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What you should know before you start chasing bargains at the EOFY sales

<div class="theconversation-article-body"><a href="https://theconversation.com/profiles/park-thaichon-175182">Park Thaichon</a>, <a href="https://theconversation.com/institutions/university-of-southern-queensland-1069">University of Southern Queensland</a> What cost-of-living crisis? Millions of Australians are expected to spend <a href="https://www.roymorgan.com/findings/9592-ara-roy-morgan-media-release-eofy-mid-year-sales-2024">A$10.1 billion</a> during the end of financial year (EOFY) sales. Many products, from cars and holiday packages to clothing and white goods will be available at marked down prices over the next few weeks. Clothing and accessories will attract the biggest spend, followed by electronics and technology, household items and decorations and then appliances and white goods. To put the estimated $10.1 billion EOFY spend in perspective, in 2023 Australians spent <a href="https://ecommerce-report.auspost.com.au/">$361 billion on retail goods</a>, with $63.6 billion of that spent online. With such high spending, consumers need to make informed decisions to maximise their savings and avoid pitfalls. <h2>Buyer beware</h2> It is important to understand the return and exchange policies of the different retail stores. Most retailers allow shoppers who change their mind up to 30 days to return and receive a refund or exchange the product. Some may have shorter return periods or may not accept returns on sale items. These items are sometimes referred to as final sales, non-refundable purchases, last-chance deals, no-return sales and clearance items. This means if a customer bought something on sale and later doesn’t want it, they can’t return or exchange it. Some retailers have specific conditions about where items can be returned. For example, in Melbourne <a href="https://www.davidjones.com/return-options">David Jones</a> requires boutique brands to be returned to specific branch locations. For example, items purchased instore from Chanel can only be returned at Elizabeth Street and Bourke Street Mall branches. Other conditions might include <a href="https://www.myer.com.au/content/returns-exchanges">no refunds/no exchanges</a> on large electrical items, furniture or mattresses unless faulty or damaged. Or retailers may only offer instore credit or charge a <a href="https://www.davidjones.com/return-options">25% restocking fee</a> when a customer cancels an order for a large or bulky item. Many retailers, such as streetwear brand <a href="https://www.culturekings.com.au/pages/shipping-returns">Culture Kings</a>, also require a payment if the return process involves shipping. As well as these conditions, retailers require any returned items to be in their original condition and sometimes, their original packaging. Being aware of these policies can help customers make more informed decisions and avoid being stuck with items they don’t want. <h2>What to buy and where to get it</h2> Certain items, such as off-season clothing, electronics and furniture are often discounted during EOFY sales, making it a good time to get them at reduced cost. However, some items, like the latest Playstation or newest smart phone, may not be as heavily discounted and might be better bought at other times of the year. Shoppers should also avoid buying items they are unlikely to use or consume before they expire including perishable goods like food, cosmetics and vitamins. <hr /> <iframe id="dnC1Y" class="tc-infographic-datawrapper" style="border: none;" src="https://datawrapper.dwcdn.net/dnC1Y/" width="100%" height="400px" frameborder="0"></iframe> <hr /> It’s also important to consider the value of the item and whether the discount offered during sales justifies the purchase, especially for big-ticket items that may require significant storage space or maintenance. Customers should also consider where to buy their items. Online retailers often have competitive prices and a wide selection, but some customers may prefer to see the item before they purchase instore. <a href="https://journals.sagepub.com/doi/full/10.1177/14413582231167664">Multi-channel shopping</a> is a combination of both instore and online shopping. It gives customers the flexibility to choose how and where they want to browse and purchase. For example, some customers prefer to touch, feel and try a product instore but then make the purchase online for convenience, taking advantage of any free shipping offers and online discount. <h2>Pressure tactics</h2> It is important to be wary any deceptive tactics to persuade you to buy unwanted products. For example, some stores might use misleading advertising or pressure tactics to convince customers to make purchases with the feeling of fear of missing out (FOMO). <a href="https://onlinelibrary.wiley.com/doi/full/10.1111/ijcs.12649?casa_token=271MN72XdP8AAAAA%3AfhYF_2yUJtM7KGv5jvFdXn5UsXQLkMcIM_F6hffYa30QaSdRivjf2mhFX-cr5C7ttCuLl1-e2OFYXBA">Our research found</a> FOMO played a role in panic buying. During the EOFY sales, businesses may try to create a sense of urgency by claiming that items are selling out quickly or prices will increase soon. For example, online sites might state a product is “low in stock”, “151 items have been sold today” or “25 people are watching this item”. By being aware these tactics are intended to lock them into buying, customers can take their time to consider purchases carefully and avoid being swayed into buying things they do not really want or need. Ultimately, the best approach for customers is to plan ahead, research prices and shop around to find the best deals for their needs. <h2>Why we have EOFY sales</h2> The original purpose of the EOFY is to mark the end of a 12-month accounting period for businesses and individuals. EOFY sales help businesses clear out last year’s stock and make way for new. Moving stock also helps to improve the bottom line by converting unsold goods into revenue. If consumers are savvy, they can find ways to make savings while also putting money back into the economy.<img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/232568/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/park-thaichon-175182">Park Thaichon</a>, Associate Professor of Marketing, <a href="https://theconversation.com/institutions/university-of-southern-queensland-1069">University of Southern Queensland</a> Image credits: Shutterstock This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/what-you-should-know-before-you-start-chasing-bargains-at-the-eofy-sales-232568">original article</a>. </div>

Money & Banking

Riley Keough fights Graceland foreclosure sale

Elvis Presley's granddaughter Riley Keough has taken legal action against a company's plan to publicly auction Graceland estate in Memphis county, after she accused them of providing "fraudulent" documents. A public notice for a foreclosure sale of the 13-acre estate was posted in early May said that Promenade Trust, the company which controls the Graceland museum, owed $US3.8 million ($5.7 million) after failing to repay a 2018 loan. Keough's late mother, Lisa Marie Presley, allegedly signed the deed of trust and used Graceland as collateral. Naussany Investments and Private Lending, a Missouri-based company who managed the loan, claims that Lisa Marie failed to repay the loan. A public auction for the estate had been scheduled for Thursday this week, but a judge has blocked the sale after Keough sought a temporary restraining order and filed a lawsuit. In the lawsuit, Keough asserts that her mother never borrowed any money, and alleged that Lisa Marie’s signatures were forged and that Naussany Investments isn’t even a legitimate company. "Lisa Maria Presley never borrowed money from Naussany Investments and never gave a deed of trust to Naussany Investments," Keough's lawyer wrote in a lawsuit. “These documents are fraudulent. “Furthermore, the notary listed on the documents denies notarising Lisa Marie’s signature or ever meeting her.” A source told The New York Post that Keough is “traumatised” at what has unfolded and “never thought that a historic piece of property could even be considered to go into the hands of any random stranger”. An injunction hearing is set for Wednesday. Elvis bought the Graceland estate in 1957. After his death in 1977, his daughter Lisa Marie Presley inherited it and opened it up as a public museum five years later. After her death last year, her daughter Riley Keough became the heir. Image: Carl Timpone/BFA.com/ Shutterstock Editorial

