Editor’s Note
A new generation is entering the luxury auction scene, bringing fresh energy and competition to a traditionally exclusive domain. This report from a Swiss auction house captures the shifting demographics and evolving dynamics of high-end collecting.
Young people are hunting for bargains at luxury auctions. Traditional auction participants have new competition: younger bidders. A report from a jewelry and watch auction.
Luxury cars are lined up in rows in the parking lot. It’s rare to see so many Rolls-Royces, Bentleys, Mercedes A-Classes, or Audi A6s in one place. As it turns out, the Rapp auction house owns a plush Rolls-Royce. This vehicle is used to chauffeur wealthy clients from Zurich Airport to the remote town of Wil in the canton of St. Gallen. Like that collector who, a few years ago, quickly bid 300,000 francs for a stamp and flew away again the same day. Once a year, Wil becomes the center of the world. Then, people from near and far, young and old, rich and poor, flock to this town of 17,000 inhabitants.
She says this and disappears into the lower floor of the building, where the next auction is taking place. A jewelry auction.