. “Millennials are adept at navigating the online sphere. They are more comfortable buying artworks online or via apps, having embraced digital media, he says. “We also know that some are willing to start collecting at a very high level, focusing on top works rather than material that would typically be considered entry level.”

“What is common to both millennial and traditional collectors is that the social aspect of collecting is very strong. They are drawn to the art world for everything that goes alongside it, be that fairs, must-see exhibitions, dinners and events,” continues Clements-Gillespie.

# 5 S A L E I N 2 0 2 1 Alberto Giacometti – Le Nez, 1947.

Sold: $78.40M Courtesy Sotheby’s

Andy Warhol – Jean-Michel Basquiat, 1982.

Sold: $40.09M Courtesy Christie’s Images LTD. 2022

Gerhard Richter – Abstraktes Bild, 1993.

Sold: $33.01M Courtesy Sotheby’s

Like seasoned collectors who know what they love, their interest can motivate certain purchases. Clements-Gillespie continues, “We know that millennial collectors tend to focus on Contemporary Art, often those that engage with current political and social values. There is of course also a contingent that are drawn to NFTs.” As their buying power increases, one question is how the influx of NFTs and their millennial UHNW collectors will affect the market’s future.

135

UHNW wealth swelled to $42.9 trillion in 2021, up by 54 percent from 2016 and almost double the figure of a decade ago, according to the 2021 Wealth-X Ultra-Wealth Report.

Baer says, “You can’t mention millennials without emphasizing crypto and NFTs. The art world is praying

that just a few of these collectors morph into traditional art collectors too.” Considering the sale of art and collectibles-related NFTs had already reached 17 percent of traditional art sales in 2021, and the value of trades is still growing in 2022, it is likely that the upward trend will continue.

# 6 SALE IN 2021

Vincent Van Gogh – Cabanes de bois parmi les oliviers et cyprès, 1889.

Sold: $71.35M Courtesy Christie’s Images LTD. 2022

Vincent Van Gogh – Jeune homme au bleuet, 1890.

Sold: $46.73M Courtesy Christie’s Images LTD. 2022

136

INSIGHT

Gen Z collectors allocate over 30 percent of their wealth to art.

137

#4 SALE IN 2021

Mark Rothko – No. 7, 1951.

Sold: $82.47M Courtesy Sotheby’s

138

Top 10 Art Sales in 2021

PRICE

AUCTION HOUSE

1

PABLO PICASSO, FEMME ASSISE PRÈS D’UNE FENÊTRE (MARIE-THÉRÈSE) (1932)

$103.41M

CHRISTIE’S

2

JEAN-MICHEL BASQUIAT, IN THIS CASE (1983)

$93.11M

CHRISTIE’S

3

SANDRO BOTTICELLI, PORTRAIT OF A YOUNG MAN HOLDING A ROUNDEL (CIRCA 1480)

$92.18M

SOTHEBY'S

4

MARK ROTHKO, NO. 7 (1951)

$82.47M

SOTHEBY'S

5

ALBERTO GIACOMETTI, LE NEZ (1947)

$78.40M

SOTHEBY'S

6

VINCENT VAN GOGH, CABANES DE BOIS PARMI LES OLIVIERS ET CYPRÈS (1889)

$71.35M

CHRISTIE’S

7

CLAUDE MONET, LE BASSIN AUX NYMPHÉAS (1917-19)

$70.35M

SOTHEBY'S

8

BEEPLE, EVERYDAYS: THE FIRST 5000 DAYS (MINTED FEB 16, 2021)

$69.35M

CHRISTIE’S

9

XU YANG, EMPEROR QIANLONG’S CONQUEST OF XIYU (CIRCA 1750)

$65M

POLY INTERNATIONAL, BEIJING

10

JACKSON POLLOCK, NUMBER 17 (1951)

$61.16M

SOTHEBY’S

THE PROSPERITY REPORT | VOL 4

NAME

Source: Artnet

139

212.495.9030 | BESPOKELUXURYMARKETING.COM

ACCESS THE WORLD’S MOST QUALIFIED AUDIENCES. Bespoke Luxury Marketing is the only full-service creative and marketing agency with an addressable network of ultra-high-net-worth individuals.

Experience creativity at its finest—where innovative thinking and immersive storytelling converge to attract the world’s most qualified audiences.