Legal

World's most expensive house up for sale

A French chateau, once owned by a member of the Rothschild family and, later on, the King of Morocco, has gone up for sale with a £363 million (AU$699) price tag. Chateau d’Armainvilliers located at Seine-et-Marne, 48km east of the Eiffel Tower, is the world's most expensive home. Built upon the foundations of a 12th century castle, the sprawling mansion boasts 1,000 hectares of land, 100 rooms across 2,500 square metres of living space, a private lake, and plenty of sequoia trees - the largest trees in the world. Ignace Meuwissen, a self-acclaimed "real estate advisor to the global elite" described the property as a display of "opulence and grandeur". "It is the most expensive castle in France and perhaps in the world. The price of €425million is justified by the property itself but also by the 1,000 hectare land which offers numerous possibilities," he told Paris Match magazine. "An investor could build thousands of apartments there if he wanted." The chateau was first bought by the Rothschild banking empird in the late 19th century, before King Hassan II of Morocco bought it in the 1980s. He then made the chateau more fit for a king, adding a hammam spa, a beauty and hairdressing salon, and a fully-equipped medical and dental facility. The Moroccan King also added a basement level, which has a network of tunnels, kitchens, cold rooms, storage spaces and staff quarters. The lucky owner will also find Moroccan mosaics and wall tiles decorating the home, and for any avid equestrians, the home also has a stable big enough for 50 horses. However, some luxury property agents have expressed their doubts on whether the property would sell with its nine-figure sum, with one saying it was an "unrealistic" price tag. "It doesn’t make sense, it’s absurd Properties of this type could sell for 20-25 million, or even 30 million if we really fall in love with them. I’m not even sure that Vaux-le-Vicomte (a Baroque French château), which has no marketing plans, would sell at this price," one agent told French real estate publication Le Figaro Immobilier. Others were unsure whether the changes made by the King in the 1980s would suit modern tastes. Images: Whisper Auctions

Real Estate

Why Mr Bean is being blamed for decreasing electric vehicle sales

Rowan Atkinson has been blamed for a decrease in electric car sales, with a "damaging" article being debunked in the House of Lords. The actor and comedian, who is also a well-known car enthusiast, wrote an article for The Guardian, claiming he felt "duped" by electric vehicles, saying they aren't as eco-friendly as they are often portrayed. Atkinson says the problem with the vehicles' sustainable marketing focuses on just one part of the car’s operating life: what comes out of the exhaust pipes and ignores other elements such as the manufacturing and the mining of rare earth minerals, shipping and building of the batteries. These claims, and the article itself, have been addressed by the UK's House of Lords, with politicians blaming the story for a decrease in electric vehicle sales. UK think tank the Green Alliance says, “One of the most damaging articles was a comment piece written by Rowan Atkinson in The Guardian which has been roundly debunked.” Other deterrents identified by the committee were the high purchase price and insufficient charging infrastructure. Social media users were quick to take Atkinson's side in the debate, with one person writing on X, “If Rowan Atkinson is responsible, then give him a knighthood.” Another user says, “Rowan Atkinson with a degree and masters in Engineering. Knows more than those pushing electric cars.” "Apparently it's Mr Bean's fault for the poor take up of electric cars. Cancel him," another said. For the last 12 months, high power costs in the UK have meant that fast charging your electric car can be more expensive than refuelling a petrol or diesel vehicle. The UK is planning to ban sales of petrol and diesel vehicles from 2035, despite the slip in sales. Image credits: Getty Images

Legal

11 garage sale finds you should never pass up

Vintage furniture Want to snag the biggest bargain on vintage furniture at a garage sale? The key is to wait until the end of the day. By then, the sellers are wondering how they are going to get that heavy old sofa off of the grass and back into the living room – and they’ll be more likely to take your initial offer. Be careful with upholstered items (bed bug alert!), but once you’re confident it’s clean, try to look past garishly coloured fabric and eye-popping patterns: you can always reupholster a piece of furniture to better suit your sense of style. Artwork Garage sale artwork is a great way to add some colour to your home. It’s fun to pick up art for two reasons: You might learn about interesting local artists, or, even if you don’t like the image, you can always repurpose the frame. This is key for larger paintings and drawings, because big frames can be so expensive. Haggle if you want, since art is subjective and the sellers might not have too many interested buyers. Also, odds are that they’re tired of looking at it and just want it gone. Vintage jewellery Not to sound old-fashioned, but they don’t make jewellery like they used to – costume jewellery included. Since the popularity of items like brooches has declined over the years, you can usually get a deal on these accessories, and if you like, the possibilities for upgrading them are endless. Give tarnished silver a good polish with a paste of baking soda and warm water. For gold, paying a few bucks for solid pieces should pay off – you can always sell them for scrap or have them melted down to create something new. Kitchenware When you see pots and pans at a garage sale, look for rust, non-stick surfaces that are scratched or flaking, and chemical coatings that might leach out into your food. Cast-iron ware, on the other hand, can be salvaged and restored no matter what the condition – and it’ll last forever. Also, if you find the following items in good working condition, snap them up: stainless steel baking items, kitchen timers, serving utensils, Pyrex or ovenproof glass baking dishes, and quality knives (you can always take them in to be sharpened). Just make sure to wash these great garage sale finds well before use. Small kitchen appliance If you’re in the market for an ice cream maker, single-serve smoothie blender, or rotisserie, consider scouring garage sales first. People hold sales to sell off unused items that take up space on their countertops, and bulky, highly-specialised small appliances are often priced to move. You’ll usually be able to scoop them up for a fraction of their retail price – even if they’ve only been used once or twice. Jackets When it comes to apparel, jackets can be among the best garage sale finds. Since sellers spring-clean before their sales, bulky or unworn winter coats and vests are some of the first things to hit the to-go pile. Check for holes and wear before purchasing, and dry clean or give a good washing before putting in the closet for next year. For children, buy the next size(s) up and store in a closet for future seasons. Tools Tools like drills, saws, nail guns and compressors can be great garage sale finds. As long as the seller can prove that they’re in good working condition, snap them up. Ask how old the product is and how much it has been used over the years. Always keep an eye out for rust, which usually means the integrity of the metal is compromised, making the tool more dangerous to work with. Silverware Odds are you can pick up a stylish silverware set for cheaper than what you can find new at most stores, plus you’re likely to hear a cool back-story to boot. There’s also a chance that what you’ve got is actual silver. How can you tell? On the back of silver-plated items there will be markings that can include the company name, the country in which it was made, a product number, and the E.P. (electroplate) marking. Don’t miss this garage sale find! Bicycles Bikes can be a great garage sale find, but it’s important to take them for a test drive before you commit to the purchase. Hardcore bargain-hunters might consider bringing a wrench to adjust the seat and get a real feel for how it rides, paying particular attention to the condition of the brakes and tyres. (Although tires can always be filled with more air, check the treads for wear and the sidewalls for cracking.) For kids’ bikes, the owner’s children might not have used the item much before they outgrew it, but ask. Exercise equipment This is one of the best garage sale finds! A lot of people lose interest in their fitness gear quickly, which means you can get the equipment you’ve been looking for at half the price or better. Look for big-ticket items (elliptical machines, treadmills) as well as other indoor merch like hand weights in the spring, when New Year’s resolutions are long forgotten. Research the equipment first: It’s important to know where certain machines tend to wear out the most. Books Bulk up your home library with new favourite reads, especially children’s books (kids outgrow their books quickly as their reading comprehension increases) and hardcover classics. Image credits: Getty Images This article originally appeared on <a href="https://www.readersdigest.co.nz/food-home-garden/home-tips/11-garage-sale-finds-you-should-never-pass-up-2?pages=1" target="_blank" rel="noopener">Reader's Digest</a>.

