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☆ Russian oligarch's yacht is costing U.S. taxpayers close to $1 million a month
▼ + stars: | 2024-03-06 | by ( Robert Frank | ) www.cnbc.com time to read: +2 min

A mega-yacht seized by U.S. authorities from a Russian oligarch is costing the government nearly $1 million a month to maintain, according to new court filings. The U.S. Department of Justice is seeking permission to sell a 348-foot yacht called Amadea, which it seized in 2022, alleging that it was owned by sanctioned Russian billionaire Suleiman Kerimov. The government said it wants to sell the $230 million yacht due to the "excessive costs" of maintenance and crew, which it said could total $922,000 a month. European Commission President Ursula von der Leyen said last week that the European Union should use profits from more than $200 billion of frozen Russian assets to fund Ukraine's war effort. Yet, nearly two years later, the legal process for proving ownership of the Russian assets and selling them has proven to be far more time-consuming and costly.

Persons: Suleiman Kerimov, Ursula von der Leyen, Vladimir Putin, Eugene Shvidler, Sergei Naumenko, Phi Organizations: U.S, U.S . Department of Justice, Amadea, European Union Locations: San Diego , California, Amadea, Ukraine, European, London, Russian

☆ Jeff Bezos becomes the world's richest man again, passing over Tesla CEO Elon Musk
▼ + stars: | 2024-03-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJeff Bezos becomes the world's richest man again, passing over Tesla CEO Elon MuskCNBC's Robert Frank reports on Amazon founder Jeff Bezos becoming the world's richest man again.

Persons: Jeff Bezos, Elon Musk, Robert Frank Organizations: Tesla, Amazon

☆ Christie's just sold a Rothko painting for $100 million in a secret sale. Here are the details
▼ + stars: | 2024-02-29 | by ( Robert Frank | ) www.cnbc.com time to read: +2 min

Christie's auction house in New York. Auction house Christie's just sold a painting for more than $100 million, although the artwork, the buyer and the seller were officially kept a secret. In an interview with CNBC, CEO Guillaume Cerutti said Christie's sold a painting in January in a private sale with a price "in excess of $100 million," though the auction house declined to provide details. In a private sale, a work is brought for a possible sale to an auction house, which reaches out to its top clients and brokers a deal. Private sales have surged since the Covid-19 pandemic, as more and more collectors prefer discreet transactions outside the public eye.

Persons: Robert Frank, Guillaume Cerutti, Christie's, Mark Rothko's, Green, Dmitry Rybolovlev, Kenneth Griffin, Griffin, Ken Griffin, Scott Mlyn, Mark Rothko Organizations: CNBC, Citadel, CNBC's, Alpha, Private Locations: New York

☆ One-quarter of America's ultra-rich plan to buy a home this year: Douglas Elliman report
▼ + stars: | 2024-02-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOne-quarter of America's ultra-rich plan to buy a home this year: Douglas Elliman reportDouglas Elliman CEO Scot Durkin and CNBC's Robert Frank join 'The Exchange' to discuss trends in luxury real estate, how the luxury market changed since the Covid-19 pandemic and more.

Persons: Douglas, Scot Durkin, Robert Frank

☆ The hottest housing markets for the super rich in 2024
▼ + stars: | 2024-02-28 | by ( Robert Frank | ) www.cnbc.com time to read: +2 min

While luxury real estate has been buffeted by many of the same pressures as the rest of the market — low supply, slow sales, rising prices — the ultra-high-end has fared slightly better. With interest rates stabilizing and possibly falling this year, real estate experts say there are early signs that luxury supply may be growing, which could lead to more sales. The report forecasts that the best-performing U.S. luxury market this year for price growth will be Miami, with an expected increase of 4%, according to the report. New York ranked second in the U.S., with expected price growth of 2%, followed by Los Angeles with 1% growth. Globally, the top market for luxury real estate is expected to be Auckland, New Zealand, with projected price growth of 10% in 2024.

Persons: Douglas Elliman, Frank Wealth, Robert Frank, Liam Bailey, Knight Frank Organizations: Miami, New York Locations: U.S, Los Angeles, Auckland, New Zealand, Mumbai, Dubai, Madrid, Sydney, Stockholm

☆ Christie's CEO on state of the auction market, AI potential and millennial buyers
▼ + stars: | 2024-02-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChristie's CEO on state of the auction market, AI potential and millennial buyersCNBC's Robert Frank sits down for an exclusive interview with Christie's CEO Guillaume Cerutti to discuss the auction market, private sales, and more.

