Friday, 5th December 2008
American International Group has recruited UBS to auction its Swiss-based private banking division, AIG Private Bank, sources said, according to a Reuters report.
AIG, besieged by losses on distressed mortgage bets, is seeking to offload assets to repay a huge US government loan.
Sebastian + Barquet, a three-year old design gallery based in New York and Chelsea, is opening a new gallery showing museum quality pieces in Mayfair next month, the first in London to focus on international modernism from the 1940s to the 1960s. Its opening exhibition is dedicated to American modernist design and is curated by celebrated architect Eric Parry.
Harrods, the luxury London-based retailer, is selling a diamond-encrusted shirt valued at £20,000, the world's most expensive shirt ever made. Although the shirt has not yet been sold, it puts paid to the idea of the wealthy having to reign in their spending as a result of the recession.
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