To This Jeweler’s Clients, Market Rout Is Opportunity April 17, 2000 – Posted in: Press

Published: April 17, 2000
Wall Street Journal

New York – One of the telling trends throughout the stock run-up of recent years is the jewelry that many rich folks have sold to raise money to invest.

On Friday, the trend took a twist.

In Chicago, estate jeweler Tobina Kahn, who has seen a stream of sellers in her office, unloading their diamond necklaces and gold broaches for cash to invest in stocks, said that there were 10 stock related customers on Friday, up from the raising money to deal with market losses; other were eager to buy stocks at cheaper prices.

“We’ve got exactly half who are stock brokers coming in selling their gold Rolex watches or Cartiet money clips for cash,” she said Friday. “Then we’ve got these rich housewives selling their heirlooms because they want to buy stocks when they’re cheap.”

Throughout the bull market, Ms. Kahn hasn’t discouraged the latter group’s premise, since their pieces won’t appreciate much in investment value over time anyway. She remains baffled, though, that their bullish view of one more buying opportunity in stocks could exist side by side with the professionals’ panic Friday.

“It’s fascinating,” she said. “I mean, who’s right?”