Home & Garden

11 garage sale finds you should never pass up

<h2>Vintage furniture</h2> Want to snag the biggest bargain on vintage furniture at a garage sale? The key is to wait until the end of the day. By then, the sellers are wondering how they are going to get that heavy old sofa off of the grass and back into the living room – and they’ll be more likely to take your initial offer. Be careful with upholstered items (bed bug alert!), but once you’re confident it’s clean, try to look past garishly coloured fabric and eye-popping patterns: you can always reupholster a piece of furniture to better suit your sense of style. <h2>Artwork</h2> Garage sale artwork is a great way to add some colour to your home. It’s fun to pick up art for two reasons: you might learn about interesting local artists, or, even if you don’t like the image, you can always repurpose the frame. This is key for larger paintings and drawings, because big frames can be so expensive. Haggle if you want, since art is subjective and the sellers might not have too many interested buyers. Also, odds are that they’re tired of looking at it and just want it gone. <h2>Vintage jewellery</h2> Not to sound old-fashioned, but they don’t make jewellery like they used to – costume jewellery included. Since the popularity of items like brooches has declined over the years, you can usually get a deal on these accessories, and if you like, the possibilities for upgrading them are endless. Give tarnished silver a good polish with a paste of baking soda and warm water. For gold, paying a few bucks for solid pieces should pay off – you can always sell them for scrap or have them melted down to create something new. <h2>Kitchenware</h2> When you see pots and pans at a garage sale, look for rust, non-stick surfaces that are scratched or flaking, and chemical coatings that might leach out into your food. Cast-iron ware, on the other hand, can be salvaged and restored no matter what the condition – and it’ll last forever. Also, if you find the following items in good working condition, snap them up: stainless steel baking items, kitchen timers, serving utensils, Pyrex or ovenproof glass baking dishes, and quality knives (you can always take them in to be sharpened). Just make sure to wash these great garage sale finds well before use. <h2>Small kitchen appliances</h2> If you’re in the market for an ice cream maker, single-serve smoothie blender, or rotisserie, consider scouring garage sales first. People hold sales to sell off unused items that take up space on their benchtops, and bulky, highly-specialised small appliances are often priced to move. You’ll usually be able to scoop them up for a fraction of their retail price – even if they’ve only been used once or twice. <h2>Jackets</h2> When it comes to apparel, jackets can be among the best garage sale finds. Since sellers spring-clean before their sales, bulky or unworn winter coats and vests are some of the first things to hit the to-go pile. Check for holes and wear before purchasing, and dry clean or give a good washing before putting in the wardrobe for next year. For children, buy the next size(s) up and store in a cupboard for future seasons. <h2>Tools</h2> Tools like drills, saws, nail guns and compressors can be great garage sale finds. As long as the seller can prove that they’re in good working condition, snap them up. Ask how old the product is and how much it has been used over the years. Always keep an eye out for rust, which usually means the integrity of the metal is compromised, making the tool more dangerous to work with. <h2>Silverware</h2> Odds are you can pick up a stylish silverware set for cheaper than what you can find new at most stores, plus you’re likely to hear a cool back-story to boot. There’s also a chance that what you’ve got is actual silver. How can you tell? On the back of silver-plated items there will be markings that can include the company name, the country in which it was made, a product number, and the electroplate marking. Don’t miss this garage sale find! <h2>Bicycles</h2> Bikes can be a great garage sale find, but it’s important to take them for a test drive before you commit to the purchase. Hardcore bargain-hunters might consider bringing a wrench to adjust the seat and get a real feel for how it rides, paying particular attention to the condition of the brakes and tyres. (Although tyres can always be filled with more air, check the treads for wear and the sidewalls for cracking.) For kids’ bikes, the owner’s children might not have used the item much before they outgrew it, but ask. <h2>Exercise equipment</h2> This is one of the best garage sale finds! A lot of people lose interest in their fitness gear quickly, which means you can get the equipment you’ve been looking for at half the price or better. Look for big-ticket items (elliptical machines, treadmills) as well as other indoor merch like hand weights in autumn/winter, when New Year’s resolutions are long forgotten. Research the equipment first: it’s important to know where certain machines tend to wear out the most. <h2>Books</h2> Bulk up your home library with new favourite reads, especially children’s books (kids outgrow their books quickly as their reading comprehension increases) and hardcover classics. Image credit: Shutterstock This article originally appeared on <a href="https://www.readersdigest.co.nz/food-home-garden/11-garage-sale-finds-you-should-never-pass-up" target="_blank" rel="noopener">Reader's Digest</a>.

Home & Garden

Pirates of the Caribbean island up for sale

A Bahamian island, which was the backdrop for two iconic blockbuster films, is now up for sale for the eye-watering price of $150m. The island, known as Little Pipe Cay, was used as a backdrop for two Hollywood films: Pirates of the Caribbean: The Curse of the Black Pearl and Casino Royale, a film in the James Bond franchise. Spanning across over 40 acres of land, the island boasts stunning white-sand beaches and what locals refer to as “Bombay-Sapphire Blue” waters. The main property has 11 bedrooms, 12 bathrooms and four cottages, it’s basically like having a private mini resort. The property also has a deepwater dock that’s big enough for a superyacht, so you can host boat parties or simply cruise around with your peers. The lucky buyer will feel like they are on a never-ending getaway, as they can escape into the gardens or take a dip into the Olympic-sized infinity pool, the perfect place to appreciate the stunning tropical scenery. For those looking for some indoor activities, the island also offers a gym and spa, in the fully staffed island so that you will never need to lift a finger. The island is also home to many exotic plants and animals, including dolphins and sea turtles, so for those nature lovers it’s the perfect place to reconnect with mother nature. Alternatively, if you decide you’re bored of the same views, you can hop on a helicopter and fly off to another island or country, as the island also has a helipad for your travelling needs. Images: realestate.com.au/ Engel & Völkers Bahamas/ Getty

