June 26: Bain Trims Its Luxury Forecast to 2-4%, but the Top Keeps Booming; London's Art Season Roars Back; the Rise of "Inheritourism"
Bain trims its 2026 luxury forecast after a rough first half, but the very top of the market keeps setting records; London's art season roars back with a second big collection sale in a week; luxury money shifts toward experiences and "inheritourism"; and new arrivals from Rolex and Porsche.

ALT/FNDATA
- Membership: (Use PODCAST15 for 15% off) https://altfndata.com/go/ob-260626
- Market reports: https://altfndata.com/go/ob-260626-r
- Podcast episodes: https://altfndata.com/go/ob-260626-p

Bain's Forecast, and a Market Split
- Bain & Company and Altagamma trimmed their outlook: personal luxury goods are now seen growing just 2 to 4 percent in 2026, after a punishing first half (Middle East conflict and oil spikes, US inflation at multi-year highs, record-low consumer confidence, the ECB's first rate hike since 2023).
- The split we keep flagging: Bain's caution is about the broad market, the entry-level bag and the aspirational shopper. The very top is another story. This week a single Modigliani sold for $63.9M in London, and in our data the year's top results (a $25.6M jade necklace, eight-figure Ferraris and watches) keep climbing.

London's Art Season Roars Back
- After the record Lewis Collection sale, Christie's quietly sold around 100 works from the Zabludowicz collection for some $20M. Two major single-owner collections to market in one week, both finding buyers, signals confidence has returned to the top of the art trade.

Experiences Over Things, and "Inheritourism"
- CNBC reports luxury money is flowing to experiences over goods: experiences (travel, events, dining) are set to grow 3 to 7 percent versus low-single-digit growth for goods, with cruises drawing first-timers. The trend it calls "inheritourism" is wealthy families traveling together, as a younger, inheriting generation takes on its parents' taste for travel over status goods.

Quick Hits
- Rolex opened what it bills as the world's highest watch boutique, high in the Swiss Alps.
- Porsche unveiled its first GT4 race car based on the 911, aimed at the track-day crowd.

The Markets (Friday open)
- European luxury opened quietly mixed after a wild week: LVMH down about 0.4 percent, Watches of Switzerland down about 1.3 percent, Pandora the standout, up another 3 percent. Full week's wrap on Closing Price tonight.

Also from ALT/FNDATA:
- Closing Price — this evening at 5 PM ET (week in review)
- Open Bid returns Monday at 6 AM ET

June 25: Billionaire's Collection Sells for $392.6M; a Modigliani Bought for $12.4M Sold for $63.9M; Versace's CEO Steps Down
The art collection of British billionaire Joe Lewis smashes records at Sotheby's, led by a 63.9 million dollar Modigliani he bought for 12.4 million in 1995; the CEO of Versace resigns; the rug from The Big Lebowski heads to auction; and the luxury market steadies after a wild week.

ALT/FNDATA
- Membership: (Use PODCAST15 for 15% off) https://altfndata.com/go/ob-260625
- Market reports: https://altfndata.com/go/ob-260625-r
- Podcast episodes: https://altfndata.com/go/ob-260625-p

The Lewis Collection: A Record Night
- The collection of British billionaire Joe Lewis sold at Sotheby's London for 392.6 million dollars, a record for a single-owner sale anywhere in Europe and nearly double its estimate. Just one of 25 lots failed to sell, and the house guaranteed none of them, a real vote of confidence at the top of the market.
- The top lot: Modigliani's 1917 "Seated Nude Wearing a Necklace" (Nu assis au collier) at 63.9 million dollars, a European auction record for the artist. Lewis had bought it at Christie's in 1995 for 12.4 million dollars, a more than five-fold gain over 31 years.

From Our Data
- The strength at the top isn't new. The most valuable fine-art result in our database over the past year is a 43.8 million dollar Canaletto view of Venice (Christie's), with a tight cluster of eight-figure modern masters just behind. Trophy names with clean provenance keep clearing big numbers, even as the middle of the market turns choosier.