Persons: Robert Frank, Guillaume Cerutti

☆ IRS Commissioner Danny Werfel on taxing the wealthy, restoring fairness and utilizing AI
▼ + stars: | 2024-02-22 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIRS Commissioner Danny Werfel on taxing the wealthy, restoring fairness and utilizing AICNBC's Robert Frank sits down for a wide-ranging interview with IRS Commissioner Danny Werfel, discussing tax on the wealthy, corporate jet audits, AI, and more.

Persons: Danny Werfel, Robert Frank

☆ Tax evasion by millionaires and billionaires tops $150 billion a year, says IRS chief
▼ + stars: | 2024-02-22 | by ( Robert Frank | ) www.cnbc.com time to read: +3 min

The IRS, with billion of dollars in new funding from Congress, has launched a sweeping crackdown on wealthy taxpayers, partnerships and large companies. The Inflation Reduction Act gave the IRS an $80 billion infusion, yet congressional Republicans won a deal last year to take $20 billion of the funding back. The Treasury Department said last week it estimates greater IRS enforcement to result in an additional $561 billion in tax revenue between 2024 and 2034 — a higher projection than it had initially stated. The IRS is touting its early success with a program to collect unpaid taxes from millionaires. So far, the IRS has collected more than $480 billion from the group, "and we are still going," Werfel said.

Persons: Danny Werfel, Werfel, Ting Shen Organizations: Internal Revenue Service, IRS, CNBC, Congress, Republicans, Treasury Department, Bloomberg, Getty Locations: Washington , DC

☆ Saul Leiter: The photographer who changed the way the world saw New York
▼ + stars: | 2024-02-22 | by ( Christian House | ) edition.cnn.com time to read: +6 min

CNN —Saul Leiter had a thing for umbrellas. They pepper his mid-century photographs of New York, popping up over years of work: pink umbrellas, red umbrellas, yellow umbrellas. In “Saul Leiter: An Unfinished Word,” a joyous new retrospective on view at MK Gallery in Milton Keynes, England, these umbrellas sing out from the walls. Saul Leiter FoundationLeiter’s abstracted shots of New York seem radical, yet they are true to how we all see the streets: fragmented by traffic, building facades, doorways, angles and crowds. Saul Leiter Foundation“He never really settled into society,” says Morin.

Persons: CNN — Saul Leiter, “ Saul Leiter, Leiter, —, Saul Leiter, ”, Saul Leiter Leiter, Saul, Eugene Smith, Bonnard, “, Anne Morin, Jack Kerouac, Allen Ginsberg, Soames Bantry, Anders Goldfarb, Diane Arbus, Robert Frank, Morin Organizations: CNN, Saul Leiter Foundation, British Vogue, Bazaar, New York School of Photographers Locations: New York, Milton Keynes, England, Pittsburgh, British

☆ IRS Commissioner Werfel: Millionaires and billionaires evade more than $150 billion a year in taxes
▼ + stars: | 2024-02-22 | by ( Robert Frank | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIRS Commissioner Werfel: Millionaires and billionaires evade more than $150 billion a year in taxesCNBC's Robert Frank reports on a recent crackdown from the IRS.

Persons: Robert Frank Organizations: Millionaires

☆ Elton John auction at Christie's: Here's what's in the vast collection
▼ + stars: | 2024-02-21 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailElton John auction at Christie's: Here's what's in the vast collectionCNBC's Robert Frank and Christie's CEO Guillaume Cerutti join 'Squawk Box' to discuss the auction for items from Sir Elton John, state of the auction and art market, and more.

Persons: Elton John, Robert Frank, Guillaume Cerutti, Sir Elton John Locations: Christie's

☆ Family offices are going on the offensive, trading cash for alternative assets
▼ + stars: | 2024-02-16 | by ( Robert Frank | ) www.cnbc.com time to read: +3 min

KKR's family office survey of 75 chief investment officers around the world found that family offices had 52% of their portfolios invested in alternative investments in 2023, up from 42% in 2022. Family offices also have a special advantage in the current market, since banks and more traditional lenders are pulling back on loans to companies. Family offices plan to continue to move capital from cash and stocks into alternatives this year, according to the survey. The report said family offices are concentrating on data centers, logistics and warehouses "that capture the important post-pandemic investment themes." Another sector family offices like right now: oil and gas, in both private and public markets.