Real Estate

Woman finds piece of art history on sale for $8

It’s every thrifter’s dream to find something in an op shop that is being sold for far less than it’s worth. Many frequent their local thrift shops to find hidden treasures from designer brands with a much more reasonable price tag, finally giving them the chance to own a piece of luxury. One experienced thrift shopper has taken this dream to the next level, after she found a series of ceramic dishes in her local Salvation Army store that are a piece of art history. Nancy Cavaliere, a native New Yorker, has shared the story of her ultimate thrifting experience, which began on her way home from work in the summer of 2017. Nancy recalled stopping by the store and browsing for a while before resigning herself to defeat after not snagging a bargain. “I see nothing. I almost leave,” she said in her now-viral TikTok. <blockquote class="instagram-media" style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 540px; min-width: 326px; padding: 0; width: calc(100% - 2px);" data-instgrm-permalink="https://www.instagram.com/reel/CqTY-WXJ4DM/?utm_source=ig_embed&utm_campaign=loading" data-instgrm-version="14"> <div style="padding: 16px;"> <div style="display: flex; flex-direction: row; align-items: center;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;"> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;"> </div> </div> </div> <div style="padding: 19% 0;"> </div> <div style="display: block; height: 50px; margin: 0 auto 12px; width: 50px;"> </div> <div style="padding-top: 8px;"> <div style="color: #3897f0; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: 550; line-height: 18px;">View this post on Instagram</div> </div> <div style="padding: 12.5% 0;"> </div> <div style="display: flex; flex-direction: row; margin-bottom: 14px; align-items: center;"> <div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(0px) translateY(7px);"> </div> <div style="background-color: #f4f4f4; height: 12.5px; transform: rotate(-45deg) translateX(3px) translateY(1px); width: 12.5px; flex-grow: 0; margin-right: 14px; margin-left: 2px;"> </div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(9px) translateY(-18px);"> </div> </div> <div style="margin-left: 8px;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 20px; width: 20px;"> </div> <div style="width: 0; height: 0; border-top: 2px solid transparent; border-left: 6px solid #f4f4f4; border-bottom: 2px solid transparent; transform: translateX(16px) translateY(-4px) rotate(30deg);"> </div> </div> <div style="margin-left: auto;"> <div style="width: 0px; border-top: 8px solid #F4F4F4; border-right: 8px solid transparent; transform: translateY(16px);"> </div> <div style="background-color: #f4f4f4; flex-grow: 0; height: 12px; width: 16px; transform: translateY(-4px);"> </div> <div style="width: 0; height: 0; border-top: 8px solid #F4F4F4; border-left: 8px solid transparent; transform: translateY(-4px) translateX(8px);"> </div> </div> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center; margin-bottom: 24px;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 224px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 144px;"> </div> </div> <p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;"><a style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px; text-decoration: none;" href="https://www.instagram.com/reel/CqTY-WXJ4DM/?utm_source=ig_embed&utm_campaign=loading" target="_blank" rel="noopener">A post shared by Nancy Cavaliere (@casacavaliere)</a> </div> </blockquote> However, one more peruse past the china aisle was all Nancy needed for something to catch her eye, as she spied four unusual black plates with geometric faces hand-painted on them, with each plate marked with a $1.99 sticker. “I was going to buy them to make a tablescape,” Cavaliere said in the video. She bought the plates and left the store happy, and began to research her purchase once she got home. The plates, it turned out, belonged to Picasso’s “Visage Noir” series of hand-painted ceramics, produced in a pottery studio in the southern French town of Madoura in the 1940s. “When I tell you I googled this set… and saw how much they were worth and almost cried, passed out—I’m not lying,” Cavaliere said. Nancy then contacted several auction houses in New York, such as Sotheby’s and Christie’s, to have the plates appraised and authenticated. She was told they were each worth $3,000 to $5,000, and the following year, she sold three of her four plates at Sotheby’s for roughly $12,000, $13,000, and $16,000, respectively. “I was in my office at my lunch break watching this live auction go down, crying my eyes out,” she said. The fourth piece, which bears Picasso’s signature, Nancy decided to keep and store in a safe deposit box. Cavaliere plans to sell it in 20 years and give the money to her daughter, perhaps for a trip around Europe. “It’s crazy,” she said, “that I actually own something that Picasso signed for himself.” Image credits: Instagram

Art

3 sales tactics rife in the real estate industry, and why they work

Buying a home is likely to be the biggest financial transaction you will ever make, and you’re at a distinct disadvantage. You’re an amateur up against professionals – real estate agents – versed in psychological tricks to get you excited about owning a property and paying more than you planned. These tricks start with comparatively simple things such as making rooms look bigger in adverts by using a wide-angle photography. They extend all the way to the point of sale. None of these tactics necessarily involve outright lying – there are laws against false and misleading conduct. But they are manipulative, exploiting the fact that humans are emotional beings with many “cognitive biases” – a perception of reality that is more emotional ratther than rational. The three most common tactics come down to manipulating your confidence in your own decisions. Close to <a href="https://www.worldscientific.com/doi/abs/10.1142/S0217590816500156">80 studies</a> suggest overconfidence is one of the most significant cognitive biases influencing behaviour in the real estate market. <h2>1. Underquote, entice the bargain hunters</h2> You see a property in your price range that’s everything you want. You call the agent, inspect the property, then prepare for the auction. It sells for $200,000 more. Underquoting involves deliberately advertising a property significantly lower than its likely sales price. While the prevalence of the practice is disputed, with industry representatives saying most agents do the right thing, <a href="https://www.theage.com.au/property/news/new-3-8-million-crackdown-on-underquoting-by-victorian-real-estate-agents-20220914-p5bhzq.html">anecdotal evidence</a>points to underquoting being very common. Underquoting is effective because it attracts more interested buyers and increases the number and intensity of bidding. It exploits two of the most ubiquitous cognitive biases – herd behaviour and irrational exuberance. More interest doesn’t just increase competition. A real estate agent will communicate that interest to us, confirming our desire in the property is justified. This tendency to “follow the herd” and imitate others, as US economist Robert Shiller noted in an influential <a href="https://www.jstor.org/stable/2117915">1995 paper</a>, is built on the assumption others have information that justiﬁes their actions. This helps explain pretty much every stockmarket bubble since <a href="https://theconversation.com/tulip-mania-the-classic-story-of-a-dutch-financial-bubble-is-mostly-wrong-91413">tulipmania in the 17th century</a>, including the <a href="https://lsecentralbanking.medium.com/how-did-herd-behaviour-contribute-to-the-global-financial-crisis-3b0024a4755e">Global Financial Crisis of 2007-8</a> and <a href="https://www.sciencedirect.com/science/article/abs/pii/S1544612318303647">speculation on cryptocurrency</a>. We are emotionally swayed by the decisions of others, assuming their decisions are rational, even when they are not. This is fertile ground for our own decisions to be manipulated. <h2>2. Hide reality, inflate expectations</h2> Real estate agents will generally favour auctions to extract the <a href="https://www.domain.com.au/news/selling-at-auction-in-melbourne-earns-vendors-tens-of-thousands-in-extra-cash-1072565/">maximum sales price</a>, for the reasons outlined above and the prospect of <a href="https://www.researchgate.net/publication/220505543_Understanding_auction_fever_A_framework_for_emotional_bidding">auction fever</a> – when carefully decided limits are forgotten in the thrill of the moment. But that’s not always the case. In a soft market with few buyers, agents may instead opt for a private sale, sometimes called a “<a href="https://attwoodmarshall.com.au/the-silent-auction/">silent auction</a>”. The goal here is to cause you to overestimate the degree of competition and thus make a bigger offer. An agent might assist this perception by instead supplying you with information from previous public auctions of similar properties more favourable to their preferred narrative. The value of hiding information also explains why you may come across so many sold listings with <a href="https://www.smh.com.au/property/news/should-you-be-able-to-know-how-much-your-neighbours-sold-their-house-for-20220223-p59z2t.html">labels</a> such as “price not disclosed” or “price withheld.” The reason for this may well be that the property sold for less than hoped. Hiding information the agent doesn’t want you to think about depends principally on exploiting our cognitive bias towards <a href="https://www.sciencedirect.com/topics/psychology/overconfidence">overconfidence</a> – assuming we are smarter, more knowledgeable or better skilled than we actually are. In lieu of that negative information, you are more likely to focus on the available information – particularly if it suits what you want to believe. <h2>3. Talk up nominal gains</h2> You may have heard the <a href="https://www.smh.com.au/property/news/do-house-prices-really-double-every-10-years-20211203-p59eif.html">old saying</a> that property values double every 10 years. Stressing what a property is likely to be worth in a decade <a href="https://www.realestate.com.au/news/suburbs-you-shouldve-bought-a-home-in-10-years-ago-and-how-much-your-area-has-grown/">based on what it was worth a decade ago</a> can be a powerful motivator to bid more. As Robert Shiller noted in his 2013 book <a href="https://press.princeton.edu/books/paperback/9780691156323/the-subprime-solution">The Subprime Solution</a> (about the property-buying mania that led to the Global Financial Crisis), homes are such significant investments that we tend to recall their prices from the distant past (unlike, say, like a loaf of bread or bottle of milk). This tendency results in an unconscious focus on nominal values rather than <a href="https://www.fool.com/investing/general/2012/04/12/the-illusion-of-housing-as-a-great-investment.aspx">real (inflation-adjusted) values</a>. This cognitive bias is known as the <a href="https://www.emerald.com/insight/content/doi/10.1108/14635789810212931/full/html">money illusion</a>, a mental miscalculation that may increase your willingness to pay more for the property. <h2>In conclusion…</h2> There’s a case for laws to <a href="https://www.realestate.com.au/news/push-to-end-home-sale-price-confusion-in-victorian-property-industry-review/">increase transparency</a> and the accuracy of information available in the real estate market. But in the meantime, if you’re buying a home, it’s wise to acknowledge your limitations. Do your homework, seek out independent advice and even consider hiring a professional advocate with the knowledge and experience to balance emotional and rational thoughts. Image credits: Getty Images This article originally appeared on <a href="https://theconversation.com/3-sales-tactics-rife-in-the-real-estate-industry-and-why-they-work-202960" target="_blank" rel="noopener">The Conversation</a>.