Luxury Business: A Change at Versace
- Versace CEO Emmanuel Gintzburger has resigned. Versace was acquired by the Prada Group last year, and a leadership change was widely expected as Prada integrates the brand, another sign of consolidation at the top of Italian luxury.

Quick Hits
- The actual rug from "The Big Lebowski," the one that "really tied the room together," is heading to auction (Robb Report).
- Wealthy buyers are flocking to Spain, treating prime real estate as a haven from war and turmoil (Reuters).

The Markets: A Quiet Open
- After a whipsawing week, European luxury opened quietly mixed: Hermès and Kering edged up (about 0.25% and 0.9%), while LVMH and Richemont slipped slightly. A calm open is its own kind of good news.

Also from ALT/FNDATA:
- Auto Market — out today (Thursday)
- Closing Price — this evening at 5 PM ET
- Open Bid returns tomorrow at 6 AM ET

June 24:Luxury Steadies as China Pulls Back; $25.6M Jadeite Necklace; Remembering Yaacov Agam; Netherlands and Germany Return 2,000 Artefacts to Ghana
Markets steady after a brutal two days, but China's big mid-year shopping festival flashes a warning for luxury; a 25.6 million dollar jade necklace tops our jewelry database; the Netherlands and Germany agree to return 2,000 looted treasures to Ghana; and the art world remembers a pioneer of kinetic art.

ALT/FNDATA
- Membership: (Use PODCAST15 for 15% off) https://altfndata.com/go/ob-260624
- Market reports: https://altfndata.com/go/ob-260624-r
- Podcast episodes: https://altfndata.com/go/ob-260624-p

Markets: Steadying, and a Warning from China
- After Tuesday's selloff (Nasdaq down about 4 percent on Fed-hike fears), European luxury steadied at the open: LVMH and Hermès each up about 0.5 percent, Brunello Cucinelli higher. The laggards were the same all week: Burberry down 2.5 percent, Watches of Switzerland down a third straight day (about 2.9 percent).
- The bigger signal came from China. Its 618 mid-year shopping festival grew online sales just 4 percent year on year, down sharply from more than 15 percent last year (Syntun). For a luxury industry reliant on Chinese demand, that is a caution sign. Notably, secondhand and pre-owned sales jumped nearly 80 percent as shoppers traded down: the resale economy grows as the new-goods market cools.

A $25.6 Million Jade Necklace (ALT/FNDATA data)
- One of the highest jewelry results over the past year is a magnificent jadeite bead and coloured diamond necklace, sold for 25.6 million dollars at Christie's last month. Jadeite is the most prized gemstone in Chinese culture, and top imperial-green strands are rarer than fine diamonds.
- The split, again: a cautious mass-market Chinese consumer, and a firm and dazzling top. At the very top, demand is undimmed.

A Homecoming: 2,000 Treasures Return to Ghana
- The Netherlands and Germany agreed to return more than 2,000 cultural artefacts to Ghana, most taken during the colonial era. The Dutch return some 2,000 objects, including a gold ceremonial pipe the Asante king gave the Dutch monarch in 1837; Germany returns a smaller Kpando-linked group. Announced at a heritage conference in Accra, it follows the return of Asante royal regalia to Kumasi two years ago.

In Memoriam: Yaacov Agam
- Yaacov Agam, the Israeli artist and a founding figure of kinetic art, has died at 98. His works shift and change as the viewer moves, and they hang in major museums worldwide.

Also from ALT/FNDATA:
- Luxury Spending — out today (Wednesday)
- Closing Price — this evening at 5 PM ET
- Open Bid returns tomorrow at 6 AM ET

June 23: A Global Tech Selloff Halts Korea; a £5,588 Elizabeth I Jewel Could Fetch 20 Times That; Eric Clapton's 275 GTB Ferrari at $4M
Today: a technology-led selloff drags markets lower and briefly halts trading in South Korea, European luxury slides for a second day, a rediscovered Queen Elizabeth the First pendant bought for around 5,000 pounds heads to auction at more than 20 times that, and Eric Clapton's 1966 Ferrari comes to market at nearly 4 million dollars.

