The Enduring Legacy of Kate Spade’s Witty, Misunderstood Life

WALK INTO any Kate Spade or Frances Valentine store today, and you’d be forgiven for thinking the retailers are uncomplicatedly preppy—the kind of place where your mother might find an innocuous floral shift or clutch for a luncheon. But Katherine Noel Valentine Brosnahan Spade, the woman who co-founded those brands, was no Lilly Pulitzer during her outsize life, which was cut short by suicide in 2018.

With her partner, Andy Spade, she started Kate Spade with six boxy handbags in 1993. They weren’t married yet; she was the “Kate” and he was the “Spade.” The former fashion editor at Mademoiselle magazine and the brilliant adman made a dashing couple straight out of a Wes Anderson film: she with her chignons, heels and big jewellery, he with his Brooks Brothers—with-a-twist button-downs and jeans. They lived in pre-billionaire Tribeca; they drank martinis; everyone wanted in. Kate and Andy dreamed of a company they hoped would bridge the gap between L.L. Bean and Prada.

“We were just kids,” says Andy today from his new home in the San Francisco Bay Area. “We wanted to control our destiny so we just started a handbag company with no experience whatsoever.”

And boy, did they succeed. The household-name American brand would go on to include stationery, books, clothing, home goods, jewellery, shoes, the men’s line Jack Spade and licensing deals worldwide. Kate Spade’s nylon bags were coming-of-age talismans for girls and women at the turn of the 21st century, spawning oodles of Canal Street knockoffs. When Kate died, Vogue ’s Anna Wintour said, “There was a moment when you couldn’t walk a block in New York without seeing one of her bags, which were just like her; colourful and unpretentious.”

Yet despite the TikTok generation’s thirst for everything Y2K—from Fendi baguette bags to Juicy Couture tracksuits—Kate Spade’s brand heat under current owner Tapestry is lukewarm.

“Gen Zers and TikTok consumers are constantly looking to the ’90s and early aughts for trends,” says Casey Lewis, a consultant who writes “After School,” a youth-culture newsletter. “And so this seems like it would be prime time for a Kate Spade comeback.”

Some interest is bubbling up: Kate Spade recently reissued one small ’90s baguette bag with Urban Outfitters. Last year, it relaunched its original “Sam” bag. And prescient trendsetters are dusting off their vintage Kate Spade pieces. Yet a recent collaboration with Heinz ketchup left some consumers and analysts scratching their heads. Tapestry, which declined to comment, reported a 6% decrease in Kate Spade sales for the nine-month period ending in March 2024 compared with the previous year.

The challenge of evolving Kate’s aesthetic without her began while she was still alive, when the company she co-founded with Andy, Pamela Bell and Elyce Arons was sold to Neiman Marcus Group in 2006. The group, which had already bought 56 percent of the company in 1999, in turn sold it to Liz Claiborne. Coach, which is now Tapestry, acquired the brand in 2017 for $2.4 billion.

NEW YORK 2023: Kate Spade knit green top and cardigan, Kate Spade red long skirt with pink polka dot pattern, Kate Spate green leather bag and green leather mules. (Photo by Jeremy Moeller/Getty Images)

The enigma lies in decoding a fashion icon who was always more complex than polka dots or pink and green. Under Kate and Andy, the brand’s American joie de vivre was tempered with intellectual, offbeat references: architect Buckminster Fuller, Eames furniture, Rei Kawakubo. And along with joy and eclecticism, there was darkness. Her death at age 55 left behind a grieving husband, a 13-year-old daughter, Frances Valentine Beatrix Spade—and a towering style legacy that is often misunderstood.

After a company changes hands multiple times, and its founder dies, can its original vision endure?

“THE INTERPRETATION of [Kate’s] legacy is a little different from how she actually was,” says her co-founder Bell. “Because she was petite and so adorable, everyone associates her with the words cute or happy, and she was much more complicated and sophisticated than that.”

Andy, Kate, Bell and Arons all came from the Midwest. Their partnership coalesced at a summer share house in tony Amagansett, New York. Kate (friends called her Katy) was one of six kids from Kansas City, Missouri; Andy, the brother of comedian David Spade, was born in Birmingham, Michigan, and raised in Arizona. Kate and Andy both went to Arizona State University and met while working at the same Phoenix clothing store. Andy’s car broke down one day, and Kate offered him a ride.

“Katy was more subversive than anyone knew,” says Andy. “They just pigeonholed her as the girl next door. But she was a girl next door and a girl across the street, down the alley and across the hall.”

Kate wore avant-garde Japanese designs from Comme des Garçons and Sacai and hippie slips from Dosa. She loved dining on steaks at Raoul’s and Lucky Strike in SoHo, and hanging out with artists and weirdos. She played Bob Dylan loudly and read books by John Knowles and W. Somerset Maugham. She scoured Indian import stores in the East Village for brightly coloured silk tunics to wear with cigarette pants, pairing them with wild costume jewellery she’d picked up at the wholesalers on Sixth Avenue.

She and Andy also appreciated simplicity. As a design inspiration, the two often cited advice from The Elements of Style, Strunk and White’s manual for writers—“To achieve style, begin by affecting none.”

Kate’s niece Whitney Pozgay, a designer who worked at Kate Spade for years, describes the company culture as freewheeling and fun, with beer carts on Fridays and Phoenix and Björk on the sound system. She says Kate was bubbly and effervescent, coming down to the studio with her little dog Henry to tease, “Working hard or hardly working?”

In the early days, Kate and Andy gave each new employee a copy of Emily Post’s Etiquette. But in 2004, to put her own spin on propriety, Kate published three volumes: Manners, Style and Occasions. The advice offered was more madcap than proper: Admire the polka dots on a Wonder Bread package! Play “Electric Version” by the New Pornographers to start a party! Gift your beloved an Etch A Sketch for your iron wedding anniversary!

