excerpts from an interview by Deborah Brewster and Chrystia Freeland

Financial Times, July 18 2008

Bill Ruprecht took over as chief executive of Sotheby’s in 2000, after the auction house had been plunged into crisis with the news that it and rival Christie’s had colluded over prices. He succeeded Diana Brooks, who was found guilty along with Alfred Taubman, chairman and major shareholder.

In a video interview with FT.com, he discusses the continuing demand for fine art among the super rich, the growth of interest in Russian and Chinese art and the risks of seller guarantees.

Duration : 0:5:36

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Hi! I have recently been reading "The Secret" which explains the Law of Attraction. Does the law of attraction really work? Can you please give me reasons and examples of why you believe it works? (like a story or etc.) Thank you!

I believe it "works".

The reason I put "works" in quotes is because it’s a belief not a means.

When I first was introduced to the law of attraction, I was interested in it because I wanted "stuff". A better job, more money, a better relationship, etc. The more I learned, the more I realized that it’s not about "getting the stuff". It’s about the journey towards getting the stuff.

You probably already believe much about the law of attraction. You just haven’t related it so. Example: Would you believe that if you are in a "good" mood vs a "bad’ one that your mind would be more open to suggestions? Do you believe that once you are having success that you tend to get on a roll? Would you believe that if you are in a good mood, people are more willing to interact with you?

All of these relate to the law of attraction.

"The Secret" tends to lean towards getting things that you want. As you expand your horizons, you’ll find that it’s true, but only in the context of appreciating the things that you have, turning your focus to the things that you want, and be happy/ excited/ eager for the future to unfold. By doing this, the law of attraction will work for you.

Also remember that your desires change constantly. The car you want today might not be the car you want tomorrow. So it’s not about "getting the car". The car changes. It’s about keeping happy which in turn attracts those things that will continue to make you happy.

You probably wanted a story where I manifested something that I attributed to the law of attraction but you could easily doubt that. Who knows what actually caused the manifestation. I hope this helps a little more with your thoughts.

E-mail me if you want more explanations.

I’d like to get sermons by a good female preacher/ pastor that simply leads a church and doesn’t preach prosperity. I want her sermons on DVD. Help me out.

Unfortunately, it is the prosperity preachers who are most likely to record their sermons. Part of "prosperity" is finding revenue generating opportunities. Those who actually preach the gospel, male or female, are less interested in preserving their presentations than in reaching the people in their presence at the time.

Where in and around Paris would you find it’s oldest money? Which area when mentioned, imediately would make a native Parisian think of enormous wealth?

I agree with the first two answers. Other wealthy arrondissements: the 7th, the 8th… as a general rule, those closes to the geographic center of the city are the wealthiest (the 16th being an obvious exception), and suburbs west and south of Paris tend to be posher than those to the north and east.

m filling out a FAFSA and I have to include my parents’ info (even though I am independent) b/c I will need a health professions loan. If I enter a high income/net worth for my parents, does that mean that I won’t get loans? Or does it not work like that? Could I underestimate their net worth or will that get me in trouble?

As long as your parents claim you on their taxes and provide half of your income, then you do have to include them on your FAFSA. You are legally required to enter their exact net worth, otherwise you could be in trouble if they do a random check and find that you misrepresented their wealth. No matter how much your parents make, you will mostly likely still qualify for loans. Grants & work study are the only things generally affected by income.

By adding your name to the list first.

27.99% during a recession? I think it’s criminal! Where’s the consumers bailout? I borrowed over $12,000 with a introductory interest rate…long story short, BOA has applied the default rate and monthly payment of approx. $500 is not being applied at all to the principle? Any real suggestions?