ALT/FNDATA
- Membership (PODCAST15 for 15% off): https://altfndata.com/go/ob-260623
- Market reports: https://altfndata.com/go/ob-260623-r
- Podcast episodes: https://altfndata.com/go/ob-260623-p

Markets: A Risk-Off Reversal
- Monday's peace-deal rally flipped to a broad, tech-led selloff. South Korean stocks tumbled 10 percent from a record, triggering a circuit breaker that briefly halted trading; the wider Asian tech rally cooled. Aluminum and other metals fell, and gold lost ground as Deutsche Bank followed Goldman Sachs in cutting its forecast.
- Israeli assets dropped sharply, unwinding a years-long wartime rally as the peace process eased the conflict premium.
- European luxury opened lower for a second day: Hermès 1,590.50 euros (down 1.8 percent, after almost 6 percent Monday), Burberry down 3.9 percent, Brunello Cucinelli down 3.9 percent, LVMH and Kering modestly lower, and watch retailer Watches of Switzerland down about 5.5 percent (a reversal after leading the group higher yesterday).

At Auction: A Queen and a Ferrari
- A sleeper: an amber pendant carved with a portrait of Queen Elizabeth the First, bought for just 5,588 pounds at an Edinburgh auction last November, has been authenticated as a rare Renaissance jewel. Sotheby's will offer it in London on July 1 with an estimate of 100,000 to 150,000 pounds, more than 20 times the purchase price. The portrait follows a 1592 engraving; the carving is attributed to a German amber master in Königsberg.
- Eric Clapton's former 1966 Ferrari 275 GTB/4, one of only 31 right-hand-drive examples, is on offer for 2.95 million pounds (nearly 4 million dollars). Clapton owned it 2003 to 2005 and commissioned a full restoration. Past owners of the model include Steve McQueen and Miles Davis.

Luxury Business: Porsche and Ferrari
- Porsche's CEO promised a leaner model lineup as profit pressure mounts, amid a difficult EV transition and a China slowdown.
- Ferrari denied a report that it had made access to its most exclusive limited editions conditional on buying its new Luce electric car. Allocation, deciding which clients may buy the rarest cars, is among the most sensitive subjects in the Ferrari world.

Quick Hits
- Menswear moved from Milan ("less was more") to Paris, where the spring 2027 men's shows are under way.
- Pomellato unveiled a new high-jewelry collection themed on creative freedom.

Disclosure: ALT/FNDATA provides data and analysis, not investment advice.

Also from ALT/FNDATA:
- Art Market — out today (Tuesday)
- Closing Price — this evening at 5 PM ET
- Open Bid returns tomorrow at 6 AM ET

June 22: Gold & Oil Sell Off; $17.4M Diamond Sold at Auction; New Creative Directors at Moschino
Safe havens sell off as US and Iran peace talks progress, with gold and oil falling and the dollar near a one-year high, a single coloured diamond tops our entire auction database at 17.4 million dollars, and there's a changing of leadership at Moschino.

ALT/FNDATA
- Membership (PODCAST15 for 15% off): https://altfndata.com/go/ob-260622
- Market reports: https://altfndata.com/go/ob-260622-r
- Podcast episodes: https://altfndata.com/go/ob-260622-p

Markets: A Peace-Deal Unwind
- Talks between the US and Iran showed real progress over the weekend, easing fears of a wider conflict and sending safe-haven assets lower. Gold fell about 2 percent this morning to around 4,228 dollars an ounce, and silver dropped close to 5 percent.
- Oil slipped too, with US crude back near 75 dollars a barrel, as Iran resumed shipping more crude through the Strait of Hormuz. The dollar held firm near a one-year high.
- US markets reopen today after Friday's Juneteenth holiday; Asian shares rose overnight. European luxury opened mixed: LVMH 500.40 euros (up about 0.2 percent from Friday's 499.25), Hermès flat at 1,722.50 euros, Richemont 183.10 Swiss francs (down about 0.3 percent), Kering 271.70 euros (down about 0.1 percent), Burberry 1,131 pence (down about 1.4 percent), and Brunello Cucinelli the weakest at 84.46 euros (down nearly 4 percent). The watch names were the bright spot: Watches of Switzerland 731.5 pence (up about 1.1 percent) and Swatch Group 210 Swiss francs (down about 0.3 percent).