Persons: Robert Frank Organizations: KKR, CNBC PRO

☆ Younger generations have gained more wealth than other age groups since 2019, study says
▼ + stars: | 2024-02-15 | by ( Robert Frank | ) www.cnbc.com time to read: +2 min

Younger generations grew their wealth much faster than older Americans after the pandemic began, thanks largely to stocks, according to a new study. The wealth increase far outpaced that of older generations. The biggest driver of the wealth gains for younger generations was stocks, according to the study. The study said that younger generations received larger stimulus checks during the pandemic and used the funds in part to buy stocks. As the stock market hovers near record highs, the wealth gap between the younger and older generations may continue to narrow.

Persons: Rob Gruijters Organizations: New York Federal Reserve, England's University of Cambridge

☆ Jeff Bezos will save over $600 million in taxes by moving to Miami
▼ + stars: | 2024-02-12 | by ( Robert Frank | ) www.cnbc.com time to read: +2 min

Jeff Bezos and Lauren Sanchez walk in the Paddock prior to final practice ahead of the F1 Grand Prix of Miami at Miami International Autodrome on May 06, 2023 in Miami, Florida. Jeff Bezos' $2 billion stock sale last week came with an added perk: no state taxes. After his move to Miami, Bezos made up for lost time. So on the $2 billion sale last week, he saved $140 million that he would have paid to Washington state. On the entire sale of 50 million shares over the next year, he will save at least $610 million.

Persons: Jeff Bezos, Lauren Sanchez, Bezos, Tom Brady, Carl Icahn Organizations: of Miami, Miami, Autodrome, Seattle, Origin, SEC, Jan, Amazon, CNBC PRO Locations: Miami , Florida, Miami, Washington, Florida

☆ LVMH takes aim at $30 billion watch market with high-end, reinvented pieces
▼ + stars: | 2024-02-03 | by ( Robert Frank | ) www.cnbc.com time to read: +5 min

Sales of luxury watches worldwide are estimated at about $30 billion this year, according to market research firm IMARC Group. A Zenith luxury watch at 2024 Watch Week in Miami. A Bulgari Serpenti Secret watch at 2024 Watch Week in Miami. A TAG Heuer luxury watch at 2024 Watch Week in Miami. A Zenith luxury watch at 2024 Watch Week in Miami.

Persons: Louis Vuitton, Bulgari, Dior, Frederic Arnault, LVMH, Bernard Arnault, CNBC Frederic Arnault, Benoit de Clerck, Jean, Christophe Babin, Babin, women's, —, Diamant, Tourbillon, Julien Tornare Organizations: IMARC, TAG, Zenith, CNBC, LVMH's, Executives, CNBC LVMH, CNBC TAG, Carrera, TAG Heuer Locations: Miami, America, U.S, Swiss, LVMH

☆ LVMH launches Watch Week in Miami
▼ + stars: | 2024-02-03 | by ( Crystal Lau | Robert Frank | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLVMH launches Watch Week in MiamiExecutives from LVMH's top watch maisons sound off on Watch Week and the state of the luxury market

Organizations: LVMH, Watch Locations: Miami

☆ Hamptons mansion once listed for $150 million sells at auction for less than $90 million
▼ + stars: | 2024-01-25 | by ( Robert Frank | ) www.cnbc.com time to read: 1 min

A Hamptons estate that once listed for $150 million before falling into bankruptcy was sold at auction Wednesday for $88.5 million. The four-acre estate in Southampton, New York, known as La Dune, was sold by Concierge Auctions at a starting bid of $66 million. The property was sold in two parts — one house sold for $40.5 million and the other for $38.5 million. The buyer premium brings the total sale to $88.5 million. It was most recently listed in 2022 at $150 million.

Persons: Woody Allen Organizations: Hamptons Locations: Southampton , New York

☆ Hamptons mansion on auction block
▼ + stars: | 2024-01-24 | by ( Robert Frank | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHamptons mansion on auction blockCNBC's Robert Frank joins 'Squawk Box' with the latest news from the auction market.

Persons: Robert Frank

☆ NYC cracking down on secret real estate buys
▼ + stars: | 2024-01-17 | by ( Robert Frank | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNYC cracking down on secret real estate buysCNBC's Robert Frank joins 'Power Lunch' to discuss New York's new law to crack down on secret real estate buys.