Writer Jill Kargman, who was Kate’s intern at Mademoiselle and stayed close with her, says the designer was a master of the written note, pairing formality with casualness and “sparkling chutzpah.” Whether in her correspondence or her style, she says, Kate had “total edge,” musing, “To think outside the box, you have to know what the box is. It’s like she studied the box, but then she flipped it a little bit and gave it a blood transfusion.”

The Spades were funny. When Kate and Andy hosted their first adult dinner party, the invitation went out with a copy of instructions for the Heimlich manoeuvre. While the brand was built on highlighting all the things Kate liked, she told Index magazine in 1998 that her customers were free to say: Who the hell cares what Kate Spade likes? (Andy says that David Spade always considered Kate to be funnier than all his comedian friends, including the late Chris Farley.)

Even the company’s signature—a small, humble black clothing label in the place of a logo—came from a place of irreverence: Kate thought the bag needed a little something, so right before the launch she put the inside label on the outside. For its first order, Barneys New York requested that the label be put back inside. But, Bell says, “Of course, after they became popular, they wanted them on the outside.”

As the brand took off, so did the couple’s social life. Although Andy, more than Kate, became a collector of bohemian downtown characters, she was always game. Gabi Asfour, co-founder of the artistic collective As Four, who once worked for the couple as a clothing designer, remembers staying up late drinking with the Spades at the Hôtel de Crillon during a trip to Paris. “What I loved is the clash of the roughness of downtown mixing with the cleanness of uptown,” he says.

That creative clash came through in the brand’s advertising, as masterminded by Andy alongside Julia Leach, now chief creative officer at Athleta. Andy commissioned filmmakers like Mike Mills and the Safdie brothers to direct shorts for the brand. The print ads, such as those photographed by artists Larry Sultan and Tim Walker, rarely did the basic job of displaying the handbags. The goal was something else entirely: to evoke feelings.

One campaign, shot by art-world chronicler Jessica Craig-Martin, was produced as an actual party at The Explorers Club in Manhattan, with Kate and Andy hosting. “The party was very real, totally madcap, and had been set up to elegantly fall apart in just the photogenic way I desired,” remembers Craig-Martin.

Another, by artist Tierney Gearon, depicted a day in the life of an elegant New England family: loading up the car, playing hide-and-seek, getting ready in the bathroom. Gearon says that although the pictures depicted a “perfect family,” she now finds them a little eerie.

Some collaborators have suggested that with these ads Andy was chasing a vision of perfection that is hard to achieve in real life. Today he says, “It definitely reflected how we felt as people.”

“It wasn’t trying to paint the picture-perfect version of white picket fences,” says Leach, who wrote scripts for these ads. She and Andy were thinking about John Updike’s and John Cheever’s stories about the beautiful flaws of American life.

KATE AND ANDY’S lightning in a bottle was all about giving glamour an off-kilter spin. Yes, an ad showing a kid seated on a toilet was weird, but it was playful—and just pretty enough. As Craig-Martin says, “The brilliance lay in the understanding of how the esoteric or sophisticated could be used to appeal to the mass market.”

Striking that balance without Kate and Andy’s input is tricky, and gets harder as the years go by.

“They get the ingredients, but not the recipe,” says Pozgay when discussing how her aunt’s style legacy is often interpreted. Yes, she loved pink, but it had to be the right pink, and perhaps shot through with a dark poppy-red stripe.

After selling the brand in 2006, Kate and Andy Spade agreed to stay on for six months to help with the transition. In the intervening years, the company has grown incrementally but lost some of its cultural cachet. This year, the Federal Trade Commission sued to block Tapestry’s $8.5 billion acquisition of Capri Holdings, which owns Michael Kors and Versace. In the meantime, Tapestry must prove its mettle with the heritage brands it already owns.

As for Frances Valentine, where Kate was working alongside her old friend and Kate Spade co-founder Arons when she died, the brand is owned by Andy, Arons and other investors, including venture-capital fund Sweater. The company reports 200 percent growth in its wholesale business from 2023 to 2024, and will launch at Dillard’s this fall. A recent visit to its small, quiet Sag Harbor, New York, store (one of nine) revealed preppy, retro classics like beaded sandals and beachy caftans. Arons is working on a forthcoming book about her friendship with Kate.

In the weeks following Kate’s death, sales surged at both Kate Spade and Frances Valentine. When a fashion designer or an artist dies, scarcity fuels demand—Alexander McQueen’s suicide in 2010 inspired a similar frenzy. It’s what happens after that bump that determines a brand’s longevity.

“How do you do justice to the spirit of the thing, but bring it to more people?” asks the chief creative officer of luxury resale retailer TheRealReal, Kristen Naiman, who worked at Kate Spade from 2014 to 2023. “That’s the name of the game when you scale something as special as what Kate and Andy made.”

While they were running the company, Andy would quote advertising executive Jay Chiat, who asked: How big can we get before we get bad? Today, he is at peace with how they handled the sale, which he equates with getting your teen child into college and then backing off.

“There are roots in that brand—Kate Spade—that are about values and people, and that’s what I wanted to do,” Andy says. “Build roots for the brand to exist forever. And I never looked back.”

During Kate and Andy’s time at Kate Spade, the company didn’t resort to one of the fashion industry’s lesser publicized strategies for growth: making products specifically targeted for outlet stores. Today, there is an extensive outlet network, including a newly launched dedicated e-commerce site. Kate Spade pajamas produced under a license were recently sold at Costco for less than $20.

“I think they have a lot of potential,” says Casey Lewis, the youth-culture consultant. “I would be shocked if they did not successfully make a comeback in the coming years, because the brand isn’t so watered down or so irrelevant that no one knows it at this point. They can just reclaim the cool.”

HANDBAGS ASIDE, Kate’s legacy also includes opening up conversations about mental health in fashion, a notoriously punishing industry.

When she died, the Kate Spade New York Foundation contributed $1 million immediately to mental-health and suicide prevention causes. “We really have the authentic responsibility to talk about it and to try to amplify it,” says Liz Fraser, Kate Spade’s current CEO. The company says it is now one of the world’s largest corporate donors to women’s mental-health initiatives.

