The 2022 Met Gala took place last weekend with the theme of “In America: an Anthology of Fashion.” Kim Kardashian wore Marylin Monroe’s stunning JFK “Happy Birthday” dress. Elon Musk made meme-worthy faces in his dapper tuxedo alongside his mother, Maye Musk. The entrepreneur also had words to say about his Twitter acquisition, vowing to “get rid of the bots and trolls.”
The Met is the largest art museum in America with an endowment of $2.5 billion. It holds more than 2 million works of art spanning 5,000 years of human history. While NFT’s are all the rage today, classic blue-chip works of art are arguably superior investments. Price appreciation in contemporary art has outpaced the S&P 500 threefold since 1990. The WSJ calls contemporary art “one of the hottest markets on Earth.”
The New York real estate market hit a bottom during peak pandemic times as people decried that big cities were dead while others like Jerry Seinfeld disagreed. Now, however, demand exceeds supply and the city seems to be roaring back to life. Manhattan apartment sales in late 2021 were at a three-decade high.
While uncertainty about inflation and rising rates has investors fearful of a bear market in stocks, real estate remains a great hedge against inflation. Goldman Sachs predicts that the U.S. will avoid a contraction as jobs continue to grow and household wealth remains at high levels. Now is still a good time to invest in property in Manhattan.