— Jewelry designers and retailers from New York to Los Angeles are lining up for the second installment of an auction that’s expected to bring in hundreds of thousands of dollars for the local economy.
This year’s auction at the Javits Center is the first since the financial crisis, which left the city in deep debt and crippled its economy.
The auctions are expected to draw a record $5.5 billion.
They’re scheduled to begin Thursday.
Auctioneer Chris D. Miller of the Javitz Center is working closely with the New York-based Global Wealth Institute to bring the biggest auctions in the city to New York, which has become a hub for luxury goods and apparel.
The Global Wealth Index, which includes all the major retailers, brands and jewelry retailers, predicts that the auction sales will bring in about $5 billion this year, more than double the amount that it predicted just three years ago.
The city is in dire financial straits.
The state legislature recently passed a bill that would require that all new taxes be earmarked for public infrastructure.
That measure was vetoed by Gov.
Cuomo, who has been criticized by some for his handling of the financial crises, says the legislation will help New York “foster an economic recovery that will be better than any other.”
He also says that if passed, it will create more jobs and improve the quality of life for New Yorkers.
But many analysts say it will not.
The economy is slowing down in many ways.
New York’s unemployment rate is more than twice that of neighboring states like Connecticut and Pennsylvania, and its economy is growing at the slowest rate in decades.
In the last fiscal year, sales tax revenue was $2.6 billion lower than the same period in 2013.
New Yorkers spent about $14 billion more than they did in the previous year on taxes.
In addition, many retailers have been closing shops.
The New York Retail Consortium says that more than 10 percent of the stores closed in the first three months of 2018.
The New York City Council voted last week to raise the minimum wage to $15 an hour, with the goal of boosting that number to $25 by 2022.
But the legislation is stalled in Albany, which is dominated by Republicans.
The bill would allow businesses to pay employees less for their time and would also give workers the right to unionize.