<- RECENT WORK

BESPOKE LU X U R Y

M A R K E T I N G

™

THE YEAR OF THE UNICORN

TECH, VENTURE AND GROWTH

BESPOKE LUXURY MAGAZINE

Why U.S. startups broke record after record in 2021.

142

THE PROSPERITY REPORT | VOL 4

View of Manhattan from Brooklyn Bridge Park.

Courtesy Dylan Walker

143

INSIGHT

BESPOKE LUXURY MAGAZINE

In 2021, U.S. startups raised almost double in venture capital funding than in 2020, itself a record-breaking year.

In 2021, U.S. startups raised over $329 billion.

Not only did this break venture capital records of dollars raised per year, but also nearly doubled the previously held record of $166 billion in 2020, according to PitchBook. Investment activity, both in dollar volume and deal count, hit new highs for every startup stage, from seed and angel to early and late-stage investments. Likewise, investment activity for companies receiving their first equity round of institutional financing and companies raising venture capital mega-rounds (sized $100 million or more) also experienced a tour de force. An unprecedented number of companies either went public, were acquired or were bought out. With more capital in the market, startups in all phases of expansion have been able to earn sky-high valuations, in turn raising more capital, resulting in a cycle that defined 2021 and is starting to shape 2022.

However, in the beginning of this year, if you bought stock in a number of tech companies, you may have seen a dip, perhaps even a swift fall, depending on what stock you purchased. According to the Nasdaq 100 Technology Sector Index, those same unicorn tech stocks that performed so highly in 2021 were met with skepticism in early 2022, having fallen about 19 percent at the end of February from their high in November of 2021. Still, by the end of 2021, tech stocks as a whole were worth almost three times what they were at the end of 2020, according to PitchBook’s IPO Performance Index.

144

THE PROSPERITY REPORT | VOL 4

Hudson Yards, Home to Related Companies, Newly an Early Stage Startup Investor.

Courtesy Joe Thomas

145

James A. Foley Building, Soon to be Home to Metaʼs Offices.

BESPOKE LUXURY MAGAZINE

Courtesy Dave Burk and Aaron Fedor © Empire State Development, SOM

146

W H A T E X A C T LY I S G O I N G O N ?

By all accounts, 2020 was marked by large fundraising initiatives for tech, as people communicated almost exclusively online at home. Then, 2021 was expected to witness a sector-wide slowdown, but the rise of what PitchBook calls “tourist investors” contributed to nearly 77 percent of all venture flow. Unlike venture capital funds, which exclusively focus on high-risk/high-reward startup investments, these non-traditional tourists are institutional investment firms, such as private equity, hedge funds, corporate venture arms or pension funds.

Traditionally, they have a more diversified risk portfolio and have either stayed away from tech or allocated it into the high-risk section.

The impact of these tourist investors, who tend to invest in later-stage companies in higher sums, is reflected in deal count comparisons versus dollars raised: while deal count increased by 40 percent, jumping from 12,173 deals in 2020 to 17,054 deals in 2021, there was a 98 percent surge in dollars raised.

It is estimated that non-traditional funds collectively have $350 billion to invest in tech, while venture-only firms have $221 billion. In 2021, two of the largest non-traditional players in early stage were Tiger Global and SoftBank.

The latter historically invests in tech companies and does so particularly at later stages.

THE PROSPERITY REPORT | VOL 4

IPO Performance Index S&P 500

VC- B AC K E D I P O P E R F O R M A N C E

14X 12X

I N D E X VA L U E

10X 8X 6X 4X 2X 0X

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

This Index compares the performance of U.S. VC-backed IPOs to the S&P 500, starting January 1, 2010 at an index value of 1.

Source: PitchBook

147

Manhattan from Brooklyn Bridge Park.

BESPOKE LUXURY MAGAZINE

Courtesy Joe Thomas

Meanwhile, Tiger Global led funding rounds for Patreon, a content creator subscription platform, Hinge Health, a healthcare startup, and Side, a real estate tech company, making a total of 335 early stage investments in 2021, more than marquee VC firm Andreessen Horowitz. Even companies with little to no tech investment history turned to the space.

Related Companies, for example, invested $5 million in Revere CRE’s seed round, and $130 million in Esusu Financial’s Series B.

