At the intersection of luxury goods, art, and commercialism, the mystery of how much things are worth, and why, continues to unravel. Trade of products for profit and investment in markets for financial gain are the universally understood practicalities of money making. The idea of buying and collecting for personal reasons inspired by a love for aesthetic, cultural, or historical value is not a new one, and the two worlds of investing for profit and investing for emotional satisfaction have made civil neighbours when it comes to financial decision making. The walls between them started to crumble when the likes of Basquiat, Warhol, Chanel, and Jordan started to sell for headline-making profit.
Christie’s New York reported a history-making year for handbag and accessories sales in 2023, and when the Whitney Museum moved out of a building, which then became a showroom for one of the world’s largest auction houses, Sothebys, the writing on the walls couldn’t have been clearer. “Some view this as a symbolic moment. A revered public museum turns into a sales outlet for art,sneakers, handbags, watches, jewels, and other luxury stuff,” writes Scott Reyburn for The Art Newspaper, to which artist Deborah Kass adds, “The old, wonderful Whitney Museum will be turned into a showroom, open to the public only when something is for sale. It’s the zeitgeist…”. I wait with optimistic anticipation for the day a vintage Thebe Magugu piece makes record-breaking sale history, reflecting African luxury’s impact on the zeitgeist.
This month we turn a refined eye to the luxury products that satisfy passion and the potential for profit. We also profile the people who are personally and financially invested in the luxury industry, whether it’s in the realm of selling classic cars (p32), collecting jewellery (p16), watches (p14 and p34), wine (p46), investing in luxury property (p36), or being deeply vested in culture and art (p38 and p48), the features in this issue bode well for those interested in forging a new way of enjoying their investments.
Read the full issue here:
