Feb
27
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February 2012 Economic Snapshot: NYC’s Auction Houses

For our February 2012 Economic Snapshot, Steven Giachetti of NYCEDC’s Research & Analysis team looked at the headline-grabbing sales figures at local auction houses such as Christie’s, Sotheby’s, and Phillips De Pury. Did you know that in 2011, the top 10 art sales were comparable to the top 10 residential sales in New York City?

More findings:

  • Global sales at Christie’s and Sotheby’s, the largest of the auction houses, are estimated to have totaled over $11 billion in 2011, with New York City accounting for approximately 33% of the market, followed by London (25%) and Hong Kong (15%).
  • Domestically, New York City accounts for more than 50% of all art sales in the nation, based on the most recent data from the 2007 U.S. Retail Census.
  • Christie’s, Sotheby’s, and Phillips De Pury totaled over $1.1 billion in sales during just a two-week window of the recent Fall Contemporary and Impressionist art sales held in New York.
  • The recent sale of Elizabeth Taylor’s estate at Christie’s in Rockefeller Center attracted more than 30,000 visitors.

To hear more about the impact of this sector on the City’s economy, tune in to the NYCEDC podcast above and read the full snapshot. For previous Economic Snapshots, visit our economic data archive on NYCEDC’s website.

Feb
14
Valentine’s Day in NYC By the Numbers Valentine’s Day spending in New York City will total approximately $566 million this year. A survey by the National Retail Federation reveals that 60% of adults age 18+ in the Northeast are celebrating the holiday, and that these people will spend $146.30 each, on average. Not surprisingly, the two most common Valentine’s Day purchases after greeting cards are candy and flowers. Survey respondents in the Northeast said that they planned to spend $22.71 on candy and $38.65 on flowers this year. These two industries combined employ approximately 3,000 people in the City. Nearly a third of people celebrating plan to have an evening out – and anyone that has tried booking restaurant reservations for Valentine’s Day in NYC will know that tables are scarce and the occasion is used for marked up prix fixe menus. There are plenty of traditional Valentine’s options for dinner in NYC, but there are bargains to be had at, of all places, White Castle. Photo credit: Malcolm Brown/NYC & Company

Valentine’s Day in NYC By the Numbers

Valentine’s Day spending in New York City will total approximately $566 million this year. A survey by the National Retail Federation reveals that 60% of adults age 18+ in the Northeast are celebrating the holiday, and that these people will spend $146.30 each, on average.

Not surprisingly, the two most common Valentine’s Day purchases after greeting cards are candy and flowers. Survey respondents in the Northeast said that they planned to spend $22.71 on candy and $38.65 on flowers this year. These two industries combined employ approximately 3,000 people in the City.

Nearly a third of people celebrating plan to have an evening out – and anyone that has tried booking restaurant reservations for Valentine’s Day in NYC will know that tables are scarce and the occasion is used for marked up prix fixe menus. There are plenty of traditional Valentine’s options for dinner in NYC, but there are bargains to be had at, of all places, White Castle.

Photo credit: Malcolm Brown/NYC & Company

Feb
14
As New York City’s dog lovers anxiously await the crowning of this year’s “Best In Show” at The Westminster Kennel Club’s 136th Annual Dog Show at Madison Square Garden, we estimated the number of pets (dogs and cats only) that call New York City their home. Based on our analysis, we estimate that there are approximately 1.1 million pets in the City (600,000 dogs and 500,000 cats), or an ownership rate of about one pet for every three households. This figure is lower than the national average (about 60%), as you might expect given the City’s tighter living quarters and that some apartment buildings still do not allow pets. As shown in the above map, dogs and cats seem to really enjoy living near Central Park and the back yards of Staten Island. Read the rest of our analysis via our StatsBee column on the NYCEDC blog. Image credit: NYCEDC

As New York City’s dog lovers anxiously await the crowning of this year’s “Best In Show” at The Westminster Kennel Club’s 136th Annual Dog Show at Madison Square Garden, we estimated the number of pets (dogs and cats only) that call New York City their home.

Based on our analysis, we estimate that there are approximately 1.1 million pets in the City (600,000 dogs and 500,000 cats), or an ownership rate of about one pet for every three households. This figure is lower than the national average (about 60%), as you might expect given the City’s tighter living quarters and that some apartment buildings still do not allow pets. As shown in the above map, dogs and cats seem to really enjoy living near Central Park and the back yards of Staten Island.

Read the rest of our analysis via our StatsBee column on the NYCEDC blog.

Image credit: NYCEDC

Feb
13
New York Fashion Week 2012 Did you know? Citywide, Fashion Week generates $532 million in direct visitor spending per year, leading to $865 million in total economic impact each year. Discover additional fashion facts on our NYCEDC blog and in the Mayor’s press release.

New York Fashion Week 2012

Did you know? Citywide, Fashion Week generates $532 million in direct visitor spending per year, leading to $865 million in total economic impact each year.

Discover additional fashion facts on our NYCEDC blog and in the Mayor’s press release.