International News
US sees modest month-over-month retail sales growth amidst consumer worries over inflation
Data released today by the U.S. Census Bureau showed modest month-over-month retail sales growth in February amid consumer worries over inflation and Washington policy decisions, National Retail Federation Chief Economist Jack Kleinhenz said.

“Lower-than-expected consumer spending in the first couple of months of the year likely reflected payback for very strong spending in the fourth quarter and weather-related events since then,” Jack Kleinhenz said. “Moreover, these results show that households are apprehensive and carefully navigating lingering inflation and turmoil related to changing economic policies. Regardless of the softer spending, consumer fundamentals remain healthy and intact so far, supported by low unemployment, steady income growth and other household finances. American shoppers will likely continue to spend as long as unemployment remains low and job growth continues.”
The Census Bureau said overall retail sales in February were up 0.2% seasonally adjusted month over month and up 3.1% unadjusted year over year. That compared with a decrease of 1.2% month over month and an increase of 3.9% year over year in January.
February’s core retail sales as defined by NRF — based on the Census data but excluding automobile dealers, gasoline stations and restaurants — were up 0.9% seasonally adjusted month over month but down 0.2% unadjusted year over year because of the comparison against unusually high sales in February 2024. Core sales were down 1.2% year over year on a three-month moving average, also skewed by last February.
The results come after core retail sales grew 4.2% year over year during the 2024 holiday season and 3.6% for the full year.
Last week, the CNBC/NRF Retail Monitor, powered by Affinity Solutions, reported that core retail sales were down 0.22% seasonally adjusted month over month in February but up 4.11% unadjusted year over year. That compared with a decrease of 1.27% month over month and an increase of 5.72% year over year in January.
As the leading authority and voice for the retail industry, NRF provides data on retail sales each month and also forecasts annual retail sales and spending for key periods such as the holiday season each year.
International News
Sotheby’s Breuer Opening Auction Achieves Nearly $14 Million With Exceptional Heritage Jewels
The luxury house expands its creative partnership with the K-pop icon, introducing limited-edition pieces that fuse high jewellery craftsmanship with global pop-culture appeal.
The inaugural jewelry sale at Sotheby’s new Breuer building location showcases rare masterpieces from Boucheron, Belperron, JAR, Cartier and more—setting strong results across top lots.
Sotheby’s marked the debut of its New York Breuer building with an elegant inaugural jewelry sale titled A Legacy of Elegance: Jewels from an Exceptional Collection. The auction presented 56 curated lots from some of the most influential designers in jewelry history and closed with an impressive total approaching$14 million.
The top performer of the evening was a magnificent Boucheron laurel wreath necklace dating back to around 1888. Set with seven cushion-cut Burmese and Thai rubies and a mix of old mine-, old European-, and single-cut diamonds, the historic piece sold for $1.3 million, landing comfortably within its presale estimate.
The auction featured standout creations by celebrated names including Suzanne Belperron, JAR, René Boivin and Cartier—many of which surpassed expectations. Below are the remaining highlights from the top 10 results:

Reversible Pendant/Brooch: A vibrant multi-gem piece featuring pink topazes, rubies, diamonds, amethysts, sapphires, tourmalines and demantoid garnets sold for just over $1 million, more than doubling its $500,000 high estimate.

Diamond Earrings: A pair showcasing two pear-shaped diamonds — a 12.24-carat F/VVS2 and an 11.68-carat D/VS2 — realized $889,000.

Suzanne Belperron, 1966 Bib Necklace: Featuring topazes, morganites, aquamarines and diamonds, this statement creation brought in $825,500, exceeding its $350,000 top estimate.

JAR Quatrefoil Earrings: Pavé-set with rubies and diamonds, the pair sold for $698,500, above the $600,000 estimate.

JAR Rock Crystal & Sapphire Butterfly Brooch (circa 1987): Achieved $698,500, surpassing its $500,000 expected high.

Suzanne Belperron, 1954 Necklace: A cabochon sapphire and diamond bib-style piece that doubled its estimate, selling for $635,000.

JAR Wild Rose Brooch: Featuring a grey natural pearl framed by amethyst and sapphire petals, the brooch brought in $609,600, beating its $400,000 estimate.

Cartier 1930s Ruby & Diamond Bracelet: The invisibly-set classic reached $558,800, just over its high estimate.

JAR Frost-Inspired Earrings: Diamond-set branches radiating from pear-shaped center stones sold for $508,000, slightly above expectations.
The successful debut signals strong collector appetite for rare, historically significant jewels and reinforces Sotheby’s positioning at the forefront of high jewelry auctions.
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