From Basquiat to Birkin Bags, the Truly Wealthy Are Spending Big

After a tumultuous two years, global art sales returned to growth in 2025. That is not only good news for artists, auction houses and dealers; it also bodes well for the market for the most expensive watches, designer clothes and bags.

The high net worth crowd (or their retainers) who populate the auction rooms of Sotheby’s and Christie’s are the same people who breezily splurge on the finest consumer goods — war or no war. Picture someone watching the bidding for a Basquiat while decked out in Matthieu Blazy’s new Chanel creations.