148

Why the increased interest? Because startup investment is proving less risky as an asset class. Note the performance of tech stocks to the S&P 500 on the previous page. If you invested $1 across a range of tech startups and $1 across a range of S&P companies in 2010, your tech investment would be worth about $12 at the end of 2021, while your S&P investment would be worth about $4.

Furthermore, exits were a huge part of 2021’s story, further de-risking later-stage

THE PROSPERITY REPORT | VOL 4

investments. Tech companies exited with more than $774 billion in annual exit value across IPOs, acquisitions and buyouts.

Coinbase, a cryptocurrency exchange platform, generated the largest IPO fundraise, raising $85.8 billion in their first offering.

The success of non-traditional investments into later-stage companies cascades down to the early stage as well.

INSIGHT

New York is the country’s 2nd largest tech hub, home to over 10,000 startups.

149

BESPOKE LUXURY MAGAZINE

Empire State Building, Home to LinkedIn, Expedia, Shutterstock and Workday.

Courtesy Joe Thomas

150

INSIGHT

As of Q3 2021, the average early-stage startup was worth over 17 times more what it was worth in 2010.

THE PROSPERITY REPORT | VOL 4

With more money in the tech ecosystem as a whole, investors can spend more on the same equity in startups, driving up valuations. In turn, with more startups securing high valuations, other startups can valuate themselves even higher. This means they can get more capital for less equity dilution; some have secured angel or seed-stage investments worth tens of millions of dollars. While in 2010, the average early-stage company was valued at about $8.1 million, by Q3 of 2021 the average early-stage company earned pre-money valuations of $138 million, according to PitchBook.

In other words, early companies were estimated to be worth around $138 million by investors in 2021, often before having a product, revenue or profitability.

IS IT A BUBBLE?

Betting millions on companies that do not have products yet is often how the system of tech investment works, and most of the time, it works well. The faith, conviction and risk-taking capacity of the investors have resulted in vital technology which we use to operate our everyday lives. Still, looking at the valuation levels of 2021, it is important to ask: are these valuations a reflection of the companies’ future values, or of a market flush with capital?

Scott Lenet, President and Co-Founder of Touchdown Ventures, wrote that early-stage valuations are irrelevant anyway: “For a venture capitalist, it doesn’t matter if a startup has an intrinsic value of zero today, if there’s a reasonable chance to make 10 times our money or better.”

151

INSIGHT Kunal Mehta President & Co-Founder, Cold Start Ventures

BESPOKE LUXURY MAGAZINE

“ That risk of two people sitting in their living room with an idea, trying to launch a startup, isn’t there as much as in 2001.”

152

THE PROSPERITY REPORT | VOL 4

According to Lenet, “It’s the potential multiple that matters, not whether we can apply traditional finance metrics to a startup,” arguing that the “art” of VC valuations is a “forgery”.

Nonetheless, the dramatic valuations and early 2022 tech stock downturn are not unlike what led to earlier bubble markets, such as the dotcom bubble in the early 2000s. “2022 has ushered in some potential headwinds for the industry,” says Alex Warfel, a Quantitative Research Analyst at

PitchBook. “Equity markets are down, inflation remains a prominent theme and geopolitical turmoil are all contributing to uncertainty. The venture industry may be able to weather these difficulties on the back of sheer enthusiasm for the asset class, but there is certainly reason to doubt that the highs of 2021 can be matched or exceeded this year.”

B attery Park and South Street Seaport, New York.

Courtesy Dylan Walker

Manhattan View from Brooklyn, Home to Etsy, Kickstarter, Red Antler, Atomic and More.

Courtesy Anthony Raguso

“I think money will continue to go into startups,” says Kunal Mehta, President and Co-Founder of Cold Start Ventures, a New York-based venture firm.

153

“I think it will be a correction in terms of multiples that people are willing to pay for specific industries, particularly in the later stages.”

dotcom boom. “That risk of two people sitting in their living room with an idea, trying to launch a startup and then raise funding for it, isn’t there as much today as it was in 2001,” Mehta says. “We have the right operations in place.”

But even in early stages, the valuation is less relevant than the risk, in accordance with Lenet’s sentiment. Also, the risk is declining.