During Kate’s time, such things weren’t spoken of. While the designer’s friends and family maintain that she was for the most part a genuinely happy, ebullient woman who loved her life and her family, everyone has their private struggles, and she was no different.

“Everyone’s like, ‘Well, what happened?’ ” says Bell. “I don’t think any one thing happened.”

Andy and Kate Spade were separated at the time of her death, but they were still very much a family unit with their daughter, known as Bea. “We loved each other very much and simply needed a break,” he said at the time.

Bell, who is a co-founder with Kenneth Cole of the Mental Health Coalition, says that she and Kate had a euphemism for therapists: “the contractor”—as in, someone who can fix you. “I regret that, because I think that we could have just said therapist…. I think we should have talked about it more openly,” she says.

The co-founder talks about how rough menopause can be on women and says that she’s been recommending Miranda July’s novel All Fours, which deals with that very topic, to everyone she knows: “I read it and I was like, I wish I knew this then.”

Kargman remembers thinking that Kate’s drinking had gone from celebratory to solitary in the last years of her life. She says, “I think I was already looking at it through the prism of slight worry, but never in a million years did I think she would take her life, not in a million years.” In a statement at the time of her death Andy said Kate was on medication for depression and anxiety but that there were no substance-abuse issues.

When a person becomes a brand, even when they are beloved, boundaries blur. Kate talked about adding “Frances Valentine” to her many names in 2016 to differentiate herself from the namesake brand she sold. But in a panel talk with Andy the following year, she seemed unsure about it. “I get confused,” she said. She ended up adding just “Valentine.”

One day, while shopping with Bea at a Kate Spade store after she had left the company, she was tickled when a sales associate asked if she was on the mailing list. She would have never cried, “I am Kate Spade.” When she appeared on her brother-in-law David’s sitcom Just Shoot Me in 2002, her only request was that her part become smaller.

While some might see a contradiction between a brand built on colour and optimism and the spectre of mental-health issues, Naiman thinks that makes the message behind Kate’s legacy all the more potent. She says, “I think that the deepest truth is that there’s something so powerful and incredible about saying that this person who made this incredibly joyous brand struggles.”

Today, Andy runs his Partners & Spade creative agency in California, and is still a partner in Frances Valentine as well as his pajama company, Sleepy Jones. He’s working on a sculpture show about Kate called Uncommon Flowers. He is, as ever, brimming with ideas, and very much still processing the death of the person he calls “the most beautiful woman I’ve ever seen.”

He chose the Bay Area, for one, to be off the grid: “It was purposeful to be disconnected, because my daughter and I didn’t want to be around the mayhem.”

In the early Kate Spade days, Andy would use the word mercury to describe a certain undefinable je ne sais quoi, a taste, a feeling. Recalling an old thermometer, he notes how you can’t put your finger on the quicksilver—it jumps at the merest touch. “I always thought we were mercury,” he says. “Just when they think they know who we are, it changes.”

Or as Kate herself put it, in 1998: “I mean, shit, we’re just doing what we like.”

Collection of ‘Friends’ Props and Wardrobe Pieces to Sell at Auction

An auction of clothing, props, and decor from the hit sitcom “Friends,” will be held next month to celebrate the 30th anniversary of the show’s premiere.

The sale, which will be held by Julien’s Auctions live in Los Angeles on Sept. 23 and online, will offer 110 lots of original props, studio-made reproductions and costumes worn by stars Jennifer Aniston, David Schwimmer, Matt LeBlanc, Courtney Cox, Lisa Kudrow, and the late Matthew Perry.

Leading the auction is a studio-made reproduction of the couch from Central Perk, the coffee shop that serves as a main hangout spot in the show. The orange upholstered sofa has a price estimate between US$2,000 andUS$3,000.

The studio-made reproduction of the couch from Central Perk has an estimate of between US$2000 and US$3000.

Other auction highlights include one wardrobe item from each member of the main cast, which includes Rachel Green’s grey sweater from season 7’s “The One With the Truth About London”; a blue long-sleeved shirt worn by Ross Geller in season 9’s “The One with the Boob Job”; and a teal, cashmere polo-style sweater worn by Chandler Bing in season 7’s “The One with the Holiday Armadillo.”

Rachel Green’s grey sweater from season 7

Also up for sale are Joey Tribbiani’s brown, striped short-sleeved button-down shirt from season 10’s “The One After Joey and Rachel Kiss”; Monica Geller’s brown and tan knit top from season 9’s “The One with the Mugging”; and a blue denim coat with faux fur on the cuffs and neck and embroidered Japanese flowers worn by Phoebe Buffay in season 7’s “The One With Joey’s Award.”

Each wardrobe piece worn by the main cast has a price estimate between US$1,000 andUS$1,500.

Costumes worn by notable guest stars will also be up for sale, including a polo shirt worn by Paul Rudd, a fur-trimmed jacket worn by Christina Applegate—who plays Rachel’s sister Amy—and a bright-pink dress and coat worn by Winona Ryder. Each of these items is estimated to sell between US$600 andUS$800.

Some original props included in the auction are five “Monica’s Catering” business cards (estimate: US$100-US$200 each) and a blue metal bike used by Ross’ son Ben—played by Cole Sprouse—in the season 7 episode “The One With All the Candy” (estimate: US$500-US$700).

“Monica’s Catering” business cards (estimate: US$100-US$200 each)

“Friends” first aired on Sept. 22, 1994, and ran for 10 seasons, concluding with a 2004 series finale, which is the fifth-most-watched series finale of all time and the most-watched television episode of the 2000s.

Chronic Wildfires Are Impacting California Home Values

Wildfires in California have grown more frequent and more catastrophic in recent years, and that’s beginning to reflect in home values, according to a report by the San Francisco Fed released Monday.

The effect on home values has grown over time, and does not appear to be offset by access to insurance. However, “being farther from past fires is associated with a boost in home value of about 2% for homes of average value,” the report said.

