The global luxury goods market shrunk by 2% in 2024. Gucci's sales have plummeted and Dior's are floundering too. However, at auction houses, luxury is not experiencing a crisis. So much so that Sotheby's has just announced "the largest sale in 30 years" of Breguet watches, to be held in November to celebrate the 250th anniversary of the Swiss watch brand.
Luxury takes center stage in the new Parisian premises of Patrick Drahi's auction house, inaugurated last October in the 8th arrondissement, on the corner of Avenue Matignon and Rue du Faubourg-Saint-Honoré, a stone's throw from the luxury brands on Avenue Montaigne. The aim? "To be more accessible by responding to the desires of our collectors," said Marie-Anne Ginoux, managing director of Sotheby's in France.
In other words, to match the profile of new buyers, more in search of art de vivre pieces at high-end prices than knowledge-intensive collectibles. The brand-new premises feature paintings, as well as designer bags displayed like works of art, jewelry and wine. In the summer of 2024, Sotheby's had already sold the cellar of Taiwanese billionaire Pierre Chen, around 100 bottles of champagne, for $1.4 million.
You have 78.15% of this article left to read. The rest is for subscribers only.