Persons: CNBC's Robert Frank

☆ Classic car auction site Bring a Trailer's sales hit record $1.4 billion even as prices drop
▼ + stars: | 2024-01-16 | by ( Robert Frank | ) www.cnbc.com time to read: +4 min

Total auction sales of classic cars (for both online and live auctions) fell 3% last year to $4.19 billion from $4.32 billion in 2022, according to data from Classic.com. The growth in the number of cars sold helped to offset a decline in prices. The average price of a car sold on the site fell to $54,000 in 2023 from $59,500 in 2022. Bring a Trailer's sales increased about 2% last year to over $1.4 billion from $1.35 billion in 2022, according to the company's CEO Randy Nonnenberg. Bring a Trailer sold over 30,000 cars in 2023, up 19% from 2022.

Persons: Randy Nonnenberg, Nonnenberg, Sellers, Pagani Organizations: CNBC, Ferraris, Ferrari, Porsche, Porsche Carrera, BAT Locations: —

☆ Luxury real estate will be a slightly better story than in 2023, says Douglas Elliman's Noble Black
▼ + stars: | 2024-01-03 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLuxury real estate will be a slightly better story than in 2023, says Douglas Elliman's Noble BlackCNBC's Robert Frank and Noble Black, real estate broker at Douglas Elliman, join 'Power Lunch' to discuss the luxury real estate trends in Q4 of 2023 and their outlook for 2024.

Persons: Douglas Elliman's Noble Black CNBC's Robert Frank, Noble Black, Douglas Elliman Organizations: Douglas

☆ 'The great wealth transfer' is here: Billionaires set to transfer trillions to their kids
▼ + stars: | 2023-11-30 | by ( Robert Frank | ) www.cnbc.com time to read: +3 min

It marked the first time in the nine-year history of the report that newly minted billionaires accumulated more wealth from inheritance than starting a business. "The great wealth transfer, which we've all been talking about for the last 10 years, is underway," said John Mathews, head of UBS' Private Wealth Management division. Their total wealth great by 9% -- from $11 trillion to $12 trillion. The great wealth transfer from billionaires and multi-millionaires will likely change the landscape in investing and wealth management, as well as spending and philanthropy. "The wealth management industry needs to focus on those industries that can help accelerate the ability to invest in these areas," Mathews said.

Persons: John Mathews, Jeff Bezos, Mathews Organizations: UBS Billionaire, UBS, Private Wealth Management, Amazon

☆ $400K Ferrari Purosangue SUV hits U.S. soil
▼ + stars: | 2023-11-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email$400K Ferrari Purosangue SUV hits U.S. soilCNBC’s Robert Frank joins 'Power Lunch' to report on the $400k Ferrari Purosangue SUV.

Persons: Robert Frank Organizations: Ferrari

Twin Rivers Farm could break records as Tennessee's priciest home if it fetches its $65 million asking price. Apart from the 10,626 square foot main residence, the estate features a barn, guesthouse and a man-made lake, stocked with trout for fishing and swimming. McEwen GroupThe previous record for the most expensive home sold in the state, set in 2010, stood at $28 million. McEwen GroupThe estate has multiple hidden passages leading to a game room, a safe room and a wine cellar. McEwen GroupThe property's barn houses the Keeles' chickens and sheep.

Persons: Tennessee's, Justin Timberlake, Nicole Kidman, Dan McEwen, McEwen, It's, McEwen Group Larry Keele, Larry, He's, " McEwen Organizations: McEwen Group, CNBC, McEwen, Oaktree Locations: Nashville, Leipers, Middle Tennessee, New York , Illinois, California, Twin Rivers, Rivers, Los Angeles, LA, Tennessee, France

NEW YORK (AP) — Larry Fink, an acclaimed and adventurous photographer whose subjects ranged from family portraits and political satire to working class lives and the elite of show business and Manhattan society, has died at 82. Robert Mann, owner of the Robert Mann Gallery, told The Associated Press that Fink died Saturday at his home in Martins Creek, Pennsylvania. Mann did not cite a specific cause of death, but said that Fink had been in failing health. “Of course the revolution didn't quite get there so I was left with a career,” he told Blind Magazine in 2021. Fink's survivors include his second wife, the artist Martha Posner, and a daughter, Molly, from his marriage to painter Joan Snyder.

Persons: — Larry Fink, Robert Mann, Fink, Mann, ” Mann, “, Robert Frank, Ansel Adams, Larry, ”, Fink's, Meryl Streep, Natalie Portman, Kate Winslet, George W, Bush, John Simon Guggenheim, Lisette, Martha Posner, Molly, Joan Snyder Organizations: Associated Press, Museum of Modern, The, Times, Whitney Museum, Philadelphia Museum of Art, Blind Magazine Locations: Manhattan, Martins Creek , Pennsylvania, Long, Martins Creek, The New York, Martin, Greenwich, New York City

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