London holds the number one slot for global tourism. The heady, rich mixture of block buster exhibitions; auction houses fight to hold the best exhibitions, Michelin starred restaurants, amazing shopping and most importantly the favourable currency rates.
Icing on the rich mixture has to be the neighbourhood called the London Luxury Quarter, anchored in the heart of Mayfair by Bond Street. The address is ‘synonymous with world-class luxury’. In recent years London’s Luxury Quarter has had record breaking sales of magnificent and museum-worthy treasures. Average prices for art at UK auctions are consistently higher than elsewhere in Europe and the top end of the art market has seen significant growth throughout the recession.
‘London Luxury Quarter’ has put together a fabulous report explaining the ‘dual power of art and jewellery in the London Luxury Quarter’. The report shows how people have turned to more tangible investments as the reliability of traditional forms of investment come into serious question. We have reviewed this report for luxurytopping.
90% of the world’s top jewellery brands, 70% of the world’s top luxury houses and 80% of European hedge funds can be found within the London Luxury Quarter. Customers have become more confident shopping within this luxury sector and London’s Luxury market is doing very well, if you don’t believe us, just try and find a shop or restaurant site in the area. They only exist for people with very deep pockets.
Art and jewellery are increasingly being viewed as more stable sources of growth. People are more aware of the quality of their purchases viewing them as investments and the epicentre of luxury retail is full of energy.
The interplay between art, luxury and jewellery is clearest in London’s Luxury Quarter where the opening of Christie’s Auction House in St James’s in 1766 prompted Tiffany and Cartier to open stores in the same quarter. This connection has proven to be strong with Sotheby’s introducing their specialist jewellery division, Sotheby’s Diamonds in 2005, after noticing the interest that art clients also had in jewellery.
With Patti Wong naming London’s Luxury Quarter the ‘most important market for jewellery and art in Europe’, it is clear that it is something worth talking about.
‘The London Luxury Quarter came out of the recession faster and in better shape than many other luxury capitals.’ And London’s Luxury Quarter is expected to profit further with Crossrail anticipated to boost the number of people leaving Bond Street tube station by 30%. Rents on Bond Street have grown dramatically in the past 18 months with so much demand for a limited supply of units.
For further details about London’s Luxury Quarter, references and the full report please visit www.londonluxuryquarter.com