Real Estate

“Rip off”: Charity shop blasted over extortionate sale

A local charity shop has come under fire for selling a pair of designer shoes for a hefty sum. The op-shop at Palm Beach on the Gold Coast is selling a pair of gold embellished Christian LouBoutin loafers for $500 after being discounted from $1,483. The eye-watering price tag was posted to Facebook and caused outrage among locals, as the shoes were propped up on a red velvet pillow. A woman by the name of Jo Sherwood posted the image to the Palm Beach community Facebook page, writing, “You know when Palmy has gone really upmarket (sic) … designer shoes at Vinnies.” Despite her claims, a spokesperson for the St Vincent de Paul Society has clarified the designer loafers were not from a Vinnies but another independent op shop in the area. Many were quick to slam the hefty price tag, calling the sale a “rip-off”. “It’s bloody disgusting the prices they charge on anything. I saw a Kmart dress in there last week, they were selling it for more than Kmart sold it for,” another wrote. Others were quick to call out many op shops who seem to have forgotten who they are there for. “Think they need to remember they are selling donated goods, not operating a boutique store,” someone replied. Another said that “all op shops have forgotten that they are meant to be there for the poor people, not just the hipsters.” Image credits: Facebook

Beauty & Style

Neglected pre-war car up for sale after miracle restoration

A 1939 MG VA, initially purchased as a stripped bare shell of itself, is heading for auction. When the pre-war vehicle sold for only a few hundred dollars, it wasn’t asking for much - most likely because it wasn’t offering a whole lot either. Missing entire doors and rusting in more than one place, the car left a lot to be desired. Its original owner had tucked it away in the garage after the MG failed an MOT in 1969 - an annual test in the United Kingdom to verify a vehicle’s safety. Although they’d intended to restore it, those plans never came to fruition, with the car learning a hard lesson in dust bunnies instead. 45 years later, it finally got the chance to see the light of day again, with its next owner snatching it up from a family friend at a ‘bargain’ price. And to everyone’s delight, the vehicle finally got the makeover it had been waiting almost half a century for. The owner - who has requested anonymity - even performed the bulk of the work by themself, although they left the engine overhaul and respray to the professionals. The hard work produced some spectacular results, and with the car now rolling into auction with an asking price of ~$18,500-$22,2000, its next owner is sure to enjoy all that it has to offer. When the line of MG VAs left production, they sold for up to $650 (or roughly $35,000 in 2023), and only 2,400 of them were ever made. The vehicles were produced alongside the larger SA and WA models, with their smallest-in-the-range 108-inch wheelbases distinguishing them from their counterparts. The VA model was only produced for two years, before the Second World War saw production come to a screeching halt. The MG company itself had been founded in the 1920s, and was renowned for its range of two-seater sports cars. After years of ownership changes, and after it was absorbed into the British Leyland group, the firm - which at that point was known as MG Rover - faced financial difficulty in the early 200s, and by 2005 was forced into receivership. However, the group was then purchased by Nanjing Automobile Group, and resumed its production of vehicles in 2007. In 2011, the MG6 appeared in the market, establishing itself as the first UK model in 16 years. And as for the 1939 VA model heading to auction with Charterhouse, Richard Bromell - who is handling the sale - had one just one thing to note, “to say the MG was bought as a project makes it sound much better than it was as it was in a very sorry state indeed “Thankfully the owner was more than handy with a spanner and undertook a complete restoration of the MG.” Images: Charterhouse Auctioneers & Valuers

Money & Banking

Private island on sale for a price cheaper than most homes

A private island is up for grabs in Queensland, for a price that is cheaper than an average home in most Australian cities. Poole Island, situated in the Whitsundays, comes with two homes that were built in the 1800s and 1980s, and has an asking price of just under $1 million. This comes after a contract fell through when a would-be buyer couldn’t be contacted, so the 20ha island is back on the market. “I can confirm that we have not been able to contact the purchaser,” Private Islands Online Australia’s Richard Vanhoff told 7NEWS.com.au. “We have tried ourselves, and we are also going on advice from the purchaser’s solicitor, who has also not been able to contact him.” The island is now accepting offers over $995,000. Other features of the island include a handmade rock swimming pool and a 215m runway to cater for small aircraft or a helicopter that flies in from Airlie Beach or Bowen. According to the listing, the pool itself is equipped with a new windmill pump that continuously pumps water into the pool so there’s “no need for chemicals or cleaning as the crystal clear water is in abundance”. The island also has a slipway for any boat owners or those who love to fish, and a stone shed where you can store various machinery including tractors and slashers. Images: Private Islands Online Australia