Luxury Business: A New Duo at Moschino
- Creative director Adrian Appiolaza stepped down on Friday after two years, a mutual decision amid financial troubles at owner Aeffe. Moschino has hired the founders of Milan label Sunnei, Simone Rizzo and Loris Messina, to take over (Business of Fashion, Reuters).
- Loewe named a new global communications director, Eloise Hautcoeur, who joins from Versace in Milan (WWD).
- Luxury's beach-club era stretches into a ninth summer: brands are taking over the coastline, with Mytheresa, Gucci, and Jacquemus in Monaco and Burberry setting up in Athens (Business of Fashion).
- Alexander McQueen will return to the London Fashion Week calendar with a September runway show, its first London slot in years (WWD).

In the Art World (and tomorrow on Art Market)
- In France, the Coopérative-Musée Cérès Franco, a converted winery holding an eclectic private collection, has been recognized as a national museum and reopens after a major renovation (The Art Newspaper).
- A US court ordered veteran dealer David Nahmad to return a Modigliani painting found to have been looted, a notable Nazi-era restitution result (Artnet News).

Disclosure: ALT/FNDATA provides data and analysis, not investment advice.

Also from ALT/FNDATA:
- Closing Price — this evening at 5 PM ET
- Art Market — tomorrow (Tuesday)
- Open Bid returns tomorrow at 6 AM ET

June 19: The Dollar Rises and Gold Falls; Swiss Watches Split Primary vs. Secondary; the Obama Center Opens; Milan Menswear Week
The week ends with a rising dollar and gold heading for its worst week; Swiss watch exports stall even as the auction market booms; Art Basel wraps; the Obama Presidential Center opens; and the Milan menswear shows begin.

ALT/FNDATA
- Membership (PODCAST15 for 15% off): https://altfndata.com/go/ob-260619
- Market reports: https://altfndata.com/go/ob-260619-r
- Podcast episodes: https://altfndata.com/go/ob-260619-p

Markets — A Strong Dollar, a Weak Gold
- After the Fed signaled on Wednesday it intends to keep rates higher for longer, the dollar climbed and gold dropped. Gold is heading for its worst week in months (~$4,166/oz, down from Monday's record); Goldman Sachs cut its gold forecast, citing a lower chance of rate cuts this year.
- Stocks held up better — US markets rebounded Thursday, led by tech (Nasdaq +1.9%). European luxury opened mixed (LVMH/Burberry slightly up, Kering slightly down).
- One bright spot: UK retail sales rebounded unexpectedly in May (earlier months revised higher) — consumer resilience that's welcome for the luxury houses' big London businesses.

Swiss Watches, Two Markets
- New watches: Swiss watch exports barely grew in May after two months of declines, as the Middle East conflict weighed on demand (Business of Fashion).
- The secondary market tells the opposite story. Just last week, Phillips held the highest-grossing watch auction in US history — $75.8M, 100% sold (every lot found a buyer), led by a Swiss-made F.P. Journe at $13.9M, a world record for an independent watchmaker. Brands are shipping fewer new watches; collectors are paying record sums at auction.

Art Basel Wraps Up
- The fair's new "Basel Exclusive" section paid off, with early sales of big names like Picasso and Philip Guston — a sign the big-ticket end is finding buyers.
- In a first, New York's Paula Cooper Gallery won the inaugural Art Basel Gallery Legacy Award.

The Obama Center Opens
- The Obama Presidential Center opened in Chicago — a campus with a museum and major new commissions from Mark Bradford, Maya Lin, Richard Hunt, and Martin Puryear. An instant cultural landmark.

