So is it a recession or what? Even those wealthy wads who drop piles of cash on Picassos and the like are feeling the pinch: The Wall Street Journal sees trouble ahead in the art world: "Sotheby's accounts receivable—the money owed by buyers who purchased art at auction—more than doubled to $835 million in 2007, according to Sotheby's annual report. That is the largest total in Sotheby's history."

Even CEOs are hurting! "Bold boards are killing practices long popular among big bosses, such as retention grants of restricted shares, generous exit rewards and "gross-ups" to cover the taxes that executives have to pay for certain benefits." Can you imagine? Also? A whole bunch of banks have lost, like, millions of dollars. Still, there's plenty of good news on the economic front:

•The megabucks crowd is still spending, says the Times. "Buyers this year have already closed on 71 Manhattan apartments that each cost more than $10 million, compared with 17 apartments in that price range during all of 2007." This is actually the least offensive part of the piece; read on to learn about a party set for The Plaza in May which "will feature a dozen female string musicians made up to look like statues and clothed in dresses of fresh flowers, like roses and gardenias. There will be caviar and Cognac bars, as well as a buffet designed to visually replicate 17th-century Dutch paintings from the recent Metropolitan Museum of Art exhibit, 'The Age of Rembrandt.'"

•Sting "now owns more than $50 million worth of apartments on Central Park West," having just shelled out "$26.5 million for a 16th-floor apartment at 15 Central Park West." This is in addition to another apartment the singer of "One World Is Enough For All Of Us" owns up the block, which was recently put on the market for $24 million.

•A New York businessman was willing to drop a load of $1.5 million for an FBI-classified film of Marilyn Monroe blowing some dude who is not Jack or Bobby Kennedy.

•U.S. retail sales actually rose slightly in March, a possible sign that consumers will keep on spending until they pry the credit cards from their cold, foreclosed hands. Or maybe it's just that gas is so damn expensive.

Frugal shoppers who remain wary of the troubled economy would be advised to hit up Cole Haan, where a Fiona pump will only set you back a reasonable $275. Ah, America.