Real Estate

Vinyl record sales keep spinning and spinning – with no end in sight

Over the past decade, vinyl records have made a major comeback. People purchased US$1.2 billion of records in 2022, a 20% jump from the previous year. Not only did sales rise, but they also surpassed CD sales for the first time since 1988, according to <a href="https://www.riaa.com/2022-year-end-music-industry-revenue-report-riaa/">a new report</a> from the Recording Industry Association of America. Who saw that coming? I certainly didn’t. In the mid-1990s, I sold off my family’s very large collection of records over my wife’s protests. I convinced her we needed the space, even if the buyer was picking up the whole stash for a song. Back then, of course, there were far fewer options for listening to music – it was years before <a href="https://pitchfork.com/features/lists-and-guides/9986-the-year-in-streaming-2016/">on-demand streaming</a> and <a href="https://www.shockwave-sound.com/blog/music-on-the-move-a-short-history-of-mobile-listening/">smartphones</a>. <a href="https://www.bu.edu/questrom/profile/jay-zagorsky/">I now teach at a business school</a> and <a href="http://businessmacroeconomics.com/">follow the economy’s</a> latest trends. Sales of records have been increasing since 2007, and the data shows the vinyl record industry’s rebound still has not peaked. Last year, the music industry sold 41.3 million albums, more than in any year since 1988. This resurgence is just one chapter in a broader story about the growing popularity of older technologies. Not only are <a href="http://www.the-standard.org/life/vinyl-records-making-a-comeback-after-30-years-of-being-behind-cds/article_9108143e-3bdd-11ea-be0d-97edd557218b.html">LP records coming back</a>, but so are <a href="https://www.washingtonpost.com/dc-md-va/2018/09/24/sales-are-booming-manhattan-typewriter-store-mostly-thanks-young-people-tom-hanks/">manual typewriters</a>, <a href="https://www.washingtonpost.com/business/2022/12/24/board-game-popularity/">board games</a> and <a href="https://theconversation.com/why-are-so-many-gen-z-ers-drawn-to-old-digital-cameras-198854">digital cameras from the late 1990s and early 2000s</a>. There are many <a href="https://blog.technavio.com/blog/reasons-behind-upsurge-vinyl-record-sales">theories about why records</a> are <a href="https://www.readersdigest.co.uk/culture/music/why-is-vinyl-making-a-comeback">making a comeback</a>. Most of them miss the point about their appeal. <h2>Why records and not CDs?</h2> One suggestion is that sales have been spurred by <a href="https://www.bbc.co.uk/programmes/p057l522">baby boomers</a>, many of whom <a href="https://www.pewresearch.org/fact-tank/2020/11/09/the-pace-of-boomer-retirements-has-accelerated-in-the-past-year/">are now entering retirement</a> and are eager to tap into the nostalgia of their youth. Data shows this theory is not true. First, the <a href="https://www.billboard.com/charts/vinyl-albums">top-selling vinyl albums right now are current artists</a>, not classic bands. As of this writing, <a href="https://illustrationchronicles.com/jamie-hewlett-gorillaz-and-the-enduring-evolution-of-pop">Gorillaz, a band formed in the late 1990s</a>, was at the top of the vinyl charts. Second, <a href="https://www.riaa.com/reports/2021-u-s-consumer-music-profile-musicwatch-inc/">data from the recording industry</a> shows the most likely person to buy a LP record is in Gen Z – people born from 1997 to 2012. Another theory is that records are cheap. While that might have been true in the past, today’s vinyl records command a premium. “Cracker Island,” the Gorillaz album that is currently topping the vinyl sales charts, <a href="https://usstore.gorillaz.com/products/cracker-island-standard-vinyl">lists for almost $22</a> – twice the cost of the CD. Plus, subscribing to an online service like Spotify for 15 bucks a month gives you access to millions of tracks. A third explanation for the resurgence is that <a href="https://www.sciencefocus.com/science/does-vinyl-really-sound-better/">people claim records have better sound quality</a> than digital audio files. Records are analog recordings that capture the entire sound wave. Digital files are sampled at periodic intervals, which means only part of the sound wave is captured. In addition to sampling, many <a href="https://www.soundonsound.com/techniques/what-data-compression-does-your-music">streaming services and most stored audio files compress the sound</a> information of a recording. <a href="https://cs.stanford.edu/people/eroberts/courses/soco/projects/data-compression/lossy/mp3/concept.htm">Compression allows people</a> to put more songs on their phones and listen to streaming services without using up much bandwidth. However, <a href="https://electronics.sony.com/hi-res-audio-mp3-cd-sound-quality-comparison">compression eliminates some sounds</a>. While LP records are not sampled or compressed, they do <a href="https://www.perfectvinylforever.com/faq">develop snap, crackle and popping sounds</a> after being played multiple times. Records also skip, which is something that doesn’t happen with digital music. If you’re really going for quality, CDs are usually a superior digital format because <a href="https://www.gearpatrol.com/tech/audio/a731474/reasons-to-buy-cds/">the audio data is not compressed</a> and has much better fidelity than records. Yet even though CDs are higher quality, <a href="https://www.riaa.com/u-s-sales-database/">CDs sales have been steadily falling</a> since their peak in 2000. <h2>The ultimate status symbol</h2> In my view, the most likely reason for the resurgence of records was identified by an economist over a century ago. In the late 1890s, <a href="https://www.econlib.org/library/Enc/bios/Veblen.html">Thorstein Veblen</a> looked at spending in society and wrote an influential book called “<a href="https://en.wikipedia.org/wiki/The_Theory_of_the_Leisure_Class">The Theory of the Leisure Class</a>.” In it, he explained that people often buy items as a way to gain and convey status. One of Veblen’s key ideas is that not everything in life is purchased because it is easy, fun or high quality. Sometimes harder, more time-consuming or exotic items offer more status. A cake is a great example. Say you offer to bring a cake to a party. You can buy a bakery-made cake that will look perfect and take only a few minutes to purchase. Or you could bake one at home. Even if it’s delicious, it won’t look as nice and will take hours to make. But if your friends are like mine, they’ll gush over the homemade cake and not mention the perfect store-bought one. Buying and playing vinyl records is becoming a status symbol. Today, playing music is effortless. Just shout your request at a smart speaker, like Siri or Alexa, or touch an app on your smartphone. Playing a record on a turntable takes time and effort. Building your collection requires thoughtful deliberation and money. A record storage cube alongside an accompanying record player also makes for some nice living room decor. And now I – the uncool professor that I am – find myself bemoaning the loss of all of those albums I sold years ago. Image credits: Getty Images This article originally appeared on <a href="https://theconversation.com/vinyl-record-sales-keep-spinning-and-spinning-with-no-end-in-sight-201444" target="_blank" rel="noopener">The Conversation</a>.

Music

Spending too much money? Tempted by sales? These ways to ‘hack’ your psychology can help