Milan Men's Fashion Week
- The menswear season kicked off — Milan Men's Fashion Week plus the Pitti Uomo trade fair in Florence (Spring 2027). The mood among executives is cautious, with brand relevance and volatility front of mind.
- Debut to watch: Canali unveils its new creative director Alessio Lillocci (ex-Prada, Brunello Cucinelli) on Sunday.

Quick Hits
- Prada is planning a multifloor store with an underground passage beneath Milan's Galleria Vittorio Emanuele II, opening September.
- Porsche revealed a limited 911 GT3 "Earls Court 51," a tribute to its first UK car — only 51 will be built.

By the Numbers (ALT/FNDATA data)
- Watch week (captured in our database): Phillips' New York sale was the highest-grossing watch auction in US history — $75.8M, 100% sold; top lot a Swiss-made F.P. Journe at $13.9M (world record, independent watchmaker). The auction market booms while Swiss exports stall.
- Markets: gold ~$4,166 (worst week in months, off Monday's record). Jun 18 close: Nasdaq 26,517.93 (+1.9%), S&P 7,500.58 (+1.1%), Dow 51,564.70 (+0.1%).

Week Ahead
- Art Basel closes this weekend; the Milan and Pitti menswear shows run through the next few days.

Also from ALT/FNDATA:
- Closing Price — this evening at 5 PM ET
- Open Bid returns Monday at 6 AM ET

June 18: The Fed Turns Hawkish in Warsh's Debut; Stocks and Gold Fall; a $35M Picasso Leads Art Basel
Kevin Warsh's first Fed meeting turns hawkish and sends stocks and gold lower; a $35M Picasso leads a cautious Art Basel; Christie's unveils the Jim Irsay Collection; and two fights break out over who really owns a work of art.

ALT/FNDATA
- Membership (PODCAST15 for 15% off): https://altfndata.com/go/ob-260618
- Market reports: https://altfndata.com/go/ob-260618-r
- Podcast episodes: https://altfndata.com/go/ob-260618-p

Markets — The Fed Turns Hawkish
- In his first meeting as chair, Kevin Warsh held rates steady but the Fed's projections showed nearly half of policymakers now expect at least one rate hike before the end of 2026 — firmer than investors expected.
- Bond yields jumped; stocks fell. The Dow closed −1.0% (~51,500), the S&P 500 −1.2% (~7,420). The US–Iran optimism gave way to a more sober rate view.
- This morning: gold dropped to ~$4,262/oz (it pays no yield, so a higher-rate outlook hurts it); oil eased to ~$74 (Hormuz supply). European luxury opened lower — LVMH (MC) −0.8%, Burberry (BRBY) −1.2%, Hermès/Kering/Richemont modestly lower.

Luxury Business
- Diageo (Johnnie Walker) — its new CEO is telling managers to cut jobs and costs (FT), a sign of pressure on the drinks industry post-boom.
- Allbirds has sold its brand assets to licensing firm American Exchange Group — a quiet end to its run as an independent company.

Cars & Watches (more in today's Auto Market)
- Bentley unveiled a 1-of-100 bespoke Continental GT S; Evoluto built a restomod of the 1990s Ferrari F355, limited to 55 cars.
- In LA, the third annual Open House gathered independent watchmakers and collectors — more energy around the independent end of watchmaking, the corner setting records at auction.

Art Basel, Day Two
- Buyers active at the top end despite a cautious mood; a Picasso led early sales at ~$35M.
- ALT/FNDATA data: the most valuable Picasso in our database is Les Femmes d'Alger at $179.4M (Christie's) — so a $35M Picasso sits comfortably within the artist's range.
- A small but telling note: the fair's prize for emerging artists was quietly cancelled this year.

Questions of Ownership
- Mexico has urged Sotheby's to halt the sale of two pre-Columbian artefacts, calling them national heritage.
- Dealer David Nahmad was given 30 days to return a Modigliani looted by the Nazis. Provenance is becoming as valuable as the work itself.

