The desk
Zach Teal
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Four Institutions Measured Luxury in 2025. All Four Found the Same Split.
Watches, art, diamonds and LVMH. In every set of figures value holds at the top while volume falls underneath, which means fewer and dearer transactions and a middle with nothing defending it.
Follow this desk
One letter a week: what we priced, and the one number that explains it. No advertising, and your address goes nowhere else.
Weekly, Thursday morning