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AFP: Rolexes fly off the shelves as Icelanders seek safe investments

Speaking of materiality, here’s a story from AFP / Google News:

Rolexes fly off the shelves as Icelanders seek safe investments

Oct 16, 2008

REYKJAVIK (AFP) — As Icelanders suddenly find themselves in the eye of the global financial storm many are seeking stability and solace in luxury goods like Rolex watches, which unlike their plunging currency are unlikely to devalue.

As Iceland in recent weeks has teetered on the brink of bankruptcy, Frank Michelsen, the Nordic country’s only Rolex vendor, says he has seen a “significant increase” in sales.

He refuses however to reveal his figures for fear of being accused of taking advantage of the crisis.

“Customers want something they can hold in their hands,” Michelsen told AFP.

“They don’t trust figures on computers because they’ve already seen these figures vanish just like smoke,” he said.

[…]

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