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zeynep's profile
zeynep tufekci
zeynep tufekci
zeynep tufekci
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zeynep tufekciVerified account

@zeynep

Complex systems, wicked problems. Society, technology, science and more. @UNC professor. @NYTimes columnist. My newsletter is @insight: http://www.theinsight.org 

floating in a most peculiar way
theinsight.org
Joined August 2009

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    1. Felix Salmon‏Verified account @felixsalmon 11 Dec 2021

      Felix Salmon Retweeted Chris Black

      A short thread about performative philanthropy, based on this sale.https://twitter.com/donetodeath/status/1469698255290130437 …

      Felix Salmon added,

      Chris BlackVerified account @donetodeath
      We are not ok — pic.twitter.com/E6tMtPdXrr
      3 replies 19 retweets 38 likes
      Show this thread
    2. Felix Salmon‏Verified account @felixsalmon 11 Dec 2021

      What you're looking at here is a brand-new Patek Philippe watch from Tiffany's, retail price $52,635. It's in a limited edition of 170. You can buy it, very soon, from Tiffany locations in New York, Beverly Hills, and San Francisco.

      2 replies 0 retweets 10 likes
      Show this thread
    3. Felix Salmon‏Verified account @felixsalmon 11 Dec 2021

      This watch is the first to be sold, but it's otherwise identical to the other 169. Oh, there's one other difference: "One hundred percent of proceeds from the sale of this watch will benefit The Nature Conservancy."https://www.phillips.com/detail/patek-philippe/NY080121/1T …

      1 reply 0 retweets 6 likes
      Show this thread
    4. Felix Salmon‏Verified account @felixsalmon 11 Dec 2021

      In most charity auctions, the consignor gets the tax deduction. Not in this case. In this case, the *buyer* can claim a tax deduction of the difference between the hammer price and the retail price of $52,635.

      2 replies 0 retweets 5 likes
      Show this thread
    5. Felix Salmon‏Verified account @felixsalmon 11 Dec 2021

      The hammer price was $5.35 million, so the deduction comes to $5,297,365. The hammer price isn't the sale price. The sale price includes Phillips's "buyer's premium", which comes to $1,153,500. The total amount the buyer paid for the watch was therefore $6,503,500.

      1 reply 0 retweets 4 likes
      Show this thread
    6. Felix Salmon‏Verified account @felixsalmon 11 Dec 2021

      The buyer might well consider this purchase to be a nice way of donating money to a worthy cause, while getting a pretty watch into the bargain. But out of the $6.5 million paid for the watch, only $5.35 million is going to The Nature Conservancy.

      1 reply 0 retweets 6 likes
      Show this thread
    7. Felix Salmon‏Verified account @felixsalmon 11 Dec 2021

      Effectively, the buyer is paying $1.15 million to Phillips for the privilege of being seen to be donating $5.35 million to The Nature Conservancy. Oh, and somewhere in there a wristwatch is involved.

      2 replies 3 retweets 20 likes
      Show this thread
    8. Felix Salmon‏Verified account @felixsalmon 11 Dec 2021

      None of which matters to Patek Philippe or Tiffany's, both of whom get to boast that one of these watches sold at auction for $6.5 million. That should make it a lot easier to sell the 169 others at $52,635 apiece!

      6 replies 1 retweet 15 likes
      Show this thread
      zeynep tufekci‏Verified account @zeynep 11 Dec 2021
      Replying to @felixsalmon

      👀

      9:11 AM - 11 Dec 2021
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      • Jeff Blanchard Felix Salmon
      0 replies 1 retweet 2 likes

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