While tech is definitely still a very risky asset class, says Mehta, there are more groups that are spending time de-risking it, as venture firms themselves are building out their own platform functions while providing their portfolio companies with experienced legal teams, go-to market teams, marketing teams and more. He notes that it is a lot cheaper to start a tech company now than during the

“Those longer term investors that are really smart and kind of strategic about this entire thing are looking at it like, ‘Alright, this is a horizon of seven to 10 years. So, despite what’s happening in the public markets, we believe that there will be valuable companies that are getting started today.’ They need to have a long-term perspective despite market fluctuations, interest rates, inflation and because they just need to blend their funds.”

United States Venture Capital Growth D E A L VA L U E ( $ B )

DEAL COUNT 18000 16000

300

14000 250

12000

200

10000

150

8000 6000

100

4000 50 0

2000 ’06

’07

’08

’09

’10

’11

’12

’13

’14

’15

Source: PitchBook

154

’16

’17

’18

’19

’20

’21

0

DEAL COUNT

D E A L VA L U E I N U S D B I L L I O N S ( $ )

350

The Design Team at

interiorsbysteveng.com

N E S T L E D I N T H E G R A N D E U R O F N AT U R E A dynamic fireside comfort zone with optimized views in Vail Colorado.

IBSG Headquarters: 2818 Center Port Circle Pompano Beach, FL 33064 P 954.735.8223 FL State License IB13000407 LEED accredited. Established 1984

BESPOKE LUXURY MAGAZINE

Great Sand Dunes National Park and Preserve, Colorado.

Courtesy Lionello DelPiccolo

156

DRIVING PROSPERITY

I N S I G H T I N T O T H E S TAT E OF PHILANTHROPY

Innovation and technology are leading people closer to the causes they care about.

THE PROSPERITY REPORT | VOL 4

157

INSIGHT

BESPOKE LUXURY MAGAZINE

The top 100 charities in the U.S. raised a collective $54.4B in 2021.

Consider: over 260,000 philanthropic foundations exist worldwide, and more than 90 percent of these institutions are condensed in the 25 highest-income countries, with surplus resources to spread across the globe. Yet as global wealth grows, particularly among millennials and Gen Z, the causes and issues they care about are coming to the forefront—chief among them environmental stewardship. This signals a shift in philanthropic priorities compared to generations before them, while pointing a light towards the most pressing issues of our future.

W H AT G I V E S ?

In 2021, the top 100 charities in the U.S. saw a 10 percent increase in overall contributions compared to the year prior, in large part thanks to increased recreational spend available to many in last year’s strong economy. Collectively, the top 100 organizations, a list curated by Forbes, raised an estimated $54.4 billion. Support for basic needs like food, clothing and shelter, both domestically and internationally, earned most donation dollars, followed by medical and youth support.

Interestingly, community matters greatly in influencing which causes people choose to support.

Findings from Bank of America’s 2021 Study of Philanthropy indicated that 12.7 percent of affluent households felt the reduction of social interaction in 2020 increased the amount they gave to their own communities in 2021.

158

Rolle Pass, Italy.

Courtesy Massimiliano Morosinotto

THE PROSPERITY REPORT | VOL 4

159

BESPOKE LUXURY MAGAZINE

Net worth also played a huge role in determining not only who gives or how much, but also passion for philanthropy in general. According to Wealth-X’s May 2021 report, which studied ultra-high-net-worth individuals’ top 30 interests, passions and hobbies, 40 percent of those with $100 million or more reported philanthropy as their number one passion. Conversely, those

Grand Tetons, Wyoming.

Courtesy Dan Meyers

160

with a net worth of $5 million to $30 million ranked it as their second favorite pursuit. In any case, the study recognizes that philanthropy itself—and the causes a person chooses to support—are an important reflection of justice they seek the most, such as finding a cure to illnesses, securing children’s mental health, protecting the planet, providing computer access to underprivileged students and so on.

N E W P L A N E T, N E W P R I O R I T I E S

A notable difference in last year’s charitable donations was between older and younger generations’ philanthropic habits. “Millennial and later cohorts tend to be skeptical of institutions and formally established ways of giving,” says Dr. Amir Pasic, Dean at the Indiana University Lilly Family School of Philanthropy.

INSIGHT

40% of those with a net worth of $100M+ reported philanthropy as their number one passion.

THE PROSPERITY REPORT | VOL 4

161

INSIGHT

BESPOKE LUXURY MAGAZINE

71% of millennials surveyed felt the environment should be a top priority to philanthropists.

Pink Lake, Goldfields-Esperance, Australia.

Courtesy Mitchell Clarke

162

“They are more comfortable with technology and informal engagement, and often expect the social impact of what they are supporting to be clearly described,” says Pasic. City Harvest, for instance, doubled their millennial engagement in 2021 by ensuring transparency with donors, disclosing the exact cost of delivering each pound of food to New Yorkers in need. One dollar nearly fed one family per day in 2021.

The importance of environmentalism is also core to younger demographics. Bank of America’s study found that most survey respondents born after 1982 chose climate change as an issue that was most important to them, as opposed to older respondents, who prioritized health care.

environment should be a top priority, and they were most likely to have personally taken action to help address environmental concerns the last year.

MAKING CHANGE, BIT BY BIT

The desire for transparency in younger generations is perhaps most reflected in the dramatic increase in cryptocurrency donations, one of the prominent philanthropic trends of the year.

This has largely followed the dramatic increase in NFT popularity, as outlined in our story on page 84, and has been enabled by platforms that help nonprofits accept cryptocurrencies.

Similarly, Pew Research Center found that 71 percent of millennial respondents felt that the

A R T S & C U LT U R E

C L I M AT E C H A N G E

H E A LT H C A R E

V E T E R A N A F FA I R S

THE PROSPERITY REPORT | VOL 4

Important Causes and Issues, By Age

35% 30% 25% 20% 15% 10% 5% 0% OLDER INDIVIDUALS

YO U N G E R I N D I V I D UA L S

Source: The 2021 Bank of America Study of Philanthropy

163

Kauai, Hawaii.

BESPOKE LUXURY MAGAZINE

Courtesy Braden Jarvis

One is Fidelity Charitable Trust, an arm of Fidelity, which helps both donors and nonprofits avoid or minimize high transfer fees typically associated with crypto trading.

Donations with Fidelity more than doubled over two years, from $13 million in 2019 to $28 million in 2021.

The Giving Block, a Washington D.C.-based platform dedicated to processing crypto donations, reported that their total 2021

164

donation volume grew to $69.6 million, up 1,558 percent—16 times that of 2020’s $4.2 million. Even more stunningly, Giving Block’s 2021 Annual Report found that the average value of a cryptocurrency donation through their platform was $10,455—82 times the average online cash donation of $128. They estimate that the total yearly value of cryptocurrency donations is now over $300 million.

THE PROSPERITY REPORT | VOL 4

Donors through these platforms prioritized educational, animal welfare and environmental causes, in that order, suggesting a younger demographic as consistent with other report findings.

If 2021 is anything to look back on, connecting donors, particularly younger ones, with insights and technologies that promote transparency and direct impact lights the way for a promising future.

INSIGHT

It is estimated over $300M was donated in crypto in 2021.

165

BESPOKE LUXURY MAGAZINE

Top 10 United States Charities in 2021

NAME

SCOPE

R I VAT E D O N AT I O N S P RECEIVED

1

UNITED WAY WORLDWIDE

DOMESTIC

$3.85B

2

FEEDING AMERICA

DOMESTIC

$3.48B

3

SALVATION ARMY

DOMESTIC

$2.37B

4

ST. JUDE CHILDREN'S RESEARCH HOSPITAL

MEDICAL

$2.07B

5

DIRECT RELIEF

GLOBAL

$1.93B

6

HABITAT FOR HUMANITY INTERNATIONAL

GLOBAL

$1.46B

7

AMERICARES

GLOBAL

$1.43B

8

YMCA OF THE USA

YOUTH

$1.33B

9

BOYS & GIRLS CLUBS OF AMERICA

YOUTH

$1.13B

10

COMPASSION INTERNATIONAL

GLOBAL

$1.09B

Source: Forbes

166

THE PROSPERITY REPORT | VOL 4

Iceland.

Courtesy Shawn Ang

167

Pediatricians who answer your call at 9pm on a Sunday

It takes a village—and we are part of yours Since 2002, we’ve been on a mission to set the gold standard in health and medicine by building a system of connections, collaboration and communication.

