Banker bonuses were paid out just before the pandemic broke out. But with widespread lockdowns making shopping the newest luxury car model or Cartier watch impossible, what to spend it on?
The coronavirus pandemic put the kibosh on the customary spring spending spree by bankers – why spend money on monogrammed shirts, luxury watches, or Hermes ties when no one is there to see it?
The trend is cocooning, a term first coined by futurist Faith Popcorn in the 1980s but taking on a new significance thanks to corona. finews.com looks at how to elegantly – and effectively – spend a whole lot of your bonus at home:
1. Sweating It Out
Provided you have the space, a full rack of weights is relatively affordable and prices don’t vary much (notwithstanding a limited edition set of gold-plated dumbbells from Germany’s Hock for $116,250 a pair). The cardio equipment is where it gets pricey: a minimalist carbon fiber standing bike by Italy’s Ciclotte will run upwards of $10,000.
Skillmill, a treadmill sold by Technogym, is big and bulky – and also around $10,000. The Waterrower, made famous by Frank Underwood in «House of Cards, is far more beautiful – and quiet. Peloton – where ex-Credit Suisse banker Pamela Thomas-Graham is a director – are the hot premium spin bike right now, for around $2,250.
2. Flexing Intellectual Muscle
(Image: Unsplash/Ivo Rainha)
Showing up on Zoom against an extensive book collection is perfect for the intellectually ostentatious. Luxury shelving for books can send a three-fold message: I’m well-read, I have the money to spend on housing them stylishly, and I want you to know both those things about me.
The luxury options range from shelves custom-designed and installed by a carpenter to a striking «Jacob’s Ladder» shelf by American master woodworker Michael Coffey, which can be had for roughly $50,000. For those with fewer books or less space, a limited edition «Field of Towers» chess set designed by late architect Zaha Hadid goes for $12,500.
3. An Especially Cushy Seat
(Image: Pinterest)
As remote working arrangements for most bankers near the end of month two, the appeal of working from a dining room table, breakfast nook, or sofa is quickly wearing thin. The import of office surroundings – something most them them wouldn't have put much thought into pre-corona – for home is clear, but also a potential show of prestige.
A lounge chair by designers Charles and Ray Eames is a classic option, as is Ludwig Mies van der Rohe and Lilly Reich's Barcelona chair. Both models cost about as much as a luxury watch in the «gateway» end of the segment – and like luxury timepieces, designer furniture don't easily go out of style.
4. Million-Dollar Home Entertainment
Since leisure outings in zippy sports cars are frowned upon, in-home technology is in focus. From sound to video, high-end media systems offer a wide range of spendy options. A luxury speaker can easily cost more than $100,000 – the wiring alone can run in the thousands.
Expect to pony up a five-digit sum for basic components like a record player, beamer, and high-quality network player. The caveat is that the best media system will do little for a «normal» living room: an acoustic design specialist can help you make the most, in terms of sound, from your existing space.
5. Luxury is Green
Working at your kitchen table takes on new meaning when your view is a private garden. Top European dealmaker Alison Harding-Jones, who is working from a country residence in Berkshire, sets a bar high. Space is usually at a premium in London, Zurich, or Tokyo, and so is greenspace.
The boldest statements aren’t botanical, but instead elaborate outdoor kitchens, man-sheds, or pools. Swiss-based landscaper Enzo Enea is the go-to man for well-heeled bankers with gardens to plot. Outdoor furniture, like Belgium’s Manutti for modern elegance, or Kettal for eco-style, finishes off the look.
Compiled by Samuel Gerber with contributions from Katharina Bart, Peter Hody, and Jeffrey Voegeli