In the decade between 2010 and 2020, wildfires lashed 715,000 acres per year on average in California, 81% more than the 1990s. At the same time, the fires destroyed more than 10 times as many structures, with over 4,000 per year damaged by fire in the 2010s, compared with 355 in the 1990s, according to data from the United States Department of Agriculture cited by the report.

That was due in part to a number of particularly large and destructive fires in 2017 and 2018, such as the Camp and Tubbs fires, as well the number of homes built in areas vulnerable to wildfires, per the USDA account.

The Camp fire in 2018 was the most damaging in California by a wide margin, destroying over 18,000 structures, though it wasn’t even in the top 20 of the state’s largest fires by acreage. The Mendocino Complex fire earlier that same year was the largest ever at the time, in terms of area, but has since been eclipsed by even larger fires in 2020 and 2021.

As the threat of wildfires becomes more prevalent, the downward effect on home values has increased. The study compared how wildfires impacted home values before and after 2017, and found that in the latter period studied—from 2018 and 2021—homes farther from a recent wildfire earned a premium of roughly $15,000 to $20,000 over similar homes, about $10,000 more than prior to 2017.

The effect was especially pronounced in the mountainous areas around Los Angeles and the Sierra Nevada mountains, since they were closer to where wildfires burned, per the report.

The study also checked whether insurance was enough to offset the hit to values, but found its effect negligible. That was true for both public and private insurance options, even though private options provide broader coverage than the state’s FAIR Plan, which acts as an insurer of last resort and provides coverage for the structure only, not its contents or other types of damages covered by typical homeowners insurance.

“While having insurance can help mitigate some of the costs associated with fire episodes, our results suggest that insurance does little to improve the adverse effects on property values,” the report said.

While wildfires affect homes across the spectrum of values, many luxury homes in California tend to be located in areas particularly vulnerable to the threat of fire.

“From my experience, the high-end homes tend to be up in the hills,” said Ari Weintrub, a real estate agent with Sotheby’s in Los Angeles. “It’s up and removed from down below.”

That puts them in exposed, vegetated areas where brush or forest fires are a hazard, he said.

While the effect of wildfire risk on home values is minimal for now, it could grow over time, the report warns. “This pattern may become stronger in years to come if residential construction continues to expand into areas with higher fire risk and if trends in wildfire severity continue.”

Hollywood Screenwriter’s Mid-Century Modern Home With Private Beach Access in Carmel, California, Lists for $4.25 Million

A Mid-Century Modern home in Carmel, California, hit the market on Friday for just the third time in 70 years with a listing price of $4.25 million.

Located in the community of Carmel Highlands, the house is just steps from the coastline and comes with private beach access, according to the listing with Tim Allen of Coldwell Banker Realty in Northern California. Allen was not immediately available for comment.

The property last changed hands in 2010 when Hollywood screenwriter Richard Outten bought it for $990,000, public records show. Outten penned the screenplays for the 1992 movie “Pet Sematary Two” and the 1987 film “Lionheart,” and created the story for the 2012 “Journey to the Center of the Earth” sequel, “Journey 2: The Mysterious Island.” He was not immediately available for comment.

Built in 1953, the home’s mid-century charm has been preserved over the years while still being updated for modern living. Interior details include wood paneling, exposed-brick walls and beamed ceilings.

The single-level house has 1,785 square feet, which includes three bedrooms and two full bathrooms. Though not directly on the water, large windows flanking the adobe-brick, wood-burning fireplace look out at the ocean.

Sliding glass doors create a seamless flow between indoor and outdoor living. Outside, there’s a large patio surrounded by lush landscaping, and there are also meandering paths through sustainable succulent gardens, according to the listing.

In addition to its close proximity to the beach, the home is a 10-minute walk from downtown Carmel-by-the-Sea.

As of July, the median list price in Carmel is $3.1 million, up 8% from last year, even as active listings have increased 50% year over year, according to data from Realtor.com.

One of Monet’s First Water Lily Paintings to Highlight Christie’s Asia Sale

Christie’s is selling a painting from Claude Monet’s earliest Nymphéas series at the first evening auction taking place in its new Hong Kong headquarters this fall.

Nymphéas (Water Lilies), painted circa 1897-99, is among seven works by the French impressionist that were his first forays into exploring variations in light, colour, and reflections in the water lily pond at his home in Giverny, France.

The work, which Christie’s said is being offered from an anonymous private collection after remaining with the Monet family for years, is expected to sell for between US$25 million and US$35 million.

Christie’s Cristian Albu, head of 20th/21st-century art for Asia Pacific, called the painting “a true singular treasure.” It’s about 2 feet, 4 inches by 3 feet, 3 inches in size.

Monet created more than 250 paintings of waterlilies in his lifetime, several of which have sold for record sums at auction. Last November, Le bassin aux nympheas , 1917-19, sold for US$74 million, with fees, at Christie’s in New York. (Estimated auction prices don’t include fees).

The highest price for a Nymphéas was set during Christie’s sale of the Peggy and David Rockefeller Collection , fetching nearly US$85 million, with fees.

What’s notable about the work Christie’s is selling in Asia is that it’s among Monet’s first to focus on waterlilies, and that it introduces what the auction house said is “one of the most important and radical aspects of his Nymphéas —the elimination of a horizon line.” As with many of these works, the viewer looks directly at the pond’s centre, “removing all other peripheral details to focus entirely on the constantly shifting relationships between water, atmosphere, and light that transformed the pond’s surface with each passing moment.”

Other examples from Monet’s first water lilies series can be found in the Musée Marmottan Monet in Paris, the Los Angeles County Museum of Art, the Kagoshima City Museum of Art in Kagoshima, Japan, and the Galleria Nazionale d’Arte Moderna in Rome.

The Hong Kong sale, which will take place on Sept. 26, will be Christie’s first at its new Asia-Pacific headquarters in the Henderson, a newly built 39-floor skyscraper by Zaha Hadid Architects with a curved glass facade.

A Drop in Interest Rates Could Boost Renewables

If the Federal Reserve cuts interest rates in the coming weeks, a friendlier borrowing environment could make all the difference for some mothballed renewable-energy projects.

The returns generated by such projects once they are up and running are often predictable and modest, but because they require a large upfront expenditure, frequently funded in part by debt, they are sensitive to interest-rate fluctuations.

With recent economic data suggesting the Fed has plenty of room to cut, some investors say now is the time to get moving on renewable plans.

Thomas Byrne, chief executive at solar investor CleanCapital, said a drop in interest rates would affect a “not inconsequential amount” of solar developments under consideration. “We have had projects on hold that simply don’t make economic sense for us anymore because the borrowing cost was too high. So those projects will immediately unlock,” he said.

Byrne estimates some of these projects could begin construction by the end of the year and start generating energy next summer.

Solar and wind energy in particular stand to gain from lower borrowing costs, said Srinivasan Santhakumar, principal research analyst with the research firm Wood Mackenzie. “Higher interest rates have disproportionately affected the economics of wind and solar projects,” he said.

An interest-rate increase of 2 percentage points could result in a 20% jump in the cost of producing energy for utility-scale solar power over the life cycle of a project, according to a Wood Mackenzie analysis released in April. In comparison, the same increase might boost the cost of producing energy from gas by 10% to 12%.

Some developers may wait to see a steeper drop before making moves. “It’s definitely a phenomenon, particularly for the more sophisticated, more longer-standing developers who’ve had a history of surfing the ups and downs of the interest-rate spectrum and are also aware of the consequences for their own balance sheet of a long-term interest rate rise,” said Katherine Mogg, managing director at the New York Green Bank, a state-sponsored investment fund that focuses on filling gaps in energy transition financing. Mogg said she expects to see a modest uptick in requests for proposals in the coming months.

The Federal Reserve has signalled a rate cut at its next meeting in September, and most futures investors expect a quarter-percentage-point reduction, according to CME FedWatch. More than three quarters of investors expect the Fed to lower its benchmark rate, now in a range between 5.25% and 5.5%, by at least a full percentage point by year-end.

While a cut in interest rates is a positive for renewables financing, a durable boost for green projects may require a Goldilocks economic scenario in which a cut to borrowing costs don’t coincide with rising fears of a global recession, which could in turn drive investors away from the U.S., said Ron Erlichman, partner at the law firm Linklaters.

“There are a lot of different factors, like the old cliché of ‘headwinds,’ that affect transactions,” he said, adding that large-scale projects such as offshore wind, hydrogen and carbon capture frequently rely on foreign investment.

Fears of unchecked inflation and rampant increases in the cost of materials have cooled down somewhat in the past year, he said, but the looming U.S. election brings a fresh element of uncertainty . While many see a low probability of a full rollback of the Inflation Reduction Act, the legislation that provides game-changing tax breaks for renewables, an executive branch hostile to green energy could slow project permitting or otherwise “nibble at the fringes” of the landmark legislation, as Byrne put it.

“Having done this awhile and seen the cycles in the market, I still remain incredibly optimistic about renewables and energy transition in the United States,” Erlichman said.

One Husband Is Enough: Women in Their 60s See No Need to Remarry

In many ways, Alexandra Cruse is living the American retirement dream.

Cruse moved to Palm Beach Gardens, Fla., a year and a half ago to escape the cold winters in Massachusetts. She describes her financial situation as “perfectly comfortable” after a career in banking. She keeps active with yoga, volunteering at a local hospice, piano lessons, art classes and a bicycling group.

One thing she’s not interested in: saying “I do.” Cruse lost her husband of nearly four decades, Stephen, in 2015. And while she’s open to meeting a new partner, she has no desire to remarry.

“What would be the point?” said Cruse, 68. “Just the commingling funds is just too complicated.” Besides, “over 65, you’re not going to have any children.”

Plenty of American women are finding that they don’t need a husband to enjoy their golden years. Both men and women in their mid-60s or older are more likely to be divorced or never married than at any time in the past three decades. But the women are much less likely than their male counterparts to get remarried.

Part of the reason is that women have a smaller pool to choose from. They on average live about five years longer than men, according to the federal Centers for Disease Control and Prevention.

About 53% of U.S. women 65 and older are divorced, widowed or never married, compared with 30% of men, according to an analysis of Census Bureau data by Bowling Green State University’s National Center for Family & Marriage Research.

But there are other considerations, too. Women are more likely to maintain stronger social ties with family and friends, which means they have more support after a divorce or the death of a spouse. And for both men and women, American society has become more accepting of couples living together outside of marriage.

Susan Brown, a sociology professor at Bowling Green and one of the authors of the Census analysis, said that many older women “don’t want to be a ‘nurse or a purse.’ ” That means, Brown said, that they “don’t want to provide care and they don’t want to jeopardise their own financial stability.”

That’s the case for Christy Sahler, who has been divorced for almost three decades. She has no plans to remarry, as she wants to ensure her assets pass only to her daughter.

“It’s a bit lonely having dinner on my own,” said Sahler, who is 61 and lives in Tucson, Ariz. “But I recognise that if I had a partner I’d be going home to make dinner for that person.” Being single also frees her up to do other things in the evenings, like yoga and pottery.

After a divorce or bereavement, younger women are more likely than men to find a new partner. That trend shifts after age 35. By age 55 to 64, men are twice as likely to remarry, and more than three times as likely when they are age 65 and older.

The last time Pew Research Center polled divorced or widowed Americans about their intentions to remarry , in 2014, 54% of women said they didn’t want to get married again. Only 30% of men gave the same answer.

Research shows that marriage tends to be good for a person’s finances. Married people have a higher median net worth and are more likely to be homeowners than their unmarried peers, thanks in part to their ability to split costs, pool assets and get certain tax breaks.

Divorce is financially detrimental at any age, but particularly punishing later in life when people have less time to catch up financially. Women who divorce at age 50 or older experience a 45% decline in their standard of living, while men see their standard of living drop by just 21%, according to a 2021 study in the Journals of Gerontology. That can make women especially hesitant about entering another marriage: They worry about having to go through the same thing again.

