The Fed may be worried about deflation – and specifically wage deflation, which is now failing to keep up with rent, tuition, housing and healthcare – but when it comes to the the favorite stomping grounds of Wall Street’s partygoers, it has nothing to worry about: inflation here is alive and well. Case in point, this weekend’s launch of the official summer season in Southampton, where as Page 6 reports, among the usual sights were record prices and a long wait for tables at a new Hamptons hot spot which set off a near-brawl over the weekend.
The drinks menu at the new Jue Lan Club in Southampton includes a 6-liter Methuselah of Dom Perignon Rose for an astonishing $27,000, and a 3-liter Jeroboam of Perrier-Jouët Belle Epoque Rosé for $12,000 (usually retails at around $1,600).
And there’s a 3-liter bottle of Dom Perignon for $7,600.
Do high prices scare of consumers? According to Page 6 the restaurant was so packed that “people had to wait hours for tables and someone punched the owner, Stratis Morfogen.” Maybe for not charging more and keeping the rifraf, i.e., below bulge bracket bankers out…