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LUXURY and ART. Oscar Wilde: “Life is short, art is infinite”. True Luxury, like art, aims at immortality, or at least timelessness. Art value increases over time: similar to Hermès bags, Patek Philippe watches or Ferrari vintage masterpieces.
LUXURY and ART work well as partners. Luxury delivers to artists financial resources and visibility (for example, art Foundations financed by Luxury groups). Art delivers uniqueness and symbolic authority to Luxury; these attributes generate non-commercial connotations. The link of luxury with art contributes to decorrelate price and functionality, focusing on intangible value. Functionality creates temporality and built-in obsolescence. Genuine luxury items are not affected by obsolescence (this is one of the reasons for the growth in the second-hand luxury personal goods market: there is scarcity, and these items do not lose value with time).
In fact, the price of an art masterpiece is never a result of a “cost plus” formula; it depends on the aesthetics, artist endorsement, storytelling, cultural frame, the singularity of the piece and the emotions that it delivers to a person. The same leverages apply to luxury when pricing! Extreme quality is just a must-have for Luxury, but it never explains most of the perceived value; the value rests on intangibles; this is the way for Luxury to create memorable experiences.
At my conferences, I share the commonalities between art and luxury. Also, the differences between luxury and fashion. This is in Mexico, last September 2022.
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