Remarriage can also create thorny disputes around issues like inheritance and power of attorney, especially when both partners bring children into the relationship. Widows and divorcées who remarry may lose eligibility to their former spouse’s Social Security benefits.

Norma Israel’s first marriage ended in divorce when she was in her 30s, and she lost her second husband to cancer in her 50s.

She wasn’t looking for another relationship when, a year later, a co-worker invited her to a concert. She and Larry Chase have now been together for a decade and live together in North Beach, Md. They share a love for music and travel, but they don’t share bank accounts. And Israel has no plans to put a ring on it.

“It’s hard for me to have three strikes,” said Israel, 63.

Chase said he would get remarried if it were important to Israel, but he’s equally happy not to.

“Society seems pretty OK with it nowadays,” said Chase, 78, who was previously married and has a son.

“We’re in love,” he added. “It’s a pretty nice life.”

Na’ama Shenhav, who teaches public policy at the University of California, Berkeley, found that when women’s wages increase relative to men’s, so does the share of women who choose not to marry. The share of divorced women also rises when women’s wages increase.

Rosemary Hopcroft, a sociology professor emerita at the University of North Carolina at Charlotte, found that higher-income men are more likely to get married and remarried than men who make less money. For women, the effect is the opposite, at least for remarriage: Higher-income women are less likely to get remarried than other women.

“As women get older, the group of men they find attractive gets smaller and smaller; whereas for men, as they get older and more financially stable, the group of women they find attractive gets larger and larger,” said Hopcroft.

What’s more, longer lifespans mean people are looking at their golden years with a different time horizon. By the end of this year, the youngest of the baby boomer generation—around 70 million strong, or one in five Americans— will all turn 60 . According to the Social Security Administration, a 60-year-old man today can expect to live for nearly 24 more years, while a 60-year-old woman can expect to live for nearly 27 more years.

“For a lot of people that means thinking, ‘Am I going to stay in a potentially unsatisfying relationship for the rest of my life if the rest of my life is decades instead of years?’ ” said Jeffrey Stokes, associate professor at the Gerontology Institute at the University of Massachusetts Boston.

Today, overall divorce rates are falling. But the share of adults ages 65 and up who were divorced in 2022 was nearly triple the 1990 level, according to the Bowling Green analysis .

Lyn Silarski divorced in her early 50s after 16 years of marriage. A period of financial hardship followed, as she had to restart her career and deal with legal costs. She had to dip into her retirement savings and sell her house during a three-year spell of unemployment.

Today, Silarski is working as a graphic designer and living in a rented house in Manchester, N.H., enjoying the fact that she’s no longer responsible for the upkeep of the outdoors of the property. In her free time, she works out and goes hiking.

“I often say I wish I had a man to run around with, somebody who was a friend who wanted to do things, because I do have the girlfriends but they’re married and they’re busy,” said Silarski, 69.

Silarski, who has two sons and one grandchild, tried online dating, but found men her own age wanted to date younger women. Older men interested in a relationship with her were looking for someone to take care of them, she said.

“Perhaps someone might come along who would be an incredible fit,” Silarski said, “but I see that as kind of in the realm of miracles, really.”

Corrections & Amplifications undefined Research by Rosemary Hopcroft, a sociology professor emerita at the University of North Carolina at Charlotte, found that higher-income women are less likely to get remarried than other women. An earlier version of this article incorrectly implied the research also found they are less likely to get married. (Corrected on Aug. 24)

Top U.S. Cities Where Affluent Home Buyers Can Snag a Deal This Fall

An opportunity could be on the horizon for those who deferred a home purchase in some of the luxury real estate markets that boomed during the pandemic as demand falls.

Among them, the Miami and Naples areas of Florida; urban Honolulu; and Santa Fe, New Mexico, could be among the best luxury markets in the U.S. for buyers this fall, according to data  Realtor.com  provided to Mansion Global. The data was staked on a combination of falling luxury median price points, which indicate markets that are softening and where buyers could potentially score a deal; a shift in median days on market; and page views, with fewer views indicating less demand.

“We see that these higher-priced markets are seeing falling demand,” said Hannah Jones, senior economic research analyst at  Realtor.com . “And so for buyers who do have access to the capital that they could purchase in one of these markets, they may find more flexibility than in some of the markets that are lower priced and are still seeing a ton of competition.”

Read on for where the opportunity lies and advice in those markets from real estate agents on the ground.

Miami, Fort Lauderdale and Pompano Beach, Florida

Buyers who couldn’t get enough of the sandy shores of this trio of South Florida cities during the pandemic have largely backed off, making it the No. 1 destination for luxury buyers this fall.

The luxury median listing price in Miami, Fort Lauderdale and Pompano Beach was down 22% to $2.5 million in the second quarter. Between June 2023 and June 2024, the median days on market for luxury listings rose five days and in the same time page views of luxury properties on Realtor.com fell a whopping 44%.

Mick Duchon, a Miami-based agent with Corcoran, said that some sellers who were stuck in the high-price mindset of 2021 and part of 2022 are starting to come around, meaning there are still properties out there with a listing price ripe for an adjustment. He said it’s an opportunity for people who have been waiting on the sidelines.

Case in point, Duchon was working with a buyer on a penthouse apartment in the South of Fifth neighbourhood in the summer of 2022, when the market had just started to adjust from its pandemic highs. After approaching the seller with a deal and agreeing on it, the buyer decided to wait. undefined undefined “Two years later, we transacted at 15% below that initial contract price,” on the same penthouse with the same buyer and seller, he said.

He added, “If buyers are basing their offers on what has transacted recently, then they should be able to achieve a solid deal.”

The peak Covid rush to Honolulu has abated somewhat.
Pixabay

Honolulu

Realtor.com found that the median luxury listing price in Honolulu fell nearly 10% to $2.34 million in the second quarter. In June, the median days on market for luxury listings fell 11 days compared to a year ago, while in the same time frame, luxury page views fell 31%, indicating less interest, making Honolulu the No. 2 market for buyers this fall.

