Lessons for luxury from the art world’s miserable year

Louis Vuitton’s reissue of its early 2000s collaboration with Japanese artist Takashi Murakami contained some products under US$1,000 (NZ$1700) alongside high-priced items such as US$12,000 trunks. (Image: DepositPhotos)

The Washington Post

Sun, 20 Apr 2025

By Andrea Felsted The luxury sector can learn from the art market’s pain. Sellers of Balenciaga bags and Banksy works have both been hit by last year’s bursting of the bling bubble. The art market responded by ensuring it has a plentiful supply of affordable pieces to tempt new buyers. Luxury houses should do the same. Demand for both Rolexes and Rothkos soared during the pandemic, as young people and the middle class treated themselves to designer labels and the uber-rich indulged in art. Luxury brands pushed up...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Already a Subscriber ? Sign in here.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}