Our members have direct 24/7 access to a personal physician, all of whom continually read the latest medical research to ensure the highest quality of care.

www.privatemedical.org New York | Los Angeles | San Francisco | Silicon Valley

A LAST LOOK AT 2021

H I G H L I G H T I N G T H E P R I VAT E AV I AT I O N , YAC H T I N G A N D COLLECTIBLE CAR MARKETS

BESPOKE LUXURY MAGAZINE

All sectors showed increased demand since our coverage in the last Prosperity Report.

170

THE PROSPERITY REPORT | VOL 4

Bombardier Global 6000.

Courtesy Matthias Geiger

171

Top 10 Private Jet Airports in 2021 vs. 2020

BESPOKE LUXURY MAGAZINE

2020 D E PA R T U R E S

2021 D E PA R T U R E S

%YOY CHANGE

AIRPORT

36,855

62,537

70%

TETERBORO AIRPORT

BERGEN COUNTY, NJ

27,988

44,254

58%

PALM BEACH INTERNATIONAL AIRPORT

PALM BEACH, FL

30,000

40,093

34%

DALLAS LOVE FIELD AIRPORT

DALLAS, TX

24,870

36,238

46%

VAN NUYS AIRPORT

LOS ANGELES, CA

21,958

36,039

64%

WESTCHESTER COUNTY AIRPORT

WHITE PLAINS, NY

24,282

31,949

32%

CENTENNIAL AIRPORT

DENVER, CO

17,501

31,221

78%

HARRY REID INTERNATIONAL AIRPORT

LAS VEGAS, NV

18,083

30,419

68%

MIAMI-OPA LOCKA EXECUTIVE AIRPORT

MIAMI, FL

20,595

29,272

42%

DEKALB-PEACHTREE AIRPORT

ATLANTA, GA

21,949

28,936

32%

SCOTTSDALE AIRPORT

SCOTTSDALE, AZ

Source: Private Jet Card Comparisons

172

CITY

INSIGHT

There were 40% more business jets flying last year compared to 2020.

THE PROSPERITY REPORT | VOL 4

Gulfstream G650.

Courtesy Matthias Geiger

173

Utopia IV Yacht.

BESPOKE LUXURY MAGAZINE

Courtesy Moran Yacht & Ship

174

INSIGHT Courtesy of Boat International

By the end of 2021, there were almost 25% more yachts ordered for 2022 compared to the same time last year.

THE PROSPERITY REPORT | VOL 4

175

INSIGHT

BESPOKE LUXURY MAGAZINE

In 2021, the most expensive car sold at auction for 60% more than in 2020.

#1 SALE IN 2021

1995 McLaren F1.

Sold: $20.46M Courtesy © Gooding & Company and Mike Maez

176

Top 10 Most Expensive Cars Sold at Public Auction in 2021

LOT

NAME

PRICE

AUCTION

1

1995 MCLAREN F1

$20.46M

GOODING, PEBBLE BEACH

2

1959 FERRARI 250 GT LWB CALIFORNIA SPIDER COMPETIZIONE

$10.84M

GOODING, PEBBLE BEACH

3

1962 ASTON MARTIN DB4GT ZAGATO

$9.52M

RM SOTHEBY'S, MONTEREY

4

1972 MATRA MS670

€6.91M ($8.28M)

ARTCURIAL, PARIS

5

1962 FERRARI 268 SP BY FANTUZZI

$7.7M

RM SOTHEBY'S, MONTEREY

6

1966 FERRARI 275 GTB COMPETIZIONE

BY SCAGLIETTI

$7.7M

RM SOTHEBY'S, MONTEREY

7

1955 FERRARI 250 GT BERLINETTA COMPETIZIONE BY PININ FARINA

€6.19M ($7.02M)

RM SOTHEBY'S, LE CASTELLET, FRANCE

8

2010 MCLAREN F1 MERCEDES MP4-25

£4.73M ($6.1M)

RM SOTHEBY'S, LONDON

9

1955 JAGUAR D-TYPE

$6M

RM SOTHEBY'S, SCOTTSDALE

10

1958 FERRARI 250 GT LWB BERLINETTA TOUR DE FRANCE BY SCAGLIETTI

$6M

RM SOTHEBY'S, MONTEREY

Source: Goodwood

E L E VAT E D

LIVING

Internationally recognized as a leader in modern architecture, at BMA Architects, we design highly personalized residential retreats that embody the future of elevated living.

BMAarchitects.com

info@BMAarchitects.com

HAMPTONS | MIAMI

WWW.BACCARAT.COM