Noel Shaw, an agent with Hawai’i Life Real Estate Brokers Forbes Global Properties, said the peak Covid rush to Honolulu has abated somewhat, but other buyers who decided to change their lifestyle and move there as part of their 10-year plan are still trickling in. It’s keeping competition up for those mid-tier luxury listings and makes it imperative to work with an agent who knows the city like the back of their hand. (Shaw grew up in Honolulu, and said the quality of real estate varies block by block.)

“This is an island, the city’s very limited so we still have a limited supply,” she said. “So while there are going to be some great deals within the city, it’s not going to be as easy or obvious as other cities.” undefined undefined The listings luxury buyers should keep an eye out for are the top-tier properties of Japanese sellers, she said. Honolulu is a prestigious second-home market for Asians, Shaw said, but the weakness of the yen right now means that some Japanese owners may choose to sell and convert their funds back to yen. Those prized properties, which are rare in Honolulu because of the constraints on inventory, are the extra sweet spot for luxury buyers looking for top-of-the-line properties these days, she said.

Naples-Marco Island, Florida

The market frenzy has quelled in this Gulf Shore slice of Florida, with the luxury median listing price down 18% to $4 million in the second quarter. The median days on market over the year ending June is the same as the year prior, at 85, but page views on luxury properties are down over 11% in the same time period, bringing the Naples-Marco Island metro into the No. 3 spot. undefined undefined “We’re over the Covid mania, where people came and purchased properties at any price,” said Celine Wells, an agent with Douglas Elliman. “What we’re seeing now is less volume of sales, but very strong sales.”

For potential buyers, “patience is a virtue,” said Chris Wells, Celine’s business partner and husband. Chris added it’s important to have knowledge of the market so you can act quickly when a particularly interesting property comes to market. Most transactions happen in cash, with mortgages brought into the picture post-closing, he said.

He added, “A nice deposit, a quick closing, a cash deal, a short due-diligence period—these are things that help a buyer get the property they desire.”

Mick Duchon, a Miami-based agent with Corcoran, said that some sellers who were stuck in the high-price mindset of 2021.
Pixabay

Santa Fe, New Mexico The Sunbelt and Mountain West experienced huge demand in recent years, and the small in-between market of Santa Fe was not immune to that.

Unlike the other cities on this list, demand is still up there, with luxury page views surging nearly 7% and luxury median days on market falling 33 days, to 86, between June 2023 and June 2024. Prices, however, are trending down, with the luxury median listing price having fallen nearly 14% to $2.98 million from April to June. All together, it makes Santa Fe the fourth-best market for luxury buyers this fall. undefined undefined “People are still wanting to come here. Santa Fe is still very, very desirable,” said Ricky Allen of Sotheby’s International Realty – Santa Fe Brokerage. “They’re coming for the size of the city, the climate, the culture, the lifestyle. … I think it’s a good time to be a buyer.” undefined undefined Allen suggested that buyers see as many properties as possible that check most of their boxes. “You never know what those properties are going to end up selling at,” he added.

(Mansion Global is owned by Dow Jones. Both Dow Jones and Realtor.com are owned by News Corp.)

This article was originally published on Mansion Global.  

Tariffs Are on the Table for U.S. Importers, Whatever the Election Outcome

Until a few years ago, Chinese factories supplied the world with Sharpie retractable pens and Oster blenders.

No more.

Consumer giant Newell Brands now makes those products, and more, at its own plants in the U.S. and Mexico. Many of its other products are made in factories in Vietnam, Indonesia and Thailand.

Chris Peterson , Newell’s chief executive, said the company’s shift reduces its dependence on China at a time when both the Democratic and Republican parties “are getting more protectionist in terms of trade policy.”

Tariffs are becoming an entrenched tool tying together geopolitics and trade , and they are playing a bigger role in long-term manufacturing and sourcing decisions. Nowhere are they hitting harder than in China, where importers and exporters are navigating an increasingly complicated regime of levies on goods ranging from semiconductors to mattresses.

“Tariffs have always existed and they’ve always been regarded as a cost of doing business,” said Simon Geale, executive vice president of procurement at supply-chain consulting firm Proxima. “But they’ve been getting much more teeth in the last five or six years.”

The new era of tariffs kicked off under the Trump administration with duties on imports from a swath of countries and a focus on Chinese products ranging from truck chassis to consumer goods.

The Biden administration kept most of the tariffs in place, and then added further duties on Chinese steel, semiconductors and electric vehicles, citing national security concerns and an industrial policy aimed at reviving American manufacturing .

The two candidates in this year’s presidential election look set to continue the trend, as trade, manufacturing and the tools to tie them together take a prominent role in the campaign.

Former president Donald Trump , the Republican nominee, has said he would roll out new tariffs with a potential 10% across-the-board duty on imported goods and a 60% tariff on goods from China.

Vice President Kamala Harris , the Democratic nominee, so far hasn’t indicated a desire to deviate much from President Biden’s trade policies.

Before becoming vice president, Harris diverged from Biden on Trump’s revised North American Free Trade Agreement, known as the United States-Mexico-Canada-Agreement. As a senator, Harris joined some Democratic lawmakers, saying it didn’t do enough to address climate change, suggesting Harris may have more of a focus on social justice issues when considering trade pacts.

Harris has been in lockstep with the president in the Biden administration.

At an electronics factory in Wisconsin last summer, Harris said she and Biden want to bring manufacturing jobs back to America. At a campaign event in North Carolina on July 18, she said Trump’s proposed universal 10% tariff “would increase the cost of everyday expenses for families.” She didn’t criticise current tariffs on Chinese goods .

Both Trump and Harris opposed the Trans-Pacific Partnership, the expansive multination trade deal that was designed to expand alternatives to trading with China. Trump withdrew the U.S. from the agreement immediately on taking office in 2017.

The trade policies pose a conundrum for companies. Do they continue sourcing from China and risk the potential impact of escalating tariffs? Or do they look outside China, where costs are higher, but duties and other geopolitical risks are lower?