It’s late November, which means the holiday sales period has well and truly begun. If you haven’t already seen your spending go up, the possibility is looming. And you probably have some concerns about spending your money wisely. Furthermore, shopping can be a harrowing experience, and our attitudes towards money are tied up in all kinds of feelings. Based on psychology, here are three tips to improve the way you spend your hard-earned cash this holiday season. Before the purchase – patience is your friend One of the amazing features of the human mind is that we can mentally time travel: we can imagine what the future is going to feel like. Scientists call this “<a href="https://doi.org/10.1016/S0065-2601(03)01006-2" target="_blank" rel="noopener">affective forecasting</a>”. Thinking about a future trip – imagining the warm sun, the sand between your toes, finding yourself smiling – is an example of such mental time travel. However, it turns out <a href="https://www.bauer.uh.edu/vpatrick/docs/Looking%20Through%20the%20Crystal%20Ball.pdf" target="_blank" rel="noopener">we’re not very good at affective forecasting</a>. We get wrong not only the emotions we will experience, but also their intensity and duration. Lottery winners are a classic example – contrary to expectations, <a href="https://doi.org/10.1037//0022-3514.36.8.917" target="_blank" rel="noopener">many are not happy</a>, or not happy for long. More importantly, you can derive happiness from just anticipating future experiences. For example, one study measured the happiness of 974 people going on a trip compared with 556 people not going on a trip. As you might expect, the vacationers were relatively happier – <a href="https://doi.org/10.1007%2Fs11482-009-9091-9" target="_blank" rel="noopener">but only before the trip</a>. So, how can we take advantage of our capacity to mentally time travel? Tip #1: Pay now, consume later. These days, fuelled by the rise of “buy now, pay later” options, we get to consume what we want immediately. However, this instant gratification deprives us of a key source of happiness: anticipation. A better strategy is to commit to buy something and then wait a little before actually consuming it. At the point of purchase – notice you’re paying An inevitability of every purchase is spending money. This represents a cost, both in terms of the monetary value but also the opportunity to buy other things. Costs are a form of loss, and <a href="https://doi.org/10.1037/0003-066X.39.4.341" target="_blank" rel="noopener">we don’t like losing things</a>. For that reason, it psychologically hurts to spend money. Scientists call this the “<a href="https://doi.org/10.1287/mksc.17.1.4" target="_blank" rel="noopener">pain of paying</a>”. According to <a href="https://doi.org/10.1111/1467-8721.00151" target="_blank" rel="noopener">one theory of shopping</a>, we decide to buy after making a mental calculation: is the anticipated pleasure of consuming higher than the anticipated pain of buying? <a href="https://doi.org/10.1016%2Fj.neuron.2006.11.010" target="_blank" rel="noopener">This calculus</a> is even represented in the brain. For example, <a href="http://dx.doi.org/10.2139/ssrn.2901808" target="_blank" rel="noopener">one study</a> looking at people’s brains with fMRI while they purchased food found neural activity in areas linked to higher-order, affective pain processing, which correlated with how high the price was. How did you pay for your last meal? Did you have to dig into your wallet or purse trying to extract the appropriate combination of notes and coins? Maybe you simply pulled out a plastic card and swiped it on the reader? Or perhaps you absentmindedly touched your smartphone to the machine. <figure class="align-center "><img src="https://images.theconversation.com/files/496420/original/file-20221121-14-8dpx7o.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=754&fit=clip" sizes="(min-width: 1466px) 754px, (max-width: 599px) 100vw, (min-width: 600px) 600px, 237px" srcset="https://images.theconversation.com/files/496420/original/file-20221121-14-8dpx7o.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=600&h=400&fit=crop&dpr=1 600w, https://images.theconversation.com/files/496420/original/file-20221121-14-8dpx7o.jpg?ixlib=rb-1.1.0&q=30&auto=format&w=600&h=400&fit=crop&dpr=2 1200w, https://images.theconversation.com/files/496420/original/file-20221121-14-8dpx7o.jpg?ixlib=rb-1.1.0&q=15&auto=format&w=600&h=400&fit=crop&dpr=3 1800w, https://images.theconversation.com/files/496420/original/file-20221121-14-8dpx7o.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=754&h=503&fit=crop&dpr=1 754w, https://images.theconversation.com/files/496420/original/file-20221121-14-8dpx7o.jpg?ixlib=rb-1.1.0&q=30&auto=format&w=754&h=503&fit=crop&dpr=2 1508w, https://images.theconversation.com/files/496420/original/file-20221121-14-8dpx7o.jpg?ixlib=rb-1.1.0&q=15&auto=format&w=754&h=503&fit=crop&dpr=3 2262w" alt="A person holding up their smartphone to a contactless payment system" /><figcaption>‘Tapping’ with your phone greatly reduces the pain of paying. <a class="source" href="https://unsplash.com/photos/k24rOBJ2D_0" target="_blank" rel="noopener">naipo.de/Unsplash</a></figcaption></figure> It turns out your method of payment changes how much pain you feel. In <a href="https://doi.org/10.1093/jcr/ucv056" target="_blank" rel="noopener">one study</a>, researchers asked some university employees if they would like to buy a mug at a discounted price. Half were only allowed to pay in cash, whereas the other half had to use a debit or credit card. Those who paid in cash self-reported more pain of paying. So, how can you use this to your advantage? Tip #2: Ramp up the pain. If you’re worried about overspending this holiday period, ramp up the pain of paying. You can do this by using cash or receiving a notification each time money leaves your account. After the purchase – stop chasing rainbows A fundamental feature of human beings is that we are adaptive – we easily get used to the new normal. This applies to our purchases, too. Scientists call it “<a href="https://www.cmu.edu/dietrich/sds/docs/loewenstein/HedonicAdaptation.pdf" target="_blank" rel="noopener">hedonic adaptation</a>”: over time, consumption of the same thing brings decreasing happiness. Remember the day you got your smartphone? You may have felt joy as you caressed the smooth aluminium back and watched light glint off the unblemished glass. Now look at your phone. What happened to the joy? It’s normal to experience hedonic adaptation. However, one problem is that we don’t anticipate it. Remember affective forecasting? Since <a href="https://doi.org/10.2307/3150499" target="_blank" rel="noopener">satisfaction is a function of expectations relative to performance</a>, when we fail to adjust our expectations in light of the inevitable hedonic adaptation, we end up dissatisfied. The second problem with hedonic adaptation is that the obvious solution appears to be buying something new. Maybe you need a new smartphone to replace your slightly scratched-up old one? If this is your thinking, you’ve just hopped onto the <a href="https://doi.org/10.1037/0003-066X.61.4.305" target="_blank" rel="noopener">hedonic treadmill</a>. Now the only way to maintain your happiness is to spend more and more money to get better and better versions of everything. So, how can you get off this treadmill? Tip #3: Buy experiences, not things. It turns out <a href="https://doi.org/10.1093/jcr/ucaa047" target="_blank" rel="noopener">people end up happier when they buy experiences rather than things</a>. For example, <a href="https://doi.org/10.1007/s12232-010-0093-6" target="_blank" rel="noopener">a study</a> that tracked how older adults spent their money found that only one category of spending was related to happiness: leisure purchases, such as going on trips, seeing a movie at the cinema, and cheering at sporting events. One reason for this is that <a href="https://doi.org/10.1086/597049" target="_blank" rel="noopener">we adapt to purchases of experiences more slowly</a> than purchases of material things. So, the next time you’re tossing up between buying tickets to a festival or getting the latest gadget, pick up your scratched-up smartphone and pre-purchase some festival tickets for you and your friends.<img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/194821/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> Writen by Adrian R. Camilleri. Republished with permission from <a href="https://theconversation.com/spending-too-much-money-tempted-by-sales-these-ways-to-hack-your-psychology-can-help-194821" target="_blank" rel="noopener">The Conversation</a>. Image: Getty Images

Money & Banking

Woman lists engagement ring for sale

A woman has caused quite the stir when she listed her engagement ring for sale. The gorgeous Tiffany engagement ring was listed on a private buy-sell Facebook group after the seller decided it was time to part ways with it. “Selling this for obvious reasons. I do now I don't," the seller wrote on the listing. "Compared to current Tiffany pricing of a 1.0 Carat ring at $23,600, I am letting go of this beauty at $18,500. Condition is close to brand new - never worn much." Her listing however raised questions on who the engagement ring belongs to if a relationship ends. "Legally you can't sell this and have to give it back if you didn't proceed with the marriage," one woman commented. "If he paid for it, it's his, and he should get all the $$$," another user agreed. Someone defended the seller saying it was unnecessary for people to comment about the woman’s circumstances. "OMG, why do [people] feel the need to comment on this? You don't know the circumstances. If you don't want to buy it, why bother adding your two cents?" Images: Facebook

