ForbesAsia-April2018

FORBES

MEET THE NEIGHBORS

LEON NEAL/AFP/GETTY IMAGES; EMMANUEL DUNAND/AFP/GETTY IMAGES; COURTESY OF CHRISTIE’S; ILLUSTRATION BY HARRY CAMPBELL

Park Penthouses

NEW YORK real estate’s big-

gest mystery was solved in Feb-

ruary when billionaire Michael

Dell was revealed as the buyer

who in 2014 paid a record

$100.47 million for a

penthouse in One57, overlook-

ing Central Park. h e building

is part of a wave of new super-

tall Manhattan residences—for

a time, One57 (1,004 feet) was

the tallest—fetching sky-high

prices. Dell isn’t the only bil-

lionaire to call One57 home,

and with investing billionaire

Lawrence Stroll putting his

85th-l oor pad on sale, it’s still

possible to join this vertically

rarei ed group.

— Samantha Sharf

FLOORS 89 AND 90

OWNER: MICHAEL DELL

(Net worth: $24 bil)

Source: Dell computers

Purchase price (2014):

$100.47 million

Vitals: 6 bedrooms,

6 bathrooms, 10,923 sq. ft.

Price per sq. ft.: $9,

FLOOR 85 (FOR SALE)

LAWRENCE STROLL

($2.7 bil)

Fashion investments

Purchase price (2014): $55.6 million

Asking price: $59 million

Vitals: 4 bedrooms,

4 bathrooms, 6,240 sq. ft.

Asking price per sq. ft.: $9,

FLOOR 82

SILAS CHOU AND FAMILY

($2.4 bil)

Fashion investments

Purchase price (2014):

$56.1 million

Vitals: 4 bedrooms,

4 bathrooms, 6,240 sq. ft.

Price per sq. ft.: $8,

FLOORS 75 AND 76

BILL ACKMAN

($1.1 bil)

Hedge funds

Purchase price (2015):

$91.5 million

Vitals: 6 bedrooms,

6 bathrooms, 13,554 sq. ft.

Price per sq. ft.: $6,

BUY, HOLD, SELL

Hockney’s Hot Hand,

High-Proof Heave-Ho

Expert advice on luxe investments far more fun

than diluted equity in some killer-app startup.

JOHN REARDON

International head of

watches, Christie’s New York

ANDREA

ROBINSON

Master sommelier,

author and creator of

The One stemware

BUY:

Burgess Cellars

Reserve Cabernet

Sauvignon 2012

Red fruit and spice,

velvety texture and—

based on a recent

tasting spanning four

decades—built for

aging wonderfully.

AL BRENNER

Director of MutualArt, a

comprehensive online art-

market information guide

BUY:

David Hockney

Last year marked

nearly six decades of

Hockney’s career; a

major retrospective

took his best-known

works to Paris, New

York and London. Buy

now or risk paying

much more later.

HOLD:

Richard Diebenkorn

In 2011, discovery of

many major forgeries

shook the art world.

Diebenkorn was

among the most-faked,

and his value has

plummeted. It might

be some time before

confi dence returns.

SELL:

De Stijl

The 2017 centenary of

this Dutch movement

sparked big shows.

Themed auctions

at Christie’s and

Sotheby’s capitalized

on the moment, but it’s

doubtful interest will

endure through 2018.

BUY:

Vintage Breitling

Breitling, long the

sleeping giant of

vintage watches, is

waking up. Buy the best

you can fi nd—especially

chronographs and split-

second chronographs

from the 1940s and

’50s—before prices go

even higher.

HOLD:

Aging Beauties

Dial discoloration or

patina on a gold case

means a watch is aging

gracefully. If you have

an investment-grade

vintage example—say,

a Rolex Ref. 6034 from

the early ’60s—sit

tight. Every piece ages

uniquely, and if it’s

over-restored, it can’t

ever be replaced.

SELL:

Patek Philippe Nautilus

These retail for around

$25,000. Fortunate

enough to buy one?

You can nearly double

your money if you

sell it after you leave

the store. This watch

is being made in the

thousands; odds are

demand can’t hold.

HOLD:

“Sleeper” Napa

Cabernets from 2011

Critically maligned,

the 2011 vintage

nevertheless yielded

stars across the price

spectrum: Louis

Martini, Antica,

J. Davies, Grgich Hills

and Dominus,

among others.

SELL:

2005 High-Alcohol

(15% and Up)

California Cabernets

I own quite a few of

these, because we had a

2005-vintage baby, but

sadly they won’t make

it to her 21st birthday.

Wines from ’05 that

kept their alcohol in

check, however, should

do just fi ne.

APRIL 2018 FORBES ASIA | 17