全球奢侈品：奢侈品与艺术

Global Luxury Goods: Luxury and the Arts Igniting consumer desire in a deglobalizing world is tricky. Luxury brands are reaching forglobal languages such as the arts and sports in response. None of the above comes cheap. Luca Solca+41 582 723 126luca.solca@bernsteinsg.com LUXURY AND THE ARTS SHARE A COMMON FOUNDATION. Maria Meita+44 20 7170 0540maria.meita@bernsteinsg.com Art is luxury on steroids, where any connection between price and the cost of producingan object is irrelevant. The value of art - like beauty - is in the eye of the beholder. Art hasalways been intimately associated with craftsmanship. Think of ancient Egyptian jewelleryor Renaissance paintings: none of those would have been possible without utter masteryand skill. Art itself has always been a luxury, in the sense that one spends on art when moremundane needs lower down the Maslow pyramid are taken care of. Last, but not least, art Eric Chen, CFA+852 2123 2628eric.chen@bernsteinsg.com Yi-Peng Khoo, CFA+44 20 7676 6822yi-peng.khoo@bernsteinsg.com MODERN LUXURY BRANDS HAVE USED THE ARTS TO ELEVATE THEMSELVES: 1) Commissioning works of art themselves and contributing to the restoration ofartistic landmarks:The game of one-upmanship to restore the Notre Dame Cathedral; Specialist Sales Alix Turner+44 20 7762 4044alix.turner@bernsteinsg.com 2) Endorsing art world events and sponsoring art museums and galleries:Miu Miiuand Art Basel, Tiffany & Co and Frieze London, and Chanel’s Culture Fund. 3) Leveraging artists to make special editions or even entire special collections:Projects such as Yayoi Kusama x Louis Vuitton, or Moncler’s Genius collaborations. 4) Leveraging star architects to create with their stores new landmarks in majorcities worldwide:Recruiting the likes of Herzog & de Meuron (Prada, Tokyo), Renzo Piano(Hermès, Tokyo), or Frank Gehry (Louis Vuitton, Beverly Hills). 5) Moving themselves into museums and becoming the object of special exhibitions:including 2025’s Cartier exhibition in London’s V&A Museum. 6) Becoming patrons and collectors via the establishment of their own artfoundations:In Paris we find Foundation Louis Vuitton and the recently relocated The arts provide a global language and a positive association throughout the world.The arts are universally revered and respected. Exceptions to this make headlines andattract global condemnation - think of the Taliban’s destroying the ancient Buddhas ofBamiyan, for example. Luxury brands need to associate themselves with global aspirationsand ideals in order to ignite desire. Doing this in a deglobalizing world is tricky. Hence, the Scale favours luxury brands in their connection to the arts - as none of the abovecomes cheap.A quantified assessment of how luxury groups stack up relative to theirassociations with the arts sees LVMH lead, followed by Kering and Chanel. Richemont’s BERNSTEIN TICKER TABLE INVESTMENT IMPLICATIONS We thank Sophie Song for contributing to this research. Global luxury brands are increasingly embracing universal languages such as art and sports to embody positive values andideals amid rising nationalist sentiments and the trend toward de-globalization. Once again, mega-brands are best positioned tocapitalize on the associations between art and luxury, leveraging their extensive brand heritage, substantial resources (including DETAILS Luxury and the arts share a common foundation.Art is luxury on steroids, where any connection between price andthe cost of producing an object is irrelevant. The value of art - like beauty - is in the eye of the beholder. Art has always beenintimately associated with craftsmanship. Think of ancient Egypt jewellery or Renaissance paintings: none of those would havebeen possible without utter mastery and skill. Art itself has always been a luxury, in the sense that one spends on art when more MODERN LUXURY GOODS BRANDS HAVE USED THE ARTS TO ELEVATE THEIR IMAGE WITH CONSUMERS: 1) Commissioning works of art themselves and contributing to the restoration of artistic landmarks:The game of one-upmanship to restore the Notre Dame Cathedral saw Kering and LVMH donate €300m in total. Prada has funded the restorationof Vasari’s Last Supper, along with statues and arches in Bologna’s Palazzo dell’Archiginnasio; Tod’s the Colosseum; Fendi the EXHIBIT 4:Brands Fund Art and Architectural Restorations For Their Countries Louis Vuitton commissioned French artist Luckylefthand topaint the facade of its central Paris headquarters Source: WWD, Artnet, Vogue, Wallpaper, Bernstein analysis 2) Endorsing art world events and sponsoring art museums and galleries:Miu Miu and Art Basel, Tiffany & Co and FriezeLondon, and Chanel’s Culture Fund. Over the past thirty years, Miu Miu has also commissioned a series of female-led short films 3) Leveraging artists to make special editions or even entire special collections: Projects such as Takashi Murakami xLouis Vuitton, Dior’s annual Lady Art project, or Moncler’s Genius coll