The Rich Spending Less this Year (BID, TRLG)

Recession

The rich are spending less and luxury merchants are hurting, just take a look at Sotheby's (NYSE:BID) stock price, down 78% this year or True Religion (NASDAQ:TRLG) shares, $300 jeans just aren't flying off the shelves.

Sotheby's and others feeling the hit from lacking arts sales

Sotheby's (NYSE:BID)

Sotheby's (NYSE:BID) decided not to sell a Picasso Cubist painting that was scheduled to be auctioned today, its just a sign of the times that the truly rich are holding back spending.

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