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Jeff Koons sculpture Green Diamond (2004) was bought for a reported $12 million recently, and now it adorns the penthouse terrace of an Upper East Side building:

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(via Curbed)

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Meanwhile, below the streets, the MTA plans on cutting 360 maintenance and managerial jobs by 2010 including subway car cleaners and station cleaners.

(NYPost article)

and lastly, no recession is complete without a diamond-encrusted remote-controlled lamborghini neck chain piece. POW: