Commentators are already calling the auction of the Yves Saint Laurent/Pierre Berge art collection amassed lovingly over more than forty years "the sale of the century". The sale which took place in Paris over three days last week (February 23, 24 and 25 to be precise) broke price records and injected new confidence in what was until now a very jittery art market. Proceeds will reportedly go to a foundation for AIDS/HIV research as yet unformed. Tant mieux!
It is not just the staggering hammer prices shelled out for Impressionist masters that has buoyed confidence. It is the fact that virtually every item, whether 17th century Nuremberg silver or 20th century decorative art pieces by relatively obscure masters, far exceeded the upper end of Christie's pre-sale estimates, in some cases many times over. Given that virtually every media outlet in existence has been spewing nothing but a steady stream of doom and gloom for the past few months, the fact that the much-anticipated sale exceeded even the most optimistic expectations stands in stark contrast to the rest of the news these days.
While this is obviously very good news for the art market in general, could there be lessons in this for the rest of the luxury industry as well? We know for instance that one of the guiding principles for Saint Laurent and Berge while they were amassing their collection was that they only acquired the very best examples from each artist or period. We also know that they cultivated a long-standing relationship with only a few top-notch Parisian antiquaires who acted as both trusted advisors and procurement agents. (Source) So what does the unmitigated success of the recent sale tell us?
1. Contrary to popular perception, wealthy consumers still have lots of money to spend;
2. Wealthy consumers are willing to spend it for top notch art and antiques of impeccable provenance;
3. Add just the right dose of well-calibrated glamour balanced out by a worthy cause and you can virtually name your asking price.
In other words, give wealthy consumers a reason to spend and they will. The luxury industry would do well to take note.
Sincerely,
The Luxe Chronicles
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