Trump’s threat of universal tariffs has even spooked supporters. Tesla Chief Executive Elon Musk , who has endorsed Trump, said he would delay a decision on a new plant in Mexico until after the election because “it doesn’t make sense” if Trump wins and puts “heavy tariffs” on vehicles produced there.

Shifting supply chains to other countries is complex. Companies must find new suppliers of raw materials and finished goods. Suppliers and sub-suppliers must be vetted to make sure they don’t violate increasingly stringent U.S. rules on issues such as forced labor.

Anne van de Heetkamp , a vice president of product management at supply chain and logistics technology company Descartes , said when trade tensions started ratcheting up five years ago companies weren’t in a hurry to shift supply chains. Now that the duties appear more permanent, Descartes’s customers are mapping out new global supply networks.

Surging exports out of Southeast Asia, India and Mexico suggest Newell isn’t alone in its desire to reduce reliance on China. The shifts are fuelling new logistics investments in factories, warehousing and transportation operations around the world.

DHL Express U.S., a parcel unit of German logistics giant Deutsche Post , added a new direct flight between Vietnam and the U.S. in 2022 to cater to rising exports that used to reach the U.S. via Hong Kong. CEO Greg Hewitt said the unit is also looking at expanding its networks along the U.S. -Mexico border to serve surging demand there.

Hewitt cautioned that China remains the world’s top supplier of manufactured goods and will likely hold that position because of its streamlined supply chains and low costs for raw materials and labour.

Retail industry trade groups and some executives warn some items can’t be produced anywhere else in the world and that escalating tariffs will simply raise consumer prices and fuel inflation. Analysts at Goldman Sachs estimate that every percentage point increase in the overall U.S. tariff rate would increase core consumer prices by just over 0.1%.

“The problem is the best place to make shoes is China,” said Ronnie Robinson, chief supply chain officer at Designer Brands , parent company of footwear retailer DSW.

Robinson said for every dollar the government adds in tariffs, consumers pay an extra $2 to $4 at the checkout. “The reality is that you and I are paying for the tariffs as part of the ticket price when you go into the store and buy,” he said.

Robinson said Designer Brands sources about 70% of its footwear from China, down from 90% several years ago. He said the company aims to reduce its reliance further to about 50%, but China will remain the company’s largest single source of shoes.

Peterson said just 15% of Newell’s goods rely on products made in China today, down from more than 30% several years ago. He expects that by the end of next year the share will fall below 10%.

He said that when the company is searching for new Chinese suppliers one of its first questions is whether they have capacity or plan to add capacity outside the country.

“If a supplier doesn’t have manufacturing capability outside of China, we will not select them as a vendor for us,” he said.

Dumpster Driving: Inside the Treasures From the Los Angeles ‘Junkyard’ Car Collection

Classic car enthusiast Rudi Klein was, by all accounts, a unique character.

The German émigré lived in Los Angeles, where he opened a junkyard called Porche Foreign Auto Dismantling (with the automaker’s name misspelled to avoid litigation). Klein, who passed away in 2001, took in only high-end foreign cars, mostly Mercedes and Porsche, but also BMWs and every brand of supercar, including many very rare examples. The junkyard’s trophies included famous Grand Prix driver Rudolf Caracciola’s 1935 Mercedes 500 K Special Coupe, a rare 1955 Mercedes-Benz 300 SL “Gullwing” (one of 29 with alloy bodywork), and many more.

Stacked-up Porsches are still in place for the auction.
Robin Adams/RM Sotheby’s

Most, but certainly not all, of the cars that Klein bought were crashed, burned, or otherwise derelict. A German crew managed to get into Klein’s closely guarded sanctuary, subsequently producing the unauthorised 2017 photo book Junkyard . Many other people were turned away from the gates, and Klein charged such high prices for salvaged parts that purchases were fraught. The doors remained closed after Klein’s sons, Ben and Jason, took over. But now, everything is coming into the light as RM Sotheby’s prepares to auction cars from the Klein collection on Oct. 26 in its current South Los Angeles location, including those two notable Mercedes-Benzes.

Andrew Olson, car specialist at RM Sotheby’s, said Klein’s premises have “an interesting and special atmosphere—if we moved the cars, some of that would be lost. There’s still a rack of Porsche 356s. We took them out to photograph them, but then they went back to where they were.” In Monterey last year, the auction house staged a horde of storm-damaged Ferraris as if they were still in a collapsing warehouse. Klein’s yard provides natural staging.

There’s a total of 180 cars in the sale, Olson says. Most of what was in the yard will be sold, minus some extensively burned cars and those with a current value that would not justify restoration.

The 500 K Mercedes coupe has bodywork by Sindelfingen. It is a one-of-one vehicle, still wearing its original body. The car was restored and caused a stir at the famed Pebble Beach car show in 1966 and then again in 1978. But it was parked under Klein’s ownership in 1980, fortunately under cover. “The condition is surprisingly good,” Olson says. “It’s very solid and should be a straightforward restoration.”

A roomful of Porsche 356s at Rudi Klein’s yard.
Robin Adams/RM Sotheby’s

The alloy-bodied 1955 Mercedes 300 SL was the only one delivered in black, and had once been owned by Ferrari importer Luigi Chinetti. The auction house describes it as “a unique example of the most sought-after of all 300 SLs, virtually unseen for decades.” Complementing it is a 1957 300 SL Roadster that was painted Fire Engine Red from the factory, with a cream interior, and coveted Rudge wheels.

Rudolf Caracciola’s 1935 Mercedes 500 K Special Coupe is in “surprisingly good” condition.
Kegun Morkin/RM Sotheby’s photo

The 1967 Iso Grifo A3/L Spider is a prototype built by the Italian coachmaker Bertone, and is the only factory-built Grifo convertible. Klein acquired the car, with Chevrolet V8 power, reportedly from auto enthusiast and Hollywood producer Greg Garrison. According to Junkyard : “It was one of Rudi Klein’s all-time favourites, and he hoped one day to rebuild it and take part in a classic-car rally in Bavaria.”