Relationships

Rare Yarra Valley winery with intriguing history up for sale

A sprawling homestead - complete with its very own winery - has hit the market for the first time in 40 years, and comes with owners with an unusual story. Sitting on over 36 hectares in Victoria’s Yarra Valley, the Gracedale Hills Estate and accompanying Hill Paddock Winery first came to be in the late 1990’s, after a chance meeting between Australian wine writer and critic James Halliday and Dr Richard Gutch OAM, the man who delivered Olivia Newton-John. As the doctor to Netwon-John’s mother, Irene, Dr Gutch brought the famed Aussie singer and actress into the world on September 26, 1948, in Cambridge, England. Years later, he and his wife Verna purchased the property in Healesville, with the intention of retiring, from Newell Cowan, who established the neighbouring Eyton on Yarra and Rochford Wines. At Eyton’s opening in 1996, Dr Gutch sat next to James Halliday, who advised him to plant vines on his estate. “Because of the northeastern slope, James Halliday said: ‘You’ll never get a frost’, and we never have,” Penny Gutch, Richard and Verna’s daughter, said. Ms Gutch, who turns 60 next year, has been managing her late father’s property with her husband Chris and said she has decided it’s time to sell. Hill Paddock Winery produced its first wine in 2003 under the Gracedale Hills label, going on to release 100 cases of shiraz, chardonnay and rosé until the COVID-19 pandemic hit. Now, the winery is leased under a ten-year agreement with well-known Yarra Valley winemaker Mac Forbes, where he produces the Gracedale Hills “Hills Paddock” wines and his own. Ms Gutch said the new owner of the estate - about half of which is separately leased to farmers for animal grazing - could decide to get involved in the winery or let it operate under the lease. But its farming and wine-making qualities aren’t the only highlights, with the three-bedroom house located on the estate boasting 360 degree views of Mt St Leonard and The Great Dividing Range. Trevor Lavigne, an agent with Philip Webb Real Estate, said he had received inquiries about the estate from local, interstate and international buyers, and that it could be used as an Airbnb or developed further, pending council approval. The estate has been <a href="https://www.realestate.com.au/property-acreage+semi-rural-vic-healesville-140230475" target="_blank" rel="noopener">listed</a> with an asking price of $5.3-5.8 million, with private inspections available. Images: Realestate.com.au

Real Estate

Johnny Depp makes over $5 million in art sales

Johnny Depp has made over $5 million in just a few hours through the sale of his debut art collection. The Hollywood actor sold 780 prints through Castle Fine Art's 37 galleries within hours of announcing the sale on Instagram. The Friends And Heroes collection depicts famous people who have inspired him, including Rolling Stone Keith Richards and Hollywood actress Elizabeth Taylor. "I've always used art to express my feelings," the 59-year-old said. "My paintings surround my life, but I kept them to myself and limited myself. No one should ever limit themselves." Depp said he used his art, which also depicted actor Al Pacino and folk legend Bob Dylan, to "reflect on those who matter most to me, like my family, friends and people I admire". All 780 artwords sold within hours after the sale was announced, with individual images going for almost $7,000, and the complete portfolio of four images selling for just over $26,000. Depp's post on Instagram, captioned only "NOW AT #CASTLEFINEART", prompted a rush of traffic to the gallery's website causing it to crash within minutes. In a press release, the gallery described the actor's work as existing "at the intersection of pop art and street art" and as "pop art with feeling". The gallery had long been in talks with Mr Depp about staging an exhibition and sale of his work, and expects to host more of it in the future. Image credits: Getty Images

Art

Historic first as unique WWII sea fort bunker goes on sale

A decommissioned World War II fort in the middle of the ocean is being auctioned off for the first time in an historic sale. Starting at £50,000 (A$87k), the abandoned concrete vessel was initially built between 1915 and 1919 for naval defence during World War I, but was not operational until WWII. The property, which is located in the Humber Estuary of Northern England, is defined by the United Kingdom as a “grade II” building or structure that is “of special interest, warranting every effort to preserve it”, making it a historic listing. The unique marine dwelling under the hammer on July 19th through <a href="https://www.rightmove.co.uk/properties/124641977?utm_campaign=later-linkinbio-zillowgonewild&utm_content=later-28287929&utm_medium=social&utm_source=linkin.bio#/?channel=RES_BUY" target="_blank" rel="noopener">Savills National Auctions</a>. The ship once featured 30cm of armour on one side and an arsenal of weapons on the other, which was enough to support a garrison of up to 200 soldiers, according to the listing. The armour and weaponry were stripped from the site back in 1956. The sea fort is made up of three floors with a basement and a chamber below sea level, and also features a central two-storey observation tower. “In need of refurbishment throughout with potential for development /alternative uses, subject to consent.” the listing explains. The sea fort itself can only be accessed ‘by private boat’ from a port just south of Hull, located approximately five hours from London. Image credits: rightmove.co.uk

Real Estate

Prince George holds bake sale for charity

Prince George’s first efforts to help save the planet have come to light, after it was revealed he organised a bake sale for Tusk, a charity that his father is a patron of, during the UK’s Covid lockdown. Charlie Mayhew, the chief executive of Tusk, was the first to speak of George’s fundraiser. Though he wouldn’t disclose how much the young royal raised, Mayhew said the funds were accompanied by “a very sweet card” in which George expressed his concern for endangered animals in Africa. “Prince George very sweetly did a little cake sale to raise money for Tusk during lockdown and wrote a very sweet card about it, clearly demonstrating his concern fro Africa’s wildlife,” Mahew told GB News. Conservation work has been an important part of life for George’s family, with Prince William, Prince Charles, and Prince Phillip all championing environmental causes. The Duke of Cambridge has previously spoken about passing on his passion to his children, which seems to have been a success with George’s first fundraising venture. <blockquote class="twitter-tweet"> Baking cakes for the local community in Cardiff to enjoy at a Platinum Jubilee street party taking place today! 🎉 We hope you like them! 🧁 <a href="https://t.co/lK9QkaGugB">pic.twitter.com/lK9QkaGugB</a> — The Duke and Duchess of Cambridge (@KensingtonRoyal) <a href="https://twitter.com/KensingtonRoyal/status/1533359456376987649?ref_src=twsrc%5Etfw">June 5, 2022</a></blockquote> It isn’t the only time George has shown off his baking skills either, after Kate Middleton and the Cambridge kids baked some sweet treats for a Platinum Jubilee street party in Cardiff. “Baking cakes for the local community in Cardiff to enjoy at a Platinum Jubilee street party taking place today!” the Cambridges tweeted, along with a montage of cute snaps. “We hope you like them!” Image: Getty Images

Family & Pets

Sean Connery's personal James Bond Aston Martin on sale for first time ever

A piece of Hollywood history has gone up for sale, with car enthusiasts everywhere dying to get their hands on it. Sean Connery's personal 1964 Aston Martin DB5 is being offered for sale through <a href="https://www.broadarrowauctions.com/vehicles/009/1964-aston-martin-db5" target="_blank" rel="noreferrer noopener">Broad Arrow Auctions</a>, with the iconic vehicle expected to fetch between $US1.4 million and $1.8 million ($AU1.9-2.5m). The car boasts a Snow Shadow Grey colour, as per it's appearance in the Bond movie Goldfinger, over a show-stopping red leather interior. The vehicle was delivered brand new to its original owner in the UK in 1964, where it remained until Connery bought it in 2018 and relocated it to his property in Switzerland. It is worth noting that the car was originally black, and Connery had it painted to match his famous on-screen co-star. The Snow Shadow Grey colour was limited to the prototype DB5 used in the James Bond films, and was replaced by Silver Birch as the 'factory' DB5 colour. The car is on sale for the first time, with the lucky owner also receiving driving training from Formula One World Champion Jackie Stewart. Many of the proceeds from the sale benefitting the Sean Connery Philanthropy Fund, a charity supporting young people of Scotland. The auction for the car will take place on August 17th 2022. Image credits: drive.com

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