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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…
