Friday, 24 August 2012

Macro Man: Life's Little Luxuries

The Italian Government Takes No Prisoners In Its War On Tax Evaders

If you are in any doubt about the scale of the super yacht exodus accros the Club Med Countries have a quick look at this report on empty marinas across Italy.

Meanwhile who’d want a new Ferrari after last year’s campaign against tax evaders – which involved tax inspectors raiding the owners of luxury cars in smart ski resorts and visiting Ferrari-owner events to check the tax returns of every single driver?  According to the blogging hedge fund manager at the “persecution of Ferrari owners” has become so severe that they are selling them in their thousands. You can now pick one up for the “price of a new VW Polo”.

This is not only bad for Ferrari but all Luxury Car companies, not only are sales being hit by general austerity and shocking enforcement of the law, but global second hand prices are likely to be hit by the new exodus of cars from Italy.  “This is going to be “a vicious value collapse” says Macro Man.

Will this mean people will be turning against ostentatious wealth, and luxury brands associated with it?

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