There is nothing an attorney can do. This was probably outlined in the terms of agreement when you signed up for the credit card. If it was a change that they made to your rate outside of the factors in the terms of your agreement they must notify you by mail within atleast 90 days of the changes. If you do not agree to the new terms you do have the right to close out the account with no penalty. Again this was probably in the fine print of the terms when you signed the application for the Credit Card. People do not see they can oftern raise and or lower your rate and your credit limit accordingly by doing frequent credit checks on your account. After your introductory rate is up it often goes up. Although payments must be 30 days late to show in your credit report, you miss it by 1 hour with the credit card company itself and they can put you into a very high default interest rate. Again I tell people this all the time, but I can not be redundant enough with it. ALWAYS read the fine print. Issues like the ones touched on above are always in the fine print. Once you sign your name on the dotted line there is no attroney who can help you. Banks are taking alot of heat now in this economy, but that does not mean we should stop being smart consumers. Best advice I can give is if possible pay off the balance and don not charge anything else to it.

What are the mertis associated with private banking ? how does it differ from conventional banking ? how the future holds for private banking ?

Private banks are banks reserved for the wealthiest individuals in the world. Conventional banks deal with what most people think of when they think of banks – loans, checkings/savings accounts, safety deposit boxes, etc. Private banks provide these services, but they also provide much more.

For individuals with a significant amount of wealth (and we’re talking about $10M minimum for most of the big private banks. I believe that upwards of $50M net worth is a typical average, indicating that relatively stratospheric wealth is what we’re dealing with here), they want much more than just an account. They want personalized service, and advice on exactly how to handle their money. Private banks offer personalized asset allocation, personalized investment advice, etc.

In addition to the nuts and bolts of financial management, private banks also deal with various issues that come with significant amounts of money. Some examples are philanthropy, legal issues, and succession (wealthy clients want to know how to get their wealth to their descendents with minimal taxes).

Private banking is all about relationships. Banks assign one banker, or a team of bankers, to clients who will work to develop a long term relationship. This contrasts with a commercial bank, where work is very transaction oriented (i.e. a customer comes in to do something, you help, and then the customer leaves).

Merits?
- If you like working with people and developing relatinoships with them, this could be a good place.
- Good pay (not compared with hedge funds or private equity, but good by most standards).
- It’s possible to make good connections, since you’re dealing with wealthy and powerful individuals.
- Relatively good work hours for a finance job.

Drawbacks…
- Wealthy people are notoriously demanding. Of course this is a generalization, but it’s something to consider.
- This isn’t exactly the same as helping AIDS infected orphans in Africa obtain water. If you’re looking for personal fulfillment, this will be much more of a stretch.
- Competition for jobs in the most exclusive private banks is fierce, as it is in most finance positions.

The future looks bright for private banks, as wealth in the US and abroad is quickly increasing (India and China’s wealthiest are only getting wealthier). There is a record number of millionaire households in the US, and more people are clamoring for the attention, prestige, and benefits of association with a private bank.

My sons fathers parents are very wealthy. My sons father goes to school full time. I heard the court considers all sources of income. My sons father doesnt work. He doesnt have to. His parents pay for everything but refuse to help me. Yeah I know. Shocker. Anyway what will the court decide for him to do?

English isn’t your primary language, is it? ”Your son’s father” should be the same thing as ”your husband.” So you are saying your husband’s parents are wealthy, and he is a full-time student, with no job, and his parents support him? Now, what court are you talking about? Divorce court? If that’s the case, no, his parents would not have to support you if you divorce your husband, and they have no obligation to support you while you’re married. But you need a lawyer to see exactly what he thinks you might be entitled to in a divorce. If your husband doesn’t work, maybe there is still property or bank accounts you both share? If you are already divorced, what did the original decree say?

I tried to look it up….. but could not find any statistics about net worth of the Dutch. I know the canadian net worth is 5.7 trillion and the american net worth is 56 trillion.

I could not find any statistics about the net worth of a country and would appreciate if you tell us the source of your figures. When I compare your given figures with the Gross domestic product (GDP) rate the net worth amounts to approximately GDP * 4. For the Netherlands, it therefore would be approximately 3,1 trillion.
These figures however are statistics, and therefore not to be trusted, unless you have faked the numbers yourself.
Another intersting rate would be the public debt rate (of the GDP):
USA: 60,8 %; Canada: 68,5 %, The Netherlands: 46,2 %