$15.4million Dance Lessons vs. My $70/hour Lessons August 3, 2006
I saw this article in today’s Wall Street Journal about an investment banker at HSBC Hong Kong who paid $15.4 million for eight years (half of the amount up front) to secure unlimited Latin dance lessons from 15-time world Latin dance champion Gaynor Fairweather of the UK and her Italian husband, dancer Mirko Saccani.
Mimi Wong, a 61-year old widow claimed she was “looking for the last bit of glory in life.” Her extravagances are nothing new to Hong Kong, where there is said to be no shortage of big spenders. However, an Argentine dance instructor offering lessons there at a more modest rate of $70 per hour commented, “It’s just ridiculous. No one could actually take enough lessons to make it worth it.” Never mind the costs, dancing is serious business in Hong Kong and Wong is known for seeking perfectionism at any cost. She is now in court suing her instructors for the return of her prepayment following an embarrassing and threatening incident she suffered at the hands of Saccani at a mock dance competition. According to court documents Saccani shouted at her to “move your arse” and called her a “lazy cow” in front of fellow dancers. After this incident Wong came to realize the money involved for her lessons was “stupid,” “crazy” and “completely out of hand,” leading to a further falling out between them. Soon thereafter, she won a court order to freeze her instructors’ bank accounts. Although the publicity surrounding her obviously isn’t good, HSBC is standing behind its top Asia banker. A judgment in the court case is expected later this summer and in the meantime Wong is paying a new instructor $21,000 per month.
I know people can do what they want with their money, but this seems to be a case of ‘out of touch with reality’. I’m sure this banker has the means and money, but that’s a lot of lessons for 8 years. And at 61 years old, she’d be 69 years old by the end of her ‘lessons’.
I also took dance lessons with my fiancee before getting married so we look like we know what we’re doing. It was another wedding expense that I hadn’t anticipated, but it was well worth it. We had a friend who knew an incredible dance teacher who has been in those Gap clothing commercials a few years ago and in movies such as “Mona Lisa Smile” with Julia Roberts. He gave us the friends rate at $70 an hour. We had 6 lessons which was perfect for our first dance preparation. It was one more thing I didn’t have to worry about on the day of our wedding. It was well worth it in our minds. But then again, maybe that’s the way the super rich, like Mimi Wong thinks when she agrees to a $15.4million dance lesson…until she realizes that she paid enough money to feed a starving country.
- Posted in : Money and Relationship
- Author : Kyle
Comments»
You got a really good rate. The going rate for ballroom in DC is $70/hour for a private lesson (I assume from the advert is for one, but it might be per couple). The rate changes depending on floor fees for the instructor. He goes as high as $75, and as low as $65 if you prepay for 10 lessons.
While the cost of living in HK is exorbitant, I’m not sure that prepaying that much money for such a long period of time is worth it. How about 6 months’ worth of lessons and take it from there?
Wow. That is an amazing amount of money for some dance lessons no matter who is teaching them. I wonder how they came to that amount? If she was given two 1 hour lessons a week for 8 years that would break down to just over $20,000 an hour. Now that is what I call an hourly rate! Great post.
As a professional dance teacher in Manhattan, I have been watching this story unfold with amusement. I too have a wealthy Asian client, who flies into NY twice a year to study painting (and take some ballroom & latin lessons). My rates are certainly a bargain compared to HK prices. Still, my student prefers to spend gobs of money for a 45 minute lesson with a ‘champion’ or ‘ex-champion’. I get annoyed because most of what they teach is crap. They’re just taking the money and not giving any information that is actually going to help his ‘over sixty’ body dance better. My student ends up confused and barely able to stand and move naturally. This story is another reminder of how little integrity there is in the Dancesport industry. She’s not paying 20K a 45 minute session to learn correct hip action — she’s paying to dance with a handsome young guy who is married to an ex-world champion. Status sells for big bucks — as always.
i always wanted to be a dance instructor. I love to dance its one of my favorite hobbies. Im doing a school project on dance instructors and i would really appreciate it if you can get back to me with a little more information on this. thanks alot!
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