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Some of the worlds most famous art collectors have been hit by financial setbacks as globals markets recently fell! Moreover, three of the richest art collectors such as Jeff Bezos, Bernard Arnault and Larry Ellison all saw huge drops in their net worth and it was mainly due to the falling prices in the market.
Jeff Bezos
Jeff Bezos, the Amazon founder, experienced a staggering $15.2 billion drop in his net worth, as reported by the Bloomberg Billionaire Index.
Credit: Daniel Oberhaus
Larry Ellison
Similarly, Larry Ellison, the Oracle Corp chief and tech titan, watched his fortune diminish by $4.4 billion.
Bernard Arnault
Meanwhile, Bernard Arnault, the luxury goods magnate at the helm of LVMH, saw a $1.2 billion dip earlier this week. Arnault’s losses now total $25 billion for the year, though his net worth still holds strong.
The downturn came on the heels of a 3 percent decline in the Nasdaq 100 Index, reflecting a broader downturn in technology stocks. This was compounded by a U.S. jobs report revealing a slowdown in hiring and a rise in unemployment to a three-year high.
Adding a cultural twist to the financial narrative, all three are not just known for their immense wealth but also for their prominent collections. Arnault and Ellison oversee lavish museums bearing their names, while Bezos has quietly amassed a collection of high-value contemporary art.
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