We take a look at the Hermes Alligator Leather Table Clock as made for the Only Watch 2009 event.

The Only Watch auction is a collaboration between Patrizzi & Co. Auctioneers and the Monaco Yacht Show. It will be held this year in Monaco on September 24, 2009.

The charity that will benefit from the event researches treatment for Duchenne Muscular Dystrophy.

Avenue Princesse Grace is the most expensive street in the world to buy property, where $120,000 (€84,985) will purchase just one square metre of prime real estate, according to a survey by Wealth Bulletin.

Prime residential property on the top 10 most expensive streets in the world saw their overall value fall by 12% in the last year, the survey found, with European streets faring better than their US and emerging markets counterparts.

That compares with price falls of between 20% to 30% in mainstream property prices in London and New York over the same period.

Chaired by the Editor of the Financial Times, Lionel Barber, The FT Business of Luxury Summit will bring together leaders from one of the world’s most successful industries.

This year’s theme is “Beyond Green: Economics, Ethics and Enticement”.

The annual event, now in its fifth year, will be hosted at Monte Carlo’s Salles des Etoiles in June, and will be attended by luxury brands, luxury consultants and brand experts.

Debates are expected to centre around the impact of the economic crisis on the luxury sector and future plans for businesses to become more ethical and environmentally friendly.

London has been pushed off its top spot by Monaco as the most expensive place to buy residential property, with the UK capital and surrounding counties suffering some of the biggest price falls in the world.

Monaco, where prime property is being sold for €50,000 ($68,000) per sq m (your average 1,500 square foot apartment would theoretically run you $10 million), is now followed by London, at €28,000 per sq m, then Manhattan, at €16,500 per sq m.

The Wealth Report, compiled by Citi Private Bank and Knight Frank shows that property values fell 17 percent in London and 25 percent in Hong Kong.

Source: Financial Times

The Mediterranean city state of Monaco has shelved a multi-billion-dollar scheme to expand into the sea because of the global economic crisis, its ruler Prince Albert II said Tuesday.

Albert said Monaco had been forced to drop plans to build a huge artificial peninsula, which had been compared to Dubai’s island developments.

“In the current climate it would be irresponsible to launch a project of this scale,” the prince told AFP in an interview, explaining that the project had fallen short of its funding and environmental protection goals.