A Collector's Trove
- Christie's unveiled the Jim Irsay Collection, "Icons of History." Irsay, the late Colts owner, was a major collector; the final lot is the original working manuscript of Alcoholics Anonymous.

Also This Week
- The Obamas unveiled their first official painted portrait together, by Njideka Akunyili Crosby, timed to the Obama Presidential Center opening in Chicago.
- Old Pulteney released a 50-year-old single malt, its oldest and priciest; and Louisiana's Bayou Rum is reformulating after parent Stoli Group's bankruptcy.
- Jonathan Anderson was added to Dior's permanent exhibition space in Paris.

Week Ahead
- Art Basel runs through the weekend — the test is whether its strong start holds against the more hawkish Fed backdrop.

Also from ALT/FNDATA:
- Auto Market — today (Thursdays)
- Closing Price — this evening at 5 PM ET

June 17: $35M Picasso Leads Art Basel; De Beers Sale Heats Up; Dow Hits a Record, European Luxury Holds as US Falls
Art Basel opens with blue-chip buyers back and a $35M Picasso leading; the diamond giant De Beers may change hands; Christie's doubles its Old Masters estimate in Paris; and markets wait on the Fed's first decision under Kevin Warsh.

ALT/FNDATA
- Membership (PODCAST15 for 15% off): https://altfndata.com/go/ob-260617
- Market reports: https://altfndata.com/go/ob-260617-r
- Podcast episodes: https://altfndata.com/go/ob-260617-p

Art Basel Opens
- The most important fair on the art calendar opened to collectors this week. Buyers moved quickly on blue-chip work on opening day, led by a Picasso at around $35M.
- The mood: cautious but improving — dealers "playing it safe" and watching for a broader recovery after a couple of softer years.

A Designer's Archive
- The long-hidden personal archive of Martin Margiela, the famously private Belgian designer, is heading to auction — following news that Sotheby's will sell ~1,000 personal Karl Lagerfeld sketches. Designer archives are becoming their own collecting category.

The Diamond Giant
- Anglo American is looking to sell De Beers, and a group led by Gareth Penny, a former De Beers chief executive, is said to be leading the race to buy it (Business of Fashion).
- ALT/FNDATA data: The Ocean Dream, a coloured-diamond ring that fetched $17.4M at Christie's Geneva (Magnificent Jewels, May 13). Whoever buys De Beers is betting demand for stones like that holds.

Old Masters
- Christie's Maîtres Anciens (Old Masters) sale in Paris totaled ~€5.7M, doubling its pre-sale estimate — more evidence that well-curated material still draws strong bidding.

Markets
- Yesterday's split: the Dow closed at a record (~52,000) while the S&P 500 and Nasdaq both slipped as tech took a breather.
- This morning: Nasdaq futures higher; oil holding near a 3-month low (~$75/bbl); gold near its record (~$4,350); the dollar a touch softer.
- All eyes on the Federal Reserve's first rate decision under new chair Kevin Warsh, due later this week.

Luxury Equities
- Europe (today's open vs yesterday's close): a quiet, mixed open. LVMH (MC) +0.2%; Burberry (BRBY) +0.5%; Watches of Switzerland (WOSG) +0.4%; Hermès (RMS) −0.2%; Kering (KER) flat; Richemont (CFR) −0.6%; Swatch (UHR) −0.5%.
- The transatlantic split: yesterday in New York every US-listed luxury name we track closed lower even as the Dow set a record — Capri (CPRI) and Ralph Lauren (RL) each off more than 1%. European luxury firm, US luxury soft.

A London Bet
- Hermès opened a new mega-boutique on Bond Street in London — a big bet on the city's luxury appeal even as the wider sector recovers.

Week Ahead
- RM Sotheby's Sealed (featuring a 1969 Lamborghini Miura) closes today, June 17.

Also from ALT/FNDATA:
- Luxury Spending — today (Wednesdays)
- Closing Price — this evening at 5 PM ET