With the season’s first major art auctions still more than a month away, The Observer has been looking for hints about the state of demand in the art market. At the Art Basel art fair in June, dealers reported that clients were spending freely, but we wanted to know just how intensely they are doing so.
And so this news caught our eye: high-end Parisian fashion house Hermès announced that its profits for the first half of the year jumped a jaw-dropping 50 percent over the previous year, with revenues climbing an astounding 21.5 percent, to €1.31 billion ($1.89).
CovetIt's in the Bag
At Christie’s auction house in London today, bidders spent lavishly on a painter’s palette of purses, and the highest prices paid were for the most unusually-colored bags.
A violet crocodile Birkin bag sold for $55,726 hours ago, well above its pre-sale estimate, breaking no records, but adding a vivid hue to the collection of one buyer. While not every bag Read More
In 1956, the actress Grace Kelly-and Princess of Monaco-used an Hermès bag to cover the bulge of her pregnancy on the cover of Life magazine. Instantly, the bag became an object of romance and desire for women around the world, and the fashion house renamed and refashioned the bag in honor of the royal superstar. Read More
A pair of space-suited astronaut arms reaches out from a wall on the ground floor of 75 Wall Street, flanking a television that plays an animation of a control panel whose hand-drawn screen flashes the word “FAILURE,” followed by “SUCCESS.”
The artwork, “Jupiter Mission,” by the artist team Pamela Reed and Matthew Rader, was unintentionally Read More
Following closely behind Marc Jacobs‘ announcement, DKNY has cut the guest list for its fall ’09 show down to 400 from the usual 1,000. [Fashionista]
People’s Revolution publicist Kelly Cutrone has signed an eight-episode deal with Bravo for a reality show. [Page Six]
Among the new victims of Read More
Wall Street women stormed the Hermes sample sale to escape their financial woes. [NY Times]
Jeremy Scott will design a collection of apparel and footwear for Adidas; it will go on sale February 1. [WWD]
From Milan: Dolce & Gabbana showed brocade jackets with structured shoulders; Matthew Williamson‘s final collection Read More
Ask anyone around Wall Street these days: Are bankers still buying ties? Inevitably, someone will respond, “What, to hang themselves?”
“Isn’t this a cool tie?” gushed an eager saleswoman at the chic Hermès boutique at 15 Broad Street, conveniently across from the New York Stock Exchange.
It was a lustrous, sky-blue tie, made Read More
For Barack Obama‘s acceptance speech in Denver last night, Michelle Obama wore a dress by Thakoon Panichgul. [WWD]
Karl Lagerfeld will help out with two Coco Chanel films currently in the works. He will work with the costumer for Chanel et Stravinsky and supervise the re-creation of costumes for Coco Avant Chanel, starring Read More
Ralph Lauren, who is 68, said that he will not be retiring anytime soon. [Vogue UK]
Phillips de Pury & Co. will auction off 50 pieces of jewelry worn by 50 Cent, Biz Markie, MC Lyte, Kanye West, Notorious B.I.G and Tupac Shakur in an auction called "Hip Hop’s Crown Jewels." [Read More
Hermès, the French luxury brand that birthed the Birkin bag and all sorts of other status symbols, announced that global sales rose 13.4 percent to 415.1 million euros—that’s $642.9 million now, ouch!—year-over-year in the first three months of 2008.
Surprisingly, gains were felt on both sides of the Atlantic, with U.S. sales rising 23 Read More